Badger Meter, Inc. · NYSE:BMI
Badger Meter — Investor Presentation (October 2026)
28 slides from Badger Meter's investor presentation, October 2026
Slide 1: General Investor Presentation
Badger Meter General Investor Presentation* October 2026 *See separate Q3 2026 Earnings Presentation © 2026 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 Snapshot – Trusted Pure-Play Smart Water Solutions Provider
Badger Meter Snapshot – Trusted Pure-Play Smart Water Solutions Provider 120+ Years of Long history of water technology leadership and Innovation advancements $917M 17% $218M 2020-2025 2025 2025 Growth Sales EBITDA CAGR Valued and trusted experts with integrated Pure Play Water portfolio of hardware
Slide 4: Values and Metrics-Based Culture Supports Durable Business Outcomes and Customer Trust
Values and Metrics-Based Culture Supports Durable Business Outcomes and Customer Trust Mission-Driven and Values-Based Culture Metrics-Driven Continuous Improvement Execution 120+ Years of >2,400 AAA Installed Base in 5 GHG Emissions Intensity since 2020: Operations Employees MSCI ESG Rating 50+ Cou
Slide 5: Longstanding Secular Trends Support Need for Comprehensive Solutions
Longstanding Secular Trends Support Need for Comprehensive Solutions to Deliver Critical and Essential Water Outcomes Secular Drivers Comprehensive Solutions - BlueEdge® Customer Outcomes Suite of tailorable solutions for the management of water encompassing Demand Growth metering, AMI/Software and
Slide 6: Leadership Position in the Increasingly Attractive Water Sector
Badger Meter Maintains a Leadership Position in the Increasingly Attractive Water Sector; Positioned to Defend and Grow Share Competitive Moat and Attractive Industry Fundamentals Risk-averse customer base prefers incumbent providers, • Differentiated technologies with platform changes infrequent ab
Slide 7: Longstanding Capital Allocation Framework Drives Growth and Enhances Capital Return
Longstanding Capital Allocation Framework Drives Growth and Enhances Capital Return • Strong free cash flow, working capital management Internal Investment to support organic • No outstanding debt obligations and $68M growth and sustain core business of cash at September 30, 2026; $150M untapped rev
Slide 8: Third Quarter 2026 Results Improved Sequentially as Anticipated
Third Quarter 2026 Results Improved Sequentially as Anticipated; Long- Term Demand Outlook Remains Intact Year-Over-Year Sales Growth Trend 15% • Sales of $235.9M were consistent with prior year and increased 10% 6% sequentially, as expected, due primarily to awarded utility 13% projects commencing
Slide 9: Strong Gross Margin and Benefit of Cost Actions Drive Profitability Expansion
Strong Gross Margin and Benefit of Cost Actions Drive Profitability Expansion (US$ in millions, except per share data) • Utility water sales flat to prior year Q3, excluding UDlive decreased 3%, due to uneven project pacing • Flow instrumentation sales improved 2% with growth in water-related market
Slide 10: AWWA's ACE26 Tradeshow Reinforces Long Term Industry Fundamentals
AWWA’s ACE26 Tradeshow Reinforces Long Term Industry Fundamentals and Superior Competitive Positioning • Booth at ACE26 provided customers and consultants with relatable use case examples across the spectrum of water usage and “beyond the meter” applications • Featured both hardware and software adv
Slide 11: Recent Investor Day Reaffirms Short- and Long-Term Financial Outlook
Recent Investor Day Reaffirms Short- and Long-Term Financial Outlook In Delivering Critical and Essential Water Outcomes • May 2026 Investor Day underscored resilience of business model and long-term financial framework • Durable macro trends and competitive advantages • Long growth runway with mult
Slide 12: OneNetwork Software Platform Launched at WEFTEC 2026
OneNetwork Software Platform Launched at WEFTEC 2026; Customer ENGAGE Hosted in Milwaukee Launch of OneNetwork: • Creates a unified, real-time view of AMI, network monitoring, water quality and SCADA data • Enables utilities to identify issues and respond faster with alerts, advanced analytics and i
Slide 13: 2025 Sustainability Report Highlights Power of Continuous Improvement
2025 Sustainability Report Highlights Power of Continuous Improvement Mindset Across the Organization • Solutions enabled an estimated 27 Billion gallons of water savings and reduced approximately 2.9 Million miles of truck rolls through improved network visibility and customer water usage efficienc
Slide 14: Value Creation Process Supported by Competitive Advantages
Our Value Creation Process is Straightforward and is Supported by Our Competitive Advantages within an Attractive Water Sector • Durable macro trends • Market leader with • Strong cash flow and • Differentiated Cellular • Values-driven support long-term expanding hardware- borrowing capacity AMI exp
Slide 15: Background Information
Background Information a3 Badger Meter
Slide 16: 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 •Launched BlueEdge - s
Slide 17: 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 18: BlueEdge by Badger Meter – Simplifying Customer Path to End-to-End Solutions
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 19: 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 20: Strong Market Position in North American AMI Adoption
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 21: 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 © 2026 Badger Meter, Inc. 21
Slide 22: 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 23: 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 24: 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 2026 UDlive Sewer line monitoring UK $100M technology solutions that can be 2025 SmartCover Water collection system m
Slide 25: Attractive Financial Trends Showcase Execution of Strategy
Attractive Financial Trends Showcase Execution of Strategy (US$ 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 $916.7 • AMI, Cellular communications and SaaS Op Income 65.2 78
Slide 26: Appendix
Appendix a3 Badger Meter
Slide 27: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations Adjusted “Base” Results (US$ in millions; results unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 UDlive Base 2026 UDlive Base Net sales $ 235.9 $ 5.6 $ 230.3 $ 660.5 $ 7.7 $ 652.9 Selling, engineering and administration 51.1 2.3 48.8
Slide 28: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations EBITDA Free Cash Flow (US$ in millions) (US$ in millions) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Q3 2026 Q3 2025 Net Earnings (GAAP) $35.9 $35.1 $93.0 $108.1 Cash from Ops (GAAP) $43.3 $51.3 Interest income (0.2) (1.3) (1.6) (3.6) Capital Expenditures (3.0) (3.1) Income t