Cascades Inc. · TSX:CAS
Cascades — Investor Presentation (September 2026)
36 slides from Cascades's investor presentation, September 2026
Slide 1: Investor Presentation September 2026
Investor Presentation September 2026
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENT RECONCILIATION AND USES OF NON-IFRS ACCOUNTING STANDARDS MEASURES AND OTHER FINANCIAL MEASURES Certain statements in this presentation, including statements regarding future To provide more information for evaluating the Corporation’s performance, the financial i
Slide 3: Mission and Vision
We care. We innovate. We create value. Mission To improve the well-being of people, communities and the planet by providing sustainable and innovative solutions that create value. Vision To be a key contributor to our customers’ success by leading the way for sustainable packaging, hygiene and recov
Slide 4: Our History
Our History 1964 – 2010 2010 - 2025 2026 - FUTURE BUILD MODERNIZE OPTIMIZE ▪ Founded in 1964 by the ▪ Realigned business strategy ▪ Combined containerboard Lemaire brothers to focus on packaging & & specialty products into tissue united packaging segment ▪ Went public in 1982 ▪ Modernized internal ▪
Slide 5: Our Leaders
Our Leaders Hugues Simon President and CEO 2 years Allan Hogg Jean-David Tardif Jérôme Porlier Emmanuelle Migneault Vice-President and CFO Executive VP, Packaging Executive VP, Tissue Chief Human Resources Officer 35 years 28 years 13 years 24 years François Fillion Jérôme Nadeau François David Riko
Slide 6: Our Company
Kingsey Falls, QC Our Company 3 9 Diversified operational platform geographically well positioned across N.A. 4 9 PACKAGING (65% of our LTM sales) Packaging • Annual production capacity: 1.7 M s.t. Tissue • 6 Paper Mills Recovery+ (Recycling) • 27 Converting Facilities1 Headquarters • 4 distribution
Slide 7: Strategic Priority Areas
OBJECTIVE PROGRESS Strategic Priority Areas 1 GENERATE $100 M • Bear Island mill run at 95% of capacity in the OF BASELINE ANNUAL second quarter. Greenpac productivity PROFITABILITY improvement continues 2025 – 2026 IMPROVEMENTS BY YEAR-END 2026 • Pryor, OK tissue converting facility Q2 production +
Slide 8: Tariffs
Tariffs U.S. tariffs section 338 Canada counter-tariffs ➢ Certain converted products (Tissue parent rolls ➢ Tissue parent rolls and certain converted were removed on Sept. 8) products ➢ Corrugated boxes ➢ Corrugated boxes ➢ Certain categories of uncoated recycled boxboard ➢ Certain plastics and moul
Slide 9: Financial Results
Financial Results
Slide 10: Summary of Financial Results
Summary of Financial Results (in millions of CAN$, except per share amounts, where noted) Q2 2026 Q1 2026 Q2 2025 LTM2 Sales 1,219 1,125 1,187 4,779 Operating income 58 81 36 288 EBITDA (A)1 140 118 137 572 Margin (EBITDA (A)1/Sales) 11.5% 10.5% 11.5% 12.0% Net earnings (loss) 21 39 (3) 126 Adjusted
Slide 11: Q2 2026 Key Takeaways
Q2 2026 Key Takeaways PACKAGING TISSUE CORPORATE ▪ Record quarterly production at Bear ▪ Continued good progress at the Pryor, ▪ Net debt1 slightly lower sequentially; Island and Greenpac OK, facility: Q2 production + 19% from leverage1 unchanged at 3.3x Q3 2025, +2% sequentially ▪ Pricing realizati
Slide 12: Recycled Fibre Costs – Index Prices
Recycled Fibre Costs – Index Prices Pricing continues to move up while remaining below 2025 level. ($ US/s.t.) Current OCC (Sept-26) Generation of OCC is below previous year trend, current economic uncertain has an impact on consumer spending. Mix paper is becoming a viable alternative to reduce pro
