Liu Xia Phantom Stock Units Acquisition for Director Compensation

This Form 4 filing reports that Liu Xia, a director of Badger Meter Inc, acquired 131.28 phantom stock units on May 1, 2026, at a price of $152.35 per unit. The phantom stock units represent the economic equivalent of BMI common stock and were accrued in her Director Deferred Compensation Plan account as payment for her annual Audit and Compliance Committee Chair Fee of $20,000. The units were computed using the March 31, 2026 closing stock price of $152.35, as required by the plan. Following this transaction, Ms. Liu holds a total of 4,524.707 phantom stock units. The phantom stock units become payable in cash upon her termination of service as a director. The filing was signed by William R.A. Bergum as attorney-in-fact for Liu Xia on May 4, 2026.