Badger Meter, Inc. · NYSE:BMI
Badger Meter — Investor Presentation (January 2026)
24 slides from Badger Meter's investor presentation, January 2026
Slide 1: Badger Meter General Investor Presentation
Badger Meter General Investor Presentation* January 2026 *See separate Q4 & FY 2025 Earnings Presentation © 2025 Badger Meter, Inc. 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: Badger Meter is a Premier Smart Water Solutions Provider
Badger Meter is a Premier Smart Water Solutions Provider • Comprehensive suite of digital smart water offerings including flow measurement, sewer monitoring, water quality, pressure and network monitoring with software / analytics solutions $ • Industry leader in North American smart water solutions
Slide 4: "Choice Matters" Portfolio of End-to-End Solutions to Solve Customer Challenges
“Choice Matters” Portfolio of End-to-End Solutions to Solve Customer Challenges Secular Drivers Solutions Outcomes Population Growth Workforce Churn / Revenue and Demand Change Retirements Capacity Aging Satellite infrastructure Customer Experiences Asset Maintenance Stakeholder Participation Effici
Slide 5: BlueEdge by Badger Meter – Simplifying Customer Path to End-to-End Solution Offerings
BlueEdge by Badger Meter – Simplifying Customer Path to End-to-End Solution Offerings • “Umbrella” name for suite of tailorable solutions that integrate water technology, software and services for the management of water • BlueEdge is customizable to address applications across the water cycle • Gro
Slide 6: Financial Results Continue Strong Track Record of Both Organic and Inorganic Growth
Financial Results Continue Strong Track Record of Both Organic and Inorganic Growth Full Year 2025 Consolidated Sales Growth Revenue in SaaS Revenue Growth1 Revenue in Millions $ Millions $ $900 $80 $70 11% Sales Growth $800 $60 $700 $50 $600 $40 $30 $500 $20 16% Operating Profit Growth $400 $10 $30
Slide 7: First Year of SmartCover Acquisition Validates Quality of Asset
First Year of SmartCover Acquisition Validates Quality of Asset and Strengthens Network Monitoring Capabilities in Blue Edge Attractive Market and Leading Technology • SmartCover delivered $40 million of sales in 11 months, or +25% on an annualized basis • SmartCover profitability improved on higher
Slide 8: Longstanding Capital Allocation Priorities with Ample Liquidity to Execute
Longstanding Capital Allocation Priorities with Ample Liquidity to Execute • Strong free cash flow, working capital Internal Investment to support organic management 1 growth and sustain core business • No outstanding debt obligations and over $225M of cash at December 31, 2025; $150M untapped revol
Slide 9: 2024 Sustainability Report Highlights Power of Continuous Improvement
2024 Sustainability Report Highlights Power of Continuous Improvement Mindset Across the Organization • Exceeded and raised our own targets for greenhouse gas intensity reduction while also delivering record 2024 financial results • Set a new goal to reduce future GHG intensity by 30% using 2024 as
Slide 10: 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 11: Background Information
Background Information 11
Slide 12: Badger Meter Is the Smart Water Innovation Leader and Continues to Invest in R&D
Badger Meter Is the Smart Water Innovation Leader and Continues to Invest in R&D Driving Enhancements in Smarter Measurement & Actionable Data ➔ Enhanced Operational Efficiencies Ultrasonic Metering Water Quality Cellular & IoT Software & Analytics • Additional data elements – • Low maintenance, • M
Slide 13: Badger Meter Delivers on More Than a Century of Smart Water Innovation
Badger Meter Delivers on More Than a Century of Smart Water Innovation •Acquired Racine Federated, broadening industrial flow measurement applications •2013 Acquired AquaCue to advance smart water offerings - cellular radio and BEACON •Listed on the American software expertise Stock Exchange. •Acqui
Slide 14: Supporting Customers from Our Global Manufacturing and Innovation Footprint
Supporting Customers from Our Global Manufacturing and Innovation Footprint Ultrasonics: Cellular / IoT: Lulea, Sweden Milwaukee, WI, USA Milwaukee, WI, USA Software: Los Gatos, CA, USA Milwaukee, WI USA Milwaukee, WI – Communication technologies, Manchester ❖ Lulea, Sweden – Ultrasonic technology d
Slide 15: AMI Adoption Accelerating with Business Case for Utilities Well Understood
AMI Adoption Accelerating with Business Case for Utilities Well Understood; Timing Aligned to Meter Replacement Cycle Bringing Higher ASP Opportunity MANUAL READ MECHANICAL METER WITH REGISTER The Business Case The Solutions ~$70 Why are utilities willing to pay more? How our leading technologies de
Slide 16: Strong Market Position in North American AMI Adoption; Customer Diversity
Badger Meter Enjoys a Strong Market Position in North American AMI Adoption; Customer Diversity with Tailorable and Differentiated Offerings >50K Water Utilities AMI “Choice Matters” Differentiation in US Utility Size and their Share of Broadest Range of Offerings – • Brass and polymer Meter connect
Slide 17: Undisputed Leader in Cellular Communication with Millions of Endpoints Deployed
Badger Meter Is the Undisputed Leader in Cellular Communication with Millions of Endpoints Deployed; Provides Myriad of Benefits to Utilities Cellular Network as a Service (NaaS) • Easy • Flexible • Resilient • Secure • Sustainable © 2025 Badger Meter, Inc. 17
Slide 18: Key Growth Strategies for Utility Smart Water
Key Growth Strategies for Utility Smart Water • Maintain leading position in the North American smart water market through continued development of leading-edge offerings • AMI adoption rate only at ~40% of connections • Leverage natural meter replacement cycle to upgrade customers (no radio or AMR
Slide 19: Key Growth Strategies for Flow Instrumentation
Key Growth Strategies for Flow Instrumentation • Expand niche share by targeting water-related applications, predominately • Building Automation/HVAC/Sustainability • Wastewater treatment and distribution • Leverage addition of real-time water quality monitoring for industrial process and discharge
Slide 20: Strategic M&A is an Enabler to Expand Offerings and Accelerate Growth
Strategic M&A is an Enabler to Expand Offerings and Accelerate Growth Year Company Type Location Price Utility Water Instrumentation and Connectivity: • Hardware-enabled software and 2025 SmartCover Water collection system monitoring US $185M technology solutions that can be 2024 Telog / Unity RTUs
Slide 21: Attractive Financial Trends Showcase Execution of Strategy
Attractive Financial Trends Showcase Execution of Strategy (US$ in millions, except per share data) • Sales growth driven primarily by smart water 2020 2021 2022 2023 2024 2025 solution adoption Sales $425.5 $505.2 $565.6 $703.6 $826.6 $916.7 • AMI, Cellular communications and SaaS Oper Earnings 65.
Slide 22: Appendix
Appendix a3 Badger Meter
Slide 23: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES TO GAAP PERFORMANCE MEASURES (in thousands, except share and earnings per share data) Three Months Ended December 31, Twelve Months Ended December 31, 2025 SmartCover Base 2025 SmartCover Base (Unaudited) (Unaudited) (U
Slide 24: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations EBITDA (US$ in millions) Free Cash Flow (US$ in millions) Q4 2025 Q4 2024 FY 2025 FY 2024 Q4 2025 Q4 2024 Net Earnings (GAAP) $ 33.6 $ 30.7 $ 141.6 $ 124.9 Cash from Ops (GAAP) $ 54.8 $ 52.1 Interest income (1.6) (2.9) (5.1) (8.6) Capital Expenditures (4.0) (4.7) Inc