Slides
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2025 Results Presentation November 4, 2025 Q3
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Forward-Looking Statements The information in this presentation highlights the key growth strategies, projections and certain assumptions for the company and its subsidiaries, including with respect to the benefits of acquisitions. Many of these highlighted statements and other statements not historical in nature are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that its expectations are expressed in good faith and based on reasonable assumptions, there is no assurance the company’s statements with respect to its EDGE strategy, shareholder value creation, financial guidance, expected long-term goals, expected backlog margin, acquisitions, financing plans, expected federal and state funding for infrastructure or other proposed strategies will be achieved. Please refer to assumptions contained in this presentation, as well as the various important factors listed in Part I, Item 1A - Risk Factors in the company’s 2024 Form 10-K and subsequent filings with the Securities and Exchange Commission. Changes in such assumptions and factors could cause actual future results to differ materially from those expressed in the forward-looking statements. All forward-looking statements in this presentation are expressly qualified by such cautionary statements and by reference to the underlying assumptions. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, the company does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise. Throughout this presentation, the company presents financial information prepared in accordance with GAAP, as well as EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, as well as total segment measures, as applicable, net debt, and net leverage, which are considered non-GAAP financial measures. The use of these non-GAAP financial measures should not be construed as alternatives to net income, net income margin, operating income and total debt, as applicable. Please refer to the "Non-GAAP Financial Measures" section contained in this document and our most recent filings with the SEC for additional information.
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Improved Financial Results and Margins; Record Q3 Backlog 2025 Guidance1 Revenue $3.10B - $3.15B Previously2: $3.10B - $3.30B Adjusted EBITDA3 $475M - $500M Previously2: $475M- $525M Adjusted EBITDA Margin3,4 15.6% Previously2: 15.6% 1 Guidance is based on normal weather, economic and operating conditions. 2 Prior guidance issued 8/5/2025. 3 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. 4 Reflects the midpoint of Adjusted EBITDA guidance divided by the midpoint of Revenue guidance. Third Quarter Results Recap and Outlook Strategic acquisitions contribute to record financial results Strong DOT funding drives record backlog EDGE initiatives support margin improvement Third Quarter Highlights 3 $1.1B $1.2B 2024 2025 $245M $273M 2024 2025 22.2% 22.7% 2024 2025 Revenue Adjusted EBITDA3 Adjusted EBITDA Margin3 Quarter impacted by adverse weather Oregon market stabilizing
