Xia Liu - 01 Jan 2026 Form 4 Insider Report for BADGER METER INC (BMI)

Role: Director
Signature: /s/ William R.A. Bergum, Attorney-in-Fact for Xia Liu
Issuer symbol: BMI
Transactions as of: 01 Jan 2026
Net transactions value: +$19,000
Form type: 4
Filing time: 02 Jan 2026, 18:00:03 UTC
Previous filing: 02 Oct 2025
Next filing: 06 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Liu Xia	Director	4545 W. BROWN DEER ROAD, MILWAUKEE	/s/ William R.A. Bergum, Attorney-in-Fact for Xia Liu	02 Jan 2026	0001644492

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BMI	Phantom Stock Units	Award	$19,000	+109	+3.4%	$174.41	3,317	01 Jan 2026	BMI Common Stock	109		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable in cash upon the reporting person's termination of service as a director.
F2	The phantom stock units were accrued in Ms. Liu's Badger Meter, Inc. Director Deferred Compensation Plan account as payment for her 2026 Quarter 1 retainer paid to non-employee directors in the amount of $19,000. The phantom stock units were computed at $174.41, the 12/31/25 closing price of the Company's common stock as required by the plan.