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2025 Results Presentation February 17, 2026 4Q and Full-Year
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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 most recent Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC). 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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1 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. A Year of Meaningful Strategic Progress Financial Highlights Operational Highlights Five aggregates-based acquisitions Safest year in company history Record year-end backlog of $1.0B FY 2025 Highlights $2,899M $3,146M 2024 2025 $463M $497M 2024 2025 16.0% 15.8% 2024 2025 Revenue Adjusted EBITDA1 Adjusted EBITDA Margin1 EDGE initiatives driving growth Increased aggregate pricing 9% Y/Y 3
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We have built the right team, we operate in the right markets, and are executing the right strategy to drive solid growth Diverse Markets Knife River Growth Strategy 4 Vertical Integration Self-Help Opportunities Life @ Knife
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Diverse Markets 1 Source: University of Virginia, Weldon Cooper Center for Public Service 5 Strongly Positioned in Mid-Sized Markets ... 7% 14% 20% 5% 7% 9% 6% 9% 12% All KNF States Non-KNF States US 2020-2030 2020-2040 2020-2050—% 5% 10% 15% 20% 25% … Expected to Grow Faster than the U.S. Average1 Population Growth • Lead position in majority of our markets • Growing markets support organic expansion • Hundreds of M&A opportunities in KNF footprint
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>400 bps Gross profit margin improvement (2022-25)3 Vertically Integrated Portfolio Ready-Mix Aggregates Asphalt Other Liquid Asphalt Contracting Services 23% 20% 11% 9% 27% 10% 1Other reflects contributions from cement, merchandise, fabric, spreading and other related products and services. 2 Source: United States Geological Survey. 3 From Pre-EDGE initiatives to EDGE. Top 10 US aggregate producer2 30+ Years of permitted aggregate reserves Multiple chances to engage in projects More acquisition opportunities Greater supply-chain reliability Improves jobsite coordination 6 2025 Gross Profit Benefits of Vertical Integration Pull-through of higher-margin materials 1
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Self Help: Continuous Improvement Controlling costs, optimizing prices and standardizing best practices Operational Commercial • Utilizing pricing/quoting tools and real-time analytics• PIT Crews driving plant efficiencies and mix optimization • Tracking performance with daily/weekly/monthly KPIs • Supporting operations with training and coaching 7 Controlling Costs Optimizing Prices • Ongoing training and advancement of dynamic pricing • Marketing KNF-wide capabilities for mission-critical data centers
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• Selfless culture, win as team • Build meaningful relationships • Training and development Life at Knife Culture 8 People Safety Quality Environment Commitment to Core Values Drives Excellence • Choice, commitment, courage • All injuries are preventable • Planning and safe execution • Goal: Best in class in all we do • Consistent and dependable • Embrace innovation • Environmental stewardship • Meet/exceed all standards • Support customer goals People-First I Choose Safety Set Ourselves Apart Sustainable Operations
