Company Issues Statement in Response to Starboard

Knife River Corporation (NYSE: KNF) (“Knife River” or the “Company”) issued the following statement in response to the letter it received today from Starboard Value LP and certain of its affiliates (“Starboard”):

The Knife River Board of Directors (the “Board”) and management team welcome input from shareholders and are always open to constructive dialogue in the interest of enhancing shareholder value. The Company first learned of Starboard’s investment on September 22, 2026, and will engage with them to better understand their views.

The Board and management regularly review all opportunities to create value for shareholders and will continue to act in the best interests of the Company and its shareholders. The Board is confident Knife River has the experienced leadership and operating discipline required to navigate the current market environment and capitalize on the opportunities ahead. Since becoming an independent public company in 2023, Knife River has executed a clear strategy, supported by its EDGE initiatives, focused on optimizing pricing, improving operational performance and capturing efficiencies to enhance margins and drive profitable growth. Knife River’s vertically integrated platform — combining aggregates, ready-mix concrete, asphalt, liquid asphalt and contracting services — is deliberate and central to how the Company creates durable, long-term value.

The Company remains focused on margin expansion, operational excellence, disciplined capital allocation, and profitable growth, all with the goal of increasing value creation for shareholders. Knife River looks forward to continuing to engage constructively with its shareholders as it executes its strategy.

About Knife River
Knife River Corporation, a member of the S&P MidCap 400 index, is an aggregates-based, vertically integrated construction materials and contracting services company. The Company mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mix concrete, asphalt and other value-added products. Knife River also performs vertically integrated contracting services, specializing in publicly funded DOT projects and private projects across the industrial, commercial and residential sectors. For more information, visit www.kniferiver.com.

Cautionary Note Regarding Forward-Looking Statements.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are all statements other than statements of historical fact, including without limitation those statements that are identified by the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts” and similar expressions, and include statements concerning plans, projections, objectives, goals, strategies, future events or performance, and underlying assumptions (many of which are based, in turn, upon further assumptions) and other statements that are other than statements of historical facts.

Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed. Although the Company believes that its expectations are expressed in good faith and based on reasonable assumptions, such expectations, beliefs or projections may not be achieved or accomplished and changes in such assumptions and factors could cause actual future results to differ materially.

Any forward-looking statement contained in this press release speaks only as of the date on which the statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law. New factors emerge from time to time, and it is not possible for management to predict all the factors, nor can it assess the effect of each factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. All forward-looking statements, whether written or oral and whether made by or on behalf of the Company, are expressly qualified by the risk factors and cautionary statements reported in the section entitled “Item 1A. Risk Factors” in Part I of the Company’s 2025 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission (the “SEC”) on February 20, 2026, and subsequent filings with the SEC.

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