<SEC-DOCUMENT>0000897069-25-001045.txt : 20250529
<SEC-HEADER>0000897069-25-001045.hdr.sgml : 20250529
<ACCEPTANCE-DATETIME>20250529161548
ACCESSION NUMBER:		0000897069-25-001045
CONFORMED SUBMISSION TYPE:	SD
PUBLIC DOCUMENT COUNT:		2
<RULE>
<RULE-NAME>13p-1
<ITEM>
<ITEM-NUMBER>1.01
<ITEM-PERIOD>20241231
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<ITEM-NUMBER>1.02
<ITEM-PERIOD>20241231
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FILED AS OF DATE:		20250529
DATE AS OF CHANGE:		20250529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BADGER METER INC
		CENTRAL INDEX KEY:			0000009092
		STANDARD INDUSTRIAL CLASSIFICATION:	TOTALIZING FLUID METERS & COUNTING DEVICES [3824]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				390143280
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SD
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06706
		FILM NUMBER:		251003578

	BUSINESS ADDRESS:	
		STREET 1:		4545 WEST BROWN DEER ROAD
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53223
		BUSINESS PHONE:		4143715702

	MAIL ADDRESS:	
		STREET 1:		4545 W BROWN DEER RD
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53223

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BADGER METER MANUFACTURING CO
		DATE OF NAME CHANGE:	19710729
</SEC-HEADER>
<DOCUMENT>
<TYPE>SD
<SEQUENCE>1
<FILENAME>formsd.htm
<TEXT>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">FORM SD</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">Specialized Disclosure Report</div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">Badger Meter, Inc.</div>
    <div style="text-align: center; font-weight: bold;">(Exact name of the registrant as specified in its charter)</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z8223c78e55304f26a30acef95a88d33e">

        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Wisconsin</div>
            <div style="text-align: center; font-weight: bold;">(State or other jurisdiction of incorporation or organization)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">001-06706</div>
            <div style="text-align: center; font-weight: bold;">(Commission File Number)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">39-0143280</div>
            <div style="text-align: center; font-weight: bold;">(I.R.S. Employer<br>
              Identification No.)</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">4545 W. Brown Deer Road, Milwaukee, Wisconsin 53223</div>
    <div style="text-align: center; font-weight: bold;">(Address of principal executive offices) (Zip code)</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">William R. A. Bergum</div>
    <div style="text-align: center; font-weight: bold;">Vice President - General Counsel and Secretary</div>
    <div style="text-align: center; font-weight: bold;">(414) 371-5707</div>
    <div style="text-align: center; font-weight: bold;">(Name and telephone number, including area code, of the person to contact in connection with this report.)
      <hr align="center" noshade="noshade" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>Check the appropriate box to indicate the rule pursuant to which this Form is being submitted, and provide the period to which the information in this Form applies:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z592d6a02d6fc453e92d16b57da2fb03e">

        <tr>
          <td style="width: 7.14%; vertical-align: middle;">&#160;</td>
          <td style="width: 7.17%; vertical-align: top;">
            <div style="font-size: 12pt;">&#9746;</div>
          </td>
          <td style="width: 85.7%; vertical-align: top;">
            <div>Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, 2024.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.14%; vertical-align: middle;">&#160;</td>
          <td style="width: 7.17%; vertical-align: top;">
            <div>&#9744;</div>
          </td>
          <td style="width: 85.7%; vertical-align: top;">
            <div>Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended _____.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 10pt; margin-bottom: 10pt;">&#160;&#160;</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="font-weight: bold;">Section 1 - Conflict Minerals Disclosure</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 1.01 Conflict Minerals Disclosure and Report</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Conflict Minerals Disclosure</div>
    <div>&#160;</div>
    <div>A copy of Badger Meter, Inc.&#8217;s (the &#8220;Company&#8221;) Conflict Minerals Report is provided as Exhibit 1.01 hereto and is publicly available at https://www.badgermeter.com/supply-chain/.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 1.02 Exhibit</div>
    <div>&#160;</div>
    <div>As specified in Section 3, Item 3.01 of this Form SD, the Company is hereby filing its Conflict Minerals Report as Exhibit 1.01 to this report.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Section 2 - Resource Extraction Issuer Disclosure</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Item 2.01 Resource Extraction Issuer Disclosure and Report</div>
    <div><br>
    </div>
    <div>Not applicable.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Section 3 - Exhibits</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 3.01 Exhibits</div>
    <div>&#160;</div>
    <div>The following exhibit is filed as part of this report.</div>
    <div><br>
    </div>
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        <tr>
          <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 14.97%;">
            <div style="text-align: center; font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 2.99%; vertical-align: bottom;">&#160;</td>
