#1Itron Investor Presentation May 2023 ©2023 ITRON PROPRIETARY#2FORWARD LOOKING STATEMENTS Certain matters in this presentation and being discussed today, that are not statements of historical fact, constitute forward-looking statements relating to current or future financial performance, management's plans and objectives for future operations, product plans and performance, management's assessment of market factors, expectations of market growth and statements regarding the strategy and plans of the Company. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of Itron's future performance. The Company undertakes no obligation to update or revise any forward-looking statements in this presentation after the date they are made. We caution that all forward-looking statements are subject to a number of risks and uncertainties that could cause the Company's actual results in the future to differ materially from these forward-looking statements. These risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission, including its most recently filed 10-K, copies of which may be accessed through the SEC's website at http://www.sec.gov. Current data and other statistical information used throughout this presentation are based on independent industry publications, government publications, and reports by market research firms or other published independent sources. Some data are also based on our good faith estimates, which are derived from our review of internal surveys as well as the independent sources listed above. We believe that these sources are reliable. In an effort to provide additional information regarding the Company's financial results as determined by generally accepted accounting principles (GAAP), this presentation contains certain non-GAAP financial measures such as constant currency, non-GAAP operating income and margin, adjusted EBITDA and margin and free cash flow. The rationale for management's use of non-GAAP information and a reconciliation of the non-GAAP measures and the most directly comparable GAAP measures are included in the Appendix of this presentation. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 2#3Itron and Industry Overview#4ITRON AT-A-GLANCE Itron is a market leading Industrial loT company that enables utilities and cities to safely, securely and reliably deliver critical infrastructure services that measure, manage, and provide data analytics that enable them to responsibly and efficiently manage resources in the communities they serve. With over 45 years of experience and over... 8,000 CUSTOMERS IN 100 COUNTRIES >200M COMMUNICATING ENDPOINTS ~6.4M DISTRIBUTED ~5,500 PEOPLE INTELLIGENCE ENABLED ACROSS THE GLOBE ENDPOINTS >92M ENDPOINTS UNDER MANAGEMENT +250 PARTNERS IN A BROAD ECOSYSTEM OF SOLUTIONS $1.8B 2022 REVENUE & REVENUE MIX OF: Outcomes 13% ROW 5% Device Solutions 25% EMEA 22% North Networked Solutions 62% WITH A Q1 2023: $4.6B BACKLOG America 73% Note: Revenue reported year ending December 31, 2022, and backlog and people as of March 31, 2023. All other data points rounded or estimated based on internal Itron source material at the time of publication. ROW includes APAC and LATAM. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 4#5DYNAMIC FORCES IMPACTING OUR INDUSTRY Transforming the utility and city operating models INFRASTRUCTURE ENVIRONMENTAL SOCIAL » Aging Infrastructure >> Grid Security » Clean Energy and Storage » Electric Vehicles » Safety and Loss Prevention » Asset Monitoring & Mgmt >> Climate Disruption >> Extreme Weather » Resource Scarcity » Demand for Sustainability » Decarbonization >> Enhanced Customer Experience » Critical Need Consumers » Urbanization and Population Increase » Big Data & Internet of Things >> Privacy UTILITIES AND CITIES ARE FACING THESE ISSUES TODAY Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 5#6OUR STRATEGIC PRIORITIES 1 EXPANDING OUR FOOTPRINT Increasing applications/coverage 2 EXPANDING OUR VALUE Empowering our customers 3 EXPANDING OUR REACH Enabling new solutions with as many sensors and