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Self-Help Initiatives Drive Margin Improvement Competitive EDGE: Margin Growth Commercial and Operational Process Improvements Note: The graphic illustrates approximate progress on previously announced, ongoing initiatives. 4 Third Quarter CRM/Quoting/Pricing System Sales Dashboards Dynamic Pricing Advanced Sales Training Quality over Quantity In-Cab AI Coaching for Truck Drivers ‘I Choose Safety’ Integration of Real-Time Aggregates Plant Data with KPIs Commercial Operational Initiated Fully Implemented Aggregates Gross Margin + 50 bps1 Ready-Mix Gross Margin + 160 bps1 Asphalt Gross Margin + 20 bps1 1 2 3 4 5 6 7 8 9 1 2 3 4 5 69 78 1 3Q25 vs 3Q24 PIT Crews Aggregates Pricing Per Ton 3Q22 3Q23 3Q24 3Q25 $13.86 $16.10 $17.32 $18.78 +11% CAGR
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Acquisitions Contribute to Third Quarter Records Competitive EDGE: Acquisition Growth Robust M&A Pipeline Recent Acquisitions Focused on aggregates-led, margin-accretive targets in high-growth, mid-size markets Strategic acquisitions supported Q3 growth Markets Adjacent Markets New SMAs within Current Regions Infill Existing Strategic Market Areas (SMAs) Fewer Opportunities More Opportunities Acquisition Date Company 3Q2025 High Desert Aggregate & Paving 2Q2025 Kraemer Trucking & Excavating 1Q2025 Kalama Quarry 1Q2025 Strata Corporation 4Q2024 Albina Asphalt Fewer Opportunities More Opportunities >$200M $100M - $200M $25M - $100M < $25M Deal Size 5
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Successfully Managing Through Challenges in Oregon, Mountain 2025 Challenges Oregon Mountain Results are Stabilizing Record Q3 Backlog 3Q24 3Q25 $280M $386M Contracting Backlog 3Q24 4Q24 1Q25 2Q25 3Q25 -11% -18% -26% -26% -2% Aggregate Volume vs. prior year 3Q24 4Q24 1Q25 2Q25 3Q25 Contracting Backlog vs. prior year YTD23 YTD24 YTD25 -27% -35% -28% -29% -9% $90M $94M $72M Asphalt Revenue • Right-sized crews, optimized prices, controlled costs • Oregon passed a 10-yr, $4.3B transportation bill Current backlog contains more paving work than the amount we performed in 2025 +38% 6
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September rainfall increased by more than 175% in select markets across Central and Mountain Rainfall Impacts Third Quarter Operations Weather 7 Market Results Q3 Impact to Central and Mountain Markets Increased rainfall delayed work across the Central and Mountain segments Precipitation Departures from Average July-August 20251 July flooding impacted deliveries from Honey Creek Quarry (TX) for 51 days -12" -8" -4" -2" -1" -0.5" 0.5" 1" 2" 4" 8" 12" 1 Source: NOAA's National Centers for Environmental Information. Due to government shutdown, September map not available. ID ND SD MT WY NE TX IA MN
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1 ARTBA and Company Analysis, August 2025, Note: FY26 Oregon DOT budget has not been finalized, but the state's projection is included in West. * Reflects record levels of DOT funding. Funding Environment Backlog Growth Infrastructure Funding and Backlog 8 52% of IIJA Funds Yet to be Reimbursed Within KNF Footprint1 Record Q3 Backlog Entering Bidding Season Healthy Funding Leads to Record Backlog DOT Budgets 2025 2026 % Chg. West $30.2B $34.0B +13% Mountain $3.2B $3.2B* +3% Central $27.6B $32.1B* +16% Total $61.0B $69.3B* +14% Backlog 3Q24 3Q25 Expected 12-Month Revenue From Current Backlog 3Q24 3Q25 $995M $755M $689M $764M +32% +11% 91% Burn Rate 77% Burn Rate
