Knife Riv Holding Co. · NYSE:KNF
Knife Riv — Q4 2025 Earnings Presentation
28 slides from Knife Riv's earnings presentation, Feb 17, 2026
Slide 1: 4Q and Full-Year 2025 Results Presentation
4Q and Full-Year 2025 Results Presentation February 17, 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, including with respect to the benefits of acquisitions. Many of these highlighted statements and other statements not histor
Slide 3: FY 2025 Highlights
FY 2025 Highlights A Year of Meaningful Strategic Progress Financial Highlights Operational Highlights Five aggregates-based acquisitions Revenue Adjusted EBITDA1 Adjusted EBITDA Margin1 Increased aggregate pricing 9% Y/Y $3,146M $2,899M $497M 16.0% 15.8% $463M EDGE initiatives driving growth Record
Slide 4: 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 4
Slide 5: Diverse Markets
Diverse Markets Strongly Positioned in Mid-Sized Markets ... …Expected to Grow Faster than the U.S. Average1 25% Population Growth 20% 20% • Lead position in majority of our markets 15% 14% • Growing markets support organic 12% expansion 10% 9% 9% • Hundreds of M&A opportunities in 7% 7% KNF footpri
Slide 6: Vertically Integrated Portfolio
Vertically Integrated Portfolio 2025 Gross Profit Benefits of Vertical Integration Aggregates Asphalt Pull-through of higher-margin materials 20% 11% Other1 10% Multiple chances to engage in projects 23% Ready-Mix 9% Liquid Asphalt 27% Greater supply-chain reliability Contracting Services Improves j
Slide 7: Self Help: Continuous Improvement
Self Help: Continuous Improvement Controlling costs, optimizing prices and standardizing best practices Operational Commercial Controlling Costs Optimizing Prices • PIT Crews driving plant efficiencies and mix optimization • Utilizing pricing/quoting tools and real-time analytics • Tracking performa
Slide 8: Life at Knife Culture
Life at Knife Culture Commitment to Core Values Drives Excellence People Safety Quality Environment People-First I Choose Safety Set Ourselves Apart Sustainable Operations • Selfless culture, win as team • Choice, commitment, courage • Goal: Best in class in all we do • Environmental stewardship • B
Slide 9: Market Backdrop
Market Backdrop Strong Public Funding and Demand Healthy DOT Budgets Private Construction Improving Non-residential activity expected to grow ASCE 2025 Infrastructure Report1 KNF State budgets +14% in 20262 double digits3 +18% D+ Grade for C Grade for $2.2T funding needed $65B $61B $69B $1,398B $1,1
Slide 10: FY 2025 Segment Performance
FY 2025 Segment Performance Energy West Mountain Central Consolidated2 Services Revenue $1,210M $644M $1,005M $338M $3,146M Revenue Growth 2% (3)% 23% 23% 9% Adjusted EBITDA1 $234M $100M $160M $55M $497M Adjusted EBITDA Growth1 12% (12)% 21% (9)% 7% Adjusted EBITDA Margin1 19.3% 15.5% 15.9% 16.2% 15
Slide 11: West: Well Positioned for Growth in 2026 and Beyond
West Well Positioned for Growth in 2026 and Beyond Financial Performance 2026 Outlook 2024 2025 Change End-Market Activity: Revenue $1,185M $1,210M 2% • Public activity levels remain elevated in California, Alaska and Hawaii, including heightened military spending EBITDA1 $210M $234M 12% • Pockets o
Slide 12: Mountain: Strong Second Half Momentum into 2026
Mountain StrongProvide 4Q25 Results SecondMomentum Half of 2025into 2026 Financial Performance 2026 Outlook 2024 2025 Change End-Market Activity: Revenue $663M $644M (3)% • Public budgets expected to remain stable • Private-sector activity continues to increase, including bidding EBITDA1 $114M $100M
Slide 13: Central: Key Acquisitions Support Strong Underlying Business
Central Key Acquisitions Support Strong Underlying Business Financial Performance 2026 Outlook 2024 2025 Change End-Market Activity: Revenue $818M $1,005M 23% • Record backlog supported by healthy public funding, particularly in Texas and North Dakota EBITDA1 $132M $160M 21% • Increasing third-party
Slide 14: Energy Services: Important Component of Vertically Integrated Model
Energy Services Important Component of Vertically Integrated Model Financial Performance 2026 Outlook 2024 2025 Change End-Market Activity: Revenue $276M $338M 23% • Market demand remains comparable to 2025 levels • Targeted sales of value-added products EBITDA1 $60M $55M (9)% Operations: EBITDA Mar
