1
INVESTOR RELATIONS PRESENTATION
Results through December 27, 2025
Deckorators Voyage Decking with Surestone Technology
UFP INDUSTRIES, INC.
Please be aware that statements included in this presentation that are not historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, and are based on management's beliefs, assumptions, current expectations, estimates, and projections about the markets we serve, the economy, and the company itself. Words like "anticipates," "believes," "confident," "estimates," "expects," "forecasts," likely," "plans," "projects," "should," variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: Fluctuations in the price of lumber; adverse or unusual weather conditions; adverse conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.
Non-GAAP Financial Information: This presentation includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA, return on invested capital, and liquidity, non-GAAP financial measures, in order to evaluate historical and ongoing operations. Management believes that these non-GAAP financial measures are useful in order to enable investors to perform meaningful comparisons of historical and current performance. These non-GAAP financial measures are intended to supplement and should be read together with the financial results. These non-GAAP financial measures should not be considered an alternative or substitute for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures.
This presentation is the property of UFP Industries, Inc. Any redistribution, retransmission, or reprinting of this presentation in any form without the express written consent of UFP Industries is strictly prohibited.
2
The operating segments of UFP Industries - UFP Packaging, UFP Construction and UFP Retail Solutions - convert 6% of North American softwood lumber, manufacturing and selling a wide variety of value-added products used in residential and commercial construction, outdoor living, packaging and other industrial applications worldwide.
NO MISSION STATEMENT. JUST PEOPLE ON A MISSION.
3
UFP Industries is focused on driving above market growth and compounding margins higher over time while maintaining best-in-class ROIC.
5 YEAR PERFORMANCE*
~ 10%
Average Annual TSR
~3%
Average Annual Unit growth
~170bps
Expansion in adjusted EBITDA Margin
2025: 8.9%
~24%
Average Annual ROIC
2025: 13.2%
~13%
Average Annual Growth in EBITDA
* Five years ending 2025 4
UFP has built-in scale advantage as the largest converter of softwood lumber in fragmented North American market
IMPROVEMENTS
19.4B board feet
INDUSTRIAL
11.2B
board feet
CONSTRUCTION
19.2B board feet
$2.4B
$1.6B
$2.0B
TOTAL SOFTWOOD CONSUMPTION BY END MARKETS*
UFP 2025 REVENUE BY BUSINESS SEGMENTS
5
*Source: Forest Economic Advisors. Improvements = Retail. Industrial = Packaging
UFP AT A GLANCE
1955
Founded in Grand Rapids, MI
~14,000
Employees worldwide
196
Facilities worldwide
$6.3B
2025
Net Sales
$563.6M
2025 Adjusted EBITDA
$2.4B
Business segments and markets
39%
25%
32%
4%
Based on 2025 Net Sales
$1.6B
Big box, independents, & buying co-ops
Industrial manufacturers, OEM's, agricultural and logistics
$2.0B
Single-, multi-family and factory-built housing, commercial, concrete formers
$0.2B
Overseas trading, manufacturing and design assets offering packaging solutions in nine countries
WHERE WE ARE
1
173 2
1
8
5
6
196
Locations
7
Countries
BUSINESS MODEL PROVIDES SUSTAINABLE COMPETITIVE ADVANTAGES
Scale through Diversification
Incentives Aligned With Shareholders
Commitment To Innovation
Culture
Structure
As North America's largest buyer of softwood lumber, UFP owns scale advantage in sourcing and in serving the three largest softwood end markets - residential construction, retail building products and industrial packaging.
Each of our 196 operations is a profit center, managed by people who are required to own stock, and are compensated on a combination of pre-bonus operating profit and return on investment.
While in its early stages, a strategic and growing focus on innovation has brought the company and its customers a steady stream of new products and services.
Teamwork, accountability, devotion to the customer and internal competition create a results-driven culture that drives personal and professional growth throughout the organization.
In 2020 the company created an operating structure based on management of market segments rather than geography, bringing greater focus.
