Badger Meter, Inc. · NYSE:BMI
Badger Meter — Q1 2026 Earnings Presentation
11 slides from Badger Meter's earnings presentation, Apr 17, 2026
Slide 1: First Quarter 2026 Financial Results
Badger Meter First Quarter 2026 Financial Results April 17, 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: First Quarter 2026 Results Influenced by Project Pacing and Lower Short-Cycle Order Rates
First Quarter 2026 Results Influenced by Project Pacing and Lower Short- Cycle Order Rates; Long-Term Demand Outlook Remains Intact YOY Sales Growth Trend 15% • Sales of $202.3M declined 9% YoY reflecting project pacing and weaker short-cycle municipal order rates. 10% 13% 13% • Operating margin of
Slide 4: Project Pacing Dynamics Represent a Significant Contributor to First Quarter Revenue Outcome
Project Pacing Dynamics Represent a Significant Contributor to First Quarter Revenue Outcome Customer State BMI Scope # of Connections Historical Revenue Profile of Cohort Jacksonville Energy Florida Supply Only 450K (Four Actual Projects, ~800K Connections) Authority (JEA) Peak Orlando Utility Flor
Slide 5: Subset of Awarded Projects That Inform 2026 and Beyond Revenue Outlook
Subset of Awarded Projects That Inform 2026 and Beyond Revenue Outlook Primary Initial Indication Approximate Project BMI Scope # of Connections Funding of Award Deployment Start Source Federal Strength of ORION® Cellular AMI PRASA Supply Only 1.6M Q2 2025 2H’26 (FEMA) Solution Illustrated By: Late
Slide 6: Strong Gross Margin and Cash Flow Persist Amidst Lower Sales in Q1 2026
Strong Gross Margin and Cash Flow Persist Amidst Lower Sales in Q1 2026 • Utility water sales decreased 10%, driven by (US$ in millions, except per share data) Q1 2026 Q1 2025 Change project pacing and slower short-cycle order rates Sales $202.3 $222.2 -9.0% • Flow instrumentation sales decreased 4%
Slide 7: UDlive is a UK Leader in Sewer Line Monitoring Solutions
UDlive is a UK Leader in Sewer Line Monitoring Solutions Snapshot • Founded in 2017 in the UK • Leadership position in sewer line monitoring in the UK with ~60% share • 90% competitive tender success rate • Utility demand for collection and stormwater management driven by increasing frequency of ext
Slide 8: Combination of SmartCover and UDlive Creates Global Leader in Sewer Line Monitoring
Combination of SmartCover and UDlive Creates Global Leader in Sewer Line Monitoring Advances BMI Strategy for Targeted International Expansion • Adds to SmartCover’s predominately U.S. presence, securing a global leadership position for sewer line monitoring • Provides additional growth lever for Bl
Slide 9: Outlook Continues to Support Long-Term Shareholder Value Creation
Outlook Continues to Support Long-Term Shareholder Value Creation with Favorable Demand and Industry Dynamics • Innovation leader with • Durable macro trends • Strong cash flow and • Differentiated • Strong engagement expanding technology- support long-term borrowing capacity performance despite • V
Slide 10: Questions
Questions Please register for the webcast of Badger Meter’s Investor Day on May 21, 2026. For your planning purposes, Badger Meter Q2 2026 earnings are tentatively scheduled for July 22, 2026 10
Slide 11: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations EBITDA (US$ in millions) Free Cash Flow (US$ in millions) Q1 2026 Q1 2025 Q1 2026 Q1 2025 Net Earnings (GAAP) $27.3 $38.4 Cash from Ops (GAAP) $33.9 $33.0 Interest income (1.1) (1.3) Capital Expenditures (4.4) (3.0) Income tax provision 9.0 12.4 Free Cash Flow $29.5