Slide 1: Fourth Quarter 2025 Earnings Conference Call
Fourth Quarter 2025 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 February 17, 2026
Slide 2: Conference Call Agenda
Conference Call Agenda • CEO – Business and Operations Update • CFO – Financial Results and 2026 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 h
Slide 4: Fourth Quarter and Full Year 2025 Financial Summary
Fourth Quarter and Full Year 2025 Financial Summary » Q4 revenue of $572 million and FY revenue of $2.4 billion » Q4 adjusted EBITDA of $99 million and FY adjusted EBITDA of $374 million » Q4 non-GAAP diluted EPS of $2.46 and FY non-GAAP diluted EPS of $7.13 » Q4 free cash flow of $112 million and F
Slide 5: Fourth Quarter 2025 Performance Highlights
Fourth Quarter 2025 Performance Highlights » Grid Edge Intelligence adoption supports strong financial results » Outcomes segment achieved a record $112M revenue with 23% growth Y/Y » Quarterly and annual company records set for earnings and cash generation » New segment, Resiliency Solutions, to in
Slide 6: Bookings and Backlog
Bookings and Backlog » Q4 2025 bookings of $0.7 billion » Q4 Book to bill of 1.29 » TTM book to bill of 0.89 » Ending backlog of $4.5 billion Chart in US$ billions ©2026 ITRON CONFIDENTIAL PROPRIETARY Q4 2025 Earnings Conference Call | 6
Slide 7: Resiliency Solutions Platform Strategy
RESILIENCY SOLUTIONS PLATFORM STRATEGY Asset Lifecycle ©2026 ITRON CONFIDENTIAL PROPRIETARY Q4 2025 Earnings Conference Call | 7
Slide 8: Consolidated GAAP Results: Q4 2025
Consolidated GAAP Results: Q4 2025 $ in millions (except per share amounts) Q4 2025 Q4 2024 Change Revenue $571.7 $612.9 (7%) Change in constant currency (8%) Gross margin 40.5% 34.9% 560 bps Operating income $78.7 $62.7 25% Net income attributable to Itron, Inc. $101.6 $58.1 75% Earnings per share
Slide 9: Consolidated Non-GAAP & Cash Results: Q4 2025
Consolidated Non-GAAP & Cash Results: Q4 2025 $ in millions (except per share amounts) Q4 2025 Q4 2024 Change Adjusted gross profit $232.8 $213.9 9% Adjusted gross margin 40.7% 34.9% 580 bps Non-GAAP operating income $90.6 $70.6 28% Non-GAAP operating margin 15.9% 11.5% 440 bps Non-GAAP net income a
Slide 10: Revenue Year-Over-Year Bridge: Q4 2025
Revenue Year-Over-Year Bridge: Q4 2025 (7%) (15%) +22% N/A (7%) Chart in millions and includes rounding. Segment changes in constant currency. ©2026 ITRON CONFIDENTIAL PROPRIETARY Q4 2025 Earnings Conference Call | 10
Slide 11: Non-GAAP EPS Year-Over-Year Bridge: Q4 2025
Non-GAAP EPS Year-Over-Year Bridge: Q4 2025 US$ per share FX & Other includes total FX variance, noncontrolling interest, share count, and rounding. ©2026 ITRON CONFIDENTIAL PROPRIETARY Q4 2025 Earnings Conference Call | 11
Slide 12: Device Solutions Segment: Q4 2025
Device Solutions Segment: Q4 2025 Revenue, Adj Gross Margin, and Adj Operating Margin $ in millions, actual currency Revenue decreased 3% and 7% in constant currency » Decreased legacy EMEA electricity products » Decreased NAM project deployments Adj gross margin increased 780 bps » Favorable custom
Slide 13: Networked Solutions Segment: Q4 2025
Networked Solutions Segment: Q4 2025 Revenue, Adj Gross Margin, and Adj Operating Margin $ in millions, actual currency Revenue decreased 15% » Timing of project deployments Adj gross margin increased 690 bps » Favorable customer and product mix Adj operating margin increased 620 bps » Fall through
Slide 14: Outcomes Segment: Q4 2025
Outcomes Segment: Q4 2025 Revenue, Adj Gross Margin, and Adj Operating Margin $ in millions, actual currency Revenue increased 23% and 22% in constant currency » Increase in delivery services and recurring revenue » Record quarterly revenue Adj gross margin decreased 230 bps » Decreased software lic
Slide 15: Resiliency Solutions Segment: Q4 2025
Resiliency Solutions Segment: Q4 2025 Revenue, Adj Gross Margin, and Adj Operating Margin $ in millions, actual currency » Includes Urbint results from November 3, 2025 » Locusview acquisition closed January 2026 ▪ Will be included in segment results beginning Q1 2026 ©2026 ITRON CONFIDENTIAL PROPRI
Slide 16: Full Year 2025 Summary
Full Year 2025 Summary Revenue Year-Over-Year Bridge 1 (8%) (6%) +14% N/A (3%) » Revenue of $2.37B down 3% from 2024 » Bookings of $2.1B » Gross margin of 37.7% * » Adj EBITDA of $374M * » Non-GAAP EPS of $7.13 * Non-GAAP EPS Year-Over-Year Bridge 2 » Free cash flow of $383M * * Annual records 1. Ch
Slide 17: Debt and Liquidity Overview: December 31, 2025
