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.
Annual Re p o r t 2025
Visio n Energizing a sustainable world. M is s ion To be a trusted full-service energy partner delivering resilient, responsible, innovative solutions grounded in our relentless focus on customer satisfaction and our commitment to creating value. Va lues Ameresco s C.A.R.I.N.G. values shape our culture and inform our business practices. These principles guide our interactions with stakeholders and are fundamental to our people and our professional conduct.
About Ameresco, Inc. Leading the Global Energy Transition as a Full - Ser vice Energy Infrastructure Solutions Par tner Ameresco, Inc. (NYSE:AMRC) is a leading energy and power infrastructure 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 $237.2M 2025 Adjusted EBITDA $1.9B 2025 Revenue solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. Since 2000, we have been a trusted full-service partner supporting our customers path to a more resilient, sustainable future. Technical independence coupled with our advanced technology portfolio and suite of services allows us to integrate best- $5.0B Awarded & Contracted Project Backlog 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 838 MWe Operating Energy Assets 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 570 MWe Energy Assets in Development 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 $1.5B Operations & Maintenance Backlog advisory services. We show the way by reducing energy use and delivering diversified generation solutions to Federal, state and local governments, utilities, data centers, educational and healthcare institutions, housing authorities, and commercial and industrial 18M MT 2025 Carbon Emission Reduction customers. Headquartered in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise across North America and Europe. 140M+ MT 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 financial measure. As non- GA AP financial measures are not intended to be considered in isolation or as 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 financial measures, including the reasons management uses these measures and a reconciliation of the Non- GA AP 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 6 , 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 5 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 ex tent they are not recitations of historical fact, constitute for ward- looking statements within the meaning of the 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 identifying impor tant factors that could cause actual results to dif fer materially from those anticipated in 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 . $16B+ Energy Solutions Delivered Since Inception
Fellow Shareholders, Ameresco closed 2025 with strong Looking ahead, several industry shifts delivering secure, resilient energy solutions momentum, highlighted by excellent fourth continue to create exciting opportunities tailored to meet the energy requirements of quarter results and solid performance for Ameresco. Global electricity demand advanced AI-data center workloads. against our revenue and profit guidance. is rising due to electrification, AI-driven This success reflects the team s environments, and industrial growth, placing outstanding execution paired with the increasing strain on aging generation and growing contribution of recurring revenues transmission infrastructure. As a result, from our energy assets and operations & customers are turning to onsite, behind- maintenance businesses. Importantly, these the-meter energy solutions an area results were achieved despite a challenging where Ameresco has experience delivering operating environment, including early-year a broad portfolio spanning solar, BESS, policy uncertainty and a six-week federal natural gas engines, fuel cells, microgrids, government shutdown in the fourth quarter. and emerging technologies such as small Our performance was broad-based with and micro modular nuclear reactors. growth across all three of our core business Rising energy costs are also accelerating lines and notable momentum in Europe. demand for energy efficiency across While our teams remained intensely focused existing infrastructure. As electricity prices on execution converting a record $1.5 climb, efficiency investments offer faster billion of project backlog into revenue during paybacks and strong returns. According the year, we also delivered strong new to Frost & Sullivan, Ameresco is the business performance. Meaningful project nation s largest provider of energy efficiency scope expansions within our Federal backlog services solutions that represent nearly helped drive total awarded project backlog half of our total project backlog. to over $2.5 billion, an increase of 13% yearover-year. These results further strengthen our multi-year visibility and underscore the At the same time, the need for reliable, uninterrupted power continues to grow. durability of our business model. As energy storage adoption accelerates, Europe was a standout contributor in 2025 resilient, mission critical energy solutions and represents an important growth platform for industrial and public sector customers. for Ameresco. We entered the European market more than a decade ago through a small UK-based acquisition. In recent years, we have accelerated our expansion across continental Europe through a disciplined strategy centered