Badger Meter, Inc. · NYSE:BMI
Badger Meter — Investor Day (May 2026)
69 slides from Badger Meter's investor day presentation, May 21, 2026
Slide 1: Badger Meter, Inc. 2026 Investor Day
Badger Meter, Inc. 2026 Investor Day May 21, 2026 NYC/Webcast
Slide 2: Welcome / Agenda
Welcome / Agenda Eastern Time Zone 7:30-8:30 Continental Breakfast Barb Noverini Senior Director – Investor Relations 8:30-8:35 Welcome/Agenda Barb Noverini, Senior Director IR 8:35-8:50 Introduction/Key Messages Ken Bockhorst, Chairman, President and CEO 8:50-9:15 Municipal Water-Customer Water Usa
Slide 3: Safe Harbor / Forward Looking Statements
Safe Harbor / 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 actu
Slide 4: Key Messages
Key Messages Ken Bockhorst, Chairman, President and Chief Executive Officer
Slide 5: Badger Meter Snapshot – Trusted Pure-Play Smart Water Solutions Provider
Badger Meter Snapshot – Trusted Pure-Play Smart Water Solutions Provider 120+ Years of Long history of water technology leadership and Innovation advancements $917M 17% $218M 2020-2025 2025 2025 Growth Sales EBITDA CAGR Valued and trusted experts with integrated Pure Play Water portfolio of hardware
Slide 6: Today's Key Messages
Today’s Key Messages HSD = high single digit Mission-critical water meter replacement demand provides a long-term durable growth foundation that is boosted by AMI Adoption and hardware-enabled recurring software Beyond the Meter1 technologies span the full water cycle, expanding value for both custo
Slide 7: Experienced and Proven Leadership Team
Experienced and Proven Leadership Team Focused on Long-Term Customer, Employee and Investor Stakeholders Presenting Today Ken Bockhorst Bob Wrocklage Dan Weltzien Matt Stuyvenberg Kim Stoll Chairman, President and Executive Vice President, North Vice President – Chief Executive Vice President-SaaS,
Slide 8: Values and Metrics-Based Culture Supports Durable Business Outcomes
Values and Metrics-Based Culture Supports Durable Business Outcomes and Customer Trust Mission-Driven and Values-Based Culture Metrics-Driven Continuous Improvement Execution 120+ Years of >2,400 AAA Installed Base in 5 GHG Emissions Intensity since 2020: Operations Employees MSCI ESG Rating 50+ Cou
Slide 9: Badger Meter Maintains a Leadership Position in the Increasingly Attractive Water Sector
Badger Meter Maintains a Leadership Position in the Increasingly Attractive Water Sector Competitive Moat and Attractive Industry Fundamentals Risk-averse customer base prefers incumbent providers, • Differentiated technologies with platform changes infrequent absent strong Differentiated Switching
Slide 10: Longstanding Secular Trends Support Need for Comprehensive Solutions
Longstanding Secular Trends Support Need for Comprehensive Solutions to Deliver Critical and Essential Water Outcomes Secular Drivers Comprehensive Solutions - BlueEdge® Customer Outcomes Suite of tailorable solutions for the management of water encompassing Demand Growth metering, AMI/Software and
Slide 11: Our Solutions Increase Revenue, Lower Costs and Improve System Performance
Among Other Outcomes, Our Solutions Aid in Increasing Revenue, Lowering Costs and Improving System Performance, Enhancing the Business Case for Digital Transformation Our metering solutions improve the utility’s ability to capture all water for Our software and Beyond the Meter solutions are designe
Slide 12: Innovation and Portfolio Evolution Have Unlocked a Large and Durable Market Opportunity
Innovation and Portfolio Evolution Have Unlocked a Large and Durable Market Opportunity Across the Water Cycle Meters Controls 15% 7% Irrigation 5% Pumps 4% Sensors Purifiers 18% Smart Water 3% Market Size SCADA ~$25B* 11% Leak Detectors 5% Predictive Billing/CIS Analytics 9% 5% Network Meter Data M
Slide 13: Badger Meter's Strategic Evolution and Growth Laneways
Badger Meter’s Strategic Evolution Is Designed to Capitalize on Multiple Growth Laneways Enabled by Technology 2010 2015 2020 2025 2030+ Launched Ultrasonic Meter / Mechanical Conversions Launched Innovative ORION® AMI entirely fixed network-based Cemented Cellular AMI as the Industry Gold Standard
Slide 14: Early Stages of Strategic Evolution Drove Best in Class Financial Results
The Early Stages of our Strategic Evolution, Primarily Driven by Cellular AMI, Drove Best in Class Financial Results Demonstrating Its Overall Effectiveness and Durability Above Market Revenue Increasing Recurring Premium Disciplined Growth Revenue Margins Execution Consolidated Sales Growth SaaS Re
