Slide 1: Investor Presentation
INVESTOR PRESENTATION NOVEMBER 2025
Slide 2: Forward-Looking Information & Non-GAAP Measures
FORWARD-LOOKING INFORMATION & NON-GAAP MEASURES Forward-Looking Information: This presentation contains forward-looking information about Interfor Corporation’s (“Interfor” or the “Company”) business outlook, objectives, plans, strategic priorities and other information that is not historical fact.
Slide 3: Interfor Investment Highlights
INTERFOR INVESTMENT HIGHLIGHTS Pure-play North American lumber producer of scale • Top three softwood lumber producer in North America, with 28 strategically located facilities • High exposure to US South and Eastern Canada with attractive log costs Compelling lumber market fundamentals • Diversifie
Slide 4: Investor Value Proposition
INVESTOR VALUE PROPOSITION Strong Relative Margins Growing Volumes Over Time $200 LUMBER SEGMENT AVG. ADJ. EBITDA 4,500 LUMBER PRODUCTION VOLUMES (MMBF) MARGINS ($C/MBF) (1) 4,000 $150 3,500 3,000 2,500 $100 2,000 1,500 $50 1,000 500 $- - Peer #1 Interfor Peer #3 Peer #2 Increased Geographic Diversi
Slide 5: Pure-Play North American Lumber Producer
PURE-PLAY NORTH AMERICAN LUMBER PRODUCER
Slide 6: Pure-Play Lumber Producer
PURE-PLAY LUMBER PRODUCER Interfor is a North American focused, pure-play softwood lumber producer INTERFOR 2024 REVENUES BY SOURCE Softwood Lumber (81%) Other Wood Products (5%) Dimensional lumber primarily for Primarily I-joists - engineered wood structural members framing/structural applications,
Slide 7: Lumber Species & Markets
LUMBER SPECIES & MARKETS Diverse lumber species mix; high leverage to key US market; ~75% of sales volumes are not exposed to lumber duties / tariffs INTERFOR INTERFOR LUMBER SALES BY SPECIES (1) LUMBER SALES BY MARKET (1) USA 84% Spruce-Pine-Fir (SPF) 28% Southern Hem-Fir Yellow Pine 6% 46% Doug Fi
Slide 8: Lumber Industry Landscape
LUMBER INDUSTRY LANDSCAPE Interfor is a top three producer in North America and the only publicly traded pure-play lumber producer of scale NORTH AMERICAN LUMBER PRODUCTION BY COMPANY (BBF) (1) 6.0 5.0 4.0 3.0 2.0 1.0 - Source: FEA’s Top Producer Survey / Company Reports. (1) Reflects last twelve mo
Slide 9: Interfor Operations
INTERFOR OPERATIONS EASTERN CANADA 1,080 MMBF (23%) BC INTERIOR • 4 stud mills; 3 dimension mills; 1 I-Joist 750 MMBF (16%) facility; woodlands management division • 3 dimension mills; 1 remanufacturing • Spruce-Pine-Fir (SPF) facility (Sumas, WA) • Efficient, well-maintained • Douglas-Fir, Hem-Fir,
Slide 10: Compelling Lumber Market Fundamentals
COMPELLING LUMBER MARKET FUNDAMENTALS
Slide 11: Lumber Prices
LUMBER PRICES Pricing in most regions improved in 2025, following supply-side adjustments in 2024 and duty / tariff dynamics in 2025 NORTH AMERICAN BENCHMARK LUMBER PRICES (US$/MBF) $600 Southern Yellow Pine US Northwest Hem-Fir $550 Western SPF Eastern SPF $500 $450 $400 $350 $300 Source: Random Le
Slide 12: Lumber Demand
LUMBER DEMAND Diversified end-use demand drivers across R&R, industrial and housing NORTH AMERICAN LUMBER DEMAND KEY DEMAND DRIVERS BY END-USE Repair & Remodel (R&R) Repair & • Housing stock > 43 years old on 38% Remodel average • Household balance sheets in good shape New Home • Strong fundamentals
Slide 13: Lumber Demand: Key Drivers
LUMBER DEMAND: KEY DRIVERS Underlying housing fundamentals remain favourable, despite near-term volatility US HOUSING STARTS AGE OF US HOUSING STOCK (MILLIONS SEASONALLY ADJUSTED) (MEDIAN AGE IN YEARS) 1.9 45 Single-Family Multi-Family 1.8 1.7 43 50-year 1.6 avg = 1.5 1.45 MM 41 1.4 1.3 39 1.2 1.1 3
Slide 14: Lumber Supply
LUMBER SUPPLY Measured supply growth in the US South, more than offset by declines in other regions NORTH AMERICAN LUMBER PRODUCTION (BBF) 70 Offshore Imports Marginal growth, mostly from Europe. 60 US – South Measured growth (five-year CAGR of only 1%), 50 limited by labour availability and long eq
Slide 15: Lumber Supply: BC Interior
LUMBER SUPPLY: BC INTERIOR Nearly 54% of BC industry capacity curtailed since 2016 due to declining log supply. However, Interfor well-positioned in southern BC. Mountain Pine Beetle BC INTERIOR ALLOWABLE Cumulative Percentage 70.0 ANNUAL CUT (MM M3) of Merchantable Forest Volume Killed Since 23% re
Slide 16: Softwood Lumber Dispute & Tariffs
SOFTWOOD LUMBER DISPUTE & TARIFFS Limited exposure to duties or tariffs with ~60% of lumber capacity based in the US U.S. DUTY & TARIFF RATES APPLICABLE TO INTERFOR SOFTWOOD LUMBER INTERFOR (1) DUTIES HIGHLIGHTS 50% US$640 MM Countervailing and Anti-Dumping Duties 45% Duties on Deposit 45% Duties pa
