Overview

• Energy infrastructure provider's Q4 revenue rose 9% yr/yr, achieving record quarterly results

• Adjusted EPS for Q4 beat analyst expectations

• Adjusted EBITDA for Q4 slightly missed estimates

Outlook

• Ameresco guides 2026 revenue between $2.0 bln and $2.2 bln

• Company expects 2026 adjusted EBITDA between $270 mln and $295 mln

Result Drivers

• PROJECT EXECUTION - Record quarterly revenue driven by focus on project execution and backlog conversion

• ENERGY ASSET EXPANSION - Energy Asset revenue grew 5% due to expansion of operating asset portfolio

• BACKLOG GROWTH - Awarded project backlog increased 13%, signaling strong customer demand

Company press release: ID:nBw4R32mTa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Adjusted EPS	Beat	$0.39	$0.31 (11 Analysts)
Q4 EPS		$0.34
Q4 Net Income		$18.40 mln
Q4 Adjusted EBITDA	Slight Miss*	$70 mln	$70.30 mln (10 Analysts)
Q4 Gross Margin		16.20%

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the renewable energy equipment & services peer group is "buy"

• Wall Street's median 12-month price target for Ameresco Inc is $44.00, about 44.5% above its February 27 closing price of $30.46

• The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 30 three months ago

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