Ameresco Reports Fourth Quarter and Full Year 2025 Financial Results

Ameresco Reports Fourth Quarter and Full Year 2025 Financial Results Delivers Strong Q4 and Full Year Results 121 MWe of Energy Assets Placed in Service During the Year, Exceeding Guidance $5 billion Project Backlog with Well Diversified Mix of Energy Infrastructure and Building Efficiency Solutions Total Revenue Visibility Exceeds $10 Billion Guides to Another Year of Strong Profitable Growth in 2026 Full Year and Fourth Quarter 2025 Financial Highlights: •Revenues of $1,932.1 million and $581.0 million •Net income attributable to common shareholders of $44.3 million and $18.4 million •GAAP EPS of $0.83 and $0.34 •Non-GAAP EPS of $0.90 and $0.39 •Adjusted EBITDA of $237.2 million and $70.0 million FRAMINGHAM, MA - March 2, 2026 – Ameresco, Inc. (NYSE: AMRC), a leading energy infrastructure solutions provider, today announced financial results for the fourth quarter ended December 31, 2025. The Company also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information, which includes Non-GAAP financial measures, has been posted to the “Investors” section of the Company’s website at www.ameresco.com. Reconciliations of Non-GAAP measures to the appropriate GAAP measures are included herein. All financial result comparisons made are against the prior year period unless otherwise noted. CEO George Sakellaris commented, “Strong fourth quarter results capped an excellent year for Ameresco in which we successfully navigated a dynamic business environment and reached the mid to high ends of our annual revenue and profit guidance ranges. We achieved record quarterly revenue during the fourth quarter driven by our continued focus on project execution, together with the benefits of recurring revenue from our long-term Energy Asset and O&M businesses. The market for our energy infrastructure and building efficiency solutions remained robust in the fourth quarter, driving a 13% increase in awarded backlog compared to last year and signaling strong continued customer demand for our solutions. Total project backlog increased 5% to over $5 billion at year-end. Additionally, we placed 87 MWe into operation, including our 9th RNG facility, a large military solar plus storage installation and the Nucor BESS system. The Nucor asset highlights the increasing need for our solutions from energy intensive heavy industries, a large and growing opportunity for us. We also continued to selectively add additional assets into our development and construction pipeline during the quarter. Our project backlog together with our recurring Energy Asset and O&M businesses gives us over $10 billion in long-term revenue visibility, supporting our confidence in the Company’s future growth prospects. Ameresco’s diversified mix of building efficiency and energy infrastructure Project and Energy Asset solutions continues to address key issues facing our customers, notably increased energy costs, rapidly growing energy demand and the need for energy to be highly resilient to power mission critical operations. Our decades of experience and our track record of successful execution have strengthened our competitive position, making us a go-to solutions provider,” Mr. Sakellaris concluded. Fourth Quarter Financial Results (All financial result comparisons made are against the prior year period unless otherwise noted.) (in millions) Q4 2025 Q4 2024 Revenue Net Income (1) Adj. EBITDA Revenue Net Income (1) Adj. EBITDA Projects $465,929 $18,927 $27,516 $418,263 $364 $13,709 Energy Assets $60,689 $(3,558) $37,757 $57,644 $8,899 $31,050 O&M $29,467 $1,973 $2,800 $26,536 $1,651 $2,611 Other $24,941 $1,029 $1,938 $30,224 $26,171 $39,815 Total (2) $581,026 $18,371 $70,011 $532,667 $37,085 $87,185 (1) Net Income represents net income attributable to common shareholders (2) Numbers in table may not sum due to rounding. Total revenue was $581.0 million, up 9% year over year and represented a record quarterly result. Project revenue increased 11% to $465.9 million, driven by strong European performance and continued backlog conversion. Energy Asset revenue grew 5% to $60.7 million, reflecting the continued expansion of our operating asset portfolio, while O&M