Badger Meter (BMI) Presentation Global Industrials Conference summary

Business overview and market position

• Premier provider of smart water solutions with over 120 years of operations and a global presence in 50+ countries.

• Offers a comprehensive suite of digital water management products, including flow measurement, sewer monitoring, water quality, and analytics.

• Holds a leadership position in North American smart water solutions and a global niche in flow measurement.

• Focuses on innovation, continuous improvement, and sustainability, supported by five R&D centers.

• Maintains a premium financial profile and strong operational track record.

Strategic growth and acquisitions

• Acquired SmartCover in January 2025, expanding sewer and lift station monitoring capabilities.

• SmartCover acquisition valued at $185M (~5x 2024 sales), with high attach rates to recurring software and support revenues.

• SmartCover holds a ~50% share in U.S. sewer line monitoring, with strong organic revenue growth and diverse utility customer base.

• Acquisition expected to deliver sales and cost synergies, contributing to EPS accretion after year one.

Financial performance and outcomes

• Achieved 12% year-over-year consolidated sales growth for the nine months ended September 30, 2025.

• SaaS revenue grew at a 28% CAGR, now representing 7.7% of total sales.

• Improved operating profit margins by 450 basis points since 2019, with 110% free cash flow conversion.

• EPS grew 14% and net working capital as a percentage of sales reduced by 620 basis points.