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.