5 Must-Read Analyst Questions From Ameresco’s Q3 Earnings Call

2 weeks ago 11

Adam Hejl

Sun, November 9, 2025 astatine 11:32 PM CST 4 min read

Ameresco’s 3rd 4th results were met with a antagonistic marketplace absorption contempt surpassing gross expectations. Management attributed the show to robust execution crossed its vigor infrastructure and plus concern lines, highlighting caller opportunities stemming from surging energy demand, peculiarly from information centers and concern clients. CEO George Sakellaris emphasized Ameresco’s quality to tailor solutions for divers lawsuit segments, portion President Nicole Bulgarino noted beardown task backlog maturation and caller wins with large-scale powerfulness and artillery retention solutions. The institution besides pointed to its expanding planetary beingness arsenic a contributor to the quarter’s results.

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Revenue: $526 cardinal vs expert estimates of $520.5 cardinal (5% year-on-year growth, 1% beat)
Adjusted EPS: $0.35 vs expert estimates of $0.30 (16% beat)
Adjusted EBITDA: $70.4 cardinal vs expert estimates of $65.72 cardinal (13.4% margin, 7.1% beat)
The institution reconfirmed its gross guidance for the afloat year of $1.9 cardinal astatine the midpoint
Management reiterated its full-year Adjusted EPS guidance of $0.80 astatine the midpoint
EBITDA guidance for the afloat year is $235 cardinal astatine the midpoint, beneath expert estimates of $236.7 million
Operating Margin: 8.1%, up from 7% successful the aforesaid 4th past year
Market Capitalization: $1.86 billion

While we bask listening to the management's commentary, our favourite portion of net calls are the expert questions. Those are unscripted and tin often item topics that absorption teams would alternatively debar oregon topics wherever the reply is complicated. Here is what has caught our attention.

Noah Kaye (Oppenheimer & Company) asked astir the scope and timing of information halfway opportunities. President Nicole Bulgarino and Chief Investment Officer Joshua Baribeau explained Ameresco’s absorption connected providing vigor infrastructure for some national and commercialized information centers, noting a increasing pipeline and the likelihood of bringing successful equity partners for ample projects.
Eric Stine (Craig-Hallum) questioned whether the Lemoore information halfway task was modeled aft national initiatives and its interaction connected pipeline development. Bulgarino confirmed the attack leverages national onshore and experience, with CEO Sakellaris adding that akin models are being replicated for different ample concern customers seeking resilient power.
Ben Kallo (Baird) inquired astir engineering differences successful information halfway projects and the rising stock of artillery retention successful the backlog. Bulgarino noted the main quality is standard and accelerated timelines, portion CFO Mark Chiplock discussed efforts to diversify artillery proviso and hedge against tariffs and outgo swings.
Julien Dumoulin-Smith (Jefferies) asked astir Ameresco’s quality to prolong semipermanent EBITDA maturation with lumpier task profiles. Baribeau said the expanding information halfway and artillery task pipeline gives absorption assurance successful hitting multi-year maturation goals.
Ryan Pfingst (B. Riley) questioned operational readiness for aggregate ample projects and the imaginable for atomic partnerships turning into existent orders. Sakellaris and Bulgarino elaborate investments successful staffing and method partnerships, portion noting atomic projects stay a longer-term opportunity.