Q1 2025 Earnings Presentation April 17, 2025 Exhibit 99.2 Company Overview Strong, Resilient Franchise; Well Positioned for Growth Safe & Sound Customer Centric Attractive Market High Performing 2 • Strong balance sheet • Prudent interest rate and liquidity risk management • Significant capital buffer • Diversified, low-cost deposit base • Experienced commercial lender with conservative credit culture • Proven operator and acquiror • Full suite of retail banking, commercial banking, and wealth product offer ...

Financial Data and Key Metrics Changes - The headline earnings number reflects the challenges in the transportation market, but almost every metric reported improved in the transportation businesses, particularly in the Payments segment [5][6] - Revenue from transportation businesses is currently at $206 million, which must increase materially by year-end to sustain current investment levels [29] Business Line Data and Key Metrics Changes - The Payments segment showed significant improvement in key performance indicators (KPIs), indicating potential for revenue growth from existing clients [14][17] - The factoring segment generated $144 million in revenue, which is considered low, but there is an expectation for it to at least double as more clients are onboarded [40] Market Data and Key Metrics Changes - The company is experiencing strong headwinds in the freight market, but there are opportunities arising from large trucking companies returning to the factoring market due to difficulties in maintaining covenants [16] - The second quarter is expected to have significant noise due to potential closings and other factors, with clearer revenue visibility anticipated in the latter half of the year [18] Company Strategy and Development Direction - The company is focused on growing revenue profitably despite market conditions, emphasizing the importance of investments made to create durable value [6][7] - There is a strategic emphasis on monetizing the Payments segment and upgrading legacy contracts to capture additional revenue [58][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving credit quality and expects that credit will not be a significant concern in the latter half of the year, focusing instead on revenue growth [75] - The company acknowledges the economic uncertainties but believes it is well-positioned to navigate these challenges due to its understanding of its portfolio [70][74] Other Important Information - The company is in the process of closing the Green Screens acquisition, which is expected to enhance its data monetization capabilities [44][47] - Management believes that investing in Green Screens will deliver more long-term shareholder value than share buybacks at current prices [49] Q&A Session Summary Question: Revenue outlook and growth opportunities - Management discussed potential revenue growth from Load Pay and Green Screens, indicating that existing clients are expected to contribute to revenue growth as they upgrade services [12][17] Question: Conforming invoice volume and fee growth - Management clarified that fee growth in the Payments segment can occur independently of conforming invoice volume, as fees are charged based on the services provided [20][22] Question: Revenue split between first and second half of the year - Management indicated that the bulk of revenue growth is expected to come from payments and factoring, with a significant increase needed by year-end [29][30] Question: Financial opportunity from next-gen audit migration - Management stated that the next-gen audit migration is still in early stages, with significant opportunities expected to be captured over the next year [33] Question: Credit metrics and economic uncertainty - Management expressed optimism about credit quality improvements, noting that they have been proactive in addressing credit stress in their portfolio [68][70]

