Knife Riv Holding Co. · NYSE:KNF
Knife Riv — Q1 2026 Earnings Presentation
21 slides from Knife Riv's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 5, 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: Q1 2026 Highlights
Q1 2026 Highlights Good Momentum Heading into Construction Season Financial Highlights Operational Highlights Revenue Adjusted EBITDA1 Adjusted EBITDA Margin1 Three aggregates-based acquisitions +16% +16% +290bps Materials volumes up double digits 2025 2026 2025 2026 $410M $354M EDGE initiatives dri
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: Mid-Sized, Higher-Growth Markets
Mid-Sized, Higher-Growth Markets KNF is #1 or #2 in ~90% of the markets served1 Aggregate Site Population growth outpacing (213 active sites) national average Ready-Mix Plant (137 total plants) Healthy and expanding DOT Asphalt Plant (56 total plants) funding environment Liquid Asphalt Terminal (9 t
Slide 6: West: Mid-Sized, Higher-Growth Markets
Mid-Sized, Higher-Growth Markets WEST +12% +13% Population Growth DOT Budget Growth 2025-20501 2025-20262 Five-Year Growth (2020-2025) Revenue EBITDA EBITDA Margin +41% +65% +280bps 1 University of Virginia, Weldon Cooper Center for Public Service; 2 ARTBA and Company analysis, April 2026. 6
Slide 7: Mountain: Mid-Sized, Higher-Growth Markets
Mid-Sized, Higher-Growth Markets MOUNTAIN +26% +19% Population Growth DOT Budget Growth 2025-20501 2025-20262 Five-Year Growth (2020-2025) Revenue EBITDA EBITDA Margin +43% +90% +380bps 1 University of Virginia, Weldon Cooper Center for Public Service; 2 ARTBA and Company analysis, April 2026. 7
Slide 8: Central: Mid-Sized, Higher-Growth Markets
Mid-Sized, Higher-Growth Markets CENTRAL +21% +16% Population Growth DOT Budget Growth 2025-20501 2025-20262 Five-Year Growth (2020-2025) Revenue EBITDA EBITDA Margin +34% +89% +460bps 1 University of Virginia, Weldon Cooper Center for Public Service; 2 ARTBA and Company analysis, April 2026. 8
Slide 9: Attractive Acquisition Landscape
Attractive Acquisition Landscape Substantial Runway for Growth Q1 2026 Acquisitions • Highly fragmented markets Donaldson Brothers – Hamilton, MT ◦ Hundreds of actionable opportunities • Aggregates • Ready-Mix • Acquirer of choice ◦ Driven by culture, credibility and capabilities Morgan Asphalt – Sa
Slide 10: Vertical Integration
Vertical Integration Benefits Resilient Business Model Revenue Impact Pull-through of higher-margin materials Peak to Trough (2007-2012)1 Knife River Peer Group Median Multiple opportunities to engage in projects Greater supply-chain reliability (18)% Higher utilization of labor and equipment Multip
Slide 11: Vertical Integration: Profit Multiplier
Vertical Integration: Profit Multiplier Bid #4 Bid #3 Bid #2 Prime Contractor Bid #1 Paving Subcontractor Asphalt Supplier Gross Profit Aggregate Supplier 20 • Internal • Internal Opportunities • Internal • Project Owner • Project Owner • Project Owner • Project Owner • Prime Contractors • Prime Con
Slide 12: Q1 2026 Segment Performance
Q1 2026 Segment Performance Energy West Mountain Central Consolidated3 Services Revenue $212M $81M $101M $20M $410M % Change 2% 23% 49% 47% 16% Adjusted EBITDA1 $22M $(8)M $(27)M $(5)M $(32)M % Change (11)% 49% (10)% 41% 16% TTM Adjusted EBITDA 19.1% 16.3% 15.1% 16.9% 15.7% Margin1,2 1 See Appendix
Slide 13: Q1 2026 Product Line Results
Q1 2026 Product Line Results Significant Volume and Margin Improvement Volume (in thousands) 1Q25 1Q26 Change Average Selling Price1 1Q25 1Q26 Change Aggregates (tons) 3,867 4,878 26% Aggregates (per ton) $21.05 $21.22 1%2 Ready-Mix Concrete (cubic yards) 544 724 33% Ready-Mix Concrete (per cubic ya
Slide 14: Disciplined Capital Management
Disciplined Capital Management Capital Allocation Priorities Leverage Profile Maintenance and Improvement Organic and Acquisition Growth $191.5M in available liquidity1 2.9x Net Debt / TTM Adj. EBITDA1,2 • 1Q26: $42M for replacement of • 1Q26: $209M - including $174M construction equipment and on ac
Slide 15: Reaffirming 2026 Guidance
Reaffirming 2026 Guidance FY 2026 Guidance1 Low High Revenue $3,300M $3,500M Adjusted EBITDA $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 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: EBITDA and Adjusted EBITDA – Reconciliation
EBITDA and Adjusted EBITDA – Reconciliation Three Months Ended (in millions) March 31, 2026 March 31, 2025 Net loss ($79.2) ($68.7) Depreciation, depletion and amortization 52.2 38.8 Interest expense, net 20.0 13.1 Income taxes (28.4) (24.7) EBITDA ($35.4) ($41.5) Unrealized (gains) losses on benefi
Slide 19: Adjusted EBITDA TTM Reconciliation
Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended Three Months Ended Twelve Months Ended Three Months Ended March 31, 2026 March 31, 2026 December 31, 2025 March 31, 2025 Net income (loss) $146.6 ($79.2) $157.1 ($68.7) Depreciation, depletion and amortization 207.1 52.2 193.7 38
Slide 20: Net Leverage Reconciliation
Net Leverage Reconciliation Net Leverage Reconciliation ($ in millions, except net leverage) As of March 31, 2026 Long-term debt $1,421.6 Long-term debt – current portion 11.7 Total debt $1,433.3 Add: Unamortized debt issuance costs 14.9 Total debt, gross $1,448.2 Less: Cash and cash equivalents, ex
Slide 21: Disclaimer
Disclaimer Our guidance for 2026Adjusted EBITDA, 2026 Adjusted EBITDA margin 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 provide guidance for these non-GA