Knife River Faces Starboard Pressure to Target 22% Adjusted EBITDA Margins by 2029

07:59 AM EDT, 10/30/2026 (MT Newswires) -- Knife River (KNF) faces pressure from activist investor Starboard Value to target at least 22% adjusted earnings before interest, taxes, depreciation, and amortization margins by fiscal 2029. In a Friday letter, Starboard said Knife River's margin gap with peers widened to 1,400 basis points from 1,000 basis points at its 2023 separation. Starboard also criticized executive bonuses despite weak margin progress, urged tougher performance targets and board changes, and suggested exploring strategic alternatives if the company cannot deliver, according to the letter. Knife River did not immediately respond to a request for comment by MT Newswires.