revenue increased 11% with the addition of new long-term contracts. Our other line of business, excluding the divestiture of our AEG business at the end of 2024, delivered solid year-over-year results. Gross margin improved to 16.2% reflecting both sequential and year-on-year improvement. Interest and other expenses, net was $20.7 million, representing a decrease of 11.4%. The effective tax benefit rate was (26.0%) in 2025, compared to (58.9)% in 2024, reflecting higher taxable income and our election to sell certain investment tax credits through third-party sales, rather than retaining them for internal tax use. Net income attributable to common shareholders was $18.4 million, or $0.34 per diluted share, with Non-GAAP EPS of $0.39. Adjusted EBITDA was $70.0 million. Fourth quarter 2024 Adjusted EBITDA of $87.2 million included approximately $38 million related to the gain on the sale of AEG. Project and Asset Highlights ($ in millions) At December 31, 2025 Awarded Project Backlog (1) $2,569 Contracted Project Backlog $2,470 Total Project Backlog $5,039 12-month Contracted Backlog (2) $1,065 New Contracts $461 New Awards (3) $362 O&M Revenue Backlog $1,475 12-month O&M Backlog $112 Total Energy Asset Visibility (4) $3,850 Total Revenue Visibility $10,364 Energy Assets Placed into Operation 87 MWe Energy Assets New Awards / Scope Changes 30 MWe Total Operating Energy Assets 838 MWe Ameresco's Net Assets in Development (5) 570 MWe (1) Customer contracts that have not been signed yet (2) We define our 12-month backlog as the estimated amount of revenues that we expect to recognize in the next twelve months from our fully-contracted backlog (3) Represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed (4) Estimated contracted revenue and incentives during PPA period plus estimated additional revenue from operating RNG assets over a 20-year period, assuming RINs at $1.50/gallon and brown gas at $3.50/MMBtu with $3.00/MMBtu for LCFS on certain projects (5) Net MWe capacity includes only our share of any jointly owned assets Balance Sheet and Cash Flow Metrics ($ in millions) December 31, 2025 Total Corporate Debt (1) $339.3 Corporate Debt Leverage Ratio (2) 2.7x Non-Core Debt, International JVs (4) $25.5 Total Energy Asset Debt (3) $1,517.1 Energy Asset Book Value (5) $2,081.2 Energy Debt Advance Rate (6) 73% Q4 Cash Flows from Operating Activities $(42.9) Plus: Q4 proceeds from Sales of ITC $61.6 Plus: Q4 Proceeds from Federal ESPC Projects $17.7 Equals: Q4 Adjusted Cash from Operations $36.4 8-quarter rolling average Cash Flows from Operating Activities $4.7 Plus: 8-quarter rolling average Proceeds from Sales of ITC $16.5 Plus: 8-quarter rolling average Proceeds from Federal ESPC Projects $33.1 Equals: 8-quarter rolling average Adjusted Cash from Operations $54.3 (1) Subordinated debt, term loans, and drawn amounts on the revolving line of credit, net of debt discount and issuance costs (2) Debt to EBITDA, as calculated under our Sr. Secured Credit Facility (3) Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development (4) Non-core Debt associated with our international joint ventures, net of $58K unamortized debt discount (5) Book Value of our Energy Assets in operations and in-construction and development (6) Total Energy Asset Debt divided by Energy Asset Book Value The Company ended 2025 with $71.8 million in unrestricted cash with total corporate debt including our subordinated debt, term loans and drawn amounts on our revolving line of credit increasing to $339.3 million. Corporate debt increased in order to support our working capital needs given the continued growth of our project and energy asset businesses. During the quarter the Company successfully executed approximately $175 million in project financing commitments. Our Energy Asset Debt was $1.5 billion with an Energy Debt Advance rate of 73% on the Energy Asset Book Value. Our Adjusted Cash from Operations during the quarter was $36.4 million. Our 8-quarter rolling average Adjusted Cash from Operations was $54.3 million. Outlook “We entered 2026 with positive business momentum and a more favorable operating environment than we faced at this time last year. With our diversified Project and Energy Asset offerings