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    Jeffrey Reive • RBC Capital Markets

    Jeffrey Reive's questions to Badger Meter Inc (BMI) leadership

    Jeffrey Reive's questions to Badger Meter Inc (BMI) leadership • Q2 2025

    Question

    Jeffrey Reive from RBC Capital Markets asked for details on SmartCover acquisition synergies, specifically the size and timing of cost synergies, and inquired about the potential impact of EPA budget cuts on customer demand.

    Answer

    CFO Robert Wrocklage clarified that the primary synergies for SmartCover are commercial (revenue growth), not cost-cutting, with leverage coming from growing sales over its existing SG&A base. CEO Kenneth Bockhorst stated that meter/AMI projects are high-priority utility investments funded through various means, making demand resilient to potential federal budget cuts.

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    Jeffrey Reive's questions to Badger Meter Inc (BMI) leadership • Q1 2025

    Question

    Jeffrey Reive questioned the health of municipal budgets, how utilities are prioritizing AMI investments amidst inflation, and whether there is greater customer reception for alternative pricing models like 'meter as a service'.

    Answer

    CEO Kenneth Bockhorst affirmed the resilience of utility spending on metering, noting it serves as the 'cash register' and is often prioritized even when budgets are tight, citing performance during COVID and recent inflation as evidence. He added that customer buying habits have not shifted significantly toward alternative pricing models.

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