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Badger Meter Fourth Quarter & Full Year 2025 Financial Results January 28, 2026 1
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Forward Looking Statements 2 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 differ materially from those statements. The words “anticipate,” “believe,” “estimate,” “expect,” “think,” “should,” “could” and “objective” or similar expressions are intended to identify forward looking statements. All such forward looking statements are based on the Company’s then current views and assumptions and involve risks and uncertainties. The Company’s results are subject to its ability to develop and manufacture technologically advanced products that are accepted by the market, supply chain risk, legal and regulatory risks, political and general economic risks, risks related to doing business in foreign countries, including foreign currency risk, competition for skilled employees, material and labor cost increases, competitive pricing and operating efficiencies, the effects of climate change, cybersecurity attacks and disruptions to our information technology and the successful integration of acquisitions. See the Company’s Form 10-K filed with the SEC for further information regarding risk factors, which are incorporated herein by reference. The Company disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason. In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this presentation also contains non-GAAP (“Base") measures. All Base measures referenced herein exclude the contribution of SmartCover. Reconciliations of these measures to the most comparable GAAP measures can be found in the supplemental reconciliation schedule attached.
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19.1% 20.0% 21.1% As Reported OP Margin FY 2024 As Reported OP Margin FY 2025 Base Operating Profit Margin FY 2025 FY Durable Demand For Smart Water Solutions in 2025 Drove Profitable Growth and Robust Cash Generation 3 • Q4 sales of $220.7M, +8% YoY; base1 sales of $208.9M; +2% YoY • Full year 2025 sales of $916.7M, +11% YoY; base sales of $877.0M, +6% YoY • Q4 operating profit margin +40 bps to 19.5%; base operating profit margin +140 bps to 20.5%. 200 bps FY 2025 base operating margin improvement reflective of higher volumes, structural mix and SEA leverage • EPS growth of 10% year-over-year to $1.14 in Q4; 13% FY 2025 EPS improvement • Record free cash flow of $170M in FY 2025, +19% YoY; FY 2025 FCF/earnings of 120% vs. 114% in 2024 © 2026 Badger Meter, Inc. 13% 10% 5% 8% 2% 3% 5% 5% 6% 0% 2% 4% 6% 8% 10% 12% 14% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 YOY Sales Growth Trend Base SmartCover 13% 13% 10% 8% 1. All adjusted metrics (“Base") referenced on this page are non-GAAP measures that exclude the c ontribution of SmartCover, acquired in January 2025. Please refer to the appendix for reconciliations of these non-GAAP measures to their most comparable GAAP measures. 19.1% 19.5% 20.5% As Reported OP Margin Q4 2024 As Reported OP Margin Q4 2025 Base Operating Profit Margin Q4 2025 Q4 +40 bps +90 bps
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Structural Sales Mix and Project Pacing Drove Profitability Expansion in Q4 2025 4 • Utility water sales grew 9% (2% ex Smart Cover), driven by ultrasonic meters, ORION® cellular, BEACON® SaaS, and water quality solutions. Fewer operating days and project pacing drove 6% sequential decline from Q3 to Q4 2025 • Flow instrumentation flat YoY with modest growth across water-focused end markets • Gross margins improved 180 bps on higher volumes, favorable sales mix and lower pass-through revenue associated with pacing of turnkey projects • SEA as a percent of sales increased 140 bps, inclusive of $1.6M of SmartCover intangible asset amortization • Robust quarterly free cash flow reflected both earnings growth and working capital differential YoY Q4 2025 Q4 2024 Change Sales $220.7 $205.2 7.6% Gross Margin 93.0 82.8 12.3% 42.1% 40.3% 180 bps SEA 49.9 43.5 14.7% 22.6% 21.2% 140 bps Op Income 43.0 39.2 9.7% 19.5% 19.1% 40 bps Income Tax Rate 24.8% 27.1% EBITDA 51.9 47.3 9.7% 23.5% 23.0% 50 bps EPS 1.14 1.04 9.6% Free Cash Flow $50.8 $47.4 7.2% (US$ in millions, except per share data) See appendix for reconciliation of GAAP to Non-GAAP measures © 2026 Badger Meter, Inc.
