Ameresco : Supplemental Information Q1 2026

Published: 2026-05-04 17:10:30 ET AMRC

Published on 05/04/2026 at 05:10 pm EDT

Q1 2026 Supplemental Information

May 4, 2026

ameresco.com

Sources of Revenue - Q1 2026

Projects

Energy efficiency and renewable energy projects

Recurring

Energy & incentive revenue from owned energy assets; plus recurring O&M from projects

Other

Services, software and integrated PV

80% of Adjusted EBITDA Came From Recurring Lines of Business

Q1 2026

* Adjusted EBITDA percentages allocate corporate expenses according to revenue share

Other

Recurring

O&M 8%

Other 5%

Recurring

O&M

Projects 15%

Assets

15%

Revenue

Projects 72%

Adjusted

EBITDA*

Assets 74%

Energy Asset Portfolio - 3/31/2026

Ameresco's Ownership

Biogas: Non-RNG, 8%

Biogas: RNG, 10%

Operating

Energy Assets, 839 MWe

Solar, 53%

Battery, 27%

Other, 1%

Energy Assets in Development & Construction, 568 MWe1

Firm Generation2, 24%

Biogas, 13%

Solar, 24%

Battery, 39%

839 MWe of Energy Assets in Operation: 69 MW of non-RNG biogas, 87 MW of RNG,

446 MW of Solar, 226 MW of Battery, 11 MW of Other

568 MWe1 of Energy Assets in Development

1Includes approximately 35 MW from Lemoore data center opportunity

Numbers may not sum due to rounding

Energy Asset Balance Sheet - 3/31/2026

Energy Asset Debt $1.58B

Non-Core Debt, International JVs1 $0.03B

▼

Corporate Debt

$0.38B

$0.51B

$0.36B

$1.65B

Operating

$1.22B

Total Debt

$1.99B

74% advance rate

3.2x2 leverage

Development & Construction

Energy Asset Book Value Energy Asset Debt

70% advance rate

$1.58B of the $1.99B3 of total debt on our balance sheet is debt associated with our energy assets ("Energy Asset Debt").

$1.12B3 of our Energy Asset Debt is associated with operating energy assets.

$0.36B3 of our Energy Asset Debt is associated with energy assets still in development & construction.

1 Non-Core Debt associated with our international joint ventures

2 Debt to EBITDA, as calculated under our Sr. Secured Credit agreement

3 Net of unamortized debt discount and debt issuance costs of $5.7M on Corporate Debt and $48.5M on Energy Debt

Diversified Total Project Backlog of $5.3B

As of 3/31/2026

Total Project Backlog by Solution

Total Project Backlog by Customer Segment

Energy

Domestic Solar + BESS 9%

Defense Dept. and Related

24% Public Sector

16%

U.S. Federal

Efficiency1 48%

Other 2%

Microgrid with Distributed Resources 9%

Hydropower 7%

International Solar + BESS 12%

Energy Infrastructure 50%

Thermal Energy2 13%

Government 35%

Civilian Agency 11%

Other 2%

Data Center 6%

International Utility / IPP3 12%

Domestic Utility / IPP3 10%

MUSH 29%

K-12 Schools 4%

Higher Education

Public Housing 1%

Healthcare 1%

Commercial & Industrial

1 Energy Efficiency includes solutions such as: Building Envelope, Lighting, HVAC, Controls, Central Plant, etc. 7

2 Thermal Energy includes solutions such as: Cogeneration (CHP), Natural Gas Power Plant, etc.

3 IPP = Independent Power Producer, or similar

Non-GAAP Adjusted Cash from Operations Trend

Tremendous Forward Visibility: Backlog & Recurring Revenue Business

Awarded Project Backlog

Contracted Project Backlog

Operating Energy Assets

O&M Backlog

$1.54 billion

$2.77 billion

16.8 year weighted average lifetime

14.8 year weighted average PPA remaining 1 $2.06B

~ 12-36 months of revenue

~ 12-24 months to contract

Additional estimated revenue from

market price RNG 2 $1.73B

$2.50 billion

$3.79 billion

$0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 $2,500,000,000 $3,000,000,000 $3,500,000,000 $4,000,000,000

