ITRI Investor presentation

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©2025 ITRON CONFIDENTIAL PROPRIETARY 2 ©2026 ITRON CONFIDENTIAL PROPRIETARY 2 Forward Looking Statements Itron Investor Presentation | 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 historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this presentation. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek","project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws, regulations, tariffs, sanctions, trade policies and retaliatory responses, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including without limitation those resulting from extraordinary events or circumstances and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our 2024 Annual Report and other reports on file with the SEC. We undertake no obligation to update or revise any forward-looking statement, whether written or oral.

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Itron and Industry Overview

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©2025 ITRON CONFIDENTIAL PROPRIETARY 4 ©2026 ITRON CONFIDENTIAL PROPRIETARY 4 Itron At-A-Glance Itron Investor Presentation | Itron is a market leading Industrial IoT company and edge intelligence leader that is innovating new ways for utilities and cities to manage energy and water. Networked Solutions 68% Device Solutions 19% 2025 Revenue Mix: >310M COMMUNICATING ENDPOINTS DELIVERED ~7,700 CUSTOMERS IN 100 COUNTRIES ~5,000 PEOPLE ACROSS THE GLOBE $368M ANNUAL RECURRING REVENUE ~16.7M DISTRIBUTED INTELLIGENCE ENABLED ENDPOINTS +250 PARTNERS IN A BROAD ECOSYSTEM OF SOLUTIONS $4.5B Backlog As of 12/31/2025 Note: Revenue reported year ending December 31, 2025. All other data points rounded or estimated based on internal Itron source material at the time of publication. EMEA 14% North America 82%

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©2025 ITRON CONFIDENTIAL PROPRIETARY 5 ©2026 ITRON CONFIDENTIAL PROPRIETARY 5 Dynamic Forces Impacting Our Industry » Aging Infrastructure » Solar and Wind Generation » Battery/Energy Storage » Electric Vehicles » Extreme Weather » Resource Sustainability » Safety and Prevention » Monitoring and Management » Global Urbanization » Engaged Consumers » Internet of Things » Generating “Big Data” ENVIRONMENTAL SOCIAL INFRASTRUCTURE Balanced with Governmental Support, Rapidly Changing Regulatory Environment Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 7 ©2026 ITRON CONFIDENTIAL PROPRIETARY 7 Urbint Acquisition » $325 million acquisition closed November 2025 » A part of the newly created Resiliency Solutions segment » Software-oriented, scalable platform complements current portfolio » SaaS model delivers operational resilience solutions focused on: • Emergency Preparedness & Response • Damage Prevention • Worker Safety » Positioned well for growth Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 8 ©2026 ITRON CONFIDENTIAL PROPRIETARY 8 Locusview Acquisition » $525 million acquisition closed January 2026 » A part of the newly created Resiliency Solutions segment » Utility-focused software and services complements current portfolio » SaaS solutions focused on: • Digital Construction Management • Automation of process from planning through close-out • Field based data capture » Positioned well for growth Itron Investor Presentation |

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Business Perspectives

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©2025 ITRON CONFIDENTIAL PROPRIETARY 11 ©2026 ITRON CONFIDENTIAL PROPRIETARY 11 » 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 FY free cash flow of $383 million Fourth Quarter and Full Year 2025 Financial Summary Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 12 ©2026 ITRON CONFIDENTIAL PROPRIETARY 12 » 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 include Urbint and Locusview acquisitions Itron Investor Presentation | Fourth Quarter 2025 Performance Highlights

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©2025 ITRON CONFIDENTIAL PROPRIETARY 13 ©2026 ITRON CONFIDENTIAL PROPRIETARY 13 Bookings and Backlog Itron Investor Presentation | » 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