RESULT:
Hedge against cyclicality and customer concentration
Advantages in procurement and product mix diversification
Risk mitigation, including against lumber market volatility.
RESULT:
Efficient capital allocation
High ROIC
Insiders and employees own more than 11% of shares outstanding*
RESULT:
Robust pipeline of new products
New customers and markets
Higher EBITDA margins
RESULT:
71 straight years of profitability
Average tenure of 22 years for our 65 most senior executives.
RESULT:
Improved performance from
Greater alignment with customers
Quicker introduction of new, value-added products
Better, more rapid decision making
*Form 5 and employee compensation plan reports
FINANCIAL GOALS, OBJECTIVES AND STRATEGIES
FINANCIAL GOALS
OBJECTIVES
STRATEGIES
Unit Sales Growth 7-10% CAGR
Above Market Organic Growth
Capacity Expansion /
Greenfield Investments
New Customers and Verticals
Dynamic Pricing
Adjusted EBITDA Margin 12.5%
Investments in Higher Margin
Core Businesses
ROIC on New Investments >15%
Value-Added Sales Mix
Improvements
New Products / Alternative
Materials
Customer and Product
Stratification
R&D / Innovation
Conservative Capital Structure
~1.5x EBITDA
Operational Excellence
Automation / Robotics
Operational Technology
Supply Chain Optimization
Capacity Consolidations
VALUE-ADDED SALES
Value-added as a percent of sales Commodity Value-added EBITDA Margin 69% 68% 68% 59% 60% 41% 40% 31% 32% 32% 7.2% 9.7% 10.3% 8.9% 3% | ||||
2011 | 2019 | 2021 PalletOne and Spartanburg Forest Products acquisitions | 2024 | 2025 |
2013
Value-added products improve mix, raise EBITDA marginsALTERNATIVE MATERIALS MANUFACTURING GROWTH
Investments in value-added adjacencies add to TAM
Core/Historical | Current state/Future scaling growth via capex and M&A | |
CONSTRUCTION | Wood Components | Light Gauge Metal Components Aluminum Balconies and accessories |
RETAIL | Pressure-Treated Lumber | Deckorators SurestoneTMTechnology Decking & Railing |
PACKAGING | Wood Crates | Mixed Material Crates Steel Crates Wood, Foam, Metal, Corrugate |
BROADER MARKET OPPORTUNITIES | MARGIN ENHANCEMENT | INCREASED WALLET SHARE
INNOVATION AND NEW PRODUCTS
UFP Venture Fund
In 2022 we launched our Innovation Accelerator to:
Bring new products and services to market faster
Spur internal growth in new capabilities, products and processes
Drive faster scale and synergy through rapid iteration
In 2023 we started the UFP Venture Fund to:
Spur external growth through
late-stage development and early-stage commercialization opportunities
Empower entrepreneurs to build businesses, services, and products that can transform our industry
Commit an investment of $100 million over 5 years to meet our development goals
The company is making investments to
Develop value-added use of manufacturing residuals
Enhance our supply chains
Add automation across business segments to increase efficiencies
Address a shortage of skilled labor
Create alternative product lines in close adjacencies to our current business
Source new technology solutions to spur growth and enhance productivity
Commitment to innovation moves the company steadily up the value chain. 12
BUSINESS SEGMENTS
2025 Net Sales
$2.4B
ProWood Group
$2.0 Billion
Deckorators
$300 Million
UFP Edge
$105 Million
Commodity
48%
Value Added
52%
New products 8.7% of net sales
2025 Net Sales
$1.6B
Structural Packaging
$999 Million
PalletOne
$522 Million
Protective Packaging
Solutions
$82 Million
Commodity
25%
Value Added
75%
New products 11.0% of net sales
2025 Net Sales
$2.0B
Site Built
$714 Million
Factory Built
$838 Million
Commercial
$266 Million
Concrete Forming
Solutions
$186 Million
Commodity
19%
Value Added
81%
New products 3.7% of net sales
13
TREATED & DECK SPECALTIES
Pressure-treated lumber, decking, handrail, stairs, balusters, lattice, accessories
FENCE, LAWN & GARDEN
Wood and vinyl fence, planters, garden beds, picnic tables
BUILDING MATERIALS
ProWood FR, project panels, short boards & dimensional, stakes, finger-joint studs, furring strips, more
Wood- and mineral-based composite decking, railing and accessories.* Aluminum fence manufacturing and fabrication.