Financial Data and Key Metrics Changes - Net earnings for Q2 2025 increased to $10.2 million from $6.9 million a year ago, and earnings per share rose to $0.52 from $0.35 per diluted share in the prior year [5][4] - Shipments for the quarter increased by 0.9% year-over-year and 0.9% sequentially from Q1 [5] - Gross profit for the quarter increased to $24.5 million, an 8.8% increase from a year ago, while gross margin expanded to 12.3% from 11.3% [8][10] Business Line Data and Key Metrics Changes - Improved shipping performance was driven by increased activity across most construction markets and additional tonnage from first-quarter acquisitions [6] - Average selling prices declined by 2.2% year-over-year but rose by 0.1% sequentially from Q1 due to price increases implemented to offset rising raw material costs [6] Market Data and Key Metrics Changes - The supply of wire rod in the US market became more constrained, leading to price increases, with published prices for steel wire rod increasing approximately $150 per ton during Q1 [7] - The architectural billing index (ABI) ratio score was 45.5%, indicating declining billings, while the Dodge Amendment Index saw a decrease of 0.9% in March [20][21] Company Strategy and Development Direction - The company is focused on maximizing shipments and optimizing costs while pursuing growth opportunities, both organic and through acquisitions [34][35] - The recent extension of Section 232 tariffs to downstream products, including PC Strand, is viewed positively as it eliminates competitive disadvantages [25][49] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about market outlook, supported by strong demand and shipment trends, although uncertainties remain due to shifting US trade policies [17][18] - The company is working to ramp up operating hours at all facilities to accommodate increasing business levels, but raw material availability remains a concern [41] Other Important Information - Cash flow from operations used $3.3 million in the quarter compared to providing $1.4 million last year, with net working capital consuming approximately $21.9 million of cash [14] - The company incurred $2.2 million in capital expenditures in the quarter, reducing the full-year target to $17 million from the previous $22 million [15][34] Q&A Session Summary Question: How is the company viewing and managing the broader operating environment? - Management noted a distinct acceleration in business since Q1, with robust shipping comparables through April, although raw material availability is a limiting factor [39][40] Question: What are the thoughts on the disconnect between macro indicators and on-the-ground conditions? - Management acknowledged the frustration with the lack of objective data but emphasized solid quotation activity and customer optimism [43][44] Question: How is the company thinking about pricing in the current environment? - The extension of Section 232 tariffs is seen as positive, but the company still faces challenges due to lower world market prices compared to US prices [48][49] Question: How does the current situation compare to the disruptions experienced during COVID? - Management indicated that the current underlying fundamentals are much more solid than during the COVID recovery, with a better supply-demand relationship [58] Question: Are there any anticipated price increases and how are competitors responding? - Management noted that tight supplies are leading to elevated prices, and it is uncertain how long this will continue into the fourth quarter [62]

Financial Data and Key Metrics Changes - Total sales grew 13% year over year in Q1 2025, with a 10% increase excluding smart cover, following a 23% growth in Q1 2024 [9][10] - Operating profit margins reached a record 22.2%, expanding 360 basis points year over year, while gross profit margins improved to 42.9%, also a 360 basis point increase from the prior year [12][17] - Consolidated EPS increased by 31% to $1.30 from $0.99 in the prior year [17][18] - Free cash flow for the quarter was $30 million, up 60% from $18.8 million in the previous year [18] Business Line Data and Key Metrics Changes - Utility water product line sales increased by 16% year over year, or 12% when excluding smart cover revenue [10] - Sales for the flow instrumentation product line decreased nearly 5% year over year, although there was a sequential improvement of 7% from Q4 2024 [11] Market Data and Key Metrics Changes - Year over year growth in utility water was driven by cellular AMI adoption, including associated meters, Orion cellular endpoints, and beacon software [11] - The company noted strong positive feedback from customers regarding the integration of smart cover into their water management solutions [7] Company Strategy and Development Direction - The company aims to manage uncertainties related to tariffs and macroeconomic conditions while focusing on operational execution and supply chain management [19][27] - The acquisition of smart cover is expected to enhance the company's product offerings and drive sales and operating synergies [7][28] - The long-term average revenue growth outlook remains at high single digits with modest margin improvement over time [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of their business model, particularly in the context of replacement-driven demand [46][72] - The evolving tariff situation and macroeconomic challenges are acknowledged, but the company believes it can manage these effectively [19][27] - The company remains debt-free and has ample capacity to invest in growth despite economic volatility [29] Other Important Information - The company was recognized on the Barron's list of 100 most sustainable companies for the third consecutive year [29] - Karen Bauer, the retiring Investor Relations Executive, was acknowledged for her contributions over 72 quarters [30][105] Q&A Session Summary Question: Can you provide more color on the favorable product and customer mix benefits? - Management indicated that while the margins are impressive, they are influenced by various factors, and some elements driving Q1 results may not be sustainable [40][42] Question: Are core customers showing signs of pulling back on spending? - Management reported no indications of customers pulling back, emphasizing the durability of the replacement-driven market [46][72] Question: What is the aggregate impact of tariffs on COGS? - Management stated that the situation is complex and variable, but they believe they can manage the impact through pricing actions [56][60] Question: How are municipal budgets affecting AMI investments? - Management noted that utilities often reprioritize budgets to ensure meter replacements are funded, even during budget constraints [71][72] Question: Are price increases already communicated to customers? - Management confirmed that price increases are forthcoming but have not yet been communicated to customers [94] Question: What caused the increase in receivables? - The increase was attributed to timing differences in sales between Q4 and Q1, along with the addition of smart cover [102]

Badger Meter First Quarter 2025 Financial Results April 17, 2025 1 Forward Looking Statements Certain statements contained in this presentation as well as other information provided from time to time by Badger Meter, Inc. (the "Company") or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those statements. The words "anticipate," "believe," "estimate," "expect," "think," "should," "could" and "objective" or s ...

