Knife Riv Holding Co. · NYSE:KNF
Knife Riv — Q3 2025 Earnings Presentation
26 slides from Knife Riv's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation November 4, 2025
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, including with respect to the benefits of acquisitions. Many of these highlighted statements and other statements not histor
Slide 3: Third Quarter Highlights
Third Quarter Highlights Improved Financial Results and Margins; Record Q3 Backlog 2025 Guidance1 Third Quarter Results Recap and Outlook Strategic acquisitions Revenue contribute to record financial Revenue Adjusted EBITDA3 Adjusted EBITDA $3.10B - $3.15B results Margin3 Previously2: $3.10B - $3.30
Slide 4: Competitive EDGE: Margin Growth
Competitive EDGE: Margin Growth Self-Help Initiatives Drive Margin Improvement Commercial and Operational Process Improvements Third Quarter +11% CAGR Commercial Operational Aggregates Pricing Per Ton 1 CRM/Quoting/Pricing System 6 In-Cab AI Coaching for Truck Drivers $17.32 $18.78 $16.10 $13.86 2 S
Slide 5: Competitive EDGE: Acquisition Growth
Competitive EDGE: Acquisition Growth Acquisitions Contribute to Third Quarter Records Robust M&A Pipeline Recent Acquisitions Focused on aggregates-led, margin-accretive targets in high-growth, mid-size markets Strategic acquisitions supported Q3 growth Deal Size Markets Acquisition Date Company Fe
Slide 6: 2025 Challenges
2025 Challenges Successfully Managing Through Challenges in Oregon, Mountain Oregon Mountain Results are Stabilizing Record Q3 Backlog Aggregate Volume Contracting Backlog Asphalt Revenue Contracting Backlog vs. prior year vs. prior year +38% $90M $94M -2% -9% -11% $386M $72M -18% $280M -26% -26% -2
Slide 7: Weather
Weather Rainfall Impacts Third Quarter Operations Market Results Q3 Impact to Central and Mountain Markets Precipitation Departures from Average Increased rainfall delayed work July-August 20251 across the Central and Mountain segments ND MN MT SD ID WY IA September rainfall increased by NE more tha
Slide 8: Infrastructure Funding and Backlog
Infrastructure Funding and Backlog Healthy Funding Leads to Record Backlog Funding Environment Backlog Growth 52% of IIJA Funds Yet to be Reimbursed Within KNF Footprint1 Record Q3 Backlog Entering Bidding Season Backlog Expected 12-Month Revenue DOT Budgets 2025 2026 % Chg. From Current Backlog +32
Slide 9: Third Quarter: Segment Performance
Third Quarter: Segment Performance Geographic Energy West Mountain Central Consolidated3 Segments Services Revenue $396.0M $229.8M $434.4M $1,060.2M $169.2M $1,203.7M Revenue 3% (12)% 22% 6% 34% 9% Growth Adjusted EBITDA1 $91.8M $50.7M $99.7M $242.2M $39.7M $272.8M Adjusted EBITDA 8% (15)% 25% 8% 18
Slide 10: Product Line Results
Product Line Results Continued Margin Improvement for Aggregates, Ready-Mix, Asphalt Volume (in thousands) 3Q24 3Q25 Change Average Selling Price1 3Q24 3Q25 Change Aggregates (tons) 11,169 11,610 4% Aggregates (per ton) $17.32 $18.78 8% Ready-Mix Concrete (cubic yards) 1,148 1,331 16% Ready-Mix Conc
Slide 11: Disciplined, Returns-Focused Capital Management
Disciplined, Returns-Focused Capital Management Capital Position Remains Healthy Available Liquidity Debt Schedule 3Q25 Net Leverage3 ($ in millions) Senior Notes $425.0 Fixed 7.75% Due 2031 Term Loan A Agreement $261.4 3.1x Variable 5.75%2 Due 2030 $488M Term Loan B Agreement $497.5 2.6x Revolver1
Slide 12: 2025 Guidance
2025 Guidance Updated Full-Year Revenue and Adjusted EBITDA1 Guidance FY 2025 Guidance Key Assumptions2 Low High Pricing Volume Revenue $3,100M $3,150M High-Single-Digit (Knife River Consolidated) Aggregates Increase Flat Mid-Single-Digit Low-Double-Digit Adjusted EBITDA1 Ready-Mix Increase Increase
Slide 13: Appendix and Non-GAAP Financial Measures
Appendix and Non-GAAP Financial Measures
Slide 14: Product Line Results - YTD
Product Line Results - YTD Aggregate Pricing Growth Continues Above Historic Levels Volume (in thousands) YTD24 YTD25 Change Average Selling Price1 YTD24 YTD25 Change Aggregates (tons) 24,833 24,303 (2)% Aggregates (per ton) $17.56 $19.15 9% Ready-Mix Concrete (cubic yards) 2,653 2,916 10% Ready-Mix
