#1Every drop counts. BADGER METER, INC. STANDARD INVESTOR PRESENTATION January 2021 O2021 Badger Meter, Inc. 1#2FORWARD 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. Potential factors that could affect such forward-looking statements include the duration, severity and geographic spread of the COVID-19 pandemic, government actions to address or mitigate the impact of the COVID-19 pandemic, and the potential negative impacts of COVID-19 on the global economy, the company's operations and those of our customers and suppliers. In addition, the company's results are subject to general economic conditions, variation in demand from customers, continued market acceptance of new products, the successful integration of acquisitions, competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, tax reform and foreign currency risk. See the company's Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors, which are incorporated herein by reference. Badger Meter 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. © 2021 Badger Meter, Inc. 2#3. SMART WATER SOLUTIONS ENCOMPASSING FLOW MEASUREMENT, QUALITY AND OTHER PARAMETERS Integrated technology company providing a comprehensive suite of flow measurement, water quality and other parameters with software / analytics solutions Industry leader in North American smart water metering, with a strong global position in flow metering technologies Attractive, long-term growth fundamentals: Stable business model supported by replacement demand ASP runway for technology adoption (static metering, radio adoption, data/analytics) Flow Instrumentation - Non-Water 10% Flow Instrumentation - Water 9% - Strategic tuck-in acquisitions to expand offerings • Culture of innovation and investment in R&D Premium financial profile and exceptional operational track • record Market Leader in the Best Smart Water Market in the World O2021 Badger Meter, Inc. Utility Water Meters and Systems 81% 90% WATER RELATED BUSINESS 3#4FOURTH QUARTER FINANCIAL SNAPSHOT (US$ in millions, except per share data) Q4 2020 Q4 2019 Change Sales $112.3 $107.6 4.4% Gross Margin 44.1 41.1 7.1% 39.2% 38.2% SEA 27.1 24.8 24.1% 23.0% 100 bps 9.3% 110 bps Op Income 17.0 16.3 3.8% 15.1% 15.2% (10) bps Income Tax Rate 22.6% 24.3% EBITDA 23.2 22.3 4.0% 20.7% 20.7% -bps EPS 0.45 0.42 7.1% Free Cash Flow $12.7 $17.7 See appendix for reconciliation of GAAP to Non-GAAP measures O2021 Badger Meter, Inc. . • Utility water sales increased 8%, with 5% organic growth reflecting higher meter, radio and software sales. 3% contribution from two months of s::can. Flow instrumentation sales declined 10%; weakness continued across majority of end markets. Gross margin expansion on higher volumes, pricing and favorable sales mix which more than offset network sunset provision and cost inflation. SEA includes s::can operations and related intangible amortization. Continued strong free cash flow generation. 4#5• WATER QUALITY MONITORING - S::CAN AND ATI Complementary offerings. Product technology - robust and full portfolio of both electrochemical and optical sensors Geographies - ATi strong in the US and UK, while s::can has installed product in 50 countries, with concentration in W. Europe and SE Asia • Scale - customer relationships, inside sales, rep networks, distributors, for greater ability to cross sell • Coverage - combined solutions provide opportunities across all aspects of the water eco-system – including water utilities, wastewater treatment and industrial water applications Long-term growth synergies • Quantity plus quality data parameters - online, near real-time via ORION® Cellular radio BEACONⓇ and EyeOnWaterⓇ to store, integrate, analyze and visualize information providing holistic view of water network Expanded international footprint/customer relationships for smart metering Macro Trends Driving Applications Potable water monitoring; optimize water treatment and ensure safety of water supply Increased reporting mandates for wastewater discharge Heightened COVID-19 impact to vulnerable populations - hospitals, senior living, education Corporate ESG reporting requirements Evolving to Smart Water Solutions Provider - On Demand / Real Time / Anywhere O2021 Badger Meter, Inc. 5#6RECAP / OUTLOOK Full Year 2020 4% Utility Water Sales Growth • • • • Strong performance