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Badger MeterGeneral Investor Presentation*October 2026*See separate Q3 2026 Earnings Presentation © 2026 Badger Meter, Inc.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 this presentation certain non-GAAP financial measures may be used. Please see the supplemental financial schedules at the end of this presentation for a reconciliation to the appropriate GAAP measure.© 2026 Badger Meter, Inc.
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Long history of water technology leadership and advancementsBadger Meter Snapshot – Trusted Pure-Play Smart Water Solutions Provider 120+ Years of InnovationValued and trusted experts with integrated portfolio of hardware-enabled software solutions driving advanced insightsGlobal sales, manufacturing and technology-focused R&D centers to support customersPure Play WaterGlobal Presence$917M2025 Sales17%2020-2025 Growth CAGR$218M2025 EBITDA24%2025 EBITDA Margin120%2025 Free Cash Flow Conversion33%3-yr Avg ROIC3© 2026 Badger Meter, Inc.
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Mission-Driven and Values-Based CultureMetrics-Driven Continuous Improvement ExecutionValues and Metrics-Based Culture Supports Durable Business Outcomes and Customer Trust AAAMSCI ESG RatingInstalled Base in50+ Countries5R&D Centers>2,400 Employees120+Years of Operations GHG Emissions Intensity since 2020:< 55%4
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Comprehensive Solutions - BlueEdge®Longstanding Secular Trends Support Need for Comprehensive Solutions to Deliver Critical and Essential Water Outcomes Revenue and Capacity Labor & Other Efficiencies Water / GHG Reduction Compliance Demand Growth & Scarcity Workforce Churn & Retirements Aging Infrastructure Elevated Customer Experience Regulations, Quality & Safety Efficiency Secular Drivers Customer Outcomes Suite of tailorable solutions for the management of water encompassing metering, AMI/Software and Beyond the Meter applications © 2026 Badger Meter, Inc. 5
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Badger Meter Maintains a Leadership Position in the Increasingly Attractive Water Sector; Positioned to Defend and Grow ShareProprietary technologies with quality, reliability and resiliency advantagesValue of data and analytics continues to increase with number of connections deployed in the field Incumbency advantage shared by long-standing peers in a rational market Competitive Moat and Attractive Industry Fundamentals Competitive Moat and Attractive Industry FundamentalsRisk-averse customer base prefers incumbent providers, with platform changes infrequent absent strong references, proven performance and longstanding customer relationshipsDifferentiated Solutions•Differentiated technologies•Customer informed innovation•Proprietary data & analyticsCustomer Loyalty•Industry-leading, iconic brand •Superior customer experiences•Deep customer integration with high switching costs•Recurring and durable customer valueSwitching Costs Network & Data Effects Intangible Assets Efficient Scale 6© 2026 Badger Meter, Inc.
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Longstanding Capital Allocation Framework Drives Growth and Enhances Capital ReturnInternal Investment to support organic growth and sustain core businessReturn Cash to Shareholdersgrowing the dividend annually in line with earnings and opportunistic share repurchasesAccelerate acquisitionsthat align to strategy and return targets •Strong free cash flow, working capital management •No outstanding debt obligations and $68M of cash at September 30, 2026; $150M untapped revolver•$119M in share buybacks YTD 2026•August 2026 dividend increase of 10% marked 34 consecutive years of dividend increases.$Dividend Aristocrat7© 2026 Badger Meter, Inc.
