Slide 1: Second Quarter 2025 Earnings Conference Call
Second Quarter 2025 Earnings Conference Call Tom Deitrich – President and Chief Executive Officer Joan Hooper – Senior Vice President and Chief Financial Officer Paul Vincent – Vice President, Investor Relations ©2025 ITRON CONFIDENTIAL PROPRIETARY July 31, 2025
Slide 2: Conference Call Agenda
Conference Call Agenda • CEO – Business and Operations Update • CFO – Financial Results and Outlook • Q&A
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither h
Slide 4: Second Quarter 2025 Financial Summary
Second Quarter 2025 Financial Summary » Revenue of $607 million » Adjusted EBITDA of $90 million » Non-GAAP diluted EPS of $1.62 » Free cash flow of $91 million ©2025 ITRON CONFIDENTIAL PROPRIETARY Q2 2025 Earnings Conference Call | 4
Slide 5: Second Quarter 2025 Performance Highlights
Second Quarter 2025 Performance Highlights » Record quarterly margins, profitability, and free cash flow » Outcomes segment recurring revenue and software license growth » Organization resilient against dynamic economic and trade backdrop » Demand for Grid Edge Intelligence offering remains construc
Slide 6: Bookings and Backlog
Bookings and Backlog » Q2 2025 bookings of $454 million » Book to bill of 0.75 » Ending backlog of $4.5 billion - Chart in US$ billions ©2025 ITRON CONFIDENTIAL PROPRIETARY Q2 2025 Earnings Conference Call | 6
Slide 7: Consolidated GAAP Results: Q2 2025
Consolidated GAAP Results: Q2 2025 $ in millions (except per share amounts) Q2 2025 Q2 2024 Change Revenue $606.8 $609.1 —% Change in constant currency (1)% Gross margin 36.9% 34.6% 230 bps Operating income $76.4 $64.6 18% Net income attributable to Itron, Inc. $68.3 $51.3 33% Earnings per share – d
Slide 8: Consolidated Non-GAAP & Cash Results: Q2 2025
Consolidated Non-GAAP & Cash Results: Q2 2025 $ in millions (except per share amounts) Q2 2025 Q2 2024 Change Non-GAAP operating income $82.2 $69.1 19% Non-GAAP operating margin 13.6% 11.3% 230 bps Non-GAAP net income attributable to Itron, Inc. $75.1 $56.1 34% Adjusted EBITDA $89.8 $77.1 16% Adjust
Slide 9: Revenue Year-Over-Year Bridge: Q2 2025
Revenue Year-Over-Year Bridge: Q2 2025 (8)% (1%) +9% —% Chart in millions and includes rounding. Segment changes in constant currency. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q2 2025 Earnings Conference Call | 9
Slide 10: Non-GAAP EPS Year-Over-Year Bridge: Q2 2025
Non-GAAP EPS Year-Over-Year Bridge: Q2 2025 US$ per share Quarterly totals reflect actual currencies; all variances other than FX exclude currency impact. Chart includes rounding. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q2 2025 Earnings Conference Call | 10
Slide 11: Device Solutions Segment: Q2 2025
Device Solutions Segment: Q2 2025 Revenue, gross margin and operating margin $ in millions, actual currency Revenue decreased 5% and 8% in constant currency » Decreased legacy electricity products » Partially offset by increase in water device revenue Gross margin increased 350 bps » Product mix Ope
Slide 12: Networked Solutions Segment: Q2 2025
Networked Solutions Segment: Q2 2025 Revenue, gross margin and operating margin $ in millions, actual currency Revenue decreased 1% » Q2'24 includes catch-up of previously constrained revenue » Timing of shipments and project deployments Gross margin increased 160 bps » Product and customer mix Oper
Slide 13: Outcomes Segment: Q2 2025
Outcomes Segment: Q2 2025 Revenue, gross margin and operating margin $ in millions, actual currency Revenue increased 9% » Increased recurring revenue and software licenses Gross margin increased 370 bps » Higher margin revenue mix Operating margin increased 470 bps » Fall through of higher gross pr
Slide 14: Debt and Liquidity Overview: June 30, 2025
Debt and Liquidity Overview: June 30, 2025 US$M Debt » Net leverage 0.1x at end of Q2 2025 » $460M 0% interest convertible notes, 2026 maturity » $805M 1.375% interest convertible notes, 2030 maturity Free Cash Flow and Liquidity » Free cash flow of $91M in Q2 2025 » Cash and equivalents of $1,224M