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©2025 ITRON CONFIDENTIAL PROPRIETARY 14 ©2026 ITRON CONFIDENTIAL PROPRIETARY 14 Business Segment Performance: Q4 2025 Revenue, Adj Gross Margin, and Adj Operating Margin $ in millions, actual currency Device Solutions Networked Solutions Outcomes Revenue decreased 3% and 7% in constant currency » Decreased legacy EMEA electricity products » Decreased NAM project deployments Adj gross margin increased 780 bps » Favorable customer and product mix » Record quarterly gross margin Adj operating margin increased 670 bps » Fall through of higher gross profit » Record quarterly operating margin 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 of higher gross profit 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 license mix Adj operating margin increased 420 bps » Higher operating leverage Resiliency Solutions » Includes Urbint results from November 3, 2025 » Locusview acquisition closed January 2026 • Will be included in segment results beginning Q1 2026 Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 15 ©2026 ITRON CONFIDENTIAL PROPRIETARY 15 Full Year 2025 Summary » 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 * » Free cash flow of $383M * * Annual records 1. Chart in millions and includes rounding. Segment changes in constant currency. 2. FX & Other includes total FX variance, noncontrolling interest, share count, and rounding. Revenue Year-Over-Year Bridge 1 Non-GAAP EPS Year-Over-Year Bridge 2 (8)% (6)% +14% (3)% Itron Investor Presentation | N/A

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©2025 ITRON CONFIDENTIAL PROPRIETARY 16 ©2026 ITRON CONFIDENTIAL PROPRIETARY 16 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 $1.02B » $750M revolver; 2030 maturity Debt and Liquidity Overview: December 31, 2025 US$M 1. Excludes amortization of debt fees Itron Investor Presentation | 1

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©2025 ITRON CONFIDENTIAL PROPRIETARY 17 ©2026 ITRON CONFIDENTIAL PROPRIETARY 17 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 Locusview acquisitions drive ~$0.38 EPS reduction, due to lower interest income Assumptions: » Euro/USD of $1.16 » Effective Non-GAAP tax rate of 22% » Average diluted shares outstanding of ~46.2 million » Stable market landscape and trade policies as of January 2026 Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 18 ©2026 ITRON CONFIDENTIAL PROPRIETARY 18 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: » Euro/USD of $1.16 » Effective Non-GAAP tax rate of 22% » Trade policies as of January 2026 Itron Investor Presentation |

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Strategic Direction

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©2025 ITRON CONFIDENTIAL PROPRIETARY 20 ©2026 ITRON CONFIDENTIAL PROPRIETARY 20 Capital Allocation Priorities ORGANIC INVESTMENT STRATEGIC OPPORTUNITIES CREATING VALUE » Technology innovation fueled by investment in R&D » R&D fully expensed and reflected in targets » 2026 focus on integration of recent acquisitions » Expansion of intelligent infrastructure platform » Positioned for strategic M&A » Focus on long-term shareholder value creation » Maintain flexibility in capital structure to capture value Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 21 ©2026 ITRON CONFIDENTIAL PROPRIETARY 21 Year-end 2025 results against 2027 Targets Progress to Targets FY 2025 Actual 2027 Targets Revenue $2,367M $2,600 to $2,800M Gross Margin 37.7% 36 to 38% Non-GAAP OPEX 23.3% 22 to 23% of Revenue Adjusted EBITDA 15.8% 15 to 17% of Revenue Free Cash Flow 16.2% 10 to 12% of Revenue Source: Targets based on Itron management estimates Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 22 ©2026 ITRON CONFIDENTIAL PROPRIETARY 22 Itron Investment Thesis LARGE SCALE SOCIETAL TRENDS WHY ITRON? Strong business model in a constructive market Resource Scarcity and Climate Related Stress Grid Edge Intelligence Adoption of Distributed Energy Resources Electrification of Everything and Internet of Things Growing Annual Recurring Revenue Itron Investor Presentation | Resilient and Reliable Solutions

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Appendix

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©2025 ITRON CONFIDENTIAL PROPRIETARY 24 ©2026 ITRON CONFIDENTIAL PROPRIETARY 24 Consolidated GAAP Results: Q4 2025 » Revenue decreased due to portfolio optimization and the timing of project deployments » Gross margin of 40.5% up 560 bps due to customer and product mix » GAAP operating income increased due to higher gross profit » GAAP net income increased due to higher GAAP operating income and a tax benefit in the fourth quarter of 2025 Itron Investor Presentation | $ 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 – diluted $2.21 $1.26 75%

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©2025 ITRON CONFIDENTIAL PROPRIETARY 25 ©2026 ITRON CONFIDENTIAL PROPRIETARY 25 » Increase in non-GAAP operating income due primarily to higher gross profit » Non-GAAP net income increased due to higher non-GAAP operating income and a tax benefit in the fourth quarter of 2025 » Free cash flow increased primarily due to improved working capital and higher earnings Consolidated Non-GAAP & Cash Results: Q4 2025 Itron Investor Presentation | $ 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 attributable to Itron, Inc. $113.4 $62.2 82% Adjusted EBITDA $98.8 $81.4 21% Adjusted EBITDA margin 17.3% 13.3% 400 bps Non-GAAP earnings per share - diluted $2.46 $1.35 82% Net cash provided by operating activities $119.3 $79.8 49% Free cash flow $111.5 $70.2 59% Reconciliation of GAAP to Non-GAAP results in Appendix and also available on our website.

