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Investor Presentation June 2025 1
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DISCLAIMER 2 FORWARD-LOOKING STATEMENT Certain statements in this presentation, including statements regarding future results and performance, are forward-looking statements within the meaning of securities legislation based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for Cascades Inc.’s (“Cascades,” “CAS,” the “Company,” the “Corporation,” “us” or “we”) products, the prices and availability of raw materials, changes in the relative values of certain currencies, fluctuations in selling prices and adverse changes in general market and industry conditions. This presentation may also include price indices as well as variance and sensitivity analyses that are intended to provide the reader with a better understanding of the trends related to our business activities. These items are based on the best estimates available to the Corporation. SUPPLEMENTAL INFORMATION ON NON-IFRS MEASURES AND OTHER FINANCIAL MEASURES – SPECIFIC ITEMS The Corporation incurs some specific items that adversely or positively affect its operating results. We believe it is useful for readers to be aware of these items as they provide additional information to measure performance, compare the Corporation’s results between periods, and assess operating results and liquidity, notwithstanding these specific items. Management believes these specific items are not necessarily reflective of the Corporation’s underlying business operations in measuring and comparing its performance and analyzing future trends. Our definition of specific items may differ from that of other corporations and some of these items may arise in the future and may reduce the Corporation’s available cash. They include, but are not limited to, charges for (reversals of) impairment of assets, restructuring gains or costs, loss on refinancing and repurchase of long-term debt, some deferred tax asset provisions or reversals, premiums paid on repurchase of long-term debt, gains or losses on the acquisition or sale of a business unit, gains or losses on the share of results of associates and joint ventures, unrealized gains or losses on derivative financial instruments that do not qualify for hedge accounting, unrealized gains or losses on interest rate swaps and option fair value revaluation, foreign exchange gains or losses on long-term debt and financial instruments, fair value revaluation gains or losses on investments, specific items of discontinued operations and other significant items of an unusual, non-cash or non-recurring nature. RECONCILIATION AND USES OF NON-IFRS AND OTHER FINANCIAL MEASURES To provide more information for evaluating the Corporation’s performance, the financial information included in this analysis contains certain data that are not performance measures under IFRS (“non-IFRS measures”), which are also calculated on an adjusted basis to exclude specific items. We believe that providing certain key performance and capital measures, as well as non-IFRS measures, is useful to both Management and investors, as they provide additional information to measure the performance and financial position of the Corporation. This also increases the transparency and clarity of the financial information. The following non-IFRS measures and other financial measures are used in our financial disclosures: Non-IFRS measures • Adjusted earnings before interest, taxes, depreciation and amortization or EBITDA (A): Used to assess operating performance and the contribution of each segment on a comparable basis. • Adjusted net earnings: Used to assess the Corporation’s consolidated financial performance on a comparable basis. • Adjusted cash flow: Used to assess the Corporation’s capacity to generate cash flows to meet financial obligations and/or discretionary items such as share repurchase, dividend increase and strategic investments. • Free cash flow: Used to measure the excess cash the Corporation generates by subtracting capital expenditures (excluding strategic projects) from the EBITDA (A). • Working capital: Used to assess the short-term liquidity of the Corporation. Other financial measures • Total debt: Used to calculate all the Corporation’s debt, including long-term debt and bank loans. Often put in relation to equity to calculate the debt-to-equity ratio. • Net debt: Used to calculate the Corporation’s total debt less cash and cash equivalents. Often put in relation to EBITDA (A) to calculate net debt to EBITDA (A) ratio. Non-IFRS ratios • Net debt to EBITDA (A) ratio: Used to assess the Corporation’s ability to pay its debt and evaluate financial leverage. • EBITDA (A) margin: Used to assess operating performance and the contribution of each segment on a comparable basis calculated as a percentage of sales. • Adjusted net earnings per common share: Used to assess the Corporation’s consolidated financial performance on a comparable basis. • Net debt / Net debt + Shareholders’ equity: Used to evaluate the Corporation’s financial leverage and thus the risk to Shareholders. • Working capital as a percentage of sales: Used to assess the Corporation’s operating liquidity performance. • Adjusted cash flow per common share: Used to assess the Corporation’s financial flexibility. • Free cash flow ratio: Used to measure the liquidity and efficiency of how much more cash the Corporation generates than it uses to run the business by subtracting capital expenditures (excluding strategic projects) from the EBITDA (A) calculated as a percentage of sales. Non-IFRS and other financial measures are mainly derived from the consolidated financial statements, but do not have meanings prescribed by IFRS. These measures have limitations as an analytical tool and should not be considered on their own or as a substitute for an analysis of our results as reported under IFRS. In addition, our definitions of non-IFRS and other financial measures may differ from those of other corporations. Any such modification or reformulation may be significant. All amounts in this presentation are in Canadian dollars unless otherwise indicated. Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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We care. We innovate. We create value. 3 Vision To be a key contributor to our customers’ success by leading the way for sustainable packaging, hygiene and recovery solutions. Mission To improve the well-being of people, communities and the planet by providing sustainable and innovative solutions that create value.
