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Q4 2025 FINANCIAL RESULTS February 26, 2026
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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 and realized 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 the 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 the 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 53 to 59 of our 2025 Annual Report, Management Discussion & Analysis,available on SEDAR+ at www.sedarplus.ca. DISCLAIMER
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3 Q4 2025 KEY TAKEAWAYS PACKAGING: • Bear Island: run at 88% of total capacity in Q4, lighter basis weight paper production +7% QoQ; operational metrics improved • Q4 EBITDA (A)1 margins improved QoQ to 17.4%, reflecting profitability, operational & customer service initiatives • Operational footprint optimized: sold Richmond, BC plant; exited flexible, honeycomb and partition packaging segments TISSUE: • Execution and efficiency below forecasts; additional $6 million impact due to unplanned power outage at the Wagram, NC mill; countermeasures are in place and are generating positive traction • Good results from Pryor, OK optimization initiatives: converting production +11% sequentially in Q4 CORPORATE: • Achieved objective of $120 million in proceeds from sale of redundant assets ahead of plan; targeting an additional $100 million in 2026, bringing total to $230 million over 2025-2026 timeframe • Reduced long-term debt by $127 million sequentially; leverage decreased to 3.3x from 3.6x at the end of Q3 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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4 SUMMARY OF FINANCIAL RESULTS (In millions of CAN$, except per common share amounts, where noted) 2025 Q4 20252024 Q3 2025 Q4 2024 Financial Results Sales 4,776 4,701 1,197 1,238 1,211 Operating income 235 95 76 73 16 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1 576 501 155 159 146 Margin (EBITDA (A) / Sales (%))1 12.1% 10.7% 12.9% 12.8% 12.1% Net earnings (loss) 70 (31) 37 29 (13) Adjusted net earnings1 111 60 40 39 25 Net earnings (loss) per common share $0.70 ($0.31) $0.37 $0.29 ($0.13) Adjusted net earnings per common share1 $1.10 $0.60 $0.40 $0.38 $0.25 Net debt1 1,896 2,096 1,896 2,023 2,096 Net debt / EBITDA (A) ratio1 3.3x 4.2x 3.3x 3.6x 4.2x (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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5 OVERVIEW OF CONSOLIDATED PROFITABILITY DRIVERS Consolidated EBITDA (A)1 Variation (in millions of Canadian dollars) Quarter-over-Quarter Q4 2025 vs Q3 2025 Year-over-Year Q4 2025 vs Q4 2024 Year-to-date 2025 vs 2024 Average selling prices ($11 million) $25 million $163 million Operating costs $10 million ($19 million) ($86 million) Volume & Mix ($15 million) ($15 million) ($50 million) Raw Materials $12 million $18 million $48 million TOTAL ($4 million) $9 million $75 million (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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6 RECYCLED FIBRE COSTS - INDEX LIST PRICES White grades (Basket of products) Brown grades (OCC) ($ US/s.t.) Current (Feb-26) 123 63 Recycled Fibre Prices Q4 2025 Q3 2025 Q4 2024 Q4/Q4 Q4/Q3 White grades - Basket of products (Northeast average)1 120 136 124 (3)% (12)% Brown grades - OCC No. 11 (Northeast average) 59 68 83 (29)% (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: • Well-balanced market through Q4, supported by higher generation levels • January index prices remained stable. Usual lower seasonal generation in Q1 increased pricing $5 in February, with the potential for additional pricing pressure in March. SOP: • Demand remained balanced through Q4, supported by increased availability due to more subdued domestic and export demand levels since mid 2025 • January index pricing was stable. Expect pricing to remain relatively stable, with potential for minor increases due to lower usual seasonal generation. Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22 Nov 22 Feb 23 May 23 Aug 23 Nov 23 Feb 24 May 24 Aug 24 Nov 24 Feb 25 May 25 Aug 25 Nov 25 0 25 50 75 100 125 150 175 200 225 250 275 300
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7 VIRGIN PULP COSTS - INDEX LIST PRICES Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22 Nov 22 Feb 23 May 23 Aug 23 Nov 23 Feb 24 May 24 Aug 24 Nov 24 Feb 25 May 25 Aug 25 Nov 25 800 1,000 1,200 1,400 1,600 1,800 NBSK NBHK BEK Virgin Pulp Prices Q4 2025 Q3 2025 Q4 2024 Q4/Q4 Q4/Q3 NBSK (Canadian sources delivered to Eastern US) 1,568 1,700 1,687 (7)% (8)% NBHK (Canada/US sources delivered to Eastern US) 1,198 1,203 1,298 (8)% —% BEK (Eucalyptus, Brazil sources delivered to Eastern US) 1,242 1,217 1,308 (5)% 2% ($ US/metric ton) Current (Feb-26) 1,565 1,380 1,330 Source: RISI VIRGIN PULP: • The market remained soft across all pulp grades, with NBSK particularly affected.This resulted in consecutive month-over- month index declines, pushing producers’ annualized margins to historically low levels. • Announced permanent curtailment of an NBSK kraft mill removed 350k of capacity from the market. Stakeholders expecting additional curtailment in 2026. • Hardwood grades (NBHK and BEK) experienced renewed momentum in China, driven by higher wood costs that reduced the financial competitiveness of domestic produced pulp. Conversely, index levels in North America remained largely unchanged.