1 Estimated contracted revenue and incentives during PPA period

2 Estimated additional revenue from operating RNG assets over a 20-year period, assuming RINs at

$1.50/gallon and brown gas at $3.50/MMBtu with $3.00/MMBtu for LCFS on certain projects

Introducing: Neogenyx Fuels

Ameresco and HASI - a leading investor in sustainable infrastructure assets - announced their agreement to spin-off Ameresco's biofuels business into a newly formed joint venture: Neogenyx Fuels

Neogenyx Fuels will be a premier developer, owner, and operator of

advanced fuel solutions accelerating the global energy transition

JV is structured to drive long-term growth by pairing deep technical expertise and proven execution capabilities with enhanced, scalable access to capital

Neogenyx Fuels will be one of the largest developers of biogas projects in the U.S., a product of Ameresco's 25-year track record in greenfield development and long-term asset operation

Unlocking Embedded Value: Neogenyx Fuels

Neogenyx Fuels will be owned 70% by Ameresco and 30% by HASI

Ameresco will contribute its biofuels business into the joint venture and HASI will invest $400 million

$300 million will be directly invested into Neogenyx Fuels and $100 million will be direct compensation to Ameresco for the existing business

Transaction represents a strategic step to unlock the significant value

$2,000

$1,800

$1,600

$1,400

(millions)

$1,200

$1,000

$800

$600

$400

$200

Neogenyx Fuels Enterprise Value

$1,823

$490

$300

$1,033

Cash into the JV

Enterprise Value

embedded in Ameresco's biofuels business, representing a $1.8 billion post-money enterprise value

Pre-Money Equity Value

Neogenyx Fuels Debt

Updated Ameresco Guidance

Ameresco plans to consolidate Neogenyx Fuels, and therefore revenue will remain largely unchanged on a consolidated basis

However, 30% of Neogenyx net income will be attributable to our partner and reflected below the line as non-controlling interest, reducing the amounts attributable to Ameresco's shareholders

Our reported Adjusted EBITDA, as well as our operating assets and assets in development metrics will reflect our 70% ownership of Neogenyx once the transaction is closed

Results reflect our expectations for a closing in Q2

On the balance sheet, we will consolidate the full value of

FY 2026 Guidance Bridge:

Impact of Neogenyx Fuels Minority Sale

ADJUSTED EBITDA ($000s) Low Range High Range

Original Guidance

270,000

295,000

(-) HASI Minority Interest

(20,000)

(25,000)

Revised Guidance

250,000

270,000

NET INCOME ATTRIBUTABLE TO

NON-CONTROLLING INTEREST ($000s)

Low Range H

igh Range

Original Guidance

(20,000)

(25,000)

(-) HASI Minority Interest

(2,000)

(4,000)

Revised Guidance

(22,000)

(29,000)

Low Range High Range

NON-GAAP EPS

the Neogenyx Fuels assets and liabilities, including all of the

Original Guidance

$1.10

$1.35

Neogenyx Fuels debt, but we will record HASI's 30% share

(-) HASI Minority Interest

($0.04)

($0.07)

Revised Guidance $1.06 $1.28

of the joint venture's equity in the non-controlling interest line

within shareholder's equity

approximately 18M Metric Tons of CO2 is equal to one of…

Carbon dioxide emissions from…

~ 46 billion miles driven by an average passenger vehicle

Carbon sequestered by… ~18 million acres of U.S. forests in one year

Note: Annual figures rounded from historic reporting. These preliminary data estimates are derived from a methodology that leverages data captured on Ameresco assets owned and operating and customer projects.

The annual carbon impact is calculated using these Ameresco inputs and source GHG emission factors published by the US EPA eGrid database to calculate the avoided carbon emissions of any given asset or project.