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4 INVESTMENT THESIS • Modernized and well-positioned asset base equipped to drive value for customers & shareholders • Strong sustainability track record • Bear Island 100% recycled lightweight containerboard mill (Virginia, US) • Agile & aligned go-to market approach
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Sustainability Action Plan 2021-2025* Respectful of the Planet Solutions Driven Community Minded People Focused Ambitious targets, a robust action plan, GHG reduction targets have been approved by the Science Based Targets initiative (SBTi). Climate Change 38.7% scopes 1 + 2, mills (kg of CO2 eq./MT) 100% renewable electricity IN 2030 VS 2019 IN 2030 VS 2019 27.5% scopes 1 + 2, other (kg of CO2 eq.) IN 2030 VS 2019 6% (GJ/TM) IN 2025 VS 2019 22% scope 3 (kg of CO2 eq./MT) IN 2030 VS 2019 Water Consumption 15% (M3/TM) IN 2025 VS 2019 Eco-designed products 100% of the packaging we manufacture, and sell is recyclable, compostable or reusable IN 2025 Responsible Procurement 100%IN 2030 of the fibre and paper we use is recycled or certified x2 our FSC Mix® supply 70% of our purchases are sourced from responsible suppliers IN 2025 VS 2019 IN 2025 Sustainable cities and communities 50% of our annual donation and sponsorship budget to causes that support the UN's Sustainable Development Goals IN 2025 Community involvement 15,000 hours PER YEAR of community involvement completed by employees Health, safety and well-being 27.5% the number of days lost due to workplace accidents IN 2025 VS 2019 100% IN 2025 of employees are committed to a positive health and wellness approach Equity, diversity and inclusion 100% IN 2025 of employees are trained on unconscious biases related to equity, diversity and inclusion 5
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COMPANY OVERVIEW 6 PACKAGING PRODUCTS TISSUE PAPERS MARKET ▪ Leading containerboard producer in Canada ▪ #6 producer in North America ▪ Diversified offering: consumer & industrial solutions ▪ Leading tissue paper producer in Canada ▪ #7 producer in North America ▪ Annual capacity: 445,00 s.t., ~70 M cases 2024 RESULTS ▪ Sales: $3.0 billion ▪ EBITDA (A)1 : $410 million, 13.6% Margin ▪ Utilization rate2: 90% ▪ Sales: $1.5 billion ▪ EBITDA (A)1: $192 million, 12.4% Margin ▪ Utilization Rate2: 95% PORTFOLIO TRANSFORMATION 2020-2024 ▪ 2 containerboard facilities closed (265 k s.t.) ▪ Opened Bear Island facility in May 2023 (465 k. s.t.) ▪ 6 converting (box) facilities closed ▪ 3 manufacturing facilities closed (202 k tons) ▪ 5 converting facilities closed (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 48 to 54 of our 2024 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Utilization rate defined as total manufacturing shipments divided by practical capacity. In packaging, Manufacturing capacity including 100% of the Bear Island rated annual capacity of 465,000 s.t.
