Strategies for Sustainable Growth and Resilience

Non-GAAP Return On Invested Capital (ROIC) Reconciliation Historical (in thousands, except for ROIC value) Twelve Months Ended Dec 31, 2022 2021 2020 Operating Income 194,295 191,077 214,498 Dis-synergy costs (16,991) (16,991) (16,991) Operating Income post dis-synergies $177,304 $174,086 $197,507 990,717 915,592 828,210 Average Shareholder's Equity 684,740 543,049 402,871 Average Debt (ex. operating leases) Average Invested Capital $1,675,457 $1,458,640 $1,231,080 ROIC Note: Totals may not sum due to rounding. KNIFE RIVER 10.6% 11.9% 16.0% 62 62

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