Cascades Inc. · TSX:CAS
Cascades — Shareholder Meeting (2026)
41 slides from Cascades's shareholder meeting presentation, 2026
Slide 1: Cascades
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Slide 2: 2026 Annual General Meeting of Shareholders
2026 Annual General Meeting of Shareholders 2
Slide 3: Disclaimer: Forward-Looking Statement
DISCLAIMER FORWARD-LOOKING STATEMENT Certain statements that may be made today, including statements regarding future results and performance, are forward-looking statements within the meaning of securities legislation based on current expectations. The accuracy of such statements is subject to a nu
Slide 4: Patrick Lemaire, Chairman of the Board
Patrick Lemaire Chairman of the Board of Directors 4
Slide 5: Word of Welcome
5 1 Word of Welcome 5
Slide 6: Opening of the 2026 Annual General Meeting
6 2 Opening of the 2026 Annual General Meeting 6
Slide 7: Management Representatives
Management Representatives Patrick Hugues Allan Michael Lemaire Simon Hogg Guerra Chairman of the Board of President and Chief Vice-President and Chief Corporate Secretary Directors Executive Officer Financial Officer 7
Slide 8: Meeting Procedures
8 3 Meeting Procedures 8
Slide 9: Confirmation of the Mailing of the Notice of Meeting, Proxy Circular and Proxy Form
9 4 Confirmation of the Mailing of the Notice of Meeting, Management Proxy Circular and Proxy Form 9
Slide 10: Report of the Scrutineers
10 5 Rapport of the Scrutineers 10
Slide 11: Filing of the Audited Consolidated Financial Statements for 2025
11 6 Filing of the Audited Consolidated Financial Statements for the year ended December 31, 2025, and the Independent Auditor’s Report 11
Slide 12: Election of Directors
12 7 Election of Directors 12
Slide 13: Election of Directors
13 7 Election of Directors Patrick Alain Sylvie Sylvie Lemaire Lemaire Lemaire Vachon Michelle Hubert T. Nelson Cormier Lacroix Gentiletti Mélanie Elif Alex N. Hugues Dunn Lévesque Blanco Simon 13
Slide 14: Appointment of the Independent Auditor
14 8 Appointment of the Independent Auditor PricewaterhouseCoopers LLP Partnership of chartered professional accountants 14
Slide 15: Advisory Vote on Executive Compensation
15 9 Advisory Vote on Executive Compensation Accepting the Corporation’s Approach to Executive Compensation 15
Slide 16: Shareholder Proposals
16 10 Shareholder Proposals 16
Slide 17: Vote and Voting Results
17 11 Vote and Voting Results 17
Slide 18: 2025 Highlights
2025 Highlights Hugues Simon President and Chief Executive Officer 18
Slide 19: Financial Results
19 2025 +1% +2% Financial SALES Results ($M) EBITDA (A)1 -10% +15% (1) EBITDA (A) = Adjusted earnings before interest, & taxes, depreciation and amortization. EBITDA (A) Margin = EBITDA (A) as a percentage of sales. OPERATING Please click here for supplemental information on non-IFRS Accounting Stan
Slide 20: Capital Expenditures
20 Capital ($M) Expenditures (excluding right-of-use assets, disposal of assets and accounts payable variation) $137 M 20
Slide 21: Net Debt Reconciliation
Net Debt1 Reconciliation (in $M) -10% -$200 M Net debt ratio 1 : 4.2x Net debt ratio1 : 3.3x (1) Please click here for supplemental information on Non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report, Management Discussion & Analys
Slide 22: Consolidated Financials Ratios & Debt Maturities
Consolidated Financials Ratios & Debt Maturities NET DEBT / EBITDA (A)1,2,3 LONG-TERM DEBT MATURITIES (as of December 31, 2025, in $M) 360 70 (1) Please click here for supplemental information on Non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2
Slide 23: Packaging Products 2025 Highlights