covering a comprehensive portfolio of building efficiency and infrastructure solutions, we believe Ameresco has the capabilities to consistently meet our global customers’ needs to increase their energy supplies, reduce their energy costs, and provide greater energy resiliency. This positioning underpins our confidence in Ameresco’s growth prospects in 2026 and beyond,” concluded CEO George Sakellaris. The company is guiding revenue of $2.1 billion and adjusted EBITDA of $283 million at the midpoints of our ranges, representing growth of 9% and 19%, respectively. We anticipate placing approximately 100-120 MWe of energy assets in service, including 2 RNG plants. Our expected capex is $300 million to $350 million, the majority of which we expect to fund with additional energy asset debt, tax equity or tax credit sales. The cadence of the year should follow our historical seasonal pattern, with a heavier weighting toward the second half. We expect revenues in the second half of the year to represent approximately 60% of our total revenue for 2026. This is consistent with our performance from the past couple of years. Our first quarter is typically our seasonally lowest revenue quarter and has been further impacted by severe weather conditions. Therefore, we expect our first quarter revenue and Adjusted EBITDA to track similar to Q1 of last year. With the expected continued growth of our energy asset portfolio, depreciation and interest expenses are expected to continue to increase as those assets come into service. Given the linear nature of those costs, we expect first quarter EPS to be negative by approximately $0.30. FY 2026 Guidance Ranges Revenue $2.0 billion $2.2 billion Gross Margin 17.0% 18.0% Adjusted EBITDA $270 million $295 million Depreciation & Amortization $115 million $116 million Interest Expense Net $95 million $100 million Effective Tax Rate (20)% (10)% Income Attributable to Non-Controlling Interest ($20) million ($25) million Non-GAAP EPS $1.10 $1.35 The Company’s Adjusted EBITDA and Non-GAAP EPS guidance excludes the potential impact of redeemable non-controlling interest activity, one-time charges, energy asset and goodwill impairment charges, changes in contingent consideration, restructuring activities, as well as any related tax impact. Conference Call/Webcast Information The Company will host a conference call today at 4:30 p.m. ET to discuss fourth quarter 2025 financial results, business and financial outlook, and other business highlights. To participate on the day of the call, dial 1-888-596-4144, or internationally 1-646-968-2525, and enter the conference ID: 9798186, approximately 10 minutes before the call. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investors” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year. Use of Non-GAAP Financial Measures This press release and the accompanying tables include references to adjusted EBITDA, Non- GAAP EPS, Non-GAAP net income and adjusted cash from operations, which are Non-GAAP financial measures. For a description of these Non-GAAP financial measures, including the reasons management uses these measures, please see the section following the accompanying tables titled “Exhibit A: Non-GAAP Financial Measures”. For a reconciliation of these Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the accompanying tables. About Ameresco, Inc. Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading energy 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 solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. As a trusted full-service partner, Ameresco shows 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 customers. Headquartered in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com. Contact: Media Relations Leila Dillon, 508.661.2264, news@ameresco.com Investor Relations Eric Prouty, AdvisIRy Partners, 212.750.5800, eric.prouty@advisiry.com Lynn Morgen, AdvisIRy Partners, 212.750.5800, lynn.morgen@advisiry.com Safe Harbor Statement Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline, visibility, backlog, pending agreements, new and expanding market opportunities, financial guidance including estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, interest rate, depreciation, tax