Financial Data and Key Metrics Changes - The company reported net income of $31.6 million or $0.62 per diluted share on revenues of $351 million, compared to $45 million or $0.89 per diluted share in the prior year quarter [7][12] - Revenues increased by 5% from $333.8 million in the prior year quarter [12] - Gross profit margin decreased to 16.6% from 19.9% in the same quarter last year, primarily due to nonrecurring high-margin items in the prior year [12][13] - Pre-tax income was $40.7 million compared to $58.9 million in the second quarter of last year [13] Business Line Data and Key Metrics Changes - Lots sold increased by 4% to 3,411 lots with an average sales price of $101,700 [14] - Lots under contract to sell increased by 41% from a year ago to 25,400 lots, representing 37% of the company's own lot position [7][24] - The current backlog represents $2.3 billion of future revenue [8][24] Market Data and Key Metrics Changes - The home building industry is facing headwinds from affordability constraints and declining consumer confidence, leading to a slower than expected start to the spring selling season [9][32] - The company has entered 10 new markets in the last year and increased community count by 21% [8][16] Company Strategy and Development Direction - The company aims to consolidate market share in the fragmented lot development industry while moderating the pace of land acquisition [10][34] - The focus remains on developing lots for new homes at affordable price points, with 79% of investments this quarter directed towards land development [10][26] - The company expects to invest approximately $1.9 billion in land acquisition and development in fiscal 2025, subject to market conditions [27] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued headwinds from homeowner affordability constraints and cautious homebuyers affecting lot deliveries [32] - The company is confident in long-term demand for finished lots and its ability to gain market share [34] - Management noted that the availability of contractors and necessary materials remains positive, with stabilized land development costs [19] Other Important Information - The company ended the quarter with approximately $800 million in liquidity, including $174 million in unrestricted cash [28] - Total debt was $873 million, with no senior note maturities until May 2026, and a net debt to capital ratio of 29.8% [29][30] Q&A Session Summary Question: Guidance change context - The guidance change is mostly prospective, reflecting community-level inventory buildup, with no anticipated margin changes [38][40] Question: Flexibility of raw land sellers - There is more flexibility on terms but not much on price, as sellers are holding firm [44] Question: Impact of tariffs on land development costs - Currently, there are no significant cost increases from trade partners, and it is too early to assess tariff impacts [55] Question: Demand characterization in Texas and Florida - Demand is weaker in Florida and stable in Texas, with strong activity in sales centers despite affordability challenges [56][57] Question: Sensitivity of land development spend to demand - The company can moderate spend based on demand changes and has a robust pipeline of projects [64] Question: Competitors' pullback and market share - The company sees opportunities to consolidate market share as competitors pull back [66] Question: Federal deregulation impact on lot supply - It is too early to determine the impact of federal deregulation on lot supply [75] Question: Long-term margin expectations - Margins have been stable in the 21% to 23% range, with no significant pressure anticipated [77]

April 17, 2025 FORWARD -LOOKING STATEMENTS INVESTOR PRESENTATION This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this presentation, the words "believes," "anticipates," "expects," "estimates," "appears," "plans," "intends," "may," "should," "could" and similar expressions are intended to identify forward- looking statements. Although we believe that our plans, intentions and expectati ...

