Itron Investor Presentation

BUSINESS 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

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