Slide 1: Q2 2025 Financial Results
Q2 2025 FINANCIAL RESULTS August 7, 2025
Slide 2: Disclaimer
DISCLAIMER FORWARD-LOOKING STATEMENT Certain statements in this presentation, 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 numb
Slide 3: Summary of Financial Results
SUMMARY OF FINANCIAL RESULTS (In millions of CAN$, except per common share amounts, where noted) Q2 2025 Q1 2025 Q2 2024 LTM2 Financial Results Sales 1,187 1,154 1,180 4,753 Operating income 36 50 34 138 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1 137 125 11
Slide 4: Overview of Consolidated Profitability Drivers
OVERVIEW OF CONSOLIDATED PROFITABILITY DRIVERS Consolidated EBITDA (A)1 Variation Quarter-over-Quarter Year-over-Year Year-to-date (in millions of Canadian dollars) Q2 2025 vs Q1 2025 Q2 2025 vs Q2 2024 2025 vs 2024 Average selling prices $15 million $51 million $99 million Operating costs ($17 mill
Slide 5: Recycled Fibre Costs - Index List Prices
RECYCLED FIBRE COSTS - INDEX LIST PRICES ($ US/s.t.) Current OCC: 300 (July-25) • Availability of volumes picked up through Q2 with softer 275 250 export and lower domestic demand 225 • Lower OCC published index prices in May and June 200 175 resulted in index prices decreasing ($5) to ($10), 150 de
Slide 6: Virgin Pulp Costs - Index List Prices
VIRGIN PULP COSTS - INDEX LIST PRICES ($ US/metric ton) Current VIRGIN PULP: (July-25) • More stability for both NBSK and NBHK in Q2 following 1,800 1,740 the turbulence of the early tariffs announcement in Q1. 1,600 • No foreseeable recovery in terms of Chinese demand for NBSK and NBHK as a lingeri
Slide 7: Packaging Products: Q2 2025 Sequential Performance
PACKAGING PRODUCTS: Q2 2025 SEQUENTIAL PERFORMANCE SALES ($M) —% HIGHLIGHTS 14 5 • Slightly higher shipments for corrugated products 762 763 reflect seasonality, softer Q1 levels (18) • N.A. Box Shipments Cascades Industry 2 Q1 2025 Selling Volume F/X Q2 2025 0.5% 1.9% Sales price CAN$ Sales • Benef
Slide 8: Packaging Products: Q2 2025 Year-over-Year Performance
PACKAGING PRODUCTS: Q2 2025 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 2% HIGHLIGHTS 52 5 • Lower volume reflects previous plant closures, (5) 763 strong 2024 demand levels and softer demand due 745 (34) to macro-economic uncertainty • N.A. Box Shipments Cascades Industry 2 Q2 2024 Selling F/X Mix Volume
Slide 9: Packaging Products - Sales Trends
PACKAGING PRODUCTS - SALES TRENDS Product As a % of Volume (s.t.) Volume (s.t.) Volume (s.t.) category Q2 2025 Sales QoQ YoY Trend Q3/Q2 Corrugated 56% Paper rolls 28% Other 16% As a % of Volume (s.t.) Volume (s.t.) Volume (s.t.) Market Q2 2025 Sales QoQ YoY Trend Q3/Q2 Industrial & Manufacturing 14
Slide 10: Tissue Papers: Q2 2025 Sequential Performance
TISSUE PAPERS: Q2 2025 SEQUENTIAL PERFORMANCE SALES ($M) 8% HIGHLIGHTS 35 1 1 392 364 (9) • Higher volumes: shipments +10% in short tons (AfH tissue +15%, Retail tissue +7%) • Higher operating costs due to planned Q1 2025 Volume Selling Mix F/X Q2 2025 Sales price CAN$ Sales maintenance EBITDA (A) (
Slide 11: Tissue Papers: Q2 2025 Year-over-Year Performance
TISSUE PAPERS: Q2 2025 YEAR-OVER-YEAR PERFORMANCE SALES ($M) (1)% HIGHLIGHTS 397 3 392 (1) (1) • Lower volumes: shipments -2% in short tons (6) (AfH tissue -4%, Retail tissue -1%) • Slightly lower average selling price related to Q2 2024 F/X Selling Mix Volume Q2 2025 mix Sales CAN$ price Sales • Be
Slide 12: Tissue Papers - Sales Trends
