Slide 1: First Quarter 2025 Earnings Webcast
Boise Cascade Company First Quarter 2025 Earnings Webcast May 6, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements u This presentation includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regardin
Slide 3: Executive Summary
Executive Summary u Consolidated Results Ø 1Q25 sales were $1.5 billion, down 7% from 1Q24 Ø 1Q25 net income was $40.3 million, or $1.06 per share, compared to net income of $104.1 million, or $2.61 per share, in 1Q24 u Solid performance considering environment Ø Constrained demand and near-term mac
Slide 4: 1Q 2025 Financial Highlights
1Q 2025 Financial Highlights Sales Adjusted EBITDA (7)% (46)% $1,645.4 $1,536.5 $168.5 83.6 $ Millions $ Millions 1,505.0 1,407.1 $91.6 62.8 95.6 415.8 468.9 40.2 (286.5) (328.5) (11.4) (10.7) 1Q 2025 1Q 2024 1Q 2025 1Q 2024 n BMD n Wood n Eliminations n BMD n Wood Corporate May 6, 2025 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 5.1 5.0 70 4.8 4.6 66 5.0 4.6 59 60 57 55 53 4.0 50 3.0 40 2.0 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/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 $1,800 $24 $1,600 $20 $1,400 $16 $1,200 $12 $1,0
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 450 $400 378 362 400 391 350 383 341 372 371 333 363 350 $300 300 250 $200 200 150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024 2025 May 6, 2025 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $2,000 100 $1,800 22 23 21 21 21 1,655 1,567 $1,600 1,505 80 1,407 1,439 $1,400 $1,200 60 41 42 44 42 42 $1,000 $800 40 $600 $400 20 37 37 37 35 35 $200 $0 0 1Q 2Q 3Q 4Q 1Q24 2Q24 3Q24 4Q24 1Q25 2024 2025 Commodity General Line EWP May
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% 6.0% 5.7% 4.5% 4.5% 4.0% 4.0% 2.0% 2.0% —% —% 1Q 2Q 3Q 4Q 1Q 2023 2024 YTD Q1 2025 2024 2025 - - - 2015 - 2019 Average (3.1%) May 6, 2025 8
Slide 9: Q2 Indicators
Q2 Indicators Segment Key Drivers Q2 Expectations or Indicators EWP Volumes Mid to high single-digit sequential increases EWP Pricing Low single-digit sequential declines Wood Products Plywood Volumes Mid single-digit sequential increase Plywood Pricing Quarter to date realizations consistent with Q
Slide 10: Capital Allocation
Capital Allocation u Capital Expenditures u Shareholder Returns Ø $53 million in 1Q 2025 Ø $10 million in dividends paid in 1Q l Wood - $31 million 2025 l BMD - $22 million Ø Board authorization of 2Q quarterly Ø $220 million - $240 million dividend of $0.21 per share planned for 2025 l Wood - $130
Slide 11: Outlook
Outlook u 2025 end market demand expectations difficult to predict Ø Most housing starts forecasts ranging between flat to mid-single digit year- over-year declines u Well positioned to respond as the economic situation changes u Constructive view on long-term housing fundamentals May 6, 2025 11
Slide 12: Appendix
Appendix May 6, 2025
Slide 13: Appendix
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconcile
Slide 14: Appendix
Appendix The following table reconciles segment income to Segment EBITDA for the three months ended March 31, 2025 and 2024, and December 31, 2024: Three Months Ended ($ Millions) 1Q25 1Q24 4Q24 Wood Products Segment income $ 17.7 $ 71.2 $ 33.6 Depreciation and amortization 22.5 24.4 23.0 Segment EB
Slide 15: Appendix - Lumber Composite Price
Appendix - Lumber 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 2011 - 2020 Average 2023 2024 2025 Source: Random Lengths May 6, 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 2011 - 2020 Average 2023 2024 2025 Source: Random Lengths May 6, 2025 16