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©2025 ITRON CONFIDENTIAL PROPRIETARY 26 ©2026 ITRON CONFIDENTIAL PROPRIETARY 26 2024 Corporate Sustainability Report Highlights » Completed first double materiality assessment to demonstrate alignment with stakeholders and prepare for future regulatory requirements » Helped customers to reduce their GHG emissions by at least 7.5M metric tons » Reduced Scope 1 & Scope 2 emissions by over 50% since 2019 » Achieved 100% ISO 14001 environmental management certification across operations » Operations maintained impeccable safety record » Recognized by Newsweek and U.S. News & World Report as one of America’s Greatest Workplaces Download at www.itron.com/esg Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 27 ©2026 ITRON CONFIDENTIAL PROPRIETARY 27 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 operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, free cash flow, adjusted gross profit, adjusted operating income, and constant currency. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. When providing future outlooks and/or earnings guidance, a reconciliation of forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has not been provided because we are unable to predict with reasonable certainty the potential amount or timing of restructuring related expenses and their related tax effects without unreasonable effort. These costs are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period. A more detailed discussion of why we use non-GAAP financial measures, the limitations of using such measures, and reconciliations between non-GAAP and the nearest GAAP financial measures are included in our quarterly press release. Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 28 ©2026 ITRON CONFIDENTIAL PROPRIETARY 28 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 2024 2025 2024 NON-GAAP OPERATING EXPENSES GAAP operating expenses $ 153,077 $ 151,150 $ 579,050 $ 575,207 Amortization of intangible assets (1) (4,609) (4,517) (18,034) (17,828) Restructuring (59) (3,303) (931) (2,679) Gain (loss) on sale of business — 59 (79) (597) Strategic initiative (170) — (1,736) — Acquisition and integration (6,063) (67) (7,433) (723) Non-GAAP operating expenses $ 142,176 $ 143,322 $ 550,837 $ 553,380 NON-GAAP OPERATING INCOME GAAP operating income $ 78,659 $ 62,730 $ 313,068 $ 264,110 Amortization of intangible assets 5,687 4,517 19,112 17,828 Restructuring 59 3,303 931 2,679 (Gain) loss on sale of business — (59) 79 597 Strategic initiative 170 — 1,736 — Acquisition and integration 6,063 67 7,433 723 Non-GAAP operating income $ 90,638 $ 70,558 $ 342,359 $ 285,937 Itron Investor Presentation | (1) Excludes amortization of core-developed technology intangible assets.

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©2025 ITRON CONFIDENTIAL PROPRIETARY 29 ©2026 ITRON CONFIDENTIAL PROPRIETARY 29 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 2024 2025 2024 NON-GAAP NET INCOME & DILUTED EPS GAAP net income attributable to Itron, Inc. $ 101,628 $ 58,107 $ 301,055 $ 239,105 Amortization of intangible assets 5,687 4,517 19,112 17,828 Amortization of debt placement fees 1,657 1,776 6,928 5,314 Restructuring 59 3,303 931 2,679 (Gain) loss on sale of business — (59) 79 597 Strategic initiative 170 — 1,736 — Acquisition and integration 6,063 67 7,433 723 Income tax effect of non-GAAP adjustments (1,909) (5,555) (6,883) (6,446) Non-GAAP net income attributable to Itron, Inc. $ 113,355 $ 62,156 $ 330,391 $ 259,800 Non-GAAP diluted EPS $ 2.46 $ 1.35 $ 7.13 $ 5.62 GAAP weighted average common shares outstanding - Diluted 46,080 46,036 46,323 46,187 Effect of call option transaction - 2021 Notes — — (8) — Non-GAAP weighted average common shares outstanding - Diluted 46,080 46,036 46,315 46,187 Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 30 ©2026 ITRON CONFIDENTIAL PROPRIETARY 30 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 2024 2025 2024 ADJUSTED EBITDA GAAP net income attributable to Itron, Inc. $ 101,628 $ 58,107 $ 301,055 $ 239,105 Interest income (10,794) (12,183) (48,376) (34,577) Interest expense 5,563 5,591 22,451 15,379 Income tax provision (17,205) 11,283 38,932 43,407 Depreciation and amortization 13,296 15,298 49,517 56,277 Restructuring 59 3,303 931 2,679 (Gain) loss on sale of business — (59) 79 597 Strategic initiative 170 — 1,736 — Acquisition and integration 6,063 67 7,433 723 Adjusted EBITDA $ 98,780 $ 81,407 $ 373,758 $ 323,590 FREE CASH FLOW Net cash provided by operating activities $ 119,321 $ 79,849 $ 405,952 $ 238,175 Acquisitions of property, plant, and equipment (7,814) (9,684) (22,891) (30,562) Free Cash Flow $ 111,507 $ 70,165 $ 383,061 $ 207,613 Itron Investor Presentation |

