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Cascades Source of possibilities Q2 2026 FINANCIAL RESULTS August 6 , 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 32 to 37 of our 2026 Quarterly Report 2, Management Discussion & Analysis,available on SEDAR+ at www.sedarplus.ca. DISCLAIMER
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3 Q2 2026 KEY TAKEAWAYS PACKAGING: • Record quarterly production at Bear Island and Greenpac • Pricing realization of the March/April announced prices increases • Strong demand for paper rolls and solid demand for converted products as we onboarded new customers • Sequential higher transportation costs TISSUE: • Continued good progress at the Pryor, OK facility: Q2 production +19% from Q3 2025, +2% sequentially • Higher sequential volume in both markets • Higher raw materials and transportation costs • Negotiation of selling price increases completed for implementation starting in July 2026 CORPORATE: • Net debt1 slightly lower sequentially; leverage1 unchanged at 3.3x • Maturity extension of the Greenpac (2029) and the Corporation's (2030) credit facilities and term-loan (2031) • On July 28, we concluded the sale of the real estate at the closed recovery plant in Lachine, Québec for $9 million (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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4 SUMMARY OF FINANCIAL RESULTS (In millions of CAN$, except per common share amounts, where noted) Q2 2026 Q1 2026 Q2 2025 LTM2 Financial Results Sales 1,219 1,125 1,187 4,779 Operating income 58 81 36 288 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1 140 118 137 572 Margin (EBITDA (A) / Sales (%))1 11.5% 10.5% 11.5% 12.0% Net earnings (loss) 21 39 (3) 126 Adjusted net earnings1 24 7 19 110 Net earnings (loss) per common share $0.21 $0.38 ($0.03) $1.25 Adjusted net earnings per common share1 $0.24 $0.07 $0.19 $1.09 Net debt1 1,879 1,901 2,104 Net debt / EBITDA (A) ratio1 3.3x 3.3x 3.8x (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) LTM : Last twelve months
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5 OVERVIEW OF CONSOLIDATED PROFITABILITY DRIVERS Consolidated EBITDA (A)1 Variation (in millions of Canadian dollars) Quarter-over-Quarter Q2 2026 vs Q1 2026 Year-over-Year Q2 2026 vs Q2 2025 Year-to-date 2026 vs 2025 Average selling prices $7 million $13 million $30 million Operating costs ($2 million) ($22 million) ($58 million) Volume & Mix $32 million $16 million $12 million Raw Materials ($15 million) ($4 million) $12 million TOTAL $22 million $3 million ($4 million) (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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6 RECYCLED FIBRE COSTS - INDEX LIST PRICES ($ US/s.t.) Current (July-26) 162 83 Recycled Fibre Prices Q2 2026 Q1 2026 Q2 2025 Q2/Q2 Q2/Q1 White grades - Basket of products (Northeast average)1 149 132 150 (1)% 13% Brown grades - OCC No. 11 (Northeast average) 74 63 74 —% 17% Source: RISI. (1) Basket of white recycled paper, including grades such as SOP, Solid Bleached sulfate and Manifold white ledger; Northeast average. Weighted average based on Cascades’ purchases of each grade. White grades have been aligned with the current year’s presentation OCC: • Pricing continues to move up while remaining below 2025 level. • Generation of OCC is below previous year trend, current economic uncertainty has an impact on consumer spending. • Mix paper is becoming a viable alternative to reduce production costs. SOP: • Seasonally reduced availability continues through Q2, while demand for SOP remains strong. • Strong export demand, combined with aggressive purchasing activity to secure available volumes, could drive further index price increases later this year. • We are reducing our exposure to SOP by using alternative grades to reduce costs. White grades (Basket of products) Brown grades (OCC) 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 Feb 26 May 26 0 25 50 75 100 125 150 175 200 225 250 275 300
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7 VIRGIN PULP COSTS - INDEX LIST PRICES NBSK NBHK BHK (Euca) 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 Feb 26 May 26 800 1,000 1,200 1,400 1,600 1,800 Virgin Pulp Prices Q2 2026 Q1 2026 Q2 2025 Q2/Q2 Q2/Q1 NBSK (Canadian sources delivered to Eastern US) 1,577 1,563 1,820 (13)% 1% NBHK (Canada/US sources delivered to Eastern US) 1,495 1,338 1,310 14% 12% BHK (Eucalyptus, Brazil sources delivered to Eastern US) 1,525 1,380 1,323 15% 11% ($ US/metric ton) Current (July-26) 1,570 1,565 1,535 Source: RISI NBSK: ▪ Prices remained relatively stable in Q2 2026, supported by limited supply growth and steady demand. ▪ Production capacity reductions have occurred globally. ▪ High freight costs to Asia and increased internal production should help moderate price increases in NA. BHK (Euca): ▪ Eucalyptus prices were up in Q2 compared to Q1, and we expect further increases in Q3. ▪ Demand in North America remains healthy. ▪ We continue our strategic conversion toward greater use of eucalyptus over NBSK. ▪ Brazilian eucalyptus faces greater short-term pricing pressure from new capacity and weaker China demand.
