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Q3 2026 FINANCIAL RESULTS November 5, 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 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 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 33 to 39 of our 2026 Quarterly Report 3, Management Discussion & Analysis,available on SEDAR+ at www.sedarplus.ca. DISCLAIMER
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4 Q3 2026 KEY TAKEAWAYS PACKAGING: • Pricing realization of the March, April and June announced prices increases • Continued robust demand for paper rolls and strong seasonal demand for converted products as we continue to onboard new customers • Tariff related direct costs of $4 million • Higher raw material (OCC) and continued volatile transportation costs TISSUE: • Sustained positive progress at the Pryor, OK facility: Q2 production +23% from Q3 2025, +4% sequentially • Higher sequential volume in retail, lower volume in AFH due to a major customer ceasing operations • Higher raw materials and transportation costs • Implementation of selling price increases started in Q3 CORPORATE: • Record quarterly safety performance in our operations • Net debt1 slightly lower sequentially; leverage1 at 3.2x • Redemption of $US100 million of our 2028 Senior Notes • Monetization of assets of $11 million during the quarter (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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5 SUMMARY OF FINANCIAL RESULTS (In millions of CAN$, except per common share amounts, where noted) Q3 2026 Q2 2026 Q3 2025 LTM2 Financial Results Sales 1,267 1,219 1,238 4,808 Operating income 78 58 73 293 Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1 162 140 159 575 Margin (EBITDA (A) / Sales (%))1 12.8% 11.5% 12.8% 12.0% Net earnings 30 21 29 127 Adjusted net earnings1 34 24 39 105 Net earnings per common share $0.30 $0.21 $0.29 $1.26 Adjusted net earnings per common share1 $0.33 $0.24 $0.38 $1.04 Net debt1 1,863 1,879 2,023 Net debt / EBITDA (A) ratio1 3.2x 3.3x 3.6x (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) LTM : Last twelve months
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6 OVERVIEW OF CONSOLIDATED PROFITABILITY DRIVERS Consolidated EBITDA (A)1 Variation (in millions of Canadian dollars) Quarter-over-Quarter Q3 2026 vs Q2 2026 Year-over-Year Q3 2026 vs Q3 2025 Year-to-date 2026 vs 2025 Average selling prices $43 million $42 million $72 million Operating costs $4 million ($19 million) ($82 million) Volume & Mix ($1 million) $1 million $13 million Raw Materials ($24 million) ($21 million) ($4 million) TOTAL $22 million $3 million ($1 million) (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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7 RECYCLED FIBRE COSTS - INDEX LIST PRICES ($ US/s.t.) Current (Oct-26) 178 95 Recycled Fibre Prices Q3 2026 Q2 2026 Q3 2025 Q3/Q3 Q3/Q2 White grades - Basket of products (Northeast average)1 167 149 145 15% 12% Brown grades - OCC No. 11 (Northeast average) 88 74 68 29% 19% 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: • Prices continued to rise in Q3, exceeding 2025 levels. • Supply continues to increase with higher generation levels, while planned annual outages are reducing demand. • We expect pricing conditions to remain stable through the remainder of 2026, with slight price increases expected in 2027. SOP: • Strong domestic and export demand is offsetting the seasonal increase in availability. • We expect slight prices increases in Q4. White grades (Basket of products) Brown grades (OCC) 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 Aug 26 0 25 50 75 100 125 150 175 200 225 250 275 300
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8 VIRGIN PULP COSTS - INDEX LIST PRICES NBSK NBHK BHK (Euca) 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 Aug 26 800 1,000 1,200 1,400 1,600 1,800 Virgin Pulp Prices Q3 2026 Q2 2026 Q3 2025 Q3/Q3 Q3/Q2 NBSK (Canadian sources delivered to Eastern US) 1,570 1,577 1,700 (8)% —% NBHK (Canada/US sources delivered to Eastern US) 1,535 1,495 1,203 28% 3% BHK (Eucalyptus, Brazil sources delivered to Eastern US) 1,565 1,525 1,217 29% 3% ($ US/metric ton) Current (Oct-26) 1,580 1,570 1,550 Source: RISI NBSK: ▪ We expect prices to remain relatively stable through Q4, as weak demand in Europe and China offsets tighter supply in North America. ▪ Maintenance downtime in Eastern Canada could temporarily constrain supply in the Northeast market. ▪ Supply rationalization and market-related downtime should put upward pressure on prices in 2027. BHK (Euca): ▪ Stronger Chinese demand and steady North American consumption should support stable prices through Q4. ▪ Weak European markets and new capacity in Asia should keep prices broadly stable through 2027. ▪ We continue our strategic conversion toward greater use of eucalyptus over NBSK.