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Warehouse Other Commercial Manufacturing Institutional 2025 2030 Market Backdrop Healthy DOT BudgetsStrong Public Funding and Demand Private Construction Improving 9 West Mountain Central 2021 2022 2023 2024 2025 2026 $49B $54B $56B $65B $61B $69B KNF State budgets +14% in 20262 • 22% of IIJA funds yet to be committed within the KNF footprint Strong funding into 2026 and beyond2 • 46% of IIJA funds yet to be distributed within the KNF footprint ASCE 2025 Infrastructure Report1 D+ Grade for roads C Grade for bridges $2.2T funding needed from 2024-20332 Non-residential activity expected to grow double digits3 1 American Society of Civil Engineers, "2025 Report card for America's Infrastructure," March 2025. 2 ARTBA and Company analysis, January 2026. 3 Nonresidential activity defined as square footage starts. Source: Dodge Data & Analytics. $1,185B $1,398B +18%
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Revenue $1,210M $644M $1,005M $338M $3,146M Revenue Growth 2% (3)% 23% 23% 9% Adjusted EBITDA1 $234M $100M $160M $55M $497M Adjusted EBITDA Growth1 12% (12)% 21% (9)% 7% Adjusted EBITDA Margin1 19.3% 15.5% 15.9% 16.2% 15.8% 1 See Appendix for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. 2 Consolidated results include Corporate Services and Eliminations. Mountain Central Consolidated2 FY 2025 Segment Performance Energy Services West 10
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2024 2025 Change Revenue $1,185M $1,210M 2% EBITDA1 $210M $234M 12% EBITDA Margin1 17.7% 19.3% +160 bps Backlog $230M $204M (12)% 4Q Revenue $288.4M 7% 4Q EBITDA1 $56.6M 56% End-Market Activity: • Public activity levels remain elevated in California, Alaska and Hawaii, including heightened military spending • Pockets of improving private demand • Oregon’s 2026 construction budget and projected asphalt paving volumes are expected to be comparable to 2025 Operations: • Aggregate processing improvements coming online • Production improvements to increase sales capacity 1 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. Financial Performance 2026 Outlook Well Positioned for Growth in 2026 and Beyond West 4Q EBITDA Margin1 19.6% +620 bps 11
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Strong Second Half of 2025 2024 2025 Change Revenue $663M $644M (3)% EBITDA1 $114M $100M (12)% EBITDA Margin1 17.1% 15.5% (160) bps Backlog $340M $396M 16% End-Market Activity: • Public budgets expected to remain stable • Private-sector activity continues to increase, including bidding opportunities for data centers Operations: • Cost-efficiency initiatives expected to improve aggregates margins • New segment structure supports sharing of resources • Greenfield operations in Idaho coming online Financial Performance 2026 Outlook Mountain 4Q Revenue $172.0M 16% 4Q EBITDA1 $34.2M 101% 4Q EBITDA Margin1 19.9% +840 bps 1 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. 4Q25 Results Provide Momentum into 2026 12
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End-Market Activity: • Record backlog supported by healthy public funding, particularly in Texas and North Dakota • Increasing third-party aggregate sales • Texcrete acquisition supports residential exposure Operations: • Recent acquisitions expand footprint and addressable market • Capture synergies at newly acquired businesses • Quality PIT Crew improving materials consistency and product performance 2024 2025 Change Revenue $818M $1,005M 23% EBITDA1 $132M $160M 21% EBITDA Margin1 16.1% 15.9% (20) bps Backlog $176M $433M 147% Financial Performance 2026 Outlook Key Acquisitions Support Strong Underlying Business Central 4Q Revenue $247.5 32% 4Q EBITDA1 $39.8 16% 4Q EBITDA Margin1 16.1% (220) bps 1 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. 13
