What changed 10-K

Item 5. Market for Registrant’s Common Equity

2026-02-20 compared with 2025-02-21 · 9 added, 0 removed, 6 unchanged (60% of the section changed)

4 unchanged sentences

Any future determination as to the declaration and payment of dividends will be at the discretion of the board of directors and will depend on then-existing conditions, including financial condition, results of operations, contractual restrictions, capital requirements, business prospects and other factors the board of directors considers relevant.

Performance Graph

The graph below compares the cumulative total return to stockholders of our common stock with the total returns of the S&P 500 Index and the S&P 400 Materials Index.

The graph assumes an investment of $100 in each index, including reinvestment of dividends, beginning on June 1, 2023, the first trading day of our common stock post Separation.

The stock price performance shown in the graph is not necessarily indicative of future price performance.

Cumulative Total Return

June 1, 2023 December 31, 2023 December 31, 2024 December 31, 2025

Knife River Corporation $ 100.00 $ 188.98 $ 290.23 $ 200.89

S&P 500 Index $ 100.00 $ 114.03 $ 142.56 $ 168.05

S&P 400 Materials Index $ 100.00 $ 120.11 $ 117.14 $ 122.23

Purchases of Equity Securities by the Issuer

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.