Slide 15: Our Value Creation Process Supported by Competitive Advantages
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 16: Key Messages Reinforced…
Key Messages Reinforced… Mission-critical water meter replacement demand provides a long-term durable growth foundation that is boosted by AMI Adoption and hardware-enabled recurring software Beyond the Meter1 technologies span the full water cycle, expanding value for both customers and shareholder
Slide 17: Municipal Water – Customer Water Usage
Municipal Water – Customer Water Usage Bob Wrocklage, EVP North America Municipal Utility
Slide 18: Key Messages
Key Messages MSD=mid-single digit Municipal water digitization is a multi-decade transformation, driven by enduring industry trends “Choice Matters” meter portfolio sustains core replacement-driven demand while enabling mix and margin upside Badger Meter’s Cellular AMI solution is the strategic gate
Slide 19: Principal Business Serves Municipal Utilities with Customer Water Usage Solutions
Within the Water Cycle, our Principal Business Serves Municipal Utilities with Customer Water Usage Solutions Growth Drivers Metering Mechanical to Static AMI Expanding Adoption + Software
Slide 20: Monetizing the Meter Base through a Multi-Decade Conversion
Metering Monetizing the Meter Base through a Multi-Decade Conversion Mechanical to Static Utilizing a “Choice Matters” Approach …Supported by a Large Installed Base …Driving Revenue Growth… …and Margin Uplift (~100 metered connections) Metering Conversion ~30% of meters in rational market 75% mechan
Slide 21: Cellular AMI is the Strategic Gateway to Digital Transformation in Water
Cellular AMI is the Strategic Gateway to the Multi-Decade Digital Transformation in the Water Sector Installed Base of U.S. Water Meter Connections by Reading Technology Type Badger Meter Cellular AMI Created 100% Manual a New Solution Category with 90% Read Significant Runway Available 20% • Badger
Slide 22: Cellular AMI Adoption is a Significant Growth Driver with a Long Runway
Cellular AMI Adoption is a Significant Growth Driver with a Long Runway Significant AMI Conversion …Supported by a Large …Driving Revenue …and Margin Uplift Opportunities… Installed Base Growth… Manual to 40% of meters have some Rising endpoint to meter Accretive endpoint Cellular AMI form of AMI at
Slide 23: Unique Direct and Consultative Sales Approach Accelerates BlueEdge Adoption
Unique Direct and Consultative Sales Approach Accelerates BlueEdge Adoption from the Metering Foundation People • Direct sales model with close customer proximity enabling “voice of customer” and informing innovation • Build brand reputation by providing subject matter experts (many with utility sec
Slide 24: Metering and AMI Projects Driven by Lifecycle Economics, NOT Federal Funding Cycles
Metering and AMI Projects are Driven by Lifecycle Economics and Operating Outcomes, NOT Federal Funding Cycles Water Infrastructure (Pipes, Plants, Pumps) Decision Drivers Funding Sources • Asset condition • Federal funding • Break/fix • Stimulus • Capacity expansion • Rate base Metering + AMI Proje
Slide 25: Individual Project Planning Cycles Can Vary Significantly
Across 50K+ Utilities, Individual Project Planning Cycles Can Vary Significantly with Some Taking Substantial Time from Initiation to Completion Illustrative Example of Medium/Large Utility Timeline 3-6 1-2 3-12 1-2 2-6 2-4 24-36 10-15 Months Months Months Months Months Months Months Years RFP / Sho
Slide 26: "Choice Matters" Approach to Support Customer-Directed Project Scope
“Choice Matters” Approach to Support Customer-Directed Project Scope (Supply Only or Turnkey) Required to Meet Utility Needs Subset of Awarded Projects as Discussed Supply Only Why Selected on Q1 2026 Earnings Call • Badger Meter supplies only • Less complex installation Project BMI Scope # of Conne
Slide 27: Near-Term Project Pacing Can Be Variable, Long-Term Revenue Realization is Inevitable
While Near-Term Project Pacing Can Be Variable, Long-Term Revenue Realization is Inevitable Illustrative Example of Supply-Only Project Revenue Timing Shipment/Install Stage has more predictable pacing, but external variables remain Post deployment transition to recurring software revenue and other
Slide 28: Revenue Profiles Differ Between Turnkey and Supply Only
While Revenue Profiles Differ Between Turnkey and Supply Only, Demand is Consistent Including Underlying Installed Base and SaaS Expansion • Turnkey projects include “pass- through” type revenue such as: Illustrative Example of Turnkey vs. Supply Only Project Revenue Timing • Ancillary products (met
