Investor Presentaiton

CAPITAL ALLOCATION PRIORITIES 1 Internal Investment to support organic growth and sustain core business 2 Grow the dividend annually in line with earnings 3 Accelerate acquisitions that align to strategy and return targets Ample Liquidity to Fund Growth Priorities 2021 Badger Meter, Inc. • • · • No outstanding debt obligations and $73M of cash at December 31, 2020 (~$44M used for ATI) Strong free cash flow, working capital management - 163% conversion of net earnings in 2020 $125M untapped revolver August 2020 marked 28th consecutive year of dividend increases. 7

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