Slide 1: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS May 7, 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: Q1 2026 Key Takeaways
Q1 2026 KEY TAKEAWAYS PACKAGING: • Productivity improvements at Bear Island and Greenpac on track • Selling price increases announced in March and April in Containerboard and URB markets • Recent geo-political events increased costs and constrained consumer confidence, impacting volumes • Operationa
Slide 4: Summary of Financial Results
SUMMARY OF FINANCIAL RESULTS (In millions of CAN$, except per common share amounts, where noted) Q1 2026 Q4 2025 Q1 2025 LTM2 Financial Results Sales 1,125 1,197 1,154 4,747 Operating income 81 76 50 266 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1 118 155 12
Slide 5: Overview of Consolidated Profitability Drivers
OVERVIEW OF CONSOLIDATED PROFITABILITY DRIVERS Consolidated EBITDA (A)1 Variation Quarter-over-Quarter Year-over-Year (in millions of Canadian dollars) Q1 2026 vs Q4 2025 Q1 2026 vs Q1 2025 Average selling prices $1 million $18 million Operating costs ($30 million) ($36 million) Volume & Mix ($14 mi
Slide 6: Recycled Fibre Costs - Index List Prices
RECYCLED FIBRE COSTS - INDEX LIST PRICES ($ US/s.t.) Current OCC: 300 (May-26) • Index pricing moved slightly higher amid usual seasonally 275 constrained supply which lead to more challenging inventory 250 225 replenishment across most mill groups. 200 • Expect overall stable demand and pricing in
Slide 7: Virgin Pulp Costs - Index List Prices
VIRGIN PULP COSTS - INDEX LIST PRICES ($ US/metric ton) Current VIRGIN PULP: (May-26) 1,800 • Excess supply in NBSK pressured prices and margins, leading to mill curtailments and closures. 1,600 1,590 • Canadian wood supply disruptions contrasted with lower cost 1,400 1,480 in Scandinavia, but prici
Slide 8: Packaging Products: Q1 2026 Sequential Performance
PACKAGING PRODUCTS: Q1 2026 SEQUENTIAL PERFORMANCE SALES ($M) (6)% HIGHLIGHTS 757 • Higher parent roll shipments driven by improved (1) (8) 715 (11) performance at the Greenpac facility; offset by a (22) 9% decrease in corrugated and specialty products shipments (in short tons) Q4 2025 Selling F/X M
Slide 9: Packaging Products: Q1 2026 Year-over-Year Performance
PACKAGING PRODUCTS: Q1 2026 YEAR-OVER-YEAR PERFORMANCE SALES ($M) (6)% HIGHLIGHTS 13 8 762 • Volume decrease reflects lower parent roll shipments (21) 715 following the permanent closure of a mill; lower corrugated product shipments reflect the sale of a box (47) plant in British Columbia and lower
Slide 10: Packaging Products - Sales Trends
PACKAGING PRODUCTS - SALES TRENDS Product As a % of Volume (s.t.) Volume (s.t.) Volume (s.t.) category Q1 2026 Sales QoQ YoY Trend Q2/Q1 Corrugated 55% Paper rolls 27% Other 18% As a % of Volume (s.t.) Volume (s.t.) Volume (s.t.) Market Q1 2026 Sales QoQ YoY Trend Q2/Q1 Industrial & Manufacturing 13
Slide 11: Tissue Papers: Q1 2026 Sequential Performance
TISSUE PAPERS: Q1 2026 SEQUENTIAL PERFORMANCE SALES ($M) (7)% 7 2 HIGHLIGHTS 407 (4) • Lower volumes: shipments -8%. Converted products -6% in short tons (AfH tissue -10%, 380 Retail tissue -3%) mainly driven by usual seasonality (32) Q4 2025 Mix Selling F/X Volume Q1 2026 Sales price CAN$ Sales • H
Slide 12: Tissue Papers: Q1 2026 Year-over-Year Performance