Slide 15: Attractive High-Growth Markets
Attractive High-Growth Markets Population and GSP Growth in Knife River States Population Growth in Knife River States Gross State Product2 CAGR (2014 – 2024) State 2014 –2024 Population CAGR1 % of 2024 Revenue 13% 7% ~65% of revenue 1% generated in 7% states growing 6% faster than the 8% US average
Slide 16: EBITDA and Adjusted EBITDA – Segment Reconciliation
EBITDA and Adjusted EBITDA – Segment Reconciliation Corporate Three Months Ended September 30, 2025 Geographic Energy Services and ($ in millions) West Mountain Central Regions Services Eliminations Consolidated Net income (loss) $73.1 $42.6 $76.8 $192.5 $36.5 ($85.8) $143.2 Depreciation, depletion
Slide 17: EBITDA and Adjusted EBITDA – Segment Reconciliation
EBITDA and Adjusted EBITDA – Segment Reconciliation Corporate Nine Months Ended September 30, 2025 Geographic Energy Services and ($ in millions) West Mountain Central Regions Services Eliminations Consolidated Net income (loss) $124.7 $42.4 $64.1 $231.2 $39.4 ($145.5) $125.1 Depreciation, depletion
Slide 18: EBITDA and Adjusted EBITDA – Segment Reconciliation
EBITDA and Adjusted EBITDA – Segment Reconciliation Corporate Twelve Months Ended December 31, 2024 Geographic Energy Services and ($ in millions) West Mountain Central Regions Services Eliminations Consolidated Net income (loss) $143.4 $87.1 $94.7 $325.2 $53.9 ($177.4) $201.7 Depreciation, depletio
Slide 19: Net Leverage Reconciliation
Net Leverage Reconciliation As of Sept. As of June As of March As of Dec. As of Sept. As of June As of March As of Dec. As of Sept. As of June ($ in millions, except net leverage) 30, 2025 30, 2025 31, 2025 31, 2024 30, 2024 30, 2024 31, 2024 31, 2023 30, 2023 30, 2023 Long-term debt $1,176.0 $1,341
Slide 20: Adjusted EBITDA TTM Reconciliation
Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended Nine Months Ended Twelve Months Ended Nine Months Ended September 30, 2025 September 30, 2025 December 31, 2024 September 30, 2024 Net income (loss) $148.4 $125.1 $201.7 $178.4 Depreciation, depletion and amortization 177.8 142.4
Slide 21: Adjusted EBITDA TTM Reconciliation
Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended Three Months Ended Twelve Months Ended Three Months Ended March 31, 2025 March 31, 2025 December 31, 2024 March 31, 2024 Net income (loss) $180.6 ($68.7) $201.7 ($47.6) Depreciation, depletion and amortization 143.5 38.8 136.9 32
Slide 22: Adjusted EBITDA TTM Reconciliation
Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended Nine Months Ended Twelve Months Ended Nine Months Ended September 30, 2024 September 30, 2024 December 31, 2023 September 30, 2023 Net income (loss) $199.1 $178.4 $182.9 $162.2 Depreciation, depletion and amortization 132.8 101.5
Slide 23: Adjusted EBITDA TTM Reconciliation
Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended Three Months Ended Twelve Months Ended Three Months Ended March 31, 2024 March 31, 2024 December 31, 2023 March 31, 2023 Net income (loss) $176.6 $(47.6) $182.9 $(41.3) Depreciation, depletion and amortization 126.4 32.2 123.8 29
Slide 24: Adjusted EBITDA TTM Reconciliation
Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended Nine Months Ended Twelve Months Ended Nine Months Ended September 30, 2023 September 30, 2023 December 31, 2022 September 30, 2022 Net income (loss) $180.2 $162.2 $116.2 $98.2 Depreciation, depletion and amortization 121.7 92.5 1
Slide 25: Adjusted EBITDA Guidance Table
Adjusted EBITDA Guidance Table Full-Year Guidance 2025 (In millions) Low High Net income $140.0 $160.5 Interest expense, net 77.3 77.3 Income taxes 50.5 55.0 Depreciation, depletion and amortization 194.2 194.2 EBITDA $462.0 $487.0 Unrealized (gains) losses on benefit plan investments (2.2) (2.2) In
Slide 26: Disclaimer
Disclaimer Our guidance for long-term Adjusted EBITDA margin and projected EBITDA contributions are non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our U.S. GAAP financial statements. When we provide guidance for these non-GAAP metrics desc