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Boise Cascade Company Third Quarter 2026 Earnings Webcast November 3, 2026
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2 This presentation contains statements concerning future events and expectations, including, without limitation, statements relating to our outlook, expected key drivers for Boise Cascade and each of its business segments, and the transition to our new third-party supplier for composite decking. These statements constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," “outlook,” "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in Boise Cascade’s most recent Annual Report on Form 10-K, subsequent reports filed by Boise Cascade with the Securities and Exchange Commission (SEC), and the following important factors: the commodity nature of a portion of our products and their price movements, which are driven largely by general economic conditions, industry capacity and operating rates, industry cycles that affect supply and demand, and net import and export activity; the highly competitive nature of our industry; declines in demand for our products due to competing technologies or materials, as well as changes in building code provisions; disruptions to information systems used to process and store customer, employee, and vendor information, as well as the technology that manages our operations and other business processes; material disruptions and/or major equipment failure at our manufacturing facilities; declining demand for residual byproducts, particularly wood chips generated in our manufacturing operations; labor disruptions, shortages of skilled and technical labor, or increased labor costs; product shortages, loss of key suppliers, and our dependence on third-party suppliers and manufacturers; the termination of the distribution relationship with our former composite decking supplier and our ability to execute a successful transition to our new third-party supplier for composite decking; the cost and availability of third-party transportation services used to deliver the goods we distribute and manufacture, as well as our raw materials; cost and availability of raw materials, particularly wood fiber; the need to successfully formulate and implement succession plans for key members of our management team; our ability to execute our organic growth and acquisition strategies efficiently and effectively; failures or delays with new or existing technology systems and software platforms; our ability to successfully pursue our long-term growth strategy related to innovation and digital technology; concentration of our sales among a relatively small group of customers, as well as the financial condition and creditworthiness of our customers; impairment of our long-lived assets, goodwill, and/or intangible assets; substantial ongoing capital investment costs, including those associated with organic growth and acquisitions, and the difficulty in offsetting fixed costs related to those investments; our indebtedness, including the possibility that we may not generate sufficient cash flows from operations or that future borrowings may not be available in amounts sufficient to fulfill our debt obligations and fund other liquidity needs; restrictive covenants contained in our debt agreements; changes in or failure to comply with laws and regulations; changes in foreign trade policy, including the imposition of tariffs; compliance with data privacy and security laws and regulations; the impacts of climate change and related legislative and regulatory responses intended to reduce climate change; cost of compliance with government regulations, in particular, environmental regulations; exposure to product liability, product warranty, casualty, construction defect, and other claims; and fluctuations in the market for our equity. It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and, except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. This presentation includes references to EBITDA and Segment EBITDA, which are non-GAAP financial measures within the meaning of the SEC’s Regulation G. Reconciliations of net income to EBITDA and segment income (loss) to Segment EBITDA are included as an appendix. FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES
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3 EXECUTIVE SUMMARY BOISE CASCADE COMPANY RESULTS 3Q26 sales were $1.8 billion, up 8% from 3Q25 3Q26 net income was $36.4 million or $1.04 per share Both segments delivered YoY revenue growth despite market headwinds and supplier transition disruptions Boise Cascade supplier transition update
