#1JJJ m Badger Meter General Investor Presentation October 2023 Badger Meter 1 © 2023 Badger Meter, Inc.#2JJJ 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 differ materially from those statements. The words "anticipate,” “believe,” “estimate,” “expect,” “think,” “should,” “could” and “objective" or similar expressions are intended to identify forward looking statements. All such forward looking statements are based on the Company's then current views and assumptions and involve risks and uncertainties. The Company's results are subject to its ability to develop and manufacture technologically advanced products that are accepted by the market, supply chain risk, legal and regulatory risks, political and general economic risks, risks related to doing business in foreign countries, including foreign currency risk, competition for skilled employees, material and labor cost increases, competitive pricing and operating efficiencies, the effects of climate change, cybersecurity attacks and disruptions to our information technology and the successful integration of acquisitions. See the Company's Form 10-K filed with the SEC for further information regarding risk factors, which are incorporated herein by reference. The Company disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason. In this presentation certain non-GAAP financial measures may be used. Please see the supplemental financial schedules at the end of this presentation for a reconciliation to the appropriate GAAP measure. © 2023 Badger Meter, Inc. 2#3JJJ Badger Meter is a Premier Smart Water Solutions Provider TTM Sales of $668M ***** 118 years of operations >2,000 employees Installed base in 50+ countries AAA MSCI ESG Rating 5 R&D centers . • . • Comprehensive suite of digital smart water offerings including flow measurement, water quality, pressure and other parameters with software / analytics solutions Industry leader in North American smart water solutions, with a strong global position in flow measurement and water quality technologies Attractive, long-term growth fundamentals: - - · Technology/digital adoption accelerating - improve operating efficiency, resiliency and sustainability Stable business model supported by replacement demand Strategic tuck-in acquisitions and partnerships to expand breadth of offerings Culture of innovation, continuous improvement and sustainability • Premium financial profile and exceptional operational track record © 2023 Badger Meter, Inc. 3#4JJJ Comprehensive "Choice Matters" Portfolio of Smart Water Offerings to Solve Customer Challenges Secular Drivers Our Product and Digital Solutions Data Flow (total and rate) • Population Growth Workforce Churn / Demand Change Retirements • Water quality • Fluid chemistry Aging . infrastructure Asset Maintenance Customer Experiences Stakeholder Participation • Static and high-frequency pressure Temperature Intelligence Regulations and ESG • Trend analyses Quality and Safety • Exception detection • System modeling Multi-device correlation Communications Wired/wireless networks Cellular communications Cloud software & APIs Connections for SCADA, building automation, billing, and other systems • Automation Data collection Data delivery to stakeholders, users, and customers Event notifications & remote services Outcomes M Revenue and Capacity Efficiency Benefits Water Conservation GHG Reduction • Energy Efficiency Water Scarcity / Climate Change • • Predictive maintenance Work order management © 2023 Badger Meter, Inc. Compliance 4#5m. JJJ Badger Meter Participates in $20 Billion Smart Water Solutions Market with Differentiated, Tailorable Offerings "Smart Water" Market Breakdown Irrigation 4% 5% Pumpurifiers 3% • • Not just "metering" - hardware-enabled software providing actionable insights Increasing utility RFP specifications for broad-based digital / turnkey solutions: • Hardware meters, pressure monitoring, water quality and communication solutions Software data and analytics that enable intelligence and decision