Slide 1: Third Quarter 2025 Earnings Conference Call
Third 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 October 30, 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: Third Quarter 2025 Financial Summary
Third Quarter 2025 Financial Summary » Revenue of $582 million » Adjusted EBITDA of $97 million » Non-GAAP diluted EPS of $1.54 » Free cash flow of $113 million ©2025 ITRON CONFIDENTIAL PROPRIETARY Q3 2025 Earnings Conference Call | 4
Slide 5: Bookings and Backlog
Bookings and Backlog » Q3 2025 bookings of $380 million » Book to bill of 0.65 » TTM book to bill of 1.15 » Ending backlog of $4.3 billion Chart in US$ billions ©2025 ITRON CONFIDENTIAL PROPRIETARY Q3 2025 Earnings Conference Call | 5
Slide 6: Third Quarter 2025 Performance Highlights
Third Quarter 2025 Performance Highlights » Customers adapting to complex environment » Outcomes segment growth in recurring revenue prevails » Uncertainty and constraints resulting in slower pace of deployments » Urbint an ideal strategic fit and demonstration of our approach to inorganic growth ©2
Slide 7: Consolidated GAAP Results: Q3 2025
Consolidated GAAP Results: Q3 2025 $ in millions (except per share amounts) Q3 2025 Q3 2024 Change Revenue $581.6 $615.5 (5)% Change in constant currency (6)% Gross margin 37.7% 34.1% 360 bps Operating income $81.8 $73.9 11% Net income attributable to Itron, Inc. $65.6 $78.0 (16)% Earnings per share
Slide 8: Consolidated Non-GAAP & Cash Results: Q3 2025
Consolidated Non-GAAP & Cash Results: Q3 2025 $ in millions (except per share amounts) Q3 2025 Q3 2024 Change Non-GAAP operating income $89.2 $79.0 13% Non-GAAP operating margin 15.3% 12.8% 250 bps Non-GAAP net income attributable to Itron, Inc. $71.8 $84.3 (15)% Adjusted EBITDA $97.2 $88.6 10% Adju
Slide 9: Revenue Year-Over-Year Bridge: Q3 2025
Revenue Year-Over-Year Bridge: Q3 2025 (19)% (6%) +10% (5)% Chart in millions and includes rounding. Segment changes in constant currency. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q3 2025 Earnings Conference Call | 9
Slide 10: Non-GAAP EPS Year-Over-Year Bridge: Q3 2025
Non-GAAP EPS Year-Over-Year Bridge: Q3 2025 US$ per share FX & Other includes total FX variance, noncontrolling interest, share count, and rounding. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q3 2025 Earnings Conference Call | 10
Slide 11: Device Solutions Segment: Q3 2025
Device Solutions Segment: Q3 2025 Revenue, gross margin and operating margin $ in millions, actual currency Revenue decreased 16% and 19% in constant currency » Decreased legacy EMEA electricity products » Decreased NAM water volumes Gross margin increased 370 bps » Favorable customer and product mi
Slide 12: Networked Solutions Segment: Q3 2025
Networked Solutions Segment: Q3 2025 Revenue, gross margin and operating margin $ in millions, actual currency Revenue decreased 6% » Timing of project deployments Gross margin increased 340 bps » Favorable customer and product mix Operating margin increased 330 bps » Fall through of higher gross pr
Slide 13: Outcomes Segment: Q3 2025
Outcomes Segment: Q3 2025 Revenue, gross margin and operating margin $ in millions, actual currency Revenue increased 11% and 10% in constant currency » Increased recurring revenue Gross margin increased 390 bps » Higher margin revenue mix Operating margin increased 520 bps » Fall through of higher
Slide 14: Debt and Liquidity Overview: September 30, 2025
Debt and Liquidity Overview: September 30, 2025 US$M Debt » $460M 0% interest convertible notes, 2026 maturity » $805M 1.375% interest convertible notes, 2030 maturity Free Cash Flow and Liquidity » Free cash flow of $113M in Q3 2025 » Cash and equivalents of $1,332M » $750M revolver; 2030 maturity
Slide 15: Q4 2025 Current Outlook
Q4 2025 Current Outlook Revenue of $555 - $565 million » At the midpoint, down 9% vs. Q4 2024 Non-GAAP diluted EPS of $2.15 - $2.25 » At the midpoint, up $0.85 or 63% vs. Q4 2024 (discrete tax benefit in Q4 2025) » Normalized for tax rate, ~7% growth at the midpoint Assumptions: » Euro/USD of $1.16
Slide 16: 2025 Full-Year Outlook Update
2025 Full-Year Outlook Update February 2025 July 2025 Revised Outlook Outlook Outlook Revenue $2.4 - $2.5B $2.35 - $2.4B $2.35 - $2.36B Non-GAAP EPS $5.20 - $5.60 $6.00 - $6.20 $6.84 - $6.94 Revenue, at the midpoint, down 3% vs. 2024 » Normalized for $125 million supply chain catch-up in 2024, ~2% g
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 $1,795.5 $1,828.0 (2)% Growth in constant currency (2)% Gross margin 36.8% 34.2% 260 bps Operating income $234.4 $201.4 16% Net income attributable to Itron, Inc. $199.4 $181.0 10% Earnings
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 $251.7 $215.4 17% Non-GAAP operating margin 14.0% 11.8% 220 bps Non-GAAP net income attributable to Itron, Inc. $217.0 $197.6 10% Adjusted EBITDA $275.0 $242.2 1
Slide 20: Revenue Year-Over-Year Bridge: YTD 2025
Revenue Year-Over-Year Bridge: YTD 2025 (8)% (2)% +11% (2)% Chart in millions and includes rounding. Segment changes in constant currency. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q3 2025 Earnings Conference Call | 20
Slide 21: Non-GAAP EPS Year-Over-Year Bridge: YTD 2025
Non-GAAP EPS Year-Over-Year Bridge: YTD 2025 US$ per share FX & Other includes total FX variance, noncontrolling interest, share count, and rounding. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q3 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 7% and 8% in constant currency » Decreased legacy EMEA electricity products » Partially offset by growth in smart water sales Gross margin increased 450 bps » Favorable cust
Slide 23: Networked Solutions Segment: YTD 2025
Networked Solutions Segment: YTD 2025 Revenue, gross margin and operating margin $ in Millions, actual currency Revenue decreased 3% and 2% in constant currency » H1'24 includes catch-up of previously constrained revenue » Timing of project deployments Gross margin increased 160 bps » Favorable cust
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 380 bps » Higher margin revenue mix Operating margin increased 500 bps » Fall through of higher gross
Slide 25: FX Impact Summary
FX Impact Summary $ in Millions Average USD/Euro: Average USD/Euro: $1.17 Q3 2025 vs $1.10 Q3 2024 $1.12 YTD 2025 vs $1.09 YTD 2024 YoY YoY Change YTD YoY YoY Change Revenue Q3 2025 Revenue Change Excluding 2025 Change Excluding FX FX Device Solutions $ 103.6 (15.6)% (19.0)% Device Solutions $ 342.3
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 September 30, Nine Months Ended September 30, 2025 202
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 September 30, Nine Months Ended September 30, 2025 202
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 September 30, Nine Months Ended September 30, 2025 202
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