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7 Market Overview 28% 19% 12% 9% 5% 4% 23% Other (1) Source: RISI North American Paper Packaging Capacity Report (March 2025); (2) Source: RISI North American Paper Packaging Forecast, 2024, 5-Year (March 2025); (3) Source: RISI World Tissue Business Monitor, 3Q 2024. N.A. Containerboard Market Share1 (2024 annual industry capacity = 44.68 M s.t.) 92% 94% 95% 89% 87% 91% 92% 94% 94% 94% 92% (3,000) (2,000) (1,000) 0 1,000 2,000 3,000 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Demand (000 tons) Capacity (000 tons) Operating Rate (%) N.A. Containerboard Capacity & Utilization Rate2 Remaining 73.3% 13.5% 13.2% Top 5 Next 5 Capacity Share of N.A. Tissue Suppliers (2024)3 (2024 annual industry capacity = 9.8 million tonnes) GP 27.1% P&G 14.8% Kimberly Clark 13.8% Sofidel 7.7% Essity 6.1% First Quality 5.4% Cascades 5.2% Kruger 5.0% Irving 4.2% Others 10.7% Remaining 55.7% 69.5% 30.5% Top 3 Top 5
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Recovery & Recycling ▪ 17 Recovery Facilities ▪ Brokered & Bought 3.0M s.t. of fibre (2024) Tissue Papers ▪ 10 Facilities ‒ 5 in Manufacturing & Converting ‒ 2 in Manufacturing ‒ 3 in Converting Packaging ▪ 7 mills producing linerboard, corrugated medium and uncoated recycled board (URB) ▪ 32 packaging manufacturing plants ▪ 4 Distribution Centers Packaging Headquarters Tissue Recovery+ (Recycling) Kingsey Falls, QC 9 4 3 9 DIVERSIFIED N.A. OPERATIONAL PLATFORM 8
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Financial Results 9
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10 4,105 3,956 4,466 4,638 4,701 4,746 2020 2021 2022 2023 2024 LTM Q1 2025 546 389 376 558 501 523 13.3% 9.8% 8.4% 12.0% 10.7% 11.0% 2020 2021 2022 2023 2024 LTM Q1 2025 EBITDA (A) (M CAN$) EBITDA (A) Margin (% of sales) Financial Performance 348 204 210 413 340 8.5% 5.1% 4.7% 8.9% 7.2% 2020 2021 2022 2023 2024 Free Cash Flow (M CAN$) Free Cash Flow/Sales (%) Earnings and Adjusted Earnings/Common share1 Free Cash Flow2Sales (M CAN$) EBITDA (A)1 & Margin (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 48 to 54 of our 2024 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Free cash flow defined as EBITDA (A) less payments for property, plant and equipment, excluding strategic projects. $2.04 $1.60 $(0.34) $(0.76) $(0.31) $(0.04) $1.95 $0.26 $0.37 $1.08 $0.60 $0.73 2020 2021 2022 2023 2024 LTM Q1 2025 Net earnings (loss) per common share Adjusted net earnings per share
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11 Summary of Financial Results 2024 LTM Q1 2025 Q4 2024 Q1 2024 Sales 4,701 4,746 1,154 1,211 1,109 Operating Income (loss) 95 136 50 16 9 EBITDA (A)1 501 523 125 146 103 Margin (EBITDA (A)1/Sales) 10.7% 11.0% 10.8% 12.1% 9.3% Net earnings (loss) (31) (4) 7 (13) (20) Adjusted net earnings1 60 73 13 25 - Net earnings (loss) per common share ($0.31) ($0.04) $0.07 ($0.13) ($0.20) Adjusted net earnings per common share1 $0.60 $0.73 $ 0.13 $0.25 $ - (in millions of CAN$, except per share amounts) (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis,, available on SEDAR+ at www.sedarplus.ca.
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12 (in millions of CAN$) Overview of Consolidated Profitability Drivers Consolidated EBITDA (A)1 Variation (M CAN$) Q1 2025 vs Q4 2024 Q1 2025 vs Q1 2024 2024 vs 2023 Average Selling Prices $9 million $47 million ($39) million Operating Costs ($21) million ($10) million $30 million Volume & Mix ($27) million ($15) million $11 million Raw Materials $18 million $- million ($59) million TOTAL ($21) million $22 million ($57) million (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis, and click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 48 to 54 of our 2024 Annual Report, Management Discussion & Analysis, both of which are available on SEDAR+ at www.sedarplus.ca.