Premium siding, pattern, trim; interior accent wall products
On-trend brands to all major building products retailers, backed by best-in-class in-store and e-commerce support
*Sales mix is 73% to Big Box customers and 27% to one- and two-step distribution as of Q4 2025 YTD.
14
Structural Packaging
Wood, steel, foam and corrugated for mixed material crates and specialty containers; hard cases, lumber processing, logistics solutions and onsite packaging services
PalletOneMachine-built pallets; design, engineering and testing
Protective PackagingCorrugated conversion, stretch/shrink films, labels, strapping, hardware and software solutions for all industries
Innovative packaging solutions and components backed by a global manufacturing footprint and the industry's leading engineering, design, and integrated service teams15
Site-Built Factory-Built Commercial Concrete Forming
Roof trusses, wall panels, floor systems and framing services for residential and light commercial builders. Sales are approx. 70% single family, 30% multifamily.
Floor, wall and roof panels, cabinet components, countertops and milled components for modular and manufactured homes; Components for RV/cargo trailer and mobile offices.
Turnkey project management of consumer environment and architectural interiors; design, development, engineering, manufacturing, assembly, distribution and installation.
Offsite prefabrication of value-add formwork, aluminum horizontal shoring and vertical forming solutions for use in infrastructure; elevated structural concrete construction projects.
UFPConstruction.com
IDXCorporation.com
questdisplays.com
Single-source designer and manufacturer of building components, concrete forms, framing, exterior and interior finishing programs to make building processes run at maximum efficiency16
SEGMENT DEMAND AND FORWARD OUTLOOK
MACRO DRIVERS |
|
|
| ||
INDUSTRY/CONSUMER TRENDS |
|
|
| ||
SHORT-TERM OUTLOOK |
|
|
|
SUSTAINABILITY CONTINUUM
We believe profitability, asset values and shareholder return are optimized by acting responsibly, and that our investors experience higher sustainable returns when we support our customers, employees and communities. Our views on ESG and maintaining a sustainable enterprise can be found here.
Provide
significant opportunity
for professional and personal growth
Cultivate
a unique, rewarding culture throughout the UFP family of companies
Drive
operational excellence throughout the enterprise
Maintain
inclusive, safe working environments
Deliver
Consistent, positive
financial results to our shareholders
Support
communities in which we operate
Supply
exceptional products
from
su ble
staina
sources
Operate
with a focus on energy efficiency and lean
manufacturing
Attract
and retain diverse top-shelf talent
FINANCIALS
19
OUR PERFORMANCE
Net Sales 2% 6% | (9)% | (1)% | (3)% | |
$4,416 | $9,627 | $7,218 | $6,652 | $6,320 |
Adjusted EBITDA 31% 19% (26)% | (16)% | (17)% | ||
$317 | $1,097 | $810 | $682 | $564 |
Net Earnings (ACI) 29% 21% (26)% | (19)% | (29)% | ||
$180 | $693 | $514 | $415 | $295 |
Capital Resources $832 $960 $349 | $643 | $546 | ||
$680 | $1,836 | $2,362 | $2,459 | $2,200 |
$ in Millions
Adjusted EBITDA Margin
ROIC
Unit sales
growth rate Growth rate
Operating Cash Flow
13.2%
22.2% 18.3%
34.6%
14.9%
8.9%
10.3%
11.2%
11.4%
7.2%
2025
2024
2023
2022
2019
Liquidity
Strong track record of growth and performance improvement with emphasis on improving gross profit dollars per unit sold and ROIC.
