Slide 1: First Quarter 2026 Earnings Conference Call
First Quarter 2026 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 April 28, 2026
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 2026 Financial Summary
First Quarter 2026 Financial Summary » Revenue of $587 million » Adjusted EBITDA of $92 million » Non-GAAP diluted EPS of $1.49 » Free cash flow of $79 million ©2026 ITRON CONFIDENTIAL PROPRIETARY Q1 2026 Earnings Conference Call | 4
Slide 5: First Quarter 2026 Performance Highlights
First Quarter 2026 Performance Highlights » Revenue ahead of expectations due to H1 project timing » Outcomes YoY growth of 22% » 28% YoY ARR growth » Resiliency Solutions integration tracking well ©2026 ITRON CONFIDENTIAL PROPRIETARY Q1 2026 Earnings Conference Call | 5
Slide 6: Bookings and Backlog
Bookings and Backlog » Q1 2026 bookings of $476 million » Book to bill of 0.81 » TTM book to bill of 0.87 » Ending backlog of $4.4 billion Chart in US$ billions ©2026 ITRON CONFIDENTIAL PROPRIETARY Q1 2026 Earnings Conference Call | 6
Slide 7: Consolidated GAAP Results: Q1 2026
Consolidated GAAP Results: Q1 2026 $ in millions (except per share amounts) Q1 2026 Q1 2025 Change Revenue $587.0 $607.2 (3)% Change in constant currency (6)% Gross margin 40.3% 35.8% 450 bps Operating income $67.6 $76.2 (11)% Net income attributable to Itron, Inc. $53.5 $65.5 (18)% Earnings per sha
Slide 8: Consolidated Non-GAAP & Cash Results: Q1 2026
Consolidated Non-GAAP & Cash Results: Q1 2026 $ in millions (except per share amounts) Q1 2026 Q1 2025 Change Adjusted gross profit $238.8 $217.2 10% Adjusted gross margin 40.7% 35.8% 490 bps Non-GAAP operating income $84.5 $80.3 5% Non-GAAP operating margin 14.4% 13.2% 120 bps Non-GAAP net income a
Slide 9: Revenue Year-Over-Year Bridge: Q1 2026
Revenue Year-Over-Year Bridge: Q1 2026 (9)% (14%) +20% N/A (3)% Chart in millions and includes rounding. Segment changes in constant currency. ©2026 ITRON CONFIDENTIAL PROPRIETARY Q1 2026 Earnings Conference Call | 9
Slide 10: Non-GAAP EPS Year-Over-Year Bridge: Q1 2026
Non-GAAP EPS Year-Over-Year Bridge: Q1 2026 US$ per share *FX and Other includes total FX variance, share count, and other ©2026 ITRON CONFIDENTIAL PROPRIETARY Q1 2026 Earnings Conference Call | 10
Slide 11: Device Solutions Segment: Q1 2026
Device Solutions Segment: Q1 2026 Revenue, Adj Gross Margin, and Adj Operating Margin $ in millions, actual currency Revenue decreased 1% and 9% in constant currency » Decreased legacy EMEA electricity products » Decreased NAM project deployments Adj gross margin increased 540 bps » Favorable custom
Slide 12: Networked Solutions Segment: Q1 2026
Networked Solutions Segment: Q1 2026 Revenue, Adj Gross Margin, and Adj Operating Margin $ in millions, actual currency Revenue decreased 13% and 14% in constant currency » Timing of project deployments Adj gross margin increased 390 bps » Favorable customer mix » Operational efficiencies Adj operat
Slide 13: Outcomes Segment: Q1 2026
Outcomes Segment: Q1 2026 Revenue, Adj Gross Margin, and Adj Operating Margin $ in millions, actual currency Revenue increased 22% and 20% in constant currency » Increased recurring and services revenue Adj gross margin increased 250 bps » Higher margin revenue mix Adj operating margin increased 510
Slide 14: Resiliency Solutions Segment: Q1 2026
Resiliency Solutions Segment: Q1 2026 Revenue, Adj Gross Margin, and Adj Operating Margin $ in millions, actual currency Revenue was $16 million Adj gross margin was 73.0% Adj operating margin was 27.0% New segment as of 12/31/2025 » Includes Urbint and Locusview » Locusview acquisition closed Janua
Slide 15: Debt and Liquidity Overview: March 31, 2026
Debt and Liquidity Overview: March 31, 2026 US$M Debt » Net leverage 2.4x as of 3/31/26 » $805M 0% interest convertible notes, 2032 maturity » $805M 1.375% interest convertible notes, 2030 maturity Free Cash Flow and Liquidity » Free cash flow of $79M in Q1 2026 » Cash and equivalents of $713M » $75
Slide 16: Current Outlook: Q2 2026
Current Outlook: Q2 2026 Revenue of $560 - $570 million » At the midpoint, down $42M or 7% vs. Q2 2025 Non-GAAP diluted EPS of $1.25 - $1.35 » At the midpoint, down $0.32 or 20% vs. Q2 2025 » Normalized for tax rate and interest income, down ~8% at the midpoint Assumptions: » Euro/USD of $1.16 » Eff
Slide 17: Appendix
Appendix
Slide 18: FX Impact Summary
FX Impact Summary $ in Millions Average USD/Euro: $1.17 Q1 2026 vs $1.05 Q1 2025 YoY YoY Change Revenue Q1 2026 Change Excluding FX Device Solutions $ 124.4 (1.2)% (9.2)% Networked Solutions $ 350.7 (12.9)% (13.5)% Outcomes $ 95.9 22.1 % 20.4 % Resiliency Solutions $ 16.0 N/A N/A Total $ 587.0 (3.3)
Slide 19: Resiliency Solutions Platform Strategy
RESILIENCY SOLUTIONS PLATFORM STRATEGY Asset Lifecycle ©2026 ITRON CONFIDENTIAL PROPRIETARY Q1 2026 Earnings Conference Call | 19
Slide 20: 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 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, 2026 2025 NON-GAAP OPERATING EXPENSES GAAP o
Slide 22: 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, 2026 2025 NON-GAAP NET INCOME & DILUTED EPS
Slide 23: 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, 2026 2025 ADJUSTED EBITDA GAAP net income at
Slide 24: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations TOTAL COMPANY RECONCILIATIONS Three Months Ended March 31, 2026 Device Networked Resiliency Segments (Unaudited, in thousands) Solutions Solutions Outcomes Solutions Subtotal Total revenues $ 124,377 $ 350,663 $ 95,910 $ 16,032 $ 586,982 Total cost of revenues 80,358