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©2025 ITRON CONFIDENTIAL PROPRIETARY 31 ©2026 ITRON CONFIDENTIAL PROPRIETARY 31 GAAP to Non-GAAP Reconciliations Itron Investor Presentation | TOTAL COMPANY RECONCILIATIONS Three Months Ended December 31, 2025 (Unaudited, in thousands) Device Solutions Networked Solutions Outcomes Resiliency Solutions Segments Subtotal Total revenues $ 104,828 $ 351,953 $ 111,827 $ 3,049 $ 571,657 Total cost of revenues 68,780 204,095 65,861 1,185 339,921 Gross profit 36,048 147,858 45,966 1,864 231,736 Gross margin 34.4 % 42.0 % 41.1 % 61.1 % 40.5 % Amortization of core-developed technology intangible assets $ — $ — $ 625 $ 453 $ 1,078 Adjusted gross profit 36,048 147,858 46,591 2,317 232,814 Adjusted gross margin 34.4 % 42.0 % 41.7 % 76.0 % 40.7 % Three Months Ended December 31, 2024 (Unaudited, in thousands) Device Solutions Networked Solutions Outcomes Segments Subtotal Total revenues $ 108,537 $ 413,142 $ 91,185 $ 612,864 Total cost of revenues 79,710 268,192 51,082 398,984 Gross profit 28,827 144,950 40,103 213,880 Gross margin 26.6 % 35.1 % 44.0 % 34.9 % Amortization of core-developed technology intangible assets $ — $ — $ — $ — Adjusted gross profit 28,827 144,950 40,103 213,880 Adjusted gross margin 26.6 % 35.1 % 44.0 % 34.9 %

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©2025 ITRON CONFIDENTIAL PROPRIETARY 32 ©2026 ITRON CONFIDENTIAL PROPRIETARY 32 GAAP to Non-GAAP Reconciliations Itron Investor Presentation | TOTAL COMPANY RECONCILIATIONS Year Ended December 31, 2025 (Unaudited, in thousands) Device Solutions Networked Solutions Outcomes Resiliency Solutions Segments Subtotal Total revenues $ 447,081 $ 1,557,321 $ 359,743 $ 3,049 $ 2,367,194 Total cost of revenues 307,682 948,745 217,464 1,185 1,475,076 Gross profit 139,399 608,576 142,279 1,864 892,118 Gross margin 31.2 % 39.1 % 39.6 % 61.1 % 37.7 % Amortization of core-developed technology intangible assets $ — $ — $ 625 $ 453 $ 1,078 Adjusted gross profit 139,399 608,576 142,904 2,317 893,196 Adjusted gross margin 31.2 % 39.1 % 39.7 % 76.0 % 37.7 % Year Ended December 31, 2024 (Unaudited, in thousands) Device Solutions Networked Solutions Outcomes Segments Subtotal Total revenues $ 476,577 $ 1,650,075 $ 314,185 $ 2,440,837 Total cost of revenues 353,113 1,052,295 196,112 1,601,520 Gross profit 123,464 597,780 118,073 839,317 Gross margin 25.9 % 36.2 % 37.6 % 34.4 % Amortization of core-developed technology intangible assets $ — $ — $ — $ — Adjusted gross profit 123,464 597,780 118,073 839,317 Adjusted gross margin 25.9 % 36.2 % 37.6 % 34.4 %

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Thank You 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 INVESTOR RELATIONS CONTACTS

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