Slide 1: Second Quarter 2024 Earnings Webcast
Boise Cascade Company Second Quarter 2024 Earnings Webcast August 6, 2024
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 Solid financial performance in tepid demand environment Ø Steady execution in both businesses Ø Influenced by elevated mortgage rates and economic uncertainties Ø Progress on organic growth projects Ø Additional shareholder returns u Consolidated Results Ø 2Q24 sales were $1.8 bi
Slide 4: 2Q 2024 Financial Highlights
2Q 2024 Financial Highlights Sales Adjusted EBITDA $221.0 $1,797.7 (1)% $1,815.2 (18)% $181.2 105.9 1,636.5 97.1 1,655.2 $ Millions $ Millions 127.0 95.1 489.8 530.3 (347.4) (351.6) (11.0) (12.0) 2Q 2024 2Q 2023 2Q 2024 2Q 2023 n BMD n Wood n Eliminations n BMD n Wood Corporate August 6, 2024 4
Slide 5: Wood Products EWP
Wood Products EWP LVL I-joists (mmcf) (mmelf) 6.0 80 5.1 4.9 70 4.8 66 64 5.0 4.7 63 4.1 60 57 54 4.0 3.6 50 3.0 39 40 2.0 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $2,400 $36 2,168 $2,200 2,088 2,093 $32 31.17 2,018 2,035 30.14 29.93 1,961 28.75 29.08 $2,000 28.12 $28 $1,800 $24 $1,600 $20 $1,400
Slide 6: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8" basis) ($/msf 3/8" basis) 450 440 $400 378 382 375 406 367 365 362 400 383 390 372 363 350 $300 300 250 $200 200 150 100 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2023 2024 August 6, 2024 6
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $2,000 100 $1,800 21 23 23 23 22 23 1,637 1,655 1,670 $1,600 1,505 1,493 80 1,379 $1,400 $1,200 60 39 40 40 40 41 42 $1,000 $800 40 $600 $400 20 40 37 37 37 37 35 $200 $0 0 1Q 2Q 3Q 4Q 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 2023 2024 Commodity G
Slide 8: Building Materials Distribution EBITDA
Building Materials Distribution EBITDA (EBITDA % of sales) 8.0% 10.0% 8.6% 6.5% 6.3% 8.0% 5.9% 6.0% 5.6% 5.6% 7.0% 5.4% 6.0% 6.0% 5.7% 5.5% 4.0% 4.0% 2.0% 2.0% —% —% 2020 2021 2022 2023 YTD Q2 1Q 2Q 3Q 4Q 1Q 2Q 2024 2023 2024 August 6, 2024 8
Slide 9: BCC Q3 Indicators
BCC Q3 Indicators Segment Key Drivers Q3 Expectations EWP Volumes Mid-to-high single digit sequential declines EWP Pricing Low single-digit sequential declines Wood Products Plywood Volumes Comparable to Q2 Plywood Pricing July realizations ~10% below Q2 average, balance of quarter market dependent
Slide 10: Capital Allocation
Capital Allocation u Capital Expenditures u Shareholder Returns Ø $74 million YTD 2024 Ø $19 million in dividends paid YTD June 2024 l Wood - $37 million l BMD - $37 million Ø Approximately $100 million of share repurchases YTD July Ø $250 million - $270 million 2024 planned for 2024 l Wood - $130 m
Slide 11: Outlook
Outlook u Housing starts forecasts for 2024 are slightly below 2023 levels Ø Home affordability challenges persist, but new residential construction remains an important supply source for homebuyers Ø Multi-family starts have declined sharply from historic levels u Renovation spending expected to re
Slide 12: Appendix
Appendix August 6, 2024
Slide 13: Appendix: EBITDA Reconciliation
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconcile
Slide 14: Appendix: Segment Income to EBITDA
Appendix The following table reconciles segment income to EBITDA for the three months ended June 30, 2024 and 2023, and March 31, 2024: Three Months Ended ($ Millions) 2Q24 2Q23 1Q24 Wood Products Segment income $ 72.8 $ 104.0 $ 71.2 Depreciation and amortization 22.3 23.0 24.4 Segment EBITDA $ 95.1
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 Source: Random Lengths August 6, 2024 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 Source: Random Lengths August 6, 2024 16