Itron (ITRI) Investor presentation summary

Company overview and industry context

• Leading industrial IoT and edge intelligence provider serving 7,700 customers in 100 countries, with over 310 million communicating endpoints and $368M in annual recurring revenue.

• Broad ecosystem with 250+ partners and a workforce of about 5,000 globally.

• 2025 revenue mix: 66% networked solutions, 19% device solutions, 15% outcomes, and <1% resiliency solutions; 82% of revenue from North America.

• Industry drivers include aging infrastructure, extreme weather, electrification, IoT, and regulatory changes.

Strategic acquisitions and platform expansion

• Acquired Urbint for $325M in November 2025, adding SaaS-based emergency preparedness, damage prevention, and worker safety solutions.

• Acquired Locusview for $525M in January 2026, bringing digital construction management and field data capture SaaS solutions.

• Both acquisitions form the new Resiliency Solutions segment, positioned for growth and platform integration.

Financial performance and segment results

• Q4 2025 revenue was $572M, FY 2025 revenue $2.4B; Q4 adjusted EBITDA $99M, FY adjusted EBITDA $374M.

• Q4 non-GAAP diluted EPS $2.46, FY non-GAAP diluted EPS $7.13; Q4 free cash flow $112M, FY free cash flow $383M.

• Outcomes segment achieved record $112M revenue in Q4, up 23% YoY; company set records for earnings and cash generation.

• Q4 2025 bookings were $0.7B, ending backlog $4.5B, Q4 book-to-bill 1.29.