attributes and capital investments, as well as statements about our financing plans; the impact of the OBBB Act, other policies and regulatory changes; supply chain disruptions; shortage and cost of materials and labor; other macroeconomic and geopolitical challenges; our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages; and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including: demand for our energy efficiency and renewable energy solutions; the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis; the ability to perform under signed contracts without delay and in accordance with their terms and the potential for liquidated and other damages we may be subject to; the fiscal health of the government and the impact of a prolonged government shutdown and reductions in the federal workforce; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers’ ability to finance their projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements; the impact of macroeconomic challenges, weather related events and climate change; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges, tariffs and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; the addition of new customers or the loss of existing customers; market price of our Class A Common stock prevailing from time to time; the nature of other investment opportunities presented to our Company from time to time; risks related to our international operation and international growth strategy; and other factors discussed in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. AMERESCO, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 71,785 $ 108,516 Restricted cash 92,515 69,706 Accounts receivable, net 257,856 256,961 Accounts receivable retainage 53,618 39,843 Unbilled revenue 799,109 644,105 Inventory 12,609 11,556 Prepaid expenses and other current assets 239,865 145,906 Income tax receivable 2,166 1,685 Project development costs, net 23,010 22,856 Total current assets 1,552,533 1,301,134 Federal ESPC receivable 503,449 609,128 Property and equipment, net 10,077 11,040 Energy assets, net 2,081,224 1,915,311 Goodwill, net 69,302 66,305 Intangible assets, net 7,464 8,814 Right-of-use assets, net 76,165 80,149 Restricted cash, non-current portion 22,215 20,156 Deferred income tax assets, net 96,868 56,523 Other assets 117,797 89,948 Total assets $ 4,537,094 $ 4,158,508 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY Current liabilities: Current portions of long-term debt and financing lease liabilities, net $ 132,125 $ 149,363 Accounts payable 691,197 529,338 Accrued expenses and other current liabilities 113,878 107,293 Current portions of operating lease liabilities 7,959 10,536 Deferred revenue 79,908 91,734 Income taxes payable 3,845 744 Total current liabilities 1,028,912 889,008 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 1,749,708 1,483,900 Federal ESPC liabilities 478,970 555,396 Deferred income tax liabilities, net 2,943 2,223 Deferred grant income 5,385 6,436 Long-term operating lease liabilities, net of current portion 55,938 59,479 Other liabilities 91,003 114,454 Redeemable non-controlling interests, net $ 1,419 $ 2,463 AMERESCO, INC. CONSOLIDATED BALANCE SHEETS - (Continued) (In thousands, except share amounts) December 31, 2025 2024 Stockholders’ equity: Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and 2024 — — Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,963,263 shares issued and 34,861,428 shares outstanding at December 31, 2025, 36,603,048 shares issued and 34,501,213 shares outstanding at December 31, 2024 3 3 Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at December 31, 2025 and 2024 2 2 Additional paid-in capital 395,656 378,321 Retained earnings 696,737 652,561 Accumulated other comprehensive loss, net (460) (5,874) Treasury stock, at cost, 2,101,835 shares at December 31, 2025 and 2024 (11,788) (11,788) Stockholders’ equity before non-controlling interest 1,080,150 1,013,225 Non-controlling interests 42,666 31,924 Total stockholders’ equity 1,122,816 1,045,149 Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 4,537,094 $ 4,158,508 AMERESCO, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (Unaudited) (Unaudited) Revenues $ 581,026 $ 