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Current (May-25) 1431 73 Recycled Fibre Costs – Index Prices 13 Source: RISI. (1) Basket of white recycled paper, including grades such as SOP, Hard White Envelope and Coated Book Stock; Northeast average. Weighted average based on Cascades' consumption of each grade. OCC: • Despite lower seasonal generation levels of OCC in February, softer demand levels kept the index pricing stable throughout Q1 • Lower OCC published index prices in May (-$5 to -$10, depending on region) SOP: • Higher demand in the seasonally lower generation period led to a price increase in certain regions • Expect tighter market conditions in Q2, as mills increase inventory levels in preparation for the lower summer generation period Recovered Paper Prices Q1 2025 Q4 2024 Q1 2024 Q1/Q1 Q1/Q4 White grades - Basket of products (Northeast average)1 130 124 147 (12%) 5% Brown grades - OCC No. 11 (Northeast average) 78 83 101 (23%) (6%) 4 (US$/s.t.) White grades (Basket of products) Brown grades (OCC) 2024 shipments/consumption (‘000 s.t.) Packaging Tissue Papers Brown grades (OCC & others) 1,770 115 White Grades (SOP & others) - 220
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Current (May-25) 1,835 NBSK 1,330 BEK 1,320 NBHK Virgin Fibre Costs – Index List Prices 14 Source: RISI (US$/metric ton) VIRGIN PULP : • Tariff threat on Canadian NBSK & NBHK lead to stronger demand from US customers, and price increases. Market/maintenance downtime of ~700t of BEK (Eucalyptus) lead to marginal price increase • NBSK pulp pricing gap between China and N.A. increased amid strong N.A. demand and weaker market in China, while it remained relatively stable for BEK • Tariff dispute between the US and China is keeping US domestic NBSK supply domestically, and may lead to index price decrease in Q2 • Important price gap between NBSK & NBHK/BEK expected to remain throughout 2025 Virgin Pulp Prices Q1 2025 Q4 2024 Q1 2024 Q1/Q1 Q1/Q4 NBSK (Canadian sources delivered to Eastern US) 1,753 1,687 1,440 22% 4% NBHK (Canada/US sources delivered to Eastern US) 1,268 1,298 1,223 4% (2%) BEK (Eucalyptus, Brazil sources delivered to Eastern US) 1,290 1,308 1,242 4% (1%) 2024 shipments/consumption (‘000 s.t.) Tissue Papers Virgin Pulp 175 NBSK NBHK BEK
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Packaging Segment Sales by Product Category1 ▪ Vertically integrated, Canadian leader in sustainable packaging solutions ▪ One of Canada’s leading containerboard producers and 6th largest in North America ▪ Manufactures containerboard, corrugated products and industrial and consumer packaging products ▪ Product portfolio consists of a wide range of products made with up to 100% recycled fibres ▪ Highly innovative specialty products at the forefront of consumer trends 55%28% 17% Corrugated Paper Rolls Other 15% 35%18% 32% Industrial & Manufacturing Food & Beverage Distribution Converting Sales by Industry2 (1) Corrugated sales includes converted linerboard and corrugating medium products | Paper rolls includes linerboard, corrugated medium and uncoated recycled boxboard | Other includes plastics, moulded pulp and distribution of packaging products (2) Industrial and manufacturing includes manufacturers of durable and non-durable goods other than food and beverage | Food and beverage includes food retailers, food processors and produce growers | Distribution includes distributors and e-commerce retailers | Converting includes paper roll converters (3) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. 59% 41% Canada US Sales by Country 88% 12% Corrugated & Paper Rolls Other EBITDA (A)3 by Product 15
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Packaging Segment - Performance 16 EBITDA (A)1 (M CAN$) & Margin (%) Shipments3 ('000 s.t.) & Capacity Utilization Rate2 (%)Sales (M CAN$) and YoY Growth (%) $463 $446 $493 $481 $410 $444 19.5% 17.7% 17.1% 16.7% 13.6% 14.5% 2020 2021 2022 2023 2024 LTM Q1 2025 $2,373 $2,525 $2,883 $2,888 $3,009 $3,062 3.0% 6.4% 14.2% 0.2% 4.2% 2020 2021 2022 2023 2024 LTM Q1 2025 1,660 1,640 1,626 1,725 1,777 1,757 96% 94% 91% 90% 90% 88% 2020 2021 2022 2023 2024 LTM Q1 2025 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 48 to 54 of our 2024 Annual Report, Management Discussion & Analysis, and here for information available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis, both available on SEDAR+ at www.sedarplus.ca. (2) Utilization rate defined as total manufacturing shipments divided by practical capacity. (3) Total shipments reflect adjustments made to figures in public filings for new segment reporting. ▪ Growth supported by targeted investments and realignment of operational platform ▪ Competitive geographic footprint across North America ▪ Internal and external expertise on site at strategic Bear Island facility to bridge lag with production ramp up schedule – focused on closing gap by end of 2025 ▪ Following a period of lower selling prices and higher raw material costs in 2023 and 2024, EBITDA (A) margins were adversely impacted ▪ Implementation of US$40/s.t. selling price increase and favorable raw material prices tailwinds for 2025 performance
