Slide 1: Investor Presentation
Investor Presentation August 2026 TSX : IFP interfor.com | TSX : IFP
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 Exposure to North American Lumber Structurally Strengthened To Withstand The Bottom Of The Cycle Regionally Diversified Platform Provides Stability Top Quartile Margin Producer Clear Capital Allocation Priorities Positioned for Long-Term Fundamentals 3
Slide 4: Interfor at a Glance
Interfor at a Glance 60+ 24 Sawmills (1) Diversified Into 5 Distinct Years serving global markets 1Reman Facility Operating Regions 3rd Largest 1I-Joist Plant 17% North Revenues 47% 4.5 BBF 16% American CAPACITY (1) Lumber By Source 8% Producer 12% 84% Softwood Lumber 4% BC Interior US Northwest Eas
Slide 5: Compelling Valuation
Compelling Valuation Implied trading value is ~25% of replacement Trading well below long term average of cost and ~60% of precedent North American 1.1x. Limited consideration for market lumber M&A recovery $1,200 ENTERPRISE VALUE (US$) / CAPACITY (MBF) SHARE PRICE TO BOOK VALUE MULTIPLE 3.0 $1,000
Slide 6: Interfor Manufacturing Operations
Interfor Manufacturing Operations EASTERN CANADA (1) 730 MMBF BC INTERIOR 750 MMBF › 2 stud mills; 3 dimension mills; 1 I-Joist facility › 3 dimension mills; 1 remanufacturing › SPF facility (Sumas, WA) BC › Efficient, well-maintained and low-cost › Douglas-Fir, Hem-Fir, SPF, Cedar › Efficient, mode
Slide 7: Structurally Strengthened Through the Cycle
Structurally Strengthened Through the Cycle
Slide 8: Top Quartile Operating Margins & Focus on Return on Capital
Top Quartile Operating Margins & Focus on Return on Capital Operational excellence focus, disciplined capex Improvement in relative performance vs. peers in program and portfolio optimization driving recent years; driven by balanced capital superior margins deployment LUMBER SEGMENT AVG. ADJ. EBITDA
Slide 9: Pure Play Lumber Exposure to Rising Prices
Pure Play Lumber Exposure to Rising Prices Through-the-cycle margins support ~$400 MM trend EBITDA, representing considerable upside from current levels, translating into ~$200 MM of levered Free Cash Flow LUMBER SEGMENT AVG. ADJ. EBITDA MARGINS (C$/MBF) $450 $400 $350 $300 EBITDA sensitivity: $250
Slide 10: Production Trends
Production Trends Production up more than 6x since 2008, positioning Interfor as a top North American lumber producer LUMBER PRODUCTION VOLUMES (MMBF) Various phases of Strategic Capex in the US South 5,000 Expansion into Eastern Portfolio Optimization – Canada via Acquisitions Mill Closures and 4,5
Slide 11: Interfor Regional Operating Margins
Interfor Regional Operating Margins Margins are similar amongst the various regions over time, but achieved via different routes and at different points in the cycle, providing less variability in earnings INTERFOR CASH MARGIN BY REGION (C$/MBF) (1) BC Interior US Northwest US South Eastern Canada (
Slide 12: Balanced Capital Allocation & Cycle-Aligned Capital Structure
Balanced Capital Allocation & Cycle-Aligned Capital Structure
Slide 13: Capital Allocation Priorities
Capital Allocation Priorities Maintain strong liquidity through the cycle; prioritize Balance Sheet Strength deleveraging after a period of elevated strategic investment and M&A growth. Fund maintenance and select internal projects that High-Return Reinvestment improve cost competitiveness and long-
Slide 14: Leverage Profile
Leverage Profile Deleveraging is Interfor's number-one capital allocation priority. With the heavy investment and growth cycle complete, we are driving net debt-to-capitalization to 20% or below before deploying capital into additional return opportunities HISTORICAL NET DEBT – TO – INVESTED CAPITAL
