Slide 1: Sept. 2026 Conference Presentation
Sept. 2026 Conference Presentation
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: Strong Long-Term Fundamentals Investment Thesis
Strong Long-Term Fundamentals Investment Thesis ▪ Vertical integration driving healthy aggregate volumes ▪ Proven growth strategy through acquisitions and organic investments ▪ Continue to refine “self-help” initiatives to improve margins ▪ Unique Life at Knife culture – relentless drive for excelle
Slide 4: Update on Key Factors
Update on Key Factors 2Q headwinds continue ... … into busiest time of year 3-Yr Avg. Revenue 2023-2025 1Q 2Q 3Q 4Q 11% 27% 39% 23% – Fewer public bid lettings, driving increased competition ▪ Market Dynamics – Expect 2H26 contracting services margins to be approx. 9 to 10% – Construction phasing-re
Slide 5: Managing Through Headwinds
Managing Through Headwinds Right-sizing crews and equipment to reflect market conditions Targeting upstream materials sales to contracting competitors Strategically expanding private work opportunities Bidding as general and subcontractor to increase opportunities Actions We’re Taking Private Constr
Slide 6: Right team, right markets, right strategy to drive solid growth
We have built the right team, we operate in the right markets, and are executing the right strategy to drive solid growth Diverse Markets Knife River Growth Strategy Vertical Integration Self-Help Opportunities Life @ Knife 6
Slide 7: Diverse Markets
Diverse Markets Aggregate site (213 active sites) Ready-Mix plant (137 total plants) Asphalt plant (56 total plants) Liquid asphalt plant (9 total terminals) Strongly Positioned in Mid-Sized Markets … … Expected to Grow Faster than the U.S. Average1 1Source: University of Virginia, Weldon Cooper Cen
Slide 8: Product Lines
Product Lines2 Granular material consisting of crushed stone and sand & gravel Key raw material in the production of ready-mix concrete and asphalt Aggregates (16%) 1 Ready-Mix (21%) 1 Mixture principally comprised of cement, aggregates and water Most widely used material in the construction sector
Slide 9: Growth Opportunity: Acquisitions
Growth Opportunity: Acquisitions Current States of Operation Potential Aggregate Acquisition Opportunities Proprietary assessment of acquisition opportunities 9 Opportunity to Expand Through Acquisitions … Materials-Focused Building an aggregates-based, vertically integrated platform Proven Acquisit
Slide 10: Growth Opportunity: Organic Investments
Growth Opportunity: Organic … And Organic Investments Midwest Aggregates Expansion Expected Benefits ▪ Expands market and production capabilities ▪ Rail-served ▪ Expected completion in 2027 ▪ Initially designed for over 1M ton/yr at highly accretive margins ▪ State-of-the-art plant in Pacific NW ▪ E
Slide 11: Ongoing Initiatives: Self Help Progress on Growth Initiatives
Ongoing Initiatives EDGE Accomplishments2 ExcellenceAcquisitions + Organic Growth Self Help: Progress on Growth Initiatives Financial Discipline ▪ Adj. EBITDA1 up 60% EBITDA Margin1 Improvement Strategic Priority ▪ Adj. EBITDA Margin1 up 280 bps ▪ Aggregate GPM up 410 bps ▪ Maintenance CapEx consist
Slide 12: Life at Knife Culture
• Selfless culture, win as team • Deep institutional knowledge • Adding experienced talent from industry peers Life at Knife Culture People Safety Quality Environment Commitment to Core Values Drives Excellence • Choice, commitment, courage • All injuries are preventable • Safest year in history (20
Slide 13: Compelling Long-Term Investment
Compelling Long-Term Investment Mid-Sized, Higher-Growth Markets Proven Growth Strategy with Self-Help Opportunities Unique Life @ Knife Culture Vertical Integration Driving Opportunities and Resiliency 13
Slide 14: Appendix and Non-GAAP Financial Measures
Appendix and Non-GAAP Financial Measures 14
Slide 15: Adjusted EBITDA TTM Reconciliation
Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended June 30, 2026 Six Months Ended June 30, 2026 Twelve Months Ended December 31, 2025 Six Months Ended June 30, 2025 Net income (loss) $139.9 ($35.3) $157.1 ($18.1) Depreciation, depletion and amortization 213.3 108.5 193.7 88.9 Int
Slide 16: Adjusted EBITDA TTM Reconciliation
Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended December 31, 2022 Net income $116.2 Depreciation, depletion and amortization 117.8 Interest expense, net 30.1 Income taxes 42.6 EBITDA $306.7 Unrealized losses on benefit plan investments 4.0 Stock-based compensation expense 2.7