Ameresco, Inc. reported a total revenue of $1.93 billion for the fiscal year ending December 31, 2025, marking a 9.2% increase from $1.77 billion in 2024. The company's gross profit also rose to $304 million, up from $256 million the previous year, reflecting a gross margin improvement from 14.5% to 15.7%. Net income attributable to common shareholders was $44.3 million, a decrease of 22% compared to $56.8 million in 2024, primarily due to higher income attributable to non-controlling interests. The company’s operating income increased by 13.3% to $123.2 million, driven by growth in project revenues, particularly in Europe, which saw a significant increase of 111.1% year-over-year.
In terms of operational developments, Ameresco's backlog as of December 31, 2025, was approximately $5.04 billion, up from $4.82 billion in 2024. This includes a fully-contracted backlog of $2.47 billion and awarded projects not yet signed totaling $2.57 billion. The company also reported an increase in its O&M backlog to $1.47 billion from $1.38 billion in the previous year. The growth in backlog is attributed to the company's strategic focus on expanding its project business, particularly in Europe, and the successful execution of energy efficiency projects across various sectors.
Strategically, Ameresco has continued to pursue acquisitions to enhance its service offerings and geographic reach. In January 2025, the company acquired ASA Controls, Inc., a regional controls contractor, for $4.6 million. Additionally, Ameresco has been actively involved in the development of energy assets, owning and operating 227 small-scale renewable energy plants with a combined capacity of approximately 838 megawatt equivalents as of December 31, 2025. The company has also been impacted by global supply chain disruptions and inflationary pressures, which have affected project timelines and costs.
Looking ahead, Ameresco anticipates continued growth driven by increasing demand for energy efficiency and renewable energy solutions. The company plans to invest between $300 million and $350 million in capital expenditures in 2026, primarily for the construction or acquisition of new renewable energy plants. However, Ameresco acknowledges potential challenges, including regulatory changes, supply chain issues, and macroeconomic conditions that could impact its operations and financial performance. The company remains committed to navigating these challenges while focusing on its long-term growth strategy.
About Ameresco, Inc.
Ameresco, Inc. is a leading energy solutions provider specializing in energy efficiency, renewable energy development, and infrastructure upgrades. It designs, finances, constructs, and operates distributed energy resources, including solar, biogas, and battery storage projects. Serving government, utilities, commercial, and institutional customers across North America and Europe, Ameresco delivers customized, performance-based solutions that reduce energy costs, enhance resilience, and support decarbonization through integrated technology and long-term operations and maintenance services.
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