Boise Cascade : Q1 2026 Earnings Slides

Published: 2026-05-05 10:19:10 ET BCC

Published on 05/05/2026 at 10:19 am EDT

May 5, 2026

CEO MESSAGE

BOISE CASCADE COMPANY RESULTS

1Q26 sales were $1.5 billion, down 2% from 1Q25

1Q26 net income was $17.8 million, or $0.50 per share, compared to net income of $40.3 million, or $1.06 per share, in 1Q25

Businesses delivered solid results despite demand uncertainty

Sales

($ Millions)

1,407.1

1,388.9

415.8

398.2

(286.5)

(288.5)

$1,536.5 $1,498.6

$91.6

Adjusted EBITDA ($ Millions)

(27)%

$66.6

62.8

48.2

40.2

32.0

(11.4)

(13.6)

1Q 2025 1Q 2026

1Q 2025 1Q 2026

($ Millions) (% of Sales)

$1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

1,615

1,556

1,407 1,389

1,363

1Q 2Q 3Q 4Q

100

80

60

40

20

0

21

20

19

19

20

37

34

34

35

35

42

46

47

46

45

1Q25 2Q25 3Q25 4Q25 1Q26

(EBITDA % of Sales)

5.7%

4.5%

4.5%

4.1%

3.5%

1Q 2Q 3Q 4Q 1Q

2025 2026

5.7%

4.7%

3.5%

2024 2025 YTD Q1 2026

- - - 2015 - 2019 Average (3.1%)

LVL

(mmcf) (mmelf)

I-joists

6.0

5.0

4.0

3.0

2.0

1Q 2Q 3Q 4Q

70

5.5

4.6 4.6

4.6

4.2

62

55

52

53

45

60

50

40

30

1Q 2Q 3Q 4Q

($/cf)

24.03

24.13

25.22

24.22

26.09

2Q

1Q

$32

$28

$24

$20

$16

$12

2025 2026

3Q 4Q

($/melf)

$2,000

$1,800

$1,600

$1,400

$1,200

$1,000

1,833

1,700

1,801

1,684

1,683

1Q 2Q 3Q 4Q

7

Sales Volume

(mmsf 3/8" basis) ($/msf 3/8" basis)

Net Sales Price

363

373

387

356

354

450

400

350

300

250

200

150

$400

341 343 342

325

329

$300

$200

100

2025 2026

1Q 2Q 3Q 4Q

$100

1Q 2Q 3Q 4Q

8

FIRST QUARTER 2026

•

$23M in BMD

◦

$17M in Wood Products

•

•

$66M to repurchase common shares

LTM ended March 31, 2026

M&A

Dividends

$33M

$35M

Capital

Deployment LTM 1Q26

$228M

$195M

Share

Repurchases

Capital

Expenditures

9

Segment

Adjusted EBITDA

Key Drivers

Building Materials Distribution

$65 - $80 million

Daily Sales Pace

Quarter-to-date pace 15% above Q1 average, balance of quarter market dependent

Sales Days

64

Gross Margins

14.25% - 15.0%

Wood Products

$32 - $47 million

EWP

Volumes: Mid single-digit sequential increase Prices: Flat to low single-digit sequential decline

Plywood

Volumes: Mid single-digit sequential increase

Prices: Quarter-to-date 8% above Q1 average, balance of quarter market dependent

Manufacturing Costs

Per-unit manufacturing costs comparable to first quarter

Unallocated Corporate Costs

($14) - ($12) million

Total Company

$83 - $115 million

Depreciation & Amortization

$40 - $42 million

Effective Tax Rate

~27%

Share Count

~35.5 million diluted shares outstanding as of April 30th

2026 economic volatility and end market uncertainty

Geopolitical and economic instability

Mortgage rates volatile and consumer sentiment drags

Integration and long-term value creation

Constructive view on long-term housing fundamentals

EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and 2025, and December 31, 2025:

($ in millions)

Three Months Ended

1Q26

1Q25

4Q25

Net income

$ 17.8

$ 40.3

$ 8.7

Interest expense

6.0

5.3

6.0

Interest income

(2.9)

(5.5)

(4.5)

Income tax provision

6.6

13.8

5.6

Depreciation and amortization

39.1

37.1

41.3

EBITDA

$ 66.6

$ 91.1

$ 57.2

Change in fair value of interest rate swaps

-

0.5

-

Adjusted EBITDA

$ 66.6

$ 91.6

$ 57.2

The following table reconciles segment income (loss) to segment EBITDA for the three months ended March 31, 2026 and 2025, and December 31, 2025:

($ in millions)

Three Months Ended

1Q26 1Q25 4Q25

Building Materials Distribution

Segment income

$

32.9 $

48.4 $

41.5

Depreciation and amortization

15.3

14.4

15.0

Segment EBITDA $ 48.2 $ 62.8 $ 56.4

Wood Products

Segment income (loss)

$

8.5 $

17.7 $

(13.8)

Depreciation and amortization

23.5

22.5

26.1

Segment EBITDA $ 32.0 $ 40.2 $ 12.3

$600

First Quarter Second Quarter Third Quarter Fourth Quarter

$500

$400

$800

First Quarter Second Quarter Third Quarter Fourth Quarter

$700

$600

$500

$400

Disclaimer

Boise Cascade Company published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 14:18 UTC.