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 $1.06 per share, in 1Q25
Businesses delivered solid results despite demand uncertainty
FINANCIAL HIGHLIGHTSSales
($ 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)%
$66.6
62.8
48.2
40.2
32.0
(11.4)
(13.6)
1Q 2025 1Q 2026
BMD Wood Eliminations1Q 2025 1Q 2026
BMD Wood CorporateBUILDING MATERIALS DISTRIBUTION SALES
($ Millions) (% of Sales)
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
1,615
1,556
1,407 1,389
1,363
1Q 2Q 3Q 4Q
2025 2026100
80
60
40
20
0
21
20
19
19
20
37
34
34
35
35
42
46
47
46
45
1Q25 2Q25 3Q25 4Q25 1Q26
General Line Commodity EWPBUILDING MATERIALS DISTRIBUTION EBITDA
(EBITDA % of Sales)
5.7%
4.5%
4.5%
4.1%
3.5%
1Q 2Q 3Q 4Q 1Q
2025 2026
5.7%
4.7%
3.5%
2024 2025 YTD Q1 2026
- - - 2015 - 2019 Average (3.1%)
WOOD PRODUCTS EWPLVL
(mmcf) (mmelf)
I-joists
6.0
5.0
4.0
3.0
2.0
1Q 2Q 3Q 4Q
70
5.5
4.6 4.6
4.6
4.2
62
55
52
53
45
60
50
40
30
1Q 2Q 3Q 4Q
($/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
$1,000
1,833
1,700
1,801
1,684
1,683
1Q 2Q 3Q 4Q
7
WOOD PRODUCTS PLYWOODSales Volume
(mmsf 3/8" basis) ($/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 ALLOCATIONFIRST 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 |
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 | ||||
$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. |