Slide 29: Key Messages Reinforced…
Key Messages Reinforced… MSD=mid-single digit Municipal water digitization is a multi-decade transformation, driven by enduring industry trends “Choice Matters” meter portfolio sustains core replacement-driven demand while enabling mix and margin upside Badger Meter’s Cellular AMI solution is the st
Slide 30: Municipal Water – Beyond the Meter
Municipal Water – Beyond the Meter Kim Stoll, GM SmartCover and VP Customer Success Matt Stuyvenberg, EVP SaaS, Global Commercial and International Utility
Slide 31: Key Messages
Key Messages DD=double digit Beyond the Meter unlocks a large, early-stage opportunity with multi-decade upside Critical measurement needs create a wallet share expansion model within existing customers converting episodic hardware sales into recurring, high-quality growth New customer acquisition a
Slide 32: Extending Growth Runway Through BlueEdge Expansion Beyond the Meter
Extending our Growth Runway Through BlueEdge Expansion to Applications Beyond the Meter • Curated portfolio of best-in- class solutions Differentiated • Robust communication Solutions offerings/cellular expertise • Low power - Low maintenance • Trusted resource to extend share of wallet Customer • S
Slide 33: Utilities See Value in Outcomes, not Specific Devices
Utilities See Value in Outcomes, not Specific Devices, therefore Integrated Solutions for Critical Use Cases are Investments, not Discretionary Spend Prioritize Pain Points Enable Adoption Support Utility Decision Making Solve problems and drive ROI Grow faster than the market by tapping into an abu
Slide 34: BlueEdge Begins with a Critical Measurement and Outcome Need
BlueEdge Always Begins with a Critical Measurement and Outcome Need; Once Embedded, Additional Use Cases Result in Higher Incremental Revenue and Margins Beyond the Meter Use Case Adoption Enables Visibility into the Water Cycle Not Previously Seen or Viewed Sporadically / Manually Metering / AMI Cu
Slide 35: Critical Use Case: Incoming Source Water Quality Monitoring
Critical Use Case Example: Incoming Source Water Quality Monitoring Source Water Use Case • Source water and custody transfer station (purchased water) critical to continuously monitor • Currently, many utilities spot check quality manually, and “over-dose” treatment • Ensuring water quality real ti
Slide 36: Critical Use Case: Limiting Water Loss While Providing Safe Drinking Water
Critical Use Case Example: Limiting Water Loss While Providing Consistently Safe Drinking Water Distribution Network Use Case • Water loss commonly occurs throughout the distribution network • In addition, groundwater intrusion (e.g. crack in pipe) can introduce pathogens into drinking water causing
Slide 37: Critical Use Case: Meeting Discharge Standards and Toxic Gas Detection
Critical Use Case Example: Meeting Discharge Standards and Toxic Gas Detection to Protect Worker Safety Wastewater Treatment Use Case • Wastewater treatment is a complex operational process requiring flow measurement, water quality monitoring and toxic gas detection • Proactive monitoring for early
Slide 38: Critical Use Case: Preventing Costly Sewer Overflows
Critical Use Case Example: Preventing Costly and Damaging Sewer Overflows While Maximizing Energy Savings and Asset Life Collection System Use Case • Extreme weather, fats, oils, and grease (FOG) blockages, and increased inflow and infiltration (I&I) can result in costly, dangerous sewer overflows •
Slide 39: Newest Acquisition – UDlive: Combination with SmartCover
Newest Acquisition – UDlive: Combination with SmartCover Creates Global Leader in Sewer Line Monitoring Addressing Growing Global Utility Challenge Advances International Expansion • Adds to SmartCover’s predominantly U.S. presence, securing a global leadership position for sewer line monitoring • P
Slide 40: Beyond the Meter Transforms Episodic Hardware Sales into Ongoing Sales
Beyond the Meter Beyond the Meter Applications Transform Episodic Hardware Platform Growth Sales into Ongoing Sales Opportunities at More Frequent Intervals Illustrative example of Beyond the Meter sales potential for a 50,000-connection utility* 4,500 similarly-sized utilities in the U.S. AMI Hardw
Slide 41: Key Messages Reinforced…
Key Messages Reinforced… DD=double digit Beyond the Meter unlocks a large, early-stage opportunity with multi-decade upside Critical measurement needs create a wallet share expansion model within existing customers converting episodic hardware sales into recurring, high-quality growth New customer a