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Tissue Papers Sales by Product Category (Q1 2025) 63%35% 2% Retail Away-from-Home Parent Rolls 48%52% Canada US Sales by Country (Q1 2025) 67% 33% Retail Away-from-Home Converted Product Cases Sold (2024) 51%49% Canada US Converting Capacity by Country (2024) 17
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Tissue Papers – Performance 18 EBITDA (A)1 (M CAN$) & MARGIN (%) Sales ( M CAN$) & YoY Growth (%) Shipments ('000 s.t.) & Capacity Utilization2 (%) 175 27 -13 182 192 179 11% 2% nmf 11% 12% 12% 2020 2021 2022 2023 2024 LTM Q1 2025 EBITDA (A) EBITDA (A) Margin (% of sales) $1,615 $1,272 $1,422 $1,615 $1,548 $1,545 7.0% -21.2% 11.8% 13.6% -4.1% 2020 2021 2022 2023 2024 LTM Q1 2025Sales (M CAN$) YoY Growth 645 554 521 513 480 475 83% 82% 83% 91% 95% 94% 2020 2021 2022 2023 2024 LTM Q1 2025Shipments ('000 s.t.) Capacity utilization (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 48 to 54 of our 2024 Annual Report, Management Discussion & Analysis, and here for information available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis, both available on SEDAR+ at www.sedarplus.ca. (2) Utilization rate defined as total manufacturing tonnage divided by practical capacity. ▪ One of Canada’s leading tissue producers ▪ 7th largest producer in North America ▪ Manufacturer of tissue paper rolls and converted finished products for the industrial and retail markets ▪ Wide range of tissue and hygiene products with private label solutions for N.A. retailers, produced with up to 100% recycled fibres ▪ Products differentiated by their eco-friendliness, affordability and reliable quality
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STRATEGIC PRIORITY AREAS: 2025 - 2026 CULTURE OF EXCELLENCE ALIGNMENT CAPITAL DEPLOYMENT • Productivity led margin improvements • Simplification of operational and organization structure • Maintain capital expenditures <$200M ($175 M in 2025) • Optimize logistics and cost structure • Recalibrate product offering • Monetization of redundant assets • Rigorous operational safety • Commercial excellence – be THE partner of choice • Targeted proceeds: ~$80 M 19
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OUTLOOK: Q2 EBITDA (A)1 TRENDS vs. Q1 2025 PACKAGING +5% - +10% • Favourable raw material costs • Higher selling prices • Temporary production limitations in Niagara Falls due to 3rd party steam supplier mechanical issues TISSUE +5% - +10% • Stronger volume trends • Higher raw material costs • Higher selling prices CORPORATE (5%) - 0% • Stable to slightly higher negative contribution CONSOLIDATED +5% - +12% OUTLOOK RISK: Potential for continued tariff ambiguity, trade uncertainty and macro-environment factors to negatively impact consumer/business sentiment and demand levels for our products. (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. 20
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Capital Investments (in property, plant & equipment, in millions of CAN dollars, excluding new leases, disposal of assets and accounts payable variation) Forecasted amounts subject to change depending on business and/or economic conditions. 21 106 254 455 222 74 85 50 41 35 44 22 26 36 32 30 2020 2021 2022 2023 2024 Q1 2025 2025F Packaging Tissue Papers Corporate 213 330 Strategic investments have transformed our operational platform. 532 289 148 24 ~ 175
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22 Financial Ratios & Debt Maturities Net Debt / Net Debt + Total Equity1 Net Debt / Adjusted EBITDA (A) 1,3 Interest Coverage Ratio2,3 3.25x 2.5x 3.5x 5.2x 3.4x 4.2x 4.2x 2019 2020 2021 2022 2023 2024 LTM Q1 2025 54% 46% 41% 50% 51% 54% 56% 2019 2020 2021 2022 2023 2024 Q1 2025 6.0x 6.7x 4.6x 4.9x 4.5x 3.6x 3.8x 2019 2020 2021 2022 2023 2024 Q1 2025 Long-Term Debt Maturities* (as of March 31, 2025) Leases - Subsidiaries Subsidiaries debts Revolving credit facility Unsecured senior notes Leases - Non recourse Revolving credit facility without recourse - Greenpac Term loan Unsecured term loan credit facility Bank debt financial covenant ratios: Net funded debt to capitalization ‹ 65% (currently at 52.66 %), interest coverage ratio › 2.25x (currently at 3.52 x). (1) Please click here for supplemental information on non- IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) EBITDA (A)1 to interest on long-term debt, amortization of financing costs, other interest and banking fees. (3) Pro-forma up to 2018 to include business acquisitions on a LTM basis, if applicable. * Proceeds from the US$400 million of Senior Notes (6.75%, due July 2030) will be used to repay the US$206 M of Senior Notes due January 2026 and a portion of the credit facility.