          <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 82.04%;">
            <div style="text-align: center; font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.97%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">1.01</div>
          </td>
          <td style="width: 2.99%; vertical-align: top;">&#160;</td>
          <td style="width: 82.04%; vertical-align: top;">
            <div><a href="exhibit.htm">Conflict Minerals Report of Badger Meter, Inc.</a></div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 10pt; margin-bottom: 10pt;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-top: 10pt; margin-bottom: 10pt; font-weight: bold;">SIGNATURES</div>
    <div style="text-align: justify;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">BADGER METER, INC.</div>
    <div><br>
    </div>
    <div>&#160;</div>
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        <tr>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 30%;">
            <div style="text-align: justify;">By: /s/ William R. A. Bergum<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" class="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td colspan="1" style="vertical-align: top; width: 15%;">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 25%;">
            <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">May 29, 2025</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt;" class="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td colspan="1" style="border-bottom: 0px none; vertical-align: top; width: 15%;">&#160;</td>
          <td colspan="1" style="vertical-align: top; width: 15%;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>&#160;&#160;&#160;&#160;&#160; William R. A. Bergum<br>
              &#160;&#160;&#160;&#160;&#160; Vice President &#8211; General Counsel and Secretary</div>
          </td>
          <td colspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: center;">(Date)</div>
          </td>
          <td colspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="margin-top: 10pt; margin-bottom: 10pt;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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    <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z21023a0a136d4a4d86adfc777012cbca">

        <tr>
          <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 14.97%;">
            <div style="text-align: center; font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 2.99%; vertical-align: bottom;">&#160;</td>
          <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 82.04%;">
            <div style="text-align: center; font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.97%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">1.01</div>
          </td>
          <td style="width: 2.99%; vertical-align: top;">&#160;</td>
          <td style="width: 82.04%; vertical-align: top;">
            <div><a href="exhibit.htm">Conflict Minerals Report of Badger Meter, Inc.</a></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-top: 10pt; margin-bottom: 10pt;"><br>
    </div>
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<DOCUMENT>
<TYPE>EX-1.01
<SEQUENCE>2
<FILENAME>exhibit.htm
<TEXT>
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    <!-- Licensed to: Foley and Lardner LLP
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 1.01</font>
    <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold; font-style: normal;">Badger Meter, Inc.</div>
      <div style="text-align: center; font-weight: bold; font-style: normal;">Conflict Minerals Report</div>
      <div style="text-align: center; font-weight: bold; font-style: normal;">For the Reporting Period from January 1, 2024 to December 31, 2024</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">This report for the period from January 1, 2024 to December 31, 2024 is presented to comply with Rule 13p-1 under the Securities Exchange Act of 1934, as
        amended, and Form SD (the Rule). The Rule was adopted to implement reporting and disclosure requirements related to conflict minerals as directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Rule imposes reporting
        obligations on Securities and Exchange Commission (SEC) registrants whose manufactured products contain certain minerals which are necessary to the functionality or production of their products.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">If a registrant determines that any columbite-tantalite (coltan), cassiterite, gold, wolframite or their derivatives, which are limited to tantalum, tin
        and tungsten (Subject Minerals), are necessary to the functionality or production of a product manufactured by the registrant or contracted by the registrant to be manufactured, the registrant must conduct in good faith a Reasonable Country of
        Origin Inquiry (RCOI) regarding those Subject Minerals that is reasonably designed to determine whether any of the Subject Minerals originated in the Democratic Republic of the Congo or an adjoining country (Covered Countries) or are from recycled
        or scrap sources.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">If, following the completion of the RCOI, a registrant knows that any of the necessary Subject Minerals originated in a Covered Country and are not from
        recycled or scrap sources, or has reason to believe that its necessary Subject Minerals may have originated in the Covered Countries and has reason to believe that its necessary Subject Minerals did not come from recycled or scrap sources, then the
