Boise Cascade Company (BCC) investor relations material

Executive summary

• Q2 2025 sales were $1.74 billion, down 3% year-over-year, with net income of $62.0 million ($1.64 per share), compared to $112.3 million ($2.84 per share) in Q2 2024.

• Sequential volume growth was observed, but demand remained constrained by affordability, high home inventory, and cautious consumer sentiment.

• Oakdale mill modernization was completed, enhancing operational efficiency but causing planned downtime and higher costs.

• Results included $7.7 million in pre-tax gains from non-operating asset sales.

• Ended Q2 2025 with $481.0 million in cash and $395.2 million in undrawn credit, totaling $876.2 million in liquidity.

Financial highlights

• Adjusted EBITDA for Q2 2025 was $119.0 million, down 34% from $181.2 million in Q2 2024.

• Wood Products sales were $447.2 million, down 9% year-over-year; segment EBITDA was $37.3 million, down from $95.1 million.

• BMD sales were $1.61–$1.66 billion, down 2% year-over-year; segment EBITDA margin was 5.7%–5.9%.

• Q2 2025 operating margin was 4.6%, down from 8.2% in Q2 2024.

• Diluted EPS was $1.64, compared to $2.84 in the prior year quarter.

Outlook and guidance

• Q3 2025 Adjusted EBITDA guidance: $80–$100 million, net of ~$10 million in unallocated corporate costs.

• Wood Products Q3 EBITDA expected at $20–$30 million; BMD at $70–$80 million.

• Anticipated high single-digit sequential volume decline and low to mid single-digit price decline for EWP; plywood volumes to increase mid-single digits.

• Near-term demand expected to remain soft due to mortgage rates, affordability, and consumer confidence; long-term housing demand drivers remain positive.

• 2025 capital expenditures projected at $220–$240 million.