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Q1 2025 FINANCIAL RESULTS May 8, 2025
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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 ACCOUNTING STANDARDS 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 hedge instruments 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 ACCOUNTING STANDARDS MEASURES 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 Accounting Standards (“non-IFRS Accounting Standards 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 Accounting Standards 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 Accounting Standards measures and other financial measures are used in our financial disclosures: Non-IFRS Accounting Standards measures • Adjusted earnings before interest, taxes, depreciation and amortization or EBITDA (A): represents the operating income (as published in the Consolidated Statements of Earnings (Loss) of the Consolidated Financial Statements) before depreciation and amortization excluding specific items. Measure used to assess recurring operating performance and the contribution of each segment on a comparable basis. • Adjusted net earnings: Measure used to assess the Corporation’s consolidated financial performance on a comparable basis. • Adjusted cash flow: Measure used to assess the Corporation’s capacity to generate cash flows to meet financial obligations and/or discretionary items such as share repurchases, dividend increases and strategic investments. • Free cash flow: Measure used to calculate the excess cash the Corporation generates by subtracting capital expenditures (excluding strategic projects) from the EBITDA (A). • Working capital: Measure used to assess the short-term liquidity of the Corporation. Other financial measures • Total debt: Measure 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: Measure 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 Accounting Standards ratios • Net debt to EBITDA (A) ratio: Ratio used to assess the Corporation’s ability to pay its debt and evaluate financial leverage. • EBITDA (A) margin: Ratio 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: Ratio used to assess the Corporation’s consolidated financial performance on a comparable basis. • Ratio of net debt / (total equity and net debt): Ratio used to evaluate the Corporation’s financial leverage and the risk to Shareholders. • Working capital as a percentage of sales: Ratio used to assess the Corporation’s operating liquidity performance. • Adjusted cash flow per common share: Ratio used to assess the Corporation’s financial flexibility. • Free cash flow ratio: 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 Accounting Standards measures and other financial measures are mainly derived from the consolidated financial statements, but do not have meanings prescribed by IFRS Accounting Standards. 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 Accounting Standards. In addition, our definitions of non-IFRS Accounting Standards measures 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. DISCLAIMER
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3 SUMMARY OF FINANCIAL RESULTS (In millions of CAN$, except per common share amounts, where noted) Q1 2025 Q4 2024 Q1 2024 LTM2 Financial Results Sales 1,154 1,211 1,109 4,746 Operating income 50 16 9 136 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1 125 146 103 523 Margin (EBITDA (A) / Sales (%))1 10.8% 12.1% 9.3% 11.0% Net earnings (loss) 7 (13) (20) (4) Adjusted net earnings (loss)1 13 25 — 73 Net earnings (loss) per common share $0.07 ($0.13) ($0.20) ($0.04) Adjusted net earnings (loss) per common share1 $0.13 $0.25 $— $0.73 Net debt1 2,216 2,096 2,020 Net debt / EBITDA (A) ratio1 4.2x 4.2x 3.8x (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) LTM : Last twelve months
