Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q2 2025 Earnings Presentation
16 slides from Boise Cascade, L.l.c's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter 2025 Earnings Webcast
Boise Cascade Company Second Quarter 2025 Earnings Webcast August 5, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements concerning future events and expectations, including, without limitation, statements relating to third quarter 2025 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 Consolidated Results Ø 2Q25 sales were $1.7 billion, down 3% from 2Q24 Ø 2Q25 net income was $62.0 million, or $1.64 per share, compared to net income of $112.3 million, or $2.84 per share, in 2Q24 Ø 2Q25 includes pre-tax gains on non-operating asset sales of $7.7 million u Resul
Slide 4: 2Q 2025 Financial Highlights
2Q 2025 Financial Highlights Sales Adjusted EBITDA (3)% $1,797.7 (34)% $1,740.1 $181.2 $119.0 97.1 1,655.2 $ Millions $ Millions 1,614.9 91.8 95.1 447.2 489.8 37.3 (322.0) (347.4) (10.1) (11.0) 2Q 2025 2Q 2024 2Q 2025 2Q 2024 n BMD n Wood n Eliminations n BMD n Wood Corporate August 5, 2025 4
Slide 5: 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 62 59 60 57 55 53 4.0 50 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 $1,600 $20 $1,400
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 450 $400 378 362 400 391 350 383 341 342 372 371 333 363 356 350 $300 300 250 $200 200 150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024 2025 August 5, 2025 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $2,000 100 $1,800 22 23 21 21 21 20 1,655 1,615 1,567 $1,600 1,505 80 1,407 1,439 $1,400 $1,200 60 41 42 44 42 42 46 $1,000 $800 40 $600 $400 20 37 37 37 35 35 34 $200 $0 0 1Q 2Q 3Q 4Q 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 2024 2025 Commodity G
Slide 8: 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% 5.1% 4.5% 4.0% 4.0% 2.0% 2.0% —% —% 1Q 2Q 3Q 4Q 1Q 2Q 2023 2024 YTD Q2 2025 2024 2025 - - - 2015 - 2019 Average (3.1%) August 5, 2025 8
Slide 9: Capital Allocation
Capital Allocation u Capital Expenditures u Shareholder Returns Ø $132 million YTD 2025 Ø $18 million in dividends paid YTD l Wood Products - $70 million June 2025 l BMD - $62 million Ø Board authorization of 3Q quarterly Ø $220 million - $240 million dividend of $0.22 per share planned for 2025 l W
Slide 10: Outlook: 2025 Q3
Outlook: 2025 Q3 Segment Adjusted EBITDA Key Drivers EWP • Volumes: High single-digit sequential decline • Prices: Low to mid single-digit sequential decline Plywood Wood Products $20 - $30 million • Volumes: Mid single-digit sequential increase • Prices: July 5% below Q2 average, balance of quarter
Slide 11: Business Outlook
Business Outlook u Align production rates and inventory strategies with demand u Positive view of long-term demand drivers for residential construction and repair & remodel activity u Investments in wood products assets throughout the business cycle u Distribution-friendly demand environment August
Slide 12: Appendix
Appendix August 5, 2025
Slide 13: Appendix
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconcile
Slide 14: Appendix
Appendix The following table reconciles segment income to Segment EBITDA for the three months ended June 30, 2025 and 2024, and March 31, 2025: Three Months Ended ($ Millions) 2Q25 2Q24 1Q25 Wood Products Segment income $ 14.0 $ 72.8 $ 17.7 Depreciation and amortization 23.3 22.3 22.5 Segment EBITDA
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 2023 2024 2025 Source: Random Lengths August 5, 2025 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 2023 2024 2025 Source: Random Lengths August 5, 2025 16