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2024 2025 Change Revenue $276M $338M 23% EBITDA1 $60M $55M (9)% EBITDA Margin1 21.8% 16.2% (560) bps End-Market Activity: • Market demand remains comparable to 2025 levels • Targeted sales of value-added products Operations: • Continue to drive synergies at Albina • Cost-efficiency initiatives expected to enhance performance • Increased capacity for creation of value-added products Financial Performance 2026 Outlook Important Component of Vertically Integrated Model Energy Services 4Q Revenue $57.5M (5)% 4Q EBITDA1 $6.0M (38)% 4Q EBITDA Margin1 10.4% (530) bps 1 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. 14
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Favorable Weather and EDGE Initiatives Drove Strong Finish to 2025 Fourth Quarter 2025 Highlights $657M $755M 4Q24 4Q25 $81M $119M 4Q24 4Q25 12.4% 15.8% 4Q24 4Q25 Revenue Adjusted EBITDA1 Adjusted EBITDA Margin1 15 1 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
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Average Selling Price1 4Q24 4Q25 Change Aggregates (per ton) $17.14 $18.53 8% Ready-Mix Concrete (per cubic yard) $195.57 $204.09 4% Asphalt (per ton) $71.32 $67.79 (5)% Gross Margins Significant Margin Improvement for Aggregates and Ready-Mix Fourth Quarter 2025 Product Line Results 1 Average selling price includes freight and delivery and other revenue. Aggregates 15.2% 17.2% 4Q24 4Q25 17.2% 19.5% 4Q24 4Q25 14.8% 14.7% 4Q24 4Q25 Liquid Asphalt 15.2% 10.3% 4Q24 4Q25 13.4% 11.2% 4Q24 4Q25 Consolidated 17.4% 19.2% 4Q24 4Q25 200 bps 230 bps (10) bps (490) bps (220) bps 180 bps Contracting ServicesAsphaltReady-Mix Volume (in thousands) 4Q24 4Q25 Change Aggregates (tons) 6,999 8,191 17% Ready-Mix Concrete (cubic yards) 831 997 20% Asphalt (tons) 1,271 1,381 9% 16
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2025: Invested $170M on equipment and plant improvements Capital Allocation Priorities Capacity to Support our Growth Strategy 1 Capital expenditures for future acquisitions and new organic growth opportunities would be incremental to the outlined capital program. 2 As of 12/31/2025. 3See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. 4 Long-Term Net Debt/TTM Adj. EBITDA Target. Disciplined Capital Management 2026: Expect to invest between 5% and 7% of revenue 2025: Invested $789M on acquisitions, aggregate expansions and greenfield operations 2026: Expect to invest in acquisitions and $130M in organic growth (incl. aggregate reserves)1 Maintenance and Improvement Organic and Acquisition Growth 2.2x Net Debt / TTM Adj. EBITDA2,3 $550M in available liquidity2 2.5x LT Target4 17
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FY 2026 Guidance1 Low High Revenue $3,300M $3,500M Adjusted EBITDA2 $520M $560M 1 The guidance ranges are based on normal weather, economic and operating conditions, and do not include the expected impact of potential acquisitions. 2 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. FY 2026 Guidance 18 • Aggregates volumes and pricing to increase mid-single digits • Ready-mix volumes to increase mid-teens • Asphalt volumes to increase mid-single digits • Financial results for Energy Services expected to be broadly in line with full-year 2025 results • Depreciation, depletion and amortization to increase mid-single digits Assumptions
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Compelling Long-Term Investment • Significant national need for infrastructure investment • Record public funding and expanding private-market opportunities • K N F i s w e l l - p o s i t i o n e d i n h i g h e r - g r o w t h , m i d - s i z e d m a r k e t s Diverse and Growing Markets • 2022-25: KNF Revenue +24%, Adj. EBITDA1 +58%, Adj. EBITDA margin1 +340 bps • Organic: Investing in operations; leveraging vertical integration • Acquisitions: Hundreds of opportunities in KNF markets Proven Growth Strategy with Self Help Opportunities • People-first company • Engaged team driven to achieve excellence Unique Life at Knife Culture 19 1 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