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8 PACKAGING PRODUCTS: Q2 2026 SEQUENTIAL PERFORMANCE SALES ($M) 715 44 9 5 (1) 772 Q1 2026 Sales Volume, business disposal & closures Selling price F/X CAN$ Mix Q2 2026 Sales HIGHLIGHTS • Higher paper rolls shipments driven by improved performance at Greenpac and Bear Island facilities, representing an increase of 8.6% in total shipments (in short tons) • N.A. Box Shipments (MSF) Cascades 2 Industry 3 8.4% 5.5% • Higher volume in all of the operating activities and a favorable product mix in paper roll shipments. • Higher average selling prices following price index variation, this increase was more than offset by higher raw materials costs • Higher logistics and repair and maintenance costs offset by lower energy costs 8% EBITDA (A) ($M) 103 23 9 (4) (11) 120 Q1 2026 EBITDA (A) Volume & Mix Selling price Operating costs Raw materials Q2 2026 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Excludes shipments from the Richmond, BC box plant, sold in Q1 2026. ( 3) Weighted average variance in industry shipments, based on the Corporation's volume by specific locations where we operate, and reported industry increase of 7.4% in Canada and 3.4% in the US Northeast (area 1). 17%
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9 PACKAGING PRODUCTS: Q2 2026 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 763 11 8 (10) 772 Q2 2025 Sales Selling price Mix Volume, business disposal & closures Q2 2026 Sales HIGHLIGHTS • Volume increase reflects slightly higher paper roll shipments that was offset by lower corrugated product shipments reflecting the sale of a box plant in British Columbia • N.A. Box Shipments Cascades 2 Industry 3 5.8% 2.4% • Higher average selling prices for paper rolls reflects implementation of previously announced price increases and favorable customer mix. • Higher raw material costs reflecting inflationary pressures on transportation costs and external paper purchases • Higher operating costs reflect increased logistics costs, additional maintenance at the mills and conversion plants, offset by cost reduction initiatives 1% EBITDA (A) ($M) 119 12 11 (5) (17) 120 Q2 2025 EBITDA (A) Volume & Mix Selling price Raw materials Operating costs Q2 2026 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Excludes shipments from the Richmond, BC box plant, sold in Q1 2026. (3) Weighted average variance in industry shipments, based on the Corporation's volume by specific locations where we operate, and reported industry increase of 3.3% in Canada and stable volume in the US Northeast (area 1). 1%
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10 PACKAGING PRODUCTS - SALES TRENDS Product category As a % of Q2 2026 Sales Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q3/Q2 Corrugated 54% Paper rolls 29% Other 17% Market As a % of Q2 2026 Sales Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q3/Q2 Industrial & Manufacturing 12% Food & Beverage 37% Distribution 22% Paper converters 29% Sales by product category: Corrugated: Converted linerboard and corrugating medium products Paper rolls: Linerboard, corrugated medium and uncoated recycled boxboard Other: Plastics, moulded pulp and distribution of packaging products. Sales by industry: Industrial and manufacturing: Manufacturers of durable and non-durable goods other than food and beverage Food and beverage: Food retailers, food processors and produce growers Distribution: Distributors and e-commerce retailers Converting: Paper roll converters
