Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Investor Presentation (September 2025)
38 slides from Boise Cascade, L.l.c's investor presentation, Sep 15, 2025
Slide 1: Investor Presentation September 2025
INTEGRITY SAFETY RESPECT EXCELLENCE S e p t e m b e r 2 0 2 5 Investor Presentation Exhibit 99.1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES 2 This presentation contains statements concerning future events and expectations, including, without limitation, statements re lating to third quarter 2025 outlook and expected key drivers for Boise Cascade and each of its business segments
Slide 3: Leading Building Materials Manufacturer and Distributor
Leading Building Materials Manufacturer and Distributor 347% Total Shareholder Return – Five years ending December 2024* Leading manufacturer of Engineered Wood Products (EWP) & Plywood $1.66 Billion invested in company via M&A/Capex and $1.39 Billion in shareholder returns since 2019 291 bps of imp
Slide 4: Two Complementary Divisions Deliver Unparalleled Service to Customers
Two Complementary Divisions Deliver Unparalleled Service to Customers 4 Intro & Overview Wood Products: Leading Manufacturer Integration brings superior market access through a committed and consistent distributor of EWP and plywood Integration provides committed manufacturing partnership with leadi
Slide 5: Unmatched Competitive Advantages in the Building Materials Industry
Unmatched Competitive Advantages in the Building Materials Industry 5 Deep Customer Relationships Broad customer base that ranges from local independent dealers to large chains and home centers Nationwide Distribution Capabilities 38 distribution centers with strong penetration across large and smal
Slide 6: Extensive National Footprint with Opportunities for Further Market Penetration
Extensive National Footprint with Opportunities for Further Market Penetration 6 Boise Cascade is uniquely positioned to partner with vendors and customers to serve the building materials market Intro & Overview ManufacturingDistribution Strong presence Nationwide Manufacturing strategically located
Slide 7: Boise Cascade is the One-Stop Shop for Building Materials
Boise Cascade is the One-Stop Shop for Building Materials 7 Intro & Overview Depth and Breadth of Products Reliability Break bulk services across a vast array of SKUs Full range of materials from floor to ceiling Next-Day Orders Unmatched speed, efficiency and fulfillment 98% Order fill rate Nationw
Slide 8: Focused Strategy has Created a Strong, Highly Aligned Business
Focused Strategy has Created a Strong, Highly Aligned Business 8 LTM $6.6 B revenue Acquisition of assets in Chester, SC to expand veneer capabilities in Southeast US IPO 2013 2016 BMD acquisitions: Nashville | Cincinnati Birmingham | Medford Coastal Plywood acquisition to achieve veneer self-suffic
Slide 9: Strategic Pillars Driving Growth and Stability
Strategic Pillars Driving Growth and Stability 9 Leveraging the integrated model • Aligned growth objectives and cost synergies • Unique market visibility and value proposition to downstream consumers Increasing earnings stability by growing EWP • Value-added EWP in high demand • Higher margin produ
Slide 10: Demographics Indicate a Long Runway for Housing Growth
Demographics Indicate a Long Runway for Housing Growth 10 Record home equity and locked-in low- rate mortgages driving strength in Repair and Remodeling Cumulative undersupply estimated to be 1MM – 2MM homes after decade of underbuilding Cohort entering typical home-buying age is large and growing S
Slide 11: Affordability constraining U.S. Housing Market
Affordability constraining U.S. Housing Market 11 Housing inventory growth in the short-term Economic uncertainty has created cautious consumers U.S Single-Family Housing Starts2 (000’s) Home Inventory1 (Not Seasonally Adjusted) Most large public builders have moderated their 2025 building pace to w
Slide 12: R&R Supported by Locked In Rates and Age of Homes
