Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q4 2025 Earnings Presentation
16 slides from Boise Cascade, L.l.c's earnings presentation, Feb 24, 2026
Slide 1: Fourth Quarter 2025 Earnings Webcast
Boise Cascade Company Fourth Quarter 2025 Earnings Webcast February 24, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements concerning future events and expectations, including, without limitation, statements relating to first quarter 2026 outlook and expected key drivers for Boise Cascade and each of its business segments. These statements constitute forwa
Slide 3: Executive Summary
Executive Summary u 2025 Highlights Ø Net income of $132.8 million, or EPS of $3.53 Ø Continued growth in distribution business and capital investments in support of EWP growth strategy Ø Capital returns to shareholders u Fourth Quarter Consolidated Results Ø 4Q25 sales were $1.5 billion, down 7% fr
Slide 4: 4Q 2025 Financial Highlights
4Q 2025 Financial Highlights Sales Adjusted EBITDA (7)% $1,567.5 (56)% $1,460.2 $128.7 1,438.8 1,363.1 84.5 $ Millions $ Millions $57.2 56.4 354.0 419.7 56.6 12.3 (256.9) (291.0) (11.6) (12.4) 4Q 2025 4Q 2024 4Q 2025 4Q 2024 n BMD n Wood n Eliminations n BMD n Wood Corporate February 24, 2026 4
Slide 5: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $2,000 100 $1,800 22 23 21 21 21 20 19 19 1,655 1,615 1,567 1,556 $1,600 1,505 80 1,407 1,439 $1,400 1,363 $1,200 60 41 42 44 42 42 46 47 46 $1,000 $800 40 $600 $400 20 37 37 37 35 35 34 34 35 $200 $0 0 1Q 2Q 3Q 4Q 1Q24 2Q24 3Q24 4Q24 1
Slide 6: Building Materials Distribution EBITDA
Building Materials Distribution EBITDA (EBITDA % of sales) 8.0% 8.0% 5.9% 5.9% 6.0% 6.0% 5.6% 5.6% 5.7% 6.0% 5.7% 4.7% 4.5% 4.5% 4.1% 4.0% 4.0% 2.0% 2.0% —% —% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2023 2024 2025 2024 2025 - - - 2015 - 2019 Average (3.1%) February 24, 2026 6
Slide 7: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 5.5 5.1 5.0 70 4.8 4.6 66 5.0 4.6 4.6 62 4.2 59 60 57 55 53 53 4.0 50 45 3.0 40 2.0 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $2,400 $36 $2,200 $32 2,018 1,961 28.75 28.12 $2,000 1,921 1,894 27.62 26.93 1,833 $28 26.09 1,801 25.22 $1,800 24.03 24
Slide 8: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 450 $400 378 362 400 391 387 350 383 341 342 372 371 333 329 363 356 325 354 350 $300 300 250 $200 200 150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024 2025 February 24, 2026 8
Slide 9: Capital Allocation
Capital Allocation u Capital Expenditures u Shareholder Returns Ø $241 million in 2025 Ø $35 million in dividends paid in 2025 l BMD - $105 million l Wood Products - $136 million Ø Board authorization of 1Q quarterly dividend of $0.22 per share Ø $150 million - $170 million planned for 2026 Ø $181 m
Slide 10: Outlook: 2026 Q1
Outlook: 2026 Q1 Segment Adjusted EBITDA Key Drivers Daily Sales Pace • Quarter-to-date pace 6% below Q4 average, daily pace to improve as the quarter progresses but expected to fall short of $22.0 million/ day pace in Q4 BMD $45 - $55 million 63 Sales Days Gross Margins • 14.25% - 15.0% EWP • Volum
Slide 11: Business Outlook
Business Outlook u 2026 market forecast Ø Single-family Ø Multi-family Ø Repair & remodeling u Maintaining operational focus and leveraging the complementary business model Ø Channel reliance on BMD Ø EWP realizations u Long-term demand outlook remains positive for residential construction and repai
Slide 12: Appendix
Appendix February 24, 2026
Slide 13: Appendix
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconcile
Slide 14: Appendix
Appendix The following table reconciles segment income (loss) to segment EBITDA for the three months ended December 31, 2025 and 2024, and September 30, 2025: Three Months Ended ($ Millions) 4Q25 4Q24 3Q25 Building Materials Distribution Segment income $ 41.5 $ 70.7 $ 54.3 Depreciation and amortizat
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 2024 2025 2026 Source: Random Lengths February 24, 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 2024 2025 2026 Source: Random Lengths February 24, 2026 16