532,667 $ 1,932,126 $ 1,769,928 Cost of revenues 486,619 465,877 1,628,113 1,513,837 Gross profit 94,407 66,790 304,013 256,091 Earnings from unconsolidated entities (355) 68 1,449 792 Gain on sale of business, net — 38,007 — 38,007 Selling, general and administrative expenses 50,942 47,841 178,536 173,761 Asset impairments 3,748 12,384 3,748 12,384 Operating income 39,362 44,640 123,178 108,745 Interest expense and interest income, net 29,108 22,722 87,936 70,182 Other (income) expenses, net (8,359) 684 (9,733) 4,623 Income before income taxes 18,613 21,234 44,975 33,940 Income tax benefit (6,310) (16,676) (11,700) (20,000) Net income 24,923 37,910 56,675 53,940 Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests (6,552) (825) (12,391) 2,817 Net income attributable to common shareholders $ 18,371 $ 37,085 $ 44,284 $ 56,757 Net income per share attributable to common shareholders: Basic $ 0.35 $ 0.71 $ 0.84 $ 1.08 Diluted $ 0.34 $ 0.70 $ 0.83 $ 1.07 Weighted average common shares outstanding: Basic 52,780 52,463 52,679 52,380 Diluted 53,955 53,257 53,293 53,140 AMERESCO, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2025 2024 Cash flows from operating activities: Net income $ 56,675 $ 53,940 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation of energy assets, net 99,659 82,114 Depreciation of property and equipment 2,213 4,963 Amortization of debt discount and debt issuance costs 6,193 5,151 Amortization of intangible assets 2,397 2,134 Increase in contingent consideration 71 149 Accretion of ARO liabilities 432 332 Provision for bad debts 217 1,340 Impairment of long-lived assets / loss on disposal, net 2,224 12,815 Gain on sale of business, net of transaction costs — (38,007) Non-cash production tax credits recognized (12,160) — Non-cash project revenue related to in-kind leases (7,144) (4,164) Earnings from unconsolidated entities (322) (792) Net gain from derivatives (4,721) (1,027) Stock-based compensation expense 14,422 14,130 Deferred income taxes, net (18,463) (24,315) Unrealized foreign exchange (gain) loss (3,083) 2,216 Changes in operating assets and liabilities: Accounts receivable 15,484 (96,867) Accounts receivable retainage (11,648) (14,342) Unbilled revenue (190,931) 54,953 Inventory, net (1,053) 2,081 Prepaid expenses and other current assets (70,640) 22,576 Project development costs (2,419) (3,255) Federal ESPC receivable (84,239) (158,937) Other assets (8,612) (5,287) Accounts payable, accrued expenses, and other current liabilities 132,485 143,776 143,776 Deferred revenue (6,426) 50,738 Income taxes receivable, net 2,625 3,679 Other liabilities 6,404 7,504 Cash flows from operating activities (80,360) 117,598 Cash flows from investing activities: Purchases of property and equipment (968) (4,291) Capital investment in energy assets (326,034) (416,992) Capital investment in major maintenance of energy assets (28,997) (17,063) Grant award received on energy asset — 400 Proceeds from sale of tax credits 132,373 — Net proceeds from sale of business — 54,249 Net proceeds from sale of equity investment — 13,091 AMERESCO, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued) (In thousands) Year Ended December 31, 2025 2024 Acquisitions, net of cash received (4,595) — Contributions to equity and other investments (27,819) (11,757) Purchases of subsurface land easements — (4,274) Cash flows from investing activities (256,040) (386,637) Cash flows from financing activities: Payments on long-term corporate debt financings (18,000) (127,000) Proceeds from long-term corporate debt financings 100,000 100,000 Payments on senior secured revolving credit facility, net 15,000 (4,900) Proceeds from long-term energy asset debt financings 552,560 643,529 Payments on long-term energy asset debt and financing leases (417,527) (424,421) Payment on seller's promissory note — (61,941) Payments of debt discount and debt issuance costs (10,979) (15,308) Proceeds from termination of swaps $ 2,808 $ — Proceeds from Federal ESPC projects 99,716 164,779 Net (payments on) proceeds from energy asset receivable financing arrangements (725) 6,012 Proceeds from exercises of options and ESPP 2,913 2,763 Contributions from non-controlling interest 4,723 35,407 Distributions