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8 PACKAGING PRODUCTS: Q4 2025 SEQUENTIAL PERFORMANCE SALES ($M) 797 20 6 (11) (55) 757 Q3 2025 Sales Mix F/X CAN$ Selling price Volume Q4 2025 Sales HIGHLIGHTS • Parent rolls shipments were lower as a result of permanent closure of a mill; corrugated and specialty products shipments (in short tons) were stable sequentially. • N.A. Box Shipments (MSF) Cascades Industry 2 1.5% (2.4)% • Lower average selling price for corrugated products related to sales mix • Benefits from improved operating cost structure from plant closures were partially offset by higher logistics costs • Benefits from lower recycled fibre cost (5)% EBITDA (A) ($M) 136 13 5 (11) (11) 132 Q3 2025 EBITDA (A) Operating costs Raw materials Volume & Mix Selling price Q4 2025 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Weighted average variance in industry shipments, based on the Corporation's volume by specific locations where we operate , and reported industry decrease of (3.5%) in Canada and (0.9%) in the US Northeast (area 1). (3)%
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9 PACKAGING PRODUCTS: Q4 2025 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 782 23 17 (1) (64) 757 Q4 2024 Sales Selling price Mix F/X CAN$ Volume Q4 2025 Sales HIGHLIGHTS • Parent rolls shipments were lower as a result of permanent closure of a mill, in addition corrugated products were also slightly lower following strong demand in 2024 • N.A. Box Shipments Cascades Industry 2 (2.1%) 0.5% • Higher average selling price for corrugated products reflects implementation of previously announced price increases • Lower raw material costs driven by decrease in OCC prices, partly offset by higher costs for other inputs • Higher operating costs reflect lower production rates, increased energy and logistics costs and additional maintenance in our plants (3)% EBITDA (A) ($M) 132 23 11 (16) (18) 132 Q4 2024 EBITDA (A) Selling price Raw materials Operating costs Volume & Mix Q4 2025 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Weighted average variance in industry shipments, based on the Corporation's volume by specific locations where we operate, and reported industry decrease of (1.2%) in Canada and (5.5%) in the US Northeast (area 1). —%
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10 PACKAGING PRODUCTS - SALES TRENDS Product category As a % of Q4 2025 Sales Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q1/Q4 Corrugated 58% Paper rolls 25% Other 17% Market As a % of Q4 2025 Sales Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q1/Q4 Industrial & Manufacturing 18% Food & Beverage 38% Distribution 26% Paper converters 18% Sales by product category: Corrugated: Converted linerboard and corrugating medium products Paper rolls: Linerboard, corrugated medium and uncoated recycled boxboard Other: Plastics, moulded pulp and distribution of packaging products. Sales by industry: Industrial and manufacturing: Manufacturers of durable and non-durable goods other than food and beverage Food and beverage: Food retailers, food processors and produce growers Distribution: Distributors and e-commerce retailers Converting: Paper roll converters
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11 TISSUE PAPERS: Q4 2025 SEQUENTIAL PERFORMANCE SALES ($M) 412 7 3 (15) 407 Q3 2025 Sales Mix F/X CAN$ Volume Q4 2025 Sales HIGHLIGHTS • Lower volumes: shipments -4%. Converted products -1% in short tons (AfH tissue -3%, Retail tissue +0.4%) • Higher average selling price driven by FX and sales mix • Operating costs were slightly higher, with benefits from efficiency gains offset by higher transportation costs and electric outage related costs. • Lower raw material costs reflects the lower pricing of virgin fiber (1)% EBITDA (A) ($M) 46 2 (2) (4) 42 Q3 2025 EBITDA (A) Raw materials Operating costs Volume & Mix Q4 2025 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (9)%
