ITRI Q2 2026 Earnings Presentation

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July 28, 2026©2026 ITRON CONFIDENTIAL PROPRIETARY Second 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

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Conference Call Agenda • CEO – Business and Operations Update • CFO – Financial Results and Outlook • Q&A

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©2026 ITRON CONFIDENTIAL PROPRIETARY 3 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 2025 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. Forward Looking Statements Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 4 » Revenue of $563 million » Annual Recurring Revenue of $417 million » Adjusted EBITDA of $97 million » Non-GAAP diluted EPS of $1.59 » Free cash flow of $81 million Second Quarter 2026 Financial Summary Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 5 » Structurally improved earnings profile; strong gross margin along with strong free cash flow and profitability » Durable market growth, driven by grid expansion, resiliency, affordability, and “time-to-power” » Regulatory environment complex but constructive » Market factors reinforcing Itron’s position and expansion of demand pipeline Second Quarter 2026 Market Commentary Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 6 » Q2 2026 bookings of $550 million » Book to bill of 0.98 » TTM book to bill of 0.93 » Ending backlog of $4.4 billion Bookings and Backlog $ in billions Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 7 $ in millions (except per share amounts) Q2 2026 Q2 2025 Change Revenue $562.9 $606.8 (7)% Change in constant currency (8)% Gross margin 41.0% 36.9% 410 bps Operating income $76.1 $76.4 —% Net income attributable to Itron, Inc. $53.3 $68.3 (22)% Earnings per share – diluted $1.19 $1.47 (19)% » Revenue decreased due to lower Networked Solutions activity driven by the timing of project deployments, partially offset by continued growth in Outcomes » Gross margin of 41.0% up 410 bps driven by favorable customer and product mix, operational efficiencies, and cost discipline » GAAP operating income decreased due to higher operating expenses, including acquisition -related amortization expense, partially offset by higher gross profit » GAAP net income attributable to Itron, Inc. decreased due to lower interest income and a higher effective tax rate Consolidated GAAP Results: Q2 2026 Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 8 $ in millions (except per share amounts) Q2 2026 Q2 2025 Change Adjusted gross profit $233.2 $223.6 4% Adjusted gross margin 41.4% 36.9% 460 bps Non-GAAP operating income $89.1 $82.2 8% Non-GAAP operating margin 15.8% 13.6% 230 bps Non-GAAP net income attributable to Itron, Inc. $70.7 $75.1 (6)% Adjusted EBITDA $96.8 $89.8 8% Adjusted EBITDA margin 17.2% 14.8% 240 bps Non-GAAP earnings per share - diluted $1.59 $1.62 (2)% Net cash provided by operating activities $88.1 $96.7 (9)% Free cash flow $81.5 $90.7 (10)% » Non-GAAP operating income increased due to higher gross profit, partially offset by higher operating expenses » Non-GAAP net income attributable to Itron, Inc. decreased primarily due to lower interest income and a higher effective tax rate, partially offset by higher non-GAAP operating income » Free cash flow decreased primarily due to higher tax payments and lower interest income, partially offset by favorable working capital timing Consolidated Non-GAAP & Cash Results Results: Q2 2026 Reconciliation of GAAP to non-GAAP results in appendix Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 9 Revenue Year-Over-Year Bridge: Q2 2026 (3)% (17)% 13% N/A (7)% $ in millions and includes rounding. Segment changes in constant currency Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 11 Revenue decreased 1% and 3% in constant currency » Lower legacy electric product sales in EMEA and APAC Adj gross margin increased 500 bps » Favorable overall product mix » Operational efficiencies Adj operating margin increased 570 bps » Fall through of higher margin mix Device Solutions Segment: Q2 2026 $ in millions, actual currency Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 12 Revenue decreased 17% » Timing of project deployments resulting in lower volumes Adj gross margin increased 430 bps » Favorable customer mix » Operational efficiencies and cost management Adj operating margin increased 340 bps » Fall through of higher margin mix » Lower operating leverage Networked Solutions Segment: Q2 2026 $ in millions, actual currency Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 13 Revenue increased 13% » Higher services revenue Adj gross margin increased 30 bps » Higher margin revenue mix Adj operating margin increased 290 bps » Higher operating leverage Outcomes Solutions Segment: Q2 2026 $ in millions, actual currency Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 14 Revenue was $16 million Adj gross margin was 75.3% Adj operating margin was 27.7% New segment as of December 31, 2025 » Includes Urbint and Locusview » Locusview acquisition closed January 5, 2026 Resiliency Solutions Segment: Q2 2026 $ in millions, actual currency Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 15 Debt » Net leverage 2.3x as of June 30, 2026 Free Cash Flow » Free cash flow of $81M in Q2 2026 Debt and Liquidity Overview: June 30, 2026 Q2 2026 Earnings Conference Call | $ in millions and includes rounding. Debt values exclude amortization of debt fees

