Cascades Inc. · TSX:CAS
Cascades — Q3 2026 Earnings Presentation
35 slides from Cascades's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Financial Results
Q3 2026 FINANCIAL RESULTS November 5, 2026
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: Recent appointment
Recent appointment Martin Brisson Vice-President, Corporate Strategy and Investor relations
Slide 4: Q3 2026 Key Takeaways
Q3 2026 KEY TAKEAWAYS PACKAGING: • Pricing realization of the March, April and June announced prices increases • Continued robust demand for paper rolls and strong seasonal demand for converted products as we continue to onboard new customers • Tariff related direct costs of $4 million • Higher raw
Slide 5: Summary of Financial Results
SUMMARY OF FINANCIAL RESULTS (In millions of CAN$, except per common share amounts, where noted) Q3 2026 Q2 2026 Q3 2025 LTM2 Financial Results Sales 1,267 1,219 1,238 4,808 Operating income 78 58 73 293 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1 162 140 15
Slide 6: 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) Q3 2026 vs Q2 2026 Q3 2026 vs Q3 2025 2026 vs 2025 Average selling prices $43 million $42 million $72 million Operating costs $4 millio
Slide 7: Recycled Fibre Costs - Index List Prices
RECYCLED FIBRE COSTS - INDEX LIST PRICES Current ($ US/s.t.) 300 OCC: (Oct-26) 275 • Prices continued to rise in Q3, exceeding 2025 levels. 250 • Supply continues to increase with higher generation 225 levels, while planned annual outages are reducing 200 175 demand. 150 178 • We expect pricing cond
Slide 8: Virgin Pulp Costs - Index List Prices
VIRGIN PULP COSTS - INDEX LIST PRICES ($ US/metric ton) Current NBSK: (Oct-26) ▪ We expect prices to remain relatively stable through Q4, as weak 1,800 demand in Europe and China offsets tighter supply in North America. 1,580 ▪ Maintenance downtime in Eastern Canada could temporarily 1,600 1,570 con
Slide 9: Packaging Products: Q3 2026 Sequential Performance
PACKAGING PRODUCTS: Q3 2026 SEQUENTIAL PERFORMANCE SALES ($M) 5% HIGHLIGHTS 29 6 4 807 772 (4) • N.A. Box Shipments (MSF) Cascades 2 Industry 3 1.9% 2.0% • Higher average selling prices following price index Q2 2026 Selling F/X Mix Volume, Q3 2026 Sales price CAN$ business Sales variation implemente
Slide 10: Packaging Products: Q3 2026 Year-over-Year Performance
PACKAGING PRODUCTS: Q3 2026 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 1% HIGHLIGHTS 11 9 26 807 • N.A. Box Shipments Cascades 2 Industry 3 797 (36) 5.3% 1.6% • Higher average selling prices for paper rolls reflects Q3 2025 Selling Mix F/X Volume, Q3 2026 implementation of previously announced price Sale
Slide 11: Packaging Products - Sales Trends
PACKAGING PRODUCTS - SALES TRENDS Product As a % of Volume (s.t.) Volume (s.t.) Volume (s.t.) category Q3 2026 Sales QoQ YoY Trend Q4/Q3 Corrugated 54% Paper rolls 29% Other 17% As a % of Volume (s.t.) Volume (s.t.) Volume (s.t.) Market Q3 2026 Sales QoQ YoY Trend Q4/Q3 Industrial & Manufacturing 13
Slide 12: Tissue Papers: Q3 2026 Sequential Performance
TISSUE PAPERS: Q3 2026 SEQUENTIAL PERFORMANCE SALES ($M) 1% HIGHLIGHTS 3 14 • Volumes down 3% (short tons) : Retail tissue grew 415 2%, partially offsetting a 10% decline in Away-from- Home, primarily due to a major customer ceasing 409 (11) operations Q2 2026 Selling F/X Volume Q3 2026 • Pricing up
Slide 13: Tissue Papers: Q3 2026 Year-over-Year Performance
