Slide 1: Fourth Quarter / Full Year 2024 Financial Results
Badger Meter Fourth Quarter / Full Year 2024 Financial Results January 31, 2025 1
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements contained in this presentation as well as other information provided from time to time by Badger Meter, Inc. (the “Company”) or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to
Slide 3: Strong Fourth Quarter Results to Close Out Record 2024
Strong Fourth Quarter Results to Close Out Record 2024 Consolidated Y-O-Y Sales Growth Trend • Sales of $205.2M in Q4, up 13% vs the prior year on difficult 24% 23% 23% comparisons; full year revenue of $826.6M, +18% year-over-year 13% • Strong execution with operating margins in Q4 again above 19%
Slide 4: Fourth Quarter Financial Snapshot Reflects Strong Performance Across an Array of Metrics
Fourth Quarter Financial Snapshot Reflects Strong Performance Across an Array of Metrics (US$ in millions, except per share data) Q4 2024 Q4 2023 Change • Utility water sales increased 14% with solid adoption across the tailorable BlueEdge suite of solutions most Sales $205.2 $182.4 12.5% notably fo
Slide 5: Continue to Demonstrate Strong Financial Outcomes from Execution of Strategic Growth Investments
Continue to Demonstrate Strong Financial Outcomes from Execution of Strategic Growth Investments - Both Organic and Acquisition-Related Full Year 2024 Consolidated Sales Growth Revenue in Revenue in SaaS Revenue Growth Millions $ Millions $ $900 $60 18% Sales $800 $50 Growth $700 $40 $600 $30 SaaS r
Slide 6: SmartCover's Solutions Allow Utility Customers To Visualize and Optimally Manage Wastewater Collection Systems
SmartCover’s Solutions Allow Utility Customers To Visualize and Optimally Manage Wastewater Collection Systems Snapshot • Founded 2005; XPV Water • Provide sewer and lift station monitoring solutions Partners investment in 2016 • Sensors at the manhole for 24/7 monitoring and • High attach rates to
Slide 7: SmartCover Acquisition Enhances Network Monitoring in BlueEdge
SmartCover Acquisition Enhances Network Monitoring in BlueEdge Addressing Sewer and Lift Station Monitoring Capabilities Profitable but Subscale Asset Primed for Growth • U.S. market share leader in “1st inning” of sewer monitoring adoption • Utility demand for collection and stormwater management d
Slide 8: Outlook Continues to Support Long-Term Shareholder Value Creation
Outlook Continues to Support Long-Term Shareholder Value Creation with Favorable Demand and Industry Dynamics • Innovation leader with • Durable macro trends • Strong cash flow and • Differentiated • Strong engagement expanding technology- support long-term borrowing capacity performance despite • V
Slide 9: Questions
Questions For your planning purposes, Badger Meter Q1 2025 earnings are tentatively scheduled for April 17, 2025 9
Slide 10: Appendix Information: Prospective Reclassification of Balance Sheet Item and Pro Forma Working Capital Intensity
Appendix Information: Prospective Reclassification of Balance Sheet Item and Pro Forma Working Capital Intensity Working Capital Intensity- As Previously Presented Net Working Capital as a % of Sales 26.4% • Reclassified the current portion of deferred revenue from 25.5% 24.5% payables to other curr
Slide 11: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations EBITDA Free Cash Flow / Conversion (US$ in millions) (US$ in millions) Q4 2024 Q4 2023 2024 2023 Q4 2024 Q4 2023 Net Earnings (GAAP) $30.7 $24.7 $124.9 $92.6 Cash from Ops (GAAP) $52.1 $37.9 Interest income (2.9) (1.4) (8.6) (4.0) Capital Expenditures (4.7) (2.0) Inc