in 2020 despite backdrop of pandemic's health and economic implications Build on leading market position with comprehensive and tailorable solutions across our differentiated flow measurement, temperature, pressure and water quality monitoring products, communication and data analytics offerings Continue to organically invest in software solutions that operationalize real- time data to enhance operational efficiency Balance sheet flexibility and strong cash flow to enable strategic, tuck-in acquisitions to expand offerings Further advance sustainability efforts in our products/solutions and within our operations, helping to conserve the world's most precious resource % $ M 90 BPS EBITDA Margin Expansion 163% Free Cash Flow Conversion 5% EPS Growth Every drop counts. Optimistic About Opportunities for Growth in 2021 and Beyond 2021 Badger Meter, Inc. TCIR 0.59 35% 6#7CAPITAL ALLOCATION PRIORITIES 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 Ample Liquidity to Fund Growth Priorities 2021 Badger Meter, Inc. • • · • No outstanding debt obligations and $73M of cash at December 31, 2020 (~$44M used for ATI) Strong free cash flow, working capital management - 163% conversion of net earnings in 2020 $125M untapped revolver August 2020 marked 28th consecutive year of dividend increases. 7#8ENVIRONMENTAL, SOCIAL AND GOVERNANCE Estimate our products save >5B gallons of water annually, equating to >11.5M kWh of energy (7,850 tons of CO2) avoided to heat, pump and treat that water Biennial Sustainability Report issued in August 2020 - Meaningful improvement across a variety of environmental and social metrics reported Diversity and inclusion • 40% of executive officers diverse (30% female, 10% Latino) • 40% of employee population is female Implemented and completed a pay equity study, taking action to make adjustments where warranted Formalized human rights policy to affirm commitment to respect and support internationally recognized human rights and freedoms • Governance actions - Shareholder engagement to inform priorities Board gender diversity of 25% Badger Meter 2018-2019 SUSTAINABILITY REPORT Metric TCIR/Safety 2018 2019 2020 1.30 0.98 0.59 Employee Turnover 9.9% 7.6% 4.3% O2021 Badger Meter, Inc. 8#9BACKGROUND INFORMATION O2021 Badger Meter, Inc. 6#10COMPETITIVE ADVANTAGES - WHY BADGER METER WINS Broadest Range of Offerings - Choice Matters Technology Leadership Innovation High Service Levels and Customer Support Brass and polymer Mechanical and static (ultrasonic) Drive by, fixed and cellular radio technology Well established E-Series Ultrasonic expertise - maintains accuracy and lower cost circuit boards ORION Cellular - leverages existing infrastructure, coverage BEACON/EyeOnWater - actionable data for utility and homeowner D-Flow technology for performance enhancement, cost reduction and larger sizes Remote actuating flow restriction valve Strong brand preference - long term relationships / loyalty >50K Water Utilities in US Utility Size and their Share of Meter connections Large 400 45% Channel coverage - regional service center and local distribution to cover smaller utilities Mid 4,000 35% Low Lifecycle Costs Highly trained Solution Architect, customer care and field technology support Highly accurate and quality products/low warranty Exceptional battery life Leverage existing cellular technology network Strong Market Position in North American Oligopoly; Significant Customer Diversity O2021 Badger Meter, Inc. Small 45,000+ 20% 10#11CELLULAR COMMUNICATION VS. FIXED NETWORK DATA COLLECTOR FIXED NETWORK SINGLE PURPOSE NETWORK Two-Way Communication Two Way Communication HI Two-Way Communication CELLULAR FIXED NETWORK LONG-TERM EVOLUTION M2M (LTE-M)/SMART CITY / IOT NETWORK 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 ser ing on nce 7 Data Collector Infrastructure Permitting and Lease Negotiation 3-5 Year Battery Replacements & Inspections 8 3 Radio Tower Erecting Data Collector Installation (If Needed) 4 Periodic Outage Replacements due to Failures/Weather [1 Year Warranty) 9 Data Collector Firmware Updates ONGOING SYSTEM MAINTENANCE / FEES 10 Process (Contractor Work) 5 5-7 Year Full Data Collector Network Replacement [Contractor Work) 11 Two Way Communication AES-256 Encryption Two-Way Communication Private Network CELLULAR NETWORK