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11 TISSUE PAPERS: Q2 2026 SEQUENTIAL PERFORMANCE SALES ($M) 380 28 3 (2) 409 Q1 2026 Sales Volume F/X CAN$ Selling price Q2 2026 Sales HIGHLIGHTS • Higher volumes: shipments +7%. Converted products +7% in short tons (AfH tissue +16%, Retail tissue +2%) mainly driven by usual seasonality for AfH market • Lower average selling prices driven by sales mix (More AfH and product mix), partially offset by more favourable FX • Stable costs driven by challenging market conditions including higher fuel and transportation costs which were offset by lower energy and cost reduction initiatives • Higher raw material costs reflects the higher pricing of all fibers and higher external parent roll usage 8% EBITDA (A) ($M) 33 9 (2) (5) 35 Q1 2026 EBITDA (A) Volume & Mix Selling price Raw materials Q2 2026 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. 6%
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12 TISSUE PAPERS: Q2 2026 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 392 13 2 2 409 Q2 2025 Sales Mix Volume Selling price Q2 2026 Sales HIGHLIGHTS • Higher volumes: shipments +1% in short tons. Converted products +6% (AfH tissue +7%, Retail tissue +6%) • Higher average selling prices related to higher proportion of converted products and retail price increases • Operating costs increased mainly related to higher transportation costs stemming from elevated logistics and freight rates in a challenging market environment. Production costs were lower driven by cost management and productivity improvements • Lower raw material costs driven by virgin fiber pricing partially offset by the increase of virgin fiber in our mix 4% EBITDA (A) ($M) 38 4 2 2 (11) 35 Q2 2025 EBITDA (A) Volume & Mix Selling price Raw materials Operating costs Q2 2026 EBITDA (A) 1 1 1 (8)% (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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13 TISSUE PAPERS - SALES TRENDS Product category As a % of Q2 2026 Sales Q2 2026 Volume (s.t.) Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q3/Q2 Away-from-Home 37% 49,300 16% 7% Consumer Products 63% 71,900 2% 6% Total 100% 121,200 7% 6%
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14 Q2 2026 EBITDA (A)1 TO OPERATING INCOME RECONCILIATION 140 3 (2) (6) (77) 58 EBITDA (A) Other gain Restructuring costs Loss on financial instruments Depr. & Amort. Operating income0 50 100 150 200 (M CAN$) (M CAN$) Packaging Products Tissue Papers Corporate, Recovery and Recycling activities Total Operating income (loss) 68 20 (30) 58 Depreciation and amortization 53 15 9 77 Other gain (3) — — (3) Restructuring costs — — 2 2 Loss on financial instruments 2 — 4 6 EBITDA (A)1 120 35 (15) 140 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2, 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) Q2 2026 Q2 2026 As reported 21 $0.21 Specific items: Restructuring costs 2 $0.01 Other gain (3) ($0.02) Loss on financial instruments 6 $0.04 Tax effect on specific items, other tax adjustments and attributable to non-controlling interests2 (2) — 3 $0.03 Adjusted1 24 $0.24 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2, 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 32 to 37 of our 2026 Quarterly Report 2, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. $ cents (0.03) 0.22 0.19 0.04 0.03 0.02 0.01 (0.01) (0.04) 0.24 (0.03) 0.21 EPS reported Q2 2025 Specific items Adjusted EPS Q2 2025 Income tax variance Financing expense EBITDA (A) Share of results of JVs and associates Non- controlling interests Depreciation & amortization Adjusted EPS Q2 2026 Specific items EPS reported Q2 2026 -0.10 0.00 0.10 0.20 0.30 0.40 2 22