        registrant must exercise due diligence on the source and chain of custody of the Subject Minerals that conforms to a nationally or internationally recognized due diligence framework and describe such due diligence in this separate Conflict Minerals
        Report.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">In accordance with the Organisation for Economic Co-operation and Development (OECD) Guidance for Responsible Supply Chains of Minerals from
        Conflict-Affected and High-Risk Areas, Third Edition, the related supplements on tin, tungsten, tantalum and gold (the Guidance) and the Rule, this report is available on our website at https://www.badgermeter.com/supply-chain/.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">Consistent with the provisions of the Rule, the SEC&#8217;s Statement on the Effect of the Recent Court of Appeals Decision on the Conflict Minerals Rule, dated
        April 29, 2014, the SEC&#8217;s Order Issuing Stay, dated May 2, 2014, and the SEC&#8217;s Updated Statement on the Effect of the Court of Appeals Decision on the Conflict Minerals Rule, dated April 7, 2017, this Conflict Minerals Report has not been audited
        by a third party.</div>
      <div style="margin-bottom: 10pt;"><font style="font-weight: bold; font-style: normal;">1.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; font-style: normal;">&#160;</font><font style="font-weight: bold; font-style: normal;">Company Overview</font></div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">This report has been prepared by the management of Badger Meter, Inc. (herein referred to as Badger Meter, the Company, we, us or our). The information
        includes the activities of all majority-owned subsidiaries that are required to be consolidated.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">With more than a century of water technology innovation, Badger Meter is a global provider of industry leading water management solutions, with nearly 95%
        of net sales derived from water-related applications.&#160; The Badger Meter offerings, marketed as BlueEdge&#8482;, are comprised of a suite of tailorable solutions that connect water management technology, software, and support services to deliver insights
        enabling the proactive management of water across the water cycle.&#160; These tailorable solutions encompass measurement and control hardware, connectivity and communication, data visualization and software-delivered actionable insights as well as
        ongoing support and expertise essential to optimize customers&#8217; operations and contribute to the sustainable use and protection of the world&#8217;s most precious resource.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">Our measurement and control hardware, instruments and sensors are primarily comprised of the following product families:</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
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                <div style="text-align: left; margin-left: 18pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top; font-style: normal;">
                <div style="text-align: justify; margin-bottom: 10pt;">Meters that measure the flow of water and other fluids and are known for accuracy, long-lasting durability and for providing valuable and timely flow measurement data.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right; font-style: normal;">
                <div style="text-align: left; margin-left: 18pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top; font-style: normal;">
                <div style="text-align: justify; margin-bottom: 10pt;">Water quality monitoring solutions, including optical sensing and electrochemical instruments that provide real-time, on-demand data parameters.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right; font-style: normal;">
                <div style="text-align: left; margin-left: 18pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top; font-style: normal;">
                <div style="text-align: justify; margin-bottom: 10pt;">High frequency pressure and acoustic leak detection hardware that provides real-time monitoring data.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">Our broad range of communication solutions include the ORION&#174; branded family of radio endpoints, along with remote telemetry units providing customers
        with a choice of industry-leading options for communicating data from hardware into use-specific software applications.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">Our hardware-enabled software provides the insights and analytics critical to the holistic management of our customers&#8217; water systems.&#160; These digital
        solutions increase visibility, empowering customers to monitor system performance and make decisions aiding efficiency, resiliency, and sustainability.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">We also provide training, project management, technical support and other collaborative services for customers.&#160; This support is becoming increasingly
        critical as customers strive to extract maximum value from their technology investments while managing through workforce demographic changes, among other operating challenges.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">Our solutions fall into two product lines: sales of meters, water quality sensors and other hardware, communication, and software and related
        technologies, to water utilities (utility water) and sales of meters, other sensing instruments, valves, software and other solutions to commercial and industrial customers, including water related applications (flow instrumentation).</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold; font-style: normal;">Supply Chain</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">Because Badger Meter does not deal directly with mineral processors like smelters and refiners, we rely on our direct suppliers to provide origin