to non-controlling interest (7,387) (1,368) Distributions to redeemable non-controlling interests, net — (422) Investment fund call option exercise — (3,186) Cash flows from financing activities 323,102 313,944 Effect of exchange rate changes on cash 1,435 (203) Net (decrease) increase in cash, cash equivalents, and restricted cash (11,863) 44,702 Cash, cash equivalents, and restricted cash, beginning of year 198,378 153,676 Cash, cash equivalents, and restricted cash, end of year $ 186,515 $ 198,378 Non-GAAP Financial Measures (Unaudited, in thousands) Three Months Ended December 31, 2025 Adjusted EBITDA: Projects Energy Assets O&M Other Consolidated Net income (loss) attributable to common shareholders $ 18,927 $ (3,558) $ 1,973 $ 1,029 $ 18,371 Impact from redeemable non-controlling interests 1,139 (162) — — 977 Less: Income tax benefit (3,959) (2,254) (59) (38) (6,310) Plus: Other expenses, net 6,584 13,122 438 605 20,749 Plus: Depreciation and amortization 948 26,550 245 152 27,895 Plus: Stock-based compensation 3,284 419 204 174 4,081 Plus: Energy asset impairment charges — 3,748 — — 3,748 Plus (less): Restructuring and other charges 593 (108) (1) 16 500 Adjusted EBITDA $ 27,516 $ 37,757 $ 2,800 $ 1,938 $ 70,011 Adjusted EBITDA margin 5.9 % 62.2 % 9.5 % 7.8 % 12.0 % Three Months Ended December 31, 2024 Adjusted EBITDA: Projects Energy Assets O&M Other Consolidated Net income attributable to common shareholders $ 364 $ 8,899 $ 1,651 $ 26,171 $ 37,085 (Less) plus: Income tax (benefit) provision (1,096) (26,787) (8) 11,215 (16,676) Plus: Other expenses, net 10,203 11,896 508 799 23,406 Plus: Depreciation and amortization 1,032 24,245 276 992 26,545 Plus: Stock-based compensation 2,974 398 180 210 3,762 Plus: Energy asset and goodwill impairment charges — 12,384 — — 12,384 Plus: Contingent consideration, restructuring and other charges 232 15 4 428 679 Adjusted EBITDA $ 13,709 $ 31,050 $ 2,611 $ 39,815 $ 87,185 Adjusted EBITDA margin 3.3 % 53.9 % 9.8 % 131.7 % 16.4 % Year Ended December 31, 2025 Adjusted EBITDA: Projects Energy Assets O&M Other Consolidated Net income attributable to common shareholders $ 29,581 $ 4,934 $ 6,610 $ 3,159 $ 44,284 Impact from redeemable non-controlling interests 1,139 (1,151) — — (12) (Less) plus: Income tax (benefit) provision 3,969 (16,596) 514 413 (11,700) Plus: Other expenses, net 23,961 50,765 1,514 1,963 78,203 Plus: Depreciation and amortization 3,749 98,865 1,033 622 104,269 Plus: Stock-based compensation 11,087 1,813 844 678 14,422 Plus: Energy asset impairment charges — 3,748 — — 3,748 Plus: Contingent consideration, restructuring and other charges 3,540 396 22 21 3,979 Adjusted EBITDA $ 77,026 $ 142,774 $ 10,537 $ 6,856 $ 237,193 Adjusted EBITDA margin 5.2 % 58.8 % 9.3 % 7.5 % 12.3 % Year Ended December 31, 2024 Adjusted EBITDA: Projects Energy Assets O&M Other Consolidated Net income attributable to common shareholders $ 1,779 $ 13,981 $ 12,252 $ 28,745 $ 56,757 Impact from redeemable non-controlling interests — (3,766) — — (3,766) (Less) plus: Income tax (benefit) provision 1,762 (34,170) 588 11,820 (20,000) Plus: Other expenses, net 25,235 45,715 1,511 2,344 74,805 Plus: Depreciation and amortization 3,929 80,849 1,232 3,201 89,211 Plus: Stock-based compensation 10,687 1,703 850 890 14,130 Plus: Energy asset and goodwill impairment charges — 12,384 — — 12,384 Plus: Contingent consideration, restructuring and other charges 1,162 116 19 523 1,820 Adjusted EBITDA $ 44,554 $ 116,812 $ 16,452 $ 47,523 $ 225,341 Adjusted EBITDA margin 3.3 % 54.8 % 15.5 % 42.6 % 12.7 % Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Non-GAAP net income and EPS: Net income attributable to common shareholders $ 18,371 $ 37,085 $ 44,284 $ 56,757 Adjustment for accretion of tax equity financing fees (26) (27) (108) (107) Impact from redeemable non-controlling interests 977 — (12) (3,766) Plus: Energy asset impairment 3,748 12,384 3,748 12,384 Plus: Contingent consideration, restructuring and other charges 500 679 3,979 1,820 Income tax effect of Non-GAAP adjustments (2,343) (3,396) (3,248) (3,692) Non-GAAP net income $ 21,227 $ 46,725 $ 48,643 $ 63,396 Diluted net income per common share $ 0.34 $ 0.70 $ 0.83 $ 1.07 Effect of adjustments to net income 