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12 TISSUE PAPERS: Q4 2025 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 394 8 4 2 (1) 407 Q4 2024 Sales Mix Volume Selling price F/X CAN$ Q4 2025 Sales HIGHLIGHTS • Higher volumes: shipments +1% in short tons (AfH tissue 0%, Retail tissue +8%) • Higher average selling price related to higher proportion of converted products and price increases. • Sales gains were partially offset by a less favourable customer/product mix in converting and less favourable exchange rate. • Higher operating costs driven by inflation, increased transportation cost, and production inefficiencies including electrical outage impact. • Lower raw material costs driven by virgin fiber pricing partially offset by the increase of virgin fiber in our mix 3% EBITDA (A) ($M) 45 5 3 2 (13) 42 Q4 2024 EBITDA (A) Raw materials Volume & Mix Selling price Operating costs Q4 2025 EBITDA (A) 1 1 1 (7)% (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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13 TISSUE PAPERS - SALES TRENDS Product category As a % of Q4 2025 Sales Q4 2025 Volume (s.t.) Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q1/Q4 Parent rolls —% 3,024 (53)% (57)% Away-from-Home 36% 47,332 (3)% —% Consumer Products 64% 72,215 —% 8% Total 100% 122,572 (4)% 1%
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14 Q4 2025 EBITDA (A)1 TO OPERATING INCOME RECONCILIATION 155 21 1 (4) (25) (72) 76 EBITDA (A) Other gain Gain on financial instruments Restructuring costs Impairment charges Depr. & Amort. Operating income0 50 100 150 200 (M CAN$) (M CAN$) Packaging Products Tissue Papers Corporate, Recovery and Recycling activities Total Operating income (loss) 90 14 (28) 76 Depreciation and amortization 49 16 7 72 Impairment charges 11 12 2 25 Other gain (21) — — (21) Restructuring costs 3 — 1 4 Gain on financial instruments — — (1) (1) EBITDA (A)1 132 42 (19) 155 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , 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) Q4 2025 Q4 2025 As reported 37 $0.37 Specific items: Restructuring costs 4 $0.03 Other gain (21) ($0.18) Impairment charges 25 $0.19 Gain on financial instruments (1) ($0.01) Tax effect on specific items, other tax adjustments and attributable to non-controlling interests2 (4) — 3 $0.03 Adjusted2 40 $0.40 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report, 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 53 to 59 of our 2025 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. $ cents (0.13) 0.38 0.25 0.07 0.03 0.03 0.02 0.40 (0.03) 0.37 EPS reported Q4 2024 Specific items Adjusted EPS Q4 2024 EBITDA (A) Depreciation & amortization Income tax variance Financing expense Adjusted EPS Q4 2025 Specific items EPS reported Q4 2025 -0.20 -0.10 0.00 0.10 0.20 0.30 0.40 0.50 2 2 2
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17 QUARTERLY SEQUENTIAL ADJUSTED EPS VARIANCE1,2 $ cents 0.29 0.09 0.38 0.02 0.02 0.01 (0.03) 0.40 (0.03) 0.37 EPS reported Q3 2025 Specific items Adjusted EPS Q3 2025 Depreciation & amortization Financing expense Income tax variance EBITDA (A) Adjusted EPS Q4 2025 Specific items EPS reported Q4 2025 0.00 0.10 0.20 0.30 0.40 0.50 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 53 to 59 of our 2025 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. 2
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18 YEAR-OVER-YEAR YTD ADJUSTED EPS VARIANCE1,2 $ cents (0.31) 0.91 0.60 0.55 0.05 0.02 (0.02) (0.04) (0.06) 1.10 (0.40) 0.70 EPS reported 2024 Specific items Adjusted EPS 2024 EBITDA (A) Financing expense Income tax variance Share of results of JVs and associates Depreciation & amortization Non- controlling interests Adjusted EPS 2025 Specific items EPS reported 2025 -0.50 0.00 0.50 1.00 1.50 (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 53 to 59 of our 2025 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. 2 2 2
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19 CASH FLOW OVERVIEW 2023 2024 2025 (In millions of CAN$, except per common share amounts) Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Cash flow from operations 397 32 78 76 109 295 45 92 116 150 403 Specific items1 24 14 17 10 20 61 17 9 21 15 62 Adjusted cash flow from operations2 421 46 95 86 129 356 62 101 137 165 465 Including: Net financing expenses paid (129) (47) (18) (48) (22) (135) (49) (25) (33) (16) (123) Payments for property, plant and equipment & other assets, lease obligations payments, net of disposals (403) (61) (58) (49) (49) (217) (53) (39) (51) (60) (203) Dividends3 (84) (15) (17) (16) (15) (63) (15) (36) (15) (17) (83) Adjusted cash flow generated (used)2 (66) (30) 20 21 65 76 (6) 26 71 88 179 Adjusted cash flow generated (used) per common share2 ($0.66) ($0.30) $0.20 $0.21 $0.64 $0.75 ($0.06) $0.26 $0.70 $0.87 $1.77 The quarterly year-over-year increase in Adjusted Cash Flow2 was driven by higher cash flow from operations and lower financing expenses paid 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 53 to 59 of our 2025 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (3) Paid to our shareholders and to non- controlling interests.