Financial Data and Key Metrics Changes - For Q1 2025, funds from operations (FFO) were reported at $0.68 per fully diluted share, an increase from $0.60 per share in Q1 2024, indicating a positive trend in financial performance [22] - Cash same-store rental growth for the quarter, excluding termination fees, was 10.1%, driven by increases in rental rates and higher average occupancy [22][23] - In-service occupancy at the end of the quarter was 95.3%, a decrease of 90 basis points from year-end and 20 basis points from the year-ago quarter [22][23] Business Line Data and Key Metrics Changes - The company achieved a cash rental rate increase of 30% for new and renewal leasing, with a projected growth of 30% to 40% for the full year [15][29] - Development leasing included a successful expansion of a tenant in Denver, bringing a 200,000 square foot building to 100% occupancy [16] - The company plans to break ground on a 176,000 square foot facility in Dallas, targeting a cash yield of approximately 8% [17] Market Data and Key Metrics Changes - Nationally, vacancy in Tier 1 U.S. markets was reported at 5.9%, unchanged since year-end [12] - Net absorption was 56 million square feet, with 24 million square feet in target markets, while new construction starts were 75% lower than the peak in Q3 2022 [13] - In the Inland Empire, vacancy rates decreased by 30 basis points, with net absorption of 3 million square feet, indicating a positive trend in that market [65] Company Strategy and Development Direction - The company is focused on executing objectives to drive long-term cash flow growth while monitoring the impact of tariffs on tenant demand [30] - Future developments will target areas with unmet demand, particularly in Texas, Florida, and Pennsylvania [50] - The company remains opportunistic regarding new investments, emphasizing risk-adjusted returns in targeted sub-markets [50][134] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the evolving landscape surrounding tariffs and their potential impact on business activity and leasing markets [10][11] - The tone remains positive, with good momentum and increased foot traffic, although decision-making has slowed due to uncertainty around tariffs [75][90] - Management anticipates that the majority of tenant demand will continue, despite some conversations being paused [88][90] Other Important Information - The company renewed its senior unsecured revolving credit facility by $100 million, extending the maturity date to March 2030 [24] - The company acquired two fully leased developments in Phoenix for $120 million, with a cash yield of 6.4% [20] - The company expects to capitalize about $0.09 per share of interest for the full year of 2025 [29] Q&A Session Summary Question: Impact of tariffs on tenancy perspective - Management indicated that exposure to Chinese 3PLs is minimal, with only 450,000 square feet leased to them, and no significant concerns from auto tenants [35][37] Question: Development leasing visibility - Management confirmed that the majority of development leasing is expected in Q4, with good activity in the market despite some tenant concerns regarding tariffs [41][46] Question: G&A expenses related to stock-based compensation - Management acknowledged an increase in G&A due to accelerated stock-based compensation but did not provide a specific dollar amount during the call [55] Question: Current tenant activity and leasing velocity - Management noted that while some tenants have paused, the overall interest and demand remain strong, with no specific concentration of paused activity in certain industries [88][92] Question: Development yields and construction costs - Management stated that they can achieve yields over 7% on new developments, despite rising construction costs, by focusing on areas with strong demand [112][114] Question: Amazon's expansion plans and RFPs - Management observed that Amazon is focused on expanding same-day delivery capabilities and is active in several markets, indicating a shift in their approach to warehousing [161][162]