Slide 15: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Favorable Weather and EDGE Initiatives Drove Strong Finish to 2025 Revenue Adjusted EBITDA1 Adjusted EBITDA Margin1 $755M $119M $657M 15.8% $81M 12.4% 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 1 See Appendix for reconciliation of this non-GAAP financial measure to the most directl
Slide 16: Fourth Quarter 2025 Product Line Results
Fourth Quarter 2025 Product Line Results Significant Margin Improvement for Aggregates and Ready-Mix Volume (in thousands) 4Q24 4Q25 Change Average Selling Price1 4Q24 4Q25 Change Aggregates (tons) 6,999 8,191 17% Aggregates (per ton) $17.14 $18.53 8% Ready-Mix Concrete (cubic yards) 831 997 20% Rea
Slide 17: Disciplined Capital Management
Disciplined Capital Management Capacity to Support our Capital Allocation Priorities Growth Strategy Maintenance and Improvement $550M in available liquidity2 2025: Invested $170M on equipment and plant improvements 2026: Expect to invest between 5% and 7% of revenue 2.2x Net Debt / TTM Adj. EBITDA2
Slide 18: FY 2026 Guidance
FY 2026 Guidance FY 2026 Guidance1 Low High Revenue $3,300M $3,500M Adjusted EBITDA2 $520M $560M Assumptions • Aggregates volumes and pricing to increase mid-single digits • Ready-mix volumes to increase mid-teens • Asphalt volumes to increase mid-single digits • Financial results for Energy Service
Slide 19: Compelling Long-Term Investment
Compelling Long-Term Investment Diverse and Growing Markets • Significant national need for infrastructure investment • Record public funding and expanding private-market opportunities • KNF is well-positioned in higher-growth, mid-sized markets Proven Growth Strategy with Self Help Opportunities •
Slide 20: Appendix and Non-GAAP Financial Measures
Appendix and Non-GAAP Financial Measures 20
Slide 21: Fourth Quarter: Segment Performance
Fourth Quarter: Segment Performance Energy West Mountain Central Consolidated3 Services Revenue $288M $172M $248M $58M $755M Revenue 7% 16% 32% (5)% 15% Growth Adjusted EBITDA1 $57M $34M $40M $6M $119M Adjusted EBITDA 56% 101% 16% (38)% 47% Growth1 Contracting Services $204M $396M $433M – $1,032M Ba
Slide 22: Full-Year 2025 Product Line Results
Full-Year 2025 Product Line Results Aggregate ASP Nears Double-Digit Improvements Y/Y Volume (in thousands) FY24 FY25 Change Average Selling Price1 FY24 FY25 Change Aggregates (tons) 31,832 32,494 2% Aggregates (per ton) $17.47 $18.99 9% Ready-Mix Concrete (cubic yards) 3,484 3,913 12% Ready-Mix Con
Slide 23: EBITDA and Adjusted EBITDA – Segment Reconciliation
EBITDA and Adjusted EBITDA – Segment Reconciliation Three Months Ended December 31, 2025 Corporate Services ($ in millions) West Mountain Central Energy Services and Eliminations Consolidated Net income (loss) $37.9 $26.0 $19.2 $3.0 ($54.1) $32.0 Depreciation, depletion and amortization 18.6 8.2 21.
Slide 24: EBITDA and Adjusted EBITDA – Segment Reconciliation
EBITDA and Adjusted EBITDA – Segment Reconciliation Twelve Months Ended December 31, 2025 Corporate Services ($ in millions) West Mountain Central Energy Services and Eliminations Consolidated Net income (loss) $162.6 $68.3 $83.3 $42.4 ($199.5) $157.1 Depreciation, depletion and amortization 71.5 31
Slide 25: Adjusted EBITDA TTM Reconciliation
Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended Twelve Months Ended December 31, 2023 December 31, 2022 Net income (loss) $182.9 $116.2 Depreciation, depletion and amortization 123.8 117.8 Interest expense, net 52.9 30.1 Income taxes 62.4 42.6 EBITDA $422.0 $306.7 Unrealized (
Slide 26: Net Leverage Reconciliation
Net Leverage Reconciliation Net Leverage Reconciliation As of December 31, ($ in millions, except net leverage) 2025 Long-term debt $1,153.8 Long-term debt – current portion 11.7 Total debt $1,165.5 Add: Unamortized debt issuance costs 15.6 Total debt, gross $1,204.1 Less: Cash and cash equivalents,
Slide 27: Debt Schedule
Debt Schedule Debt Schedule 4Q25 ($ in millions) Senior Notes $425.0 Fixed 7.75% Due 2031 Term Loan A Agreement $259.7 Variable 5.42%1 Due 2030 Term Loan B Agreement $496.3 Variable 5.74%1 Due 2032 Revolving Credit Agreement $— Variable 7.50%1 Due 2030 - $500M capacity Other Notes $0.2 Total Debt $1
Slide 28: Disclaimer
Disclaimer Our guidance for 2026 Adjusted EBITDA, 2026 Adjusted EBITDA margin, projected EBITDA contributions 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 U.S. GAAP financial statements. When we