Itron Investor Presentation

ITRON 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

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