Cascades Inc. · TSX:CAS
Cascades — Investor Presentation (May 2026)
35 slides from Cascades's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
1 Investor Presentation May 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: Mission and Vision
We care. We innovate. We create value. Mission Vision To improve the well-being of To be a key contributor to people, communities and the our customers’ success by planet by providing sustainable leading the way for sustainable and innovative solutions that packaging, hygiene and create value. recov
Slide 4: Our History
OUR HISTORY 1964 – 2010 2010 - 2025 2026 - FUTURE BUILD MODERNIZE OPTIMIZE • Founded in 1964 by the • Realigned business • Combined containerboard Lemaire brothers strategy to focus on & specialty products into • Went public in 1982 packaging & tissue united packaging • Modernized internal segment •
Slide 5: Our Leaders
OUR LEADERS Hugues Simon President and CEO 2 years Allan Hogg Jean-David Tardif Jérôme Porlier Emmanuelle Migneault Vice-President and CFO Executive VP, Packaging Executive VP, Tissue Chief Human Resources Officer 35 years 28 years 13 years 24 years François Fillion Jérôme Nadeau Hugo D’Amours Riko
Slide 6: Our Company
OUR COMPANY DIVERSIFIED OPERATIONAL PLATFORM GEOGRAPHICALLY WELL POSITIONED ACROSS N.A. Kingsey Falls, QC PACKAGING 3 9 • Annual production capacity: 1.7 M s.t. • 6 Paper Mills • 27 Converting Facilities1 • 4 distribution centers 4 9 TISSUE PAPERS • Annual capacity: 445,000 s.t. / ~70 M cases • 5 Ma
Slide 7: Strategic Priority Areas: 2025 – 2026
STRATEGIC PRIORITY AREAS: 2025 – 2026 STRATEGIC ACTIONS GENERATED ~$30 M OF PROFITABILITY IMPROVEMENTS IN 2025 OBJECTIVE PROGRESS • Bear Island mill run at 92% of capacity in the first four months of 2026 (excluding 1 GENERATE $100 M OF BASELINE planned maintenance downtime) ANNUAL PROFITABILITY IMP
Slide 8: Financial Results
Financial Results 8
Slide 9: Summary of Financial Results
SUMMARY OF FINANCIAL RESULTS (in millions of CAN$, except per share amounts) Q1 Q4 Q1 2 LTM 2026 2025 2025 Sales 1,125 1,197 1,154 4,747 Operating Income (loss) 81 76 50 266 EBITDA (A)1 118 155 125 569 Margin (EBITDA (A)1/Sales) 10.5% 12.9% 10.8% 12.0% Net earnings (loss) 39 37 7 102 Adjusted net ea
Slide 10: 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 11: Recycled Fibre Costs – Index Prices
RECYCLED FIBRE COSTS – INDEX PRICES (US$/s.t.) OCC: • Index pricing moved slightly higher amid usual seasonally constrained supply which led to more challenging Current inventory replenishment across most mill groups. (May-26) • Expect overall stable demand and pricing in Q2, supported by a modest p
Slide 12: Virgin Fibre Costs – Index List Prices
VIRGIN FIBRE COSTS – INDEX LIST PRICES (US$/metric ton) VIRGIN PULP: Current • Excess supply in NBSK pressured prices and (May-26) margins, leading to mill curtailments and closures. 1,590 • Canadian wood supply disruptions contrasted with 1,480 lower cost in Scandinavia, but pricing recovery for 1,
Slide 13: Capital Investments
CAPITAL INVESTMENTS (in property, plant & equipment, in millions of CAN dollars, excluding new leases, disposal of assets and accounts payable variation) Strategic investments have transformed our operational platform. 532 36 41 312 330 26 289 Forecast: 27 50 32 $150M to 81 227 213 455 35 $175M1 169
Slide 14: Financial Performance
FINANCIAL PERFORMANCE Sales (M CAN$) Free Cash Flow2 4,701 4,776 4,747 8.9% 8.9% 9.0% 4,638 4,466 7.2% 4.7% 413 424 425 340 210 2022 2023 2024 2025 LTM Q1 2026 2022 2023 2024 2025 LTM Q1 2026 Free Cash Flow (M CAN$) Free Cash Flow/Sales (%) EBITDA (A)1 (M CAN$) & Margin (% of sales) Earnings and Adj
Slide 15: Financial Ratios & Debt Maturities
FINANCIAL RATIOS & DEBT MATURITIES Net Debt / Adjusted EBITDA (A)1 Interest Coverage Ratio2 5.2x 4.9x 4.2x 4.6x 4.5x 4.3x 4.3x 3.5x 3.4x 3.3x 3.3x 3.6x 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 Net Debt / Net Debt + Total Equity1 Long-Term Debt Maturities (as of March 31, 2026) 54%
Slide 16: Business Segments
Business Segments 16
Slide 17: Packaging – Our Business
PACKAGING – OUR BUSINESS Sales by Product Category1,2 Sales by Country1 Vertically integrated provider of sustainable packaging solutions made with up to 100% 18% Corrugated recycled fibres 40% Canada Paper Rolls US 27% 55% Other 60% Operational platform significantly realigned: • Opened Bear Island
Slide 18: Packaging - Industry
PACKAGING - INDUSTRY US & Canadian Industry Corrugated Box Shipments2,3 U.S. Containerboard Production & Capacity Utilization Rate1 380.6 381.0 374.2 36,495 37,864 36,149 91% 91% 35.6 37.4 37.7 87% 2023 2024 2025 2023 2024 2025 US total shipments (Billion sq. ft.) Canadian total shipments (Billion s
Slide 19: Packaging – Performance