CLOUD-BASED MDM PLATFORM SYSTEM ENGINEERING/DEPLOYMENT Cellular Coverage Analysis 1 Subscription Fee 2 ONGOING SYSTEM MAINTENANCE/FEES LTE-M Cellular Communication Technology - Example of Innovation Leadership O2021 Badger Meter, Inc. • Easy Flexible Resilient • Savings Standard 11#12SMART WATER ACCELERATION 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 The Solutions How our leading technologies deliver Meters Static (E-series ultrasonic) holds accuracy over lifetime; commercial sizes Radio . • • 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 Safety-remote reads Data and analytics - more data, more often Cellular infrastructure-free for utilities; — enables efficiencies for remote flow restriction, move-outs, installation pacing Software Leak identification / detection EyeOnWater App for consumer awareness Overall Served Available Market Value Continues to Trend Higher O2021 Badger Meter, Inc. 12#133 UTILITY WATER-INTEGRATED SOLUTION OFFERING Mechanical Meters Static Meters Cellular Endpoint E-Series® Ultrasonic Recordall® Disc 2 Cellular Network 3 BEACON® Cloud-Based Solution EyeOnWat 3 SIM Consumer Smart Portal Phone 1 METERS . Broadest product offering - both mechanical and static meters in both metal and polymer Next generation E-Series Ultrasonic Meter with D-Flow technology 2 2 Fixed Network RADIOS Endpoint 2 ORION® Network Gateway Transceiver Utility Co. 3 BEACON Utility Client Computers 3 O2021 Badger Meter, Inc. • Complete line of connectivity solutions, including drive-by, fixed network and cellular radios • Leading edge ORION Cellular radio, including LTE-M technology. Infrastructure free. SOFTWARE • BEACON AMA, (Advanced Metering Analytics) software suite -analytics tools, dashboards and integration with utility billing systems . • EyeOnWaterⓇ Consumer Application 13#14GLOBAL MANUFACTURING AND INNOVATION LULEA SWEDEN MILWAUKEE, BERN, SWITERLAND BRNO, CZECH REPUBLIC MILWAUKEE - HQ RACINE, WI VIENNA AUSTRIA VIENNA LOS GATOS, CA TULSA, OK COLLEGEVILLE PA NUEFFEN, GERMANY NOGALES D D MEXICO Manufacturing Facilities ✰ Innovation / R&D Centers Also operate four US distribution centers and a variety of global sales offices 2021 Badger Meter, Inc. 14#15Badger Meter Offering Positive Displacement Turbine Ultrasonic Magnetic Diff Pressure Coriolis Vortex Variable Area Thermal/Mass FLOW MEASUREMENT METHODS Single/MultiJet ($ in billions) $0.0 $0.5 $1.0 $1.5 Water Flow Source: IHS Research and Company Estimates O2021 Badger Meter, Inc. . Badger Meter offers eight of the ten common flow technologies North American water meter market primarily uses nutating disc meters, a type of positive displacement technology Global water meter markets are starting to shift from mechanical to static meters, such as magnetic and ultrasonic Rest of world water meter market primarily uses single/multi-jet, turbine or piston (also positive displacement) meters 15#16SMART WATER KEY GROWTH STRATEGIES • • • Maintain leading position in the North American smart water market through continued development of leading-edge offerings Penetrate and grow select international markets (e.g. Middle East) with fit-for-market solutions Leverage addition of real-time water quality monitoring, and other system health parameters into actionable data to improve utility operations Augment software, including consumer engagement technology, for optimized customer solution 7 Day Usage Total 18,470,700 Leak detected 100 gallons per hour O2021 Badger Meter, Inc. 16 BO#17RADIO CONNECTIVITY - PENETRATION CONVERSION TO CONTINUE Badger Meter was the first US company to offer radios on water meters (1988) Radio connectivity allows for automated metering and integration of real-time data with analytics software Radio connectivity reduces utility costs, improves billing accuracy, aids in leak. detection and encourages conservation Approximately 60-65% of the U.S. market has been converted (per IHS) – every 1% additional conversion represents increased sales opportunity for Badger Meter 140 MANUAL READ $40-$50 price per meter METERS WITH RADIOS $150-$250 price per BEACON system North American water meter market projected conversion to radio connectivity 120 59% 100 80 60 Installed base - meter units in millions 60 60 40 40 20 20 Low 60's% 0 2017 ■Manual Read Meters O2021 Badger Meter, Inc. Growing 