On this page of StockholderLetter.com we present the latest annual shareholder letter from Ameresco, Inc. — ticker symbol AMRC. Reading current and past AMRC letters to shareholders can bring important insights into the investment thesis.

 •  4/24/2025 Letter Continued (Full PDF)
 •  4/28/2023 AMRC Stockholder Letter
 •  4/23/2024 AMRC Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  AMRC Benford's Law Stock Score = 89

AMRC Shareholder/Stockholder Letter Transcript:

Annual Report 2024

Vi s i o n
Energizing a sustainable world
Mission
Leading the quest to change the world as the trusted sustainability partner creating valued,
single-sourced, efficient energy solutions delivered with passion, expertise, teamwork and a
relentless focus on customer satisfaction.
Va l u e s
Ameresco   s values shape our culture and the way we conduct business. Our values are aligned with
C.A.R.I.N.G. about our stakeholders and are instrumental in guiding every aspect of our business.

About Ameresco, Inc.
Leading the Global Energy Transition as a Full - Ser vic e Energy Solutions Par tner
Ameresco, Inc. (NYSE:AMRC) is a leading energy solutions provider dedicated to helping customers reduce costs, enhance
resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart
energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources.
Since 2000, we have been a trusted full-service partner supporting customers    path to a more resilient, sustainable future. Technical
independence coupled with our advanced technology portfolio & suite of services allows us to integrate best-in-class solutions for
each customer   s unique needs, paired with practical financial solutions. We design, implement, and maintain solutions that deliver:
    Cost Savings & Infrastructure Upgrades: Integrating trusted technologies to improve operations and upgrade the built
environment     our portfolio of smart and efficient solutions powers the needs of today and possibilities of tomorrow.
    Resiliency & Energy Reliability: Delivering firm & renewable energy supply to ensure mission continuity     enhanced with
microgrids, battery energy storage systems, and beyond to provide grid stability and address peak demand.
    Decarbonize to Net Zero: Making meaningful progress on climate action     from efficiency and demand reduction to
electrification and renewable energy supply, while leveraging carbon reporting and sustainability advisory services.
We show the way by reducing energy use and delivering diversified generation solutions to Federal, state and local governments,
utilities, educational and healthcare institutions, housing authorities, and commercial and industrial customers. Headquartered in
Framingham, MA, Ameresco has more than 1,500 employees providing local expertise across North America and Europe.
$1.77B
$225.3M
FY24 Adjusted EBITDA
FY24 Adjusted EBITDA from
Recurring Lines of Business
$4.82B
$1.38B
$16B+
731 MWe
637 MWe
125M+ Mt
FY24 Revenue
Awarded & Contracted
Project Backlog
Owned Assets in
Operation
Operations and Maintenance
(O&M) Backlog
Net Energy Assets
in Development
59%
Energy Solutions Delivered
Since Inception
Cumulative Carbon Emission
Reduction Since 2010
Use of Non- GA AP Financial Measures: This summar y and CEO message include references to adjusted EBITDA , which is a Non- GA AP f inancial measure. As non- GA AP f inancial measures are not intended
t o b e c o n s i d e r e d i n i s o l a t i o n o r a s a s u b s t i t u t e f o r G A A P f i n a n c i a l m e a s u r e s , y o u s h o u l d c a r e f u l l y r e a d t h e F o r m 10 - K i n c l u d e d i n t h i s A n n u a l R e p o r t , w h i c h i n c l u d e s o u r c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s
p r e p a r e d i n a c c o r d a n c e w i t h G A A P. F o r a d e s c r i p t i o n o f t h e N o n - G A A P f i n a n c i a l m e a s u r e s , i n c l u d i n g t h e r e a s o n s m a n a g e m e n t u s e s t h e s e m e a s u r e s a n d a r e c o n c i l i a t i o n o f t h e N o n - G A A P f i n a n c i a l m e a s u r e s
t o t h e m o s t d i r e c t l y c o m p a r a b l e f i n a n c i a l m e a s u r e s p r e p a r e d i n a c c o r d a n c e w i t h G A A P, p l e a s e s e e t h e s e c t i o n i n t h e b a c k o f A m e r e s c o    s e a r n i n g s r e l e a s e i s s u e d o n F e b r u a r y 2 7, 2 0 2 5 , a v a i l a b l e a t h t t p s : / /
i r. a m e r e s c o . c o m / n e w s - e v e n t s / p r e s s - r e l e a s e s / d e t a i l / 6 7 2 / a m e r e s c o - r e p o r t s - f o u r t h - q u a r t e r- a n d - f u l l - y e a r- 2 0 2 4
C a u t i o n c o n c e r n i n g f o r w a r d - l o o k i n g s t a t e m e n t s : A d d i t i o n a l l y, t h e C E O m e s s a g e i n c l u d e s s t a t e m e n t s t h a t , t o t h e e x t e n t t h e y a r e n o t r e c i t a t i o n s o f h i s t o r i c a l f a c t , c o n s t i t u t e f o r w a r d - l o o k i n g s t a t e m e n t s
w i t h i n t h e m e a n i n g o f t h e f e d e r a l s e c u r i t i e s l a w s , a n d a r e b a s e d o n A m e r e s c o    s c u r r e n t e x p e c t a t i o n s a n d a s s u m p t i o n s . F o r a d i s c u s s i o n i d e n t i f y i n g i m p o r t a n t f a c t o r s t h a t c o u l d c a u s e a c t u a l r e s u l t s t o d i f f e r
m a t e r i a l l y f r o m t h o s e a n t i c i p a t e d i n t h e f o r w a r d - l o o k i n g s t a t e m e n t s , s e e t h e c o m p a n y    s f i l i n g s w i t h t h e S e c u r i t i e s a n d E x c h a n g e C o m m i s s i o n , i n c l u d i n g     M a n a g e m e n t    s D i s c u s s i o n a n d A n a l y s i s o f F i n a n c i a l
C o n d i t i o n a n d R e s u l t s o f O p e r a t i o n s     a n d     R i s k F a c t o r s     i n t h e F o r m 10 - K p o r t i o n o f t h i s A n n u a l R e p o r t .