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©2026 ITRON CONFIDENTIAL PROPRIETARY 16 Revenue of $590 - $600 million » At the midpoint, up 2% vs. Q3 2025 and up 6% vs. Q2 2026 Non-GAAP diluted EPS of $1.50 - $1.60 » At the midpoint, up $0.01 or 1% vs. Q3 2025 Assumptions » Euro/USD of $1.16 » Effective Non-GAAP tax rate of 22% » Trade policies as of mid-July 2026 Current Outlook: Q3 2026 Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 17 Revenue outlook range narrowed vs. February 2026 outlook » At the midpoint, up 1% vs. 2025 Non-GAAP diluted EPS, at the midpoint up 7% vs. February 2026 outlook and down 10% vs. 2025 » Assumes full-year effective non-GAAP tax rate of 22% » Normalized for tax rate and interest income, up 7% at the midpoint Current Outlook: Full Year 2026 Update Q2 2026 Earnings Conference Call | February 2026 Outlook Revised Outlook Revenue $2.35 - $2.45B $2.37 - $2.41B Non-GAAP earnings per share – diluted $5.75 - $6.25 $6.30 - $6.50

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Appendix

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©2026 ITRON CONFIDENTIAL PROPRIETARY 19 Revenue$ in millions (except per share amounts) Q2 2026 YoY Change YoY Change Excluding FX YTD 2026 YoY Change YoY Change Excluding FX Device Solutions $111.4 (1.2)% (2.9)% $235.8 (1.2)% (6.2)% Networked Solutions $339.2 (17.0)% (17.2)% $689.9 (15.0)% (15.4)% Outcomes $96.4 13.3% 12.8% $192.3 17.5% 16.5% Resiliency Solutions $15.8 N/A N/A $31.9 N/A N/A Total $562.9 (7.2)% (7.8)% $1,149.9 (5.3)% (6.7)% Non-GAAP EPS - diluted $1.59 $(0.03) $(0.03) $3.07 $(0.07) $(0.10) Average USD/Euro: $1.16 Q2 2026 vs. $1.13 Q2 2025 $1.16 YTD 2026 vs. $1.09 YTD 2025 FX Impact Summary Chart includes rounding Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 21 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. Non-GAAP Financial Measures Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 22 NON-GAAP OPERATING EXPENSES GAAP operating expenses $154,574 $147,205 $323,316 $288,211 Amortization of intangible assets (1) (8,478) (4,543) (16,650) (9,022) Restructuring (233) (1,237) (447) (684) Loss on sale of business — — — (79) Strategic initiative (455) — (475) — Acquisition and integration (1,252) (33) (7,229) (84) Non-GAAP operating expenses $144,156 $141,392 $298,515 $278,342 GAAP to Non-GAAP Reconciliations NON-GAAP OPERATING INCOME GAAP operating income $76,066 $76,413 $143,643 $152,626 Amortization of intangible assets 11,048 4,543 21,715 9,022 Restructuring 233 1,237 447 684 Loss on sale of business — — — 79 Strategic initiative 455 — 475 — Acquisition and integration 1,252 33 7,229 84 Non-GAAP operating income $89,054 $82,226 $173,509 $162,495 TOTAL COMPANY RECONCILIATIONS Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) (1) Excludes amortization of core-developed technology intangible assets Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 23 NON-GAAP NET INCOME & DILUTED EPS GAAP net income attributable to Itron, Inc. $53,272 $68,340 $106,731 $133,814 Amortization of intangible assets 11,048 4,543 21,715 9,022 Amortization of debt placement fees 1,925 1,757 3,755 3,494 Restructuring 233 1,237 447 684 Loss on sale of business — — — 79 Strategic initiative 455 — 475 — Gain on sale of equity method investment (3,249) — (3,249) — Acquisition and integration 1,252 33 7,229 84 Income tax effect of non-GAAP adjustments 5,791 (796) 1,316 (1,953) Non-GAAP net income attributable to Itron, Inc. $70,727 $75,114 $138,419 $145,224 Non-GAAP diluted EPS $1.59 $1.62 $3.07 $3.14 Non-GAAP weighted average