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Sep 30, 2025
Ameresco Q3 2025 Earnings Report
Ameresco reported solid third quarter 2025 financial results, driven by strong demand for energy infrastructure and increased project execution.
Key Takeaways
Ameresco delivered excellent third quarter 2025 results, staying on track to meet full-year guidance. The company achieved solid year-on-year growth across key business segments, with total revenue reaching $526.0 million and net income attributable to common shareholders at $18.5 million. Demand for energy infrastructure solutions remained robust, strengthening long-term revenue visibility with a total project backlog exceeding $5 billion.
Total revenues for Q3 2025 reached $526.0 million, an increase of 5% year-over-year.
Net income attributable to common shareholders was $18.5 million, with GAAP and Non-GAAP EPS both at $0.35.
Total project backlog exceeded $5.1 billion, with $2.5 billion being contracted, significantly strengthening long-term revenue visibility.
Adjusted EBITDA grew by 13% to $70.4 million, outpacing revenue growth and demonstrating operating leverage.
Revenue by Segment
Forward Guidance
Ameresco reaffirms its 2025 guidance, expecting continued growth driven by increasing demand for electricity, rising utility rates, and grid instability. The company anticipates achieving its long-term target growth rates of 10% revenue and 20% adjusted EBITDA.
Positive Outlook
- Reaffirms 2025 revenue guidance midpoint of $1.9 billion.
- Reaffirms 2025 adjusted EBITDA guidance midpoint of $235 million.
- Anticipates long-term target growth rates of 10% revenue.
- Anticipates long-term target growth rates of 20% adjusted EBITDA.
- Growing number of diversified opportunities in energy infrastructure solutions.
Challenges Ahead
- A prolonged government shutdown could delay some project award conversions.
- A prolonged government shutdown could shift some revenue timing.
- Potential impact of a change in accounting principle related to sale-leaseback arrangements is still being assessed.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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