1-2% per year 2020 2025+ Meters with Connectivity Source: IHS Research, 2017 17#18SMART CITY ALLIANCE Badger Meter יווייוויי CISCO Deloitte. ERICSSON HITACHI Inspire the Next (intel) NOKIA Southern Company Qualcomm One of 11 companies aligned with AT&T to drive initiatives Initiative includes improving utilization of limited budget resources • Efficient city operations Deployment of resources Service and delivery Smart water metering increases utility revenue and drives conservation and sustainability Utilities Supply Chain What is a Smart City? The integration of technology with a strategic approach to sustainability, cost reduction, citizen well-being and economic development. Vehicles Metering Health Homes Security AT&T Business Equipment O2021 Badger Meter, Inc. 18#19FLOW INSTRUMENTATION KEY GROWTH STRATEGIES • Expand niche share by targeting water-related applications, predominately . Building Automation/HVAC/Sustainability • . Water and 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 O2021 Badger Meter, Inc. 19#20• • STRATEGIC ACQUISITIONS Technology solutions that can be leveraged across both utility and flow instrumentation markets . Water quality monitoring Leak detection, conservation Software enhancements - SaaS Utility operations Consumer portals Smart City / Internet of Things International penetration Steps in Process Ideation List of Potential Targets Water quality monitoring Sensors / Instruments Software, Al and analytics Geographic expansion Assess Size and Ownership Refined Assessment Potential Acquisition Targets 175+ . In Process Criteria Companies previously tracked New targets added as a result of strategic review Searches among trade groups and various databases Eliminate companies due to size, ownership, and unattractive business Apply strategic considerations and assess specific attributes Opportunities for further review ~75 Opportunities In Process • Disciplined Capital Allocation - accretive, growth synergies, leverage globally 2021 Badger Meter, Inc. 20 20#21ACQUISITION HISTORY Year Company Type Location Price Water Utility Instrumentation and Connectivity: 2021 Analytical Technology, Inc Water quality monitoring USA/UK $44M 2020 S::can Water quality monitoring Vienna, Austria $31M 2018 Innovative Metering Distributor Tampa, FL $8M Solutions 2017 Carolina Meter Distributor Wilmington, NC $6M 2017 D-Flow Ultrasonic Technology/R&D Lulea, Sweden $23M 2015 United Utilities Distributor Smyrna, TN $3M 2014 National Meter Distributor Denver, CO $23M 2013 Aquacue Software/cellular technology/R&D Los Gatos, CA $14M 2012 Flow and Industrial Instrumentation: Racine Federated Technology/Manufacturing 2011 Remag Technology/Manufacturing 2010 Cox Instruments Technology/Manufacturing 2021 Badger Meter, Inc. Racine, WI $57M Bern, Switzerland $5M Scottsdale, AZ $8M 21#22ANNUAL FINANCIAL TRENDS (US$ in millions, except per share data) • • Sales growth driven primarily by smart water solution penetration Radios and SaaS Margins driven predominately by favorable sales mix, volume and price/cost SEA expense control with leverage improvement Robust cash flow generation with working capital management; conversion above 100% Ample balance sheet flexibility 2017 2018 2019 2020 Sales $402.4 $433.7 $424.6 $425.5 Adj Oper Earnings 56.6 59.4 62.2 65.2 14.1% 13.7% 14.6% 15.3% Adj EBITDA 80.0 83.8 86.0 90.2 19.9% 19.3% 20.3% 21.2% Adj EPS 1.19 1.54 1.61 1.69 Free Cash Flow $34.7 $51.7 $73.2 $80.5 • FCF Conversion 100% 115% 155% 163% Note: Adjusted figures in 2018 which exclude pension termination settlement and executive retirement charges. See Annual Report for GAAP to Non-GAAP reconciliations. O2021 Badger Meter, Inc. 22 22#23GAAP TO NON-GAAP RECONCILIATIONS EBITDA Net Earnings (GAAP) Interest expense Income tax provision Depreciation Amortization EBITDA Free Cash Flow Q4 2020 Q4 2019 $13.1 0.0 3.8 3.9 3.1 2.9 12.3 3.2 3.2 13.0 $23.2 $22.3 $90.2 $12.3 (US$ in millions) 0.0 2020 $49.3 0.0 2019 0.2 1111 15.6 Cash from Ops (GAAP) Capital Expenditures Free Cash Flow (US$ in millions) Q4 2020 Q4 2019 $47.2 $15.9 $19.6 (3.2) (1.9) 14.4 $12.7 $17.7 11.6 12.6 2020 2019 $86.0 Cash from Ops (GAAP) $89.6 $80.7 Capital Expenditures (9.1) (7.5) Free Cash Flow $80.5 $73.2 Net Earnings (GAAP) $49.3 $47.2 FCF Conversion 163% 155% © 2021 Badger Meter, Inc. 23