Slide 15: Q3 2025 Current Outlook
Q3 2025 Current Outlook Revenue of $570 - $585 million » At the midpoint, down 6% vs. Q3 2024 Non-GAAP diluted EPS of $1.45 - $1.55 » At the midpoint, down $0.34 or 18% vs. Q3 2024 (5% tax rate in Q3 2024) » Normalized at 25% tax rate, ~4% growth at the midpoint Assumptions: » Euro/USD of $1.16 » Ef
Slide 16: 2025 Full-Year Outlook Update
2025 Full-Year Outlook Update February 2025 Revised Outlook Outlook Revenue $2.4 - $2.5B $2.35 - $2.4B Non-GAAP EPS $5.20 - $5.60 $6.00 - $6.20 Revenue, at the midpoint, down 3% vs. prior outlook and down 3% vs. 2024 » Normalized for $125 million supply chain catch-up in 2024, ~3% growth at the midp
Slide 17: Appendix
Appendix
Slide 18: Consolidated GAAP Results: YTD 2025
Consolidated GAAP Results: YTD 2025 $ in millions (except per share amounts) YTD 2025 YTD 2024 Change Revenue $1,213.9 $1,212.5 —% Growth in constant currency —% Gross margin 36.3% 34.3% 200 bps Operating income $152.6 $127.4 20% Net income attributable to Itron, Inc. $133.8 $103.0 30% Earnings per
Slide 19: Consolidated Non-GAAP & Cash Results: YTD 2025
Consolidated Non-GAAP & Cash Results: YTD 2025 $ in millions (except per share amounts) YTD 2025 YTD 2024 Change Non-GAAP operating income $162.5 $136.4 19% Non-GAAP operating margin 13.4% 11.3% 210 bps Non-GAAP net income attributable to Itron, Inc. $145.2 $113.4 28% Adjusted EBITDA $177.7 $153.6 1
Slide 20: Revenue Year-Over-Year Bridge: YTD 2025
Revenue Year-Over-Year Bridge: YTD 2025 (3)% (1)% +11% —% Chart in millions and includes rounding. Segment changes in constant currency. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q2 2025 Earnings Conference Call | 20
Slide 21: Non-GAAP EPS Year-Over-Year Bridge: YTD 2025
Non-GAAP EPS Year-Over-Year Bridge: YTD 2025 US$ per share Year to date totals reflect actual currencies; all variances exclude currency impact. Chart includes rounding. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q2 2025 Earnings Conference Call | 21
Slide 22: Device Solutions Segment: YTD 2025
Device Solutions Segment: YTD 2025 Revenue, gross margin and operating margin $ in Millions, actual currency Revenue decreased 3% » Decreased legacy electricity products » Partially offset by growth in smart water sales Gross margin increased 490 bps » Product mix Operating margin increased 490 bps
Slide 23: Networked Solutions Segment: YTD 2025
Networked Solutions Segment: YTD 2025 Revenue, gross margin and operating margin $ in Millions, actual currency Revenue decreased 1% » H1'24 includes catch-up of previously constrained revenue » Timing of shipments and project deployments Gross margin increased 70 bps » Product and customer mix Oper
Slide 24: Outcomes Segment: YTD 2025
Outcomes Segment: YTD 2025 Revenue, gross margin and operating margin $ in Millions, actual currency Revenue increased 11% » Increased recurring revenue and software licenses Gross margin increased 390 bps » Higher margin revenue mix Operating margin increased 490 bps » Fall through of higher gross
Slide 25: FX Impact Summary
FX Impact Summary $ in Millions Average USD/Euro: Average USD/Euro: $1.13 Q2 2025 vs $1.08 Q2 2024 $1.09 YTD 2025 vs $1.08 YTD 2024 YoY YoY Change YTD YoY YoY Change Revenue Q2 2025 Revenue Change Excluding 2025 Change Excluding FX FX Device Solutions $ 112.8 (4.9)% (8.1)% Device Solutions $ 238.6 (
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operatin
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) TOTAL COMPANY RECONCILIATIONS Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) TOTAL COMPANY RECONCILIATIONS Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024
Slide 29: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) TOTAL COMPANY RECONCILIATIONS Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024
Slide 30: Thank You
INVESTOR RELATIONS CONTACTS Paul Vincent Vice President, Investor Relations 512-560-1172 paul.vincent@itron.com David Means Director, Investor Relations 737-242-8448 Thank You david.means@itron.com