Fellow Shareholders,
2024 was an excellent year for Ameresco.
Adding to our renewable asset portfolio,
energy savings performance contract
Our team continued to execute in a dynamic
this work included placing over 200 MWe
to modernize aging infrastructure.
business environment while positioning
of assets into operation in 2024. We
Upon completion, the combined
the company for future growth and adding
understand the critical importance of
efficiency measures are expected to
to our multi-year visibility. Our revenue
reliable energy systems, especially in the
reduce annual fossil fuel consumption
performance was driven by growth across
face of increasing energy demand, rising
by 72%, utility water use by 48%,
our business lines, reflecting robust demand
costs, and grid instability. I would like to
and electricity use by 28%.
for cost-effective projects that provide
highlight just a few from last year:
energy savings and resilience. Last year,
This small sample of work emphasizes
In collaboration with Republic Services,
how our vision to energize a sustainable
we placed three renewable natural
world is unwavering. We believe Ameresco
gas (RNG) plants into commercial
is well-positioned for long-term profitable
operation     one of which is the
growth in this dynamically changing
Keller Canyon Energy Center. This
industry. As energy demand and prices
we are very well positioned to execute.
facility is California   s largest landfill
rise, we anticipate growth for our cost-
gas to renewable natural gas plant,
saving solutions that offer resilient, reliable
We concluded 2024 with strong financial
contributing approximately 1 BCF of
power and infrastructure upgrades. We
results. Fiscal year revenues reached
RNG annually into the PGE&E pipeline.
also expect renewables growth driven by
we encountered a few challenging projects

that presented valuable lessons learned
to apply moving forward. Despite the
challenges, we ended the year with an
unprecedented backlog, and I believe that
$1.8B, a 29% increase YoY, and adjusted
EBITDA reached $225M, up 38% YoY.

