Itron (ITRI) Investor presentation summary

Company overview and industry context

• Operates as a leading industrial IoT and edge intelligence provider, serving over 7,700 customers in 100 countries with more than 310 million communicating endpoints and $414M in annual recurring revenue.

• Revenue mix for 2025: Networked Solutions 66%, Device Solutions 19%, Outcomes 15%, Resiliency Solutions <1%; North America accounts for 82% of revenue.

• Industry faces dynamic forces: aging infrastructure, extreme weather, renewable integration, electrification, urbanization, and regulatory changes.

Strategic initiatives and acquisitions

• Closed $325M Urbint acquisition in November 2025 and $525M Locusview acquisition in January 2026, both integrated into the new Resiliency Solutions segment.

• Urbint focuses on emergency preparedness, damage prevention, and worker safety; Locusview delivers digital construction management and field data capture.

• Strategy centers on expanding applications, empowering customers, and solving high-value problems while enhancing value through improved leverage and cash flow.

Financial performance and outlook

• Q1 2026 revenue was $587M, adjusted EBITDA $92M, non-GAAP diluted EPS $1.49, and free cash flow $79M.

• Q1 2026 bookings were $476M with a book-to-bill of 0.81 and ending backlog of $4.4B.

• Segment performance: Outcomes revenue grew 22% YoY, Device and Networked Solutions declined due to project timing, but margins improved across all segments.

• Debt as of March 31, 2026: $1.61B total, $713M cash, net leverage 2.4x; convertible notes mature in 2030 and 2032.

• Q2 2026 outlook: revenue $560–$570M, non-GAAP EPS $1.25–$1.35, both down YoY due to project timing and normalization.