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20 213 330 532 289 148 137 106 254 455 222 74 83 85 50 41 35 44 43 22 26 36 32 30 11 Packaging Products Tissue Papers Corporate, Recovery and Recycling 2020 2021 2022 2023 2024 2025 2026F 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. 2026 Forecast: ~ $175 M1 11
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21 2,023 (150) (33) (31) (25) (3) (1) 17 42 57 1,896 Net debt as of September 30, 2025 Cash flow from oper. activities Changes in non- cash working capital components Proceeds from business disposal F/X CAN$ Investments and other Proceeds from disposals of property, plant and equipment Dividends paid & change in capital stock Payments for property, plant and equipment Right-of-use assets acquisitions Net debt as of December 31, 2025 1,700 1,800 1,900 2,000 2,100 NET DEBT1 RECONCILIATION - Q4 2025 Q3 2025 Q4 2025 $567 million LTM EBITDA (A)1 $576 million 3.6x Net debt / LTM EBITDA (A) ratio1 3.3x (M CAN$) Lower net debt1 levels reflect stronger cash flow from operations, lower working capital requirements, proceeds from business disposals and favourable exchange rate, partially offset by dividend payments, capital expenditures and ROU (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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22 2,096 (403) (91) (31) (27) (5) 24 81 100 152 1,896 Net debt as of December 31, 2024 Cash flow from oper. activities F/X CAN$ Proceeds from business disposal Proceeds from disposals of property, plant and equipment Investments and other Changes in non- cash working capital components Dividends paid & change in capital stock Right-of-use assets acquisitions Payments for property, plant and equipment Net debt as of December 31, 2025 1,500 1,750 2,000 NET DEBT1 RECONCILIATION - 2025 2024 2025 $501 million LTM EBITDA (A)1 $576 million 4.2x Net debt / LTM EBITDA (A) ratio1 3.3x (M CAN$) Lower net debt1 reflects stronger cash flow from operations, favourable exchange rate, cash received from disposals of businesses and other PPE, partially offset by higher working capital requirements, dividend payments, ROU and capital expenditures (1) Please click here for supplemental information on non-IFRS Accounting Standards measures available on pages 53 to 59 of our 2025 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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23 59% 49%51% 54% 46%41% 50%51% 54% 52% 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 4.3x 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 3.3x 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Long-Term Debt Maturities (as of December 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 47.09 %), interest coverage ratio › 2.25x (currently at 5.01). (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) EBITDA (A) 1 to interest on long-term debt, amortization of financing expenses, other interest and banking fees. (3) Pro-forma up to 2018 to include business acquisitions on a LTM basis, if applicable. 70 360 357 614 2 549 1 year > 1 year 2027 2028 2029 2030 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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24 FORECASTED EBITDA (A)1 RANGE COMMENTARY PACKAGING $117 M - $123 M • Seasonally softer volumes • Higher logistics and energy costs • Planned maintenance downtime ± 16,000 s.t. including Bear Island (4 days), URB facility (6 days) TISSUE $34 M - $38 M • Seasonally lower volumes (AfH) • Impacts from weather and ramp-up of Wagram, NC facility following unplanned power outage • Higher logistics and energy costs CORPORATE ($21 M) - ($19 M) • Stable overall costs CONSOLIDATED $130 M - $142 M OUTLOOK RISK: Potential for continued macro- environment uncertainty to have a negative impact on demand levels for our products. Q1 2026 OUTLOOK (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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25 OBJECTIVE PROGRESS 1 GENERATE $100 M OF BASELINE ANNUAL PROFITABILITY IMPROVEMENTS BY YEAR-END 2026 • Bear Island mill run at 88% of capacity in Q3 and Q4; focused