KNF - Meetings with Management

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KNF - Meetings with Management

Building Materials

Aggregates - Market Overweight

KNIFE RIVER CORPORATION (KNF) June 15, 2026

KNF - Meetings with Management Rating:

Peer Perform

The Wolfe Byte Price: $76.92

Last week, we hosted meetings with KNF management. Our meetings were upbeat Price Target:

and focused on the new highway bill, the outlook for Oregon, and future M&A. As NA

we're still awaiting a catalyst, we reiterate our Peer Perform rating. View KNF Model

View Comp Table

●Meetings with KNF Management. We hosted meetings with KNF management Company Information

last week including Nathan Ring (CFO) and Dara Dierks (Investor Relations). 52-Week Range $60 - $95

Market Cap. (MM) $4,366

Our meetings focused on the new highway reauthorization bill and KNF's Enterprise Value (MM) $5,770

outlook for Oregon, its largest market. KNX also reiterated its 2026 guidance Shares Out. (MM) 56.8

for mid-single digit aggregates volumes and pricing. Avg. Value Traded (MM) $42.58 Adj. Debt to Cap 41.2%

●Possible Upside to Highway Bill. Last month, the House released details of a SI% of Float 5.7%

new 5-year highway reauthorization bill - the BUILD America 250 Act. The bill FCF Yield 1.0%

EV/ EBITDA 11.3x

calls for an 8% increase in core highway funding to under $300B (2027-31).

This is much smaller than the 23% increase in highway funding under the Price Performance

current IIJA bill (2022-26), and thus was lower than we expected. However, YTD LTM

KNF 24% (10)%

KNF seems optimistic that the corresponding Senate version of the bill will see S&P 500 6% 28%

higher dollars for core highway spending.

●Oregon Holding Steady. KNF only reports regional results, but noted that 10095

Oregon currently represents more than 20% of total revenues and 33% of 90

total EBITDA.