        information on all applicable minerals contained in components or materials supplied to us.&#160; We also request that our suppliers advise Badger Meter of any sources of conflict minerals that are supplied to them from their suppliers.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><font style="font-weight: bold; font-style: normal;">2.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; font-style: normal;">&#160;</font><font style="font-weight: bold; font-style: normal;">Reasonable Country of Origin Inquiry</font></div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">In order to determine the origin of the Subject Minerals used in the manufacture of our products, Badger Meter conducted a RCOI in good faith.&#160; To
        complete the RCOI, Badger Meter surveyed its suppliers using the Responsible Minerals Initiative (RMI)&#8217;s Conflict Minerals Reporting Template (further described in Section 3 below).</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">It is not practical to survey the entirety of our supplier base; therefore, we restricted our survey to suppliers providing products containing Subject
        Minerals. We then prioritized our list of suppliers by spending and administered the surveys.&#160; The goal was to capture information from the suppliers representing the majority of Badger Meter&#8217;s purchases of these products.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold; font-style: normal;">Survey Responses</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">As part of our RCOI, Badger Meter surveyed 972 direct suppliers.&#160; We received responses from 68% of the suppliers surveyed (which represents over 96% of
        our overall purchases). We reviewed these responses to ensure each response was complete and consistent with the reported data and followed up with suppliers whose responses did not meet these criteria to obtain more accurate responses.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">A majority of the responses received were provided at a company level, many of which did not specify the smelters or refiners used for components supplied
        to Badger Meter.&#160; For responses that did not specify smelters or refiners, Badger Meter contacted the corresponding suppliers to request complete information.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">Among the supplier responses we received that we determined contained complete, valid information, we received the following information:</div>
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="text-align: left; margin-left: 18pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">Approximately 76% of supplier responses indicated that, to the best of such supplier&#8217;s knowledge, the Subject Minerals in the components and materials that it supplied to Badger Meter
                  in 2024 did not originate from a Covered Country; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="text-align: left; margin-left: 18pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">Approximately 24% of supplier responses indicated that, to the best of such supplier&#8217;s knowledge, the Subject Minerals in the components and materials that it supplied to Badger Meter
                  in 2024 may have originated in a Covered Country.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">Based on the results above, Badger Meter determined that it had reason to believe that, during 2024, Subject Minerals necessary for the functionality or
        production of its products may have originated from a Covered Country and may not be from recycled or scrap sources.&#160; Badger Meter conducted its RCOI in good faith, and it believes that such inquiry was reasonable to allow it to make the
        determination.&#160; Accordingly, Badger Meter proceeded to exercise due diligence on the source and chain of custody of the Subject Minerals (further described in Section 3 below).</div>
      <div style="margin-bottom: 10pt;"><font style="font-weight: bold; font-style: normal;">3.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; font-style: normal;">&#160;</font><font style="font-weight: bold; font-style: normal;">Due Diligence Process</font></div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">Our due diligence measures have been designed to conform to the framework provided in the Guidance.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; text-align: right;">
                <div style="text-align: left; margin-left: 36pt; margin-bottom: 10pt; font-weight: bold;">3.1</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Establish Strong Company Management Systems</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic; font-weight: normal;">Conflict Minerals Policy</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-style: normal; font-weight: normal;">We have adopted a corporate policy statement regarding conflict minerals, which is available on our website at
        https://www.badgermeter.com/conflict-mineral-policy/.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic; font-weight: normal;">Management Team</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">Badger Meter has designated its Import/Export and Purchasing departments as the departments responsible for overseeing our conflict minerals due diligence