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40.7%41.9%Q3 25 Q3 26 Third Quarter 2026 Results Improved Sequentially as Anticipated; Long-Term Demand Outlook Remains Intact 8 •Sales of $235.9M were consistent with prior year and increased 6% sequentially, as expected, due primarily to awarded utility projects commencing / ramping initial deployments. Excluding UDlive, sales declined 2% y-o-y.•Operating earnings increased 4% y-o-y to $47.7M, with operating profit margins of 20.2% versus 19.6% in Q3 2025. Base operating earnings increased 4% y-o-y, with Base operating profit margins of 20.9%.•Diluted EPS of $1.24, up from $1.19 in Q3 2025.•Quarterly free cash flow of $40.3 million.+120 bps© 2026 Badger Meter, Inc.Gross Margin13%8%-9%-7%0%-10%-5%0%5%10%15%Q3 25 Q4 25 Q1 26 Q2 26 Q3 26Year-Over-Year Sales Growth Trend 1Adjusted metrics (“Base”) are non-GAAP measures excluding the results of UDlive acquired May 1, 2026. See appendix for reconciliations of these GAAP to non-GAAP measures.19.6%20.2%Q3 25 Q3 26+60 bpsOperating Profit Margin
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Strong Gross Margin and Benefit of Cost Actions Drive Profitability Expansion 9 •Utility water sales flat to prior year Q3, excluding UDlive decreased 3%, due to uneven project pacing•Flow instrumentation sales improved 2% with growth in water-related markets •Gross margins improved 120 bps on favorable structural mix•SEA increased $1.3M y-o-y with addition of UDlive, including related intangible asset amortization, offset by tight spending controls and lower incentive compensation•Robust free cash flow; lower y-o-y on higher cash taxesSee appendix for reconciliation of GAAP to Non-GAAP measures© 2026 Badger Meter, Inc. (US$ in millions, except per share data)
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10 •Booth at ACE26 provided customers and consultants with relatable use case examples across the spectrum of water usage and “beyond the meter” applications•Featured both hardware and software advancements within our Network as a Service or “NaaS” solutions •ORION®Cellular E-SIM capabilities and “Lens” “through the lid” endpoints•EyeOnWater®Premium, BEACON®Field app and Cobalt®solutions •Stormwater and sewer line applications with broad solution portfolios from both SmartCover and now UDlive. AWWA’s ACE26 Tradeshow Reinforces Long Term Industry Fundamentals and Superior Competitive Positioning © 2026 Badger Meter, Inc.
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11 •May 2026 Investor Day underscored resilience of business model and long-term financial framework•Durable macro trends and competitive advantages•Long growth runway with multi-decade digitalization of the water sector•Growth-focused capital allocation framework•High single digit sales growth over the forward five-year horizon with 10-15% EPS growth and 100%+ free cash flow conversionRecent Investor Day Reaffirms Short- and Long-Term Financial Outlook In Delivering Critical and Essential Water Outcomes © 2026 Badger Meter, Inc. •2025 Sustainability Report highlights continued progress by offering solutions that enable customer outcomes thus growing our business, while also mitigating risks and reducing costs
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12 Launch of OneNetwork:•Creates a unified, real-time view of AMI, network monitoring, water quality and SCADA data•Enables utilities to identify issues and respond faster with alerts, advanced analytics and integrated workflows•Improves operational efficiency and decision making across water distribution and wastewater collection networks•Enhances the value of infrastructure investments while further connecting Badger Meter’s BlueEdge®portfolioOneNetwork Software Platform Launched at WEFTEC 2026; Customer ENGAGE Hosted in Milwaukee © 2026 Badger Meter, Inc.ENGAGE - Dynamic customer community designed to:•Foster collaboration and engagement among our customers•Provide a forum to discuss innovation, current and future issues faced and share use cases and lessons learned•Hosted in Milwaukee over the past 3 days, including nearly 70 current and prospective customers and distributors
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2025 Sustainability Report Highlights Power of Continuous Improvement Mindset Across the Organization•Solutions enabled an estimated 27 Billion gallons of water savings and reduced approximately 2.9 Million miles of truck rolls through improved network visibility and customer water usage efficiency.•Reduced our internal water usage intensity by another 11% with a 50% reduction since 2022.•Reduced regrettable turnover with focus on employee engagement; 95% survey participation rate•Expanded data collection and invested in robust tools to measure and track data•Recognized outcomes•Barron’s Top 100 Sustainable Companies•AAA rating- MSCI50%Water Use Intensity since 2022 90 bpsRegrettable Turnover Improvement 27BGallons Saved via AMI Solutions13© 2026 Badger Meter, Inc.
