Slide 1: Investor Presentation March 2026
1 Investor Presentation March 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: We care. We innovate. We create value.
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: Build, Modernize, Optimize
OUR HISTORY 1964 – 2010 2010 - 2025 2025 - 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 1 year 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 G
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 88% of capacity in Q3 and Q4; focused on production of lighter 1 GENERATE $100 M OF BASELINE weight paper, machine up-time ANNUAL PROFITABILITY
Slide 8: Financial Results
Financial Results 8
Slide 9: Summary of Financial Results
SUMMARY OF FINANCIAL RESULTS (in millions of CAN$, except per share amounts) Q4 Q3 Q4 2025 2024 2025 2025 2024 Sales 4,776 4,701 1,197 1,238 1,211 Operating Income (loss) 235 95 76 73 16 EBITDA (A)1 576 501 155 159 146 Margin (EBITDA (A)1/Sales) 12.1% 10.7% 12.9% 12.8% 12.1% Net earnings (loss) 70 (
Slide 10: 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 11: Recycled Fibre Costs – Index Prices
RECYCLED FIBRE COSTS – INDEX PRICES (US$/s.t.) OCC: • Well-balanced market through Q4, supported by higher generation levels Current (March-26) • January index prices remained stable. Usual lower seasonal generation in Q1 increased pricing $5 in February and an additional $5 in March. 123 SOP: 68 •
Slide 12: Virgin Fibre Costs – Index List Prices
VIRGIN FIBRE COSTS – INDEX LIST PRICES (US$/metric ton) VIRGIN PULP: Current • The market remained soft across all pulp grades, (March-26) with NBSK particularly affected. This resulted in consecutive month-over-month index declines in Q4, 1,590 pushing producers’ annualized margins to historically
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 27 50 32 81 227 213 35 455 ~ 175 169 39 22 137 148 24 85
Slide 14: Financial Performance
FINANCIAL PERFORMANCE Sales (M CAN$) Free Cash Flow2 4,701 4,776 8.9% 8.9% 4,638 8.5% 4,466 7.2% 4,105 5.1% 4.7% 3,956 424 413 348 340 204 210 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Free Cash Flow (M CAN$) Free Cash Flow/Sales (%) EBITDA (A)1 (M CAN$) & Margin (% of sales) Earni
Slide 15: Financial Ratios & Debt Maturities
FINANCIAL RATIOS & DEBT MATURITIES Net Debt / Adjusted EBITDA (A)1 Interest Coverage Ratio2 5.2x 6.7x 4.2x 3.5x 3.4x 3.3x 4.9x 4.6x 4.5x 4.3x 2.5x 3.6x 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Net Debt / Net Debt + Total Equity1 Long-Term Debt Maturities (as of December 31, 2025)
Slide 16: Business Segments
Business Segments 16
Slide 17: Packaging – Our Business
PACKAGING – OUR BUSINESS Sales by Product Category1,2 Sales by Country1 Vertically integrated provider of sustainable packaging solutions made with up to 100% 17% Corrugated recycled fibres 39% Canada Paper Rolls US 27% 56% 61% Operational platform significantly realigned: Other • Opened Bear Island
Slide 18: Packaging - Industry
PACKAGING - INDUSTRY US & Canadian Industry Corrugated Box Shipments2,3 U.S. Containerboard Production & Capacity Utilization Rate1 380.6 381.0 374.2 36,495 37,864 36,149 91% 91% 35.6 37.4 37.7 87% 2023 2024 2025 2023 2024 2025 US total shipments (Billion sq. ft.) Canadian total shipments (Billion s
Slide 19: Packaging – Performance
PACKAGING – PERFORMANCE EBITDA (A)1 (M CAN$) & Margin (%) • Growth supported by targeted investments and realignment of operational platform 19.5% 17.7% 17.1% 16.7% 16.0% • Focused on efficiency, productivity and continuing 13.6% to increase production levels at strategic Bear 493 481 496 463 446 41
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 2% Retail 36% 49% Canada Portfolio transformed since 2020: Away-from- Home 51% US • 3 manufacturing facilities closed (202