PACKAGING – PERFORMANCE EBITDA (A)1 (M CAN$) & Margin (%) • Growth supported by targeted investments and realignment of operational platform 19.5% 17.7% 17.1% 16.7% 16.0% 16.2% • Focused on efficiency, productivity and continuing 13.6% to increase production levels at strategic Bear 493 481 496 490
Slide 20: Tissue Papers – Our Business
TISSUE PAPERS – OUR BUSINESS Sales by Product Category1 Converting Capacity by Country2 Tissue paper rolls and converted finished products for the retail and industrial markets 34% Retail 49% Canada Portfolio transformed since 2020: 51% US • 3 manufacturing facilities closed (202 k tons) 66% Away-fr
Slide 21: Tissue Papers - Industry
TISSUE PAPERS - INDUSTRY US Tissue Paper Production (Parent Rolls) & Capacity Utlization1 US Tissue Paper Converted Product Shipments1 9,491 9,586 6,358 9,352 6,282 6,330 96% 3,077 3,082 94% 3,035 93% 2023 2024 2025 2023 2024 2025 Total parent roll production ('000 s.t.) Capacity utilization rate Co
Slide 22: Tissue – Performance
TISSUE – PERFORMANCE EBITDA (A)1 (M CAN$) & Margin (%) • Good demand levels for retail private label Tissue products; stable but dynamic demand levels for Away- 11% 11% 12% 10% 10% from-Home solutions due to economic environment 2% nmf 182 192 175 163 159 • Focused on efficiency, productivity, filin
Slide 23: Q2 2026 Outlook
Q2 2026 OUTLOOK FORECASTED EBITDA (A)1 RANGE VOLUME TREND (s.t.) Q2/26 vs Q1/26 PRODUCT MARKET PACKAGING • Cautious volume outlook Corrugated Industrial & Manufacturing • Higher logistics, chemical and $93 M – $103 M recycled fibre costs Paper rolls Food & Beverage • Gradual implementation of Other
Slide 24: Our Operational Mindset
OUR OPERATIONAL MINDSET Ben EH Ei Si aKes : AFE GRUN? icarn Mule from them totorrow icone ot AELP Stick to the ° * EXECUTE [areveriin 1) = CUSTOME Ve so SATISFACTION Copy jae: SS y i} “ < TAA ts ~ Sti dS SSR REPEAT - ee
Slide 25: Conclusion
CONCLUSION Positioning for future growth and development optionality 60+ year track record of successful operations through business cycles Leading market positions in North America with a deep focus on markets where Cascades can derive a competitive advantage Well-balanced product portfolio and man
Slide 26: Appendices
APPENDICES 26
Slide 27: Packaging: Q1 2026 Sequential Performance
PACKAGING: Q1 2026 SEQUENTIAL PERFORMANCE HIGHLIGHTS • Higher parent roll shipments driven by improved performance at the Greenpac facility; offset by a 9% decrease in corrugated and specialty product shipments (in short tons) • N.A. Box Shipments (MSF) : Cascades2 (5.7%) vs. Industry3 (30%) • Benef
Slide 28: Tissue: Q1 2026 Sequential Performance
TISSUE: Q1 2026 SEQUENTIAL PERFORMANCE HIGHLIGHTS • Lower volumes: shipments -8%. Converted products -6% in short tons (AfH tissue -10%, Retail tissue -3%) • Higher average selling price driven by sales mix, partially offset by less favourable FX • Higher costs driven by inflation, challenging marke
Slide 29: Quarterly Financial Results & KPIs
QUARTERLY FINANCIAL RESULTS & KPIs 2024 2025 2026 (In millions of CAN$, 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 (loss) 9 34 36 16 95 50 36
Slide 30: Quarterly Operational KPIs
QUARTERLY OPERATIONAL KPIs 2023 2024 2025 2006 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 LTM4 Total shipments (in ’000 short tons (s.t.))1 Packaging Products 1,725 441 444 450 442 1,777 421 424 434 403 1,682 392 1,653 Tissue Papers 513 115 122 122 121 480 110 120 128 122 480 113 483 2,238 556 566 57
Slide 31: Cash Flow Overview
CASH FLOW OVERVIEW 2023 2024 2025 2026 (In millions of CAN$, except per YEAR Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR Q1 LTM4 common share amounts) Cash flow from operations 397 32 78 76 109 295 45 92 116 150 403 56 414 Specific items1 24 14 17 10 20 61 17 9 21 15 62 3 48 Adjusted cash flow from operations
Slide 32: COGS and SG&A Overview
COGS AND SG&A OVERVIEW 2024 2025 2026 COST OF SALES (in millions of CAN$) Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR Q1 Raw materials 377 431 448 434 1,690 379 418 452 408 1,657 372 Wages & benefits 194 198 190 200 782 205 205 193 197 800 196 Energy 54 51 51 54 210 65 54 54 58 231 63 Delivery 138 133 132 131
Slide 33: Reference Prices & Fibre Costs
REFERENCE PRICES & FIBRE COSTS 2024 2025 2026 Q1 2026 vs Q1 2025 Q1 2026 vs. 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) (%) Selling Prices (
Slide 34: Sensitivity Table
SENSITIVITY TABLE1 (unaudited) SHIPMENTS/CONSUMPTION INCREASE EBITDA (A)2 IMPACT ('000 SHORT TONS, ’000 MMBTU FOR NATURAL GAS) (IN MILLIONS OF CAN$) SELLING PRICE (MANUFACTURING AND CONVERTING)3 Packaging Products Linerboard 42-lb. unbleached kraft, Eastern US 500 US$25/s.t. 17 Corrugating medium 26
Slide 35: www.cascades.com/investors
www.cascades.com/investors Jennifer Aitken, MBA Director, Investor Relations 514.282.2697 / investor@cascades.com