Our backlog and recurring revenue metrics
remain key indicators of our future growth.
Our total project backlog hit $4.8B, up 24%
YoY. We also placed a record 241 MWe of
energy assets into service during the year,
bringing our total operating energy assets
to 731 MWe. These record accomplishments
have added considerably to our total multiyear revenue visibility, which now stands

at almost $10 billion.
We continued to expand our global footprint
our status as a leading global market player.
MWh storage capacity spans eight
Our tremendous backlog, strong financial
substations to improve load balancing
foundation, innovative solutions, and
and enable seamless integration of
dedicated team provide a solid platform
renewable resources.
for continued growth and success.
Our K  pono Solar project located at
I would like to thank our employees,
Joint Base Pearl Harbor-Hickam is
customers, and shareholders for their
now operational, supporting Hawaiian
ongoing support. Together, we show
Electric   s grid on O   ahu with 42 MW
the way in this global energy transition.
Sincerely,
advancing Hawai   i   s goal of achieving
of revenue generated from our European
100% clean energy by 2045.
business. Our strategic joint venture

We partnered with Mountain Regional
Water Special Services District on
partners    local expertise and resources.
an innovative floating solar system
One 2024 highlight from this partnership
that provides electricity to the water
was reaching commercial operation for
treatment plant. It is designed to
the Delfini Solar project, designed to
offset 92% of the plant   s grid energy
generate 157 GWh of electricity annually
consumption and reduce energy
for cleaner, cheaper, and more secure
costs by 80%.
energy in the Drama region in Greece.
upgrading infrastructure for our customers.
proven tailored solutions will help bolster
year   s time. The total 78 MW / 313
costs, reducing fossil fuel usage, and
the latter segment with over $250 million
enhancing resilience, reducing costs, and
These critical market drivers and our
for United Power, Inc. in under a
resilience while stabilizing energy
2024 marked a significant milestone for
Our work last year was largely centered on
storage system (BESS) portfolio
BESS. This local resource enhances
Canada, the UK, and Continental Europe.
Sunel Energy JV, allow us to leverage
decarbonization and net zero commitments.
solar paired with 42 MW / 168 MWh
    now having operations in every U.S. state,
arrangements, such as our Ameresco
We built an advanced battery energy

We continued our 20-year partnership
with the U.S. National Archives and
Records Administration with a $33M
George Sakellaris
President & CEO

Customer Highlights
Keller Canyon Renewable Energy Center
Cali for nia , USA
Ameresco developed, operates, and owns the Keller Canyon Renewable Energy Center,
not only California   s largest LFG-to-RNG facility but the first in the state powered by
an integrated LFG-to-Electric plant. This project was designed to deliver over 25% of
the RNG on the PG&E system, approximately 1 billion cubic feet annually. As part of
fourteen renewable energy projects that Ameresco has collaborated on with Republic
Services, the facility processes 4,500 standard cubic feet per minute of raw landfill gas.
By providing the San Francisco East Bay Area with clean energy, the Keller Canyon
Renewable Energy Center will reduce annual carbon emissions by approximately 84,000
metric tons. This project advances Republic Services    goal to beneficially reuse 50%
more biogas by 2030 and supports California   s renewable energy commitment.
K  pono Solar Projec t
H awaii, USA
To address the growing need for energy security on O   ahu, Ameresco partnered with
Hawaiian Electric (HECO), the U.S. Navy, and the O   ahu community to develop the
K  pono Solar Project. As the largest solar and BESS facility on the island, K  pono
Solar delivers 42 MW of renewable energy to the local grid. Ameresco owns and
operates the facility, located on 131 acres at Joint Base Pearl Harbor-Hickam, under
a 37-year land lease with the U.S. Navy. The project powers approximately 10,000
homes on O   ahu, providing energy resiliency and stabilized energy costs for HECO
customers. Additionally, it creates local construction jobs and boosts the economy
through the purchase of local materials.
London Stadium
Lond on, UK
As a symbol of athletic achievement and community engagement, London Stadium
aimed to demonstrate its commitment to sustainability and progress towards net zero
by incorporating rooftop solar power. Ameresco was chosen to implement an innovative
solution that would overcome the challenge posed by the stadium   s low weight-bearing
membrane roof, spanning 6,500 square meters. The flexible module solar system is
designed to maximize energy generation levels while seamlessly integrating with the
stadium   s architectural constraints and will generate approximately 840,000 kWh of
clean electricity annually, the equivalent of powering over 259 homes. In addition to
reducing the stadium   s energy costs and carbon footprint, the solar project will power
concerts and sporting events with on-site generation, making London Stadium one of
the most sustainable live event venues in the world.



 4/24/2025 Letter Continued (Full PDF)