Slide 42: Unified Software Solutions
Unified Software Solutions Matt Stuyvenberg, EVP SaaS, Global Commercial and International Utility
Slide 43: Key Messages
Key Messages DD=double digit Hardware-enabled software model converts installed base into a compounding annuity model OneNetwork unifies data and accelerates adoption of Beyond the Meter solutions Badger Meter owns mission-critical utility workflows, not just the hardware or an analytics layer Hardw
Slide 44: Enhancing Replacement-Driven Model with High Margin Recurring Revenue
We Have Consistently Been Enhancing Our Replacement-Driven Model with High Margin, Hardware-Enabled, Recurring Revenue Revenue in Software Revenue ($M) Millions $ $175 2015 2020 2025 2030+ $150 $150 11- 12% Launched Innovative Cemented Cellular AMI as the Industry Gold Cellular AMI Standard for Wate
Slide 45: A Software Platform that Unifies Data from Across the Water Cycle
A Software Platform that Unifies Data from Across the Water Cycle into Actionable Insights that Support the Digital Transformation of Water Key Features • Interconnected ecosystem of hardware-enabled software, not just a collection of devices • Our investments in software support utilities’ shift fr
Slide 46: BEACON: Simplifying and Modernizing Meter Data Management
BEACON®: Simplifying and Modernizing Meter Data Management (MDM) BEACON: Value Proposition • Meter data is the economic engine of the Utility and BEACON is the system of record • Interfaces with Utility customer information system (CIS) and billing vendors creates closed-loop workflows • Hardware de
Slide 47: Cobalt: Leveraging AI for Faster, More Effective Decision-Making
Cobalt: Leveraging AI to Enable Faster, More Effective Decision-Making for Our Customers Serving as An Accelerant to Adoption Cobalt: Value Proposition • AI enables the processing of significant amounts of data quickly for improved actionability • AI sits above devices—but it cannot sit outside the
Slide 48: EyeOnWater: Connecting the Utility with the Consumer
EyeOnWater®: Connecting the Utility with the Consumer and Enabling Conservation at the Point of Use EyeOnWater: Value Proposition • Consumer engagement and conservation increasing in importance to utilities • Direct customer outreach and empowering consumer to view and manage their usage • Utility n
Slide 49: BEACON Field: Power of BEACON for Utility Field Service Personnel
BEACON® Field: Putting the Power of BEACON into the Hands of Utility Field Service Personnel BEACON Field: Value Proposition • Recently released module with strong initial demand • Map view for near-to-you device location and GPS updates • Easy detection of devices inclusive of alerts, tampers and l
Slide 50: OneNetwork: Unified Common Data Backend and Single Sign On
OneNetwork: Hardware/Sensors/Instruments Unified Through a Common Data Backend and Single Sign On (SSO) Supporting Multiple Customer Outcomes OneNetwork: Value Proposition • Hardware-enabled software bringing insights on network performance to water operators • Incorporates all Badger Meter sensors/
Slide 51: Hardware-Enabled Software Deepens our Competitive Moat
Hardware-Enabled Software Deepens our Competitive Moat, Even in the Age of Software Only-Offerings and Artificial Intelligence Network & Switching Costs Intangible Assets Proprietary Data Effects Continuous Intelligence must Internal development Hardware-enabled or device-level data compound within
Slide 52: Key Messages Reinforced…
Key Messages Reinforced… DD=double digit Hardware-enabled software model converts installed base into a compounding annuity model OneNetwork unifies data and accelerates adoption of Beyond the Meter solutions Badger Meter owns mission-critical utility workflows, not just the hardware or an analytics
Slide 53: Customer-Centric Panel Discussion
Customer-Centric Panel Discussion
Slide 54: Panel Introductions
Panel Introductions Panel Participants Moderator Eric Larson Trino Pedraza Joe DeVito Morrice Blackwell Senior Manager, Utility Solutions Regional Manager, Sales Senior Manager, Enterprise Solutions Senior Manager, Utility Solutions Eric joined Badger Meter in Trino joined Badger Meter in Joe joined
Slide 55: Financial Framework
Financial Framework Dan Weltzien, Chief Financial Officer and Treasurer
Slide 56: Key Messages
Multiple, enduring revenue drivers Key Messages HSD Organic underpinned by the digital Growth transformation of the water sector HSD = high single digit Financial model designed for long-term durability; profitable growth Capital intensity low relative to growth opportunities Strong history of cash
