Slide 1: First Quarter 2025 Earnings Conference Call
First 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 ©2025 ITRON CONFIDENTIAL PROPRIETARY May 1, 2025
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 h
Slide 4: First Quarter 2025 Financial Summary
First Quarter 2025 Financial Summary » Revenue of $607 million » Adjusted EBITDA of $88 million » Non-GAAP diluted EPS of $1.52 » Free cash flow of $67 million ©2025 ITRON CONFIDENTIAL PROPRIETARY Q1 2025 Earnings Conference Call | 4
Slide 5: First Quarter 2025 Performance Highlights
First Quarter 2025 Performance Highlights » Strong margin expansion and earnings growth » Record quarterly gross profit and gross margin » Agile operations with regionally focused manufacturing and sales » Customer demand remains steady » Continued adoption of grid edge intelligence platform ©2025 I
Slide 6: Bookings and Backlog
Bookings and Backlog » Q1 2025 bookings of $530 million » Book to bill of 0.9 » Ending backlog of $4.7 billion - Chart in US$ billions ©2025 ITRON CONFIDENTIAL PROPRIETARY Q1 2025 Earnings Conference Call | 6
Slide 7: Consolidated GAAP Results: Q1 2025
Consolidated GAAP Results: Q1 2025 $ in millions (except per share amounts) Q1 2025 Q1 2024 Change Revenue $607.2 $603.4 1% Change in constant currency 1% Gross margin 35.8% 34.0% 180 bps Operating income $76.2 $62.8 21% Net income attributable to Itron, Inc. $65.5 $51.7 27% Earnings per share – dil
Slide 8: Consolidated Non-GAAP & Cash Results: Q1 2025
Consolidated Non-GAAP & Cash Results: Q1 2025 $ in millions (except per share amounts) Q1 2025 Q1 2024 Change Non-GAAP operating income $80.3 $67.3 19% Non-GAAP operating margin 13.2% 11.2% 200 bps Non-GAAP net income attributable to Itron, Inc. $70.1 $57.3 22% Adjusted EBITDA $87.9 $76.5 15% Adjust
Slide 9: Revenue Year-Over-Year Bridge: Q1 2025
Revenue Year-Over-Year Bridge: Q1 2025 +2% (1%) +14% +1% Chart in millions and includes rounding. Segment changes in constant currency. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q1 2025 Earnings Conference Call | 9
Slide 10: Non-GAAP EPS Year-Over-Year Bridge: Q1 2025
Non-GAAP EPS Year-Over-Year Bridge: Q1 2025 US$ per share Quarterly totals reflect actual currencies; all variances other than FX exclude currency impact. Chart includes rounding. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q1 2025 Earnings Conference Call | 10
Slide 11: Device Solutions Segment: Q1 2025
Device Solutions Segment: Q1 2025 Revenue, gross margin and operating margin $ in millions, actual currency Revenue decreased 1%, but increased 2% in constant currency » Increased smart water sales » Decreased legacy electricity products Gross margin increased 630 bps » Product mix » Record quarterl
Slide 12: Networked Solutions Segment: Q1 2025
Networked Solutions Segment: Q1 2025 Revenue, gross margin and operating margin $ in millions, actual currency Revenue decreased 1% » Timing of shipments and project deployments » Q1'24 includes catch-up of previously constrained revenue Gross margin decreased 20 bps » Product mix Operating margin i
Slide 13: Outcomes Segment: Q1 2025
Outcomes Segment: Q1 2025 Revenue, gross margin and operating margin $ in millions, actual currency Revenue increased 14% » Increased recurring revenue and software licenses Gross margin increased 410 bps » Higher margin revenue mix Operating margin increased 510 bps » Fall through of higher gross m
Slide 14: Debt and Liquidity Overview: March 31, 2025
Debt and Liquidity Overview: March 31, 2025 US$M Debt » Net leverage 0.4x at end of Q1 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 $67M in Q1 2025 » Cash and equivalents of $1,123M
Slide 15: Q2 2025 Current Outlook
Q2 2025 Current Outlook Revenue of $605 - $615 million » At the midpoint, roughly flat vs. Q2 2024 Non-GAAP diluted EPS of $1.30 - $1.40 » At the midpoint, up $0.14 or 12% vs. Q2 2024 Assumptions: » Euro/USD of $1.13 » Effective Non-GAAP tax rate of 24% » Trade policies as of mid April ©2025 ITRON C
Slide 16: Appendix
Appendix
Slide 17: FX Impact Summary
FX Impact Summary $ in Millions Average USD/Euro: $1.05 Q1 2025 vs $1.09 Q1 2024 YoY YoY Change Revenue Q1 2025 Change Excluding FX Device Solutions $ 125.9 (0.7)% 1.9 % Networked Solutions $ 402.7 (1.2)% (0.8)% Outcomes $ 78.5 13.6 % 14.1 % Total $ 607.2 0.6 % 1.5 % Non-GAAP EPS - diluted $ 1.52 $
Slide 18: 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 19: 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 March 31, 2025 2024 NON-GAAP OPERATING EXPENSES GAAP o
Slide 20: 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 March 31, 2025 2024 NON-GAAP NET INCOME & DILUTED EPS
Slide 21: 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 March 31, 2025 2024 ADJUSTED EBITDA GAAP net income at
Slide 22: 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 david.means@itron.com Thank You