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17 QUARTERLY SEQUENTIAL ADJUSTED EPS VARIANCE1,2 $ cents 0.38 (0.31) 0.07 0.16 0.03 0.02 0.01 (0.01) (0.04) 0.24 (0.03) 0.21 EPS reported Q1 2026 Specific items Adjusted EPS Q1 2026 EBITDA (A) Income tax variance Financing expense Share of results of JVs and associates Non- controlling interests Depreciation & amortization Adjusted EPS Q2 2026 Specific items EPS reported Q2 2026 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 32 to 37 of our 2026 Quarterly Report 2, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. 2
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18 CASH FLOW OVERVIEW 2024 2025 2026 (In millions of CAN$, except per common share amounts) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 YTD5 LTM6 Cash flow from operations 32 78 76 109 295 45 92 116 150 403 56 119 175 441 Specific items1 14 17 10 20 61 17 9 21 15 62 3 4 7 43 Adjusted cash flow from operations2 46 95 86 129 356 62 101 137 165 465 59 123 182 484 Including: Net financing expenses paid (47) (18) (48) (22) (135) (49) (25) (33) (16) (123) (52) (11) (63) (112) Payments for property, plant and equipment & other assets, lease obligations payments (61) (75) (50) (65) (251) (53) (65) (51) (61) (230) (50) (61) (111) (223) Dividends3 (15) (17) (16) (15) (63) (15) (36) (15) (17) (83) (16) (15) (31) (63) Adjusted cash flow generated (used) before specific items2, 4 (30) 3 20 49 42 (6) — 71 87 152 (7) 47 40 198 Adjusted cash flow generated (used) before specific items per common share2, 4 ($0.30) $0.03 $0.20 $0.49 $0.42 ($0.06) $— $0.70 $0.86 $1.50 ($0.07) $0.46 $0.39 $1.95 The quarterly Adjusted Cash Flow generated2 is higher year-over-year, reflecting lower financing expenses paid and lower dividends paid to minority shareholders. (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 32 to 37 of our 2026 Quarterly Report 2, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (3) Paid to our shareholders and to non- controlling interests. (4) “Adjusted cash flow generated (used) before specific items” have been aligned with the current year’s presentation. (5) YTD: Year-to-date. (6) LTM : Last twelve months
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19 213 330 532 289 148 137 67 106 254 455 222 74 83 41 85 50 41 35 44 19 22 26 36 32 30 Packaging Products Tissue Papers Corporate, Recovery and Recycling 2020 2021 2022 2023 2024 2025 Q2 2026 YTD 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: range of $150 M to $175 M1 11 43
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20 1,901 (119) (3) (3) (2) 3 12 14 36 40 1,879 Net debt as of March 31, 2026 Cash flow from oper. activities Investments and other Proceeds from disposals of property, plant and equipment Proceeds from business disposal Changes in non- cash working capital components Right-of-use assets acquisitions Dividends paid & change in capital stock F/X CAN$ Payments for property, plant and equipment Net debt as of June 30, 2026 1,700 1,800 1,900 2,000 NET DEBT1 RECONCILIATION - Q2 2026 Q1 2026 Q2 2026 $569 million LTM EBITDA (A)1 $572 million 3.3x Net debt / LTM EBITDA (A) ratio1 3.3x (M CAN$) Decreased net debt1 levels reflect stronger cash flow from operations, offset by dividend payments, less favourable exchange rate, capital expenditures and right-of-use asset acquisitions (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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21 49% 51%54% 46% 41% 50% 51%54% 52% 51% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net Debt / Net Debt + Total Equity1 4.3x 5.8x 6.0x 6.7x 4.6x 4.9x 4.5x 3.6x 4.3x 4.6x 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 3.6x 3.5x 3.3x 2.5x 3.5x 5.2x 3.4x 4.2x 3.3x 3.3x 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Long-Term Debt Maturities (as of June 30, 2026) 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 46.89%), interest coverage ratio › 2.25x (currently at 4.15 x). (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , 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. 