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Boise Cascade Company Fourth Quarter 2025 Earnings Webcast February 24, 2026
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February 24, 2026 2 This presentation contains statements concerning future events and expectations, including, without limitation, statements relating to first quarter 2026 outlook and expected key drivers for Boise Cascade and each of its business segments. These statements constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," “outlook,” "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in Boise Cascade’s most recent Annual Report on Form 10-K, subsequent reports filed by Boise Cascade with the Securities and Exchange Commission (SEC), and the following important factors: the commodity nature of a portion of our products and their price movements, which are driven largely by general economic conditions, industry capacity and operating rates, industry cycles that affect supply and demand, and net import and export activity; the highly competitive nature of our industry; declines in demand for our products due to competing technologies or materials, as well as changes in building code provisions; disruptions to information systems used to process and store customer, employee, and vendor information, as well as the technology that manages our operations and other business processes; material disruptions and/or major equipment failure at our manufacturing facilities; declining demand for residual byproducts, particularly wood chips generated in our manufacturing operations; labor disruptions, shortages of skilled and technical labor, or increased labor costs; product shortages, loss of key suppliers, and our dependence on third-party suppliers and manufacturers; the cost and availability of third-party transportation services used to deliver the goods we distribute and manufacture, as well as our raw materials; cost and availability of raw materials, particularly wood fiber; the need to successfully formulate and implement succession plans for key members of our management team; our ability to execute our organic growth and acquisition strategies efficiently and effectively; failures or delays with new or existing technology systems and software platforms; our ability to successfully pursue our long-term growth strategy related to innovation and digital technology; concentration of our sales among a relatively small group of customers, as well as the financial condition and creditworthiness of our customers; impairment of our long-lived assets, goodwill, and/or intangible assets; substantial ongoing capital investment costs, including those associated with organic growth and acquisitions, and the difficulty in offsetting fixed costs related to those investments; our indebtedness, including the possibility that we may not generate sufficient cash flows from operations or that future borrowings may not be available in amounts sufficient to fulfill our debt obligations and fund other liquidity needs; restrictive covenants contained in our debt agreements; changes in or failure to comply with laws and regulations; changes in foreign trade policy, including the imposition of tariffs; compliance with data privacy and security laws and regulations; the impacts of climate change and related legislative and regulatory responses intended to reduce climate change; cost of compliance with government regulations, in particular, environmental regulations; exposure to product liability, product warranty, casualty, construction defect, and other claims; and fluctuations in the market for our equity. It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward- looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and, except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. This presentation includes references to EBITDA, Adjusted EBITDA and Segment EBITDA, which are non-GAAP financial measures within the meaning of the SEC’s Regulation G. Reconciliations of net income to EBITDA and Adjusted EBITDA and segment income (loss) to Segment EBITDA are included as an appendix. Forward-Looking Statements
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February 24, 2026 3 Executive Summary u 2025 Highlights Ø Net income of $132.8 million, or EPS of $3.53 Ø Continued growth in distribution business and capital investments in support of EWP growth strategy Ø Capital returns to shareholders u Fourth Quarter Consolidated Results Ø 4Q25 sales were $1.5 billion, down 7% from 4Q24 Ø 4Q25 net income was $8.7 million, or $0.24 per share, compared to net income of $68.9 million, or $1.78 per share, in 4Q24
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February 24, 2026 4 4Q 2025 Financial Highlights n BMD n Wood Corporate $ Millions Sales $1,460.2 $1,567.5 354.0 419.7 1,363.1 1,438.8 (256.9) (291.0) 4Q 2025 4Q 2024 (7)% n BMD n Wood n Eliminations $ Millions Adjusted EBITDA $57.2 $128.7 12.3 56.6 56.4 84.5 (11.6) (12.4) 4Q 2025 4Q 2024 (56)%
