Ameresco : Investor Presentation

Investor Presentation

March 2024

ameresco.com

© 2024

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Forward Looking Statements

Any statements in this presentation about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline, visibility and backlog, as well as estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, capital investments, other financial guidance and longer term outlook, statements about our financing plans including the status of discussion related to raising subordinated debt and our ability to finalize such a debt financing, the impact of the IRA, supply chain disruptions, shortage and cost of materials and labor, and 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 related liquidated and other damages we may be subject to; the fiscal health of the government and the risk of government shutdowns; 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 including the requirement to raise additional subordinated debt; the impact of macroeconomic challenges, weather related events and climate change on our business; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges 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. The forward-looking statements included in this presentation represent our views as of the date of this presentation. 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 presentation.

Use of Non-GAAP Financial Measures

This presentation 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 in the back of this presentation titled "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 the table at the end of this presentation titled "GAAP to Non-GAAP Reconciliation."

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About Ameresco

Ameresco (NYSE:AMRC) is a leading comprehensive cleantech integrator and renewable energy asset developer, owner and operator.

Founded in 2000 | Public in 2010

Comprehensive Portfolio

Objective approach and in-house technical expertise delivers the most advanced technologies to meet the unique needs of each customer. Addressing decarbonization, resiliency, cost savings and more as a full- service, long-term energy partner.

Customer Driven

Federal Government, Public Sector, Utilities, K-12 Schools, Higher Education, Healthcare, Commercial & Industrial, Public & Community Housing, Transportation. Market reputation across North America & Europe for excellence in customer satisfaction.

$14+ Billion in energy solutions delivered since company inception

1,500+ Employees

throughout North America and Europe

Embracing innovation through tailored projects aligned to customers goals

3+ GWe of renewable energy resources contracted or managed (solar, BESS, wind, biogas, RNG, operations & maintenance, etc.)

60+ Offices providing local expertise in markets served

Committed to reduce our

customers' carbon footprints by a cumulative 500 million metric tons by 2050

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Investment Highlights

Earnings Growth

Growing earnings faster than revenue

Multiyear Visibility

$3.9B Project Backlog

$1.2B O&M Backlog

$2.3B in revenue visibility from operating Energy Assets

Recurring Business

A substantial and growing portion of our earnings comes from recurring lines of business

ESG

Environmental, Social & Governance is core to our business model and corporate culture

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Leading the

Clean Energy

Transition

Decarbonize to Net Zero

Make meaningful progress on climate action - from energy efficiency and demand reduction, to electrification and renewable generation. Develop a clean energy supply and leverage carbon reporting and sustainability advisory services.

Resiliency & Energy Security

Firm, renewable energy supply to ensure mission continuity - enhanced with microgrids, battery energy storage systems, and beyond to provide grid stability and address peak demand.

Cost Savings & Resource Efficiency

Integrating trusted, dynamic, and cost-saving technologies to improve operations and the built environment - our portfolio of smart and efficient solutions power the needs of today and possibilities of tomorrow.

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Ameresco's Diversified Approach

Customer Segments

›	Federal Government	›	Commercial &
›	State & Municipal		Industrial
	Government	›	Healthcare Facilities
›	K-12 Education	›	Airports
›	Colleges and	›	Utilities
	Universities

• Public Housing

Financing Structures

Reducing Demand with Efficiency Measures

›	Central Plant Upgrades	›	Chiller Efficiency Improvements
›	Deep Energy Retrofits	›	Cooling Systems Efficiencies
›	Enterprise HVAC	›	Water Heating Systems Efficiencies
›	Interior Lighting & Controls	› Reduce Peak Power Demand
› LED Street & Area Lighting	›	Energy Management Systems
›	Water Management and Efficiency	›	Advanced Metering Infrastructure

Energy Supply with Distributed Energy Resources

›	Performance	›	Engineer-Procure-
	Contracting (ESPC,		Construct (EPC)
	USPC)	›	Energy Service
›	Design, Build, Own,		Agreements (ESA)
	Operate, Maintain	›	Public-Private
	(DBOOM)
		Partnership (P3)
›	Power Purchase	›	Energy-as-a-Service