0.05 0.18 0.07 0.13 Non-GAAP EPS $ 0.39 $ 0.88 $ 0.90 $ 1.20 Adjusted cash from operations: Cash flows from operating activities $ (42,895) $ 18,376 $ (80,360) $ 117,598 Plus: proceeds from sales of ITC 61,585 — 132,373 — Plus: proceeds from Federal ESPC projects 17,682 35,380 99,716 164,779 Adjusted cash from operations $ 36,372 $ 53,756 $ 151,729 $ 282,377 Non-GAAP Financial Guidance Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA): Year Ended December 31, 2026 Low High Operating income (1) $161 million $189 million Depreciation and amortization $115 million $116 million Stock-based compensation $14 million $15 million Income attributable to non-controlling interest $(20) million $(25) million Adjusted EBITDA $270 million $295 million (1) Although net income is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating income because we are not able to calculate forward-looking net income without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our redeemable non-controlling interests and taxes. Exhibit A: Non-GAAP Financial Measures We use the Non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These Non-GAAP financial measures should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the tables above. We understand that, although measures similar to these Non-GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP. To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements included above, and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA and Adjusted EBITDA Margin We define adjusted EBITDA as net income attributable to common shareholders, including impact from redeemable non-controlling interests, before income tax (benefit) provision, other expenses net, depreciation, amortization of intangible assets, accretion of asset retirement obligations, stock-based compensation expense, energy asset and goodwill impairment, contingent consideration, restructuring and other charges, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We believe adjusted EBITDA is useful to investors in evaluating our operating performance for the following reasons: adjusted EBITDA and similar Non-GAAP measures are widely used by investors to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar Non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, accretion of asset retirement obligations, stock-based compensation expense, impact from redeemable non-controlling interests, contingent consideration, restructuring and asset impairment charges. We define adjusted EBITDA margin as adjusted EBITDA stated as a percentage of revenue. Our management uses adjusted EBITDA and adjusted EBITDA margin as measures of operating performance, because they do not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance. Non-GAAP Net Income and EPS We define Non-GAAP net income and earnings per share (EPS) to exclude certain discrete items that management does not consider representative of our ongoing operations, including energy asset and goodwill impairment, contingent consideration, restructuring and other charges, impact from redeemable non-controlling interest, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We consider Non-GAAP net income and Non-GAAP EPS to be important indicators of our operational strength and performance of our business because they eliminate the effects of events that are not part of the Company's core operations. Adjusted Cash from Operations We define adjusted cash from operations as cash flows from operating activities plus proceeds from ITC sales and proceeds from Federal ESPC projects. Cash received in payment of ITC sales are, as of our fiscal year 2025, treated as investing activities under GAAP. Federal ESPC projects are treated as financing cash flows under GAAP. These cash flows, however, correspond to benefits generated by the underlying assets and projects. Thus, we believe that adjusting operating cash flow to include the cash generated from ITC sales and by our Federal ESPC projects provides investors with a useful measure for evaluating the cash generating ability of our core operating business. Our management uses adjusted cash from operations as a measure of liquidity because it captures all sources of cash associated with our operations.