Boise Cascade, L.l.c.NYSE: BCC

Q4 2025 Earnings Release Slides

Feb 24, 2026 at 1:10 PM UTC · Issued by Boise Cascade, L.l.c.

Watch Boise Cascade, L.l.c explain itBoise Cascade, L.L.C. (BCC) Q2 2026 Earnings Call · Replay · Aug 4

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

47 46

19 19

21 21 21

1,6551,615

1,505

1,5671,556

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%

4.1%

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

(mmelf) 80

($/melf)

$2,400

$2,200

$2,000

$1,800

$1,600

$1,400

$1,200

$1,000

I-joists

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

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