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Our Value Creation Process is Straightforward and is Supported by Our Competitive Advantages within an Attractive Water Sector • Durable macro trends support long-term digitization• Demonstrated outcomes drive adoption• Durable competitive advantages including Cellular AMI Constructive Industry Backdrop • Market leader with expanding hardware-enabled software offerings• Above market Cellular AMI adoption• Beyond the Meter extensions• Growing SaaS Long Growth Runway • Strong cash flow and borrowing capacity• Early phases of organic and inorganic strategic portfolio evolutionGrowth-Focused Investments • Differentiated Cellular AMI expertise• Positive structural sales mix and SEA leverage drive marginsDifferentiated Execution • Values-driven • Customer-focused execution• Continuous improvement focus across enterpriseExceptional Team 14© 2026 Badger Meter, Inc.
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Background Information 15
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19051930’s-60s1970s1980s-2000s2010-20142015-20192020-20212022-20242025-2026Badger Meter Delivers on More Than a Century of Smart Water Innovation 16© 2026 Badger Meter, Inc. Two Milwaukee entrepreneurs developed first “frost-proof” water meter for use in the frigid northern US climate•Listed on the American Stock Exchange.•Launched trademarked “flowing B” symbol.•Formed Badger Meter Europe GmbH in Germany •Established Nogales, Mexico facility•Launched first Drive-By AMR radio endpoints •Extensive expansion into industrial flow technologies and markets•Opened Czech Republic Facility•Launched advanced metering infrastructure (AMI)•Survived great depression•Assisted war effort manufacturing bomb fuses•Moved to current Brown Deer facility•Split off foundry business •Acquired Racine Federated, broadening industrial flow measurement applications•2013 Acquired AquaCue to advance smart water offerings -cellular radio and BEACON software expertise•Acquired s::can and ATi, leaders in real-time water quality monitoring utilizing optical and electrochemical sensing•Acquired Syrinix and Telog/Unity – further expanding hardware-enabled software technology•Acquired D-Flow bringing advanced ultrasonics expertise•Innovating cellular offerings with LTE-M technology•BEACON and EyeOnWaterconsumer app •Acquired SmartCoverand UDlive, leaders in sewer and lift station monitoring •Launched BlueEdge - suite of tailorable solutions that integrate water technology, software and services for the management of water
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Supporting Customers from Our Global Manufacturing and Innovation Footprint 17© 2026 Badger Meter, Inc.Los Gatos, CA –Data, Software and AnalyticsManufacturing FacilitiesNeuffen, GermanyNogalesMexicoBrno, Czech RepublicInnovation / R&D CentersTulsa, OKBern, SwitzerlandRacine, WIMILWAUKEE - HQLulea, Sweden – Ultrasonic technology developmentMilwaukee, WI – Communication technologies, advanced metering development Vienna, Austria – Optical water quality sensingVienna, AustriaCollegeville, PAAlso operate four US distribution centers and a variety of global sales offices Ultrasonics: Lulea, SwedenMilwaukee, WI, USA Water Quality: Vienna, AustriaPhiladelphia, PA, USA Cellular / IoT: Milwaukee, WI, USA Software: Los Gatos, CA, USAMilwaukee, WI USAHethel, UK ManchesterUKEscondido, CASewer line monitoringMelbourne, FLAlton, UK – Sewer line monitoring
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BlueEdge by Badger Meter – Simplifying Customer Path to End-to-End Solution Offerings 18 •“Umbrella” name for suite of tailorable solutions that integrate water technology, software and services for the management of water•BlueEdge is customizable to address applications across the water cycle•Grow with utility / other customers on their technology journey – from select to potentially all elements over time based on size/readiness•Also serves as strategic “lens” for R&D and acquisition growth investments•BlueEdge is not a “product”, a PO line item or a “segment” – it is a framework by which we simplify our breadth of solutions Satellite © 2026 Badger Meter, Inc.
