Investor Presentaiton

JJJ GAAP To Non-GAAP Reconciliations EBITDA Free Cash Flow (US$ in millions) Q3 2023 Q3 2022 Net Earnings (GAAP) $26.0 $17.9 $67.9 $49.0 YTD 2023 YTD 2022 Cash from Ops (GAAP) (US$ in millions) Q3 2023 Q3 2022 $31.4 $23.8 Interest income (1.2) (0.1) (2.6) (0.1) Capital Expenditures Income tax provision 6.6 6.0 20.6 15.9 Free Cash Flow (3.0) $28.4 (1.9) $21.9 Depreciation 2.7 2.8 8.1 8.4 Amortization 4.4 3.9 12.8 11.7 YTD 2023 YTD 2022 EBITDA $38.5 $30.5 $106.8 $84.9 Cash from Ops (GAAP) $72.2 $52.7 Capital Expenditures (10.0) (4.7) Sales $186.2 $148.0 $521.2 $418.2 Free Cash Flow $62.2 $48.0 EBITDA % 20.7% 20.6% 20.5% 20.3% © 2023 Badger Meter, Inc. 22 22

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