Badger Meter delivered a 9% decline in Q1 revenue, primarily due to timing and project pacing, with expectations for a solid second half and full-year 2026 revenues aligning with 2025.

• Q1 revenue dipped to $202 million, impacted by weaker short-cycle order rates and project timing delays.
• Backlog normalization and nearing completion of major AMI projects contributed to revenue unevenness and limited visibility into immediate demand.
• Awarded future AMI deployments are diversified across funding sources and deployment types, supporting long-term growth prospects.
• Management maintains a positive outlook for the second half, emphasizing strong market fundamentals and ongoing technology adoption.
• Revenue momentum expected to improve as pending projects commence deployment in the latter half of 2026 and into 2027.