#1Itron Investor Presentation February 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 - February 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 >93M ENDPOINTS UNDER MANAGEMENT ~5.8M DISTRIBUTED INTELLIGENCE ENABLED ENDPOINTS -5,500 PEOPLE ACROSS THE GLOBE +250 PARTNERS IN A BROAD ECOSYSTEM OF SOLUTIONS $1.8B 2022 REVENUE & REVENUE MIX OF: Outcomes 13% ROW 5% Device Solutions 25% EMEA 22% Networked Solutions 62% North America 73% WITH A Q4 2022: $4.6B BACKLOG Note: Revenue, Backlog, and People reported year ending December 31, 2022. 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 - February 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 - February 2023 | 5#6OUR 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 GE OPEN, SECURE, STANDARDS-BASED PLATFORM DRIVE UNIQUE FOCUS TO ENHANCE VALUE CREATION ITRI Itron Investor Presentation - February 2023 | 6#7OUR 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 - February 2023 | 7#8UNPARALLELED PLATFORM CAPABILITY Itron's industry leading solutions expand our customers value proposition ozor Industry Leading Multi- Service Platform ACCESS POINT Transport and Endpoint Agnostic Distributed Intelligence With Grid Edge Solution Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 8#9OUR SOLUTIONS MANAGE CRITICAL INFRASTRUCTURE Itron connects critical infrastructure and enables outcomes via our platform ITRON ENABLES OUTCOMES: >> Smart Energy » Smart Water >> Smart Streetlighting >> Distribution Automation » Renewable Energy Management » Electric Vehicle Management » Smart City Solutions Multi-application, Multi-tenant Platform Device Agnostic for Energy, Water & Smart City Management with Data Analytics on One Network Advanced Metering Infrastructure Two-way, Transport Agnostic, Communications Distributed Intelligence Delivering Intelligence and Applications to the Edge of the Network for Demand Response & More Electric Vehicle Management Enabling Insight and Control over EV Proliferation Itron ©2023 ITRON PROPRIETARY P Distribution Automation and Demand Response Advanced Grid Control & Distributed Energy Management with Demand Response Capabilities Streetlight Canopy Intelligent Lighting & Increased Network Coverage & Resiliency Smart City Solutions Connecting Communities to Outcomes such as Safety, Traffic, Smart Parking, Intelligent Transport, Kiosks, and Environmental Sensors Services & Analytics Solving Problems & Delivering Valuable Outcomes ITRI Itron Investor Presentation - February 2023 | 9#10Business Perspectives#11Q4'22 AND FY'22 PERFORMANCE SUMMARY >> Revenue in Q4'22 of $467 million and FY'22 of $1.8 billion >> Adjusted EBITDA in Q4'22 of $34 million and FY'22 of $95 million >> Non-GAAP diluted EPS in Q4'22 of $0.71 and FY'22 of $1.13 Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 11#12BOOKINGS AND BACKLOG >> Q4'22 bookings of $898M $4.6 $4.2 $4.1 $4.0 $3.9 >> FY'22 bookings of $2.5B >> Book to bill of 1.9 in Q4 and 1.4 for FY'22 $2.1 $1.6 $1.7 $1.6 $1.5 >> Record: Ending backlog of $4.6B Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 12-Month Backlog ■Total Backlog Note: Chart in US$ billions, the revenue from Q4'22 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 - February 2023 | 12#13OPERATIONAL INSIGHTS » Strong market demand continues >> Current supply environment remains volatile >> Recovery of supply progressing >> Continuing to manage price/cost >> A restructuring plan to improve operational efficiency and reduce costs. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 13#14FULL YEAR 2022 SUMMARY >> Revenue of $1.8B down 9% from 2021 » Down 6% in constant currency » Down 2% adjusted for the sale of the C&I gas business and foreign exchange rates » Gross margin of 29.1% >> Adj EBITDA of $95M >> Non-GAAP EPS of $1.13 >> Free cash flow of $5M Revenue Year-Over-Year Bridge1 (in constant currency) -23% +3% flat -6% $1,981.6 $35.0 $0.8 $1,795.6 ($151.0) ($70.8) FY 2021 Device Solutions Networked Solutions Outcomes FX FY 2022 Non-GAAP EPS Year-Over-Year Bridge1 $1.75 $0.10 $(0.14) $1.13 $(0.56) $(0.02) FY 2021 Net Operating Impact Lower Interest Expense Tax Impact FX & Share Count FY 2022 1. Full year totals reflect actual currencies; all variances other than FX exclude currency impact. Chart includes rounding. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 14#15DEBT AND LIQUIDITY OVERVIEW: DECEMBER 31, 2022 US$M $460 $258 Total Debt 1 Net Debt 1. Excludes amortization of debt fees. Itron ©2023 ITRON PROPRIETARY Debt » Net leverage 2.7x at end of Q4'22 >> Zero interest convertible notes Free Cash Flow and Liquidity >> FY Free cash flow of $5M >> Cash and equivalents of $202M >> $500M revolver ITRI Itron Investor Presentation - February 2023 | 15#162023 GUIDANCE Revenue of $1.85 $1.95 billion » ~6% growth at the midpoint Non-GAAP diluted EPS of $0.70 - $1.10 » ~6% growth at the midpoint (normalized @ 28% tax rate for both years) Assumptions: o Euro/USD of $1.05 Effective non-GAAP tax rate of ~28% o Average diluted shares outstanding of ~45.7 million Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 16#17Q1'23 OUTLOOK Revenue of $460 - $475 million Non-GAAP diluted EPS of $0.05 - $0.15 o Includes one-time $2M tax adjustment which drives the effective non-GAAP tax rate to a range of ~40 - 60% Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 17#18CAPITAL 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 - February 2023 | 18#19ITRON 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 Itron ©2023 ITRON PROPRIETARY ESG Principles Embedded in DNA ITRI Itron Investor Presentation - February 2023 | 19#20Segment Overview#21DEVICE SOLUTIONS SEGMENT: Q4'22 Revenue, gross margin and operating margin $ in millions, actual currency $157 $100 11.3% 9.0% 2.6% 2.2% Q4'21 Q4'22 Revenue Gross Margin Operating Margin Itron ©2023 ITRON PROPRIETARY Revenue down 36% and 27% in constant currency >> Sale of C&I gas business » Continued product pruning Gross margin up 230 bps >> Improving mix with discontinued lines of business » Partially offset by elevated component costs Operating margin up 40 bps >> Fall through of higher gross margin >> Partially offset by higher opex % ITRI Itron Investor Presentation - February 2023 | 21#22DEVICE SOLUTIONS SEGMENT: FY'22 Revenue, gross margin and operating margin $ in millions, actual currency $645 15.4% $439 14.1% 8.9% 6.1% YTD 2021 Revenue YTD 2022 Gross Margin Operating Margin Revenue down 32% and 23% in constant currency >> Sale of C&I gas business and other product pruning >> Foreign exchange rates » Constrained revenue due to component shortages Gross margin down 130 bps >> Inefficiencies related to component shortages >> Partially offset by favorable mix Operating margin down 280 bps >> Fall through of lower gross profit >> Partially offset by lower opex Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 22#23NETWORKED SOLUTIONS SEGMENT: Q4'22 Revenue, gross margin and operating margin $ in millions, actual currency $301 $265 30.2% 32.8% 23.4% 18.6% Q4'21 Q4'22 Revenue Gross Margin Operating Margin Itron ©2023 ITRON PROPRIETARY Revenue up 14% and 15% in constant currency >> Ramp of new and existing deployments Gross margin up 260 bps >> Favorable mix >> Partially offset by elevated component costs Operating margin up 480 bps >> Fall through of higher gross profit >> Lower opex ITRI Itron Investor Presentation - February 2023 | 23#24NETWORKED SOLUTIONS SEGMENT: FY'22 Revenue, gross margin and operating margin $ in millions, actual currency $1,119 $1,093 34.7% 32.3% 23.3% 22.2% YTD 2021 YTD 2022 Revenue Gross Margin Operating Margin Itron ©2023 ITRON PROPRIETARY Revenue up 2% and 3% in constant currency » Ramp of new and existing deployments >> Partially offset by constrained revenue due to component shortages Gross margin down 240 bps >> Inflationary pressures >> Unfavorable product mix >> Inefficiencies related to component shortages Operating margin down 110 bps >> Fall through of lower gross profit >> Partially offset by lower opex ITRI Itron Investor Presentation - February 2023 | 24#25OUTCOMES SEGMENT: Q4'22 Revenue, gross margin and operating margin $ in millions, actual currency $64 $66 46.5% 42.6% 25.1% 26.4% Q4'21 Q4'22 Revenue Gross Margin Operating Margin Itron ©2023 ITRON PROPRIETARY Revenue up 4% and 7% in constant currency >> Higher software license and product sales >> Partially offset by decline in EMEA prepay business Gross margin up 390 bps » Favorable mix » Increased operational efficiencies Operating margin up 130 bps >> Fall through of higher gross profit >> Partially offset by higher research & development investment ITRI Itron Investor Presentation - February 2023 | 25#26OUTCOMES SEGMENT: FY'22 Revenue, gross margin and operating margin $ in millions, actual currency $244 $238 39.0% 41.4% 20.8% 19.5% YTD 2022 Gross Margin Operating