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Appendix and Non-GAAP Financial Measures 20
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Revenue $288M $172M $248M $58M $755M Revenue Growth 7% 16% 32% (5)% 15% Adjusted EBITDA1 $57M $34M $40M $6M $119M Adjusted EBITDA Growth1 56% 101% 16% (38)% 47% Contracting Services Backlog $204M $396M $433M – $1,032M TTM Adjusted EBITDA Margin1,2 19.3% 15.5% 15.9% 16.2% 15.8% 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 Fourth Quarter: Segment Performance Energy Services West 21
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(180) bps Contracting Services 90 bps Average Selling Price1 FY24 FY25 Change Aggregates (per ton) $17.47 $18.99 9% Ready-Mix Concrete (per cubic yard) $188.11 $199.17 6% Asphalt (per ton) $68.40 $66.47 (3)% Gross Margins - FY Full-Year 2025 Product Line Results 1 Average selling price includes freight and delivery and other revenue. Aggregates 20.6% 18.5% 2024 2025 16.2% 17.1% 2024 2025 15.4% 15.5% 2024 2025 Liquid Asphalt 21.6% 16.7% 2024 2025 13.0% 11.2% 2024 2025 Consolidated 19.7% 18.4% 2024 2025 10 bps (490) bps (130) bps AsphaltReady-Mix Volume (in thousands) FY24 FY25 Change Aggregates (tons) 31,832 32,494 2% Ready-Mix Concrete (cubic yards) 3,484 3,913 12% Asphalt (tons) 6,454 6,334 (2)% (210) bps Aggregate ASP Nears Double-Digit Improvements Y/Y 22
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EBITDA and Adjusted EBITDA – Segment Reconciliation Three Months Ended December 31, 2024 ($ in millions) West Mountain Central Energy Services Corporate Services and Eliminations Consolidated Net income (loss) $19.7 $10.4 $25.0 $7.1 ($38.9) $23.3 Depreciation, depletion and amortization 16.6 6.6 9.3 2.5 0.4 35.4 Interest expense, net — — — — 10.3 10.3 Income taxes — — — — 9.8 9.8 EBITDA $36.3 $17.0 $34.3 $9.6 ($18.4) $78.8 Unrealized (gains) losses on benefit plan investments — — — — — — Stock-based compensation expense — — — — 2.4 2.4 Impact of selling acquired inventory after markup to fair value as part of acquisition accounting — — — — — — One-time separation costs — — — — — — Adjusted EBITDA $36.3 $17.0 $34.3 $9.6 ($16.0) $81.2 Revenue $270.6 $148.2 $187.5 $60.8 ($9.9) $657.2 Net income margin 7.3 % 7.0 % 13.3 % 11.6 % n.m. 3.5 % EBITDA margin 13.4 % 11.5 % 18.3 % 15.7 % n.m. 12.0 % Adjusted EBITDA margin 13.4 % 11.5 % 18.3 % 15.7 % n.m. 12.4 % Three Months Ended December 31, 2025 ($ in millions) West Mountain Central Energy Services Corporate Services and Eliminations Consolidated Net income (loss) $37.9 $26.0 $19.2 $3.0 ($54.1) $32.0 Depreciation, depletion and amortization 18.6 8.2 21.2 3.0 0.3 51.3 Interest expense, net 0.1 — (0.6) — 20.8 20.3 Income taxes — — — — 13.2 13.2 EBITDA $56.6 $34.2 $39.8 $6.0 ($19.8) $116.8 Unrealized (gains) losses on benefit plan investments — — — — (0.8) (0.8) Stock-based compensation expense — — — — 2.9 2.9 Impact of selling acquired inventory after markup to fair value as part of acquisition accounting — — — — 0.5 0.5 One-time separation costs — — — — — — Adjusted EBITDA $56.6 $34.2 $39.8 $6.0 ($17.2) $119.4 Revenue $288.4 $172.0 $247.5 $57.5 ($10.3) $755.1 Net income margin 13.1 % 15.1 % 7.8 % 5.2 % n.m. 4.2 % EBITDA margin 19.6 % 19.9 % 16.1 % 10.4 % n.m. 15.5 % Adjusted EBITDA margin 19.6 % 19.9 % 16.1 % 10.4 % n.m. 15.8 % Note: Totals may not sum due to rounding. N.M. reflects not meaningful. 23
