Slide 1: Q4 2025 Financial Results
Q4 2025 FINANCIAL RESULTS February 26, 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: Q4 2025 Key Takeaways
Q4 2025 KEY TAKEAWAYS PACKAGING: • Bear Island: run at 88% of total capacity in Q4, lighter basis weight paper production +7% QoQ; operational metrics improved • Q4 EBITDA (A)1 margins improved QoQ to 17.4%, reflecting profitability, operational & customer service initiatives • Operational footprint
Slide 4: Summary of Financial Results
SUMMARY OF FINANCIAL RESULTS (In millions of CAN$, except per common share amounts, where noted) 2025 2024 Q4 2025 Q3 2025 Q4 2024 Financial Results Sales 4,776 4,701 1,197 1,238 1,211 Operating income 235 95 76 73 16 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A
Slide 5: Overview of Consolidated Profitability Drivers
OVERVIEW OF CONSOLIDATED PROFITABILITY DRIVERS Consolidated EBITDA (A)1 Variation Quarter-over-Quarter Year-over-Year Year-to-date (in millions of Canadian dollars) Q4 2025 vs Q3 2025 Q4 2025 vs Q4 2024 2025 vs 2024 Average selling prices ($11 million) $25 million $163 million Operating costs $10 mi
Slide 6: Recycled Fibre Costs - Index List Prices
RECYCLED FIBRE COSTS - INDEX LIST PRICES ($ US/s.t.) Current OCC: 300 (Feb-26) • Well-balanced market through Q4, supported by higher 275 generation levels 250 225 • January index prices remained stable. Usual lower 200 seasonal generation in Q1 increased pricing $5 in 175 February, with the potenti
Slide 7: Virgin Pulp Costs - Index List Prices
VIRGIN PULP COSTS - INDEX LIST PRICES ($ US/metric ton) Current VIRGIN PULP: (Feb-26) 1,800 • The market remained soft across all pulp grades, with NBSK 1,565 particularly affected.This resulted in consecutive month-over- 1,600 month index declines, pushing producers’ annualized margins to historica
Slide 8: Packaging Products: Q4 2025 Sequential Performance
PACKAGING PRODUCTS: Q4 2025 SEQUENTIAL PERFORMANCE SALES ($M) 6 (5)% HIGHLIGHTS 20 797 (11) • Parent rolls shipments were lower as a result of 757 permanent closure of a mill; corrugated and (55) specialty products shipments (in short tons) were stable sequentially. Q3 2025 Mix F/X Selling Volume Q4
Slide 9: Packaging Products: Q4 2025 Year-Over-Year Performance
PACKAGING PRODUCTS: Q4 2025 YEAR-OVER-YEAR PERFORMANCE SALES ($M) (3)% HIGHLIGHTS 17 23 • Parent rolls shipments were lower as a result of (1) permanent closure of a mill, in addition corrugated 782 products were also slightly lower following strong 757 demand in 2024 (64) • N.A. Box Shipments Casca
Slide 10: Packaging Products - Sales Trends
PACKAGING PRODUCTS - SALES TRENDS Product As a % of Volume (s.t.) Volume (s.t.) Volume (s.t.) category Q4 2025 Sales QoQ YoY Trend Q1/Q4 Corrugated 58% Paper rolls 25% Other 17% As a % of Volume (s.t.) Volume (s.t.) Volume (s.t.) Market Q4 2025 Sales QoQ YoY Trend Q1/Q4 Industrial & Manufacturing 18
Slide 11: Tissue Papers: Q4 2025 Sequential Performance
TISSUE PAPERS: Q4 2025 SEQUENTIAL PERFORMANCE SALES ($M) (1)% 3 HIGHLIGHTS 7 412 • Lower volumes: shipments -4%. Converted 407 products -1% in short tons (AfH tissue -3%, Retail tissue +0.4%) (15) Q3 2025 Mix F/X Volume Q4 2025 • Higher average selling price driven by FX and Sales CAN$ Sales sales m
Slide 12: Tissue Papers: Q4 2025 Year-Over-Year Performance
TISSUE PAPERS: Q4 2025 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 3% HIGHLIGHTS 2 407 • Higher volumes: shipments +1% in short tons 4 8 (1) (AfH tissue 0%, Retail tissue +8%) 394 • Higher average selling price related to higher proportion of converted products and price Q4 2024 Sales Mix Volume Selling p
Slide 13: Tissue Papers - Sales Trends