on production of lighter weight paper, machine up-time • Pryor, OK tissue converting facility Q4 production +11% sequentially 2 ALIGN OPERATIONAL & COMMERCIAL STRUCTURE • Improved safety performance in our facilities, reflecting greater focus and alignment • Exited flexible, honeycomb and partition packaging activities: total proceeds of $40 M • Richmond, BC corrugated packaging plant sold for $65.5 M, subject to closing adjustments • Realigned product/customer portfolio: converted retail tissue shipments +2.5% in 2025, accounted for 64% of total converted tissue product sales. • Optimization of organizational structure, asset sales and business realignment eliminated ± 800 positions since October 2024 3 CAPITAL DEPLOYMENT PRIORITIZING DEBT REDUCTION • Capital expenditures ±$175 M in 2026 ($152 M in 2025) • Achieved target of generating $120 M in proceeds from the sale of redundant and unused assets - objective expanded to $230 M in proceeds by the end of 2026 • Net debt1 reduced by $200 M year-over-year in 2025; leverage1 at 3.3x vs. 4.2x STRATEGIC ACTIONS GENERATED ~$30 M OF PROFITABILITY IMPROVEMENTS IN 2025 STRATEGIC PRIORITY AREAS: 2025 - 2026 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures available on pages 53 to 59 of our 2025 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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26 APPENDIX
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27 SUMMARY OF QUARTERLY FINANCIAL RESULTS and KPIs (In millions of CAN$, except per common share amounts, where noted) 2023 2024 2025 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Financial Results Sales 4,638 1,109 1,180 1,201 1,211 4,701 1,154 1,187 1,238 1,197 4,776 Operating income 40 9 34 36 16 95 50 36 73 76 235 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1 558 103 112 140 146 501 125 137 159 155 576 Margin (EBITDA (A) / Sales (%))1 12.0% 9.3% 9.5% 11.7% 12.1% 10.7% 10.8% 11.5% 12.8% 12.9% 12.1% Net earnings (loss) (76) (20) 1 1 (13) (31) 7 (3) 29 37 70 Adjusted net earnings1 109 — 8 27 25 60 13 19 39 40 111 Net earnings (loss) per common share ($0.76) ($0.20) $0.01 $0.01 ($0.13) ($0.31) $0.07 ($0.03) $0.29 $0.37 $0.70 Adjusted net earnings per common share1 $1.08 $— $0.08 $0.27 $0.25 $0.60 $0.13 $0.19 $0.38 $0.40 $1.10 Key Performance Indicators Working capital In millions of CAN$, at the end of the period1 460 474 460 406 529 508 449 390 As a percentage of sales1, 2 9.8% 9.5% 9.2% 9.6% 9.8% 10.0% 9.9% 9.8% (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Percentage of sales = Average quarterly last twelve months (LTM) working capital / LTM sales.
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28 SUMMARY OF QUARTERLY KPIs 2023 2024 2025 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Key Performance Indicators Total shipments (in ’000 short tons (s.t.))1 Packaging Products 1,725 441 444 450 442 1,777 421 424 434 403 1,682 Tissue Papers 513 115 122 122 121 480 110 120 128 122 480 2,238 556 566 572 563 2,257 531 544 562 525 2,162 Integration rate2 Packaging Products 50% 51% 50% 51% 50% 51% 51% 51% 51% 54% 51% Tissue Papers 87% 94% 94% 94% 94% 94% 94% 94% 94% 97% 95% Manufacturing capacity utilization rate3 Packaging Products 90% 94% 88% 91% 88% 90% 86% 86% 92% 88% 88% Tissue Papers 89% 95% 93% 93% 98% 95% 93% 91% 98% 96% 95% Average Selling Price (CAN$/unit) Corrugated and paper rolls $1,420 $1,353 $1,404 $1,438 $1,478 $1,418 $1,509 $1,503 $1,525 $1,555 $1,522 Tissue Papers $3,147 $3,206 $3,236 $3,210 $3,250 $3,226 $3,313 $3,246 $3,242 $3,322 $3,280 (1) Shipments do not take into account the elimination of business sector inter-segment shipments. Shipments include those of paper rolls, corrugated packaging and tissue papers. (2) Defined as: Percentage of manufacturing shipments transferred to our converting operations in all of Cascades’ segments. Greenpac's firm purchase agreements with partners are included for the Packaging Products segment. (3) Defined as: Manufacturing internal and external shipments/practical capacity. Calculated according to Bear Island’s capacity ramp-up plan.