support • Training, project management, installation oversight, support • Organic and M&A investments to broaden solution offerings Controls Leak Detectors 5% 7% Measure Meters 15% Meters, leak detection and other instruments © 2023 Badger Meter, Inc. Insights/Action Smart Water Market Size Software Analytics enabling intelligence 43% and decision support ~$25B Sensors 18% Sense/Monitor Water quality sensors, pressure monitoring, etc. >$20B Addressable Market Source: JPMorgan (Frost & Sullivan, Technavio, research, estimates) 5#6m. JJJ Short and Long-Term Results Demonstrate Differentiated Execution of Growth Strategy YTD 2023 (9/30) SaaS Growth (linked to Cellular AMI) Utility Water Sales Growth Y-o-Y Growth Revenue in Millions $ Revenue % of Sales 15% $40 10% 25% Sales Growth $30 45% CAGR 8% 10% 6% $20 4% SaaS 5% $10 2% revenue 6% of sales $0 0% 2016 2017 2018 2019 2020 2021 2022 Sales % of sales $ 33% Operating Profit Growth; PWC % of Sales +100bps margins 28.7% 163% 26.4% 155% 25.5% 133% 20 bps EBITDA 24.5% 22.1% 115% 115% margin improvement 0% 2020 vs. 2019* 2021 vs. 2020* 2022 vs. 2021 * Core sales growth, excluding y-o-y impact of water quality acquisitions Free Cash Flow Conversion Balanced Capital Allocation Three Year Cash Flow Deployment Build Cash Internal Investments 37% EPS Growth 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 © 2023 Badger Meter, Inc. Acquisitions Dividends CO 6#7JJJ Third Quarter Financial Snapshot Highlights Strong Operating Performance (US$ in millions, except per share data) Q3 2023 Q3 2022 Change Sales $186.2 $148.0 25.8% Gross Margin 72.7 57.5 26.4% · 39.1% 38.9% 20 bps SEA 41.3 33.7 22.7% 22.2% 22.7% (50) bps Op Income 31.4 23.9 31.4% 16.9% 16.1% 80 bps Income Tax Rate 20.3% 25.1% EBITDA 38.5 30.5 26.2% . 20.7% 20.6% 10 bps EPS 0.88 0.61 44.3% Free Cash Flow $28.4 $21.9 See appendix for reconciliation of GAAP to Non-GAAP measures © 2023 Badger Meter, Inc. Utility water sales increased robust 31% with strong AMI demand inclusive of cellular endpoints, BEACON SaaS and ultrasonic meters; water quality, pressure and supply chain improvement also contributed Flow instrumentation sales up 2% on water-related application demand • Gross margin at upper half of normalized range with strong volumes and favorable mix • Continued favorable SEA spend leverage despite higher personnel-related costs Exceptional 44% year-over-year increase in EPS • Cash flow improved on higher earnings 7#8JJJ Longstanding Capital Allocation Priorities with Ample Liquidity to Execute 1 Internal Investment to support organic growth and sustain core business 2 Grow the dividend annually in line with earnings 3 Accelerate acquisitions that align to strategy and return targets . • . Strong free cash flow, working capital management No outstanding debt obligations and $163M of cash at September 30, 2023; $150M untapped revolver August 2023 dividend increase of 20% marked 31 consecutive years of dividend increases. © 2023 Badger Meter, Inc. Dividend Aristocrat 8#9JJJ 2022 Sustainability Report Highlights Progress on ESG Journey • Demonstrated outperformance from both a financial and sustainability perspective • ESG integral to our business - both value preserving and value • creating • • • Profitable growth solving customer water challenges; ~95% of revenues generated from water-related applications Attracting and retaining talent to drive innovation, customer loyalty Ethics, values and risk management cornerstone of culture Recognized outcomes • • Barron's Top 100 Sustainable Companies • AAA rating- MSCI USA Top Companies / Global Top Manufacturing 32% GHG emissions intensity 2020-2022 55% TCIR improvement 2018-2022 ↑ 93% Employee Engagement Survey Participation 17% Positions filled via employee referrals CO₂e 50% by 2030 Badger Meter 2022 SUSTAINABILITY REPORT © 2023 Badger Meter, Inc. 9#10m. JJJ Creating Long-Term Shareholder Value by Enabling Sustainability-Driven Outcomes for Customers • Innovation leader with expanding technology- enabled