Garik Shmois

Kathryn Thompson

Trey Grooms

Brent Thielman

Ian Zaffino

Gabe Hajde

Chris Ellinghaus

Christopher Ellinghaus

Isaac Sellhausen

Ivan Yi

Jean Paul Ramirez

Sherif El-Sabbahy

- Knife River (KNF) achieved **record financial results** in Q3 2025, with revenue of **$1.2 billion** and adjusted EBITDA of **$273 million**, largely due to strong contributions from recent acquisitions.  **[0001955520_2232252_1]** 
- The company narrowed its full-year 2025 guidance, projecting consolidated revenue between **$3.1 billion and $3.15 billion** and adjusted EBITDA between **$475 million and $500 million**.  **[0001955520_2232252_5]** 
- Backlog reached a **record high** in Q3 2025, increasing **32%** year-over-year, with a significant increase in higher-margin asphalt paving work secured for upcoming periods.  **[0001955520_2232252_1]** **[0001955520_2232252_5]** **[0001955520_2232252_8]** 
- The "EDGE" strategy, which includes M&A, dynamic pricing, and cost control, is driving improved gross margins across all product lines and is expected to help achieve a long-term goal of **20% adjusted EBITDA margin**.  **[0001955520_2232252_1]** **[0001955520_2232252_3]**

Knife River Reports Record Q3 2025 Financial Results and Updates Full-Year Guidance

- Knife River Corporation reported **record revenue of $1,203.7 million** and **record Adjusted EBITDA of $272.8 million** for the third quarter ended September 30, 2025, representing increases of 9% and 11% respectively, compared to the prior year.  **[1955520_0001955520-25-000065_a2025q3ex99.htm:0]** 
- Net income for Q3 2025 was **$143.2 million**, or **$2.52 per share**, a 3% decrease from the same period last year.  **[1955520_0001955520-25-000065_a2025q3ex99.htm:0]** 
- The company achieved a **record backlog of $995 million**, which is **32% higher** than the same period last year, with 87% of the backlog being public work.  **[1955520_0001955520-25-000065_a2025q3ex99.htm:0]** 
- Strategic acquisitions and a focus on price optimization and cost controls led to a **50 basis point improvement in Adjusted EBITDA margin**.  **[1955520_0001955520-25-000065_a2025q3ex99.htm:0]** 
- Management **narrowed its full-year 2025 guidance**.  **[1955520_0001955520-25-000065_a2025q3ex99.htm:0]**

Knife River Corporation Reports Q3 2025 Financial Results

- Knife River Corporation reported **record revenue of $1,203.7 million** for the third quarter ended September 30, 2025, marking a 9% increase from the prior year, and **Adjusted EBITDA of $272.8 million**, an 11% increase.  **[1955520_e568b587f9e5443db73b03dffdea90c2_0]** 
- Net income for Q3 2025 was **$143.2 million**, or **$2.52 per share**, both decreasing by 3% compared to the same period last year.  **[1955520_e568b587f9e5443db73b03dffdea90c2_0]** 
- The company achieved a **record backlog of $995 million**, which is 32% higher year-over-year, with **87%** of this backlog related to public work.  **[1955520_e568b587f9e5443db73b03dffdea90c2_0]** 
- Knife River narrowed its full-year 2025 guidance, projecting revenue between **$3.1 billion and $3.15 billion** and Adjusted EBITDA between **$475 million and $500 million**.  **[1955520_e568b587f9e5443db73b03dffdea90c2_2]** **[1955520_e568b587f9e5443db73b03dffdea90c2_5]**

Knife River Corporation Reports Third Quarter 2025 Financial Results