TISSUE PAPERS: Q3 2026 YEAR-OVER-YEAR PERFORMANCE SALES ($M) HIGHLIGHTS 1% 4 13 • Volumes down 7% (short tons): Converted products 16 down 2%, as Retail tissue grew 2%, partially 415 offsetting a 9% decline in Away-from-Home, primarily 412 due to a major customer ceasing operations (30) Q3 2025 Sell
Slide 14: Tissue Papers - Sales Trends
TISSUE PAPERS - SALES TRENDS Product As a % of Q3 2026 Volume (s.t.) Volume (s.t.) Volume (s.t.) category Q3 2026 Sales Volume (s.t.) QoQ YoY Trend Q4/Q3 Away-from-Home 35% 44,600 (10)% (9)% Consumer 65% 73,200 2% 2% Products Total 100% 117,800 (3)% (2)% 14
Slide 15: Q3 2026 EBITDA (A) to Operating Income Reconciliation
Q3 2026 EBITDA (A)1 TO OPERATING INCOME RECONCILIATION (M CAN$) 200 162 5 150 (4) (7) 100 78 50 (78) 0 1 EBITDA (A) Other Restructuring Impairment Depr. & Operating income gain costs charges Amort. Corporate, Recovery and Packaging Tissue Recycling (M CAN$) Products Papers activities Total Operating
Slide 16: Net Earnings - As Reported vs Adjusted
NET EARNINGS - AS REPORTED vs ADJUSTED1 NET EARNINGS NET EARNINGS PER COMMON SHARE2 (In millions of Canadian dollars, except per common share amounts) Q3 2026 Q3 2026 As reported 30 $0.30 Specific items: Restructuring costs 4 $0.03 Other gain (5) ($0.04) Impairment charges 7 $0.05 Share of results o
Slide 17: Quarterly Sequential Adjusted EPS Variance
QUARTERLY SEQUENTIAL ADJUSTED EPS VARIANCE1,2 0.50 0.16 0.40 (0.01) (0.02) 0.33 0.30 0.30 (0.04) (0.03) $ cents 0.03 0.24 0.21 0.20 0.10 0.00 EPS reported Specific Adjusted EPS 2 EBITDA (A) 2 Depreciation Financing Income Adjusted EPS 2 Specific EPS reported Q2 2026 items Q2 2026 & expense tax Q3 20
Slide 18: Quarterly Year-over-Year Adjusted EPS Variance
QUARTERLY YEAR-OVER-YEAR ADJUSTED EPS VARIANCE1,2 0.50 0.02 0.03 0.40 0.09 0.38 (0.01) (0.01) (0.03) 0.33 0.29 0.30 0.30 (0.05) (0.03) $ cents 0.20 0.10 0.00 EPS reported Specific Adjusted EPS 2 Financing EBITDA (A) 2 Share of Non- Depreciation Income tax Adjusted EPS 2 Specific EPS reported Q3 2025
Slide 19: Cash Flow Overview
CASH FLOW OVERVIEW 2024 2025 2026 (In millions of CAN$, except per common share amounts) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 YTD5 LTM6 Cash flow from operations 32 78 76 109 295 45 92 116 150 403 56 119 117 292 442 Specific items1 14 17 10 20 61 17 9 21 15 62 3 4 2 9 24 Adjusted cash flow fro
Slide 20: 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 2026 Forecast: 50 32 213 35 range of $150 M to 455 22 $175 M1 148 137 85 112 254 30 11 222 10 44 43 106 34 74 83 68 2020 2021 2022 2023 2024 2025 Q3
Slide 21: Net Debt Reconciliation - Q3 2026
NET DEBT1 RECONCILIATION - Q3 2026 (M CAN$) 1,900 1,879 47 1,863 1,850 25 1,800 21 13 1 5 1,750 (117) (11) 1,700 Net debt as of Cash flow Proceeds from Investments F/X CAN$ Right-of-use Dividends paid & Changes in non- Payments for Net debt as of June 30, 2026 from oper. disposals and other assets c
Slide 22: 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 3.6x 3.5x 3.5x 3.4x 4.3x 4.6x 4.9x 4.5x 4.3x 4.8x 3.3x 3.3x 3.2x 3.6x 2.5x 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 23: Q4 2026 Outlook
Q4 2026 OUTLOOK FORECASTED COMMENTARY EBITDA (A)1 RANGE • Seasonal lower year-end volume • Higher fuel surcharge and recycled fibre costs PACKAGING $125 M - $135 M • Full impact of April/June price increases • Gradual implementation of September announced price increase • Lower volume in Away-from-H
Slide 24: Strategic Priority Areas: 2025 - 2026