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Revenue $396.0M $229.8M $434.4M $1,060.2M $169.2M $1,203.7M Revenue Growth 3% (12)% 22% 6% 34% 9% Adjusted EBITDA1 $91.8M $50.7M $99.7M $242.2M $39.7M $272.8M Adjusted EBITDA Growth1 8% (15)% 25% 8% 18% 11% Contracting Services Backlog $257.5M $386.0M $351.1M $994.6M – $994.6M TTM Adjusted EBITDA Margin1,2 17.9% 13.3% 16.3% 16.3% 17.1% 15.0% 1 See Appendix for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. 2 TTM refers to trailing twelve months. 3 Consolidated results include Corporate Services and Eliminations. Mountain Central Consolidated3 Third Quarter: Segment Performance Energy Services West Geographic Segments 9
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Average Selling Price1 3Q24 3Q25 Change Aggregates (per ton) $17.32 $18.78 8% Ready-Mix Concrete (per cubic yard) $185.97 $196.43 6% Asphalt (per ton) $68.28 $64.43 (6)% Gross Margins Continued Margin Improvement for Aggregates, Ready-Mix, Asphalt Product Line Results 1 Average selling price includes freight and delivery and other revenue. Aggregates 26.7% 27.2% 3Q24 3Q25 18.6% 20.2% 3Q24 3Q25 20.0% 20.2% 3Q24 3Q25 Liquid Asphalt 26.0% 22.7% 3Q24 3Q25 12.9% 11.5% 3Q24 3Q25 Consolidated 24.7% 23.6% 3Q24 3Q25 50 bps 160 bps 20 bps (330) bps (140) bps (110) bps Contracting ServicesAsphaltReady-Mix Volume (in thousands) 3Q24 3Q25 Change Aggregates (tons) 11,169 11,610 4% Ready-Mix Concrete (cubic yards) 1,148 1,331 16% Asphalt (tons) 3,150 3,111 (1)% 10
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Capital Position Remains Healthy Debt Schedule ($ in millions) 3Q25 Senior Notes Fixed 7.75% Due 2031 $425.0 Term Loan A Agreement Variable 5.75%2 Due 2030 $261.4 Term Loan B Agreement Variable 6.12%2 Due 2032 $497.5 Revolving Credit Agreement Variable 5.90%2 Due 2030 - $500M capacity $20.0 Other Notes $0.2 Total Debt $ 1,204.1 Less: Cash and cash equivalents, excluding restricted cash $30.7 Net Debt3 $ 1,173.4 TTM Adjusted EBITDA3 $ 458.3 Net Leverage3 2.6x Available Liquidity Net Leverage3 1 Revolver total is net of Letters of Credit. 2 Variable rate is the weighted-average interest rate as of 9/30/25. 3 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. Disciplined, Returns-Focused Capital Management 3Q25 Revolver1 $457M Unrestricted Cash $31M 2.3x 1.4x 1.1x 1.3x 1.5x 1.0x1.0x 2.5x 3.1x 2.6x 2Q23 4Q23 2Q24 4Q24 2Q25 $488M 11
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Updated Full-Year Revenue and Adjusted EBITDA1 Guidance FY 2025 Guidance Low High Revenue (Knife River Consolidated) $3,100M $3,150M Adjusted EBITDA1 Geographic Segments & Corporate Services and Eliminations $422.5M $442.5M Energy Services $52.5M $57.5M Consolidated Adjusted EBITDA1 $475M $500M 1 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. 2 Key assumptions compared to the prior year. Key Assumptions2 Pricing Volume Aggregates High-Single-Digit Increase Flat Ready-Mix Mid-Single-Digit Increase Low-Double-Digit Increase Asphalt Low-Single-Digit Decrease Low-Single-Digit Decrease Guidance is based on normal weather, economic and operating conditions. 2025 Guidance 12
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Appendix and Non-GAAP Financial Measures
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(180) bps Contracting Services 50 bps Average Selling Price1 YTD24 YTD25 Change Aggregates (per ton) $17.56 $19.15 9% Ready-Mix Concrete (per cubic yard) $185.78 $197.49 6% Asphalt (per ton) $67.68 $66.10 (2)% Gross Margins - YTD Product Line Results - YTD 1 Average selling price includes freight and delivery and other revenue. Aggregates 22.0% 18.9% YTD24 YTD25 15.8% 16.3% YTD24 YTD25 15.6% 15.7% YTD24 YTD25 Liquid Asphalt 23.3% 18.0% YTD24 YTD25 12.9% 11.1% YTD24 YTD25 Consolidated 20.3% 18.1% YTD24 YTD25 10 bps (530) bps (220) bps AsphaltReady-Mix Volume (in thousands) YTD24 YTD25 Change Aggregates (tons) 24,833 24,303 (2)% Ready-Mix Concrete (cubic yards) 2,653 2,916 10% Asphalt (tons) 5,183 4,953 (4)% (310) bps Aggregate Pricing Growth Continues Above Historic Levels 14
