Badger Meter, Inc. · NYSE:BMI
Badger Meter — Q3 2026 Earnings Presentation
9 slides from Badger Meter's earnings presentation, Oct 22, 2026
Slide 1: Third Quarter 2026 Financial Results
Badger Meter Third Quarter 2026 Financial Results October 22, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements 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
Slide 3: Third Quarter 2026 Results Improved Sequentially as Anticipated; Long-Term Demand Outlook Remains Intact
Third Quarter 2026 Results Improved Sequentially as Anticipated; Long- Term Demand Outlook Remains Intact Year-Over-Year Sales Growth Trend 15% • Sales of $235.9M were consistent with prior year and increased 10% 6% sequentially, as expected, due primarily to awarded utility 13% projects commencing
Slide 4: Strong Gross Margin and Benefit of Cost Actions Drive Profitability Expansion
Strong Gross Margin and Benefit of Cost Actions Drive Profitability Expansion (US$ in millions, except per share data) • 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 market
Slide 5: OneNetwork Software Platform Launched at WEFTEC 2026; Customer ENGAGE Hosted in Milwaukee
OneNetwork Software Platform Launched at WEFTEC 2026; Customer ENGAGE Hosted in Milwaukee 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 i
Slide 6: Our Value Creation Process is Straightforward and Supported by Our Competitive Advantages
Our Value Creation Process is Straightforward and is Supported by Our Competitive Advantages within an Attractive Water Sector • Durable macro trends • Market leader with • Strong cash flow and • Differentiated Cellular • Values-driven support long-term expanding hardware- borrowing capacity AMI exp
Slide 7: Questions
Questions For your planning purposes, Badger Meter Q4 2026 earnings are tentatively scheduled for January 28, 2027 7
Slide 8: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations Adjusted “Base” Results (US$ in millions; results unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 UDlive Base 2026 UDlive Base Net sales $ 235.9 $ 5.6 $ 230.3 $ 660.5 $ 7.7 $ 652.9 Selling, engineering and administration 51.1 2.3 48.8
Slide 9: GAAP To Non-GAAP Reconciliations
GAAP To Non-GAAP Reconciliations EBITDA Free Cash Flow (US$ in millions) (US$ in millions) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Q3 2026 Q3 2025 Net Earnings (GAAP) $35.9 $35.1 $93.0 $108.1 Cash from Ops (GAAP) $43.3 $51.3 Interest income (0.2) (1.3) (1.6) (3.6) Capital Expenditures (3.0) (3.1) Income t