TISSUE PAPERS - SALES TRENDS Product As a % of Q4 2025 Volume (s.t.) Volume (s.t.) Volume (s.t.) category Q4 2025 Sales Volume (s.t.) QoQ YoY Trend Q1/Q4 Parent rolls —% 3,024 (53)% (57)% Away-from-Home 36% 47,332 (3)% —% Consumer 64% 72,215 —% 8% Products Total 100% 122,572 (4)% 1% 13
Slide 14: Q4 2025 EBITDA (A) To Operating Income Reconciliation
Q4 2025 EBITDA (A)1 TO OPERATING INCOME RECONCILIATION (M CAN$) 200 21 1 155 150 (4) (25) 100 76 50 (72) 0 1 EBITDA (A) Other Gain Restructuring Impairment Depr. & Operating income gain on financial costs charges Amort. instruments Corporate, Recovery and Packaging Tissue Recycling (M CAN$) Products
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) Q4 2025 Q4 2025 As reported 37 $0.37 Specific items: Restructuring costs 4 $0.03 Other gain (21) ($0.18) Impairment charges 25 $0.19 Gain on financia
Slide 16: Quarterly Year-Over-Year Adjusted EPS Variance
QUARTERLY YEAR-OVER-YEAR ADJUSTED EPS VARIANCE1,2 0.50 0.02 0.40 0.40 0.03 0.37 0.03 0.07 (0.03) 0.30 0.38 0.25 0.20 $ cents 0.10 0.00 -0.10 (0.13) -0.20 2 EPS reported Specific Adjusted EPS EBITDA (A) Depreciation Income tax Financing Adjusted EPS Specific EPS reported Q4 2024 items Q4 2024 2 & var
Slide 17: Quarterly Sequential Adjusted EPS Variance
QUARTERLY SEQUENTIAL ADJUSTED EPS VARIANCE1,2 0.50 0.02 0.01 0.02 0.40 0.40 0.09 0.38 0.37 (0.03) (0.03) 0.29 0.30 $ cents 0.20 0.10 0.00 EPS reported Specific Adjusted EPS Depreciation Financing Income EBITDA (A) 2 Adjusted EPS Specific EPS reported 2 Q3 2025 items Q3 2025 2 & expense tax Q4 2025 i
Slide 18: Year-Over-Year YTD Adjusted EPS Variance
YEAR-OVER-YEAR YTD ADJUSTED EPS VARIANCE1,2 1.50 0.05 0.02 0.55 1.10 (0.02) (0.04) 1.00 (0.06) 0.70 0.91 0.60 (0.40) $ cents 0.50 0.00 (0.31) -0.50 2 EPS reported Specific Adjusted EPS EBITDA (A) Financing Income tax Share of Depreciation Non- Adjusted EPS Specific EPS reported 2024 items 2024 2 exp
Slide 19: Cash Flow Overview
CASH FLOW OVERVIEW 2023 2024 2025 (In millions of CAN$, except per common share amounts) Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Cash flow from operations 397 32 78 76 109 295 45 92 116 150 403 Specific items1 24 14 17 10 20 61 17 9 21 15 62 Adjusted cash flow from operations2 421 46 95 86 129 356 62
Slide 20: 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 50 32 2026 Forecast: 213 35 22 455 ~ $175 M1 148 137 85 30 254 11 222 44 43 106 83 74 2020 2021 2022 2023 2024 2025 2026F Packaging Products Tissue
Slide 21: Net Debt Reconciliation - Q4 2025
NET DEBT1 RECONCILIATION - Q4 2025 (M CAN$) 2,100 2,023 2,000 57 1,896 1,900 42 (150) 17 1,800 (33) (31) (25) (3) (1) 1,700 Net debt as of Cash flow Changes in non- Proceeds from F/X CAN$ Investments Proceeds from Dividends paid Payments for Right-of-use Net debt as of September 30, from oper. cash
Slide 22: Net Debt Reconciliation - 2025
NET DEBT1 RECONCILIATION - 2025 (M CAN$) 2,096 2,000 152 1,896 100 1,750 81 (403) 24 1,500 (91) (31) (27) (5) Net debt as of Cash flow F/X CAN$ Proceeds from Proceeds from Investments Changes in non- Dividends paid Right-of-use Payments for Net debt as of December 31, from oper. business disposals o
Slide 23: 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 3.8x 3.6x 3.5x 3.5x 3.4x 4.6x 4.3x 4.6x 4.9x 4.5x 4.3x 3.3x 3.3x 3.6x 2.5x 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 24: Q1 2026 Outlook
Q1 2026 OUTLOOK FORECASTED COMMENTARY EBITDA (A)1 RANGE • Seasonally softer volumes • Higher logistics and energy costs PACKAGING $117 M - $123 M • Planned maintenance downtime ± 16,000 s.t. including Bear Island (4 days), URB facility (6 days) • Seasonally lower volumes (AfH) • Impacts from weather