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4 OVERVIEW OF CONSOLIDATED PROFITABILITY DRIVERS Consolidated EBITDA (A)1 Variation (in millions of Canadian dollars) Quarter-over-Quarter Q1 2025 vs Q4 2024 Year-over-Year Q1 2025 vs Q1 2024 Average selling prices $9 million $47 million Operating costs ($21 million) ($10 million) Volume & Mix ($27 million) ($15 million) Raw Materials $18 million $— million TOTAL ($21 million) $22 million (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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5 RECYCLED FIBRE COSTS - INDEX LIST PRICES White grades (Basket of products) Brown grades (OCC) ($ US/s.t.) Current (May-25) 143 73 Recycled Fibre 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)% 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 -$10, depending on region) SOP: • Higher demand in the seasonally lower generation period led to a price increase in certain regions • Expect tighter market conditions in Q2, as mills increase inventory levels in preparation for the lower summer generation period Nov 19 Feb 20 May 20 Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22 Nov 22 Feb 23 May 23 Aug 23 Nov 23 Feb 24 May 24 Aug 24 Nov 24 Feb 25 0 25 50 75 100 125 150 175 200 225 250 275 300
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6 VIRGIN PULP COSTS - INDEX LIST PRICES Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22 Nov 22 Feb 23 May 23 Aug 23 Nov 23 Feb 24 May 24 Aug 24 Nov 24 Feb 25 800 1,000 1,200 1,400 1,600 1,800 NBSK NBHK BEK Virgin Pulp Prices Q1 2025 Q4 2024 Q1 2024 Q1/Q1 Q1/Q4 NBSK (Canadian sources delivered to Eastern US) 1,753 1,687 1,440 22% 4% NBHK (Canada/US sources delivered to Eastern US) 1,268 1,298 1,223 4% (2)% BEK (Eucalyptus, Brazil sources delivered to Eastern US) 1,290 1,308 1,242 4% (1)% ($ US/metric ton) Current (Apr-25) 1,610 1,370 1,360 Source: RISI VIRGIN PULP: • Tariff threat on Canadian NBSK & NBHK lead to stronger demand from US customers, and price increases. Market/ maintenance downtime of ~700 t 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
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7 PACKAGING PRODUCTS: HISTORICAL RESULTS (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. 2023 2024 (in millions of Canadian dollars) (unaudited) Q1 Q2 Q3 Q4 YEAR Q1 Q2 Q3 Q4 YEAR Sales Containerboard 561 562 593 561 2,277 556 585 610 613 2,364 Specialty Products 161 164 157 160 642 160 167 169 175 671 Inter-segment sales (7) (9) (7) (8) (31) (7) (7) (6) (6) (26) Packaging Products segment 715 717 743 713 2,888 709 745 773 782 3,009 EBITDA (A)1 Containerboard 126 96 101 67 390 50 60 90 104 304 Specialty Products 27 24 21 19 91 25 26 27 28 106 Packaging Products segment 153 120 122 86 481 75 86 117 132 410
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8 PACKAGING PRODUCTS: Q1 2025 SEQUENTIAL PERFORMANCE SALES ($M) 782 12 8 (2) (38) 762 Q4 2024 Sales F/X CAN$ Selling Price Mix Volume Q1 2025 Sales HIGHLIGHTS • Total volume -5%, lower converted products shipments driven by macro-environment and tariff uncertainty Box Shipments Cascades Industry 2 Canada (6.0)% (5.8)%US • Higher operating costs due to lower production levels, energy and transportation • Average selling price +2% • Favourable exchange rate • Lower raw material costs (3)% EBITDA (A) ($M) 132 12 8 (14) (29) 109 Q4 2024 EBITDA (A) Raw materials Selling Price Volume & Mix Operating costs Q1 2025 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Weighted average variance in industry shipments, based on the Corporation's capacity by country, and reported industry decreases of (6.4%) in Canada and (4.0%) in the US. (17)%
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9 PACKAGING PRODUCTS: Q1 2025 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 709 50 30 1 (28) 762 Q1 2024 Sales Selling Price F/X CAN$ Mix Volume Q1 2025 Sales HIGHLIGHTS • Total volume -5%, lower converted products shipments reflect previous plant closures, and macro-environment and tariff uncertainty Box Shipments Cascades Industry 2 Canada (3.6)% 2.5% US • Average selling price +12% • Favourable exchange rate • Lower raw material costs, higher energy costs 7% EBITDA (A) ($M) 75 50 2 (9) (9) 109 Q1 2024 EBITDA (A) Selling Price Raw materials Volume & Mix Operating costs Q1 2025 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Weighted average variance in industry shipments, based on the Corporation's capacity by country, and reported industry increase of 4.1% in Canada and decrease of (2.1%) in the US. 45%