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5 PRASA 1 Award is One of the Largest AMI Projects in the World and the Largest Award in Badger Meter History © 2026 Badger Meter, Inc. 2021: Badger Meter and partners bid in PRASA RFP 2023-2024: Badger Meter participates in 1 of 2 competitive pilots for 1,000 ultrasonic meter connections and cellular AMI radio endpoints 2025: Project awarded based on pilot performance; Badger Meter solution selected 2H 2026: AMI project deployment expected to begin Multi-Year Planning Timeline Indicative of Scope, Scale & Complexity 1.6 million Connections 3-5 Years Deployment Supply Only Ultrasonic Meters, Cellular AMI, BEACON SaaS 1. PRASA = Puerto Rico Aqueduct and Sewer Authority AMI Project Scope
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2020 2021 2022 2023 2024 2025 6 Financial Results Continue Strong Track Record of Both Organic and Inorganic Growth $0 $10 $20 $30 $40 $50 $60 $70 $80 2020 2021 2022 2023 2024 2025 Revenue in Millions $ SaaS Revenue Growth1 $300 $400 $500 $600 $700 $800 $900 2020 2021 2022 2023 2024 2025 Revenue in Millions $ Consolidated Sales Growth 2020 2021 2022 2023 2024 2025 Reduced PWC IntensityImproved Operating Profit Margins 16.8% 15.6% 15.4% Net Working Capital as a % of Sales 19.1% 25.4% 23.9% 23.8% 20.8% © 2026 Badger Meter, Inc. 1. SaaS revenue growth and as a percentage of sales includes BEACON, SmartCover, and other software as a service. 20.0% 20.9% Full Year 2025 120% Free Cash Flow Conversion SaaS revenue1 8.0% of sales +90 bps Operating Margin 11% Sales Growth 16% Operating Profit Growth 15.3% 26.5%
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First Year of SmartCover Acquisition Validates Quality of Asset and Strengthens Network Monitoring Capabilities in Blue Edge 7 • SmartCover delivered $40 million of sales in 11 months, or +25% on an annualized basis • SmartCover profitability improved on higher sales volumes, focused cost management and expense leverage • Manufacturing operations successfully transferred from Escondido, CA to Racine, WI • On track to achieving earnings accretion in 2026 Attractive Market and Leading Technology • Kim Stoll to lead SmartCover organization effective January 1, accelerating integration with Badger Meter sales channel to drive municipal adoption of sewer and lift station monitoring through BlueEdge suite of solutions Laneways for Future Growth and Profitability © 2026 Badger Meter, Inc.
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8 • Innovation leader with expanding technology- enabled software offerings • Attractive bid funnel and opportunity pipeline • Growing, recurring SaaS revenue base Consistently Resilient Results • Durable macro trends support long-term smart water solution adoption • 85% replacement- driven base demand • Demonstrated benefits of efficiency, resiliency and sustainability Constructive Industry Backdrop • Strong cash flow and borrowing capacity • Organic and inorganic strategic growth investments • Dividend aristocrat Investing for Growth • Differentiated performance despite evolving macro- challenges • Positive structural sales mix and SEA leverage drive margins Differentiated Execution • Strong engagement • Values-driven • Customer-focused execution • Continuous improvement focus across enterprise Exceptional Team Outlook Continues to Support Long-Term Shareholder Value Creation with Favorable Demand and Industry Dynamics © 2026 Badger Meter, Inc.
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Questions Badger Meter Q1 2026 earnings are tentatively scheduled for April 16, 2026 Save the date for Badger Meter’s inaugural Investor Day on May 21, 2026 in New York City 9
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GAAP To Non-GAAP Reconciliations RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES TO GAAP PERFORMANCE MEASURES (in thousands, except share and earnings per share data) Three Months Ended December 31, SmartCover Twelve Months Ended December 31, 2025 (Unaudited) Base 2025 SmartCover (Unaudited) Base (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales $ 220,706 $ 11,834 $ 208,872 $ 916,663 $ 39,677 $ 876,986 Selling, engineering and administration Operating earnings (loss) Operating earnings as % of sales 49,938 43,049 5,133 291 44,805 42,758 198,649 183,421 19,424 (1,746) -4.4% 179,225 185,167 19.5% 2.5% 20.5% 20.0% 21.1% * SmartCover results are included from the date of acquisition of January 30, 2025 ** SmartCover amortization was $1.6 million for the three months ended December 31, 2025 and $5.8 million for the eleven mont hs ended December 31, 2025 and reported as part of Selling, engineering and administration expenses © 2025 Badger Meter, Inc. 1
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Q4 2025 Q4 2024 FY 2025 141.6 $ FY 2024 Net Earnings (GAAP) Interest income Income tax provision Depreciation $ 33.6 $ (1.6) 30.7 $ (2.9) 11.4 2.8 124.9 (8.6) 41.6 (5.1) 47.0 11.1 11.1 2.8 11.1 Amortization 6.0 5.3 23.5 21.1 EBITDA $ 51.9 $ 47.3 $ 218.1 $ 190.1 Q4 2025 Q4 2024 Cash from Ops (GAAP) Capital Expenditures Free Cash Flow $ $ 54.8 $ (4.0) 50.8 $ 52.1 (4.7) 47.4 FY 2025 FY 2024 155.0Cash from Ops (GAAP) Capital Expenditures Free Cash Flow $ $ 183.7 $ (14.0) 169.7 $ (12.8) 142.2 EBITDA (US$ in millions) Free Cash Flow (US$ in millions) © 2026 Badger Meter, Inc. 11 GAAP To Non-GAAP Reconciliations