Margin YTD 2021 Revenue Itron ©2023 ITRON PROPRIETARY Revenue down 3% and flat in constant currency >> Decline in consulting business and EMEA prepay business >> Offset by an increase in Managed Services and Grid Operations Gross margin up 240 bps » Favorable mix » Increased operational efficiencies Operating margin down 130 bps >> Higher research & development investment ITRI Itron Investor Presentation - February 2023 | 26#27ESG#28OUR 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 - February 2023 | 28#29ITRON'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 - February 2023 | 29#30DELIVERING 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 3.5 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 - February 2023 | 30#31Appendix#32CONSOLIDATED GAAP RESULTS: Q4'22 $ in millions (except per share amounts) Q4 2022 Q4 2021 Change Revenue $467.5 $485.6 -4% Change in constant currency flat Gross margin 30.1% 25.0% 510 bps Operating income (loss) $12.4 ($107.5) NM Net income (loss) attributable to Itron, Inc. Earnings (loss) per share – diluted $22.2 $0.49 ($58.9) NM ($1.30) NM >> Revenue declined due to the sale of the C&I gas business in our Device Solutions segment and foreign exchange rates, offset by higher sales in the Networked Solutions and Outcomes segments >> Gross margin of 30.1% up 510 bps due to favorable mix, partially offset by elevated component costs » GAAP operating income increased due to lower opex driven by less restructuring and divestiture activities, and due to higher gross profit >> GAAP net income increased due to higher GAAP operating income, partially offset by a lower tax benefit Reconciliation of GAAP to Non-GAAP results in Appendix and also available on our website. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 32#33CONSOLIDATED NON-GAAP & CASH RESULTS: Q4'22 $ in millions (except per share amounts) Q4 2022 Q4 2021 Change Non-GAAP operating income (loss) $25.3 ($6.6) 484% Non-GAAP operating margin 5.4% (1.4%) 680 bps Non-GAAP net income attributable to Itron, Inc. $32.2 $34.1 -6% Adjusted EBITDA $34.4 $3.2 NM Adjusted EBITDA margin 7.4% 0.7% 670 bps Non-GAAP earnings per share - diluted $0.71 $0.75 -5% Net cash (used in) provided by operating activities ($13.0) $13.6 NM Free cash flow ($17.9) $6.7 NM » Increase in Non-GAAP operating income due to fall through of higher gross profit and lower opex >> Non-GAAP net income decreased due to a prior year tax benefit from the impact of certain transfers of business activities and assets, partially offset by higher non-GAAP operating income >> 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 - February 2023 | 33#34CONSOLIDATED GAAP RESULTS: FY'22 $ in millions (except per share amounts) Revenue Change in constant currency Gross margin Operating loss Net loss attributable to Itron, Inc. Loss per share FY 2022 $1,795.6 FY 2021 $1,981.6 Change -9% -6% 29.1% 28.9% 20 bps ($7.4) ($79.3) NM ($9.7) ($81.3) NM ($0.22) ($1.83) NM >> Revenue down due to component constraints impacting our ability to meet customer demand as well as the sale of C&I gas business in our Device Solutions segment >> Gross margin of 29.1% up 20 bps due to favorable mix, partially offset by higher component costs and manufacturing inefficiencies >> GAAP operating loss improved due to lower opex driven by less restructuring activities and a loss related to the sale of C&I gas business in prior year. >> GAAP net loss decreased due to improved GAAP operating loss and lower interest expense, partially offset by a lower income tax benefit Reconciliation of GAAP to Non-GAAP results in Appendix and also available on our website. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 34#35CONSOLIDATED NON-GAAP & CASH RESULTS: FY'22 $ in millions (except per share amounts) FY 2022 FY 2021 Change Non-GAAP operating income $58.4 $75.6 -23% Non-GAAP operating margin 3.3% 3.8% -50 bps Adjusted EBITDA $95.1 $115.2 -17% Adjusted EBITDA margin 5.3% 5.8% -50 bps Non-GAAP net income attributable to Itron, Inc. $51.0 $78.1 -35% Non-GAAP earnings per share - diluted $1.13 $1.75 -35% Net cash provided by operating activities $24.5 $154.8 -84% Free cash flow $4.8 $120.1 -96% » Decrease in Non-GAAP operating income due to fall through of lower gross profit, partially offset by lower non-GAAP opex >> Non-GAAP net income decreased due to lower non-GAAP operating income and higher non-GAAP income tax >> Free cash flow decreased due to higher working capital usage, higher variable compensation payments, and lower non- GAAP EBITDA, partially offset by lower capex Reconciliation of GAAP to Non-GAAP results in Appendix and also available on our website. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 35#36ITRON TARGET OPERATING MODEL Targets presented at Itron Investor Day October 5, 2021 Target Operating Model Itron an 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 - February 2023 | 36#37ITRON 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 - February 2023 | 37#38NON-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 our quarterly press release. Itron ©2023 ITRON PROPRIETARY ITRI Itron Investor Presentation - February 2023 | 38#39GAAP TO NON-GAAP RECONCILIATIONS 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 Itron ©2023 ITRON PROPRIETARY Three Months Ended December 31, 2022 2021 2022 Twelve Months Ended December 31, 2021 NON-GAAP OPERATING EXPENSES GAAP operating expenses S Amortization of intangible assets 128,417 S (6,266) 228,757 (8,887) S 529,628 S 652,468 (25,717) (35,801) Restructuring 2,528 (55,453) 13,625 (54,623) Loss on sale of businesses (323) (36,015) (3,505) (64,289) Strategic initiative (675) Software project impairment (8,719) (8,719) Russian currency translation write-off (1,885) Goodwill impairment (38,480) Acquisition and integration Non-GAAP operating expenses S (136) 115,501 $ (519) 127,883 $ (506) 463,766 S (151) 497,604 NON-GAAP OPERATING INCOME (LOSS) GAAP operating income (loss) S Amortization of intangible assets 12,381 $ 6,266 (107,470) $ (7,439) $ (79,299) 8,887 Restructuring (2,528) 55,453 25,717 (13,625) 35,801 54,623 Loss on sale of businesses 323 36,015 3,505 64.289 Strategic initiative 675 Software project impairment 8,719 8,719 Russian currency translation write-off 1,885 Goodwill impairment 38,480 Acquisition and integration 136 Non-GAAP operating income (loss) S 25,297 $ 519 (6,596) $ 506 58,423 S 151 75,565 ITRI Itron Investor Presentation - February 2023 | 39#40GAAP TO NON-GAAP RECONCILIATIONS 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 Itron ©2023 ITRON PROPRIETARY Three Months Ended December 31, 2022 2021 2022 Twelve Months Ended December 31, 2021 NON-GAAP NET INCOME & DILUTED EPS GAAP net income (loss) attributable to Itron, Inc. $ Amortization of intangible assets Amortization of debt placement fees 22,212 $ 6,266 845 (58,866) 8,887 S (9,732) $ 25,717 (81,255) 35,801 826 3,323 18,078 Debt extinguishment Restructuring Loss on sale of businesses 11,681 (2,528) 323 55,453 (13,625) 54,623 36,015 3,505 64,289 Strategic initiative 675 Software project impairment 8,719 8,719 Russian currency translation write-off 1,885 Goodwill impairment 38,480 Acquisition and integration 136 519 506 Income tax effect of non-GAAP adjustments (3,803) (8,774) (8,466) 151 (25,265) Non-GAAP net income attributable to Itron, Inc. $ 32,170 S 34,060 $ 50,987 $ 78,103 Non-GAAP diluted EPS $ 0.71 $ 0.75 $ 1.13 S 1.75 Non-GAAP weighted average common shares outstanding - Diluted 45,419 45,469 45,305 44,617 ITRI Itron Investor Presentation - February 2023 | 40#41GAAP TO NON-GAAP RECONCILIATIONS 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 Itron ©2023 ITRON PROPRIETARY Three Months Ended December 31, 2022 2021 2022 Twelve Months Ended December 31, 2021 ADJUSTED EBITDA GAAP net income (loss) attributable to Itron, Inc. $ Interest income Interest expense Income tax benefit Debt extinguishment Depreciation and amortization Restructuring Loss on sale of businesses Strategic initiative Software project impairment Russian currency translation write-off Goodwill impairment Acquisition and integration Adjusted EBITDA 22,212 $ (1,266) 1,793 (58,866) $ (231) (9,732) $ (2,633) (81,255) (1,557) 1,531 6,724 28,638 (11,169) (51,093) (6,196) (45,512) 11,681 16,151 19,901 66,763 84,153 (2,528) 55,453 (13,625) 54,623 323 36,015 3,505 64,289 675 8,719 8,719 1,885 38,480 S 136 34,371 $ 519 3,229 506 95,071 $ 151 115,211 FREE CASH FLOW Net cash (used in) provided by operating activities $ Acquisitions of property, plant, and equipment Free Cash Flow $ (13,030) S (4,861) (17,891) $ 13,647 (6,901) 6,746 $ S 24,500 S (19,747) 4,753 $ 154,794 (34,682) 120,112 ITRI Itron Investor Presentation - February 2023 | 41#42Thank You Itron INVESTOR RELATIONS CONTACTS David Means Director, Investor Relations 737-242-8448 [email protected] www.itron.com