78 333 369 634 0 568 < 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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22 FORECASTED EBITDA (A)1 RANGE COMMENTARY PACKAGING $135 M - $140 M • Seasonal higher volume outlook • Higher logistics and recycled fibre costs • Full impact of March/April price increases • Gradual implementation of June announced price increase TISSUE $40 M - $44 M • Higher seasonal volume • Higher logistics and raw materials costs • Gradual implementation of negotiated prices increases in both retail and AFH markets CORPORATE ($20 M) - ($19 M) • Slightly lower contribution CONSOLIDATED $155 M - $165 M Excluding potential impacts from tariffs OUTLOOK RISK: Potential for continued macro-economic uncertainty to have a negative impact on demand levels for our products. Q3 2026 OUTLOOK (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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23 OBJECTIVE PROGRESS 1 GENERATE $100 M OF BASELINE ANNUAL PROFITABILITY IMPROVEMENTS BY YEAR-END 2026 • Bear Island mill at 95% of its capacity in the second quarter. Greenpac productivity improvement continues • Pryor, OK tissue converting facility Q2 production +19% vs Q3 2025 (+2% sequentially) 2 ALIGN OPERATIONAL & COMMERCIAL STRUCTURE • Continued focus on increasing onboarding speed of new customers/volumes • Focused on optimizing logistics throughout our operational network • Mitigation action plan to counter potential impact of new tariffs 3 CAPITAL DEPLOYMENT PRIORITIZING DEBT REDUCTION • Capital expenditures between $150 M and $175 M in 2026 • Maintain 2025-2026 target of generating $230 M in proceeds from the sale of redundant and unused assets, timing postponed to early 2027 to ensure value maximization • Net debt1 slightly lower sequentially in Q2, and leverage1 unchanged at 3.3x PROFITABILITY IMPROVEMENTS GENERATED ~$55 M THUS FAR IN 2025 AND 2026 STRATEGIC PRIORITY AREAS: 2025 - 2026 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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24 APPENDIX
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25 SUMMARY OF QUARTERLY FINANCIAL RESULTS and KPIs (In millions of CAN$, except per common share amounts, where noted) 2024 2025 2026 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 YTD3 LTM4 Financial Results Sales 1,109 1,180 1,201 1,211 4,701 1,154 1,187 1,238 1,197 4,776 1,125 1,219 2,344 4,779 Operating income 9 34 36 16 95 50 36 73 76 235 81 58 139 288 Adjusted earnings before interest, taxes, depreciation and amortization ⌈ E B I T D A ( A ) ⌉1 103 112 140 146 501 125 137 159 155 576 118 140 258 572 M a r g i n ⌈ E B I T D A ( A ) / S a l e s ( % ) ⌉1 9.3% 9.5% 11.7% 12.1% 10.7% 10.8% 11.5% 12.8% 12.9% 12.1% 10.5% 11.5% 11.0% 12.0% Net earnings (loss) (20) 1 1 (13) (31) 7 (3) 29 37 70 39 21 60 126 Adjusted net earnings1 — 8 27 25 60 13 19 39 40 111 7 24 31 110 Net earnings (loss) per common share ($0.20) $0.01 $0.01 ($0.13) ($0.31) $0.07 ($0.03) $0.29 $0.37 $0.70 $0.38 $0.21 $0.59 $1.25 Adjusted net earnings per common share1 $— $0.08 $0.27 $0.25 $0.60 $0.13 $0.19 $0.38 $0.40 $1.10 $0.07 $0.24 $0.31 $1.09 Key Performance Indicators Working capital In millions of CAN$, at the end of the period1 460 474 460 406 529 508 449 390 440 423 As a percentage of sales1, 2 9.8% 9.5% 9.2% 9.6% 9.8% 10.0% 9.9% 9.8% 9.4% 8.9% (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Percentage of sales = Average quarterly last twelve months (LTM) working capital / LTM sales. (3) YTD: Year-to-date. (4) LTM: Last twelve months