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29 1,211 25 25 (2) (62) 1,197 1,000 1,100 1,200 1,300 (M CAN$) Sales Q4 2024 Selling price Mix F/X CAN$ Volume and other items Sales Q4 2025 Packaging Products 782 23 17 (1) (64) 757 Tissue Papers 394 2 8 (1) 4 407 Corporate, Recovery and Recycling activities & Elim. 35 — — — (2) 33 Total 1,211 25 25 (2) (62) 1,197 (M CAN$) -1% YEAR-OVER-YEAR SALES RECONCILIATION
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30 YEAR-OVER-YEAR EBITDA (A)1 RECONCILIATION 16 76 54 146 12 — (3) 155 (7) (72) 76 Q4 2024 Operating income Depr. & Amort. Specific Items Q4 2024 EBITDA (A) Corporate, Recovery activities Packaging Products Tissue Papers Q4 2025 EBITDA (A) Specific Items Depr. & Amort. Q4 2025 Operating income 0 50 100 150 200 (M CAN$) + Higher volume + Lower raw material costs + Higher selling prices - Higher production costs, higher transportation and energy costs (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. + Higher selling prices + Lower raw material costs - Lower volume - Higher production costs, higher transportation and energy costs 1 1 + Decrease in operating costs + Favourable foreign exchange
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31 SEQUENTIAL SALES RECONCILIATION 1,238 27 9 (11) (66) 1,197 1,000 1,200 1,400 (M CAN$) Sales Q3 2025 Mix F/X CAN$ Selling price Volume and other items Sales Q4 2025 Packaging Products 797 20 6 (11) (55) 757 Tissue Papers 412 7 3 — (15) 407 Corporate, Recovery and Recycling activities & Elim. 29 — — — 4 33 Total 1,238 27 9 (11) (66) 1,197 (M CAN$) -3%
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32 SEQUENTIAL EBITDA (A)1 RECONCILIATION 73 74 12 159 4 (4) (4) 155 (7) (72) 76 Q3 2025 Operating income Depr. & Amort. Specific Items Q3 2025 EBITDA (A) Corporate, Recovery activities Packaging Products Tissue Papers Q4 2025 EBITDA (A) Specific Items Depr. & Amort. Q4 2025 Operating income 0 50 100 150 200 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (M CAN$) + Lower raw material costs + Lower production costs partly offset by higher transportation costs - Lower selling price - Lower volume + Lower raw material costs - Lower volume - Lower production costs more than offset by higher transportation and energy costs 1 1 + Decrease in operating costs - Stock-based compensation expenses
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33 COST OF SALES, SELLING AND ADMINISTRATIVE EXPENSES (In millions of Canadian dollars) 2025 2024 Q4 2025 Q3 2025 Q4 2024 Cost of sales Raw materials 1,657 1,690 408 452 434 Wages and benefits 800 782 197 193 200 Energy 231 210 58 54 54 Delivery 518 534 135 134 131 Other 668 640 166 162 163 Depreciation and amortization 287 282 72 74 76 4,161 4,138 1,036 1,069 1,058 Selling and administrative expenses Wages and benefits 297 304 76 76 77 Information technology, publicity, marketing and other 29 40 2 8 6 326 344 78 84 83
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34 SENSITIVITY TABLE1 (unaudited) SHIPMENTS/CONSUMPTION ('000 SHORT TONS, ’000 MMBTU FOR NATURAL GAS) INCREASE EBITDA (A)2 IMPACT (IN MILLIONS OF CAN$) SELLING PRICE (MANUFACTURING AND CONVERTING)3 Packaging Products Linerboard 42-lb. unbleached kraft, Eastern US 500 US$25/s.t. 17 Corrugating medium 26-lb. semichemical, Eastern US 270 US$25/s.t. 9 Converting products (cartonboard based only) 785 US$25/s.t. 27 Integrated Containerboard impact 1,555 53 Uncoated recycled boxboard - bending chip, 20-pt., Eastern US 130 US$25/s.t. 5 SUB-TOTAL 1,685 58 Tissue Papers 480 US$25/s.t. 16 TOTAL 2,165 74 RAW MATERIALS3 