Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 4, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements The information in this presentation highlights the key growth strategies, projections and certain assumptions for the company and its subsidiaries. Many of these highlighted statements and other statements not historical in nature are “forward-looking statements” within t
Slide 3: Q2 2026 Highlights
Q2 2026 Highlights Operational Momentum Continues Despite Q2 Headwinds Financial Highlights Operational Highlights Revenue Adjusted EBITDA1 Adjusted EBITDA Double-digit volume and gross profit Margin1 growth across materials product lines +13% (1%) +290bps (200)bps 20% growth in contracting services
Slide 4: Q2 2026 Impacts
Q2 2026 Impacts Strong Operational Results Largely Overcame the Impact of ... Prior Year Gains on Asset Sales and External Headwinds $140.8M $139.7M $0.6M $10.3M gains on gains on asset sales asset sales Fuel Costs: ~$6M Project Delays: ~$10M Type/Timing of Work: ~$8M 2Q25 2Q26 Adj. EBITDA1 1 See Ap
Slide 5: Q2 2026 Product Line Results
Q2 2026 Product Line Results Volume and Gross Profit Improvement on Materials Volume (in thousands) 2Q25 2Q26 Change Average Selling Price1 2Q25 2Q26 Change 2 Aggregates (tons) 8,826 10,031 14% Aggregates (per ton) $18.80 $19.41 3% Ready-Mix Concrete (cubic yards) 1,041 1,193 15% Ready-Mix Concrete
Slide 6: Disciplined Capital Management
Disciplined Capital Management Capital Allocation Priorities Leverage Profile Maintenance and Improvement Organic and Acquisition Growth $427.8M in available liquidity1 3.2x Net Debt / TTM Adj. EBITDA1,2 • Through 1H26: $244M - including • Through 2Q26: $90M for $184M on acquisitions and $60M in rep
Slide 7: Raising 2026 Revenue Guidance
Raising 2026 Revenue Guidance Full Year 2026 Guidance1 Updated Range Previous Range Low High Low High Revenue $3,400M $3,600M $3,300M $3,500M Adjusted EBITDA $520M $560M $520M $560M Assumptions Aggregates volumes are now expected to increase high-single digits and pricing to increase mid-single digi
Slide 8: Knife River Growth Strategy
Knife River Growth Strategy We have built the right team, we operate in the right markets, and are executing the right strategy to drive solid growth Diverse Vertical Self-Help Life @ Knife Markets Integration Opportunities 8
Slide 9: Acquisition and Growth History
Acquisition and Growth History Proven Acquisition Platform 100 acquisitions completed since 1992 Materials-Focused Building an aggregates-based, vertically integrated platform Disciplined Approach Strategic fit, valuation discipline, attractive multiples, successful integration Hundreds of Opportuni
Slide 10: M&A: Proven Playbook
M&A: Proven Playbook Build Pipeline Due Diligence Integration • Leverage local relationships • Disciplined Approach • Proven Process • Determine strategic fit • Rigorous evaluation • Repeatable program • Materials-based • Synergy potential • Adopt KNF systems • Right markets • Operational opportunit
Slide 11: Strata: Growing Scale in the Central Region
Strata: Growing Scale in the Central Region • Aggregates-based, vertically integrated platform • Leading supplier in ND and northwestern MN • Expands position in core markets • Rail distribution assets • Directly negotiated transaction with the owner • Current projects: Public and private work, incl
Slide 12: Organic Investments Drive Long Term Growth
Organic Investments Drive Long Term Growth Growth & Expansion Expanding reserves and capacity in higher-growth markets Operational Excellence Enhancing efficiency through network and asset optimization Value Creation Driving strong returns through disciplined investment 12
Slide 13: Organic Investments: Proven Playbook
Organic Investments: Proven Playbook Identify Evaluate Execute • Locally sourced • Review expected returns and • Leverage purchasing power long-term growth potential • Driven by customer demand and • Tightly manage budget/schedules market conditions 13
Slide 14: Midwest Aggregates Expansion
Midwest Aggregates Expansion Premier Resource • High-quality quartzite • 70 million tons of reserves Expanded Distribution • Planned reserve replacement in Sioux Falls • Supply KNF operations in Sioux City • Allows expansion to new markets utilizing multiple Class I railroads Long-Term Growth • High
Slide 15: Spokane Prestress
Spokane Prestress Expand Capacity • State-of-the-art prestress facility • Increased production capabilities • Broader geographic reach Improve Efficiency • Modern enclosed operation • Streamlined manufacturing process • Quick-fabrication capability Create Growth • Custom and standardized product off
Slide 16: Compelling Long-Term Investment
Compelling Long-Term Investment Mid-Sized, Higher-Growth Markets Vertical Integration Driving Opportunities and Resiliency Proven Growth Strategy with Self-Help Opportunities Unique Life @ Knife Culture 16
Slide 17: Appendix and Non-GAAP Financial Measures
Appendix and Non-GAAP Financial Measures 17
Slide 18: Q2 2026 Segment Performance
Q2 2026 Segment Performance Energy West Mountain Central Consolidated3 Services Revenue $290M $237M $326M $103M $939M % Change (9)% 34% 28% 6% 13% Adjusted EBITDA1 $49M $31M $54M $20M $140M % Change (19)% —% 21% 16% (1)% TTM Adjusted EBITDA 18.5% 15.0% 15.0% 17.4% 15.2% Margin1,2 1 See Appendix for
Slide 19: Momentum Supports 2H26 Performance
Momentum Supports 2H26 Performance +10% $432.1M1 $392.2M • $9.0M Asset Sales 2H26 Tailwinds +5% Strong backlog of asphalt paving $102.8M $107.9M • $2.5M Asset Sales Continued demand for materials • $12.7M Asset Sales • $3.5M Bargain Purchase Margin expansion in aggregates 1H25 1H26 2H25 2H26 Adj. EB
Slide 20: EBITDA and Adjusted EBITDA – Reconciliation
EBITDA and Adjusted EBITDA – Reconciliation Three Months Ended (in millions) June 30, 2026 June 30, 2025 Net income $43.9 $50.6 Depreciation, depletion and amortization 56.4 50.2 Interest expense, net 23.9 21.5 Income taxes 16.0 17.4 EBITDA $140.2 $139.7 Unrealized (gains) losses on benefit plan inv
Slide 21: Adjusted EBITDA TTM Reconciliation
Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended Six Months Ended Twelve Months Ended Six Months Ended June 30, 2026 June 30, 2026 December 31, 2025 June 30, 2025 Net income (loss) $139.9 ($35.3) $157.1 ($18.1) Depreciation, depletion and amortization 213.3 108.5 193.7 88.9 Int
Slide 22: Net Leverage Reconciliation
Net Leverage Reconciliation Net Leverage Reconciliation ($ in millions, except net leverage) As of June 30, 2026 Long-term debt $1,600.1 Long-term debt – current portion 17.2 Total debt $1,617.3 Add: Unamortized debt issuance costs 17.9 Total debt, gross $1,635.2 Less: Cash and cash equivalents, exc
Slide 23: Disclaimer
Disclaimer Our projections for 2026 Adjusted EBITDA and long-term net leverage target are non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our financial statements. When we provide our forward-looking 2026 Adjusted EBITDA and long-term net l