Slide 13: Virgin Fibre Costs – Index List Prices
Virgin Fibre Costs – Index List Prices NSBK Prices remained relatively stable in Q2 2026, supported ($ US/metric ton) Current by limited supply growth and steady demand. (Sept-26) Production capacity reductions have occurred globally. 1,570 High freight costs to Asia and increased internal productio
Slide 14: Capital Investments
Capital Investments (in property, plant & equipment, in millions of CAN dollars, excluding new leases, disposal of assets and accounts payable variation) Strategic investments have transformed our operational platform. 532 36 41 330 26 289 Forecast: 50 32 $150M to 455 35 $175M1 148 137 254 30 11 67
Slide 15: Financial Performance
Financial Performance Sales (M CAN$) Free Cash Flow2 Free Cash Flow (M CAN$) Free Cash Flow/Sales (%) 4 701 4 776 4 779 4 638 8,9% 8,9% 9,0% 4,466 7,2% 4,7% 413 424 432 340 210 2022 2023 2024 2025 LTM Q2 2026 2022 2023 2024 2025 LTM Q2 2026 EBITDA (A)1 (M CAN$) & Margin (% of sales) Net Earnings (Lo
Slide 16: Financial Ratios & Debt Maturities
Financial Ratios & Debt Maturities Net Debt / Adjusted EBITDA (A)1 Interest Coverage Ratio2 5,2x 4,6x 4,9x 4,6x 4,5x 4,3x 4,2x 3,5x 3,6x 3,4x 3,3x 3,3x 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 Net Debt / Net Debt + Total Equity1 Long-Term Debt Maturities (as of June 30, 2026, with
Slide 17: Business Segments
Business Segments
Slide 18: Packaging – Our Business
Packaging – Our Business Sales by Product Category1,2 Sales by Country1 Vertically integrated provider of sustainable packaging solutions made with up to 100% 17% Corrugated Canada recycled fibres 39% Paper Rolls US 28% 55% 61% Other Operational platform significantly realigned: • Opened Bear Island
Slide 19: Packaging – Industry
Packaging – Industry US & Canadian Industry Corrugated Box Shipments2,3,4 U.S. Containerboard Production & Capacity Utilization Rate1 US total shipments (Billion sq. ft.) Canadian total shipments (Billion sq. ft.) U.S. containerboard production ('000 s.t.) Capacity utilization rate 468,6 37 864 381,
Slide 20: Packaging – Performance
Packaging – Performance EBITDA (A)1 (M CAN$) & Margin (%) ▪ Growth supported by targeted investments and realignment of operational platform 19,5% 17,7% 17,1% 16,7% 16,0% 16,2% 13,6% ▪ Focused on efficiency, productivity and continuing to increase production levels at strategic Bear Island facility;
Slide 21: Tissue Papers – Our Business
Tissue Papers – Our Business Sales by Product Category1 Converting Capacity by Country2 Tissue paper rolls and converted finished products for the retail and industrial markets 36% Consumer Products 48% Canada Portfolio transformed since 2020: 64% Away-from- 52% US • 3 manufacturing facilities close
Slide 22: Tissue Papers - Industry
Tissue Papers - Industry US Tissue Paper Production (Parent Rolls) & Capacity Utlization1 US Tissue Paper Converted Product Shipments1 Total parent roll production ('000 s.t.) Capacity utilization rate Converted Away-from-Home products ('000 s.t.) Converted retail products ('000 s.t.) 9 586 9 352 6
Slide 23: Tissue – Performance
Tissue – Performance EBITDA (A)1 (M CAN$) & Margin (%) ▪ Good demand levels for retail private label Tissue products; stable but dynamic demand levels for Away-from-Home 11% 11% 12% 10% 10% solutions due to economic environment 2% nmf ▪ Focused on efficiency, productivity, filing unused 175 182 192
Slide 24: Q3 2026 Outlook