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9 PACKAGING PRODUCTS: Q3 2026 SEQUENTIAL PERFORMANCE SALES ($M) 772 29 6 4 (4) 807 Q2 2026 Sales Selling price F/X CAN$ Mix Volume, business disposal & closures Q3 2026 Sales HIGHLIGHTS • N.A. Box Shipments (MSF) Cascades 2 Industry 3 1.9% 2.0% • Higher average selling prices following price index variation implemented throughout the year • The volume was stable sequentially with higher box shipments offset by lower paper roll shipments (in short tons) • A favorable product mix contributed to offset the shortfall on the volume side from certain activities • The index variation has an immediate impact leading to higher raw material costs • Higher logistics and energy costs offset by lower repair and maintenance costs 5% EBITDA (A) ($M) 120 29 2 (1) (24) 126 Q2 2026 EBITDA (A) Selling price Volume & Mix Operating costs Raw materials Q3 2026 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Excludes shipments from the Richmond, BC box plant, sold in Q1 2026. ( 3) Weighted average variance in industry shipments, based on the Corporation's volume by specific locations where we operate, and reported industry increase of 2.6% in Canada and increase of 0.9% in the US Northeast (area 1). 5%
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10 PACKAGING PRODUCTS: Q3 2026 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 797 26 11 9 (36) 807 Q3 2025 Sales Selling price Mix F/X CAN$ Volume, business disposal & closures Q3 2026 Sales HIGHLIGHTS • N.A. Box Shipments Cascades 2 Industry 3 5.3% 1.6% • Higher average selling prices for paper rolls reflects implementation of previously announced price increases and favorable customer mix • Volume decrease reflects the sale of a box plant in British Columbia and closure of activities in the honeycomb paperboard and partition activities in 2026, as well as the impact of the closure of our Niagara Falls mill in mid Q3-2025 • 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) ($M) 136 26 7 (19) (24) 126 Q3 2025 EBITDA (A) Selling price Volume & Mix Operating costs Raw materials Q3 2026 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (2) Excludes shipments from the Richmond, BC box plant, sold in Q1 2026. (3) Weighted average variance in industry shipments, based on the Corporation's volume by specific locations where we operate, and reported industry increase of 2.4% in Canada and decrease of (3.5%) in the US Northeast (area 1). (7)%
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11 PACKAGING PRODUCTS - SALES TRENDS Product category As a % of Q3 2026 Sales Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q4/Q3 Corrugated 54% Paper rolls 29% Other 17% Market As a % of Q3 2026 Sales Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q4/Q3 Industrial & Manufacturing 13% Food & Beverage 39% Distribution 19% Paper converters 29% Sales by product category: Corrugated: Converted linerboard and corrugating medium products; Paper rolls: Linerboard, corrugated medium and uncoated recycled boxboard; Other: Plastics, moulded pulp and distribution of packaging products. Sales by industry: Industrial and manufacturing: Manufacturers of durable and non-durable goods other than food and beverage; Food and beverage: Food retailers, food processors and produce growers; Distribution: Distributors and e-commerce retailers; Converting: Paper roll converters
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12 TISSUE PAPERS: Q3 2026 SEQUENTIAL PERFORMANCE SALES ($M) 409 14 3 (11) 415 Q2 2026 Sales Selling price F/X CAN$ Volume Q3 2026 Sales HIGHLIGHTS • Volumes down 3% (short tons) : Retail tissue grew 2%, partially offsetting a 10% decline in Away-from- Home, primarily due to a major customer ceasing operations • Pricing up: Price increases successfully implemented in both markets, supported by a stronger Retail mix and favourable foreign exchange • Operating costs down: Cost reduction initiatives and stronger fixed-cost absorption more than offset market-driven increases in freight, energy and supplies • Raw material headwind: Higher costs across all fiber grades 1% EBITDA (A) ($M) 35 14 6 (3) (5) 47 Q2 2026 EBITDA (A) Selling price Operating costs Volume & Mix Raw materials Q3 2026 EBITDA (A) 1 1 1 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. 34%
