Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2026 Earnings Presentation
16 slides from Boise Cascade, L.l.c's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Earnings Webcast
Boise Cascade Company First Quarter 2026 Earnings Webcast May 5, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation contains statements concerning future events and expectations, including, without limitation, statements relating to second quarter 2026 outlook and expected key drivers for Boise Cascade and each of its business segments.
Slide 3: Executive Summary
EXECUTIVE SUMMARY CEO MESSAGE BOISE CASCADE COMPANY RESULTS 1Q26 sales were $1.5 billion, down 2% from 1Q25 1Q26 net income was $17.8 million, or $0.50 per share, compared to net income of $40.3 million, or $1.06 per share, in 1Q25 Businesses delivered solid results despite demand uncertainty 3
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS Sales Adjusted EBITDA ($ Millions) ($ Millions) (2)% (27)% $1,536.5 $1,498.6 $91.6 $66.6 1,407.1 1,388.9 62.8 48.2 415.8 398.2 40.2 32.0 (286.5) (288.5) (11.4) (13.6) 1Q 2025 1Q 2026 1Q 2025 1Q 2026 BMD Wood Eliminations BMD Wood Corporate 4
Slide 5: Building Materials Distribution Sales
BUILDING MATERIALS DISTRIBUTION SALES ($ Millions) (% of Sales) $1,800 100 1,615 $1,600 1,556 21 20 19 19 20 1,407 1,389 1,363 80 $1,400 $1,200 34 34 35 60 37 35 $1,000 $800 40 $600 $400 42 46 47 46 45 20 $200 $0 0 1Q 2Q 3Q 4Q 1Q25 2Q25 3Q25 4Q25 1Q26 2025 2026 General Line Commodity EWP 5
Slide 6: Building Materials Distribution EBITDA
BUILDING MATERIALS DISTRIBUTION EBITDA (EBITDA % of Sales) 5.7% 4.5% 4.5% 4.1% 5.7% 3.5% 4.7% 3.5% 1Q 2Q 3Q 4Q 1Q 2024 2025 YTD Q1 2026 2025 2026 - - - 2015 - 2019 Average (3.1%) 6
Slide 7: Wood Products EWP
WOOD PRODUCTS EWP LVL I-joists (mmcf) (mmelf) 6.0 5.5 70 62 5.0 4.6 4.6 4.6 60 55 53 4.2 52 4.0 50 45 40 3.0 30 2.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $2,000 $32 1,833 1,801 $28 26.09 $1,800 1,700 1,684 1,683 24.22 25.22 24.03 24.13 $24 $1,600 $20 $1,400 $16 $1,200 $12 $1,000 1Q 2Q 3Q 4Q 1Q 2Q
Slide 8: Wood Products Plywood
WOOD PRODUCTS PLYWOOD Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 450 $400 400 387 341 343 342 363 373 356 354 325 329 350 $300 300 250 $200 200 150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2025 2026 8
Slide 9: Capital Allocation
CAPITAL ALLOCATION LTM ended March 31, 2026 M&A Dividends FIRST QUARTER 2026 • $40M allocated to sustaining the business, $33M $35M as well as investments in BMD expansion and EWP capabilities ◦ $23M in BMD Capital $228M ◦ $17M in Wood Products Deployment LTM 1Q26 • $10M in dividend payments to shar
Slide 10: Outlook: Q2 2026
OUTLOOK: Q2 2026 Segment Adjusted EBITDA Key Drivers Quarter-to-date pace 15% above Q1 average, balance of Daily Sales Pace quarter market dependent Building Materials $65 - $80 million 64 Distribution Sales Days Gross Margins 14.25% - 15.0% Volumes: Mid single-digit sequential increase EWP Prices:
Slide 11: Business Outlook
BUSINESS OUTLOOK 2026 economic volatility and end market uncertainty • Geopolitical and economic instability • Mortgage rates volatile and consumer sentiment drags Integration and long-term value creation Constructive view on long-term housing fundamentals 11 11
Slide 12: Appendix
Boise Cascade Company Appendix May 5, 2026
Slide 13: Appendix: EBITDA Reconciliation
APPENDIX EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconcile
Slide 14: Appendix: Segment EBITDA Reconciliation
APPENDIX The following table reconciles segment income (loss) to segment EBITDA for the three months ended March 31, 2026 and 2025, and December 31, 2025: Three Months Ended ($ in millions) 1Q26 1Q25 4Q25 Building Materials Distribution Segment income $ 32.9 $ 48.4 $ 41.5 Depreciation and amortizati
Slide 15: Appendix: Lumber Composite Price
APPENDIX LUMBER COMPOSITE PRICE First Quarter Second Quarter Third Quarter Fourth Quarter $600 $500 $400 $300 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 Source: Random Lengths 2024 2025 2026 15
Slide 16: Appendix: Panel Composite Price
APPENDIX PANEL COMPOSITE PRICE First Quarter Second Quarter Third Quarter Fourth Quarter $800 $700 $600 $500 $400 $300 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 Source: Random Lengths 2024 2025 2026 16
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