Debt and Liquidity Overview: December 31, 2025 US$M Debt » Net leverage 0.7x at the end of Q4 2025 » $460M 0% interest convertible notes, 2026 maturity » $805M 1.375% interest convertible notes, 2030 maturity Free Cash Flow and Liquidity » Free cash flow of $112M in Q4 2025 » Cash and equivalents of
Slide 18: 2026 Current Outlook
2026 Current Outlook Revenue of $2.35 - $2.45 billion » At the midpoint, up $33M or 1% vs. 2025 Non-GAAP diluted EPS of $5.75 - $6.25 » At the midpoint, down $1.13 or 16% vs. 2025 (lower 12% tax rate in 2025) » Normalized at 22% tax rate for both years, down $0.32 or 5% at the midpoint » Urbint and
Slide 19: Q1 2026 Current Outlook
Q1 2026 Current Outlook Revenue of $565 - $575 million » At the midpoint, down $37M or 6% vs. Q1 2025 Non-GAAP diluted EPS of $1.20 - $1.30 » At the midpoint, down $0.27 or 18% vs. Q1 2025 » Urbint and Locusview acquisitions drive ~$0.13 EPS reduction, due to lower interest income Assumptions: » Eur
Slide 20: Appendix
Appendix
Slide 21: Consolidated GAAP Results: FY 2025
Consolidated GAAP Results: FY 2025 $ in millions (except per share amounts) FY 2025 FY 2024 Change Revenue $2,367.2 $2,440.8 (3%) Growth in constant currency (3%) Gross margin 37.7% 34.4% 330 bps Operating income $313.1 $264.1 19% Net income attributable to Itron, Inc. $301.1 $239.1 26% Earnings per
Slide 22: Consolidated Non-GAAP & Cash Results: FY 2025
Consolidated Non-GAAP & Cash Results: FY 2025 $ in millions (except per share amounts) FY 2025 FY 2024 Change Adjusted gross profit $893.2 $839.3 6% Adjusted gross margin 37.7% 34.4% 330 bps Non-GAAP operating income $342.4 $285.9 20% Non-GAAP operating margin 14.5% 11.7% 280 bps Non-GAAP net income
Slide 23: Device Solutions Segment: FY 2025
Device Solutions Segment: FY 2025 Revenue, Adj Gross Margin, and Adj Operating Margin $ in Millions, actual currency Revenue decreased 6% and 8% in constant currency » Decreased legacy EMEA electricity products » Partially offset by growth in smart water sales Adj gross margin increased 530 bps » Fa
Slide 24: Networked Solutions Segment: FY 2025
Networked Solutions Segment: FY 2025 Revenue, Adj Gross Margin, and Adj Operating Margin $ in Millions, actual currency Revenue decreased 6% » H1'24 includes catch-up of previously constrained revenue » Timing of project deployments Adj gross margin increased 290 bps » Favorable customer and product
Slide 25: Outcomes Segment: FY 2025
Outcomes Segment: FY 2025 Revenue, Adj Gross Margin, and Adj Operating Margin $ in Millions, actual currency Revenue increased 15% and 14% in constant currency » Increase in delivery services and recurring revenue » Record annual revenue Adj gross margin increased 210 bps » Higher margin revenue mix
Slide 26: FX Impact Summary
FX Impact Summary $ in Millions Average USD/Euro: Average USD/Euro: $1.16 Q4 2025 vs $1.07 Q4 2024 $1.13 FY 2025 vs $1.08 FY 2024 YoY YoY Change YoY YoY Change Revenue Q4 2025 Revenue FY 2025 Change Excluding Change Excluding FX FX Device Solutions $ 104.8 (3.4%) (7.2%) Device Solutions $ 447.1 (6.2
Slide 27: 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 28: 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 TOTAL COMPANY RECONCILIATIONS Three Months Ended December 31, Twelve Months Ended December 31, (Unaudited, in thousands, except per share data) 2025 202
Slide 29: 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 TOTAL COMPANY RECONCILIATIONS Three Months Ended December 31, Twelve Months Ended December 31, (Unaudited, in thousands, except per share data) 2025 202
Slide 30: 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 TOTAL COMPANY RECONCILIATIONS Three Months Ended December 31, Twelve Months Ended December 31, (Unaudited, in thousands, except per share data) 2025 202
Slide 31: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations TOTAL COMPANY RECONCILIATIONS Three Months Ended December 31, 2025 Device Networked Resiliency Segments (Unaudited, in thousands) Solutions Solutions Outcomes Solutions Subtotal Total revenues $ 104,828 $ 351,953 $ 111,827 $ 3,049 $ 571,657 Total cost of revenues 68,
Slide 32: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations TOTAL COMPANY RECONCILIATIONS Year Ended December 31, 2025 Device Networked Resiliency Segments (Unaudited, in thousands) Solutions Solutions Outcomes Solutions Subtotal Total revenues $ 447,081 $ 1,557,321 $ 359,743 $ 3,049 $ 2,367,194 Total cost of revenues 307,682
Slide 33: Thank You
INVESTOR RELATIONS CONTACTS Paul Vincent Vice President, Investor Relations 512-560-1172 paul.vincent@itron.com David Means Director, Investor Relations 737-242-8448 Thank You david.means@itron.com