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13 TISSUE PAPERS: Q3 2026 YEAR-OVER-YEAR PERFORMANCE SALES ($M) 412 16 13 4 (30) 415 Q3 2025 Sales Selling price Mix F/X CAN$ Volume Q3 2026 Sales HIGHLIGHTS • Volumes down 7% (short tons): Converted products down 2%, as Retail tissue grew 2%, partially offsetting a 9% decline in Away-from-Home, primarily due to a major customer ceasing operations • Pricing up: Favourable mix shift toward converted products, price increases implemented in both markets and positive foreign exchange impact • Operating costs up: Higher transportation costs, driven by elevated logistics and freight rates in a challenging market, partially offset by lower production costs from disciplined cost management and productivity gains • Raw material headwind: Higher costs across all fiber grades 1% EBITDA (A) ($M) 46 16 (4) (5) (6) 47 Q3 2025 EBITDA (A) Selling price Raw materials Operating costs Volume & Mix Q3 2026 EBITDA (A) 1 1 1 2% (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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14 TISSUE PAPERS - SALES TRENDS Product category As a % of Q3 2026 Sales Q3 2026 Volume (s.t.) Volume (s.t.) QoQ Volume (s.t.) YoY Volume (s.t.) Trend Q4/Q3 Away-from-Home 35% 44,600 (10)% (9)% Consumer Products 65% 73,200 2% 2% Total 100% 117,800 (3)% (2)%
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15 Q3 2026 EBITDA (A)1 TO OPERATING INCOME RECONCILIATION 162 5 (4) (7) (78) 78 EBITDA (A) Other gain Restructuring costs Impairment charges Depr. & Amort. Operating income0 50 100 150 200 (M CAN$) (M CAN$) Packaging Products Tissue Papers Corporate, Recovery and Recycling activities Total Operating income (loss) 64 32 (18) 78 Depreciation and amortization 54 15 9 78 Impairment charges 3 — 4 7 Other loss (gain) 3 — (8) (5) Restructuring costs 1 — 3 4 Loss (gain) on financial instruments 1 — (1) — EBITDA (A)1 126 47 (11) 162 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. 1
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16 NET EARNINGS - AS REPORTED vs ADJUSTED1 NET EARNINGS NET EARNINGS PER COMMON SHARE2 (In millions of Canadian dollars, except per common share amounts) Q3 2026 Q3 2026 As reported 30 $0.30 Specific items: Restructuring costs 4 $0.03 Other gain (5) ($0.04) Impairment charges 7 $0.05 Share of results of associates and joint ventures (1) ($0.01) Tax effect on specific items, other tax adjustments and attributable to non-controlling interests2 (1) — 4 $0.03 Adjusted1 34 $0.33 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3, 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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17 QUARTERLY SEQUENTIAL ADJUSTED EPS VARIANCE1,2 $ cents 0.21 0.03 0.24 0.16 (0.01) (0.02) (0.04) 0.33 (0.03) 0.30 EPS reported Q2 2026 Specific items Adjusted EPS Q2 2026 EBITDA (A) Depreciation & amortization Financing expense Income tax variance Adjusted EPS Q3 2026 Specific items EPS reported Q3 2026 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 33 to 39 of our 2026 Quarterly Report 3, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. 2
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18 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 33 to 39 of our 2026 Quarterly Report 3, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. $ cents 0.29 0.09 0.38 0.03 0.02 (0.01) (0.01) (0.03) (0.05) 0.33 (0.03) 0.30 EPS reported Q3 2025 Specific items Adjusted EPS Q3 2025 Financing expense EBITDA (A) Share of results of JVs and associates Non- controlling interests Depreciation & amortization Income tax variance Adjusted EPS Q3 2026 Specific items EPS reported Q3 2026 0.00 0.10 0.20 0.30 0.40 0.50 2 22
