Highlights Knife River’s Failure to Deliver Promised Margin Improvement as It Falls Further Behind Peers

Outlines Clear Path to 22% Adjusted EBITDA Margins by FY2029 Through Improved Aggregates Pricing and Meaningful Cost Reductions

Believes Knife River Should Evaluate Strategic Alternatives Given the Scarcity and Strategic Value of Its Assets

Starboard Value LP (together with its affiliates, "Starboard"), a stockholder of Knife River Corporation ("Knife River" or the "Company") (NYSE:KNF), today announced that it has delivered a letter to Brian Gray, the Company’s President and Chief Executive Officer, with a copy to the Company’s Board of Directors.