TISSUE PAPERS: Q1 2026 YEAR-OVER-YEAR PERFORMANCE SALES ($M) HIGHLIGHTS 4% 5 • Higher volumes: shipments +3% in short tons. 10 380 Converted products +9% (AfH tissue +6%, Retail 13 tissue +11%) (12) 364 • Higher average selling price related to higher proportion of converted products and price Q1 20
Slide 13: Tissue Papers - Sales Trends
TISSUE PAPERS - SALES TRENDS Product As a % of Q1 2026 Volume (s.t.) Volume (s.t.) Volume (s.t.) category Q1 2026 Sales Volume (s.t.) QoQ YoY Trend Q2/Q1 Away-from-Home 34% 42,500 (10)% 6% Consumer 66% 70,300 (3)% 11% Products Total 100% 112,800 (8)% 3% 13
Slide 14: Q1 2026 EBITDA (A) to Operating Income Reconciliation
Q1 2026 EBITDA (A)1 TO OPERATING INCOME RECONCILIATION (M CAN$) 200 49 150 (3) (4) 118 (8) 100 81 50 (71) 0 1 EBITDA (A) Other Restructuring Loss Impairment Depr. & Operating income gain costs on financial charges Amort. instruments Corporate, Recovery and Packaging Tissue Recycling (M CAN$) Product
Slide 15: 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) Q1 2026 Q1 2026 As reported 39 $0.38 Specific items: Restructuring costs 3 $0.02 Other gain (49) ($0.42) Impairment charges 8 $0.06 Loss on financial
Slide 16: Quarterly Year-over-Year Adjusted EPS Variance
QUARTERLY YEAR-OVER-YEAR ADJUSTED EPS VARIANCE1,2 0.40 0.31 0.38 0.30 $ cents 0.20 0.04 0.06 0.13 (0.01) (0.01) (0.01) 0.10 (0.02) 0.07 0.07 (0.05) 0.00 EPS reported Specific Adjusted EPS 2 Financing Income tax Share of Non- Depreciation EBITDA (A) 2 Adjusted EPS 2 Specific EPS reported Q1 2025 item
Slide 17: Quarterly Sequential Adjusted EPS Variance
QUARTERLY SEQUENTIAL ADJUSTED EPS VARIANCE1,2 0.50 0.03 0.40 0.40 0.37 0.31 0.38 (0.02) (0.04) 0.30 $ cents 0.20 0.10 0.07 (0.27) 0.00 2 2 2 EPS reported Specific Adjusted EPS Share of Income EBITDA (A) Adjusted EPS Specific EPS reported Q4 2025 items Q4 2025 results of tax Q1 2026 items Q1 2026 JVs
Slide 18: 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 LTM4 Cash flow from operations 32 78 76 109 295 45 92 116 150 403 56 414 Specific items1 14 17 10 20 61 17 9 21 15 62 3 48 Adjusted cash flow from operations2 46 95 86 129 35
Slide 19: 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 range of $150 M to 455 35 22 $175 M1 148 137 85 30 254 11 222 44 43 106 74 83 24 16 2020 2021 2022 2023 2024 2025 2026 2026
Slide 20: Net Debt Reconciliation - Q1 2026
NET DEBT1 RECONCILIATION - Q1 2026 (M CAN$) 2,000 1,896 45 1,901 1,900 38 28 (60) 25 1,800 16 (56) (31) 1,700 Net debt as of Proceeds from Cash flow Proceeds from Dividends paid & F/X CAN$ Payments for Changes in non- Right-of-use Net debt as of December 31, business disposal from oper. disposals of
Slide 21: 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 4.3x 3.3x 3.3x 3.3x 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 22: Q2 2026 Outlook
Q2 2026 OUTLOOK FORECASTED COMMENTARY EBITDA (A)1 RANGE • Cautious volume outlook PACKAGING $93 M - $103 M • Higher logistics, chemical and recycled fibre costs • Gradual implementation of announced price increases • Higher volume following seasonally softer Q1 TISSUE $31 M - $34 M • Higher logistic
Slide 23: Strategic Priority Areas: 2025 - 2026