Packaging Products Brown grades (OCC and others) 1,625 US$25/s.t. (55) Groundwood grades (SRP and others) 25 US$25/s.t. (1) Recycled deinked pulp 20 US$25/s.t. (1) TOTAL 1,670 (57) Tissue Papers Virgin pulp 195 US$25/s.t. (7) Brown grades (OCC and others) 110 US$25/s.t. (3) White grades (SOP and others) 190 US$25/s.t. (7) TOTAL 495 (17) NATURAL GAS Packaging Products 4,000 US$1.00/mmBtu (5) Tissue Papers 3,000 US$1.00/mmBtu (4) TOTAL 7,000 (9) EXCHANGE RATE4 U.S. subsidiaries translation and sales less purchases in US$ from Canadian operations CAN$/US$ 0.01 change 2 1 Sensitivity calculated according to 2025 volumes or consumption with year-end closing exchange rate of CAN$/US$ 1.37, excluding hedging programs and the impact of related expenses such as discounts, commissions on sales and profit-sharing. 2 Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 53 to 59 of our 2025 Annual Report, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. 3 Based on 2025 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, from CAN$/US$ 1.36 to CAN$/US$ 1.37
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35 Tissue Papers - Selected Products Specialty Products - Selected ProductsContainerboard - Selected Products SELECTED REFERENCE PRICES Linerboard Corrugating medium 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 May-25 Aug-25 Nov-25 600 700 800 900 1,000 Current (Feb-26) 945 835 (US$/s.t.) Uncoated recycled boxbaord Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 600 700 800 900 1,000 1,100 1,200 Virgin parent rolls Recycled parent rolls Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 1,0001,1001,2001,3001,4001,5001,6001,7001,800 Current (Feb-26) 1,110 Current (Janv-26) 1,419 1,103 (US$/s.t.) (US$/s.t.) Source: RISI
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36 SELECTED REFERENCE PRICES AND FIBRE COSTS 2023 2024 2025 2025 vs 2024 These indexes should only be used as an indicator of trends and they may be different than our actual selling prices or purchasing costs. Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year (units) (%) Selling Prices (average) PACKAGING PRODUCTS (US$/short ton) Linerboard 42-lb. unbleached kraft, Eastern US (open market) 872 852 845 832 850 852 878 905 905 885 932 945 945 945 942 57 6% Corrugating medium 26-lb. semichemical, Eastern US (open market) 762 728 715 702 727 735 768 795 795 773 822 835 835 835 832 59 8% 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 1,093 1,110 1,110 1,096 48 5% TISSUE PAPERS (US$/short ton) Parent rolls, recycled fibres (transaction) 1,269 1,233 1,196 1,190 1,222 1,194 1,188 1,180 1,150 1,178 1,132 1,131 1,122 1,105 1,123 (55) (5%) Parent rolls, virgin fibres (transaction) 1,572 1,489 1,394 1,404 1,465 1,449 1,530 1,544 1,487 1,503 1,459 1,476 1,444 1,422 1,451 (52) (3%) Raw Material Prices (average) RECYCLED PAPER North America (US$/short ton) Sorted residential papers, No. 56 (SRP - Northeast average) 18 18 28 48 28 73 88 93 69 80 63 59 53 44 55 (25) (31%) Old corrugated containers, No. 11 (OCC - Northeast average) 33 47 59 83 55 101 110 108 83 100 78 74 68 59 70 (30) (30%) Sorted office papers, No. 37 (SOP - Northeast average) 222 183 142 135 170 138 128 125 115 127 122 133 128 112 124 (3) (2%) 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 1,820 1,700 1,568 1,710 64 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 1,310 1,203 1,198 1,245 (111) (8%) Eucalyptus, Brazil 1,533 1,280 1,025 1,093 1,233 1,242 1,488 1,505 1,308 1,386 1,290 1,323 1,217 1,242 1,268 (118) (9%) 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