endpoints on our platform as possible CREATING THE OPPORTUNITY TO ENHANCE VALUE WITH... >> GROWING value proposition >> IMPROVING operating leverage >> INCREASING free cash flow Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 6#7OUR MODEL Solutions via open standards-based technology that transcend multiple verticals Rapid profitable growth... Value & reach expansion OUTCOMES HIGHER GROWTH Application aggregation ... Footprint expansion NETWORKED SOLUTIONS High quality... Margin expansion Itron ©2023 ITRON PROPRIETARY DEVICE SOLUTIONS TARGET DEVICES BROADER BILLIONS INDUSTRIAL INTERNET OF THINGS 100s OF MILLIONS SMART CITY INFRASTRUCTURE INCREASING MARGINS 10s OF MILLIONS SMART UTILITY NETWORKS G OPEN, SECURE, STANDARDS- BASED PLATFORM DRIVE UNIQUE FOCUS TO ENHANCE VALUE CREATION ITRI Itron Investor Presentation - May 2023 | 7#8COMPLETE LOW VOLTAGE GRID SOLUTION $ AMI Operations Low & Med. Voltage Grid Distributed Energy Resource Mgmt. EV Infrastructure Customer Experience Customer Benefits Reduced Operating Costs OPERATIONS OPTIMIZER GRID EDGE OPTIMIZER DER OPTIMIZER EV CHARGING OPTIMIZER DATA HUB & MDM Consumer Access & Engagement REAL-TIME DATA & ANALYTICS PLATFORM HEAD-END SYSTEM Resiliency / Reliability Renewables Integration CONNECTIVITY: FIBER, PRIVATE OR PUBLIC CELLULAR, RF MESH, WI-FI Carbon Reduction Electricity & Grid Water & Gas Smart Communities Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 8#9DISTRIBUTED INTELLIGENCE TAKING SHAPE 6.4M Itron DI-enabled meters shipped Note: Data points are rounded and estimated based on internal Itron source material at the time of publication. Itron ©2023 ITRON PROPRIETARY 7.4M DI applications licensed 18 Ecosystem Partners ITRI Itron Investor Presentation - May 2023 | 9#10Business Perspectives#11Q1'23 PERFORMANCE SUMMARY Revenue Year-Over-Year Bridge1 (in constant currency) >> Revenue of $495 million >> Adjusted EBITDA of $39 million -11% +13% +12% +6% $36.3 $7.0 $494.6 $475.3 ($8.7) ($15.3) >> Non-GAAP diluted EPS of $0.49 Q1 2022 Device Solutions Networked Solutions Outcomes FX Q1 2023 $0.11 Non-GAAP EPS Year-Over-Year Bridge¹ $0.33 $0.06 $(0.01) $0.49 Q1 2022 Net Operating Impact Tax Impact FX & Share Count Q1 2023 1. Totals reflect actual currencies; all variances other than FX exclude currency impact. Chart includes rounding. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 11#12BOOKINGS AND BACKLOG >> Q1'23 bookings of $428M » Book to bill of 0.9 $4.6 $4.6 $4.2 $4.1 $3.9 » Ending backlog of $4.6B $2.1 $1.9 $1.6 $1.7 $1.6 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 12-Month Backlog ■Total Backlog Note: Chart in US$ billions, the revenue from Q1'23 12-month backlog may vary based on actual currency rates at time of shipment, supply constraints, and adjusted project schedules timing. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 12#13OPERATIONAL INSIGHTS >> Market environment remains robust >>> Supply chain improving » Strong operational execution and agility >> Near term visibility improvement Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 13#14BUSINESS SEGMENT PERFORMANCE: Q1'23 Revenue, Gross Margin, and Operating Margin $ in Millions, actual currency Revenue Gross Margin Device Solutions Operating Margin Networked Solutions $313 Outcomes $63 $140 $279 $57 $118 32.8% 33.7% 42.7% 38.8% 20.1% 15.6% 11.9% 8.3% 21.9% 23.9% 20.5% 14.6% Q1'22 Q1'23 Q1'22 Q1'23 Q1'22 Q1'23 Revenue down 15% and 11% in constant currency >>> Sale of mechanical C&I gas business Revenue up 12% and 13% in constant currency >>> Largely due to improving component supply >>> Discontinued lines of business / purposeful product pruning Gross margin up 450 bps » Favorable mix >>> Increased operational efficiencies Operating margin up 360 bps » Fall through of higher gross margin >> Partially offset by higher opex % Itron ©2023 ITRON PROPRIETARY Gross margin up 90 bps » Favorable product and solutions mix » Improved operational efficiencies Operating margin up 200 bps >>> Fall through of higher gross profit » Higher operating leverage