KNF

EX-99

2 a2026q2ex99.htm

KKNIFE RIVER CORPORATION EX-99

Document

KNIFE RIVER CORPORATION REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS

•Double-digit volume and gross profit growth across material product lines

•20% growth in contracting services revenue

•Sequentially increased backlog from the first quarter, to $1.2 billion

•Raised guidance for revenue and aggregate volumes

BISMARCK, N.D. — August 4, 2026 — Knife River Corporation (NYSE: KNF), an aggregates-based, vertically integrated construction materials and contracting services company, today announced financial results for the second quarter ended June 30, 2026.

PERFORMANCE SUMMARY

Three Months Ended June 30,

(In millions, except per share)20262025% Change

Revenue$938.6 $833.8 13 %

Net income$43.9 $50.6 (13)%

Net income margin4.7 %6.1 %

Adjusted EBITDA$139.7 $140.8 (1)%

Adjusted EBITDA margin14.9 %16.9 %

Net income per share$0.77 $0.89 (13)%

Note: Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. For more information on all non-GAAP measures and a reconciliation to the nearest GAAP measure, see the section entitled "Non-GAAP Financial Measures."

MANAGEMENT COMMENTARY

"During the quarter, we delivered 13% year-over-year revenue growth, including 20% revenue growth in contracting services," said Knife River President and CEO Brian Gray. "That pull-through demand, combined with contributions from acquisitions, helped us generate double-digit volume and gross profit growth across our material product lines. Aggregate pricing also improved by 8% on a product mix-adjusted basis. The fundamentals of our business are strong. During the quarter, headwinds related to energy costs, delayed impact projects, and the type and timing of contracting services impacted Adjusted EBITDA and margins. Last year, we also benefited in the second quarter from $10.3 million in gains on asset sales, compared to just $650,000 this quarter. Despite these factors, we delivered strong operational results year-over-year.

"With the majority of the construction season still ahead of us, we have opportunities to execute on our $1.2 billion contracting services backlog, driving volume and gross profit improvement in all of our product lines," Gray said. "Additionally, we continue to implement our self-help initiatives to improve margins — including price optimization and operational efficiencies.

"The acquisitions we have completed over the last two years also continue to perform as expected, and we have several targets in our pipeline that align with our growth strategy," Gray said. "In addition, we have multiple organic growth projects underway across our footprint, including aggregates reserve expansions designed to strengthen our position, support future earnings growth and create long-term shareholder value."

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2026 FINANCIAL GUIDANCE

Knife River expects its full-year 2026 financial results to be in the ranges noted in the following table.

2026 Financial Guidance LowHigh

(In millions)

Revenue $3,400.0 $3,600.0

Adjusted EBITDA $520.0 $560.0

The company further expects:

•Aggregates volumes to increase high-single digits and pricing to increase mid-single digits.

•Ready-mix volumes to increase mid-teens.

•Asphalt volumes to increase high-single digits.

•Depreciation, depletion and amortization to increase mid-teens.

The guidance ranges are based on normal weather, economic and operating conditions, and do not include the expected impact of future acquisitions.

REPORTING SEGMENT PERFORMANCE

West

Alaska, California, Hawaii, Oregon, Washington Three Months EndedSix Months Ended

June 30,June 30,

2026 2025 % Change2026 2025 % Change

(In millions)

Revenue$290.4 $317.4 (9)%$502.2 $525.7 (4)%

EBITDA$49.2 $60.7 (19)%$71.4 $85.7 (17)%

EBITDA margin17.0 %19.1 %14.2 %16.3 %

Second quarter revenue decreased 9% year-over-year, primarily due to less available public-agency work in Oregon, as well as delays in Hawaii and Alaska related to project phasing and weather. EBITDA decreased 19% compared to the prior year, reflecting decreased activity and lower-margin contracting services work, partially offset by higher aggregate and ready-mix pricing across the region.

Mountain

Idaho, Montana, Utah, Wyoming Three Months EndedSix Months Ended

June 30,June 30,

2026 2025 % Change2026 2025 % Change

(In millions)

Revenue$236.5 $176.1 34%$317.7 $242.1 31%

EBITDA$31.0 $30.9 —%$22.8 $14.6 56%

EBITDA margin13.1 %17.6 %7.2 %6.0 %

Second quarter revenue increased 34% from the prior year, largely driven by an increase in contracting services as well as acquisitions completed in the first quarter. EBITDA was flat, as the revenue growth was primarily offset by the timing of project performance gains and lower-margin contracting services work.

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Central

Iowa, Minnesota, North Dakota, South Dakota, Texas Three Months EndedSix Months Ended

June 30,June 30,

2026 2025 % Change2026 2025 % Change

(In millions)

Revenue$325.6 $255.2 28%$426.8 $

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knf-202602170001955520false00019555202026-02-172026-02-17

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES

EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) February 17, 2026

Knife River Corporation (Exact name of registrant as specified in its charter)

(State or other jurisdiction of(Commission File Number)(I.R.S. Employer Identification No.) incorporation) Delaware1-4164292-1008893

1150 West Century Avenue P.O. Box 5568 Bismarck, North Dakota 58506-5568 (Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (701) 530-1400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

(Title of each class)(Trading Symbol(s))(Name of each exchange on which registered) Common Stock, $0.01 par valueKNFNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition and Item 7.01. Regulation FD Disclosure.

On February 17, 2026, Knife River Corporation (the "Company") issued a press release announcing fourth quarter and full year 2025 earnings. A copy of the press release, which the Company is furnishing to the Securities and Exchange Commission, is attached as Exhibit 99 and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit Number    Description 99    Press release issued February 17, 2026, regarding fourth quarter and full year 2025 earnings. 104    Cover page interactive data file (embedded within the Inline XBRL document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Knife River Corporation

Date February 17, 2026 By /s/ Nathan W. Ring

Nathan W. Ring Vice President and Chief Financial Officer

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