Itron Investor Presentation

CONSOLIDATED 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

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