software offerings • Elevated backlog, strong order rates Growing SaaS revenue base . • Durable macro trends support long-term smart water solution adoption • 85% replacement-driven base demand . • Demonstrated benefits of efficiency, resiliency and sustainability . Strong cash flow and borrowing capacity • Organic and inorganic strategic growth investments • Dividend aristocrat . Differentiated performance on evolving macro- challenges related to inflation, component availability, etc. • Positive structural mix and SEA leverage drive margins Consistently Resilient Results . Strong engagement . . Values-driven Customer-focused execution Constructive Industry Backdrop Investing for Growth Differentiated Execution Exceptional Team Our Core Values © 2023 Badger Meter, Inc. 10#11JJJ m Background Information Badger Meter#12m. JJJ Badger Meter Is the Smart Water Innovation Leader and Continues to Invest in R&D Driving Enhancements in Smarter Measurement & Actionable Data →Enhanced Operational Efficiencies Ultrasonic Metering • Smarter meters - flow, pressure, temperature, valves Vertical integration of chip sets in order to control the evolution of smarter devices Improved accuracies Water Quality • Low maintenance, reagent-less sensors • · · Advanced loT edge computing detects events 60+ parameters for water and gas 20+ years of leadership in optical spectrometry, 30+ years in electrochemical Cellular & lot • 5th generation endpoint. released in 2021 18-24 month iterative development cycles Pioneer in market; first generation debut was 2014 • Millions of cellular endpoints deployed Software & Analytics • Cloud software for utility · operations, sustainability Holistic view of water systems • Real time detection of • anomalies and events Decision dashboards Process automation Innovation Centers: Lulea, Sweden Milwaukee, WI, USA Innovation Centers: Vienna, Austria Philadelphia, PA, USA Innovation Center: Milwaukee, WI, USA © 2023 Badger Meter, Inc. 1200000 Innovation Centers: Los Gatos, CA, USA Milwaukee, WI, USA Hethel, UK 12#13JJJ Badger Meter Delivers on More Than a Century of Smart Water Innovation Two Milwaukee entrepreneurs developed first "frost-proof" water meter for use in the frigid northern US climate •Listed on the American Stock Exchange. •Launched trademarked •Acquired Racine Federated, broadening industrial flow measurement applications •2013 Acquired AquaCue to advance smart water offerings - cellular radio and BEACON software expertise "flowing B❞ symbol. •Formed Badger Meter Europe GmbH in Germany 1930's- 1980s- 2010- 2015- 1905 1970s 60s 2000s 2014 2019 •Survived great depression •Assisted war effort manufacturing bomb fuses ⚫Moved to current Brown Deer facility Split off foundry business •Established Nogales, Mexico facility •Launched first Drive-By AMR radio endpoints •Extensive expansion into industrial flow technologies and markets •Opened Czech Republic Facility •Launched advanced metering infrastructure (AMI) © 2023 Badger Meter, Inc. •Acquired s::can and ATI, leaders in real-time water quality monitoring utilizing optical and electrochemical sensing •Acquired D-Flow bringing advanced ultrasonics expertise •Innovating cellular offerings with LTE-M technology •BEACON and EyeOnWater consumer app 2020- 2021 2022 + •Acquired Syrinix -dynamic pressure monitoring hardware-enabled software technology •Expanding digital solutions to solve customer challenges 13#14m. JJJ Supporting Customers from Our Global Manufacturing and Innovation Footprint Software: Los Gatos, CA, USA Milwaukee, WI USA Hethel, UK Cellular / loT: Milwaukee, WI, USA Manchester Ultrasonics: Lulea, Sweden Milwaukee, WI, USA Lulea, Sweden - Ultrasonic technology development Brno, Czech Republic Vienna, Austria - Optical water quality sensing Vienna, Austria Milwaukee, WI - Communication technologies, advanced metering development UK MILWAUKEE - HQ Racine, WI Bern, Switzerland Los Gatos, CA →→ Collegeville, PA Tulsa, OK Neuffen, Germany Data, Software and Analytics S Nogales Mexico ✰ Innovation / R&D Centers • Manufacturing Facilities Also operate four US distribution centers and a variety of global sales offices © 2023 Badger Meter, Inc. Water Quality: Vienna, Austria Philadelphia, PA, USA 14#15m. JJJ Badger Meter Enjoys a Strong Market Position in NA with Significant Customer Diversity Across Utilities Due to Our Differentiated Advantages Brass and polymer Mechanical and static (ultrasonic) Broadest Range of Offerings - Choice Matters . • Drive by, fixed and cellular radio technology Technology Leadership . ORION Cellular - leverages existing infrastructure, flexible, coverage >50K Water Utilities in US Utility Size and their Share of Meter connections Innovation . SaaS with BEACON/EyeOnWater - actionable data for utility and homeowner Ultrasonic expertise • Remote actuating flow restriction valve Real-time water quality sensing - optical and electrochemical Network monitoring - high frequency pressure / acoustics Large 400 45% High Service Levels and Customer Support • - Strong brand preference – long term relationships / loyalty . Channel coverage - regional service center and local distribution to cover smaller utilities Mid 4,000 35% ● Highly trained Solution Architect, customer care and field technology support Low Lifecycle Costs . Highly accurate and quality products / low warranty • Exceptional battery life . Leverage existing cellular technology network Small 45,000+ 20% © 2023 Badger Meter, Inc. 15#16JJJ AMI Adoption Has Been Accelerating with Business Case for Utilities Well Understood; Adoption Generally Aligned to Meter Replacement Cycle Bringing Higher ASP Opportunity The Business Case Why are utilities willing to pay more? Reduce non-revenue water (NRW) • Mechanical meters lose some accuracy over time • Leak detection Lower operating cost / improve efficiencies • Move out reads / billings . Flow shut-off/restriction technology – labor to turn off and on water services Encourage conservation • • Manage what you measure • Leak avoidance / fix Meters • The Solutions How our leading technologies deliver • Static (E-series ultrasonic) holds accuracy over life; residential and commercial sizes Radio Endpoints • Efficient and safe - remote reads • • MANUAL READ MECHANICAL METER WITH REGISTER -$70 Data and analytics – more data, more often Cellular infrastructure-free for utilities; flexible and resilient Software • Leak identification / detection STATC METER WITH CELLULAR RADIOS/SOFTWARE $200-$250 per System . • EyeOnWater for consumer engagement © 2023 Badger Meter, Inc. ΟΙ 147 1472 16#17m. JJJ Badger Meter Is the Undisputed Leader in Cellular Communication with Millions of Endpoints Deployed; Provides Myriad of Benefits to Utilities DATA COLLECTOR FIXED NETWORK SINGLE PURPOSE NETWORK CELLULAR FIXED NETWORK LONG-TERM EVOLUTION M2M (LTE-M)/SMART CITY / IOT NETWORK Two-Way Communication AES-256 Encryption Two-Way Communication Private Network Two-Way Communication Two Way Communication H Two-Way Communication FIXED NETWORK ENDPOINT DATA COLLECTOR CELLULAR / NETWORK BACKHAUL CLOUD-BASED MDM PLATFORM CELLULAR ENDPOINT Infrastructure Determination / Network Propagation Study 1 Monthly Data Hosting and Backhaul Subscription Fee 6 SYSTEM ENGINEERING/DEPLOYMENT Predictive Model Fixed Network Design 2 Annual Data Collector Maintenance Contracts Main provide ince 7 Data Collector Infrastructure Permitting and Lease Negotiation 3-5 Year Battery Replacements & Inspections 3 Radio Tower Erecting Data Collector Installation (If Needed) 4 Periodic Outage Replacements due to Failures/Weather Data Collector Firmware Updates (1 Year Warranty) 8 9 10 Process (Contractor Work) 5 5-7 Year Full Data Collector Network Replacement [Contractor Work) 11 ONGOING SYSTEM MAINTENANCE/FEES CELLULAR NETWORK CLOUD-BASED MDM PLATFORM SYSTEM ENGINEERING/DEPLOYMENT Cellular Coverage Analysis 1 Subscription Fee © 2023 Badger Meter, Inc. 2 ONGOING SYSTEM MAINTENANCE/FEES • Easy Flexible Resilient Savings ESG Friendly 17#18JJJ Key Growth Strategies for Utility Smart