Investor Presentaiton

RECAP / OUTLOOK Full Year 2020 4% Utility Water Sales Growth • • • • Strong performance in 2020 despite backdrop of pandemic's health and economic implications Build on leading market position with comprehensive and tailorable solutions across our differentiated flow measurement, temperature, pressure and water quality monitoring products, communication and data analytics offerings Continue to organically invest in software solutions that operationalize real- time data to enhance operational efficiency Balance sheet flexibility and strong cash flow to enable strategic, tuck-in acquisitions to expand offerings Further advance sustainability efforts in our products/solutions and within our operations, helping to conserve the world's most precious resource % $ M 90 BPS EBITDA Margin Expansion 163% Free Cash Flow Conversion 5% EPS Growth Every drop counts. Optimistic About Opportunities for Growth in 2021 and Beyond 2021 Badger Meter, Inc. TCIR 0.59 35% 6

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