Slide 25: Strategic Priority Areas: 2025 - 2026
STRATEGIC PRIORITY AREAS: 2025 - 2026 OBJECTIVE PROGRESS • Bear Island mill run at 88% of capacity in Q3 and Q4; focused on production of lighter 1 GENERATE $100 M OF BASELINE ANNUAL PROFITABILITY weight paper, machine up-time IMPROVEMENTS BY YEAR-END 2026 • Pryor, OK tissue converting facility Q4 p
Slide 26: Appendix
APPENDIX 26
Slide 27: Summary of Quarterly Financial Results and KPIs
SUMMARY OF QUARTERLY FINANCIAL RESULTS and KPIs 2023 2024 2025 (In millions of CAN$, except per common share amounts, where noted) Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Financial Results Sales 4,638 1,109 1,180 1,201 1,211 4,701 1,154 1,187 1,238 1,197 4,776 Operating income 40 9 34 36 16 95 50 36
Slide 28: Summary of Quarterly KPIs
SUMMARY OF QUARTERLY KPIs 2023 2024 2025 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Key Performance Indicators 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 Tissue Papers 513 115 122 122 121 480 110 120 128 122 480 2,238 556 566 572 563
Slide 29: Year-Over-Year Sales Reconciliation
YEAR-OVER-YEAR SALES RECONCILIATION -1% (M CAN$) 1,300 25 25 1,211 (2) 1,197 1,200 (62) 1,100 1,000 Sales Selling Volume Sales (M CAN$) Q4 2024 price Mix F/X CAN$ and other items Q4 2025 Packaging Products 782 23 17 (1) (64) 757 Tissue Papers 394 2 8 (1) 4 407 Corporate, Recovery and Recycling activ
Slide 30: 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 - Lower volume + Higher selling prices - Higher production costs, higher - Higher + Favourable foreign exchange production costs, high
Slide 31: Sequential Sales Reconciliation
SEQUENTIAL SALES RECONCILIATION (M CAN$) -3% 1,400 27 9 1,238 1,197 1,200 (11) (66) 1,000 Sales Selling Volume Sales (M CAN$) Q3 2025 Mix F/X CAN$ price and other items Q4 2025 Packaging Products 797 20 6 (11) (55) 757 Tissue Papers 412 7 3 — (15) 407 Corporate, Recovery and Recycling activities & E
Slide 32: Sequential EBITDA (A) Reconciliation
SEQUENTIAL EBITDA (A)1 RECONCILIATION + Lower raw material costs Lower production costs partly offset by + Lower raw material costs + higher transportation costs - Lower volume + Decrease in operating costs - Lower selling price - Lower production costs more than offset - Stock-based compensation ex
Slide 33: Cost of Sales, Selling and Administrative Expenses
COST OF SALES, SELLING AND ADMINISTRATIVE EXPENSES (In millions of Canadian dollars) 2025 2024 Q4 2025 Q3 2025 Q4 2024 Cost of sales Raw materials 1,657 1,690 408 452 434 Wages and benefits 800 782 197 193 200 Energy 231 210 58 54 54 Delivery 518 534 135 134 131 Other 668 640 166 162 163 Depreciatio
Slide 34: Sensitivity Table
SENSITIVITY TABLE1 SHIPMENTS/CONSUMPTION ('000 SHORT TONS, ’000 EBITDA (A)2 IMPACT (unaudited) MMBTU FOR NATURAL GAS) INCREASE (IN MILLIONS OF CAN$) SELLING PRICE (MANUFACTURING AND CONVERTING)3 Packaging Products Linerboard 42-lb. unbleached kraft, Eastern US 500 US$25/s.t. 17 Corrugating medium 26
Slide 35: Selected Reference Prices
SELECTED REFERENCE PRICES Current Current Containerboard - Selected Products (US$/s.t.) Specialty Products - Selected Products (Feb-26) (US$/s.t.) (Feb-26) 1,200 1,000 1,100 1,110 900 945 1,000 800 835 900 800 700 700 600 600 Aug-21 Feb-24 May-21 Nov-23 Feb-21 Aug-23 Nov-20 May-23 Nov-25 Feb-23 Aug-
Slide 36: Selected Reference Prices and Fibre Costs
SELECTED REFERENCE PRICES AND FIBRE COSTS 2023 2024 2025 2025 vs 2024 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 Q2 Q3 Q4 Year (units) (%) Selling Prices (average) PACK
Slide 37: For More Information
For more information: www.cascades.com/investors Jennifer Aitken, MBA Director, Investor Relations 514-282-2697 / investor@cascades.com