2025 Adjusted EBITDA Margin exceeds 2019 by ~170 bps.
Non-GAAP Financial Information: Please visit ufpinvestor.com for reconciliation to related GAAP measurement.
50%
50%
Level of lumber prices does
not drive profitability
40%
40%
Sequential trends impact
profit per unit
30%
30%
20%
20%
Balanced mix of variable and fixed-
price products mitigate risk
10%
10%
0%
2019
2022
2023
2024
2025
0%
*Standard deviation of lumber prices divided by average weekly price.
Lumber Market Volatility
Adjusted EBITDA Margin
5.8%
6.1%
9.2%
4.2%
8.9%
7.2%
10.3%
11.2%
11.4%
39.9%
Lumber Market Volatility*
Adjusted EBITDA Margin
MANAGING LUMBER MARKET RISK
Balanced business model mitigates lumber price volatility and drives stable profit per unit.Non-GAAP Financial Information: Please visit ufpinvestor.com for reconciliation to related GAAP measurement.
NET SALES (in millions)
UFP Consolidated
$9,627
$7,218
$6,652
$6,320
$4,416
6%
5%
2%
(1)%
(1)%
(1)%
(3)%
(3)%
2019
2022
(9)%
(10)%
2023
2024
2025
UFP Retail Solutions
$3,771
$2,956
$2,598
$2,434
$1,499
10%
10%
0%
(3)%
(6)%
(6)%
(7)%
(7)%
2024
(7)%
(7)%
2019
2022
2023
2025
UFP Packaging
$2,395
$1,838
$1,637
$1,604
$1,086
4%
(1)%
(2)%
(6)%
(2)%
(3)%
(3)%
0%
(1)%
2019
2022
(8)%
2023
2024
2025
UFP Construction
$3,144
$2,161
$2,114
$2,004
$1,637
6%
6%
6%
4%
5%
5%
0%
0%
2019
2022
(13)%
(13)%
2023
2024
2025
Net Sales
Total Unit Sales Growth
Organic Unit Sales Growth
LONG-TERM GOAL
Unit sales growth of 7% to 10%, including small acquisitions
ADJUSTED EBITDA (in millions)
2025
2024
2023
2022
7.2%
2019
$564
8.9%
10.3%
11.2%
$317
11.4%
$682
$810
UFP Consolidated
$1,097
2025
2024
2023
2022
5.0%
2019
6.8%
7.0%
5.8%
$75
8.5%
$164
$221
$208
UFP Retail Solutions
$217
UFP Packaging
$376
$244
15.7%
$101
13.3%
$159
9.7%
$136
8.5%
9.3%
2019 2022 2023 2024 2025
2025
2024
2023
2022
2019
$158
7.9%
9.9%
12.6%
13.4%
$96
5.9%
$208
$272
UFP Construction
$422
Adjusted EBITDA Adjusted EBITDA Margin
Consolidated 2025 Adjusted EBITDA Margin exceeds 2019 by ~170 bps.