Slide 15: Cycle-Aligned Capital Structure
Cycle-Aligned Capital Structure Efficient and flexible capital structure. Combination of long-term, laddered maturity, fixed-rate debt and flexible, variable-rate revolving facility (1) CAPITAL STRUCTURE DEBT MATURITY SCHEDULE ($MM) AS OF JUNE 30, 2026 ($MM) $200 Cash $33 Senior Secured Notes Term L
Slide 16: Capital Expenditures
Capital Expenditures With strategic capital expenditure plan complete, focus will be on deleveraging to targeted levels CAPITAL EXPENDITURES ($MM) $300 $250 Discretionary Maintenance $200 $150 Major Strategic Capex $100 Complete $50 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 17: Positioned For Long-term Market Fundamentals
Positioned For Long-term Market Fundamentals
Slide 18: Lumber Demand
Lumber Demand KEY DEMAND DRIVERS NORTH AMERICAN LUMBER DEMAND BY END-USE Repair & • Housing stock > 43 years old Remodel on average Repair & Remodel (R&R) • Household balance sheets in 38% good shape New Home • Strong fundamentals, despite Construction near-term affordability headwind New Home • Mor
Slide 19: End Market Demand
End Market Demand Underlying housing fundamentals remain Existing home sales serve as a key read-through compelling. US housing starts have held for repair & remodel spend, which will benefit relatively stable despite affordability headwinds from a decline in mortgage rates US HOUSING STARTS (MM - S
Slide 20: Lumber Supply
Lumber Supply Measured supply growth in the US South, more than offset by declines in other regions NORTH AMERICAN LUMBER PRODUCTION (BBF) 70 Mostly from Europe. Declining due to 60 higher log costs, and transportation Offshore Imports costs 50 Measured growth (five-year CAGR US – South of only 1%),
Slide 21: Lumber Prices
Lumber Prices Lumber pricing remained volatile in 2025 amid ongoing trade-policy uncertainty; however, supply rationalization has contributed to firmer pricing in 2026 NORTH AMERICAN BENCHMARK LUMBER PRICES (US$/MBF) $650 Southern Yellow Pine US Northwest Hem-Fir $600 Western SPF Eastern SPF $550 $5
Slide 22: Residual Off-take
Residual Off-take While timber supply often receives the greatest attention, the availability of competitive end markets for residual fibre is increasingly becoming a constraint on lumber production and future industry growth. US PAPER AND PACKAGING CAPACITY PULP AND PAPER MILL CLOSURES (MM SHORT TO
Slide 23: Duties & Tariffs
Duties & Tariffs Limited exposure to duties or tariffs with ~65% of lumber production based in the US U.S. DUTY & TARIFF RATES APPLICABLE TO INTERFOR (1) INTERFOR SOFTWOOD LUMBER DUTIES 50% HIGHLIGHTS Countervailing and Anti-Dumping Duties 45% 45% Section 232 Tariffs ~20% of Shipments 40% 10% 35% Ex
Slide 24: Positive ESG & Carbon Story
Positive ESG & Carbon Story
Slide 25: Building Value Sustainably
Building Value Sustainably Building value through sound environmental, social and governance practices. A Sustainability Strategy to Invest in our Future. Long-standing strategy of Commitment to investing Executing our ESG strategy geographic lumber in our people, operations through transparency div
Slide 26: Contact Information & Resources
Contact Information & Resources
Slide 27: 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 ASSOCIATES John Cooney (604) 886-5741 john.cooney@era-research.com RAYMOND JAMES Daryl Swetlishoff (604) 659-8246 dary
Slide 28: Contacts & Resources
MIKE MACKAY BRYAN FAST EVP & Chief Financial Director, Corporate Development & Officer Investor Relations Contacts & 604-689-6846 mike.mackay@interfor.com 604-451-2833 bryan.fast@interfor.com Resources ADDITIONAL RESOURCES TSX : IFP interfor.com | TSX : IFP