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13% Attractive High-Growth Markets Population and GSP Growth in Knife River States U.S. national average ~65% of revenue generated in states growing faster than the US average 0.7% State 2014 –2024 Population CAGR1 % of 2024 Revenue Population Growth in Knife River States Gross State Product2 CAGR (2014 – 2024) 7% 1% 7% 6% 8% 23% 1% 7% 10% 4% 3% 2% 8% 1 Knife River weighted-average is 0.8%; 2 Represents the total monetary value of all finished goods and services produced within a state’s borders; Source: U.S. Census Bureau, IHS Markit and Federal Reserve Economic Data (FRED). 15
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EBITDA and Adjusted EBITDA – Segment Reconciliation Three Months Ended September 30, 2024 ($ in millions) West Mountain Central Geographic Regions Energy Services Corporate Services and Eliminations Consolidated Net income (loss) $68.6 $52.7 $70.1 $191.4 $32.4 ($75.7) $148.1 Depreciation, depletion and amortization 16.8 6.7 9.7 33.2 1.3 0.3 34.8 Interest expense, net — — — — — 12.1 12.1 Income taxes — — — — — 49.6 49.6 EBITDA $85.4 $59.4 $79.8 $224.6 $33.7 ($13.7) $244.6 Unrealized (gains) losses on benefit plan investments — — — — — (1.2) (1.2) Stock-based compensation expense — — — — — 1.8 1.8 One-time separation costs — — — — — — — Adjusted EBITDA $85.4 $59.4 $79.8 $224.6 $33.7 ($13.1) $245.2 Revenue $383.1 $261.1 $354.9 $999.1 $125.9 ($19.7) $1,105.3 Net income margin 17.9 % 20.2 % 19.8 % 19.2 % 25.8 % n.m. 13.4 % EBITDA margin 22.3 % 22.8 % 22.5 % 22.5 % 26.8 % n.m. 22.1 % Adjusted EBITDA margin 22.3 % 22.8 % 22.5 % 22.5 % 26.8 % n.m. 22.2 % Three Months Ended September 30, 2025 ($ in millions) West Mountain Central Geographic Regions Energy Services Corporate Services and Eliminations Consolidated Net income (loss) $73.1 $42.6 $76.8 $192.5 $36.5 ($85.8) $143.2 Depreciation, depletion and amortization 18.7 8.0 23.2 49.9 3.2 0.3 53.4 Interest expense, net — 0.1 (0.3) (0.2) — 22.6 22.4 Income taxes — — — — — 50.2 50.2 EBITDA $91.8 $50.7 $99.7 $242.2 $39.7 ($12.7) $269.2 Unrealized (gains) losses on benefit plan investments — — — — — (1.1) (1.1) Stock-based compensation expense — — — — — 2.9 2.9 Inventory Step-up — — — — — 1.8 1.8 Adjusted EBITDA $91.8 $50.7 $99.7 $242.2 $39.7 ($9.1) $272.8 Revenue $396.0 $229.8 $434.4 $1,060.2 $169.2 ($25.7) $1,203.7 Net income margin 18.5 % 18.5 % 17.7 % 18.2 % 21.5 % n.m. 11.9 % EBITDA margin 23.2 % 22.1 % 23.0 % 22.8 % 23.4 % n.m. 22.4 % Adjusted EBITDA margin 23.2 % 22.1 % 23.0 % 22.8 % 23.4 % n.m. 22.7 % Note: Totals may not sum due to rounding. N.M. reflects not meaningful. 16
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EBITDA and Adjusted EBITDA – Segment Reconciliation Nine Months Ended September 30, 2024 ($ in millions) West Mountain Central Geographic Regions Energy Services Corporate Services and Eliminations Consolidated Net income (loss) $123.6 $76.8 $69.7 $270.1 $46.8 ($138.5) $178.4 Depreciation, depletion and amortization 49.7 19.6 27.6 96.9 3.8 0.8 101.5 Interest expense, net — 0.1 — 0.1 — 36.0 36.1 Income taxes — — — — — 59.4 59.4 EBITDA $173.3 $96.5 $97.3 $367.1 $50.6 ($42.3) $375.4 Unrealized (gains) losses on benefit plan investments — — — — — (2.8) (2.8) Stock-based compensation expense — — — — — 5.4 5.4 One-time separation costs — — — — — 3.8 3.8 Adjusted EBITDA $173.3 $96.5 $97.3 $367.1 $50.6 ($35.9) $381.8 Revenue $914.9 $514.9 $630.5 $2,060.3 $214.9 ($33.4) $2,241.8 Net income (loss) margin 13.5 % 14.9 % 11.1 % 13.1 % 21.8 % n.m. 8.0 % EBITDA margin 19.0 % 18.7 % 15.4 % 17.8 % 23.5 % n.m. 16.7 % Adjusted EBITDA margin 19.0 % 18.7 % 15.4 % 17.8 % 23.5 % n.m. 17.0 % Nine Months Ended September 30, 2025 ($ in millions) West Mountain Central Geographic Regions Energy Services Corporate Services and Eliminations Consolidated Net income (loss) $124.7 $42.4 $64.1 $231.2 $39.4 ($145.5) $125.1 Depreciation, depletion and amortization 52.8 22.9 56.2 131.9 9.5 1.0 142.4 Interest expense, net — 0.1 (0.5) (0.4) — 57.5 57.1 Income taxes — — — — — 42.9 42.9 EBITDA $177.5 $65.4 $119.8 $362.7 $48.9 ($44.1) $367.5 Unrealized (gains) losses on benefit plan investments — — — — — (2.2) (2.2) Stock-based compensation expense — — — — — 8.5 8.5 Inventory step-up — — — — — 3.3 3.3 Adjusted EBITDA $177.5 $65.4 $119.8 $362.7 $48.9 ($34.5) $377.1 Revenue $921.7 $471.9 $757.4 $2,151.0 $280.5 ($40.6) $2,390.9 Net income (loss) margin 13.5 % 9.0 % 8.5 % 10.7 % 14.0 % n.m. 5.2 % EBITDA margin 19.3 % 13.8 % 15.8 % 16.9 % 17.4 % n.m. 15.4 % Adjusted EBITDA margin 19.3 % 13.8 % 15.8 % 16.9 % 17.4 % n.m. 15.8 % Note: Totals may not sum due to rounding. N.M. reflects not meaningful. 17
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EBITDA and Adjusted EBITDA – Segment Reconciliation Twelve Months Ended December 31, 2024 ($ in millions) West Mountain Central Geographic Regions Energy Services Corporate Services and Eliminations Consolidated Net income (loss) $143.4 $87.1 $94.7 $325.2 $53.9 ($177.4) $201.7 Depreciation, depletion and amortization 66.3 26.2 36.9 129.4 6.3 1.2 136.9 Interest expense, net — 0.2 — 0.2 — 46.2 46.4 Income taxes — — — — — 69.3 69.3 EBITDA $209.7 $113.5 $131.6 $454.8 $60.2 ($60.7) $454.3 Unrealized (gains) losses on benefit plan investments — — — — — (2.9) (2.9) Stock-based compensation expense — — — — — 7.8 7.8 One-time separation costs — — — — — 3.8 3.8 Adjusted EBITDA $209.7 $113.5 $131.6 $454.8 $60.2 ($52.0) $463.0 Revenue $1,185.5 $663.1 $818.1 $2,666.7 $275.7 ($43.4) $2,899.0 Net income margin 12.1 % 13.1 % 11.6 % 12.2 % 19.5 % n.m. 7.0 % EBITDA margin 17.7 % 17.1 % 16.1 % 17.1 % 21.8 % n.m. 15.7 % Adjusted EBITDA margin 17.7 % 17.1 % 16.1 % 17.1 % 21.8 % n.m. 16.0 % 18
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Net Leverage Reconciliation ($ in millions, except net leverage) As of Sept. 30, 2025 As of June 30, 2025 As of March 31, 2025 As of Dec. 31, 2024 As of Sept. 30, 2024 As of June 30, 2024 As of March 31, 2024 As of Dec. 31, 2023 As of Sept. 30, 2023 As of June 30, 2023 Long-term debt $1,176.0 $1,341.2 $1,160.4 $666.9 $669.7 $672.5 $673.5 $674.6 $675.6 $832.0 Long-term debt – current portion 11.8 11.8 11.8 10.5 8.8 7.1 7.1 7.1 7.1 7.1 Total debt $1,187.8 $1,353.0 $1,172.2 $677.4 $678.5 $679.6 $680.6 $681.7 $682.7 $839.1 Add: Unamortized debt issuance costs 16.3 17.0 17.8 12.6 13.2 13.9 14.6 15.3 16.0 16.4 Total debt, gross $1,204.1 $1,370.0 $1,190.0 $690.0 $691.7 $693.5 $695.9 $697.0 $698.7 $855.5 Less: Cash and cash equivalents, excluding restricted cash 30.7 26.6 86.1 236.8 220.4 15.5 128.4 219.3 84.0 40.1 Total debt, net $1,173.4 $1,343.4 $1,103.9 $453.2 $471.3 $678.0 $566.8 $477.7 $614.7 $815.4 TTM1 Adjusted EBITDA $458.3 $429.2 $442.7 $463.0 $454.2 $456.5 $428.4 $432.4 $425.8 $351.4 Net leverage 2.6x 3.1x 2.5x 1.0x 1.0x 1.5x 1.3x 1.1x 1.4x 2.3x 1 TTM refers to trailing twelve-month. 19