Q3 2026 Outlook FORECASTED EBITDA (A)1 RANGE VOLUME TREND (s.t.) Q3/26 vs Q2/26 PACKAGING $135 M – $140 M • Seasonal higher volume outlook PRODUCT MARKET • Higher logistics and recycled Corrugated Industrial & Manufacturing fibre costs Paper rolls Food & Beverage • Full impact of March/April
Slide 25: Our Operational Mindset
Our Operational Mindset y i, 15 moe MISTAKES LEARN [iibeess TE Be obsessed with y totic | Stick to the CUS
Slide 26: Conclusion
Conclusion Positioning for future growth and development optionality 60+ year track record of successful operations through business cycles Leading market positions in North America with a deep focus on markets where Cascades can derive a competitive advantage Well-balanced product portfolio and man
Slide 27: Appendices
Appendices
Slide 28: Packaging: Q2 2026 Sequential Performance
Packaging: Q2 2026 Sequential Performance Sales ($M) HIGHLIGHTS 8% ▪ Higher parent roll shipments driven by improved performance at the Greenpac and Bear Island facilities, representing an increase of 8.6% in total shipment (in short tons) ▪ N.A. Box Shipments (MSF) : Cascades2 (8.4%) vs. Industry3
Slide 29: Tissue: Q2 2026 Sequential Performance
Tissue: Q2 2026 Sequential Performance Sales ($M) HIGHLIGHTS 8% ▪ Higher volumes: shipments +7%. Converted products +7% in short tons (AfH tissue +16%, Retail tissue +2%) mainly driven by usual seasonality for AfH market ▪ Lower average selling prices driven by sales mix (More AfH and product mix),
Slide 30: Quarterly Financial Results & KPIs
Quarterly Financial Results & KPIs (In millions of CAN$, except per common share amounts, where noted) 2024 2025 2026 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 YTD3 LTM4 Financial Results Sales 1,109 1,180 1,201 1,211 4,701 1,154 1,187 1,238 1,197 4,776 1,125 1,219 2,344 4,779 Operating income 9 34 36
Slide 31: Quarterly Operational KPIs
Quarterly Operational KPIs 2024 2025 2026 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 YTD4 LTM5 Total shipments (in ’000 short tons (s.t.))1 Packaging Products 441 444 450 442 1,777 421 424 434 403 1,682 392 426 818 1,655 Tissue Papers 115 122 122 121 480 110 120 128 122 480 113 121 234 484 556 566 572
Slide 32: Cash Flow Overview
Cash Flow Overview (In millions of CAN$, except 2024 2025 2026 per common share amounts) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 YTD5 LTM6 Cash flow from operations 32 78 76 109 295 45 92 116 150 403 56 119 175 441 Specific items1 14 17 10 20 61 17 9 21 15 62 3 4 7 43 Adjusted cash flow from operati
Slide 33: COGS and SG&A Overview
COGS and SG&A Overview COST OF SALES 2024 2025 2026 (in millions of CAN$) Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR Q1 Q2 YTD1 LTM2 Raw materials 377 431 448 434 1,690 379 418 452 408 1,657 372 430 802 1,662 Wages & benefits 194 198 190 200 782 205 205 193 197 800 196 196 392 782 Energy 54 51 51 54 210 65 5
Slide 34: Reference Prices & Fibre Costs
Reference Prices & Fibre Costs Q2 2026 vs Q2 2026 vs. 2024 2025 2026 Q2 2025 Q1 2026 These indexes should only be used as an indicator of trends and they may be different than our actual selling prices or purchasing costs. Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 (units) (%) (units) (%) Selling Price
Slide 35: Sensitivity Table
Sensitivity Table 1 SHIPMENTS/CONSUMPTION EBITDA (A)2 IMPACT (unaudited) INCREASE (IN MILLIONS OF CAN$) ('000 SHORT TONS, ’000 MMBTU FOR NATURAL GAS) SELLING PRICE (MANUFACTURING AND CONVERTING)3 Packaging Products Linerboard 42-lb. unbleached kraft, Eastern US 500 US$25/s.t. 17 Corrugating medium 2
Slide 36: Investor Relations
Investor Relations www.cascades.com/investors 514-282-2697 investor@cascades.com 36 |