on localized execution, opportunistic acquisitions, and strategic partnerships. A prime example is our 51% owned joint venture with Greece-based Sunel Group. Established in April 2023 to pursue utilityscale solar and battery energy storage systems (BESS), the venture has delivered strong results in Greece and expanded into additional markets, including recent large wins in Romania. Europe is expected to remain a key growth engine for Ameresco through organic expansion and selective partnerships and acquisitions. we bring decades of experience delivering Ameresco s ability to translate these market drivers into tangible results is reflected in Renewable Natural Gas (RNG) Assets: The launch of the RNG plant in Lee County, IL expanded our portfolio of operating renewable energy assets while reducing methane emissions and generating longterm, predictable cash flows. Higher Education Infrastructure Upgrades: We modernized campus energy systems for institutions including Ave Maria College, Reed College, Southwest Wisconsin Technical College, University of Illinois Chicago, and Southeast New Mexico College, delivering efficiency, resilience, and long-term cost savings. Taken together, these trends and accomplishments position Ameresco exceptionally well for sustained, profitable growth, supported by our growing backlog, diversified capabilities, expanding global footprint, and best-in-class team. I would like to thank our employees for their dedication, our customers for their continued trust, and our shareholders for their ongoing support. Together, we are building a more resilient and sustainable energy future. Sincerely, several notable project highlights: Industrial Power & Infrastructure: We partnered with Nucor Corporation in AZ to develop and deliver a 50 MW / 200 MWh BESS the fourth largest in the U.S. setting a new benchmark for industrial energy innovation, enabling reliable and cost-effective operations as they transition to more advanced, electrified production. Mission-Critical Resilience: Our collaboration with the U.S. Navy and CyrusOne to develop a 100 MW AIoptimized data center and critical energy infrastructure at Naval Air Station Lemoore reinforces Ameresco s leadership in George Sakellaris Chief Executive Officer
Customer Highlights Nucor Cor poration K ing man, A Z North America s largest steel manufacturer, Nucor Corporation, selected Ameresco to deliver a 50 MW / 200 MWh BESS, now fully operational and supporting expanded production at the site. The system the largest behind-the-meter project in Arizona and the fourth largest in the U.S. enables Nucor to increase annual production capacity to 600,000 tons, strengthening reliability and long-term operational performance. The project includes 58 Tesla Megapack 2XL units operating under a 20-year storage services agreement. Ameresco is also delivering a 25 MW AC solar asset, scheduled to enter operation in 2026, further advancing Nucor s energy transition and site expansion goals. Together, these assets stabilize electric load from Nucor s new arc furnace, reduce grid strain, support utility load management, and increase the effective use of renewable energy. U.S. Naval Research Laborator y Wa shing ton, DC As part of a comprehensive Energy Savings Performance Contract (ESPC), Ameresco is delivering major upgrades to energy and water infrastructure at the U.S. Naval Research Laboratory to strengthen operational resilience and mission readiness. The $197 million project includes modernization of steam generation and distribution systems, chilled water systems, and deployment of a Supervisory Control and Data Acquisition (SCADA) system to enable seamless, real-time infrastructure management. The phased scope prioritizes critical needs such as boiler and chiller plant upgrades, site-wide LED lighting and controls, steam and plumbing retrofits, and advanced cooling tower optimization. Once fully implemented, the project is expected to deliver $12.5 million in annual cost savings more than $362 million over a 21-year performance period while ensuring uninterrupted mission-critical operations and long-term energy independence. Cit y of Brock ton Bro c k ton, M A The City of Brockton is modernizing its historic civic and school facilities while promoting long-term sustainability through its continued partnership with Ameresco. Through ESPCs, the City has upgraded municipal and public school facilities with advanced lighting, HVAC, energy management, and water conservation measures to maximize energy savings, secure utility incentives, and deliver projects on time and within budget. A $7 million ESPC at City Hall (constructed in 1892) is improving lighting, HVAC, and controls, while a $3 million ESPC at the War Memorial Building (dedicated in 1930) includes a new HVAC system, roof replacement, restored historic windows and trim, and efficient storm windows Together, these investments enhance comfort, resilience, and efficiency while honoring Brockton s architectural legacy and reinforcing a narrative of progress and fiscal responsibility.
 • shareholder letter icon 4/23/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2023 AMRC Stockholder Letter
 • stockholder letter icon 4/23/2024 AMRC Stockholder Letter
 • stockholder letter icon 4/24/2025 AMRC Stockholder Letter
 • stockholder letter icon More "Construction" Category Stockholder Letters
 • Benford's Law Stocks icon AMRC Benford's Law Stock Score = 98