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% from-Home solutions due to economic environment 2% nmf 182 192 175 163 • Focused on efficiency, productivity, filing unused
Slide 23: Q1 2026 Outlook
Q1 2026 OUTLOOK FORECASTED EBITDA (A)1 RANGE VOLUME TREND (s.t.) Q1/26 vs Q4/25 • Seasonally softer volumes PRODUCT MARKET PACKAGING • Higher logistics and energy Corrugated Industrial & Manufacturing costs $117 M – $123 M Paper rolls Food & Beverage • Planned maintenance downtime ~16,000 s.t. inclu
Slide 24: Our Operational Mindset
OUR OPERATIONAL MINDSET Ben EH Ei Si aKes : AFE GRUN? icarn Mule from them totorrow icone ot AELP Stick to the ° * EXECUTE [areveriin 1) = CUSTOME Ve so SATISFACTION Copy jae: SS y i} “ < TAA ts ~ Sti dS SSR REPEAT - ee
Slide 25: Conclusion
CONCLUSION Positioning for future growth and development optionality 60+ year track record of successful operations through business cycles Leading market positions in North America with a deep focus on markets where Cascades can derive a competitive advantage Well-balanced product portfolio and man
Slide 26: Appendices
APPENDICES 26
Slide 27: Packaging: Q4 2025 Sequential Performance
PACKAGING: Q4 2025 SEQUENTIAL PERFORMANCE HIGHLIGHTS (5%) • Parent roll shipment were lower as a result of permanent closure of a mill; corrugated and specialty product shipments (in short tons) were stable sequentially • N.A. Box Shipments (MSF) : Cascades +1.5% vs. Industry2 (2.4%) • Lower average
Slide 28: Tissue: Q4 2025 Sequential Performance
TISSUE: Q4 2025 SEQUENTIAL PERFORMANCE (1%) HIGHLIGHTS • Lower volumes: shipments -4%. Converted products -1% in short tons (AfH tissue -3%, Retail tissue +0.4%) • Higher average selling price driven by FX and sales mix • Operating costs were slightly higher, with benefits from efficiency gains offs
Slide 29: Quarterly Financial Results & KPIs
QUARTERLY FINANCIAL RESULTS & KPIs 2023 2024 2025 (In millions of CAN$, 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 (loss) 40 9 34 36 16 95 50 36 73 76
Slide 30: Quarterly Operational KPIs
QUARTERLY OPERATIONAL KPIs 2023 2024 2025 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Total shipments (in ’000 short tons (s.t.))1 Packaging Products 412 427 458 428 1,725 441 444 450 442 1,777 421 424 434 403 1,682 Tissue Papers 124 134 134 121 513 115 122 122 121 480 110 120 128 122 480 536
Slide 31: Cash Flow Overview
CASH FLOW OVERVIEW 2023 2024 2025 (In millions of CAN$, except per Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR common share amounts) Cash flow from operations 89 117 100 91 397 32 78 76 109 295 45 92 116 150 403 Specific items1 1 5 6 12 24 14 17 10 20 61 17 9 21 15 62 Adjusted cash flow from
Slide 32: COGS and SG&A Overview
COGS AND SG&A OVERVIEW 2023 2024 2025 COST OF SALES (in millions of CAN$) Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR Raw materials 365 396 419 395 1,570 377 431 448 434 1,690 379 418 452 408 1,657 Wages & benefits 193 194 192 180 773 194 198 190 200 782 205 205 193 197 800 Energy 63 58 57 60
Slide 33: Historical Reference Prices & Fibre Costs
HISTORICAL REFERENCE PRICES & FIBRE COSTS 2025 2023 2024 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 34: Sensitivity Table
SENSITIVITY TABLE1 (1) Sensitivity calculated according to 2025 volumes or consumption with year-end closing exchange rate of CAN$/US$ 1.37, excluding hedging programs and the impact of related expenses such as discounts, commissions on sales and profit-sharing. (2) Please click here for supplementa
Slide 35: www.cascades.com/investors
www.cascades.com/investors Jennifer Aitken, MBA Director, Investor Relations 514.282.2697 / investor@cascades.com