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19 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 Q3 YTD5 LTM6 Cash flow from operations 32 78 76 109 295 45 92 116 150 403 56 119 117 292 442 Specific items1 14 17 10 20 61 17 9 21 15 62 3 4 2 9 24 Adjusted cash flow from operations2 46 95 86 129 356 62 101 137 165 465 59 123 119 301 466 Including: Net financing expenses paid (47) (18) (48) (22) (135) (49) (25) (33) (16) (123) (52) (11) (49) (112) (128) Payments for property, plant and equipment & other assets, lease obligations payments (61) (75) (50) (65) (251) (53) (65) (51) (61) (230) (50) (61) (70) (181) (242) Dividends3 (15) (17) (16) (15) (63) (15) (36) (15) (17) (83) (16) (15) (30) (61) (78) Adjusted cash flow generated (used) before specific items2, 4 (30) 3 20 49 42 (6) — 71 87 152 (7) 47 19 59 146 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 $0.19 $0.58 $1.44 The quarterly Adjusted Cash Flow generated2 is lower year-over-year, reflecting higher financing expenses paid, higher capital investments and higher 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 33 to 39 of our 2026 Quarterly Report 3, 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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20 213 330 532 289 148 137 112 106 254 455 222 74 83 68 85 50 41 35 44 22 26 36 32 30 Packaging Products Tissue Papers Corporate, Recovery and Recycling 2020 2021 2022 2023 2024 2025 Q3 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 $175 M1 11 43 10 34
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21 1,879 (117) (11) 1 5 13 21 25 47 1,863 Net debt as of June 30, 2026 Cash flow from oper. activities Proceeds from disposals Investments and other F/X CAN$ Right-of-use assets acquisitions Dividends paid & change in capital stock Changes in non- cash working capital components Payments for property, plant and equipment Net debt as of September 30, 2026 1,700 1,750 1,800 1,850 1,900 NET DEBT1 RECONCILIATION - Q3 2026 Q2 2026 Q3 2026 $572 million LTM EBITDA (A)1 $575 million 3.3x Net debt / LTM EBITDA (A) ratio1 3.2x (M CAN$) Decreased net debt1 levels reflect cash flow from operations and proceeds from disposals exceeding less favourable exchange rate impact, right-of-use asset acquisitions, dividend payments, higher working capital requirements and capital expenditures (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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22 49%51% 54% 46%41% 50%51% 54% 52%50% 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 4.8x 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 3.2x 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Long-Term Debt Maturities (as of September 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 44.78%), interest coverage ratio › 2.25x (currently at 4.87 x). (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , 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. 76 203 493 233 598 370 < 1 year > 1 year 2028 2029 2030 2031 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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23 FORECASTED EBITDA (A)1 RANGE COMMENTARY PACKAGING $125 M - $135 M • Seasonal lower year-end volume • Higher fuel surcharge and recycled fibre costs • Full impact of April/June price increases • Gradual implementation of September announced price increase TISSUE $42 M - $46 M • Lower volume in Away-from-Home market • Higher fuel surcharge and raw material costs (fiber and pulp) • Full realization price increases implemented in Q3 CORPORATE ($14 M) - ($18 M) • Continued cost reduction initiatives CONSOLIDATED $153 M - $163 M OUTLOOK RISK: Potential for continued macro-economic uncertainty to have a negative impact on demand levels for our products. Q4 2026 OUTLOOK (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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24 OBJECTIVE PROGRESS 1 GENERATE $100 M OF BASELINE ANNUAL PROFITABILITY IMPROVEMENTS BY YEAR-END 2026 • Greenpac productivity improvement continues with an all time monthly production record in October. Bear Island had its best month ever in July at 98% efficiency. Despite some equipment reliability issues, efficiency remained above 90% for the third quarter. • Pryor, OK tissue converting facility Q2 production +23% vs Q3 2025 (+4% sequentially) • We remain on track to achieve our $100 M profitability improvement target by year-end. 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 remaining tariffs 3 CAPITAL DEPLOYMENT PRIORITIZING DEBT REDUCTION • Capital expenditures between $150 M and $175 M in 2026 • Maintain target of generating cumulative proceeds of $230 M from the sale of redundant and unused assets in early 2027 • Net debt1 slightly lower sequentially in Q3, and leverage1 at 3.2x PROFITABILITY IMPROVEMENTS GENERATED ~$80 M THUS FAR IN 2025 AND 2026 STRATEGIC PRIORITY AREAS: 2025 - 2026 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca.
