Slide 1: Investor Presentation February 2026
INVESTOR PRESENTATION FEBRUARY 2026
Slide 2: Forward-Looking Information & Non-GAAP Measures
FORWARD-LOOKING INFORMATION & NON-GAAP MEASURES Forward-Looking Information: This presentation contains forward-looking information about Interfor Corporation’s (“Interfor” or the “Company”) business outlook, objectives, plans, strategic priorities and other information that is not historical fact.
Slide 3: Interfor Investment Highlights
INTERFOR INVESTMENT HIGHLIGHTS Pure-play North American lumber producer of scale • Top three softwood lumber producer in North America, with 26 strategically located facilities • High exposure to US South and Eastern Canada with attractive log costs Compelling lumber market fundamentals • Diversifie
Slide 4: Investor Value Proposition
INVESTOR VALUE PROPOSITION Strong Relative Margins Growing Volumes Over Time $200 LUMBER SEGMENT AVG. ADJ. EBITDA 4,500 LUMBER PRODUCTION VOLUMES (MMBF) MARGINS ($C/MBF) (1) 4,000 $150 3,500 3,000 2,500 $100 2,000 1,500 $50 1,000 500 $- - Peer #1 Interfor Peer #3 Peer #2 Increased Geographic Diversi
Slide 5: Pure-Play North American Lumber Producer
PURE-PLAY NORTH AMERICAN LUMBER PRODUCER
Slide 6: Pure-Play Lumber Producer
PURE-PLAY LUMBER PRODUCER Interfor is a North American focused, pure-play softwood lumber producer INTERFOR 2025 REVENUES BY SOURCE Softwood Lumber (84%) Other Wood Products (4%) Dimensional lumber primarily for Primarily I-joists - engineered wood structural members framing/structural applications,
Slide 7: Lumber Species & Markets
LUMBER SPECIES & MARKETS Diverse lumber species mix; high leverage to key US market; ~75% of sales volumes are not exposed to lumber duties / tariffs INTERFOR INTERFOR LUMBER SALES BY SPECIES (1) LUMBER SALES BY MARKET (1) USA 83% Spruce-Pine-Fir (SPF) 29% Southern Yellow Pine Hem-Fir 46% 6% Japan D
Slide 8: Lumber Industry Landscape
LUMBER INDUSTRY LANDSCAPE Interfor is a top three producer in North America and the only publicly traded pure-play lumber producer of scale NORTH AMERICAN LUMBER PRODUCTION BY COMPANY (BBF) (1) 6.0 5.0 4.0 3.0 2.0 1.0 - Source: FEA’s Top Producer Survey / Company Reports. (1) Reflects last twelve mo
Slide 9: Interfor Operations
INTERFOR OPERATIONS EASTERN CANADA 1,080 MMBF (25%) BC INTERIOR • 4 stud mills; 3 dimension mills; 1 I-Joist 750 MMBF (17%) facility; woodlands management division • 3 dimension mills; 1 remanufacturing • Spruce-Pine-Fir (SPF) facility (Sumas, WA) • Efficient, well-maintained • Douglas-Fir, Hem-Fir,
Slide 10: Compelling Lumber Market Fundamentals
COMPELLING LUMBER MARKET FUNDAMENTALS
Slide 11: Lumber Prices
LUMBER PRICES Lumber pricing remained volatile in 2025 amid ongoing trade-policy uncertainty; however, supply rationalization has contributed to firmer pricing early in 2026. NORTH AMERICAN BENCHMARK LUMBER PRICES (US$/MBF) $600 Southern Yellow Pine US Northwest Hem-Fir $550 Western SPF Eastern SPF
Slide 12: Lumber Demand
LUMBER DEMAND Diversified end-use demand drivers across R&R, industrial and housing NORTH AMERICAN LUMBER DEMAND KEY DEMAND DRIVERS BY END-USE Repair & Remodel (R&R) Repair & • Housing stock > 43 years old on 38% Remodel average • Household balance sheets in good shape New Home • Strong fundamentals
Slide 13: Lumber Demand: Key Drivers
LUMBER DEMAND: KEY DRIVERS Underlying housing fundamentals remain favourable, despite near-term volatility US HOUSING STARTS AGE OF US HOUSING STOCK (MILLIONS SEASONALLY ADJUSTED) (MEDIAN AGE IN YEARS) 1.9 Single-Family Multi-Family 45 1.8 1.7 43 50-year 1.6 avg = 1.5 1.45 MM 41 1.4 1.3 39 1.2 1.1 3
Slide 14: Lumber Supply
LUMBER SUPPLY Measured supply growth in the US South, more than offset by declines in other regions; Spruce-Pine-Fir (SPF) continues to become increasingly scarce globally 70 NORTH AMERICAN LUMBER PRODUCTION (BBF) Offshore Imports Marginal growth, mostly from Europe. 60 US – South Measured growth (f
Slide 15: Lumber Supply: BC Interior
LUMBER SUPPLY: BC INTERIOR Nearly 54% of BC industry capacity curtailed since 2016 due to declining log supply. However, Interfor well-positioned in southern BC. Mountain Pine Beetle BC INTERIOR ALLOWABLE Cumulative Percentage 70.0 ANNUAL CUT (MM M3) of Merchantable Forest Volume Killed Since 23% re
Slide 16: Softwood Lumber Dispute & Tariffs
SOFTWOOD LUMBER DISPUTE & TARIFFS Limited exposure to duties or tariffs with ~60% of lumber capacity based in the US U.S. DUTY & TARIFF RATES APPLICABLE TO INTERFOR SOFTWOOD LUMBER INTERFOR (1) DUTIES HIGHLIGHTS 50% US$664 MM Countervailing and Anti-Dumping Duties 45% Duties on Deposit 45% Duties pa
