Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q3 2025 Earnings Presentation
16 slides from Boise Cascade, L.l.c's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter 2025 Earnings Webcast
Boise Cascade Company Third Quarter 2025 Earnings Webcast November 4, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements concerning future events and expectations, including, without limitation, statements relating to fourth quarter 2025 outlook and expected key drivers for Boise Cascade and each of its business segments. These statements constitute forw
Slide 3: Executive Summary
Executive Summary u Consolidated Results Ø 3Q25 sales were $1.7 billion, down 3% from 3Q24 Ø 3Q25 net income was $21.8 million, or $0.58 per share, compared to net income of $91.0 million, or $2.33 per share, in 3Q24 u Results reflective of subdued demand environment u Focus on execution of strategi
Slide 4: 3Q 2025 Financial Highlights
3Q 2025 Financial Highlights Sales Adjusted EBITDA (3)% (52)% $1,713.7 $154.5 $1,667.8 87.7 $ Millions $ Millions 1,567.5 1,556.2 $74.4 69.8 77.4 396.4 453.9 14.5 (284.7) (307.6) (10.0) (10.7) 3Q 2025 3Q 2024 3Q 2025 3Q 2024 n BMD n Wood n Eliminations n BMD n Wood Corporate November 4, 2025 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 5.5 5.1 5.0 70 4.8 4.6 66 5.0 4.6 4.6 62 59 60 57 55 53 53 4.0 50 3.0 40 2.0 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/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 24.03 1,684 $24
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 450 $400 378 362 400 391 387 350 383 341 342 372 371 333 363 356 325 350 $300 300 250 $200 200 150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024 2025 November 4, 2025 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $2,000 100 $1,800 22 23 21 21 21 20 19 1,655 1,615 1,567 1,556 $1,600 1,505 80 1,407 1,439 $1,400 $1,200 60 41 42 44 42 42 46 47 $1,000 $800 40 $600 $400 20 37 37 37 35 35 34 34 $200 $0 0 1Q 2Q 3Q 4Q 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 2
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% 4.9% 4.5% 4.5% 4.0% 4.0% 2.0% 2.0% —% —% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2023 2024 YTD Q3 2025 2024 2025 - - - 2015 - 2019 Average (3.1%) November 4, 2025 8
Slide 9: Capital Allocation
Capital Allocation u Capital Expenditures u Shareholder Returns Ø $187 million YTD 2025 Ø $27 million in dividends paid YTD l Wood Products - $99 million September 2025 l BMD - $88 million Ø Board authorization of 4Q quarterly Ø $230 million - $250 million dividend of $0.22 per share planned for 202
Slide 10: Outlook: 2025 Q4
Outlook: 2025 Q4 Segment Adjusted EBITDA Key Drivers EWP • Volumes: Low double-digit to mid-teen sequential declines • Prices: Low single-digit sequential declines Plywood Wood Products $0 - $15 million • Volumes: High single-digit to low double-digit sequential declines • Prices: Quarter-to-date co
Slide 11: Business Outlook
Business Outlook u Maintaining operational focus and leveraging the complementary business model u Early view of 2026 expectations Ø EWP landscape Ø Channel reliance on two-step distribution u Long-term demand outlook remains positive for residential construction and repair & remodel activity Novemb
Slide 12: Appendix
Appendix November 4, 2025
Slide 13: Appendix
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconcile
Slide 14: Appendix
Appendix The following table reconciles segment income (loss) to segment EBITDA for the three months ended September 30, 2025 and 2024, and June 30, 2025: Three Months Ended ($ Millions) 3Q25 3Q24 2Q25 Wood Products Segment income (loss) $ (12.1) $ 53.9 $ 14.0 Depreciation and amortization 26.6 23.6
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 November 4, 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 November 4, 2025 16
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