Cascades (CAS) Investor Presentation summary

Executive leadership and vision

• New CEO with over 30 years of industry experience joined in June 2024, bringing fresh vision supported by a long-tenured management team.

• Mission centers on sustainable, innovative solutions to improve well-being for people, communities, and the planet.

Financial performance and capital structure

• Generated C$4.7B in sales and C$523M EBITDA (A) for LTM ending March 31, 2025.

• Net debt stands at C$2.2B with a net debt/EBITDA (A) ratio of 4.2x as of Q1 2025.

• Q1 2025 showed stronger performance due to higher selling prices in the Packaging segment.

• Interest coverage ratio at 3.6x and EBITDA (A) margin at 11% for LTM Q1 2025.

Debt transaction and liquidity

• Issuing US$400M of 5NC2 Senior Unsecured Notes due 2030 to redeem US$206M 2026 notes, repay part of the revolver, and cover transaction fees.

• Transaction is leverage neutral, improves liquidity, and extends debt maturities.

• Pro forma total debt is C$2.25B, with cash and equivalents at C$29M.

• Notes are non-callable for 2 years, with equity clawback and change of control protections.