STRATEGIC PRIORITY AREAS: 2025 - 2026 OBJECTIVE PROGRESS • Greenpac productivity improvement continues with an all time monthly production record in 1 October. Bear Island had its best month ever in July at 98% efficiency. Despite some GENERATE $100 M OF BASELINE equipment reliability issues, effici
Slide 25: Appendix
APPENDIX 25
Slide 26: Summary of Quarterly Financial Results and KPIs
SUMMARY OF QUARTERLY FINANCIAL RESULTS and KPIs 2024 2025 2026 (In millions of CAN$, except per common share amounts, where noted) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 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 1,267 3,611 4,808 Op
Slide 27: Summary of Quarterly KPIs
SUMMARY OF QUARTERLY KPIs 2024 2025 2026 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 YTD4 LTM5 Key Performance Indicators Total shipments (in ’000 short tons (s.t.))1 Packaging Products 441 444 450 442 1,777 421 424 434 403 1,682 392 426 426 1,244 1,647 Tissue Papers 115 122 122 121 480 110 120 128 1
Slide 28: Sequential Sales Reconciliation
SEQUENTIAL SALES RECONCILIATION (M CAN$) +4% 1,400 43 9 4 1,267 1,219 1,200 (8) 1,000 Volume, Sales Selling business disposal Sales (M CAN$) Q2 2026 price F/X CAN$ Mix & closures Q3 2026 Packaging Products 772 29 6 4 (4) 807 Tissue Papers 409 14 3 — (11) 415 Corporate, Recovery and Recycling activit
Slide 29: Sequential EBITDA (A) Reconciliation
SEQUENTIAL EBITDA (A)1 RECONCILIATION + Higher average selling prices + Higher average selling prices + Higher volumes + Lower operating costs Lower operating costs more than offset by - - Lower volumes higher transportation and energy costs - Higher raw material costs - Higher raw material costs (M
Slide 30: Year-over-Year Sales Reconciliation
YEAR-OVER-YEAR SALES RECONCILIATION +2% (M CAN$) 1,400 24 13 42 1,267 1,238 1,200 (50) 1,000 Volume, business Sales Selling disposal Sales (M CAN$) Q3 2025 price Mix F/X CAN$ & closures Q3 2026 Packaging Products 797 26 11 9 (36) 807 Tissue Papers 412 16 13 4 (30) 415 Corporate, Recovery and Recycli
Slide 31: Year-over-Year EBITDA (A) Reconciliation
YEAR-OVER-YEAR EBITDA (A)1 RECONCILIATION + Higher average selling prices + Higher average selling prices - Higher raw material costs + Higher volume - Lower + Decrease in operating costs production costs offset by - Higher raw material costs higher transportation costs - Higher production, transpor
Slide 32: Cost of Sales, Selling and Administrative Expenses
COST OF SALES, SELLING AND ADMINISTRATIVE EXPENSES (In millions of Canadian dollars) Q3 2026 Q2 2026 Q3 2025 Cost of sales Raw materials 455 430 452 Wages and benefits 196 196 193 Energy 57 55 54 Delivery 163 157 134 Other 158 166 162 Depreciation and amortization 78 77 74 1,107 1,081 1,069 Selling
Slide 33: Selected Reference Prices
SELECTED REFERENCE PRICES Current Current Containerboard - Selected Products (US$/s.t.) Specialty Products - Selected Products (Oct-26) (US$/s.t.) (Oct-26) 1,300 1,000 1,200 1,230 900 1,115 1,100 800 1,035 1,000 900 700 800 600 700 May-22 Nov-24 Feb-22 Aug-24 Nov-21 May-24 Aug-21 Feb-24 Aug-26 Nov-2
Slide 34: Selected Reference Prices and Fibre Costs
SELECTED REFERENCE PRICES AND FIBRE COSTS Q3 2026 vs Q3 2026 vs. 2024 2025 2026 Q3 2025 Q2 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 Q3 (units) (%) (units) (%)
Slide 35: For more information
For more information: Martin Brisson Vice-President, Corporate Strategy and Investor relation www.cascades.com/investors 514-282-2697 / m_brisson@cascades.com investor@cascades.com