Revenue up 10% and 12% in constant currency >>> Higher software license and managed services Gross margin up 390 bps » Favorable mix >>> Increased operational efficiencies Operating margin up 590 bps » Fall through of higher gross profit » Higher operating leverage ITRI Itron Investor Presentation - May 2023 | 14#15DEBT AND LIQUIDITY OVERVIEW: MARCH 31, 2023 US$M $460 $264 Total Debt 1 Net Debt 1. Excludes amortization of debt fees. Itron ©2023 ITRON PROPRIETARY Debt » Net leverage 2.3x at end of Q1'23 >> Zero interest convertible notes Free Cash Flow and Liquidity >> Free cash flow of ($5M) » Cash and equivalents of $196M >> $500M revolver ITRI Itron Investor Presentation - May 2023 | 15#16Q2'23 OUTLOOK Revenue of $510 - $525 million • At the midpoint, up $86M or 20% vs. Q2 2022 Non-GAAP diluted EPS of $0.25 - $0.35 • At the midpoint, up $0.23 vs. Q2 2022 Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 16#17CAPITAL ALLOCATION PRIORITIES NEAR-TERM CAPITAL DEPLOYMENT FRAMEWORK ORGANIC INVESTMENT » Continuing shift to asset-light business model » Technology innovation fueled by investment in R&D >> Investing in strategic component supply STRATEGIC OPPORTUNITIES » Disciplined approach to M&A >> Focus on expanding Outcomes » Targeting complementary value- add solutions that will scale with our existing offerings CREATING VALUE >> Focus on long-term shareholder value creation >> Maintain flexibility in capital structure to capture value Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 17#18ITRON INVESTMENT THESIS POSITIONED TO NAVIGATE NEAR-TERM 600 Only U.S. Based Industrial loT "Pureplay" In Our Industry BUILT FOR THE LONG-TERM $ Att Improving Operating Leverage and Earnings Power Expanding Our Footprint, Value Proposition and Market Reach Strong Balance Sheet for Strategic Flexibility Positioned for Free Cash Flow Growth ESG Principles Embedded in DNA Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 18#19ESG#20OUR VISION AND COMMITMENT TO ESG Itron is dedicated to creating a more resourceful world >> We believe that the way we manage energy and water will define this century. » Our long-term view is that by delivering products and services that support sustainability, diversity and accountability of our key stakeholders, we can create a more resourceful world. >> To achieve this, Itron leverages a holistic approach that integrates our strategic, operational and risk management efforts with our ESG initiatives. ENVIRONMENTAL AND OPERATIONAL STEWARDSHIP SOLUTION IMPACT AND COMMUNITY INVOLVEMENT INCLUSION AND OUR HUMAN CAPITAL PLEDGE EFFECTIVE SHAREHOLDER ADVOCACY GRICDP Sustainable TCFD MSCI USTAINABILITY TING 烤麵 DISCLOSURE INSIGHT ACTION SUSTAINALYTICS Dow Jones GoSupply Sustainability Indexes Itron ©2023 ITRON PROPRIETARY ISS▷ ecoVadis SUPPLIER SUSTAINABILITY RATINGS OUR EMPLOYEES OUR COMPANY OUR CUSTOMERS OUR WORLD ITRI Itron Investor Presentation - May 2023 | 20#21ITRON'S ESG TARGETS 2021 ESG Report Published June 2022 ITRON IS DEDICATED TO CREATING A MORE RESOURCEFUL WORLD Committed to do our part to limit global warming to 1.5°C Developing solutions that enable our customers to improve sustainability & conservation Efforts aligned to the U.N. SDG's and a member of the U.N. Global Compact Will achieve a >50% reduction in Scope 1 and Scope 2 GHG emissions by 2028 Operations will be carbon neutral by 2035 Will achieve net zero emissions by 2050 Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 21#22DELIVERING BENEFITS TO CUSTOMERS & OUR WORLD Our solutions reduce risk, drive efficiencies, and assist in managing customer demand Our Solutions Reduce Demand DR Event Usage Normal Usage Demand Reduction Normal Operations Electricity Usage kWh 3.5M metric tons 9 Gas-Fired -770K Gasoline Powered Electric Plants Vehicles Driven for One Year Carbon Trapped in 4.2M Acres of Forest in 1 Year ~434 Billion Cell Phones Charged Create Proven Benefits For Our Customers In 2021 Itron's electricity AMI solutions led to the avoidance of a total of 3.5M metric tons of GHG emissions 3.5M