Financial Data and Key Metrics Changes - The company reported over $40 billion in revenue with over 300 million paid households, representing an audience of over 700 million individuals [6][8] - The operating margin for the year is forecasted at 29%, with expectations of growth in content expenses in the second half of the year due to the timing of the content slate [31][32] Business Line Data and Key Metrics Changes - The company has seen strong, stable acquisition and retention trends, resulting in healthy member growth in Q1 [27] - Engagement remains strong, with no significant changes in plan mix or take rate noted [12][26] Market Data and Key Metrics Changes - The company represents less than 10% of TV hours from an audience perspective and about 6% of consumer spend in the countries served [7][8] - The low-cost ad plan is expected to provide resilience in the current economic environment, with strong demand anticipated for entertainment [14][18] Company Strategy and Development Direction - The company aims to double revenue and triple operating income by 2030, focusing on long-term growth potential [3][4] - The strategy includes a commitment to producing original content in 50 countries, contributing to local economies and cultures [20][21] Management's Comments on Operating Environment and Future Outlook - Management is closely monitoring consumer sentiment and the broader economic environment, noting that entertainment has historically been resilient during tough economic times [11][13] - The company expects to continue improving value and accessibility for members, with a focus on enhancing the overall entertainment experience [17][24] Other Important Information - The company is rolling out its proprietary ad tech suite, which is expected to enhance advertising capabilities and drive increased sales [38][42] - The company is committed to leveraging AI to improve the creative process for content creators, enhancing both efficiency and quality [81][85] Q&A Session Summary Question: How should investors think about Netflix's internal goal of doubling revenue and tripling operating income by 2030? - Management clarified that internal discussions about long-term aspirations do not equate to forecasts, emphasizing a focus on building a valued entertainment company [4][5] Question: How has member retention been trending? - Retention trends remain strong and stable, with no significant changes noted [26][29] Question: What are the key incremental costs that will drive lower margins in the second half? - Content expenses are expected to grow in Q3 and Q4 due to the timing of the content slate, with no significant differences anticipated between the two quarters [32][33] Question: How is the rollout of the first-party ad tech platform performing? - The rollout in Canada and the U.S. has gone well, with positive feedback and expectations for further improvements [42][44] Question: What types of games have resonated on Netflix so far? - The company is focusing on immersive narrative games based on its IP, mainstream established titles, and kid-friendly games, with plans to improve user experience [97][99] Question: How is the adoption of extra member accounts trending? - The extra member account option is seen as a healthy part of the offering, providing flexibility, but it is not expected to be a major driver of business growth [92][93]

Financial Data and Key Metrics Changes - The company's earnings for Q1 2025 exceeded both street expectations and internal projections significantly, with strong performance in NOI and leasing results [6][7][10] - The company closed nearly $200 million worth of DPE investments in the past nine months and is negotiating a pipeline of over $1.2 billion in new debt investments [10][12] Business Line Data and Key Metrics Changes - The debt-related businesses are expected to account for increasing profits, with management indicating that these earnings are a meaningful component of the company's identity [11][12] - The acquisition of 500 Park was completed, achieving 100% occupancy shortly after, and a significant improvement program is planned to increase rents [12][13][76] Market Data and Key Metrics Changes - The CNBS market for New York City office properties saw $6.9 billion completed year-to-date in 2025, a significant increase compared to previous years [32] - The company noted a fight for quality in the market, with New York City demonstrating resilience and positive momentum despite macroeconomic turbulence [31][34] Company Strategy and Development Direction - The company remains focused on both growing its equity portfolio and capitalizing on opportunities in the commercial debt market, with a strong emphasis on high-quality office development sites in Midtown Manhattan [12][49] - Management is optimistic about the long-term viability of the New York market, indicating a commitment to significant new developments despite current market uncertainties [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the leasing pipeline, noting that there has not yet been a slowdown in tenant activity despite macroeconomic challenges [25][60] - The company is confident in its ability to meet its leasing targets for the year, with a strong start in Q1 and expectations for continued demand driven by a return to office trends [71][72] Other Important Information - The Summit One Vanderbilt has become a leading experiential attraction in New York City, setting a ticket pre-sale record recently, indicating strong demand despite concerns over international tourism [14][120] - The company is actively pursuing office-to-residential conversions, with several viable projects underway that could significantly reduce available office space in the market [110] Q&A Session Summary Question: Can you discuss the trends in pre-built spaces and their economic rent potential? - Management indicated that pre-builds are essential for competitiveness, especially for smaller tenants, and they have a competitive advantage in executing high-quality designs [19] Question: How do you assess the impact of market sell-offs on leasing activity? - Management noted that there has been no slowdown in their pipeline, with an increase in tenant activity despite recent market disruptions [25] Question: What are the trends in the overall debt financing markets? - Management expects some turbulence in credit markets but believes New York City will remain resilient, with a strong demand for tangible assets [31][34] Question: Can you provide updates on your leasing targets and occupancy rates? - Management remains confident in achieving their leasing targets, with a strong start in Q1 and ongoing demand for office space [71][72] Question: What is the status of the casino license process? - The process is moving forward, with expectations for local approval by September and a license award by year-end [56] Question: How are concessions and free rents trending in the market? - Concessions have remained stable, with potential tightening in certain submarkets as face rents increase [65] Question: What is the outlook for the office-to-residential conversion opportunities? - Management sees a significant volume of conversion candidates and anticipates that this trend will firm up the market over time [110]