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10 PACKAGING PRODUCTS - SALES TRENDS Product As a % of Q1 2025 Sales Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q2/Q1 Corrugated 55% Paper rolls 28% Other 17% Industry As a % of Q1 2025 Sales Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q2/Q1 Industrial & Manufacturing 15% Food & Beverage 35% Distribution 18% Paper converters 32% Sales by product category: Corrugated: Converted linerboard and corrugating medium products Paper rolls: Linerboard, corrugated medium and uncoated recycled boxboard Other: Plastics, moulded pulp and distribution of packaging products. Sales by industry: Industrial and manufacturing: Manufacturers of durable and non-durable goods other than food and beverage Food and beverage: Food retailers, food processors and produce growers Distribution: Distributors and e-commerce retailers Converting: Paper roll converters
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11 TISSUE PAPERS: Q1 2025 SEQUENTIAL PERFORMANCE SALES ($M) 394 6 1 (37) 364 Q4 2024 Sales F/X CAN$ Selling Price Volume Q1 2025 Sales HIGHLIGHTS • Lower volumes: shipments -9% in short tons (AfH tissue -15%, Retail tissue -5%) • Higher operating costs due energy and transportation • Average selling price +2% related to mix • Lower sequential average raw material costs • Favourable exchange rate on sales (8)% EBITDA (A) ($M) 45 8 1 (4) (13) 37 Q4 2024 EBITDA (A) Raw materials Selling Price Operating costs Volume & Mix Q1 2025 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (18)%
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12 TISSUE PAPERS: Q1 2025 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 367 15 (3) (15) 364 Q1 2024 Sales F/X CAN$ Selling Price Volume Q1 2025 Sales HIGHLIGHTS • Lower volumes: shipments -4% in short tons (AfH tissue -3%, Retail tissue -5%) • Lower average selling price related to mix • Beneficial exchange rate on sales • Higher raw material costs (1)% EBITDA (A) ($M) 50 (1) (3) (3) (6) 37 Q1 2024 EBITDA (A) Operating costs Selling Price Raw materials Volume & Mix Q1 2025 EBITDA (A) 1 1 1 (26)% (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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13 TISSUE PAPERS - SALES TRENDS Product As a % of Q1 2025 Sales Q1 2025 Volume (s.t.) Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q2/Q1 Parent rolls 2% 6,200 (11)% (6)% Away-from-Home 35% 40,200 (15)% (3)% Retail 63% 63,500 (5)% (5)% Total 100% 109,900 (9)% (4)%
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14 Q1 2025 EBITDA (A)1 TO OPERATING INCOME RECONCILIATION 125 4 (1) (4) (5) (69) 50 EBITDA (A) Unrealized gain on financial instruments Impairment charges Other loss Restructuring costs Depr. & Amort. Operating income0 40 80 120 160 (M CAN$) (M CAN$) Packaging Products Tissue Papers Corporate, Recovery and Recycling activities Total Operating income (loss) 60 24 (34) 50 Depreciation and amortization 46 13 10 69 Impairment charges — — 1 1 Other loss 4 — — 4 Restructuring costs 1 — 4 5 Unrealized gain on financial instruments (2) — (2) (4) EBITDA (A)1 109 37 (21) 125 (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. 1
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15 NET EARNINGS - AS REPORTED vs ADJUSTED1 NET EARNINGS NET EARNINGS PER COMMON SHARE2 (In millions of Canadian dollars, except per common share amounts) Q1 2025 Q1 2025 As reported 7 $0.07 Specific items: Restructuring costs 5 $0.04 Other loss 4 $0.03 Impairment charges 1 $0.01 Unrealized gain on financial instruments (4) ($0.03) Tax effect on specific items, other tax adjustments and attributable to non-controlling interests2 — $0.01 6 $0.06 Adjusted2 13 $0.13 (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) Specific amounts per share are calculated on an after-tax basis and are net of the portion attributable to non-controlling interest.
