Boise Cascade Company (BCC) Investor presentation summary

Business overview and strategy

• Operates as a leading national distributor and manufacturer of building materials, with $6.5B LTM revenue and a 3% CAGR since 2020.

• Integrated model with two divisions: Wood Products (manufacturing) and Building Materials Distribution (BMD), delivering value through scale, logistics, and brand partnerships.

• Strategic growth driven by organic investments, targeted M&A, and expansion in doors, millwork, and engineered wood products (EWP).

• Focus on higher-margin, less commodity-sensitive products, increasing earnings stability and self-sufficiency in key inputs.

• Strong alignment with leading brands and deep customer relationships across independent dealers, large chains, and home centers.

Market position and growth drivers

• Holds significant market share in LVL (38%) and I-joists (35%) production, with 77% of EWP sales through its own distribution.

• National footprint includes 40 distribution centers, 5 EWP facilities, 11+ plywood/veneer plants, and 2 sawmills.

• Demographic trends and housing undersupply support long-term demand for new construction and repair/remodeling.

• Multi-family and light commercial segments present further penetration opportunities, with 7% share of multi-family wood floors in 2024.

• Expansion of general line and EWP sales per housing start, with 9.6% and 0.6% CAGR respectively since 2021.

Financial performance and capital allocation

• Adjusted EBITDA reached $324M LTM, with disciplined capital deployment: $1.77B invested in M&A/capex and $1.57B returned to shareholders since 2020.

• EBITDA margins for Wood Products averaged 6.9% LTM, while BMD margins were 4.3%.

• Free cash flow LTM was $151.9M, reflecting ongoing investment and operational discipline.

• Maintains a strong, flexible balance sheet, prioritizing organic growth, capacity expansion, and consistent shareholder returns.