Destination: Net Zero

Since 2010, Ameresco's renewable energy assets & customer

projects delivered a Carbon Emission Reduction equivalent to:

140+ Million Metric Tons of CO2

Ameresco's 2025 Carbon Emission Reduction of

Company culture focused on the lasting impact of our business across employees, customers, partners, communities, planet, industry & beyond

Commitment to bring our vision to "energize a sustainable world" to life across

1,500+ employees and customer footprint spanning North America & Europe

Highlights of most recent Impact Report include:

Ameresco's owned energy assets helped customers avoid 625,000 MT of

CO2e in 2025, which is 174% of Ameresco's 2025 scope 1 + 2 emissions

Numerous customer stories focused on climate action, energy efficiency, decarbonization and energy infrastructure resilience

Giving Back: 3,707 hours spent C.A.R.I.N.G. for our communities

23,203 hours of employee training completed companywide

Best-in-class Cybersecurity infrastructure and models

Access the full report on our website at: ameresco.com/2025-impact-report/

Thank You

to Our Customers, Employees, and Shareholders

Non-GAAP Financial Measures

We use the Non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These Non-GAAP financial measures should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the table at the end of this presentation titled "GAAP to Non-GAAP Reconciliation." We understand that, although measures similar to these Non-GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP. To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements and not to rely on any single financial measure to evaluate our business.

Adjusted EBITDA and Adjusted EBITDA Margin

We define adjusted EBITDA as net income attributable to common shareholders, including impact from redeemable non-controlling interests, before income tax (benefit) provision, other expenses net, depreciation, amortization of intangible assets, accretion of asset retirement obligations, stock-based compensation expense, energy asset and goodwill impairment, contingent consideration, restructuring and other charges, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We believe adjusted EBITDA is useful to investors in evaluating our operating performance for the following reasons: adjusted EBITDA and similar Non-GAAP measures are widely used by investors to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar Non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, accretion of asset retirement obligations, stock-based compensation expense, impact from redeemable non-controlling interests, contingent consideration, restructuring and asset impairment charges. We define adjusted EBITDA margin as adjusted EBITDA stated as a percentage of revenue. Our management uses adjusted EBITDA and adjusted EBITDA margin as measures of operating performance, because they do not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance.

Non-GAAP Net Income and EPS

We define Non-GAAP net income and earnings per share (EPS) to exclude certain discrete items that management does not consider representative of our ongoing operations, including energy asset and goodwill impairment, contingent consideration, restructuring and other charges, impact from redeemable non-controlling interest, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We consider Non-GAAP net income and Non-GAAP EPS to be important indicators of our operational strength and performance of our business because they eliminate the effects of events that are not part of the Company's core operations.

Non-GAAP Adjusted Cash from Operations

We define Non-GAAP adjusted cash from operations as cash flows from operating activities plus proceeds from ITC sales and proceeds from Federal ESPC projects. Cash received in payment of ITC sales are, as of our fiscal year 2025, treated as investing activities under GAAP. Federal ESPC projects are treated as financing cash flows under GAAP. These cash flows, however, correspond to benefits generated by the underlying assets and projects. Thus, we believe that adjusting operating cash flow to include the cash generated from ITC sales and by our Federal ESPC projects provides investors with a useful measure for evaluating the cash generating ability of our core operating business. Our management uses Non-GAAP adjusted cash from operations as a measure of liquidity because it captures all sources of cash associated with our operations.

GAAP to Non-GAAP Reconciliation

Three Months Ended March 31,

2026

2025

(Unaudited)

Adjusted EBITDA:

Net loss attributable to common shareholders

(18,283)

(5,483)

Impact from redeemable non-controlling interests

(525)

(Less) plus: Income tax (benefit) provision

(3,184)

1,188

Plus: Interest and other expenses, net

27,814

18,110

Plus: Depreciation and amortization

29,263

23,940

Plus: Stock-based compensation

4,176

2,844

Plus: Energy asset impairment

334

Plus: Contingent consideration, restructuring and other charges

352

560

Adjusted EBITDA

40,472

$ 40,634

Adjusted EBITDA margin

10.1%

11.5%

Non-GAAP net income and EPS:

Net loss attributable to common shareholders

(18,283)

(5,483)

Adjustment for accretion of tax equity financing fees

(46)

(27)

Impact of redeemable non-controlling interests

(525)

Plus: Energy asset impairment

334

Plus: Contingent consideration, restructuring and other charges Income Tax effect of Non-GAAP adjustments

Non-GAAP net loss

352

-(17,643)

560

(146)

(5,621)

Earnings per share:

Diluted net loss per common share

$ (0.35)

$ (0.10)

Effect of adjustments to net income

0.02

(0.01)

Non-GAAP EPS

$ (0.33)

$ (0.11)

Non-GAAP Adjusted cash from operations

Cash flows from operating activities

$ 35,395

$ (28,304)