common shares outstanding - Diluted 44,608 46,380 45,038 46,276 GAAP to Non-GAAP Reconciliations TOTAL COMPANY RECONCILIATIONS Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 24 ADJUSTED EBITDA GAAP net income attributable to Itron, Inc. $53,272 $68,340 $106,731 $133,814 Interest income (6,253) (12,303) (11,913) (24,013) Interest expense 5,768 5,648 11,577 11,241 Income tax provision 26,733 14,730 40,342 31,659 Depreciation and amortization 18,626 12,114 37,162 24,182 Restructuring 233 1,237 447 684 Loss on sale of business — — — 79 Strategic initiative 455 — 475 — Acquisition and integration 1,252 33 7,229 84 Gain on sale of equity method investment (3,249) — (3,249) — Adjusted EBITDA $96,837 $89,799 $188,801 $177,730 GAAP to Non-GAAP Reconciliations TOTAL COMPANY RECONCILIATIONS Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) FREE CASH FLOW Net cash provided by operating activities $88,091 $96,685 $173,592 $168,802 Acquisitions of property, plant, and equipment (6,605) (6,017) (13,132) (10,656) Free Cash Flow $81,486 $90,668 $160,460 $158,146 Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 25 Device Solutions Networked Solutions Outcomes Resiliency Solutions Segments Subtotal Total revenues $111,445 $339,238 $96,399 $15,820 $562,902 Total cost of revenues 72,686 194,084 59,644 5,848 332,262 Gross profit 38,759 145,154 36,755 9,972 230,640 Gross margin 34.8 % 42.8 % 38.1 % 63.0 % 41.0 % Amortization of core-developed technology intangible assets $— $— $625 $1,945 $2,570 Adjusted gross profit 38,759 145,154 37,380 11,917 233,210 Adjusted gross margin 34.8 % 42.8 % 38.8 % 75.3 % 41.4 % GAAP to Non-GAAP Reconciliations TOTAL COMPANY RECONCILIATIONS Three Months Ended June 30, 2026 ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Device Solutions Networked Solutions Outcomes Segments Subtotal Total revenues $112,760 $408,934 $85,067 $606,761 Total cost of revenues 79,169 251,691 52,283 383,143 Gross profit 33,591 157,243 32,784 223,618 Gross margin 29.8 % 38.5 % 38.5 % 36.9 % Amortization of core-developed technology intangible assets $— $— $— $— Adjusted gross profit 33,591 157,243 32,784 223,618 Adjusted gross margin 29.8 % 38.5 % 38.5 % 36.9 % Three Months Ended June 30, 2025 Q2 2026 Earnings Conference Call |

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©2026 ITRON CONFIDENTIAL PROPRIETARY 26 Device Solutions Networked Solutions Outcomes Resiliency Solutions Segments Subtotal Total revenues $235,822 $689,901 $192,309 $31,852 $1,149,884 Total cost of revenues 153,044 401,674 116,155 12,052 682,925 Gross profit 82,778 288,227 76,154 19,800 466,959 Gross margin 35.1 % 41.8 % 39.6 % 62.2 % 40.6 % Amortization of core-developed technology intangible assets $— $— $1,250 $3,815 $5,065 Adjusted gross profit 82,778 288,227 77,404 23,615 472,024 Adjusted gross margin 35.1 % 41.8 % 40.2 % 74.1 % 41.0 % GAAP to Non-GAAP Reconciliations TOTAL COMPANY RECONCILIATIONS Six Months Ended June 30, 2026 ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Device Solutions Networked Solutions Outcomes Segments Subtotal Total revenues $238,631 $811,666 $163,615 $1,213,912 Total cost of revenues 167,287 505,709 100,079 773,075 Gross profit 71,344 305,957 63,536 440,837 Gross margin 29.9 % 37.7 % 38.8 % 36.3 % Amortization of core-developed technology intangible assets $— $— $— $— Adjusted gross profit 71,344 305,957 63,536 440,837 Adjusted gross margin 29.9 % 37.7 % 38.8 % 36.3 % Six Months Ended June 30, 2025 Q2 2026 Earnings Conference Call |

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