R&R Supported by Locked In Rates and Age of Homes Despite the end of pandemic R&R boom, fundamentals remain favorable: LIRA Homeowners Improvements and Repairs1 Annual Totals ($ Billions) Home equity levels at record high Average U.S. home age is greater than 40 years Locked in mortgages lead more o
Slide 13: Demonstrated Market Share Growth for Both Manufacturing and Distribution
3,588 4,481 4,922 4,351 4,511 4,433 2020 2021 2022 2023 2024 LTM 5% CAGR Demonstrated Market Share Growth for Both Manufacturing and Distribution 13 EWP Production Share1 Building Materials Distribution Sales per Housing Start ($) Key Drivers of Share Growth Key Drivers of Share Growth Most importan
Slide 14: Customer Segments and Supply Chain at a Glance
Customer Segments and Supply Chain at a Glance 14 Customers End Users Builders Remodelers Supply Chain IndustrialDo-it-yourself Leading Brands Independent Pro Dealers 48% National Pro Chains 26% Home Centers 12% Other 14% Approximately 70% of Wood Product’s sales are to BMD, with remaining sales to
Slide 15: Strong Alignment with Leading Brands
Strong Alignment with Leading Brands 15 Boise Cascade is the preferred distributor for key brands Relationships with supplier brands are a key competitive advantage Long-term relationships served through key brand relationship managers Supply Chain
Slide 16: Wood Products Division at a Glance
$1.74 B LTM Revenue 12.2% LTM EBITDA margin up from 8.8% in 2019 $211 MM LTM EBITDA 74% of EWP sales through Boise Cascade’s Distribution division Market share growth Services and software Ongoing investments in EWP Capacity Wood Products Division at a Glance Leading the industry in capacity expansi
Slide 17: Manufacturing Process: Veneer-based Production
Manufacturing Process: Veneer-based Production 17 Logs Green-End Log Prep and Debarking Green Veneer Peeling and Clipping Drying and Grading External Veneer Purchases1 Boise Cascade veneer self-sufficiency is a key competitive advantage Wood Products Internal Veneer Production Veneer is a key input
Slide 18: Services and Software Differentiate our Customer Experience
Services and Software Differentiate our Customer Experience 18 Wood Products Architects / Engineers • Size and analyze Boise Cascade products or check framing member capacity. • Engineering analysis on joists, beams, column studs, and tall walls. Distributors and Dealers • Takeoff, material lists, a
Slide 19: Builders Increasingly Demand Engineered Wood
Builders Increasingly Demand Engineered Wood 19 Wood Products Superior strength, less material usage, less waste, longer spans Reduced labor and installed cost Sustainability attributes increasingly in demand Cycle time advantages for builder
Slide 20: Building Materials Distribution at a Glance
Building Materials Distribution at a Glance 20 $6.0 B LTM Revenue Highly capable logistics at scale Distributor of leading brands 8.4% CAGR Revenue from IPO in 2013 to LTM Enhancing margin profile Through growth of EWP and general line products Leveraging integrated model Unmatched access to market
Slide 21: BMD Brings Superior Value to Supply Chain
BMD Brings Superior Value to Supply Chain 21 Building Materials Distribution Broad range of quality products Extensive financial assistance offered Consistent and reliable delivery Knowledgeable sales & service Credit terms extension Price and demand risk mitigation Working capital management Specia
Slide 22: Demonstrated Growth Expanding General Line and EWP
Demonstrated Growth 22 Expanding General Line and EWP Building Materials Distribution Expansion of general line and EWP: Partnership with leading brands: Opportunity for further EWP growth with additional manufacturing capacity Market share growth opportunity with multi-family and light commercial N
Slide 23: Additional Opportunities to Drive Growth