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February 24, 2026 5 2024 2025 ($ Millions) (% of Sales) General Line 1,505 1,655 1,567 1,4391,407 1,615 1,556 1,363 1Q 2Q 3Q 4Q$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 EWP 37 35 35 37 37 34 34 35 41 42 44 42 42 46 47 46 22 23 21 21 21 20 19 19 1Q242Q243Q244Q241Q252Q253Q254Q250 20 40 60 80 100Commodity Building Materials Distribution Sales
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February 24, 2026 6 Building Materials Distribution EBITDA (EBITDA % of sales) 5.6% 5.9% 5.6% 5.9% 4.5% 5.7% 4.5% 4.1% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q—% 2.0% 4.0% 6.0% 8.0% 2024 2025 6.0% 5.7% 4.7% 2023 2024 2025—% 2.0% 4.0% 6.0% 8.0% - - - 2015 - 2019 Average (3.1%)
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February 24, 2026 7 LVL 4.8 5.1 5.0 4.64.6 5.5 4.6 4.2 1Q 2Q 3Q 4Q2.0 3.0 4.0 5.0 6.0 Wood Products EWP 28.75 28.12 27.62 26.9326.09 25.22 24.03 24.13 1Q 2Q 3Q 4Q $12 $16 $20 $24 $28 $32 $36 ($/melf) I-joists ($/cf) 2024 2025 (mmcf) (mmelf) 57 66 59 5355 62 53 45 1Q 2Q 3Q 4Q 30 40 50 60 70 80 2,018 1,961 1,921 1,8941,833 1,801 1,684 1,683 1Q 2Q 3Q 4Q $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400
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February 24, 2026 8 Sales Volume Wood Products Plywood Net Sales Price 2024 2025 372 383 391 371363 356 387 354 1Q 2Q 3Q 4Q100 150 200 250 300 350 400 450 378 362 333 350341 342 325 329 1Q 2Q 3Q 4Q$100 $200 $300 $400 (mmsf 3/8" basis) ($/msf 3/8" basis)
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February 24, 2026 9 Capital Allocation u Capital Expenditures Ø $241 million in 2025 l BMD - $105 million l Wood Products - $136 million Ø $150 million - $170 million planned for 2026 l BMD - $90 million - $100 million l Wood Products - $60 million - $70 million u Shareholder Returns Ø $35 million in dividends paid in 2025 Ø Board authorization of 1Q quarterly dividend of $0.22 per share Ø $181 million of share repurchases in 2025 Ø First quarter 2026 to-date share repurchases of $39 million Ø Approximately $200 million of common stock available for repurchase
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February 24, 2026 10 Outlook: 2026 Q1 Segment Adjusted EBITDA Key Drivers BMD $45 - $55 million Daily Sales Pace • Quarter-to-date pace 6% below Q4 average, daily pace to improve as the quarter progresses but expected to fall short of $22.0 million/ day pace in Q4 63 Sales Days Gross Margins • 14.25% - 15.0% Wood Products $25 - $35 million EWP • Volumes: High single to low double-digit sequential increase • Prices: Flat to low single-digit sequential decline Plywood • Volumes: High single-digit sequential increase • Prices: Quarter-to-date 1% above Q4 average, balance of quarter market dependent Manufacturing Costs • Higher volumes drive a sequential decrease in per unit manufacturing costs Total Company $55 - $75 million* Depreciation & Amortization • $39 - $41 million Effective Tax Rate • 26%-27% Share Count • ~36 million diluted shares outstanding as of February 23rd * Net of approximately $15 million of estimated unallocated corporate costs
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February 24, 2026 11 Business Outlook u 2026 market forecast Ø Single-family Ø Multi-family Ø Repair & remodeling u Maintaining operational focus and leveraging the complementary business model Ø Channel reliance on BMD Ø EWP realizations u Long-term demand outlook remains positive for residential construction and repair & remodel activity, Boise Cascade positioned to capture upside
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Appendix February 24, 2026
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February 24, 2026 13 Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended December 31, 2025 and 2024, and September 30, 2025: Three Months Ended ($ Millions) 4Q25 4Q24 3Q25 Net income $ 8.7 $ 68.9 $ 21.8 Interest expense 6.0 5.8 5.3 Interest income (4.5) (7.8) (4.2) Income tax provision 5.6 24.3 9.1 Depreciation and amortization 41.3 37.0 42.4 EBITDA $ 57.2 $ 128.2 $ 74.4 Change in fair value of interest rate swaps — 0.5 — Adjusted EBITDA $ 57.2 $ 128.7 $ 74.4
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February 24, 2026 14 Appendix The following table reconciles segment income (loss) to segment EBITDA for the three months ended December 31, 2025 and 2024, and September 30, 2025: Three Months Ended ($ Millions) 4Q25 4Q24 3Q25 Building Materials Distribution Segment income $ 41.5 $ 70.7 $ 54.3 Depreciation and amortization 15.0 13.8 15.5 Segment EBITDA $ 56.4 $ 84.5 $ 69.8 Wood Products Segment income (loss) $ (13.8) $ 33.6 $ (12.1) Depreciation and amortization 26.1 23.0 26.6 Segment EBITDA $ 12.3 $ 56.6 $ 14.5
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February 24, 2026 15 2024 2025 2026 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 $300 $400 $500 $600 First Quarter Second Quarter Third Quarter Fourth Quarter Source: Random Lengths Appendix - Lumber Composite Price
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February 24, 2026 16 2024 2025 2026 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 $300 $400 $500 $600 $700 $800 First Quarter Second Quarter Third Quarter Fourth Quarter Source: Random Lengths Appendix - Panel Composite Price