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Investor Relations14 Oct 2025
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Knife River (KNF) investor relations material
Knife River Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Presentation summary24 Sep, 2025
Strategic growth and operational execution
Expanded from 1 to 13 states, focusing on high-growth regional markets in the western and central U.S., with 65 acquisitions since 1992.
Achieved operational efficiencies through vertical integration and scale, with an 11.6% adjusted EBITDA CAGR (2018–2022) and a 16% adjusted EBITDA margin in 2024.
EDGE strategy aims for long-term adjusted EBITDA margin above 20% and continued ROIC expansion, leveraging automation, pricing, and process improvements.
Record backlog of $1.3B (+27% YoY), with 91% public funding, driven by robust state and federal infrastructure investment.
Diversified revenue mix: 39% contracting services, 19% ready-mix, 16% aggregates, 13% asphalt, and 7% liquid asphalt.
Financial performance and guidance
2024 revenue reached $2.9B with a record adjusted EBITDA of $463M and a 16% margin; 2025 revenue guidance is $3.1B–$3.3B and adjusted EBITDA $475M–$525M.
Second quarter 2025 results impacted by wet weather and Oregon market softness, with revenue at $834M and adjusted EBITDA at $141M.
Product pricing momentum partially offset lower volumes; aggregates and ready-mix prices rose 12% and 8% YoY, respectively, in Q2 2025.
Net leverage at 1.3x as of June 2025, with $294M in revolver capacity and $27M in unrestricted cash.
2025 guidance revision ($55M lower) is 75% weighted to the first half, reflecting Oregon softness and weather impacts.
Market positioning and growth drivers
Over 65% of revenue generated in states with population growth above the U.S. average; key markets include Texas, Idaho, Oregon, and California.
Industry demand supported by record DOT funding and multi-year federal infrastructure programs; 33% of IIJA funds within the footprint remain uncommitted.
Data center construction is a growing end market, with 19 active projects and a focus on carbon-conscious solutions.
Oregon market faces near-term headwinds from funding and project delays, but maintains a leading market position and long-term growth outlook.
Northwest region provides a proven blueprint for EDGE execution, with EBITDA margin rising from 7.2% in 2012 to 21.6% in 2024.
Oregon's long-term outlook despite headwinds?
How does KNF balance organic vs. M&A growth?
Backlog growth vs. margin expectations?
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Next Knife River earnings date
Q3 20253 Nov, 2025
Next Knife River earnings date
Q3 20253 Nov, 2025
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Frequently asked questions
Knife River Corporation is a provider of aggregates-based construction materials and contracting services in the United States. The company's operations are diversified across six segments: Pacific, Northwest, Mountain, North Central, South, and Energy Services. Knife River's product line includes construction aggregates such as crushed stone, sand, and gravel, as well as asphalt and ready-mix concrete. It also offers contracting services to complement its aggregate-based product lines, including heavy-civil construction, asphalt and concrete paving, and site development and grading. The company serves a broad range of clients, including federal, state, and municipal governments for various projects like highways, bridges, airports, schools, and other public infrastructure projects. Knife River Corporation is headquartered in Bismarck, North Dakota, and its shares are listed on the New York Stock Exchange.
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