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Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Twelve Months Ended December 31, 2024 Nine Months Ended September 30, 2024 Net income (loss) $148.4 $125.1 $201.7 $178.4 Depreciation, depletion and amortization 177.8 142.4 136.9 101.5 Interest expense, net 67.4 57.1 46.4 36.1 Income taxes 52.8 42.9 69.3 59.4 EBITDA $446.4 $367.5 $454.3 $375.4 Unrealized (gains) losses on benefit plan investments (2.3) (2.2) (2.9) (2.8) Stock-based compensation expense 10.9 8.5 7.8 5.4 One-time separation costs — — 3.8 3.8 Inventory Step-up 3.3 3.3 — — Adjusted EBITDA $458.3 $377.1 $463.0 $381.8 ($ in millions) Twelve Months Ended June 30, 2025 Six Months Ended June 30, 2025 Twelve Months Ended December 31, 2024 Six Months Ended June 30, 2024 Net income (loss) $153.3 ($18.1) $201.7 $30.3 Depreciation, depletion and amortization 159.1 88.9 136.9 66.7 Interest expense, net 57.2 34.7 46.4 23.9 Income taxes 52.1 (7.3) 69.3 9.9 EBITDA $421.7 $98.2 $454.3 $130.8 Unrealized (gains) losses on benefit plan investments (2.4) (1.1) (2.9) (1.6) Stock-based compensation expense 9.9 5.7 7.8 3.6 One-time separation costs — — 3.8 3.8 Adjusted EBITDA $429.2 $102.8 $463.0 $136.6 20
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Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended March 31, 2025 Three Months Ended March 31, 2025 Twelve Months Ended December 31, 2024 Three Months Ended March 31, 2024 Net income (loss) $180.6 ($68.7) $201.7 ($47.6) Depreciation, depletion and amortization 143.5 38.8 136.9 32.2 Interest expense, net 48.4 13.1 46.4 11.1 Income taxes 60.9 (24.7) 69.3 (16.3) EBITDA $443.4 ($41.5) $454.3 ($20.6) Unrealized (gains) losses on benefit plan investments (1.0) 0.7 (2.9) (1.2) Stock-based compensation expense 8.8 2.8 7.8 1.8 One-time separation costs 1.5 — 3.8 2.3 Adjusted EBITDA $442.7 ($38.0) $463.0 ($17.7) ($ in millions) Twelve Months Ended December 31, 2024 Net income (loss) $201.7 Depreciation, depletion and amortization 136.9 Interest expense, net 46.4 Income taxes 69.3 EBITDA $454.3 Unrealized (gains) losses on benefit plan investments (2.9) Stock-based compensation expense 7.8 One-time separation costs 3.8 Adjusted EBITDA $463.0 21
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Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended September 30, 2023 Net income (loss) $199.1 $178.4 $182.9 $162.2 Depreciation, depletion and amortization 132.8 101.5 123.8 92.5 Interest expense, net 47.6 36.1 52.9 41.4 Income taxes 65.5 59.4 62.4 56.3 EBITDA $445.0 $375.4 $422.0 $352.4 Unrealized (gains) losses on benefit plan investments (4.4) (2.8) (2.7) (1.1) Stock-based compensation expense 6.2 5.4 3.1 2.3 One-time separation costs 7.4 3.8 10.0 6.4 Adjusted EBITDA $454.2 $381.8 $432.4 $360.0 ($ in millions) Twelve Months Ended June 30, 2024 Six Months Ended June 30, 2024 Twelve Months Ended December 31, 2023 Six Months Ended June 30, 2023 Net income (loss) $197.7 $ 30.3 $182.9 $15.5 Depreciation, depletion and amortization 129.8 66.7 123.8 60.7 Interest expense, net 50.1 23.9 52.9 26.7 Income taxes 64.2 9.9 62.4 8.1 EBITDA $441.8 $130.8 $422.0 $111.0 Unrealized (gains) losses on benefit plan investments (2.6) (1.6) (2.7) (1.7) Stock-based compensation expense 5.9 3.6 3.1 0.8 One-time separation costs 11.4 3.8 10.0 2.4 Adjusted EBITDA $456.5 $136.6 $432.4 $112.5 22
