Investor Presentaiton

GAAP 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

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