Additional Opportunities to Drive Growth Growth Multi-Family and Light Commercial Further EWP penetration opportunity BMD Full-line Growth Greenfields, facility expansions, increasing organic product mix EWP Capacity Growth Continued investment in Southeastern EWP assets BMD Millwork Expansion Furth
Slide 24: Multi-Family Growth Opportunity
Multi-Family Growth Opportunity 24 Growth 0 100 200 300 400 500 600 Multi-Family Supply and Demand1 Multi-Family Units Built (Seasonally Adjusted) JBREC Annual Rental Demand Forecast Demographic tailwinds and market penetration opportunity Boise Cascade supplied 5% of all Multi-Family Wood Floors in
Slide 25: BMD Growth Opportunities
BMD Growth Opportunities 25 Existing Door and Millwork Operations Greenfield Projects Underway Growth • Greenfield distribution centers underway in Hondo, TX and Walterboro, SC • Hondo, TX distribution center completed Q32025 • Physical presence will allow us to further penetrate these large markets
Slide 26: Balanced and Disciplined Capital Allocation
Balanced and Disciplined Capital Allocation CAPEX Return of Capital to Shareholders M&A Financials Maintain strong and flexible balance sheet Invest in asset base through the business cycle Organic growth and capacity expansion Targeted and disciplined M&A growth Consistent Return of Capital to Shar
Slide 27: Continuing Execution and Margin Improvement
Continuing Execution and Margin Improvement Operational excellence and cost discipline driving strong financial performance despite moderation of pandemic tailwinds Sales ($MM) Adjusted EBITDA ($MM & % Margin) Free Cash Flow* ($MM) Financials 27 • Defined as Adjusted EBITDA less Capital Expenditures
Slide 28: Commitment to Sustainability
Commitment to Sustainability 28 • Utilizes a renewable resource, wood from forests, that is turned into products that store carbon for years to come • Substituting wood for concrete and steel in structural systems of commercial buildings can reduce fossil fuel use and cut GHG emissions by 60% on ave
Slide 29: Investment Thesis
Investment Thesis 29 Multiple levers of growth through organic investment and M&A 02 Leading national provider of essential building materials benefiting from resilient housing and R&R environment 01 Strong moat supported by leading national footprint, logistics expertise, supplier alignment and tru
Slide 30: Appendix
on Appendix f
Slide 31: Total Company EBITDA Reconciliation and Supplemental Segment Information
Total Company EBITDA Reconciliation and Supplemental Segment Information ($ in millions) 2019 2020 2021 2022 2023 2024 LTM 6/30/25 Net Income $80.9 $175.0 $712.5 $857.7 $483.7 $376.4 $262.3 Interest Expense 26.1 26.2 24.8 25.4 25.5 24.1 22.4 Interest Income (2.8) (1.0) (0.2) (12.3) (48.1) (39.1) (28
Slide 32: Segment Financial Performance and Free Cash Flow Reconciliation
Segment Financial Performance and Free Cash Flow Reconciliation Wood Products Building Materials Distribution Free Cash Flow Reconciliation ($ in millions) 2019 2020 2021 2022 2023 2024 LTM 6/30/25 Segment Income $54.2 $127.7 $531.2 $575.2 $337.1 $231.5 $119.1 Depreciation 57.7 71.1 55.2 73.3 98.7 9
Slide 33: Segment Financial Performance
Segment Financial Performance 15.0% 29.8% 30.7% 22.6% 17.7% 12.2% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 2020 2021 2022 2023 2024 LTM EBITDA % of Sales 2015-2019 Avg (8.0%) Wood Products Segment EBITDA (EBITDA % of Sales) BMD Segment EBITDA (EBITDA % of Sales) 5.5% 7.0% 8.6% 6.0% 5.7%
Slide 34: Outlook: Q3 2025
Outlook: Q3 2025 (As of September 15, 2025) 34 Segment Adjusted EBITDA Key Drivers Wood Products $5 - $15 million EWP • Volumes: Sequential decline in the mid-teens • Prices: Sequential decline in the mid-single digits Plywood • Volumes: Sequential increase in the mid-single digits • Prices: Quarter
Slide 35: BCI Joists
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Slide 36: Versa-Lam LVL
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Slide 37: Versa-Lam LVL
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Slide 38: Plywood
Plywood 38
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