AMRC Shareholder/Stockholder Letter Transcript:

Annual Re p o r t
2025

Visio n
Energizing a sustainable world.
M is s ion
To be a trusted full-service energy partner delivering resilient, responsible, innovative solutions    
grounded in our relentless focus on customer satisfaction and our commitment to creating value.
Va lues
Ameresco   s C.A.R.I.N.G. values shape our culture and inform our business practices. These principles
guide our interactions with stakeholders and are fundamental to our people and our professional conduct.

About Ameresco, Inc.
Leading the Global Energy
Transition as a Full - Ser vice Energy
Infrastructure Solutions Par tner
Ameresco, Inc. (NYSE:AMRC) is a leading energy and power infrastructure
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
$237.2M
2025 Adjusted EBITDA
$1.9B
2025 Revenue
solutions, upgrading aging infrastructure, and developing, constructing, and
operating distributed energy resources.
Since 2000, we have been a trusted full-service partner supporting our customers   
path to a more resilient, sustainable future. Technical independence coupled with
our advanced technology portfolio and suite of services allows us to integrate best-
$5.0B
Awarded & Contracted
Project Backlog
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    
838 MWe
Operating Energy Assets
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
570 MWe
Energy Assets in Development
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
$1.5B
Operations & Maintenance Backlog
advisory services.
We show the way by reducing energy use and delivering diversified generation
solutions to Federal, state and local governments, utilities, data centers, educational
and healthcare institutions, housing authorities, and commercial and industrial
18M MT
2025 Carbon Emission Reduction
customers. Headquartered in Framingham, MA, Ameresco has more than 1,500
employees providing local expertise across North America and Europe.
140M+ MT
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 financial measure. As non- GA AP financial measures are not intended to be considered in isolation or as
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
financial measures, including the reasons management uses these measures and a reconciliation of the Non- GA AP
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 6 , 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 5
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
ex tent they are not recitations of historical fact, constitute for ward- looking statements within the meaning of the
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
identifying impor tant factors that could cause actual results to dif fer materially from those anticipated in
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 .
$16B+
Energy Solutions Delivered
Since Inception

Fellow Shareholders,
Ameresco closed 2025 with strong
Looking ahead, several industry shifts
delivering secure, resilient energy solutions
momentum, highlighted by excellent fourth
continue to create exciting opportunities
tailored to meet the energy requirements of
quarter results and solid performance
for Ameresco. Global electricity demand
advanced AI-data center workloads.
against our revenue and profit guidance.
is rising due to electrification, AI-driven
This success reflects the team   s
environments, and industrial growth, placing
outstanding execution paired with the
increasing strain on aging generation and
growing contribution of recurring revenues
transmission infrastructure. As a result,
from our energy assets and operations &
customers are turning to onsite, behind-
maintenance businesses. Importantly, these
the-meter energy solutions     an area
results were achieved despite a challenging
where Ameresco has experience delivering
operating environment, including early-year
a broad portfolio spanning solar, BESS,
policy uncertainty and a six-week federal
natural gas engines, fuel cells, microgrids,
government shutdown in the fourth quarter.
and emerging technologies such as small
Our performance was broad-based with
and micro modular nuclear reactors.
growth across all three of our core business
Rising energy costs are also accelerating
lines and notable momentum in Europe.
demand for energy efficiency across
While our teams remained intensely focused
existing infrastructure. As electricity prices
on execution     converting a record $1.5
climb, efficiency investments offer faster
billion of project backlog into revenue during
paybacks and strong returns. According
the year, we also delivered strong new
to Frost & Sullivan, Ameresco is the
business performance. Meaningful project
nation   s largest provider of energy efficiency
scope expansions within our Federal backlog
services     solutions that represent nearly
helped drive total awarded project backlog
half of our total project backlog.
to over $2.5 billion, an increase of 13% yearover-year. These results further strengthen
our multi-year visibility and underscore the
At the same time, the need for reliable,
uninterrupted power continues to grow.
durability of our business model.
As energy storage adoption accelerates,
Europe was a standout contributor in 2025
resilient, mission critical energy solutions
and represents an important growth platform
for industrial and public sector customers.
for Ameresco. We entered the European
market more than a decade ago through
a small UK-based acquisition. In recent
years, we have accelerated our expansion
across continental Europe through a
disciplined strategy centered on localized
execution, opportunistic acquisitions,
and strategic partnerships.
A prime example is our 51% owned joint
venture with Greece-based Sunel Group.
Established in April 2023 to pursue utilityscale solar and battery energy storage
systems (BESS), the venture has delivered
strong results in Greece and expanded into
additional markets, including recent large
wins in Romania. Europe is expected to
remain a key growth engine for Ameresco
through organic expansion and selective
partnerships and acquisitions.
we bring decades of experience delivering
Ameresco   s ability to translate these market
drivers into tangible results is reflected in
Renewable Natural Gas (RNG) Assets:
The launch of the RNG plant in Lee County,
IL expanded our portfolio of operating
renewable energy assets while reducing
methane emissions and generating longterm, predictable cash flows.
Higher Education Infrastructure
Upgrades: We modernized campus
energy systems for institutions including
Ave Maria College, Reed College,
Southwest Wisconsin Technical College,
University of Illinois Chicago, and Southeast
New Mexico College, delivering efficiency,
resilience, and long-term cost savings.
Taken together, these trends and
accomplishments position Ameresco
exceptionally well for sustained, profitable
growth, supported by our growing backlog,
diversified capabilities, expanding global
footprint, and best-in-class team.
I would like to thank our employees for their
dedication, our customers for their continued
trust, and our shareholders for their ongoing
support. Together, we are building a more
resilient and sustainable energy future.
Sincerely,
several notable project highlights:
Industrial Power & Infrastructure: We
partnered with Nucor Corporation in AZ
to develop and deliver a 50 MW / 200 MWh
BESS     the fourth largest in the U.S.    
setting a new benchmark for industrial
energy innovation, enabling reliable and
cost-effective operations as they transition
to more advanced, electrified production.
Mission-Critical Resilience: Our
collaboration with the U.S. Navy and
CyrusOne to develop a 100 MW AIoptimized data center and critical energy
infrastructure at Naval Air Station Lemoore
reinforces Ameresco   s leadership in
George Sakellaris
Chief Executive Officer