TISSUE PAPERS - SALES TRENDS Product As a % of Q2 2025 Volume (s.t.) Volume (s.t.) Volume (s.t.) category Q2 2025 Sales Volume (s.t.) QoQ YoY Trend Q3/Q2 Parent rolls 2% 6,300 1% 6% Away-from-Home 37% 46,200 15% (4)% Consumer 61% 68,100 7% (1)% Products Total 100% 120,600 10% (2)% 12
Slide 13: Q2 2025 EBITDA (A) to Operating Income Reconciliation
Q2 2025 EBITDA (A)1 TO OPERATING INCOME RECONCILIATION (M CAN$) 150 137 (1) (1) (4) 100 (23) 50 36 (72) 0 1 EBITDA (A) Other Restructuring Unrealized loss Impairment Depr. & Operating income loss costs on financial charges Amort. instruments Corporate, Recovery and Packaging Tissue Recycling (M CAN$
Slide 14: Net Earnings (Loss) - As Reported vs Adjusted
NET EARNINGS (LOSS) - AS REPORTED vs ADJUSTED1 NET EARNINGS (LOSS) NET EARNINGS (LOSS) PER COMMON SHARE2 (In millions of Canadian dollars, except per common share amounts) Q2 2025 Q2 2025 As reported (3) ($0.03) Specific items: Restructuring costs 1 — Other loss 1 $0.01 Impairment charges 23 $0.17 U
Slide 15: Quarterly Year-over-Year Adjusted EPS Variance
QUARTERLY YEAR-OVER-YEAR ADJUSTED EPS VARIANCE1,2 0.40 0.03 0.30 0.18 (0.02) (0.02) 0.19 0.20 (0.03) (0.03) $ cents 0.10 0.07 0.08 0.01 0.00 (0.22) (0.03) -0.10 2 EPS reported Specific Adjusted EPS EBITDA (A) Financing Share of Depreciation Income tax Non- Adjusted EPS Specific EPS reported Q2 2024
Slide 16: Quarterly Sequential Adjusted EPS Variance
QUARTERLY SEQUENTIAL ADJUSTED EPS VARIANCE1,2 0.30 0.03 0.25 0.09 (0.01) 0.20 (0.02) 0.19 (0.03) 0.15 0.06 0.13 $ cents 0.10 0.07 0.05 0.00 -0.05 (0.22) (0.03) 2 EPS reported Specific Adjusted EPS EBITDA (A) Financing Non- Depreciation Income Adjusted EPS Specific EPS reported Q1 2025 items Q1 20252
Slide 17: Cash Flow Overview
CASH FLOW OVERVIEW 2023 2024 2025 (In millions of CAN$, except per common share amounts) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 YTD4 LTM5 Cash flow from operations 89 117 100 91 397 32 78 76 109 295 45 92 137 322 Specific items1 1 5 6 12 24 14 17 10 20 61 17 9 26 56 Adjusted cash flow from operatio
Slide 18: New Capital Investments
NEW CAPITAL INVESTMENTS (in millions of Canadian dollars, excluding new leases, disposal of assets and accounts payable variation) 532 36 41 330 26 289 50 32 213 35 2025 Forecast: 455 1 22 148 ~ $150 150 M 85 30 254 222 44 62 106 4 74 20 38 2020 2021 2022 2023 2024 Q2 2025 YTD 2025F Packaging Produc
Slide 19: Net Debt Reconciliation - Q2 2025
NET DEBT1 RECONCILIATION - Q2 2025 (M CAN$) 2,216 2,200 44 2,104 2,100 (110) 35 25 16 2,000 (92) (26) (4) Net debt as of F/X CAN$ Cash flow Proceeds from Investments Right-of-use Changes in non- Dividends paid & Payments for Net debt as of March 31, 2025 from oper. disposals of and others assets cas
Slide 20: Consolidated Financial Ratios & Debt Maturities
CONSOLIDATED FINANCIAL RATIOS & DEBT MATURITIES Net Debt / EBITDA (A)1,3 Interest Coverage Ratio2,3 5.2x 6.7x 4.2x 5.8x 6.0x 3.8x 3.6x 3.5x 3.5x 3.4x 3.8x 4.6x 4.3x 4.6x 4.9x 4.5x 3.3x 3.6x 4.0x 2.5x 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 21: Outlook: Q3 2025 EBITDA Trend vs. Q2 2025
OUTLOOK: Q3 2025 EBITDA (A)1 TREND vs. Q2 2025 • Favourable/stable raw material cost trends and PACKAGING 0% - +3% average selling prices • Cautious outlook for demand levels • Stronger volume trends TISSUE +12% - +20% • Stable raw material costs • Stable selling price trends CORPORATE (5%) - +5% •
Slide 22: Strategic Priority Areas: 2025 - 2026