Plus: proceeds from Federal ESPC projects

26,583

29,731

Non-GAAP Adjusted cash from operations

$ 61,978

$ 1,427

GAAP to Non-GAAP Reconciliation (continued)

$000 USD

Three Months Ended March 31, 2026

Projects

Operating Assets

O&M

Other

Consolidated

Adjusted EBITDA:

Net (loss) income attributable to common shareholders

$ (4,290)

$ (16,669)

$ 1,579

$ 1,097

$ (18,283)

Less: Income tax benefit

$ (1,634)

$ (1,098)

$ (272)

$ (180)

$ (3,184)

Plus: Interest and other expenses, net

$ 8,031

$ 18,320

$ 711

$ 752

$ 27,814

Plus: Depreciation and amortization

$ 825

$ 28,036

$ 253

$ 149

$ 29,263

Plus: Stock-based compensation

$ 3,022

$ 631

$ 314

$ 209

$ 4,176

Plus: Energy asset impairment

$ -

$ 334

$ -

$ 334

Plus (less): Contingent consideration, restructuring and $ other charges

(110) $

460 $

1 $ 1 $

352

Adjusted EBITDA

$ 5,844

$ 30,014

$ 2,586

$ 2,028

$ 40,472

Adjusted EBITDA margin

2.0%

49.4%

8.6%

10.1%

* Adjusted EBITDA by Line of Business includes corporate expenses allocated according to revenue share

GAAP to Non-GAAP Reconciliation (continued)

($ in Thousands)

2017

2018

2019

2020

2021

Cash Flow from Operations Proceeds from sales of ITC1

(24,653)

(7,654)

(10,696)

(31,786)

(19,633)

(39,337)

(45,803)

(37,071)

(20,066)

25,097

(21,160)

(58,094)

(51,160)

(11,471)

(75,568)

(51,640)

(21,955)

(10,193)

(18,796)

(38,724)

Proceeds from Federal ESPC projects

22,374

26,316

24,964

35,167

38,869

48,303

42,673

36,582

33,082

43,906

44,667

39,598

43,189

32,769

83,802

61,198

72,402

60,987

54,331

33,520

Non-GAAP Adjusted Cash from Operations

(2,279)

18,662

14,268

3,381

19,237

8,966

(3,130)

(489)

13,016

69,003

23,506

(18,496)

(7,971)

21,298

8,234

9,558

50,447

50,794

35,535

(5,204)

Rolling 8-qtr Non-GAAP Adjusted Cash from Operations

7,372

9,595

7,550

8,481

9,888

7,845

7,553

7,327

9,239

15,531

16,686

13,952

10,551

12,092

13,513

14,769

19,447

17,171

18,675

20,336

($ in Thousands)

2022

2023

2024

2025

2026

Cash Flow from Operations

(57,758)

(19,862)

(55,952)

(276,122)

(31,722)

34,674

(65,118)

58,772

(92,621)

(6,572)

(29,570)

20,817

53,314

25,091

18,376

(28,304)

(26,874)

17,712

(42,895)

35,396

Proceeds from sales of ITC1

70,788

61,585

Proceeds from Federal ESPC projects

36,640

44,026

45,031

64,788

56,943

52,134

64,495

42,309

34,390

30,604

47,040

19,580

100,550

9,269

35,380

29,731

5,689

46,619

17,682

26,583

Non-GAAP Adjusted Cash from Operations

(21,118)

24,163

(10,921)

(211,333)

25,220

86,808

(623)

101,081

(58,231)

24,032

17,469

40,397

153,864

34,360

53,756

1,427

49,603

64,331

36,372

61,979

Rolling 8-qtr Non-GAAP Adjusted Cash from Operations

18,693

19,051

16,657

(10,955)

(14,108)

(9,606)

(14,126)

(840)

(5,479)

(5,496)

(1,947)

29,519

45,600

39,044

45,841

33,384

46,864

51,901

54,264

56,962

1 Starting in 2025, proceeds from the sale of transferable ITCs are classified as investing activities in accordance with recent interpretations under US GAAP. These amounts are added back to non-GAAP Adjusted Cash from Operations to support period-over-period comparability.

Disclaimer

Ameresco Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:02 UTC.