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AMI Adoption Accelerating with Business Case for Utilities Well Understood; Timing Aligned to Meter Replacement Cycle Bringing Higher ASP Opportunity 19© 2026 Badger Meter, Inc.•Reduce non-revenue water (NRW)•Mechanical meters lose some accuracy over time•Continuous flow / leak detection – in network and homes•Lower operating cost / improve efficiencies•Reduced truck rolls - move in/out reads and billings•Flow shut-off/restriction technology – labor to turn off and on water services•Encourage conservation•Manage what you measure•Leak avoidance / fix•Meters•Static (E-series ultrasonic) holds accuracy over life; residential and commercial sizes•Radio Endpoints•Efficient and safe - remote reads•Data and analytics – more data, more often•Cellular – infrastructure-free for utilities; flexible and resilient•Software•Leak identification / detection•EyeOnWater for consumer engagementThe Business CaseWhy are utilities willing to pay more?The SolutionsHow our leading technologies deliverMETER WITH CELLULAR RADIOS/SOFTWARE~$250 per SystemMANUAL READ MECHANICAL METER WITH REGISTER~$70
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Badger Meter Enjoys a Strong Market Position in North American AMI Adoption; Customer Diversity with Tailorable and Differentiated Offerings 20© 2026 Badger Meter, Inc.•Brass and polymer•Mechanical and static (ultrasonic)•Drive by, fixed and cellular radio technologyBroadest Range of Offerings –Choice Matters•ORION Cellular – leverages existing infrastructure, flexible, secure, broad coverage•SaaS with BEACON/EyeOnWater – actionable data for utility and homeownerTechnology Leadership•Ultrasonic expertise•Remote actuating flow restriction valve •Real-time water quality sensing – optical and electrochemical•Network monitoring – RTUs, high frequency pressure, acoustic leak detectionInnovation•Strong brand preference – long term relationships / loyalty•Channel coverage - regional service center and local distribution to cover smaller utilities•Highly trained Solution Architects, customer care and field technology supportHigh Service Levels and Customer Support•Highly accurate and quality products / low warranty•Exceptional battery life•Leverage existing cellular technology networkLow Lifecycle Costs>50K Water Utilities in USUtility Size and their Share of Meter connectionsSmall 45,000+20%Mid 4,00035%Large 40045%AMI “Choice Matters” Differentiation
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Badger Meter Is the Undisputed Leader in Cellular Communication with Millions of Endpoints Deployed; Provides Myriad of Benefits to Utilities 21Cellular Network as a Service (NaaS)•Easy•Flexible•Resilient•Secure•Sustainable © 2026 Badger Meter, Inc.
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Key Growth Strategies for Utility Smart Water 22© 2026 Badger Meter, Inc. •Maintain leading position in the North American smart water market through continued development of leading-edge offerings•AMI adoption rate only at ~40% of connections•Leverage natural meter replacement cycle to upgrade customers (no radio or AMR to AMI)•Leverage addition of real-time water quality monitoring, high frequency pressure & network monitoring and other system health parameters into actionable data to improve utility operations•Augment software, including consumer engagement technology, for optimized customer solution•Penetrate and grow select international markets (e.g. Middle East, UK) with fit-for-market solutions
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Key Growth Strategies for Flow Instrumentation 23© 2026 Badger Meter, Inc. •Expand niche share by targeting water-related applications, predominately •Building Automation/HVAC/Sustainability•Wastewater treatment and distribution•Leverage addition of real-time water quality monitoring for industrial process and discharge water•Penetrate international markets where both smart water and industrial applications exist
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Strategic M&A is an Enabler to Expand Offerings and Accelerate Growth 24© 2026 Badger Meter, Inc. PriceLocationTypeCompanyYearUtility Water Instrumentation and Connectivity:$100MUKSewer line monitoring UDlive2026$185MUSWater collection system monitoringSmartCover2025$3MUSRTUs and softwareTelog / Unity2024$18MUKPressure monitoringSyrinix, Ltd.2023$44MUSA / UKWater quality monitoringAnalytical Technology, Inc2021$31MVienna, AustriaWater quality monitorings::can2020$8MTampa, FLDistributorInnovative Metering Solutions2018$6MWilmington, NCDistributorCarolina Meter2017$23MLulea, SwedenUltrasonic Technology/R&DD-Flow2017$3MSmyrna, TNDistributorUnited Utilities2015$23MDenver, CODistributorNational Meter2014$14MLos Gatos, CASoftware/cellular technology/R&DAquacue2013Flow and Industrial Instrumentation:$57MRacine, WITechnology/ManufacturingRacine Federated2012$5MBern, SwitzerlandTechnology/ManufacturingRemag2011$8MScottsdale, AZTechnology/ManufacturingCox Instruments2010 •Hardware-enabled software and technology solutions that can be leveraged across both utility and flow instrumentation markets•Collection system (sewer line and lift station) monitoring•Water quality monitoring•Leak detection, conservation•Software enhancements - SaaS•Utility operations•Network monitoring•Consumer portals•International penetration© 2026 Badger Meter, Inc.