STRATEGIC PRIORITY AREAS: 2025 - 2026 STRENGTHEN OUR CULTURE OF EXCELLENCE TO DRIVE $100 M OF ANNUAL RUN- 1 RATE BASELINE PROFITABILITY IMPROVEMENTS BY YEAR-END 2026 • Productivity led margin improvements: the right product for the right customer on the right equipment to drive productivity and prof
Slide 23: Appendix
APPENDIX 23
Slide 24: Summary of Quarterly Financial Results and KPIs
SUMMARY OF QUARTERLY FINANCIAL RESULTS and KPIs 2023 2024 2025 (In millions of CAN$, except per common share amounts, where noted) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 YTD3 LTM4 Financial Results Sales 1,134 1,168 1,198 1,138 4,638 1,109 1,180 1,201 1,211 4,701 1,154 1,187 2,341 4,753 Operating i
Slide 25: Summary of Quarterly KPIs
SUMMARY OF QUARTERLY KPIs 2023 2024 2025 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 YTD4 LTM5 Key Performance Indicators Total shipments (in ’000 short tons (s.t.))1 Packaging Products 412 427 458 428 1,725 441 444 450 442 1,777 421 424 845 1,737 Tissue Papers 124 134 134 121 513 115 122 122 121 480 11
Slide 26: Year-over-Year Sales Reconciliation
YEAR-OVER-YEAR SALES RECONCILIATION +1% (M CAN$) 1,300 51 8 1,200 1,180 (6) 1,187 (46) 1,100 1,000 Sales Selling Volume Sales (M CAN$) Q2 2024 price F/X CAN$ Mix and other items Q2 2025 Packaging Products 745 52 5 (5) (34) 763 Tissue Papers 397 (1) 3 (1) (6) 392 Corporate, Recovery and Recycling act
Slide 27: Year-over-Year EBITDA Reconciliation
YEAR-OVER-YEAR EBITDA (A)1 RECONCILIATION + Higher selling prices - Higher production costs partially offset by + Lower raw material costs + Lower administration costs lower transportation costs + Favourable FX rate - Lower selling prices and volume + Lower share-based compensation - Lower operating
Slide 28: Sequential Sales Reconciliation
SEQUENTIAL SALES RECONCILIATION (M CAN$) +3% 1,300 44 15 1 1,200 1,187 1,154 (27) 1,100 1,000 Sales Volume Selling Sales (M CAN$) Q1 2025 and other items price Mix F/X CAN$ Q2 2025 Packaging Products 762 5 14 — (18) 763 Tissue Papers 364 35 1 1 (9) 392 Corporate, Recovery and Recycling activities &
Slide 29: Sequential EBITDA Reconciliation
SEQUENTIAL EBITDA (A)1 RECONCILIATION + Higher selling prices + Higher volume - Higher Lower energy, transportation and SG&A production costs partly offset by + transportation costs + Lower administrative costs costs - Less favourable FX rate - Lower operating rate (M CAN$) 150 10 1 1 137 69 6 125 1
Slide 30: Cost of Sales, Selling and Administrative Expenses
COST OF SALES, SELLING AND ADMINISTRATIVE EXPENSES (In millions of Canadian dollars) Q2 2025 Q1 2025 Q2 2024 Cost of sales Raw materials 418 379 431 Wages and benefits 205 205 198 Energy 54 65 51 Delivery 121 128 133 Other 172 168 161 Depreciation and amortization 72 69 69 1,042 1,014 1,043 Selling
Slide 31: Selected Reference Prices
SELECTED REFERENCE PRICES Current Current Containerboard - Selected Products (US$/s.t.) Specialty Products - Selected Products (July-25) (US$/s.t.) (July-25) 1,000 1,200 1,100 1,110 900 945 1,000 800 835 900 800 700 700 600 600 Feb-21 Aug-23 Nov-20 May-23 Aug-20 Feb-23 May-20 Nov-22 May-25 Aug-22 Fe
Slide 32: Selected Reference Prices and Fibre Costs
SELECTED REFERENCE PRICES AND FIBRE COSTS Q2 2025 vs Q2 2025 vs. 2023 2024 2025 Q2 2024 Q1 2025 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) (%) Se
Slide 33: For More Information
For more information: www.cascades.com/investors Jennifer Aitken, MBA Director, Investor Relations 514-282-2697 / investor@cascades.com