Boise Cascade : Investor Presentation February 2026

About this update from Boise Cascade, L.l.c.

Boise Cascade Company Fourth Quarter 2025 Earnings Webcast February 24, 2026 2025 Highlights Net income of $132.8 million, or EPS of $3.53 Continued growth in distribution business and capital investments in support of EWP growth strategy Capital returns to shareholders Fourth Quarter Consolidated Results 4Q25 sales were $1.5 billion, down 7% from 4Q24 4Q25 net income was $8.7 million, or $0.24 per share, compared to net income of $68.9 million, or $1.78 per share, in 4Q24 Sales Adjusted EBITDA (7)% $1,567.5 $1,460.2 1,438.8 1,363.1 354.0 419.7 (256.9) (291.0) (56)% $ Millions $ Millions $128.7 84.5 $57.2 56.4 56.6 12.3 (11.6) (12.4) 4Q 2025 4Q 2024 4Q 2025 4Q 2024 BMD ◼ Wood ◼ Eliminations ◼ BMD ◼ Wood Corporate ($ Millions) (% of Sales) $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 100 1Q24 2Q24 3Q244Q24 1Q252Q25 3Q25 4Q25 Commodity General Line EWP 34 35 34 37 37 35 35 37 47 46 46 42 42 44 42 41 19 19 20 21 21 21 23 22 80 60 1,655 1,615 1,505 1,567 1,556 1,407 1,439 1,363 $800 40 $600 $400 20 $200 $0 0 1Q 2Q 3Q 4Q 2024 2025 (EBITDA % of sales) 8.0% 8.0% 5.6% 5.9% 5.6% 5.9% 5.7% 4.5% 4.5% 4.1% 6.0% 5.7% 4.7% 6.0% 6.0% 4.0% 4.0% 2.0% 2.0% -% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q -% 2023 2024 2025 2024 2025 2015 - 2019 Average (3.1%) (mmcf) 6.0 5.0 4.0 3.0 2.0 ($/cf) $36 $32 $28 $24 $20 $16 $12 LVL 5.5 4.8 5.1 5.0 4.6 4.6 4.6 4.2 28.75 26.09 28.12 25.22 27.62 24.03 26.93 24.13 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q (mmelf) 80 70 60 50 40 30 ($/melf) $2,400 $2,200 $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 I-joists 66 62 57 59 55 53 53 45 1Q 2Q 3Q 4Q 2,018 1,961 1,921 1,833 1,894 1,801 1,684 1,683 2024 2025 1Q 2Q 3Q 4Q February 24, 2026 Sales Volume (mmsf 3/8" basis) ($/msf 3/8" basis) Net Sales Price 372 363 383 391 387 371 356 354 378 362 341 342 350 333 325 329 450 $400 400 350 $300 300 250 $200 200 150 100 1Q 2Q 3Q 4Q $100 1Q 2Q 3Q 4Q 2024 2025 Capital Expenditures $241 million in 2025 BMD - $105 million Wood Products - $136 million $150 million - $170 million planned for 2026 BMD - $90 million - $100 million Wood Products - $60 million - $70 million Shareholder Returns $35 million in dividends paid in 2025 Board authorization of 1Q quarterly dividend of $0.22 per share $181 million of share repurchases in 2025 First quarter 2026 to-date share repurchases of $39 million Approximately $200 million of common stock available for repurchase Segment Adjusted EBITDA Key Drivers BMD $45 - $55 million Daily Sales Pace Quarter-to-date pace 6% below Q4 average, daily pace to improve as the quarter progresses but expected to fall short of $22.0 million/ day pace in Q4 63 Sales Days Gross Margins 14.25% - 15.0% Wood Products $25 - $35 million EWP Volumes: High single to low double-digit sequential increase Prices: Flat to low single-digit sequential decline Plywood Volumes: High single-digit sequential increase Prices: Quarter-to-date 1% above Q4 average, balance of quarter market dependent Manufacturing Costs Higher volumes drive a sequential decrease in per unit manufacturing costs Total Company $55 - $75 million* Depreciation & Amortization $39 - $41 million Effective Tax Rate 26%-27% Share Count ~36 million diluted shares outstanding as of February 23rd * Net of approximately $15 million of estimated unallocated corporate costs 2026 market forecast Single-family Multi-family Repair & remodeling Maintaining operational focus and leveraging the complementary business model Channel reliance on BMD EWP realizations Long-term demand outlook remains positive for residential construction and repair & remodel activity, Boise Cascade positioned to capture upside Appendix February 24, 2026 EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended December 31, 2025 and 2024, and September 30, 2025: Three Months Ended ($ Millions) 4Q25 4Q24 3Q25 Net income $ 8.7 $ 68.9 $ 21.8 Interest expense 6.0 5.8 5.3 Interest income (4.5) (7.8) (4.2) Income tax provision 5.6 24.3 9.1 Depreciation and amortization 41.3 37.0 42.4 EBITDA $ 57.2 $ 128.2 $ 74.4 Change in fair value of interest rate swaps - 0.5 - Adjusted EBITDA $ 57.2 $ 128.7 $ 74.4 The following table reconciles segment income (loss) to segment EBITDA for the three months ended December 31, 2025 and 2024, and September 30, 2025: Three Months Ended ($ Millions) 4Q25 4Q24 3Q25 Building Materials Distribution Segment income $ 41.5 $ 70.7 $ 54.3 Depreciation and amortization 15.0 13.8 15.5 Segment EBITDA $ 56.4 $ 84.5 $ 69.8 Wood Products Segment income (loss) $ (13.8) $ 33.6 $ (12.1) Depreciation and amortization 26.1 23.0 26.6 Segment EBITDA $ 12.3 $ 56.6 $ 14.5 $600 First Quarter Second Quarter Third Quarter Fourth Quarter $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 2024 2025 2026 Source: Random Lengths 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 2024 2025 2026 Source: Random Lengths Appendix - Panel Composite Price Attention : This is an excerpt of the original content. 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