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Attractive Financial Trends Showcase Execution of Strategy 25© 2026 Badger Meter, Inc. •Sales growth driven primarily by smart water solution adoption•AMI, Cellular communications and SaaS•Beyond the Meter - water quality, pressure, collection system and network monitoring•Margins driven predominately by favorable sales mix, volume and long-term price/cost•SEA investments for growth; expense control with leverage improvement•Robust cash flow generation with working capital management; conversion above 100%•Ample balance sheet flexibility202020212022202320242025Sales $425.5 $505.2 $565.6 $703.6 $826.6 $916.7Op Income 65.2 78.7 87.3 118.0 157.9 183.415.3% 15.6% 15.4% 16.8% 19.1% 20.0%EBITDA 90.2 106.5 113.4 146.0 190.1 218.121.2% 21.1% 20.0% 20.8% 23.0% 23.8%EPS 1.69 2.08 2.26 3.14 4.23 4.79Free Cash Flow $80.5 $80.8 $76.6 $98.1 $142.2 $169.7FCF Conversion163% 133% 115% 106% 114% 120%(US$ in millions, except per share data) See appendix for reconciliation of GAAP to Non-GAAP measures
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Appendix 26
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GAAP To Non-GAAP Reconciliations 27© 2026 Badger Meter, Inc. Adjusted “Base” Results* UDlive results are included from the date of acquisition of May 1, 2026** UDlive amortization was $1.2M and $2.0 million for the three and nine months ended September 30, 2026, respectively, and reported as part of selling, engineering and administration expense*** UDlive results include $0.5 million and $0.7 million for the three and nine months ended September 30, 2026, respectively, of inventory step-up amortization associated with acquisition accounting.(US$ in millions; results unaudited) 2026 UDlive Base 2026 UDlive BaseNet sales 235.9$ 5.6$ 230.3$ 660.5$ 7.7$ 652.9$ Selling, engineering and administration 51.1 2.3 48.8 151.7 4.1 147.6Operating earnings (loss) 47.7 (0.3) 48.0 122.3 (1.5) 123.8Operating margin %20.2% 20.9% 18.5% 19.0%Three Months Ended September 30, Nine Months Ended September 30,
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GAAP To Non-GAAP Reconciliations 28© 2026 Badger Meter, Inc. EBITDA(US$ in millions) Free Cash Flow(US$ in millions) Q3 2026Q3 2025Cash from Ops (GAAP)$43.3 $51.3Capital Expenditures (3.0)(3.1)Free Cash Flow $40.3 $48.2YTD 2026YTD 2025Cash from Ops (GAAP)$103.9 $128.9Capital Expenditures (12.3)(10.0)Free Cash Flow $91.6 $118.9Q3 2026Q3 2025YTD 2026YTD 2025Net Earnings (GAAP) $35.9 $35.1 $93.0 $108.1Interest income (0.2) (1.3) (1.6) (3.6)Income tax provision 12.1 12.4 31.0 35.9Depreciation 2.6 2.6 8.3 8.3Amortization 7.66.020.817.5EBITDA $58.0 $54.8 $151.5 $166.2