Slide 17: Top-Tier Margins & Returns on Capital
TOP-TIER MARGINS & RETURNS ON CAPITAL
Slide 18: Top Quartile Operating Margins
TOP QUARTILE OPERATING MARGINS Focus on operational excellence, multi-year discretionary capex program and recent portfolio optimization reflected in superior margin performance LUMBER SEGMENT AVG. ADJ. EBITDA MARGINS – 2020 TO 2025 YTD (C$/MBF) (1)(2) $175 $150 $125 $100 $75 $50 $25 $- Peer #1 Inte
Slide 19: Interfor Regional Operating Margins
INTERFOR REGIONAL OPERATING MARGINS Consistent margins across regions over time, but achieved via different routes INTERFOR CASH MARGIN (C$/MBF) (1) Realized Net Selling Price (4) Net Log Costs Conversion Costs MARGIN (2) (3) BC Interior US Northwest US South Eastern Canada (1) Average of 2016-2025
Slide 20: Focus on Return on Capital
FOCUS ON RETURN ON CAPITAL Improvement in relative performance vs. peers in recent years; driven by balanced capital deployment EBIT RETURN ON CAPITAL EMPLOYED (%) (1) 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2010-2019 2020-2025 2010-2019 2020-2025 2010-2019 2020-2025 Peer #1 Interfor Peer #2 (1) Based on
Slide 21: Growth and Diversification Strategy
GROWTH AND DIVERSIFICATION STRATEGY
Slide 22: Growth & Diversification
GROWTH & DIVERSIFICATION Long-standing strategy of growth and geographic lumber diversification (1) (1) 2001 2012 2021 2026 17% 19% 17% 4% 46% 39% 42% 57% 83% 20% 25% 19% 12% 0.8 BBF 1.7 BBF 3.9 BBF 4.4 BBF BC Interior US Northwest Eastern Canada BC Coast US Southeast (1) Charts reflect production c
Slide 23: Internal Growth: Multi-Year Capex Plan
INTERNAL GROWTH: MULTI-YEAR CAPEX PLAN Mill rebuilds, machine center upgrades, debottlenecking & optimization projects Molalla, Oregon Eatonton, Georgia Continuous Kilns Thomaston, Georgia Adams Lake, British Columbia 23
Slide 24: Internal Growth: Capex Spending Profile
INTERNAL GROWTH: CAPEX SPENDING PROFILE Targeted investments have created a well-capitalized, high-margin sawmill portfolio, with an in-house capital team that provides flexibility to adjust spending as market conditions evolve HISTORICAL CAPITAL EXPENDITURES ($MM) $320 Capital Expenditures - Discre
Slide 25: Balanced Capital Allocation & Optimized Capital Structure
BALANCED CAPITAL ALLOCATION & OPTIMIZED CAPITAL STRUCTURE
Slide 26: Balanced Capital Allocation
BALANCED CAPITAL ALLOCATION Capital deployed in a disciplined and balanced manner to maximize returns CAPITAL DEPLOYMENT SUMMARY – 2020 TO 2025 ($MM) (1) $179 ~C$2.5 B Reinvested $573 $3,000 $221 $24 $360 $2,500 $2,154 $957 $2,000 $1,500 Cash Inflows $1,000 Cash Outflows ~C$636 MM Returned $500 $1,5
Slide 27: Optimized & Low-Cost Capital Structure
OPTIMIZED & LOW-COST CAPITAL STRUCTURE Efficient, flexible and low-cost capital structure. Combination of long-term, laddered maturity, fixed-rate debt and flexible, variable-rate revolving facility CAPITAL STRUCTURE DEBT MATURITY SCHEDULE AS OF DECEMBER 31 , 2025 ($MM) ($MM) (1) Cash $32 $140 Debt
Slide 28: Leverage & Liquidity Profile
LEVERAGE & LIQUIDITY PROFILE Relatively stable leverage maintained over the last several years, despite challenging market conditions; More than adequate levels of liquidity to provide ongoing financial flexibility HISTORICAL NET DEBT – TO – INVESTED CAPITAL RATIO (%) (1) AND LIQUIDITY ($MM) (2) 50%
Slide 29: Positive ESG & Carbon Story
POSITIVE ESG & CARBON STORY
Slide 30: Building Value Sustainably
BUILDING VALUE SUSTAINABLY Respecting Nature. Building Sustainably. A Sustainability Strategy to Invest in our Future. Long-standing strategy of Commitment to investing in Dedicated ESG leader and purposeful growth and our people, operations and renewed sustainability geographic lumber sustainable f
Slide 31: Contact Information & Resources
CONTACT INFORMATION & RESOURCES
Slide 32: Analyst Coverage
ANALYST COVERAGE BMO CAPITAL MARKETS Ketan Mamtora (212) 883-5102 ketan.mamtora@research.bmo.com CIBC CAPITAL MARKETS Hamir Patel (604) 331-3047 hamir.patel@cibc.com EQUITY RESEARCH John Cooney (604) 886-5741 john.cooney@era-research.com ASSOCIATES RAYMOND JAMES Daryl Swetlishoff (604) 659-8246 dary
Slide 33: Contacts & Resources
CONTACTS & RESOURCES BRYAN FAST MIKE MACKAY Director, Corporate Development & EVP & Chief Financial Officer Investor Relations 604-689-6846 604-451-2833 mike.mackay@interfor.com bryan.fast@interfor.com ADDITIONAL RESOURCES 33