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16 QUARTERLY YEAR-OVER-YEAR ADJUSTED EPS VARIANCE1,2 (1) After-tax variance normalized at 26% tax rate, except for Income tax variance column. (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. $ cents (0.20) 0.20 — 0.16 (0.01) (0.02) 0.13 (0.06) 0.07 EPS reported Q1 2024 Specific items Adjusted EPS Q1 2024 EBITDA (A) Depreciation & amortization Non- controlling interests Adjusted EPS Q1 2025 Specific items EPS reported Q1 2025 -0.30 -0.20 -0.10 0.00 0.10 0.20 2 2 2
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17 QUARTERLY SEQUENTIAL ADJUSTED EPS VARIANCE1,2 $ cents (0.13) 0.38 0.25 0.05 0.01 (0.01) (0.02) (0.15) 0.13 (0.06) 0.07 EPS reported Q4 2024 Specific items Adjusted EPS Q4 2024 Depreciation & amortization Non- controlling interests Financing expense Share of results of JVs and associates EBITDA (A) Adjusted EPS Q1 2025 Specific items EPS reported Q1 2025 -0.20 -0.10 0.00 0.10 0.20 0.30 0.40 2 2 (1) After-tax variance normalized at 26% tax rate, except for Income tax variance column. (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. 2
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18 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) Payments for property, plant and equipment & 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) The year-over-year increase in Adjusted Cash Flow2 was driven by lower capital investments and higher cash flow from operations compared to the prior year. (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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19 213 330 532 289 148 24 175 106 254 455 222 74 85 50 41 35 44 22 26 36 32 30 Packaging Products Tissue Papers Corporate, Recovery and Recycling 2020 2021 2022 2023 2024 Q1 2025 2025F NEW CAPITAL INVESTMENTS (in millions of Canadian dollars, excluding new leases, disposal of assets and accounts payable variation) (1) Amount is subject to change depending on business and/or economic conditions. 2025 Forecast: ~ $175 M1
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20 2,096 (45) (2) 2 14 19 36 97 2,216 Net debt as of December 31, 2024 Cash flow from oper. activities Investments and others F/X CAN$ Dividends paid & change in capital stock Right-of-use assets acquisitions Payments for property, plant and equipment Changes in non- cash working capital components Net debt as of March 31, 2025 2,000 2,050 2,100 2,150 2,200 2,250 NET DEBT1 RECONCILIATION - Q1 2025 Q4 2024 Q1 2025 $501 million LTM EBITDA (A)1 $523 million 4.2x Net debt / LTM EBITDA (A) ratio1 4.2x (M CAN$) Net debt increase reflects mainly the usual working capital requirements in the first quarter (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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21 59% 49%51% 54% 46%41% 50%51% 54% 56% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Debt / Net Debt + Total Equity1 4.6x 4.3x 5.8x 6.0x 6.7x 4.6x 4.9x 4.5x 3.6x 3.8x 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3.8x 3.6x 3.5x 3.3x 2.5x 3.5x 5.2x 3.4x 4.2x 4.2x 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Long-Term Debt Maturities (as of Mach 31, 2025) Net Debt / EBITDA (A)1,3 Interest Coverage Ratio2,3 CONSOLIDATED FINANCIAL RATIOS & DEBT MATURITIES 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. 72 281 296 36 916 644 1 year > 1 year Jan. 2026 2026 2027 2028 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
