Strategies for Sustainable Growth and Resilience
Our History of Execution and Growth
1992: Acquired first aggregate site
2022: Announced spin off from MDU Resources
2008: Introduced Knife River branding
2023: Future of Independent Knife River
Build to Scale
1992-2007
Operational
Excellence
2008 - 2017
Sustainable
Growth
2018-2022
EDGE
2023 +
Expanded from 1 to 13
additional states with an
emphasis on high-growth
regional markets across
western and central U.S.
Achieved operational
efficiencies by leveraging
corporate scale, know-how
and a vertically integrated
business model
Revitalized M&A with greater
emphasis on people,
environment and
sustainability
Competitive EDGE designed
to create substantial value for
shareholders
Number of Acquisitions
65
ROIC Expansion1
~1,140 bps
5-Year Average
Adj. EBITDA Margin²
11.6%
Adj. EBITDA Margin
~15% by 2025
20%+ Long-term
Note: EBITDA, Adj. EBITDA and Cash Flow are non-GAAP measures, see Appendix for reconciliation. 1 ROIC calculated as Operating Income / (Average Equity + Average Debt); 2 Reflects average of
2018-2022 Pro Forma Adjusted EBITDA.
KNIFE RIVER
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