Insect damage to rigid foam?

The slab section of a foundation of a home I inspected today was covered with rigid foam. I saw these little holes in two areas–one in the middle of the south side, the other near the northeast corner of the home. The holes were present in other places, but not nearly so concentrated. The insides of the walls in these areas are finished, so I was unable to see any damage that might be related to these holes.

It looks like insect damage to me. Anyone else seen anything like this?

Looks melted to me - especially the first picture, and they both are near lawn areas.
I also can’t see any eggs, wings, feces stains, etc. My theory would be petroleum based fertilizer damage. Just my opinion, FWIW.

Yep! Probably carpenter ants. There is a bit of UV light surface deterioration but the holes are insects.

Could be another insect, but Not Termites.