Slide 1: Badger Meter Second Quarter 2026 Financial Results
Badger Meter Second Quarter 2026 Financial Results July 22, 2026
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: Second Quarter 2026 Results Improved Sequentially as Anticipated; Long-Term Demand Outlook Remains Intact
Second Quarter 2026 Results Improved Sequentially as Anticipated; Long- Term Demand Outlook Remains Intact Year-Over-Year Sales Growth Trend 15% • Sales of $222.3M declined 7% y-o-y but increased 10% 10% sequentially, as expected, due primarily to awarded utility projects 13% commencing initial depl
Slide 4: Strong Gross Margin and Benefit of Cost Actions Partially Mitigate Impact of Lower Sales
Strong Gross Margin and Benefit of Cost Actions Partially Mitigate Impact of Lower Sales (US$ in millions, except per share data) Q2 2026 Q2 2025 Change • Utility water sales decreased 8%, or 9% excluding two months of UDlive, driven by the Sales $222.3 $238.1 -6.6% effect of uneven project pacing G
Slide 5: AWWA's ACE26 Tradeshow Reinforces Long Term Industry Fundamentals and Superior Competitive Positioning
AWWA’s ACE26 Tradeshow Reinforces Long Term Industry Fundamentals and Superior Competitive Positioning • Booth at ACE26 provided customers and consultants with relatable use case examples across the spectrum of water usage and “beyond the meter” applications • Featured both hardware and software adv
Slide 6: Recent Investor Day Reaffirms Short- and Long-Term Financial Outlook In Delivering Critical and Essential Water Outcomes
Recent Investor Day Reaffirms Short- and Long-Term Financial Outlook In Delivering Critical and Essential Water Outcomes • May 2026 Investor Day underscored resilience of business model and long-term financial framework • Durable macro trends and competitive advantages • Long growth runway with mult
Slide 7: Our Value Creation Process is Straightforward and is Supported by Our Competitive Advantages within an Attractive Water Sector
Our Value Creation Process is Straightforward and is Supported by Our Competitive Advantages within an Attractive Water Sector • Durable macro trends • Market leader with • Strong cash flow and • Differentiated Cellular • Values-driven support long-term expanding hardware- borrowing capacity AMI exp
Slide 8: Questions
Questions For your planning purposes, Badger Meter Q3 2026 earnings are tentatively scheduled for October 21, 2026 8
Slide 9: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations Adjusted “Base” Results (US$ in millions; results unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 UDlive Base 2026 UDlive Base Net Sales $222.3 $2.0 $220.3 $424.6 $2.0 $422.6 Selling, engineering and administration expense $51.4 $1.8 $49.6 $100.
Slide 10: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations EBITDA Free Cash Flow (US$ in millions) (US$ in millions) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Q2 2026 Q2 2025 Net Earnings (GAAP) $29.7 $34.6 $57.1 $73.0 Cash from Ops (GAAP) $26.7 $44.6 Interest income (0.3) (0.9) (1.5) (2.2) Capital Expenditures (4.8) (4.0) Income ta