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Jun 30
Ameresco Q2 2025 Earnings Report
Ameresco reported strong second quarter 2025 financial results with increased revenue and adjusted EBITDA, driven by growth in Europe and the Energy Asset business.
Key Takeaways
Ameresco delivered a strong second quarter in 2025, with total revenue increasing by 8% to $472.3 million and Adjusted EBITDA growing by 24% to $56.1 million. The company's performance was bolstered by continued growth in Europe and its Energy Asset business, leading to a record total project backlog exceeding $5.1 billion.
Total revenue for Q2 2025 reached $472.3 million, an 8% increase year-over-year, exceeding expectations.
Adjusted EBITDA significantly increased by 24% to $56.1 million, demonstrating strong operating leverage.
Total Project Backlog hit a record $5.1 billion, with over $550 million in new project awards added during the quarter.
Non-GAAP EPS was reported at $0.27, an increase of $0.17 from the prior year, indicating improved profitability.
Ameresco
Ameresco
Ameresco Revenue by Segment
Revenue by Segment
Projects Revenue
CapyFin.comEnergy Assets Revenue
CapyFin.comO&M Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Ameresco reiterated its full-year 2025 revenue and adjusted EBITDA guidance, indicating confidence in continued strong performance despite ongoing evaluation of industry changes.
Positive Outlook
- Reiterated 2025 revenue guidance midpoint of $1.9 billion.
- Reiterated 2025 adjusted EBITDA guidance midpoint of $235 million.
- Federal Government business is returning to a more normalized cadence.
- Strong first half results provide good visibility for the remainder of the year.
- No material short-term impact expected from OBBB Act changes.
Challenges Ahead
- Guidance does not include potential impact of a change in accounting principle related to sale-leaseback arrangements.
- The company continues to evaluate industry changes brought about by the OBBB Act.
- Uncertainties remain regarding the impact of accounting for redeemable non-controlling interests and taxes for forward-looking net income.
- Potential for delays and liquidated damages related to agreements like the one with SCE.
- Risks related to supply chain disruptions, material and labor shortages, and macroeconomic challenges persist.
Revenue & Expenses
Visualization of income flow from segment revenue to net income