Agreements (PPA)	(EaaS)

• Design-Build

• Cogeneration / CHP
• Solar Power (On- /Off-Grid)
• Batteries Energy Storage
• Microgrids
• Wind Power
• Geothermal
• Waste-to-EnergyPlants: Biomass, Biogas, Landfill Gas to Energy, Renewable Natural Gas (RNG)

• Peaking Power Plant
• Generators
• Fuel Cell
• Microturbines
• Reciprocating Engines
• Combustion Turbines
• Gas Turbines
• Steam Turbines

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Full-Service Energy Partner

Unique ability to finance any opportunity with over $14 billion of energy solutions across financing models, markets, and technologies

Contracting Options	Innovative Funding	Technical Experts
Performance Contracting,	Expertise in budget-neutral	Deep bench of vendor-neutral
Power Purchase Agreements,	funding and identifying
technical expertise design,
Design-Build-Own-Operate-Maintain,	grants, rebates and
develop, and construct best-of-
Energy as a Service, Design-Build,	incentives to help make the
breed solutions for clients
Engineer Procure Construct	most of available dollars

Best-in-Class

Implementation

Trusted implementation partner

with an industry leading reputation for execution, safety and quality control

Long-Term Partnership

Ameresco is proud to be

clients' partner from A to Z - from initial assessment to ongoing operations & maintenance

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Lines of Business

Smart Energy Solutions

• Implement comprehensive energy efficiency solutions and infrastructure upgrades
• Design, build and construct distributed energy resources, microgrids, battery storage, and energy savings projects

Operations & Maintenance

• A critical capability and differentiator
• Deliver on-site technical expertise
• Fully maintained and routinely optimized turnkey energy systems
• Strong source of recurring revenue

Ameresco Assets

• 508 MWe of company-ownedrenewable energy projects spanning solar, landfill gas, RNG, and battery storage
• Over $1.0B in renewable power projects
• A substantial and growing portion of our earnings comes from recurring lines of business

Cost Savings | Resiliency | Sustainability | Security

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Case Studies

Smart Energy Solutions

US MCRD

Parris Island, SC

Energy infrastructure upgrades deliver 75% reduction in utility energy demand & 25% total water reduction; includes 10 MW of onsite Electric Generation and Battery Storage System of 4 MW/8.1 MWh

O&M		Assets
DOE's Savannah		Phoenix Wastewater
River Site, SC		Treatment Plant, AZ

The largest renewable energy efficiency		Designed, built, owned, operated and
project in federal government's history		maintained by Ameresco, this facility is the
delivers $36.2M in annual energy savings.		largest wastewater treatment biogas-to-
O&M services for all aspects of the 20 MW		RNG facility of its kind in the US. It is
biomass cogeneration facility and related		capable of processing RNG at 3,250
equipment for the 20 year contract term.		standard cubic feet per minute.

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Competitive Landscape

Energy as a Service Market

Ameresco acclaimed an Energy as a Service Leader by Guidehouse Insights in 2022 Leaderboard Report and #1 in execution among competitors.

DER Market

Frost & Sullivan names Ameresco

Global Best Practices DER Company of the Year for 2020 - attributing excellence in thought leadership, innovation, growth strategy and implementation.

RNG Market

Ameresco ranked #4 and expected to raise to #2 of RNG market landscape by 2023 - notably the only organic developer among top competitors.

Montauk 17%

2021	39%
	Other
#4								Aria
							12%
								Morrow
								Renewable
								7%
	MAS
	3%					Morrow	Ameresco
	Clean Energy	BP
	DTE	EDF Energy
	3%		3%		6%
		3%	3%	4%
							Montauk
								16%
2023	Other
37%
							Ameresco
							12%
#2
								Aria
								11%
	MAS
	2%
	Clean Energy	BP			Morrow		Morrow
	3%	DTE	EDF	Renewable
	2%	Energy
		3%		7%
			3%	4%

Source: Data from Argonne National Laboratory Database of U.S. RNG Projects (March 2020)

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