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APPENDICES 23
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Quarterly Financial Results & KPIs 24 (In millions of CAN$, except per common share amounts, where noted) 2022 2023 2024 2025 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Financial Results Sales 4,466 1,134 1,168 1,198 1,138 4,638 1,109 1,180 1,201 1,211 4,701 1,154 Operating income (loss) 33 (80) 64 80 (24) 40 9 34 36 16 95 50 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1 376 134 141 161 122 558 103 112 140 146 501 125 Margin (EBITDA (A) / Sales (%))1 8.4% 11.8% 12.1% 13.4% 10.7% 12.0% 9.3% 9.5% 11.7% 12.1% 10.7% 10.8% Net earnings (loss) (34) (75) 22 34 (57) (76) (20) 1 1 (13) (31) 7 Adjusted net earnings (loss)1 37 33 26 45 5 109 - 8 27 25 60 13 Net earnings (loss) per common share ($0.34) ($0.75) $0.22 $0.34 ($0.57) ($0.76) ($0.20) $0.01 $0.01 ($0.13) ($0. 31) $0.07 Adjusted net earnings (loss) per common share1 $0.37 $0.32 $0.27 $0.44 $0.05 $1.08 $ - $0.08 $0.27 $0.25 $0.60 $0.13 Key Performance Indicators Total Shipments2 ('000 s.t.) 2,027 507 532 563 523 2,125 527 537 543 536 2,143 531 LTM3 Working Capital (% LTM sales)1 10.5% 10.6% 10.6% 10.3% 9.9% 9.9% 9.8% 9.5% 9.2% 9.6% 9.6% 9.8% (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Not including the Specialty Products.
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25 Cash Flow Overview 2023 2024 2025 (In millions of CAN$, except per common share amounts) Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR Q1 Cash flow from operations 89 117 100 91 397 32 78 76 109 295 45 Specific items1 1 5 6 12 24 14 17 10 20 61 17 Adjusted cash flow from operations2 90 122 106 103 421 46 95 86 129 356 62 Including: Net financing expense paid (44) (18) (47) (20) (129) (47) (18) (48) (22) (135) (49) Capital expenditures & other assets, lease obligations payments, net of disposals (153) (118) (71) (61) (403) (61) (58) (49) (49) (217) (53) Dividends3 (15) (18) (36) (15) (84) (15) (17) (16) (15) (63) (15) Adjusted cash flow generated (used)2 (78) (14) (1) 27 (66) (30) 20 21 65 76 (6) Adjusted cash flow generated (used) per common share2 ($0.78) ($0.14) ($0.01) $0.27 ($0.66) ($0.30) $0.20 $0.21 $0. 64 $0.75 ($0.06) (1) Specific items: premiums paid on the repurchase of long-term debt and restructuring costs. (2) ) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (3) Paid to our shareholders and to non-controlling interests.
