Slide 1: Badger Meter Third Quarter 2025 Financial Results
Badger Meter Third Quarter 2025 Financial Results October 21, 2025
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: Third Quarter 2025 Results Reflect Solid Operating Leverage and Cash Generation
Third Quarter 2025 Results Reflect Solid Operating Leverage and Cash Generation on Strength in Sales and Profitability Y-O-Y Sales Growth Trend 14% 13% 13% 13% 12% 12% 3% 10% 5% 10% • Total sales of $236M in Q3 2025, 13% above prior 8% year; Base1 sales of $225M, 8% higher than prior year. 6% 5% 10%
Slide 4: Third Quarter Financial Snapshot Highlights Strong Cash Generation
Third Quarter Financial Snapshot Highlights Strong Cash Generation (US$ in millions, except per share data) Q3 2025 Q3 2024 Change • Utility water sales increased 14% (8% ex SmartCover), driven by higher ultrasonic meter unit volumes, BEACON ® Sales $235.7 $208.4 13.1% SaaS and water quality product
Slide 5: WEFTEC Show Featured BlueEdge Applications That Span the Water Cycle
WEFTEC Show Featured BlueEdge Applications That Span the Water Cycle • WEFTEC (Water Environment Federation's Technical Exhibition and Conference) is the largest North American trade show for the water quality and wastewater sector. • Full complement of smart water solutions on display, including me
Slide 6: Outlook Continues to Support Long-Term Shareholder Value Creation
Outlook Continues to Support Long-Term Shareholder Value Creation with Favorable Demand and Industry Dynamics • Innovation leader with • Durable macro trends • Strong cash flow and • Differentiated • Strong engagement expanding technology- support long-term borrowing capacity performance despite • V
Slide 7: Questions
Questions For your planning purposes, BMI Q4 and FY 2025 earnings are tentatively scheduled for January 28, 2026 7
Slide 8: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations Base Results (US$ in thousands, except share and earnings per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 SmartCover Base 2025 SmartCover Base (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales $ 23
Slide 9: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations EBITDA (US$ in millions) Free Cash Flow (US$ in millions) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Q3 2025 Q3 2024 Net Earnings (GAAP) $35.1 $32.0 $108.1 $94.2 Cash from Ops (GAAP) $51.3 $45.1 Interest income (1.3) (2.3) (3.6) (5.7) Capital Expenditures (3.1) (3.1) Income t