Metric Tons Avoided: % by Category 9% 17% 74% ■Consumer Engagement ■Operational Efficiency Other Note: These numbers represent Itron's analysis of calculated savings during 2021 for key customer accounts, encompassing over 64 million electric endpoints. Assumptions on average use include: 15.9 MWh annual electricity consumption per customer/per year (with a mix of 8% commercial and 92% residential consumers) Annual emissions per MWh of 884 lbs of C02 (source: https://epa.gov/egrid) ** Examples based on 3.5M metric tons and data generated here: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 22#23Appendix#24CONSOLIDATED GAAP RESULTS: Q1'23 $ in millions (except per share amounts) Q1 2023 Q1 2022 Change Revenue $494.6 $475.3 4% Change in constant currency 6% Gross margin 31.6% 28.4% 320 bps Operating income (loss) ($10.4) $6.8 NM Net income (loss) attributable to Itron, Inc. Earnings (loss) per share - diluted ($11.8) ($0.26) $0.9 NM $0.02 NM >> Revenue increased largely due to improving component supply, partially offset by foreign exchange rates >> Gross margin of 31.6% up 320 bps due to favorable mix and operational efficiencies >> GAAP operating income decreased due to a restructuring charge from the new plan announced in February, partially offset by higher gross profit >> GAAP net income decreased due to lower GAAP operating income Reconciliation of GAAP to Non-GAAP results in Appendix and also available on our website. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 24#25CONSOLIDATED NON-GAAP & CASH RESULTS: Q1'23 $ in millions (except per share amounts) Q1 2023 Q1 2022 Change Non-GAAP operating income $31.3 $9.3 237% Non-GAAP operating margin 6.3% 2.0% 430 bps Non-GAAP net income attributable to Itron, Inc. $22.4 $5.2 333% Adjusted EBITDA $39.5 $18.9 109% Adjusted EBITDA margin 8.0% 4.0% 400 bps Non-GAAP earnings per share - diluted $0.49 $0.11 345% Net cash provided by operating activities $1.4 $7.6 -81% Free cash flow ($5.5) $2.2 -346% » Increase in non-GAAP operating income due to fall through of higher gross profit >> Non-GAAP net income increased due to higher non-GAAP operating income and lower taxes >> Free cash flow decreased due to working capital outflow, partially offset by higher non-GAAP EBITDA Reconciliation of GAAP to Non-GAAP results in Appendix and also available on our website. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 25#26ITRON TARGET OPERATING MODEL Targets presented at Itron Investor Day October 5, 2021 Target Operating Model Itron eft. Total Company DEVICES NETWORKS OUTCOMES Revenue (CAGR) 4 to 6% -4 to -2% 5 to 7% 11 to 15% Gross Margin 34 to 36% 23 to 25% 38 to 40% 40 to 42% OPEX Adjusted EBITDA 22 to 23% of Revenue 14 to 16% of Revenue OUTCOMES HIGHER GROWTH Free Cash Flow 8 to 10% of Revenue NETWORKED SOLUTIONS INCREASING MARGINS DEVICE SOLUTIONS Note: Original model does not reflect any divestitures of business operations Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 26#27ITRON ACRONYM GLOSSARY AMI = Advanced Metering Infrastructure AMM = Advanced Metering Manager, SSNI Product Name AMR Automated Meter Reading ASP = Average Selling Price AP Access Point BOM Bill of Material(s) BYOD = Bring Your Own Device BYOT Bring Your Own Thermostat C&I Commercial and Industrial CAGR Compounded Annual Growth Rate CCE Commercial and Customer Enablement CDMA = Code Division Multiple Access CGR Connected Grid Router CM Contract Manufacturer / Manufacturing DA Distribution Automation DEM Distributed Energy Management DER Distributed Energy Resources DERMS Distributed Energy Resource Management DI Distributed Intelligence DNO = Device Solutions, Networked Solutions, Outcomes EDI Electronic Data Interchange ERP = Enterprise Resource Planning ERT Encoder Receiver Transmitter FAN Field Area Network GENX Generation 2, 3, 4, and 5 of the Silver Spring Networks platform GDPR laaS IEC General Data Protection Regulation Infrastructure as a Service International Electrotechnical Commission IMP Itron Mobile Platform INS IOU IoT Itron Networks Segment