Q4 2025 Knife River Corp Earnings Call Transcript
Key Points
- Knife River Holding Co (KNF) achieved a record adjusted EBITDA of $497 million in 2025, marking a 7% increase.
- The company completed five acquisitions in 2025 and plans for continued acquisition activity in 2026.
- Knife River Holding Co (KNF) reported a record backlog of $1 billion entering 2026, a 38% increase from the previous year.
- The company experienced a 9% improvement in aggregates pricing in 2025, driven by dynamic pricing strategies.
- Knife River Holding Co (KNF) achieved its safest year ever, emphasizing a strong safety culture and engaged workforce.
- The West region, which carries the highest margins, experienced a geographic shift in backlog to other regions.
- Oregon's public funding landscape remains uncertain, impacting growth prospects in that state.
- SG&A expenses increased due to business development costs and administrative costs from acquisitions.
- The company anticipates lower margins on backlog for contracting services in 2026 compared to the previous year.
- Knife River Holding Co (KNF) faces challenges in maintaining consistent growth in Oregon due to fluctuating public funding.
Good morning, ladies and gentlemen, and welcome to the Knife River Corporation fourth quarter and full year 2025 results conference call. (Operator Instructions) This call is being recorded on Tuesday, February 17, 2026. I would now like to turn the conference over to Dara Dierks, VP of Investor Relations. Please go ahead.
Thank you, and welcome to everyone joining us for the Knife River Corporation fourth quarter and full-year results conference call. My name is Dara Dierks, VP of IR at Knife River, I'm joined by our President and Chief Executive Officer, Brian Gray; and Chief Financial Officer, Nathan Ring. Today's discussion will contain forward-looking statements about future operational and financial expectations. Actual results may differ materially from those projected in today's forward-looking statements. For further detail, please refer to today's earnings release and the risk factors disclosed in our most recent filings with the SEC which are available on our website and the SEC website.
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