STRATEGIC PRIORITY AREAS: 2025 - 2026 OBJECTIVE PROGRESS • Bear Island mill run at 92% of capacity in the first four months of 2026 (excluding planned 1 GENERATE $100 M OF BASELINE ANNUAL PROFITABILITY maintenance downtime) IMPROVEMENTS BY YEAR-END 2026 • Pryor, OK tissue converting facility Q1 prod
Slide 24: Appendix
APPENDIX 24
Slide 25: Summary of Quarterly Financial Results and KPIs
SUMMARY OF QUARTERLY FINANCIAL RESULTS and KPIs 2024 2025 2026 (In millions of CAN$, except per common share amounts, where noted) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 LTM3 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 4,747 Operating income 9 34 36 16 95
Slide 26: Summary of Quarterly KPIs
SUMMARY OF QUARTERLY KPIs 2024 2025 2026 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 LTM4 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 1,653 Tissue Papers 115 122 122 121 480 110 120 128 122 480 113 483 556 566 57
Slide 27: Year-over-Year Sales Reconciliation
YEAR-OVER-YEAR SALES RECONCILIATION -3% (M CAN$) 1,300 21 18 1,200 1,154 1,125 (33) 1,100 (35) 1,000 Volume, Sales Selling business disposal Sales (M CAN$) Q1 2025 Mix price F/X CAN$ & closures Q1 2026 Packaging Products 762 8 13 (21) (47) 715 Tissue Papers 364 13 5 (12) 10 380 Corporate, Recovery a
Slide 28: Year-over-Year EBITDA (A) Reconciliation
YEAR-OVER-YEAR EBITDA (A)1 RECONCILIATION + Higher selling prices + Higher volume + Lower raw material costs + Lower raw material costs + Decrease in operating costs + Higher selling prices - Lower volume - Higher production, transportation and - Higher - Less favourable foreign exchange production,
Slide 29: Sequential Sales Reconciliation
SEQUENTIAL SALES RECONCILIATION (M CAN$) -6% 1,300 1,197 1 1,200 (4) 1,125 (12) 1,100 (57) 1,000 900 Volume, Sales Selling business disposal Sales (M CAN$) Q4 2025 price Mix F/X CAN$ & closures Q1 2026 Packaging Products 757 (1) (11) (8) (22) 715 Tissue Papers 407 2 7 (4) (32) 380 Corporate, Recover
Slide 30: Sequential EBITDA (A) Reconciliation
SEQUENTIAL EBITDA (A)1 RECONCILIATION + Lower raw material costs + Lower raw material costs + Higher selling prices Higher production, transportation and - - Lower volume energy costs + Decrease in operating costs - Lower volume - Lower production costs more than offset + Stock-based compensation ex
Slide 31: Cost of Sales, Selling and Administrative Expenses
COST OF SALES, SELLING AND ADMINISTRATIVE EXPENSES (In millions of Canadian dollars) Q1 2026 Q4 2025 Q1 2025 Cost of sales Raw materials 372 408 379 Wages and benefits 196 197 205 Energy 63 58 65 Delivery 138 135 128 Other 165 166 168 Depreciation and amortization 71 72 69 1,005 1,036 1,014 Selling
Slide 32: Selected Reference Prices
SELECTED REFERENCE PRICES Current Current Containerboard - Selected Products (US$/s.t.) Specialty Products - Selected Products (May-26) (US$/s.t.) (May-26) 1,200 1,000 1,100 1,170 900 995 1,000 800 885 900 700 800 600 700 Nov-21 May-24 Aug-21 Feb-24 May-21 Nov-23 Feb-21 Aug-23 Feb-26 May-23 Nov-25 F
Slide 33: Selected Reference Prices and Fibre Costs
SELECTED REFERENCE PRICES AND FIBRE COSTS Q1 2026 vs Q1 2026 vs. 2024 2025 2026 Q1 2025 Q4 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 (units) (%) (units) (%) Selli
Slide 34: For More Information
For more information: www.cascades.com/investors Jennifer Aitken, MBA Director, Investor Relations 514-282-2697 / investor@cascades.com