Slide 57: Longstanding Capital Allocation Framework Drives Growth and Capital Return
Longstanding Capital Allocation Framework Drives Growth and Enhances Capital Return R&D Strategic Internal Investment to support organic M&A Allocation Priorities growth and sustain core business Dividends/ Buybacks Return Cash to Shareholders growing the dividend annually in line with earnings and
Slide 58: Demonstrated Low Capital Intensity: Internal Investment
Demonstrated Low Capital Intensity Relative to Long-Term Growth Opportunities Internal Investment R&D Spend / % of Sales Capex Spend / % of Sales $25 $15 1.5% 2020-2025 Internal Investment 2.7% 2.3% 2.4% 1.7% 1.6% $20 Examples 2.9% 2.8% $10 2.1% $15 2.7% 1.3% 1.0% $10 • Ultrasonic meter portfolio de
Slide 59: Capital Allocation Framework Balances Growth with Capital Return
Capital Allocation Framework Balances Growth with Capital Return Return of Capital to Shareholders Dividends Dividends Annual Dividend Growth • Increase annually in line with earnings • 11% CAGR in annual dividend since 1992 Share Buybacks Share Buybacks • Flexible and Opportunistic – valuation driv
Slide 60: Strong Balance Sheet Supports Disciplined High-Return Acquisitions
Strong Balance Sheet and Free Cash Flow Conversion Supports Disciplined High-Return Inorganic Growth Acquisitions M&A Targeted Laneways Augment Digital Transformation of the Water Sector Additional Targeted Water ROW Smart Quality Water Parameters Expansion and Applications Further Sensor Software C
Slide 61: History Shows Durability of Long-Term Business Model Despite Quarterly Variability
History Shows Us the Demonstrated Durability of the Long-Term Business Model Despite Quarterly Variability Inherent in the Business 3-month YOY Sales Quarterly Sales in $M JEA, OUC, PCU, Galveston Rate of Change $250 Aurora & Columbia as first project cohort 50% significant Cellular AMI wins $225 40
Slide 62: Activity Funnel Provides Long-Term Revenue Visibility
At a High Level, the Activity Funnel Provides Long-Term Revenue Visibility Despite Short Term Variability • Know the end-of-life window for all utilities/attractive target lists managed End of Life/Regulatory • Consultant relationships/RFI activity Timing at 50K+ Utilities preview to upcoming projec
Slide 63: Confidence in Revenue Outlook for 2H 2026 and Beyond
Confidence in Revenue Outlook for the Second Half of 2026 and Beyond Shaped by Current Subset of Awarded Projects Primary Approximate Project BMI Scope # of Connections Funding Initial Indication of Award Deployment Summary Information for these Source Start Subset of Awards Federal PRASA Supply Onl
Slide 64: Multiple Laneways Support High Single Digit 5-Year Organic Revenue Growth Outlook
Multiple Laneways Support Badger Meter’s High Single Digit 5-Year Organic Revenue Growth Outlook $1.25 - $1.35B DD SaaS Growing Cellular AMI Growth installed base DD DD DD Beyond $917M the Meter Growing wallet share $74M Growth $93M . MSD MSD Meter ASP lift Customer Water Usage Cellular AMI adoption
Slide 65: Demonstrated Improvement in Gross Margins Over Time
Demonstrated Improvement in Gross Margins Over Time with Structural Mix and Other Drivers More Than Offsetting Macro-Related Cost Pressures Structural Mix Benefits 39-42% • Mechanical to Static metering Normalized • AMI Cellular endpoint adoption Range Margin • Beyond the Meter hardware Drivers • Sa
Slide 66: Financial Modeling Framework Built for High-Quality Returns Compounding
Financial Modeling Framework Built for High-Quality Returns Compounding 6-8% 39-42% 25-30% >100% 1.5-2.5X 10-15% Free Cash Net Debt to Revenue Gross EBITDA EPS Growth Flow EBITDA CAGR1 Margins Incrementals Conversion leverage ASP lift from Structural Mix Gross margin Earnings growth Capital allocati
Slide 67: Why Invest in Badger Meter?
Why Invest in Badger Meter? • Durable macro trends • Market leader with • Strong cash flow and • Differentiated Cellular • Values-driven support long-term expanding hardware- borrowing capacity AMI expertise • Customer-focused digitization enabled software • Early phases of organic • Positive struct
Slide 68: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 69: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 5 Year 2020 2021 2022 2023 2024 2025 CAGR Net sales $ 425,544 $ 505,198 $ 565,568 $ 703,592 $ 826,558 $ 916,663 16.6% Research & Development (R&D) Spend $ 11,600 $ 14,700 $ 15,800 $ 19,000 $ 19,200 $ 21,600 13.2% R&D Spend as a % of Net sales 2.7% 2.9% 2.8% 2.7% 2.3%