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4 FINANCIAL HIGHLIGHTS Sales ($ Millions) $1,667.8 $1,802.2 (284.7) (328.5) 396.4 461.2 1,556.2 1,669.5 BMD Wood Products Eliminations 3Q 2025 3Q 2026 8% EBITDA ($ Millions) $74.4 $98.5 (10.0) (11.1) 14.5 42.7 69.8 66.9 BMD Wood Products Corporate 3Q 2025 3Q 2026 32%
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5 ($ Millions) (% of Sales) 1,407 1,615 1,556 1,3631,389 1,697 1,669 2025 2026 1Q 2Q 3Q 4Q$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 42 46 47 46 45 47 45 37 34 34 35 35 35 37 21 20 19 19 20 18 18 General LineCommodityEWP 1Q252Q253Q254Q251Q262Q263Q260 20 40 60 80 100 BUILDING MATERIALS DISTRIBUTION SALES
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6 BUILDING MATERIALS DISTRIBUTION EBITDA (EBITDA % of Sales) 4.5% 5.7% 4.5% 4.1% 3.5% 5.0% 4.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2025 2026 5.7% 4.7% 4.2% 2024 2025 YTD Q3 2026 - - - 2015 - 2019 Average (3.1%)
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7 1,833 1,801 1,684 1,6831,700 1,679 1,676 1Q 2Q 3Q 4Q $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 55 62 53 45 52 61 59 1Q 2Q 3Q 4Q 30 40 50 60 70 LVL 4.6 5.5 4.6 4.24.6 5.3 5.4 1Q 2Q 3Q 4Q2.0 3.0 4.0 5.0 6.0 WOOD PRODUCTS EWP 26.1 25.2 24.0 24.124.2 24.1 24.0 1Q 2Q 3Q 4Q $12 $16 $20 $24 $28 $32 ($/melf) I-joists ($/cf) 2025 2026 (mmcf) (mmelf)
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8 Sales Volume WOOD PRODUCTS PLYWOOD Net Sales Price 2025 2026 363 356 387 354373 368 362 1Q 2Q 3Q 4Q100 150 200 250 300 350 400 450 341 342 325 329343 393 425 1Q 2Q 3Q 4Q$100 $200 $300 $400 $500 (mmsf 3/8" basis) ($/msf 3/8" basis)
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9 $144M $185M $34M $34M CAPITAL ALLOCATION Capital Deployment LTM 3Q26 Capital Expenditures Share Repurchases Dividends • $27M allocated to sustaining the business ◦ $8M in BMD ◦ $19M in Wood Products • $8M in dividend payments to shareholders • $5M to repurchase common shares M&A THIRD QUARTER 2026 LTM ended September 30, 2026
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10 Segment EBITDA Key Drivers Building Materials Distribution $35 - $45 million Daily Sales Pace Quarter-to-date pace ~10% below Q3 average, seasonal factors and supplier transition activities will dictate further moderation as quarter progresses Sales Days 62 Gross Margins 14.0% - 14.75% Wood Products $10 - $20 million EWP Volumes: high-teen to mid-twenty percent sequential declines Prices: slight sequential increase Plywood Volumes: mid-to-high single-digit sequential decline Prices: Quarter-to-date ~5% above Q3 average, balance of quarter market dependent Manufacturing Costs Per-unit manufacturing costs increase from third quarter levels Unallocated Corporate Costs ($13) - ($11) million Total Company $32 - $54 million Depreciation & Amortization $42 - $44 million Effective Tax Rate ~5% Share Count ~34.8 million shares outstanding as of October 31st OUTLOOK: Q4 2026
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11 11 BUSINESS OUTLOOK Economic and end market update • Inflation and interest rates • Mortgage rate volatility and constrained affordability Integrated model and long-term value creation Positive long-term fundamentals for the industry Sustained focus on supplier transition activities
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Boise Cascade Company Appendix November 3, 2026
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13 APPENDIX EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended September 30, 2026 and 2025, and June 30, 2026: Three Months Ended ($ in millions) 3Q26 3Q25 2Q26 Net income $ 36.4 $ 21.8 $ 57.3 Interest expense 7.1 5.3 7.1 Interest income (2.1) (4.2) (2.2) Income tax provision 14.4 9.1 21.2 Depreciation and amortization 42.7 42.4 42.7 EBITDA $ 98.5 $ 74.4 $ 126.2
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14 APPENDIX The following table reconciles segment income (loss) to segment EBITDA for the three months ended September 30, 2026 and 2025, and June 30, 2026: Three Months Ended ($ in millions) 3Q26 3Q25 2Q26 Building Materials Distribution Segment income $ 51.3 $ 54.3 $ 70.1 Depreciation and amortization 15.6 15.5 15.5 Segment EBITDA $ 66.9 $ 69.8 $ 85.6 Wood Products Segment income (loss) $ 16.1 $ (12.1) $ 25.7 Depreciation and amortization 26.6 26.6 26.7 Segment EBITDA $ 42.7 $ 14.5 $ 52.4
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15 2024 2025 2026 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 $300 $400 $500 $600 First Quarter Second Quarter Third Quarter Fourth Quarter Source: Random Lengths APPENDIX LUMBER COMPOSITE PRICE
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16 2024 2025 2026 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 $300 $400 $500 $600 $700 $800 Source: Random Lengths APPENDIX PANEL COMPOSITE PRICE First Quarter Second Quarter Third Quarter Fourth Quarter