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Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended March 31, 2024 Three Months Ended March 31, 2024 Twelve Months Ended December 31, 2023 Three Months Ended March 31, 2023 Net income (loss) $176.6 $(47.6) $182.9 $(41.3) Depreciation, depletion and amortization 126.4 32.2 123.8 29.6 Interest expense, net 54.5 11.1 52.9 9.5 Income taxes 58.0 (16.3) 62.4 (11.9) EBITDA $415.5 $(20.6) $422.0 $(14.1) Unrealized (gains) losses on benefit plan investments (2.6) (1.2) (2.7) (1.3) Stock-based compensation expense 4.0 1.8 3.1 0.9 One-time separation costs 11.5 2.3 10.0 0.8 Adjusted EBITDA $428.4 $(17.7) $432.4 $(13.7) ($ in millions) Twelve Months Ended December 31, 2023 Net income (loss) $182.9 Depreciation, depletion and amortization 123.8 Interest expense, net 52.9 Income taxes 62.4 EBITDA $422.0 Unrealized (gains) losses on benefit plan investments (2.7) Stock-based compensation expense 3.1 One-time separation costs 10.0 Adjusted EBITDA $432.4 23
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($ in millions) Twelve Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Twelve Months Ended December 31, 2022 Nine Months Ended September 30, 2022 Net income (loss) $180.2 $162.2 $116.2 $98.2 Depreciation, depletion and amortization 121.7 92.5 117.8 88.6 Interest expense, net 50.0 41.4 30.1 21.5 Income taxes 66.0 56.3 42.6 32.9 EBITDA $417.9 $352.4 $306.7 $241.2 Unrealized (gains) losses on benefit plan investments (1.9) (1.1) 4.0 4.8 Stock-based compensation expense 3.4 2.3 2.7 1.6 One-time separation costs 6.4 6.4 — — Adjusted EBITDA $425.8 $360.0 $313.4 $247.6 ($ in millions) Twelve Months Ended June 30, 2023 Six Months Ended June 30, 2023 Twelve Months Ended December 31, 2022 Six Months Ended June 30, 2022 Net income (loss) $133.2 $15.5 $116.2 $(1.5) Depreciation, depletion and amortization 120.4 60.7 117.8 58.1 Interest expense, net 44.1 26.7 30.1 12.7 Income taxes 50.9 8.1 42.6 (0.2) EBITDA $348.6 $111.0 $306.7 $69.1 Unrealized (gains) losses on benefit plan investments (1.7) (1.7) 4.0 4.0 Stock-based compensation expense 2.1 0.8 2.7 1.4 One-time separation costs 2.4 2.4 — — Adjusted EBITDA $351.4 $112.5 $313.4 $74.5 24 Adjusted EBITDA TTM Reconciliation
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Adjusted EBITDA Guidance Table Full-Year Guidance (In millions) 2025 Low High Net income $140.0 $160.5 Interest expense, net 77.3 77.3 Income taxes 50.5 55.0 Depreciation, depletion and amortization 194.2 194.2 EBITDA $462.0 $487.0 Unrealized (gains) losses on benefit plan investments (2.2) (2.2) Inventory step-up 3.8 3.8 Stock-based compensation expense 11.4 11.4 Adjusted EBITDA $475.0 $500.0 25
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Disclaimer Our guidance for long-term Adjusted EBITDA margin and projected EBITDA contributions are non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our U.S. GAAP financial statements. When we provide guidance for these non-GAAP metrics described above, we do not provide reconciliations of the U.S. GAAP measures as we are unable to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items. By their very nature, non-GAAP adjustment items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our Company and its financial results. Therefore, we are unable to provide a reconciliation of these measures without unreasonable efforts. 26