Ameresco's Q2 2025: Unpacking Contradictions in Supply Chains, Tariff Strategies, and Federal Business Dynamics

Equipment supply and project delays, energy storage and battery supply, tariff management strategy, RNG plant approval and timeline, and federal business outlook are the key contradictions discussed in Ameresco's latest 2025Q2 earnings call.



Revenue and Earnings Growth:
- Ameresco reported second quarter revenue grew 8% and adjusted EBITDA increased by 24%.
- This growth was supported by strong project backlog execution and expanding contributions from Europe and energy assets.

Project Backlog and Conversion:
- The total project backlog increased by 16% to a record $5.1 billion, with a 46% increase in contracted project backlog to $2.4 billion.
- The increase was driven by strong demand for diverse energy solutions and a focus on profitable execution.

Energy Asset Revenue and Deployments:
- Ameresco's energy asset revenue grew by 18%, with the base of operating assets now standing at almost 750 megawatts.
- This growth was supported by new project financing proceeds and successful asset deployment, including a battery storage asset and RNG facilities.

European Expansion:
- The European market contributes approximately 20% of Ameresco's total project backlog, with notable growth in joint ventures and energy asset deployment.
- Expansion in Europe is strategic, leveraging diversification and favorable market conditions to offset regulatory changes in the U.S.