        efforts.&#160; The Import/Export department is responsible for reporting on due diligence efforts to Badger Meter&#8217;s senior management, as well as coordinating due diligence efforts with Badger Meter&#8217;s suppliers.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic; font-weight: normal;">Supply Chain Controls</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">As discussed above, Badger Meter does not deal directly with the smelters and refiners in our supply chain.&#160; Instead, we rely on the information provided
        to us by our direct suppliers, as well as third-party verification programs like the RMI&#8217;s Responsible Minerals Assurance Process, to identify and verify the smelters and refiners in our supply chain.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic; font-weight: normal;">Engagement with Suppliers</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">Badger Meter continually strives to make conflict minerals compliance an integral part of its relationships with its direct suppliers.&#160; We communicate our
        expectations regarding conflict minerals compliance to our direct suppliers on an annual basis, and undertake multiple rounds of engagement with suppliers who are unable or unwilling to meet the requirements of our conflict minerals policy.&#160;
        Additionally, as part of our current sourcing processes, we conduct a review of a new supplier&#8217;s conflict mineral due diligence practices prior to sourcing material from them.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic; font-weight: normal;">Grievance Mechanisms</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">Any individual or company that has a reasonable suspicion that conflict minerals are present in Badger Meter&#8217;s supply chain should alert Badger Meter or
        our third-party conflict mineral management team of the specifics regarding the suspicion. Badger Meter will perform due diligence on any reasonable inquiries, and will address any conflict minerals that are identified with the offending supplier.</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
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                <div style="text-align: left; margin-left: 36pt; margin-bottom: 10pt; font-weight: bold;">3.2</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Identify and Assess Risk in the Supply Chain</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">To identify and assess the risk in our supply chain, Badger Meter contacted suppliers, collected responses and reviewed the responses for completeness,
        inconsistencies, errors and applicability.&#160; In performing our survey, we used the RMI&#8217;s Conflict Minerals Reporting Template, which was developed to facilitate disclosure and communication of information regarding refiners and smelters that provide
        material to a company&#8217;s supply chain.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">After determining the full list of smelters and refiners (as reported by our suppliers) that may be involved in processing the minerals used in materials
        and components supplied to Badger Meter, we cross-checked those smelters and refiners against lists published by various third-party audit programs, such as the </div>
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      </div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">RMI&#8217;s Responsible Minerals Assurance Process, as well as the U.S. Department of Commerce&#8217;s list of all known mineral processing facilities worldwide,
        first published in September 2014.&#160; Based on these cross-checks, we were able to determine the relative level of risk with respect to conflict minerals within our supply chain.</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; text-align: right;">
                <div style="text-align: left; margin-left: 36pt; margin-bottom: 10pt; font-weight: bold;">3.3</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Design and Implement a Strategy to Respond to Risks</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">After identifying the relative level of risk within our supply chain, we designed and implemented a strategy to respond to those risks.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">In the event that we could not verify that a particular smelter or refiner was conflict-free based on third-party audit programs, we (1) engaged with the
        smelter or refiner, either directly or through our supplier, to determine the status of its efforts to become verified as conflict-free and (2) directed our suppliers to ensure that all smelters and refiners in their supply chains are either
        verified as conflict-free or publicly committed to becoming so.&#160; Suppliers and smelters or refiners who refuse to move toward conflict-free status run the risk of being removed from our supply chain.</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; text-align: right;">
                <div style="text-align: left; margin-left: 36pt; margin-bottom: 10pt; font-weight: bold;">3.4</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Third-Party Audits of Supply Chain Due Diligence at Identified Points in the Supply Chain</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">As discussed above, Badger Meter does not have a direct relationship with the smelters and refiners in its supply chain and does not perform or direct