Customer Highlights
Nucor Cor poration
K ing man, A Z
North America   s largest steel manufacturer, Nucor Corporation, selected Ameresco to
deliver a 50 MW / 200 MWh BESS, now fully operational and supporting expanded
production at the site. The system     the largest behind-the-meter project in Arizona and
the fourth largest in the U.S.     enables Nucor to increase annual production capacity
to 600,000 tons, strengthening reliability and long-term operational performance. The
project includes 58 Tesla Megapack 2XL units operating under a 20-year storage services
agreement. Ameresco is also delivering a 25 MW AC solar asset, scheduled to enter
operation in 2026, further advancing Nucor   s energy transition and site expansion goals.
Together, these assets stabilize electric load from Nucor   s new arc furnace, reduce grid
strain, support utility load management, and increase the effective use of renewable energy.
U.S. Naval Research Laborator y
Wa shing ton, DC
As part of a comprehensive Energy Savings Performance Contract (ESPC), Ameresco is
delivering major upgrades to energy and water infrastructure at the U.S. Naval Research
Laboratory to strengthen operational resilience and mission readiness. The $197 million
project includes modernization of steam generation and distribution systems, chilled
water systems, and deployment of a Supervisory Control and Data Acquisition (SCADA)
system to enable seamless, real-time infrastructure management. The phased scope
prioritizes critical needs such as boiler and chiller plant upgrades, site-wide LED lighting
and controls, steam and plumbing retrofits, and advanced cooling tower optimization.
Once fully implemented, the project is expected to deliver $12.5 million in annual cost
savings     more than $362 million over a 21-year performance period     while ensuring
uninterrupted mission-critical operations and long-term energy independence.
Cit y of Brock ton
Bro c k ton, M A
The City of Brockton is modernizing its historic civic and school facilities while promoting
long-term sustainability through its continued partnership with Ameresco. Through ESPCs,
the City has upgraded municipal and public school facilities with advanced lighting, HVAC,
energy management, and water conservation measures to maximize energy savings,
secure utility incentives, and deliver projects on time and within budget. A $7 million
ESPC at City Hall (constructed in 1892) is improving lighting, HVAC, and controls, while
a $3 million ESPC at the War Memorial Building (dedicated in 1930) includes a new HVAC
system, roof replacement, restored historic windows and trim, and efficient storm windows
Together, these investments enhance comfort, resilience, and efficiency while honoring
Brockton   s architectural legacy and reinforcing a narrative of progress and fiscal responsibility.


shareholder letter icon 4/23/2026 Letter Continued (Full PDF)
 

AMRC Stockholder/Shareholder Letter (Ameresco, Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.