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22 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. OUTLOOK: Q2 2025 EBITDA (A)1 TREND vs. Q1 2025 (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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23 1 STRENGTHEN OUR CULTURE OF EXCELLENCE TO DRIVE PROFITABILITY • Productivity led margin improvements: the right product for the right customer on the right equipment to drive productivity and profitability levels • Optimized logistics and cost structure, supported by rigorous operational safety 2 ALIGN OPERATIONAL & COMMERCIAL STRUCTURE • Simplify operational and organizational structure • Recalibration of product offering • Optimization of commercial approach - partner of choice 3 CAPITAL DEPLOYMENT PRIORITIZING DEBT REDUCTION • Capital expenditures <$200 M ($175 M in 2025) • Monetization of unused or redundant assets; targeting proceeds of ~$80 M STRATEGIC PRIORITY AREAS: 2025 - 2026
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24 APPENDIX
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25 SUMMARY OF QUARTERLY FINANCIAL RESULTS & KPIs (In millions of CAN$, except per common share amounts, where noted) 2023 2024 2025 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Financial Results Sales 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) (80) 64 80 (24) 40 9 34 36 16 95 50 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1 134 141 161 122 558 103 112 140 146 501 125 Margin (EBITDA (A) / Sales (%))1 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) (75) 22 34 (57) (76) (20) 1 1 (13) (31) 7 Adjusted net earnings (loss)1 33 26 45 5 109 — 8 27 25 60 13 Net earnings (loss) per common share ($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 $0.32 $0.27 $0.44 $0.05 $1.08 $— $0.08 $0.27 $0.25 $0.60 $0.13 Key Performance Indicators Total Shipments2 (’000 s.t.) 536 561 592 549 2,238 556 566 572 563 2,257 531 LTM Working Capital (% LTM sales)1 10.6% 10.6% 10.3% 9.9% 9.9% 9.8% 9.5% 9.2% 9.6% 9.6% 9.8% (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Not including the Specialty Products segment.
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26 YEAR-OVER-YEAR SALES RECONCILIATION 1,109 47 45 1 (48) 1,154 1,100 1,150 1,200 1,250 (M CAN$) Sales Q1 2024 Selling Price F/X CAN$ Mix Volume and other items Sales Q1 2025 Packaging Products 709 50 30 1 (28) 762 Tissue Papers 367 (3) 15 — (15) 364 Corporate, Recovery and Recycling activities & Elim. 33 — — — (5) 28 Total 1,109 47 45 1 (48) 1,154 (M CAN$) +4%
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27 YEAR-OVER-YEAR EBITDA (A)1 RECONCILIATION 9 67 27 103 34 1 (13) 125 (6) (69) 50 Q1 2024 Operating income Depr. & Amort. Specific Items Q1 2024 EBITDA (A) Packaging Products Corporate, Recovery activities Tissue Papers Q1 2025 EBITDA (A) Specific Items Depr. & Amort. Q1 2025 Operating income 0 50 100 150 (M CAN$) - Higher production costs partially offset by lower transportation costs - Higher raw material costs - Lower selling prices and volume (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. + Higher selling prices + Favourable FX rate + Lower raw material costs - Higher operating costs and lower volume 1 1 + Favourable FX rate + Higher contribution from Recovery operations
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28 SEQUENTIAL SALES RECONCILIATION 1,211 18 9 (2) (82) 1,154 1,150 1,200 1,250 (M CAN$) Sales Q4 2024 F/X CAN$ Selling Price Mix Volume and other items Sales Q1 2025 Packaging Products 782 12 8 (2) (38) 762 Tissue Papers 394 6 1 — (37) 364 Corporate, Recovery and Recycling activities & Elim. 35 — — — (7) 28 Total 1,211 18 9 (2) (82) 1,154 (M CAN$) -5%