23 2025 Highlights PACKAGING PRODUCTS Consolidation of the ($M) containerboard packaging and specialty products segments +4% Higher selling prices Favourable raw +2% materials prices Lower volumes Continued inflationary pressure on costs 1 1 (1) Please click here for supplemental information on Non-
Slide 24: Tissue Papers 2025 Highlights
24 2025 Highlights TISSUE PAPERS ($M) Benefits from significant repositioning of operational platform -4% Favourable raw materials prices Lower selling prices partially offset by +2% favorable sales mix Continued inflationary pressure on costs and an unplanned electrical outage 1 1 (1) Please click
Slide 25: Financial Review
Financial Review Allan Hogg Vice-President and Chief Financial Officer 25
Slide 26: Q1 2026 Results
Q1 2026 Results 26
Slide 27: Q1 2026 Results
Q1 2026 Results (in millions of Canadian dollars, except per common share amounts) Q1 2026 Q4 2025 Q1 2025 Sales 1,125 1,197 1,154 Operating income 81 76 50 EBITDA (A)1 118 155 125 Net earnings 39 37 7 Adjusted net earnings1 7 40 13 Net earnings per common share $0.38 $0.37 $0.07 Adjusted net earnin
Slide 28: Raw Material Costs - Index List Prices
Raw Material Costs - Index List Prices Recycled Fibre Prices Virgin Pulp Prices ($US /s.t.) Current ($US/s.t.) Current (May-26) (May-26) 1,590 1,480 133 1,450 68 Recovered Paper Prices ($US/s.t.) Q1 2026 Q4 2025 Q1 2025 Q1/Q1 Q1/Q4 White grades - Basket of products (Northeast average) 123 120 130 (5
Slide 29: EBITDA (A) and Operating Income Variance Q1 2026
EBITDA (A)1 and Operating Income Variance Q1 2026 (in $M) -6% -$7 M 1 1 (1) Please click here for supplemental information on Non-IFRS Accounting Standards measures and other financial measures available on pages 29 to 33 of our 2026 Quarterly Report 1, Management Discussion & Analysis, available on
Slide 30: Net Debt Reconciliation Q1 2026
Net Debt1 Reconciliation Q1 2026 (in $M) +0% +$5 M Net debt ratio1: 3.3x Net debt ratio1 : 3.3x (1) Please click here for supplemental information on Non-IFRS Accounting Standards measures and other financial measures available on pages 29 to 34 of our 2026 Quarterly Report 1, Management Discussion
Slide 31: Hugues Simon, President and CEO
Hugues Simon President and Chief Executive Officer 31
Slide 32: Strategic Priority Areas: 2026
STRATEGIC PRIORITY AREAS: 2026 1 GENERATE $100 M OF BASELINE ANNUAL PROFITABILITY IMPROVEMENTS BY YEAR-END 2026 ALIGN OPERATIONAL & COMMERCIAL STRUCTURE 2 • Improved safety performance in our facilities, reflecting greater focus and alignment • Realigned product/customer portfolio, and optimized org
Slide 33: Recognitions in Sustainability
Recognitions in Sustainability 33
Slide 34: Sustainable Development Plan 2021-2025
Sustainable Development Plan 2021-2025 Progress Report 16.6% 34% 22.2% less fewer lower GHG energy effluents emissions Since 2019, our mills have ...effluent intensity by ...and their greenhouse gas reduced their energy 34%... emissions by 22.2%. consumption by 16.6%... 34
Slide 35: Sustainable Development Plan 2026-2030
Sustainable Development Plan 2026-2030 Rising together. Powering a current of change. 35
Slide 36: Hugues Simon, President and CEO
Hugues Simon President and Chief Executive Officer 36
Slide 37: Question Period
37 15 Question Period 37
Slide 38: Adjournment of the Meeting
38 16 Adjournment of the Meeting 38
Slide 39: Investors and Media Contacts
39 INVESTORS MEDIA Jennifer Aitken Hugo D'Amours Director, Investor Relations Vice-president, Communications, Public Affairs and Sustainability (418) 573-2348 (514) 282-2697 hugo_damours@cascades.com investor@cascades.com 39
Slide 40: Thank you
2026 Annual General Meeting of Shareholders Thank you 40
Slide 41: Cascades
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