Badger Meter, Inc. · NYSE:BMI
Badger Meter — Q4 2025 Earnings Presentation
11 slides from Badger Meter's earnings presentation, Jan 28, 2026
Slide 1: Fourth Quarter & Full Year 2025 Financial Results
Badger Meter Fourth Quarter & Full Year 2025 Financial Results January 28, 2026 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: Durable Demand For Smart Water Solutions in 2025 Drove Profitable Growth and Robust Cash Generation
Durable Demand For Smart Water Solutions in 2025 Drove Profitable Growth and Robust Cash Generation YOY Sales Growth Trend • Q4 sales of $220.7M, +8% YoY; base1 sales of $208.9M; +2% YoY 14% 13% 13% 12% 3% • Full year 2025 sales of $916.7M, +11% YoY; base sales of $877.0M, 10% 10% 5% +6% YoY 8% 5% 8
Slide 4: Structural Sales Mix and Project Pacing Drove Profitability Expansion in Q4 2025
Structural Sales Mix and Project Pacing Drove Profitability Expansion in Q4 2025 (US$ in millions, except per share data) Q4 2025 Q4 2024 Change • Utility water sales grew 9% (2% ex Smart Cover), driven by ultrasonic meters, ORION® cellular, BEACON® SaaS, Sales $220.7 $205.2 7.6% and water quality s
Slide 5: PRASA1 Award is One of the Largest AMI Projects in the World
PRASA1 Award is One of the Largest AMI Projects in the World and the Largest Award in Badger Meter History Multi-Year Planning Timeline Indicative of Scope, Scale & Complexity 2021: Badger Meter and partners bid in PRASA RFP 2023-2024: Badger Meter participates in 1 of 2 competitive pilots for 1,000
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 $40 million of sales in 11 months, or +25% on an annualized basis • SmartCover profitability improved on higher
Slide 8: Outlook Continues to Support Long-Term Shareholder Value Creation
Outlook Continues to Support Long-Term Shareholder Value Creation with Favorable Demand and Industry Dynamics • Innovation leader with • Durable macro trends • Strong cash flow and • Differentiated • Strong engagement expanding technology- support long-term borrowing capacity performance despite • V
Slide 9: Questions
Questions Badger Meter Q1 2026 earnings are tentatively scheduled for April 16, 2026 Save the date for Badger Meter’s inaugural Investor Day on May 21, 2026 in New York City 9
Slide 10: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES TO GAAP PERFORMANCE MEASURES (in thousands, except share and earnings per share data) Three Months Ended December 31, Twelve Months Ended December 31, 2025 SmartCover Base 2025 SmartCover Base (Unaudited) (Unaudited) (U
Slide 11: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations EBITDA (US$ 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