Investor Presentaiton

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 10

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