        audits of those entities.&#160; Instead, Badger Meter supports third-party audits through engagement with its direct suppliers and makes use of the resources provided by third-party audit programs like the RMI&#8217;s Responsible Minerals Assurance Process.</div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 10pt;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; font-weight: bold;">3.5</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Report on Supply Chain Due Diligence</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">This Conflict Minerals Report is being filed with the SEC as an exhibit to Badger Meter&#8217;s specialized disclosure report on Form SD and is available on our
        website at https://www.badgermeter.com/supply-chain/.</div>
      <div style="margin-bottom: 10pt;"><font style="font-weight: bold; font-style: normal;">4.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; font-style: normal;">&#160;</font><font style="font-weight: bold; font-style: normal;">Due Diligence Results</font></div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">As a result of the due diligence measures described above and because a majority of the responses received were provided at a company level, we are unable
        to associate specific smelters or refiners with specific components supplied to&#8212;and therefore specific products manufactured by&#8212;Badger Meter.&#160; Additionally, Badger Meter does not have sufficient information to conclusively determine the countries
        of origin of the Subject Minerals used in its products.&#160; Badger Meter also believes that some of the Subject Minerals in its products may have come from scrap or recycled sources.&#160; As a result, we have elected not to present smelter and refiner
        names or the countries of origin of the Subject Minerals in this Conflict Minerals Report.</div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">Of the 367 smelters and refiners identified by our suppliers for calendar year 2024, 233 (approximately 63%) were verified as conformant under the
        Responsible Minerals Assurance Process, while 134 (approximately 37%) have not been verified as conformant under the Responsible Minerals Assurance Process.&#160; However, based on information received from our suppliers, Badger Meter has no reason to
        believe any of the smelters and refiners not verified as conformant with the Responsible Minerals</div>
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      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;"> Assurance Process have sourced Subject Minerals that directly or indirectly finance or benefit armed groups.</div>
      <div style="margin-bottom: 10pt;"><font style="font-weight: bold; font-style: normal;">5.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; font-style: normal;">&#160;</font><font style="font-weight: bold; font-style: normal;">Steps Taken to Mitigate Risk</font></div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">Since the end of the period covered in our most recent Conflict Minerals Report, which was filed with the SEC on May 30, 2024, we have continued the
        following processes to improve our due diligence and mitigate the risk of conflict minerals entering our supply chain:</div>
      <div>
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            <tr>
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                <div style="text-align: left; margin-left: 18pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">Working with suppliers to help them understand Badger Meter&#8217;s expectations regarding due diligence over the Subject Minerals in our supply chain, including our suppliers&#8217; due diligence
                  over their own supply chains; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="text-align: left; margin-left: 18pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">Communicating our expectation to our suppliers that they transition their supply chain toward smelters and refiners verified as conformant by the RMI&#8217;s Responsible Minerals Assurance
                  Process.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">In addition, we continue to refine our procurement and environmental, social and corporate governance policies to reflect the best practices in our
        industry and to identify smelters and refiners in our supply chain that have not been verified by the RMI as conformant with the Responsible Minerals Assurance Process, with the ultimate goal of improving our supply chain and decreasing the
        potential for conflict minerals to enter our products.</div>
      <div style="margin-bottom: 10pt;"><font style="font-weight: bold; font-style: normal;">6.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; font-style: normal;">&#160;</font><font style="font-weight: bold; font-style: normal;">Forward-Looking Statements</font></div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: normal; font-style: normal;">Certain statements contained in this Specialized Disclosure Report on Form SD, as well as other information provided from time to time by Badger Meter 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 &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;think,&#8221; &#8220;should,&#8221;
        &#8220;could&#8221; and &#8220;objective&#8221; or similar expressions are intended to identify forward-looking statements. All such forward-looking statements are based on Badger Meter&#8217;s then current views and assumptions and involve risks and uncertainties. See Item 1A
        &#8220;Risk Factors&#8221; of Badger Meter&#8217;s Annual Report on Form 10-K for the year ended December 31, 2024 for further information regarding risks and uncertainties that could cause actual results to differ materially from those expressed or implied in
        forward looking statements. Badger Meter disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.</div>
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