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EBITDA and Adjusted EBITDA – Segment Reconciliation Twelve Months Ended December 31, 2024 ($ in millions) West Mountain Central Energy Services Corporate Services and Eliminations Consolidated Net income (loss) $143.4 $87.1 $94.7 $53.9 ($177.4) $201.7 Depreciation, depletion and amortization 66.3 26.2 36.9 6.3 1.2 136.9 Interest expense, net — 0.2 — — 46.2 46.4 Income taxes — — — — 69.3 69.3 EBITDA $209.7 $113.5 $131.6 $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 Impact of selling acquired inventory after markup to fair value as part of acquisition accounting — — — — — — One-time separation costs — — — — 3.8 3.8 Adjusted EBITDA $209.7 $113.5 $131.6 $60.2 ($52.0) $463.0 Revenue $1,185.3 $663.1 $818.1 $275.7 ($43.2) $2,899.0 Net income (loss) margin 12.1 % 13.1 % 11.6 % 19.5 % n.m. 7.0 % EBITDA margin 17.7 % 17.1 % 16.1 % 21.8 % n.m. 15.7 % Adjusted EBITDA margin 17.7 % 17.1 % 16.1 % 21.8 % n.m. 16.0 % Twelve Months Ended December 31, 2025 ($ in millions) West Mountain Central Energy Services Corporate Services and Eliminations Consolidated Net income (loss) $162.6 $68.3 $83.3 $42.4 ($199.5) $157.1 Depreciation, depletion and amortization 71.5 31.1 77.4 12.5 1.2 193.7 Interest expense, net — 0.2 (1.1) — 78.3 77.4 Income taxes — — — — 56.1 56.1 EBITDA $234.1 $99.6 $159.6 $54.9 ($63.9) $484.3 Unrealized (gains) losses on benefit plan investments — — — — (2.9) (2.9) Stock-based compensation expense — — — — 11.4 11.4 Impact of selling acquired inventory after markup to fair value as part of acquisition accounting — — — — 3.7 3.7 One-time separation costs — — — — — — Adjusted EBITDA $234.1 $99.6 $159.6 $54.9 ($51.7) $496.5 Revenue $1,210.1 $644.0 $1,004.8 $338.0 ($50.9) $3,146.0 Net income (loss) margin 13.4 % 10.6 % 8.3 % 12.5 % n.m. 5.0 % EBITDA margin 19.3 % 15.5 % 15.9 % 16.2 % n.m. 15.4 % Adjusted EBITDA margin 19.3 % 15.5 % 15.9 % 16.2 % n.m. 15.8 % Note: Totals may not sum due to rounding. N.M. reflects not meaningful. 24
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Adjusted EBITDA TTM Reconciliation ($ in millions) Twelve Months Ended December 31, 2023 Twelve Months Ended December 31, 2022 Net income (loss) $182.9 $116.2 Depreciation, depletion and amortization 123.8 117.8 Interest expense, net 52.9 30.1 Income taxes 62.4 42.6 EBITDA $422.0 $306.7 Unrealized (gains) losses on benefit plan investments (2.7) 4.0 Stock-based compensation expense 3.1 2.7 Impact of selling acquired inventory after markup to fair value as part of acquisition accounting — — One-time separation costs 10.0 — Adjusted EBITDA $432.4 $313.4 Revenue $2,830.3 $2,534.7 Net income (loss) margin 6.5 % 4.6 % EBITDA margin 14.9 % 12.1 % Adjusted EBITDA margin 15.3 % 12.4 % 25
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Net Leverage Reconciliation Net Leverage Reconciliation ($ in millions, except net leverage) As of December 31, 2025 Long-term debt $1,153.8 Long-term debt – current portion 11.7 Total debt $1,165.5 Add: Unamortized debt issuance costs 15.6 Total debt, gross $1,204.1 Less: Cash and cash equivalents, excluding restricted cash 73.8 Total debt, net $1,173.4 TTM1 Adjusted EBITDA2 $496.5 Net leverage 2.2x 1 TTM refers to trailing twelve-month. 2 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. 26
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Debt Schedule Debt Schedule ($ in millions) 4Q25 Senior Notes Fixed 7.75% Due 2031 $425.0 Term Loan A Agreement Variable 5.42%1 Due 2030 $259.7 Term Loan B Agreement Variable 5.74%1 Due 2032 $496.3 Revolving Credit Agreement Variable 7.50%1 Due 2030 - $500M capacity $— Other Notes $0.2 Total Debt $1,181.1 Less: Cash and cash equivalents, excluding restricted cash $73.8 Net Debt2 $1,107.3 TTM Adjusted EBITDA2 $496.5 Net Leverage2 2.2x 1 Variable rate is the weighted-average interest rate as of 12/31/25. 2 See Appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. 27
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Disclaimer Our guidance for 2026 Adjusted EBITDA, 2026 Adjusted EBITDA margin, projected EBITDA contributions and long-term net leverage target 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. 28