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25 APPENDIX
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26 SUMMARY OF QUARTERLY FINANCIAL RESULTS and KPIs (In millions of CAN$, except per common share amounts, where noted) 2024 2025 2026 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 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 1,267 3,611 4,808 Operating income 9 34 36 16 95 50 36 73 76 235 81 58 78 217 293 Adjusted earnings before interest, taxes, depreciation and a m o r t i z a t i o n ⌈ E B I T D A ( A ) ⌉1 103 112 140 146 501 125 137 159 155 576 118 140 162 420 575 Margin (EBITDA (A) / Sales (%))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% 12.8% 11.6% 12.0% Net earnings (loss) (20) 1 1 (13) (31) 7 (3) 29 37 70 39 21 30 90 127 Adjusted net earnings1 — 8 27 25 60 13 19 39 40 111 7 24 34 65 105 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 $0.30 $0.89 $1.26 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 $0.33 $0.64 $1.04 Key Performance Indicators Working capital In millions of CAN$, at the end of the period1 460 474 460 406 529 508 449 390 440 423 475 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% 9.0% (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3 , 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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27 SUMMARY OF QUARTERLY KPIs 2024 2025 2026 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 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 1,682 392 426 426 1,244 1,647 Tissue Papers 115 122 122 121 480 110 120 128 122 480 113 121 118 352 474 556 566 572 563 2,257 531 544 562 525 2,162 505 547 544 1,596 2,121 Integration rate2 Packaging Products 51% 50% 51% 50% 51% 51% 51% 51% 54% 51% 53% 53% 53% 53% 53% Tissue Papers 94% 94% 94% 94% 94% 94% 94% 94% 97% 95% 100% 100% 100% 100% 99% Manufacturing capacity utilization rate3 Packaging Products 94% 88% 91% 88% 90% 86% 86% 92% 88% 88% 91% 98% 97% 95% 94% Tissue Papers 95% 93% 93% 98% 95% 93% 91% 98% 96% 95% 90% 92% 90% 91% 92% 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 $1,573 $1,527 $1,534 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 $3,522 $3,421 $3,396 (1) Shipments do not include the elimination of inter-segment shipments. Shipments include paper rolls, corrugated packaging and tissue papers. (2) Defined as: Percentage of manufacturing shipments transferred to our converting operations in all of Cascades’ segments. Greenpac's firm purchase agreements with partners are included for the Packaging Products segment. (3) Defined as: Manufacturing internal and external shipments/practical capacity. Calculated according to Bear Island’s capacity ramp-up plan ended in Q3 2025. (4) YTD: Year-to-date. (5) LTM: Last twelve months
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28 SEQUENTIAL SALES RECONCILIATION 1,219 43 9 4 (8) 1,267 1,000 1,200 1,400 (M CAN$) Sales Q2 2026 Selling price F/X CAN$ Mix Volume, business disposal & closures Sales Q3 2026 Packaging Products 772 29 6 4 (4) 807 Tissue Papers 409 14 3 — (11) 415 Corporate, Recovery and Recycling activities & Elim. 38 — — — 7 45 Total 1,219 43 9 4 (8) 1,267 (M CAN$) +4%
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29 SEQUENTIAL EBITDA (A)1 RECONCILIATION 58 77 5 140 12 6 4 162 (6) (78) 78 Q2 2026 Operating income Depr. & Amort. Specific Items Q2 2026 EBITDA (A) Tissue Papers Packaging Products Corporate, Recovery activities Q3 2026 EBITDA (A) Specific Items Depr. & Amort. Q3 2026 Operating income 0 50 100 150 200 (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. (M CAN$) + Higher average selling prices + Higher volumes - Lower operating costs more than offset by higher transportation and energy costs - Higher raw material costs + Higher average selling prices + Lower operating costs - Lower volumes - Higher raw material costs 1 1 + Decrease in operating costs
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30 1,238 42 24 13 (50) 1,267 1,000 1,200 1,400 (M CAN$) Sales Q3 2025 Selling price Mix F/X CAN$ Volume, business disposal & closures Sales Q3 2026 Packaging Products 797 26 11 9 (36) 807 Tissue Papers 412 16 13 4 (30) 415 Corporate, Recovery and Recycling activities & Elim. 29 — — — 16 45 Total 1,238 42 24 13 (50) 1,267 (M CAN$) +2% YEAR-OVER-YEAR SALES RECONCILIATION