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26 Historical COGS and SG&A Overview COST OF SALES (In millions of CAN$) 2023 2024 2025 Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR Q1 Raw materials 365 396 419 395 1,570 377 431 448 434 1,690 379 Wages & benefits 193 194 192 180 773 194 198 190 200 782 205 Energy 63 58 57 60 231 54 51 51 54 210 65 Delivery 135 131 135 137 540 138 133 132 131 534 128 Other 155 165 151 156 617 162 161 154 163 640 168 Depreciation & Amortization 62 68 69 62 272 67 69 70 73 282 69 TOTAL 973 1,009 1,023 990 4,003 992 1,043 1,045 1,058 4,138 1,014 SELLING & ADMINISTRATION (In millions of CAN$) 2023 2024 2025 Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR Q1 Wages and benefits 80 76 74 76 309 73 77 77 77 304 75 IT, publicity, marketing & other 9 10 9 15 40 8 17 9 6 40 9 TOTAL 89 86 83 91 349 81 94 86 83 344 84
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Historical Reference Prices and Fibre Costs Source: RISI 27 2023 2024 2025 Q1 2025 vs Q1 2024 Q1 2025 vs Q4 2024 These indexes should only be used as an indicator of trends and they may be different than our actual selling prices or purchasing costs. YEAR Q1 Q2 Q3 Q4 YEAR Q1 US$ Change % Change US$ Change % Change Selling Prices (average) PACKAGING PRODUCTS Containerboard (US$/short ton) Linerboard 42-lb. unbleached kraft, Eastern US (open market) 850 852 878 905 905 885 932 80 9% 27 3% Corrugating medium 26-lb. semichemical, Eastern US (open market) 727 735 768 795 795 773 822 87 12% 27 3% Specialty Products (US$/short ton) Uncoated recycled boxboard - bending chip, 20-pt. (series B) 1,038 1,020 1,040 1,063 1,070 1,048 1,070 50 5% - -% TISSUE PAPERS (US$/short ton) Parent rolls, recycled fibres (transaction) 1,222 1,194 1,188 1,180 1,150 1,178 1,132 (62) (5%) (18) (2%) Parent rolls, virgin fibres (transaction) 1,465 1,449 1,530 1,544 1,487 1,503 1,459 10 1% (28) (2%) Raw Material Prices (average) RECYCLED PAPER North America (US$/short ton) Sorted residential papers, No. 56 (SRP - Northeast average) 28 73 88 93 69 80 63 (10) (14%) (6) (9%) Old corrugated containers, No. 11 (OCC - Northeast average) 55 101 110 108 83 100 78 (23) (23%) (5) (6%) Sorted office papers, No. 37 (SOP - Northeast average) 170 138 128 125 115 127 122 (16) (12%) 7 6% VIRGIN PULP (US$/metric ton) Northern bleached softwood kraft, Canada 1,448 1,440 1,697 1,762 1,687 1,646 1,753 313 22% 66 4% Bleached hardwood kraft, mixed, Canada/US 1,227 1,223 1,437 1,467 1,298 1,356 1,268 45 4% (30) (2%) Bleached hardwood kraft, eucalyptus, Brazil 1,223 1,242 1,488 1,505 1,308 1,386 1,290 48 4% (18) (1%)
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SENSITIVITIES2 SHIPMENTS / CONSUMPTION (‘000 s.t, ‘000 mm Btu for Natural Gas) INCREASE EBITDA (A)1 IMPACT (Annually, CAN$ M) SELLING PRICE2 (Manufacturing & Converting) PACKAGING Linerboard, 42-lbs unbleached kraft, Eastern US 450 US$25/s.t. 16 Corrugated Medium, 26-lbs semichemical, Eastern US 365 US$25/s.t. 13 Uncoated Recycled Boxboard, Bending chip 20-pts, Eastern US 140 US$25/s.t. 5 Converted Products 840 US$25/s.t. 30 TISSUE PAPERS 480 US$25/s.t. 17 RAW MATERIALS3 (Recycled Papers, Pulp, Gas) PACKAGING Brown Grades (OCC & others) 1,705 US$25/s.t. (61) Groundwood Grades (SRP & others) 35 US$25/s.t. (1) Natural Gas 4,000 US$1.00/mmBtu (6) TISSUE PAPERS White Grades (SOP & others) 220 US$25/s.t. (8) Virgin Pulp 175 US$25/s.t. (6) Brown Grades (OCC & others) 115 US$25/s.t. (4) Natural Gas 3,000 US$1.00/mmBtu (4) EXCHANGE RATE4 U.S. subsidiaries transalation and sales less purchases in US$ from Canadian operations CAN$/US$ 0.01 2 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 48 to 54 of our 2024 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Sensitivity calculated according to 2024 volumes or consumption with year-end closing exchange rate of CAN$/US$ 1.44, excluding hedging programs and the impact of related expenses such as discounts, commissions on sales and profit-sharing. (3) Based on 2024 external manufacturing and converting shipments, as well as fibre and pulp consumption. Including purchases sourced internally from our recovery and recycling operations. Adjusted to reflect acquisitions, disposals and closures, if needed. (4) As an example, based on CAN$/US$ 1.43 to CAN$/US$ 1.44. 28
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www.cascades.com/investors Jennifer Aitken, MBA Director, Investor Relations 514.282.2697 / investor@cascades.com