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26 SUMMARY OF QUARTERLY KPIs 2024 2025 2026 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 YTD4 LTM5 Key Performance Indicators Total shipments (in ’000 short tons (s.t.))1 Packaging Products 441 444 450 442 1,777 421 424 434 403 1,682 392 426 818 1,655 Tissue Papers 115 122 122 121 480 110 120 128 122 480 113 121 234 484 556 566 572 563 2,257 531 544 562 525 2,162 505 547 1,052 2,139 Integration rate2 Packaging Products 51% 50% 51% 50% 51% 51% 51% 51% 54% 51% 53% 53% 53% 53% Tissue Papers 94% 94% 94% 94% 94% 94% 94% 94% 97% 95% 100% 100% 100% 98% Manufacturing capacity utilization rate3 Packaging Products 94% 88% 91% 88% 90% 86% 86% 92% 88% 88% 91% 98% 95% 92% Tissue Papers 95% 93% 93% 98% 95% 93% 91% 98% 96% 95% 90% 92% 91% 94% Average Selling Price (CAN$/unit) Corrugated and paper rolls $1,353 $1,404 $1,438 $1,478 $1,418 $1,509 $1,503 $1,525 $1,555 $1,522 $1,503 $1,503 $1,503 $1,522 Tissue Papers $3,206 $3,236 $3,210 $3,250 $3,226 $3,313 $3,246 $3,242 $3,322 $3,280 $3,369 $3,372 $3,371 $3,326 (1) Shipments do not include the elimination of inter-segment shipments. Shipments include paper rolls, corrugated packaging and tissue papers. (2) Defined as: Percentage of manufacturing shipments transferred to our converting operations in all of Cascades’ segments. Greenpac's firm purchase agreements with partners are included for the Packaging Products segment. (3) Defined as: Manufacturing internal and external shipments/practical capacity. Calculated according to Bear Island’s capacity ramp-up plan ended in Q3 2025. (4) YTD: Year-to-date. (5) LTM: Last twelve months
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27 1,187 21 13 (2) 1,219 1,000 1,100 1,200 1,300 (M CAN$) Sales Q2 2025 Mix Selling price Volume, business disposal & closures Sales Q2 2026 Packaging Products 763 8 11 (10) 772 Tissue Papers 392 13 2 2 409 Corporate, Recovery and Recycling activities & Elim. 32 — — 6 38 Total 1,187 21 13 (2) 1,219 (M CAN$) +3% YEAR-OVER-YEAR SALES RECONCILIATION
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28 YEAR-OVER-YEAR EBITDA (A)1 RECONCILIATION 36 72 29 137 5 1 (3) 140 (5) (77) 58 Q2 2025 Operating income Depr. & Amort. Specific Items Q2 2025 EBITDA (A) Corporate, Recovery activities Packaging Products Tissue Papers Q2 2026 EBITDA (A) Specific Items Depr. & Amort. Q2 2026 Operating income 0 50 100 150 200 (M CAN$) + Higher volume + Higher selling prices + Lower raw material costs - Lower production costs offset by higher transportation costs (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. + Higher volume + Higher selling prices - Higher raw material costs - Higher production, transportation and energy costs 1 1 + Decrease in operating costs - Less favourable foreign exchange
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29 SEQUENTIAL SALES RECONCILIATION 1,125 80 8 7 (1) 1,219 1,000 1,200 1,400 (M CAN$) Sales Q1 2026 Volume, business disposal & closures F/X CAN$ Selling price Mix Sales Q2 2026 Packaging Products 715 44 5 9 (1) 772 Tissue Papers 380 28 3 (2) — 409 Corporate, Recovery and Recycling activities & Elim. 30 8 — — — 38 Total 1,125 80 8 7 (1) 1,219 (M CAN$) +8%