Slide 17: Top-Tier Margins & Returns on Capital
TOP-TIER MARGINS & RETURNS ON CAPITAL
Slide 18: Top Quartile Operating Margins
TOP QUARTILE OPERATING MARGINS Focus on operational excellence and recent portfolio optimization reflected in superior margin performance LUMBER SEGMENT AVG. ADJ. EBITDA LUMBER SEGMENT AVG. ADJ. EBITDA MARGINS – 2020 TO 2025 YTD (C$/MBF) (1)(2) MARGINS – 2025 YTD (C$/MBF) (2) $175 $20 $150 $15 $125
Slide 19: Interfor Regional Operating Margins
INTERFOR REGIONAL OPERATING MARGINS Consistent margins across regions over time, but achieved via different routes INTERFOR CASH MARGIN (C$/MBF) (1) Realized Net Selling Price (4) Net Log Costs Conversion Costs MARGIN (2) (3) BC Interior US Northwest US South Eastern Canada (1) Average of 2016-2024
Slide 20: Focus on Return on Capital
FOCUS ON RETURN ON CAPITAL Improvement in relative performance vs. peers in recent years; driven by disciplined and balanced capital deployment EBIT RETURN ON CAPITAL EMPLOYED (%) (1) 25% 20% 15% 10% 5% 0% 2010-2019 2020-2024 2010-2019 2020-2024 2010-2019 2020-2024 Peer #1 Interfor Peer #2 (1) Based
Slide 21: Growth and Diversification Strategy
GROWTH AND DIVERSIFICATION STRATEGY
Slide 22: Growth & Diversification
GROWTH & DIVERSIFICATION Long-standing strategy of growth and geographic lumber diversification (1) (2) 2001 2012 2021 2025 16% 19% 17% 4% 39% 42% 50% 57% 22% 83% 20% 19% 12% 0.8 BBF 1.7 BBF 3.9 BBF 4.7 BBF BC Interior US Northwest Eastern Canada BC Coast US Southeast (1) Charts reflect production c
Slide 23: Internal Growth: Multi-Year Capex Plan
INTERNAL GROWTH: MULTI-YEAR CAPEX PLAN Mill rebuilds, machine center upgrades, debottlenecking & optimization projects Molalla, Oregon Eatonton, Georgia Continuous Kilns Thomaston, Georgia Adams Lake, British Columbia 23
Slide 24: Internal Growth: Capex Spending Profile
INTERNAL GROWTH: CAPEX SPENDING PROFILE Strategic investments resulting in a well-capitalized, high-margin sawmill portfolio HISTORICAL CAPITAL EXPENDITURES ($MM) $320 Capital Expenditures - Discretionary $300 Capital Expenditures - Maintenance (Includes Woodlands Roads) $280 Depreciation of Plant a
Slide 25: Balanced Capital Allocation & Optimized Capital Structure
BALANCED CAPITAL ALLOCATION & OPTIMIZED CAPITAL STRUCTURE
Slide 26: Balanced Capital Allocation
BALANCED CAPITAL ALLOCATION Capital deployed in a disciplined and balanced manner to maximize returns CAPITAL DEPLOYMENT SUMMARY – 2020 TO 2025 ($MM) (1) $195 $668 ~C$2.5 B Reinvested $206 $3,000 $24 $323 $2,500 $2,198 $939 $2,000 $1,500 Cash Inflows $1,000 Cash Outflows ~C$636 MM Returned $500 $1,5
Slide 27: Optimized & Low-Cost Capital Structure
OPTIMIZED & LOW-COST CAPITAL STRUCTURE Efficient, flexible and low-cost capital structure. Combination of long-term, laddered maturity, fixed-rate debt and flexible, variable-rate revolving facility CAPITAL STRUCTURE SENIOR SECURED NOTES AS OF OCTOBER 1, 2025 ($MM) MATURITY SCHEDULE AS OF SEPTEMBER
Slide 28: Leverage & Liquidity Profile
LEVERAGE & LIQUIDITY PROFILE Relatively stable leverage maintained over the last several years, despite challenging market conditions; More than adequate levels of liquidity to provide ongoing financial flexibility HISTORICAL NET DEBT – TO – INVESTED CAPITAL RATIO (%) AND LIQUIDITY ($MM) (1) 50% Net
Slide 29: Positive ESG & Carbon Story
POSITIVE ESG & CARBON STORY
Slide 30: Building Value Sustainably
BUILDING VALUE SUSTAINABLY Respecting Nature. Building Sustainably. A Sustainability Strategy to Invest in our Future. Long-standing strategy of Commitment to investing in Dedicated ESG leader and purposeful growth and our people, operations and renewed sustainability geographic lumber sustainable f
Slide 31: Contact Information & Resources
CONTACT INFORMATION & RESOURCES
Slide 32: Analyst Coverage
ANALYST COVERAGE BMO CAPITAL MARKETS Ketan Mamtora (212) 883-5102 ketan.mamtora@research.bmo.com CIBC CAPITAL MARKETS Hamir Patel (604) 331-3047 hamir.patel@cibc.com EQUITY RESEARCH John Cooney (604) 886-5741 john.cooney@era-research.com ASSOCIATES RAYMOND JAMES Daryl Swetlishoff (604) 659-8246 dary
Slide 33: Contacts & Resources
CONTACTS & RESOURCES RICK POZZEBON MIKE MACKAY EVP & Chief Financial Officer VP, Corporate Development & Treasury 604-689-6804 604-689-6846 richard.pozzebon@interfor.com mike.mackay@interfor.com BRYAN FAST ADDITIONAL RESOURCES Director, Corporate Development & Investor Relations 604-451-2833 bryan.f