Investor-Owned Utility Internet of Things LoRa = "Long Range" (Marketing Alliance) LPWAN = Low Power Wide Area Network LTE Long Term Evolution M2C = Meter to Cash M2M = Machine to Machine MDM = Meter Data Management MV = Multi Vender NaaS NB-IoT Network as a Service Narrow Band Internet of Things NEMA = National Electrical Manufacturers Association NIC Network Interface Card NMS Network Management System OaaS Outcome as a Service OCOGS Operating Cost of Goods Sold OFDM = Orthogonal Frequency Division Multiplexing O&M Operation and Maintenance OWR OpenWay Riva PaaS Platform as a Service PBU Product Business Unit PCBA Printed Circuit Board Assembly PLC Power Line Carrier RF Radio Frequency RPMA = Random Phase Multiple Access S & OP Sales and Operations Planning S & OE = Sales and Operations Execution SaaS Software as a Service SLV = Streetlight Vision SS Spread Spectrum TAM Total Available Market TDMA = Time Division Multiple Access TCO TMC Total Cost of Ownership Total Manufacturing Cost UIQ = Utility IQ, Product Name Wi-Fi Wireless Fidelity WW = World Wide VAVE = Value Analysis and Value Engineering VVO Voltage Var Optimization Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 27#28NON-GAAP FINANCIAL MEASURES To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non- GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non- GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, free cash flow, and constant currency. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. A more detailed discussion of why we use non-GAAP financial measures, the limitations of using such measures, and reconciliations between non-GAAP and the nearest GAAP financial measures are included in our quarterly press release. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - May 2023 | 28#29GAAP TO NON-GAAP RECONCILIATIONS Itron ©2023 ITRON PROPRIETARY ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) TOTAL COMPANY RECONCILIATIONS NON-GAAP OPERATING EXPENSES GAAP operating expenses Amortization of intangible assets Restructuring Loss on sale of business Acquisition and integration Non-GAAP operating expenses NON-GAAP OPERATING INCOME GAAP operating income (loss) Amortization of intangible assets Restructurina Loss on sale of business Acquisition and integration 2023 Three Months Ended March 31, 2022 $ 166,761 $ (5,048) 128,405 (6,553) (36,609) 6,366 (18) (2,221) (45) (62) S 125,041 $ 125,935 $ (10,393) $ 6,819 5.048 6.553 36.609 (6.366) 18 2.221 45 62 $ 31,327 S 9,289 Non-GAAP operating income NON-GAAP NET INCOME & DILUTED EPS GAAP net income (loss) attributable to Itron, Inc. $ (11,836) $ 906 Amortization of intangible assets Amortization of debt placement fees Restructuring 5.048 845 36,609 6.553 796 (6,366) Loss on sale of business Acquisition and integration Income tax effect of non-GAAP adjustments Non-GAAP net income attributable to Itron, Inc. Non-GAAP diluted EPS Non-GAAP weighted average common shares outstanding - Diluted 18 2.221 45 62 (8,347) 999 S 22,382 $ 5,171 $ 0.49 $ 0.11 45,572 45,240 ITRI Itron Investor Presentation - May 2023 | 29#30GAAP TO NON-GAAP RECONCILIATIONS Itron ©2023 ITRON PROPRIETARY ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) TOTAL COMPANY RECONCILIATIONS ADJUSTED EBITDA GAAP net income (loss) attributable to Itron, Inc. Interest income Interest expense Income tax provision (benefit) Depreciation and amortization Restructuring Loss on sale of business Acquisition and integration Adjusted EBITDA Three Months Ended March 31, 2023 2022 S (11,836) $ 906 (1,818) (217) 2.057 1.592 (70) 3,859 14.463 16.837 36.609 (6.366) 18 2.221 45 62 $ 39,468 $ 18,894 FREE CASH FLOW Net cash provided by operating activities S 1.429 $ Acquisitions of property, plant, and equipment (6,902) Free Cash Flow $ (5,473) $ 7.591 (5,369) 2,222 ITRI Itron Investor Presentation - May 2023 | 30#31Thank You INVESTOR RELATIONS CONTACTS Paul Vincent Vice President, Investor Relations 512-560-1172 [email protected] David Means Director, Investor Relations 737-242-8448 [email protected] Itron www.itron.com