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29 SEQUENTIAL EBITDA (A)1 RECONCILIATION 16 76 54 146 10 (8) (23) 125 (6) (69) 50 Q4 2024 Operating income Depr. & Amort. Specific Items Q4 2024 EBITDA (A) Corporate, Recovery activities Tissue Papers Packaging Products Q1 2025 EBITDA (A) Specific Items Depr. & Amort. Q1 2025 Operating income 0 50 100 150 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 27 to 32 of our 2025 Quarterly Report 1, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (M CAN$) + Higher selling prices, lower raw material costs + Favourable FX rate - Lower volume - Higher production costs, energy and transportation costs + Higher selling prices and lower raw material costs - Lower volume - Higher production costs, energy and transportation costs 1 1 + FX loss in Q4-24 vs FX gain in Q1-25 + Lower stock-based compensation expenses
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30 COST OF SALES, SELLING AND ADMINISTRATIVE EXPENSES (In millions of Canadian dollars) Q1 2025 Q4 2024 Q1 2024 Cost of sales Raw materials 379 434 377 Wages and benefits 205 200 194 Energy 65 54 54 Delivery 128 131 138 Other 168 163 162 Depreciation and amortization 69 76 67 1,014 1,058 992 Selling and administrative expenses Wages and benefits 75 77 73 Information technology, publicity, marketing and other 9 6 8 84 83 81
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31 Tissue Papers - Selected Products Specialty Products - Selected ProductsContainerboard - Selected Products SELECTED REFERENCE PRICES Linerboard Corrugating medium Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 600 700 800 900 1,000 Current (Apr-25) 945 835 (US$/s.t.) Uncoated recycled folding Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 600 700 800 900 1,000 1,100 1,200 Virgin parent rolls Recycled parent rolls Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 1,0001,1001,2001,3001,4001,5001,6001,7001,800 Current (Apr-25) 1,070 Current (March-25) 1,467 1,133 (US$/s.t.) (US$/s.t.) Source: RISI
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32 SELECTED REFERENCE PRICES AND FIBRE COSTS 2023 2024 2025 Q1 2025 vs Q1 2024 Q1 2025 vs. Q4 2024 These indexes should only be used as an indicator of trends and they may be different than our actual selling prices or purchasing costs. Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 (units) (%) (units) (%) Selling Prices (average) PACKAGING PRODUCTS Containerboard (US$/short ton) Linerboard 42-lb. unbleached kraft, Eastern US (open market) 872 852 845 832 850 852 878 905 905 885 932 80 9% 27 3% Corrugating medium 26-lb. semichemical, Eastern US (open market) 762 728 715 702 727 735 768 795 795 773 822 87 12% 27 3% Specialty Products (US$/short ton) Uncoated recycled boxboard - bending chip, 20-pt. (series B) 1,053 1,040 1,040 1,020 1,038 1,020 1,040 1,063 1,070 1,048 1,070 50 5% — —% TISSUE PAPERS (US$/short ton) Parent rolls, recycled fibres (transaction) 1,269 1,233 1,196 1,190 1,222 1,194 1,188 1,180 1,150 1,178 1,132 (62) (5%) (18) (2%) Parent rolls, virgin fibres (transaction) 1,572 1,489 1,394 1,404 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$/short ton) Sorted residential papers, No. 56 (SRP - Northeast average) 18 18 28 48 28 73 88 93 69 80 63 (10) (14%) (6) (9%) Old corrugated containers, No. 11 (OCC - Northeast average) 33 47 59 83 55 101 110 108 83 100 78 (23) (23%) (5) (6%) Sorted office papers, No. 37 (SOP - Northeast average) 222 183 142 135 170 138 128 125 115 127 122 (16) (12%) 7 6% VIRGIN PULP (US$/metric ton) Northern bleached softwood kraft, Canada 1,675 1,510 1,293 1,312 1,448 1,440 1,697 1,762 1,687 1,646 1,753 313 22% 66 4% Bleached hardwood kraft, mixed, Canada/US 1,523 1,277 1,023 1,083 1,227 1,223 1,437 1,467 1,298 1,356 1,268 45 4% (30) (2%) Bleached hardwood kraft - eucalyptus, Brazil 1,533 1,280 1,025 1,093 1,233 1,242 1,488 1,505 1,308 1,386 1,290 48 4% (18) (1%) Source: RISI
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For more information: www.cascades.com/investors Jennifer Aitken, MBA Director, Investor Relations 514-282-2697 / investor@cascades.com