Revenue: As of FY2026 Q2, the actual value is USD 515.46 M, beating the estimate of USD 460.72 M.

EPS: As of FY2026 Q2, the actual value is USD 0.18, beating the estimate of USD 0.158.

EBIT: As of FY2026 Q2, the actual value is USD 46.44 M.

Financial Highlights (Q2 2026 vs. Q2 2025)

Ameresco, Inc. reported net income attributable to common shareholders of $9.7 million for Q2 2026, down from $12.864 million in Q2 2025, and - $8.565 million for YTD 2026, compared to $7.381 million for YTD 2025. Adjusted EBITDA increased 12% to $62.8 million in Q2 2026 from $56.147 million in Q2 2025, and reached $103.282 million for YTD 2026, up from $96.782 million for YTD 2025. The gross margin expanded to 17.7% in Q2 2026. Adjusted EBITDA margin was 12.2% in Q2 2026, 11.9% in Q2 2025, 11.3% for YTD 2026, and 11.7% for YTD 2025.

Segment Performance (Q2 2026 vs. Q2 2025)

• Projects: Revenue increased 6% to $380.9 million from $358.088 million. Net income was $4.746 million, down from $4.933 million. Adjusted EBITDA for Projects was $17.500 million, up from $16.295 million.
• Energy Assets: Revenue grew 21% to $75.9 million from $62.909 million. Net income was - $2.751 million, down from $3.426 million. Adjusted EBITDA for Energy Assets was $34.831 million, up from $33.787 million.
• O&M: Revenue increased 29% to $36.2 million from $27.955 million. Net income was $8.299 million, up from $2.647 million. Adjusted EBITDA for O&M was $9.795 million, up from $3.447 million.
• Other: Revenue was $22.464 million, compared to $23.332 million. Net income was - $576 thousand, down from $1.858 million. Adjusted EBITDA for Other was $683 thousand, down from $2.618 million.

In terms of contribution, Projects accounted for 74% of revenue and 28% of Adjusted EBITDA, Assets contributed 15% of revenue and 55% of Adjusted EBITDA, O&M contributed 7% of revenue and 16% of Adjusted EBITDA, and Other contributed 4% of revenue and 1% of Adjusted EBITDA in Q2 2026.

Operational Metrics (Q2 2026 vs. Q2 2025)

Operating Income was $44.150 million, up from $27.774 million. Interest Expense and Interest Income, net, was $26.396 million, compared to $21.287 million. Income Tax Expense (Benefit) was $137 thousand, compared to - $2.900 million.

Cash Flow Metrics (as of June 30, 2026)

Cash flows from operating activities were - $107.2 million for Q2 2026, compared to - $26.873 million for Q2 2025. For YTD 2026, cash flows from operating activities were - $71.813 million, compared to - $55.177 million for YTD 2025. Non-GAAP Adjusted cash from operations was - $65.3 million for Q2 2026, compared to $49.599 million for Q2 2025. For YTD 2026, Non-GAAP Adjusted cash from operations was - $3.292 million, compared to $51.026 million for YTD 2025. The 8-quarter rolling average Non-GAAP Adjusted Cash from Operations was $29.6 million.

Backlog and New Awards (as of June 30, 2026)

Total Project Backlog increased 32% year-over-year to a record $6.73 billion, comprising $4.424 billion in Awarded Project Backlog and $2.302 billion in Contracted Project Backlog. New Project Awards reached a record $1.8 billion, including $1.2 billion for data center projects and $600 million for other key markets. Total O&M Revenue Backlog was $1.519 billion, and Total Revenue Visibility was $11.489 billion. Total Operating Energy Assets were 822 MWe.

Balance Sheet and Debt Structure (as of June 30, 2026)

Unrestricted Cash increased to $138.3 million. Total Corporate Debt was $384.8 million, with a corporate debt leverage ratio of 3.2x. Total Energy Asset Debt was $1,546.6 million. Total Debt was $1.96 billion, including Corporate Debt of $0.38 billion, Non-Core Debt of International JVs of $0.03 billion, and Energy Asset Debt of $1.55 billion. Leverage was 3.2x, and Energy Asset Book Value was $1.65 billion.

Energy Assets (as of June 30, 2026)

Energy Assets in Operation totaled 822 MWe, consisting of 449 MW of Solar, 253 MW of Battery, 61 MWe of RNG, 48 MWe of Non-RNG Biogas, and 11 MW of Other. Energy Assets in Development & Construction totaled 513 MWe, comprising 38% Battery, 27% Firm Generation, 25% Solar, and 10% Biogas.

Data Center Pipeline

Six data center power plants have advanced, adding $1.5 billion of projects to Ameresco, Inc.’s awarded backlog. These projects represent over 1 GW of firm generation capacity under development, with expected phased in-service dates between 2028-2032, and Ameresco, Inc. is expected to provide long-term O&M services for them.

Outlook

Ameresco, Inc. reaffirmed its full-year 2026 guidance across all metrics and increased its Non-GAAP EPS guidance range to $1.15 to $1.35 due to improved visibility into investment tax credits. The company expects a tax benefit rate in the range of -25% to -40%. The second half of the year is anticipated to follow normal seasonal patterns, with activity weighted towards Q4.