Slide 1: Second Quarter 2026 Earnings Conference Call
Second Quarter 2026 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 ©2026 ITRON CONFIDENTIAL PROPRIETARY July 28, 2026
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
Slide 4: Second Quarter 2026 Financial Summary
Second Quarter 2026 Financial Summary » Revenue of $563 million » Annual Recurring Revenue of $417 million » Adjusted EBITDA of $97 million » Non-GAAP diluted EPS of $1.59 » Free cash flow of $81 million ©2026 ITRON CONFIDENTIAL PROPRIETARY Q2 2026 Earnings Conference Call | 4
Slide 5: Second Quarter 2026 Market Commentary
Second Quarter 2026 Market Commentary » Structurally improved earnings profile; strong gross margin along with strong free cash flow and profitability » Durable market growth, driven by grid expansion, resiliency, affordability, and “time-to-power” » Regulatory environment complex but constructive »
Slide 6: Bookings and Backlog
Bookings and Backlog » Q2 2026 bookings of $550 million » Book to bill of 0.98 » TTM book to bill of 0.93 » Ending backlog of $4.4 billion $ in billions ©2026 ITRON CONFIDENTIAL PROPRIETARY Q2 2026 Earnings Conference Call | 6
Slide 7: Consolidated GAAP Results: Q2 2026
Consolidated GAAP Results: Q2 2026 $ in millions (except per share amounts) Q2 2026 Q2 2025 Change Revenue $562.9 $606.8 (7)% Change in constant currency (8)% Gross margin 41.0% 36.9% 410 bps Operating income $76.1 $76.4 —% Net income attributable to Itron, Inc. $53.3 $68.3 (22)% Earnings per s
Slide 8: Consolidated Non-GAAP & Cash Results: Q2 2026
Consolidated Non-GAAP & Cash Results Results: Q2 2026 $ in millions (except per share amounts) Q2 2026 Q2 2025 Change Adjusted gross profit $233.2 $223.6 4% Adjusted gross margin 41.4% 36.9% 460 bps Non-GAAP operating income $89.1 $82.2 8% Non-GAAP operating margin 15.8% 13.6% 230 bps Non-GAAP
Slide 9: Revenue Year-Over-Year Bridge: Q2 2026
Revenue Year-Over-Year Bridge: Q2 2026 (3)% (17)% 13% N/A (7)% $ in millions and includes rounding. Segment changes in constant currency ©2026 ITRON CONFIDENTIAL PROPRIETARY Q2 2026 Earnings Conference Call | 9
Slide 10: Non-GAAP EPS Year-Over-Year Bridge: Q2 2026
Non-GAAP EPS Year-Over-Year Bridge: Q2 2026 (1) (1) Share count & Other includes share count, total FX variance, and other ©2026 ITRON CONFIDENTIAL PROPRIETARY Q2 2026 Earnings Conference Call | 10
Slide 11: Device Solutions Segment: Q2 2026
Device Solutions Segment: Q2 2026 Revenue decreased 1% and 3% in constant currency » Lower legacy electric product sales in EMEA and APAC Adj gross margin increased 500 bps » Favorable overall product mix » Operational efficiencies Adj operating margin increased 570 bps » Fall through of higher marg
Slide 12: Networked Solutions Segment: Q2 2026
Networked Solutions Segment: Q2 2026 Revenue decreased 17% » Timing of project deployments resulting in lower volumes Adj gross margin increased 430 bps » Favorable customer mix » Operational efficiencies and cost management Adj operating margin increased 340 bps » Fall through of higher margin mix
Slide 13: Outcomes Solutions Segment: Q2 2026
Outcomes Solutions Segment: Q2 2026 Revenue increased 13% » Higher services revenue Adj gross margin increased 30 bps » Higher margin revenue mix Adj operating margin increased 290 bps » Higher operating leverage $ in millions, actual currency ©2026 ITRON CONFIDENTIAL PROPRIETARY Q2 2026 Earnings Co
Slide 14: Resiliency Solutions Segment: Q2 2026
Resiliency Solutions Segment: Q2 2026 Revenue was $16 million Adj gross margin was 75.3% Adj operating margin was 27.7% New segment as of December 31, 2025 » Includes Urbint and Locusview » Locusview acquisition closed January 5, 2026 $ in millions, actual currency ©2026 ITRON CONFIDENTIAL PROPRIETA
Slide 15: Debt and Liquidity Overview: June 30, 2026
Debt and Liquidity Overview: June 30, 2026 Debt » Net leverage 2.3x as of June 30, 2026 Free Cash Flow » Free cash flow of $81M in Q2 2026 $ in millions and includes rounding. Debt values exclude amortization of debt fees ©2026 ITRON CONFIDENTIAL PROPRIETARY Q2 2026 Earnings Conference Call | 15
Slide 16: Current Outlook: Q3 2026
Current Outlook: Q3 2026 Revenue of $590 - $600 million » At the midpoint, up 2% vs. Q3 2025 and up 6% vs. Q2 2026 Non-GAAP diluted EPS of $1.50 - $1.60 » At the midpoint, up $0.01 or 1% vs. Q3 2025 Assumptions » Euro/USD of $1.16 » Effective Non-GAAP tax rate of 22% » Trade policies as of mid-July
Slide 17: Current Outlook: Full Year 2026 Update
Current Outlook: Full Year 2026 Update February 2026 Revised Outlook Outlook Revenue $2.35 - $2.45B $2.37 - $2.41B Non-GAAP earnings per share – diluted $5.75 - $6.25 $6.30 - $6.50 Revenue outlook range narrowed vs. February 2026 outlook » At the midpoint, up 1% vs. 2025 Non-GAAP diluted EPS, at th
Slide 18: Appendix
Appendix
Slide 19: FX Impact Summary
FX Impact Summary Revenue $ in millions YoY Change YoY Change Q2 2026 YoY Change YTD 2026 YoY Change (except per share amounts) Excluding FX Excluding FX Device Solutions $111.4 (1.2)% (2.9)% $235.8 (1.2)% (6.2)% Networked Solutions $339.2 (17.0)% (17.2)% $689.9 (15.0)% (15.4)% Outcomes $96.4 1
Slide 20: Resiliency Solutions Platform Strategy
Resiliency Solutions Platform Strategy ©2026 ITRON CONFIDENTIAL PROPRIETARY Q2 2026 Earnings Conference Call | 20
Slide 21: 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 22: 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, 2026 2025 2026 202
Slide 23: 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, 2026 2025 2026 202
Slide 24: 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, 2026 2025 2026 202
Slide 25: 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, 2026 Device Networked Resiliency Segments Ou
Slide 26: 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 Six Months Ended June 30, 2026 Device Networked Resiliency Segments Outc