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31 YEAR-OVER-YEAR EBITDA (A)1 RECONCILIATION 73 74 12 159 12 1 (10) 162 (6) (78) 78 Q3 2025 Operating income Depr. & Amort. Specific Items Q3 2025 EBITDA (A) Corporate, Recovery activities Tissue Papers Packaging Products Q3 2026 EBITDA (A) Specific Items Depr. & Amort. Q3 2026 Operating income 0 50 100 150 200 (M CAN$) + Higher average selling prices - Higher raw material costs - Lower production costs offset by higher transportation costs - Lower volume (1) Please click here for supplemental information on non-IFRS Accounting Standards measures and other financial measures available on pages 33 to 39 of our 2026 Quarterly Report 3, Management Discussion & Analysis, available on SEDAR+ at www.sedarplus.ca. + Higher average selling prices + Higher volume - Higher raw material costs - Higher production, transportation and energy costs 1 1 + Decrease in operating costs + Favourable foreign exchange
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32 COST OF SALES, SELLING AND ADMINISTRATIVE EXPENSES (In millions of Canadian dollars) Q3 2026 Q2 2026 Q3 2025 Cost of sales Raw materials 455 430 452 Wages and benefits 196 196 193 Energy 57 55 54 Delivery 163 157 134 Other 158 166 162 Depreciation and amortization 78 77 74 1,107 1,081 1,069 Selling and administrative expenses Wages and benefits 76 72 76 Information technology, publicity, marketing and other — 3 8 76 75 84
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33 Tissue Papers - Selected Products Specialty Products - Selected ProductsContainerboard - Selected Products SELECTED REFERENCE PRICES Linerboard Corrugating medium 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 Aug-26 600 700 800 900 1,000 Current (Oct-26) 1,115 1,035 (US$/s.t.) Uncoated recycled boxbaord Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-26 Aug-26 700 800 900 1,000 1,100 1,200 1,300 Virgin parent rolls Recycled parent rolls Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-26 Aug-26 1,0001,1001,2001,3001,4001,5001,6001,7001,800 Current (Oct-26) 1,230 Current (Sept-26) 1,424 1,099 (US$/s.t.) (US$/s.t.) Source: RISI
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34 SELECTED REFERENCE PRICES AND FIBRE COSTS 2024 2025 2026 Q3 2026 vs Q3 2025 Q3 2026 vs. Q2 2026 These indexes should only be used as an indicator of trends and they may be different than our actual selling prices or purchasing costs. Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 (units) (%) (units) (%) Selling Prices (average) PACKAGING PRODUCTS (US$/short ton) Linerboard 42-lb. unbleached kraft, Eastern US (open market) 852 878 905 905 885 932 945 945 945 942 945 1,012 1,068 123 13% 56 6% Corrugating medium 26-lb. semichemical, Eastern US (open market) 735 768 795 795 773 822 835 835 835 832 835 902 968 133 16% 66 7% 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 1,190 80 7% 20 2% TISSUE PAPERS (US$/short ton) Parent rolls, recycled fibres (transaction) 1,194 1,188 1,180 1,150 1,178 1,132 1,131 1,122 1,105 1,123 1,089 1,100 1,099 (23) (2%) (1) —% Parent rolls, virgin fibres (transaction) 1,449 1,530 1,544 1,487 1,503 1,459 1,476 1,444 1,422 1,451 1,392 1,420 1,424 (20) (1%) 4 —% Raw Material Prices (average) RECYCLED PAPER North America (US$/short ton) Sorted residential papers, No. 56 (SRP - Northeast average) 73 88 93 69 80 63 59 53 44 55 43 44 53 — —% 9 20% Old corrugated containers, No. 11 (OCC - Northeast average) 101 110 108 83 100 78 74 68 59 70 63 74 88 20 29% 14 19% Sorted office papers, No. 37 (SOP - Northeast average) 138 128 125 115 127 122 133 128 112 124 115 128 145 17 13% 17 13% 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 1,570 (130) (8%) (7) —% 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 1,535 332 28% 40 3% 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 1,565 348 29% 40 3% Source: RISI
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For more information: Martin Brisson Vice-President, Corporate Strategy and Investor relation www.cascades.com/investors 514-282-2697 / m_brisson@cascades.com investor@cascades.com