LONG-TERM MARGIN DRIVERS
New management structure; Value-added mix improvements, including new branded products, solutions selling, and value-based pricing; Operational improvements, technology, and automation
LONG-TERM GOAL
12.5% Adjusted EBITDA margin
Non-GAAP Financial Information: Please visit ufpinvestor.com for reconciliation to related GAAP measurement. 23
UFP Consolidated
60%
40%
31%
19%
20%
2%
0%
6%
(9)%
(1)%
(3)%
-20%
(26)%
(16)%
(17)%
-40%
2019
2022
2023
2024
2025
UFP Retail Solutions
60%
40%
10%
20%
10%
6%
0%
18%
(4)%
(7)%
0%
-20%
(6)%
(7)%
(26)%
-40%
2019
2022
2023
2024
2025
Percent Growth
Percent Growth
ADJUSTED EBITDA AND UNIT SALES GROWTH
Adjusted EBITDA Growth Unit Sales Growth
UFP Packaging
60%
40%
20%
0%
-20%
-40%
2019
2022
2023
2024
2025
(35)%
(35)%
(15)%
(1)%
4%
0%
(3)%
(6)%
25%
34%
UFP Construction
60%
40%
20%
5%
0%
0%
-20%
-40%
2019
2022
2023
2024
2025
(24)%
(24)%
(36)%
(13)%
6%
6%
14%
49%
Percent Growth
Percent Growth
Long-Term Goal: Achieve Adjusted EBITDA growth exceeding unit sales growthNon-GAAP Financial Information: Please visit ufpinvestor.com for reconciliation to related GAAP measurement. 24
BALANCED USE OF FREE CASH FLOW
Acquisitions to contribute half of our total annual unit sales growth
CapEx plan of $300M to $350M in 2026
Operating Cash Flow and Capital Allocation$25
$68
$59
$82
$81
$85
$82
$96
$39
$159
$180
$174
$52
$232
$180
$443
$269
$18
(in millions)
Acquisitions Capex
Share Buyback Dividends
OCF
Opportunistic share repurchases and
to offset issuances. Current authorization as of February 2025 has $126M remaining, expires July 31, 2026.
Increasing dividends in line with long-term growth in earnings and free cash flow
Committed to maintaining conservative capital structure with adjusted EBITDA <1.5x
$349
$832
$960
$643
$30
$546
2019 2022 2023 2024 2025
Return-focused approach to capital allocationRETURN ON INVESTED CAPITAL
40%
35%
30%
Percent
25%
20%
15%
10%
5%
0%
22.2%
18.3%
14.9%
13.2%
34.6%
2019 2022 2023 2024 2025
Hurdle Rate = 15% WACC = 10%
Long-Term Goal: Earn an incremental return on new investment greater than our hurdle rateNon-GAAP Financial Information: Please visit ufpinvestor.com for reconciliation to related GAAP measurement.
RECENT ACQUISITIONS
Identify attractive growth runways in each Business Unit under each Business Segment and identify gaps in our capabilities to pursue those runways.
Process
Find new products and services to speed our transformation from commodity sales to value-added selling solutions and brands.
Purpose
Achieve scale and synergy targets to optimize growth, margins and returns.
Goal
Scale, low-cost production, automation;
increased customer wallet share.
Driving Deckorators recycle content;
scaling opportunity.
Securing supply and margin expansion for
growing Packaging business.
Percent
CAPITAL STRUCTURE
Net Debt to Total Capital
Net Debt to TTM Adjusted EBITDA
Max target
Net Debt to Total Capitalization
vs Maximum Target
Net Debt to Adjusted EBITDA
vs Maximum Target
45%
2.5
40%
35%
2.0
30%
25%
1.5
20%
1.0
15%
10%
0.5
5%
0%
0.0
2019
2022
2023
2024
2025
2019
2022
2023
2024
2025
-
-
-
-
-
0.0%
0.0%
0.0%
0.0%
0.0%
Conservative capital structure ensures ample resources to pursue investment opportunities with the highest return potential.
Non-GAAP Financial Information: Please visit ufpinvestor.com for reconciliation to related GAAP measurement.
STOCK PERFORMANCE
Annualized Stock Return25%
20%
15%
10%
5.4%
11.5%
5%
3.9%
8.1%
5.2%
0%
3.4%
4.8%
-5%
-10%
-15%
-20%
-25%
1 Year
3 Year
5 Year
10 Year
20 Year
UFPI
Peer Group Average
Russell 2000
-20.3%
-8.0%
10.2%
10.9%
12.5%
13.9%
15.7%
18.4%
Annual % Return
Long-term returns on UFPI stock are consistently above the proxy peers and major market indices
Peers include MAS, BLDR, TREX, LPX, SSD, BCC, PATK, AMWD, SON, GEF, ROCK
Stock prices are adjusted to account for dividend payouts Source: FactSet as of 2/2/2026 closing prices
QUARTERLY RESULTS
30