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30 SEQUENTIAL EBITDA (A)1 RECONCILIATION 81 71 (34) 118 17 3 2 140 (5) (77) 58 Q1 2026 Operating income Depr. & Amort. Specific Items Q1 2026 EBITDA (A) Packaging Products Corporate, Recovery activities Tissue Papers Q2 2026 EBITDA (A) Specific Items Depr. & Amort. Q2 2026 Operating income 0 50 100 150 200 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 32 to 37 of our 2026 Quarterly Report 2, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (M CAN$) + Higher volume + Higher selling prices - Lower energy costs more than offset by higher production and transportation costs - Higher raw material costs + Higher volume - Lower selling prices - Higher raw material costs - Lower energy costs offset by higher transportation costs 1 1 + Decrease in operating costs
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31 COST OF SALES, SELLING AND ADMINISTRATIVE EXPENSES (In millions of Canadian dollars) Q2 2026 Q1 2026 Q2 2025 Cost of sales Raw materials 430 372 418 Wages and benefits 196 196 205 Energy 55 63 54 Delivery 157 138 121 Other 166 165 172 Depreciation and amortization 77 71 72 1,081 1,005 1,042 Selling and administrative expenses Wages and benefits 72 70 70 Information technology, publicity, marketing and other 3 3 10 75 73 80
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32 Tissue Papers - Selected Products Specialty Products - Selected ProductsContainerboard - Selected Products SELECTED REFERENCE PRICES Linerboard Corrugating medium 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 Feb-26 May-26 600 700 800 900 1,000 Current (July-26) 1,045 935 (US$/s.t.) Uncoated recycled boxbaord May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-26 700 800 900 1,000 1,100 1,200 Virgin parent rolls Recycled parent rolls May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-26 1,0001,1001,2001,3001,4001,5001,6001,7001,800 Current (July-26) 1,170 Current (June-26) 1,422 1,100 (US$/s.t.) (US$/s.t.) Source: RISI
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33 SELECTED REFERENCE PRICES AND FIBRE COSTS 2024 2025 2026 Q2 2026 vs Q2 2025 Q2 2026 vs. Q1 2026 These indexes should only be used as an indicator of trends and they may be different than our actual selling prices or purchasing costs. Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 (units) (%) (units) (%) Selling Prices (average) PACKAGING PRODUCTS (US$/short ton) Linerboard 42-lb. unbleached kraft, Eastern US (open market) 852 878 905 905 885 932 945 945 945 942 945 1,012 67 7% 67 7% Corrugating medium 26-lb. semichemical, Eastern US (open market) 735 768 795 795 773 822 835 835 835 832 835 902 67 8% 67 8% Uncoated recycled boxboard - bending chip, 20-pt. (series B) 1,020 1,040 1,063 1,070 1,048 1,070 1,093 1,110 1,110 1,096 1,110 1,170 77 7% 60 5% TISSUE PAPERS (US$/short ton) Parent rolls, recycled fibres (transaction) 1,194 1,188 1,180 1,150 1,178 1,132 1,131 1,122 1,105 1,123 1,089 1,100 (31) (3%) 11 1% Parent rolls, virgin fibres (transaction) 1,449 1,530 1,544 1,487 1,503 1,459 1,476 1,444 1,422 1,451 1,392 1,420 (56) (4%) 28 2% Raw Material Prices (average) RECYCLED PAPER North America (US$/short ton) Sorted residential papers, No. 56 (SRP - Northeast average) 73 88 93 69 80 63 59 53 44 55 43 44 (15) (25%) 1 2% Old corrugated containers, No. 11 (OCC - Northeast average) 101 110 108 83 100 78 74 68 59 70 63 74 — —% 11 17% Sorted office papers, No. 37 (SOP - Northeast average) 138 128 125 115 127 122 133 128 112 124 115 128 (5) (4%) 13 11% VIRGIN PULP (US$/metric ton) Northern bleached softwood kraft, Canada 1,440 1,697 1,762 1,687 1,646 1,753 1,820 1,700 1,568 1,710 1,563 1,577 (243) (13%) 14 1% Bleached hardwood kraft, mixed, Canada/US 1,223 1,437 1,467 1,298 1,356 1,268 1,310 1,203 1,198 1,245 1,338 1,495 185 14% 157 12% Eucalyptus, Brazil 1,242 1,488 1,505 1,308 1,386 1,290 1,323 1,217 1,242 1,268 1,380 1,525 202 15% 145 11% Source: RISI
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For more information: Investor Relations www.cascades.com/investors 514-282-2697 / investor@cascades.com