Director Liu Xia Receives Phantom Stock Units Grant in Badger Meter Inc

This Form 4 filing reports that Liu Xia, a director of Badger Meter Inc (BMI), received an annual grant of 952 phantom stock units on April 27, 2026, with a price per share of $122.96. The phantom stock units represent the economic equivalent of BMI common stock and become payable in cash upon the director's termination of service. The grant was made pursuant to the 2021 Omnibus Incentive Plan and represents the annual non-employee director compensation, valued at approximately $125,000, rounded down to the nearest whole share based on a 10-day average closing price. Following this transaction, the director holds a total of 4,393.427 phantom stock units. The filing was signed by William R.A. Bergum as attorney-in-fact for Liu Xia on April 29, 2026.