Water • • Maintain leading position in the North American smart. water market through continued development of leading- edge offerings . • AMI adoption rate only at one third of connections Leverage natural meter replacement cycle to upgrade customers (no radio or AMR to AMI) Penetrate and grow select international markets (e.g. Middle East, UK) with fit-for-market solutions Leverage addition of real-time water quality monitoring, high frequency pressure monitoring and other system health parameters into actionable data to improve utility operations Augment software, including consumer engagement technology, for optimized customer solution © 2023 Badger Meter, Inc. Der Usage Total 18,470,7100 La detected 100 gallons per hour 18#19JJJ Key Growth Strategies for Flow Instrumentation • • Expand niche share by targeting water-related applications, predominately . Building Automation/HVAC/Sustainability Wastewater treatment and distribution Leverage addition of real-time water quality monitoring for industrial process and discharge water Penetrate international markets where both smart water and industrial applications exist © 2023 Badger Meter, Inc. 19#20m. JJJ Strategic M&A is an Enabler to Expand Offerings and Accelerate Growth Year Туре Location Price 20 20 Company Utility Water Instrumentation and Connectivity: • Technology solutions that can be leveraged across both utility and flow instrumentation markets 2023 Syrinix, Ltd. Pressure monitoring UK $18M 2021 Analytical Technology, Inc Water quality monitoring USA/UK $44M 2020 s::can Water quality monitoring Vienna, Austria $31M •Water quality monitoring 2018 Innovative Metering Distributor Tampa, FL $8M • Leak detection, conservation Solutions • Software enhancements - SaaS 2017 Carolina Meter Distributor Wilmington, NC $6M 2017 D-Flow Ultrasonic Technology/R&D Lulea, Sweden $23M • Utility operations 2015 United Utilities Distributor Smyma, TN $3M • Consumer portals 2014 National Meter Distributor Denver, CO $23M • Smart City / Internet of Things 2013 Aquacue Software/cellular technology/R&D Los Gatos, CA $14M Flow and Industrial Instrumentation: International penetration 2012 Racine Federated Technology/Manufacturing Racine, WI $57M 2011 Remag Technology/Manufacturing Bern, Switzerland $5M 2010 Cox Instruments Technology/Manufacturing Scottsdale, AZ $8M © 2023 Badger Meter, Inc.#21m JJJ Attractive Five Year Financial Trends Showcase Execution of Strategy (US$ in millions, except per share data) Sales growth driven primarily by smart water solution adoption • Communications and SaaS Margins driven predominately by favorable sales mix, volume and long-term price/cost SEA expense control with leverage improvement • Robust cash flow generation with working capital management; conversion above 100% Ample balance sheet flexibility 2018 2019 2020 2021 2022 Sales $433.7 $424.6 $425.5 $505.2 $565.6 Adj Oper Earnings 59.4 62.2 65.2 78.7 87.3 • Water quality 13.7% 14.6% 15.3% 15.6% 15.4% Adj EBITDA 83.8 86.0 90.2 106.5 113.4 19.3% 20.3% 21.2% 21.1% 20.0% Adj EPS 1.54 1.61 1.69 2.08 2.26 Free Cash Flow $51.7 $73.2 $80.5 $80.8 $76.6 FCF Conversion 115% 155% 163% 133% 115% Note: Adjusted figures in 2018 which exclude pension termination settlement and executive retirement charges. See Annual Report for GAAP to Non-GAAP reconciliations. © 2023 Badger Meter, Inc. 21 24#22JJJ GAAP To Non-GAAP Reconciliations EBITDA Free Cash Flow (US$ in millions) Q3 2023 Q3 2022 Net Earnings (GAAP) $26.0 $17.9 $67.9 $49.0 YTD 2023 YTD 2022 Cash from Ops (GAAP) (US$ in millions) Q3 2023 Q3 2022 $31.4 $23.8 Interest income (1.2) (0.1) (2.6) (0.1) Capital Expenditures Income tax provision 6.6 6.0 20.6 15.9 Free Cash Flow (3.0) $28.4 (1.9) $21.9 Depreciation 2.7 2.8 8.1 8.4 Amortization 4.4 3.9 12.8 11.7 YTD 2023 YTD 2022 EBITDA $38.5 $30.5 $106.8 $84.9 Cash from Ops (GAAP) $72.2 $52.7 Capital Expenditures (10.0) (4.7) Sales $186.2 $148.0 $521.2 $418.2 Free Cash Flow $62.2 $48.0 EBITDA % 20.7% 20.6% 20.5% 20.3% © 2023 Badger Meter, Inc. 22 22