Boise Cascade : Q1 2026 Earnings Slides

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

Boise Cascade Company First Quarter 2026 Earnings Webcast May 5, 2026 EXECUTIVE SUMMARY CEO MESSAGE BOISE CASCADE COMPANY RESULTS 1Q26 sales were $1.5 billion, down 2% from 1Q25 1Q26 net income was $17.8 million, or $0.50 per share, compared to net income of $40.3 million, or $1.06 per share, in 1Q25 Businesses delivered solid results despite demand uncertainty FINANCIAL HIGHLIGHTS Sales ($ Millions) (2)% 1,407.1 1,388.9 415.8 398.2 (286.5) (288.5) $1,536.5 $1,498.6 $91.6 Adjusted EBITDA ($ Millions) (27)% $66.6 62.8 48.2 40.2 32.0 (11.4) (13.6) 1Q 2025 1Q 2026 BMD Wood Eliminations 1Q 2025 1Q 2026 BMD Wood Corporate BUILDING MATERIALS DISTRIBUTION SALES ($ Millions) (% of Sales) $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 1,615 1,556 1,407 1,389 1,363 1Q 2Q 3Q 4Q 2025 2026 100 80 60 40 20 0 21 20 19 19 20 37 34 34 35 35 42 46 47 46 45 1Q25 2Q25 3Q25 4Q25 1Q26 General Line Commodity EWP BUILDING MATERIALS DISTRIBUTION EBITDA (EBITDA % of Sales) 5.7% 4.5% 4.5% 4.1% 3.5% 1Q 2Q 3Q 4Q 1Q 2025 2026 5.7% 4.7% 3.5% 2024 2025 YTD Q1 2026 - - - 2015 - 2019 Average (3.1%) WOOD PRODUCTS EWP LVL (mmcf) (mmelf) I-joists 6.0 5.0 4.0 3.0 2.0 1Q 2Q 3Q 4Q 70 5.5 4.6 4.6 4.6 4.2 62 55 52 53 45 60 50 40 30 1Q 2Q 3Q 4Q ($/cf) 24.03 24.13 25.22 24.22 26.09 2Q 1Q $32 $28 $24 $20 $16 $12 2025 2026 3Q 4Q ($/melf) $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 1,833 1,700 1,801 1,684 1,683 1Q 2Q 3Q 4Q 7 WOOD PRODUCTS PLYWOOD Sales Volume (mmsf 3/8" basis) ($/msf 3/8" basis) Net Sales Price 363 373 387 356 354 450 400 350 300 250 200 150 $400 341 343 342 325 329 $300 $200 100 2025 2026 1Q 2Q 3Q 4Q $100 1Q 2Q 3Q 4Q 8 CAPITAL ALLOCATION FIRST QUARTER 2026 • $40M allocated to sustaining the business, as well as investments in BMD expansion and EWP capabilities $23M in BMD ◦ $17M in Wood Products • $10M in dividend payments to shareholders • $66M to repurchase common shares LTM ended March 31, 2026 M&A Dividends $33M $35M Capital Deployment LTM 1Q26 $228M $195M Share Repurchases Capital Expenditures 9 OUTLOOK: Q2 2026 Segment Adjusted EBITDA Key Drivers Building Materials Distribution $65 - $80 million Daily Sales Pace Quarter-to-date pace 15% above Q1 average, balance of quarter market dependent Sales Days 64 Gross Margins 14.25% - 15.0% Wood Products $32 - $47 million EWP Volumes: Mid single-digit sequential increase Prices: Flat to low single-digit sequential decline Plywood Volumes: Mid single-digit sequential increase Prices: Quarter-to-date 8% above Q1 average, balance of quarter market dependent Manufacturing Costs Per-unit manufacturing costs comparable to first quarter Unallocated Corporate Costs ($14) - ($12) million Total Company $83 - $115 million Depreciation & Amortization $40 - $42 million Effective Tax Rate ~27% Share Count ~35.5 million diluted shares outstanding as of April 30th BUSINESS OUTLOOK 2026 economic volatility and end market uncertainty Geopolitical and economic instability Mortgage rates volatile and consumer sentiment drags Integration and long-term value creation Constructive view on long-term housing fundamentals Boise Cascade Company Appendix May 5, 2026 APPENDIX EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and 2025, and December 31, 2025: ($ in millions) Three Months Ended 1Q26 1Q25 4Q25 Net income $ 17.8 $ 40.3 $ 8.7 Interest expense 6.0 5.3 6.0 Interest income (2.9) (5.5) (4.5) Income tax provision 6.6 13.8 5.6 Depreciation and amortization 39.1 37.1 41.3 EBITDA $ 66.6 $ 91.1 $ 57.2 Change in fair value of interest rate swaps - 0.5 - Adjusted EBITDA $ 66.6 $ 91.6 $ 57.2 APPENDIX The following table reconciles segment income (loss) to segment EBITDA for the three months ended March 31, 2026 and 2025, and December 31, 2025: ($ in millions) Three Months Ended 1Q26 1Q25 4Q25 Building Materials Distribution Segment income $ 32.9 $ 48.4 $ 41.5 Depreciation and amortization 15.3 14.4 15.0 Segment EBITDA $ 48.2 $ 62.8 $ 56.4 Wood Products Segment income (loss) $ 8.5 $ 17.7 $ (13.8) Depreciation and amortization 23.5 22.5 26.1 Segment EBITDA $ 32.0 $ 40.2 $ 12.3 APPENDIX LUMBER COMPOSITE PRICE $600 First Quarter Second Quarter Third Quarter Fourth Quarter $500 $400 APPENDIX PANEL COMPOSITE PRICE $800 First Quarter Second Quarter Third Quarter Fourth Quarter $700 $600 $500 $400 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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