Boise Cascade (NYSE: BCC) Q2 earnings and exclusive James Hardie distribution pact
Rhea-AI Filing Summary
Boise Cascade Company reported second quarter 2026 net income of $57.3 million, or $1.63 per share, on sales of $1.8 billion, up 5% from second quarter 2025, which included $5.8 million of after-tax gains on property sales. Adjusted EBITDA was $126.2 million, up 6%. Building Materials Distribution sales rose 5% to $1.70 billion while segment income declined to $70.1 million on higher selling, distribution, and depreciation expenses despite stronger commodity and general line margins. Wood Products sales grew 3% to $459.6 million and segment income increased to $25.7 million, driven by higher plywood prices and volumes and lower per-unit OSB costs, partly offset by weaker engineered wood product pricing.
Boise Cascade ended June 30, 2026 with $304.8 million of cash and cash equivalents, total available liquidity of $699.9 million including undrawn bank lines, and $452.5 million of outstanding debt. In the first half of 2026 it repurchased 1,404,815 shares for $108.3 million, paid $18.1 million in dividends, and its board declared a $0.23 per-share dividend payable on September 16, 2026. Management expects 2026 capital expenditures of approximately $150–$170 million and guided third quarter 2026 Total Company Adjusted EBITDA to about $82–$114 million.
Effective July 31, 2026 the company’s distribution subsidiary entered a 10‑year Distribution Agreement with James Hardie under which it became the Supplier’s sole full-line national distributor of a complete portfolio of exterior building products, including Hardie siding and trim, AZEK Exteriors, and TimberTech decking and railing. The distributor agreed to source all of its requirements for these products exclusively from James Hardie, limit specified competing products at designated branches, and will receive incentives and support payments to mitigate transition impacts. Boise Cascade guaranteed its subsidiary’s obligations, and the agreement contains customary termination rights, including a post‑39‑month option tied to material strategic business changes.
Positive
- None.
Negative
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Filing Explained
The partnership creates a 10-year exclusive distribution obligation, but continuation beyond each term requires written renewal and is not automatic.
Effective
The agreement has a 10-year initial term and does not automatically renew: continuation after a term requires written agreement, while either party may seek termination after 39 months for a material strategic business change, subject to the agreement's notice provisions.
For the six months ended
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Second quarter 2026 sales: $1.8 billion
Second quarter 2026 net income: $57.3 million
Diluted EPS Q2 2026: $1.63
+5 more
8 metrics
Second quarter 2026 sales
$1.8 billion
Sales for the second quarter ended June 30, 2026
Second quarter 2026 net income
$57.3 million
Net income for the second quarter ended June 30, 2026
Diluted EPS Q2 2026
$1.63
Net income per common share – diluted for second quarter 2026
Adjusted EBITDA Q2 2026
$126,240 thousand
Total Company Adjusted EBITDA for the three months ended June 30, 2026
Cash and cash equivalents
$304.8 million
Cash balance at June 30, 2026
Total available liquidity
$699.9 million
Cash plus undrawn committed bank line at June 30, 2026
Outstanding debt
$452.5 million
Total debt at June 30, 2026
Share repurchases H1 2026
$108.3 million
Repurchase of 1,404,815 common shares in the six months ended June 30, 2026
Key Terms
Adjusted EBITDA, Segment EBITDA, sole full-line national distributor, Forward-Looking Statements
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA 1 | | 126,240"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Segment EBITDA financial
"Segment EBITDA 1 | | 85,622"
Segment EBITDA measures how much profit a specific part of a company generates from its core operations, before accounting for interest, taxes and long-term accounting items like depreciation and amortization. Investors use it like inspecting a single slice of a pie to compare which business units are most profitable, track performance trends, and decide where to allocate capital because it highlights underlying operating results without financing or accounting differences.
sole full-line national distributor market
"appointed the Distributor as its sole full-line national distributor"
Forward-Looking Statements regulatory
"Forward-Looking Statements This press release and the related webcast call"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Sales: $1.8 billion · Guidance included
second quarter 2026
Sales
$1.8 billion
5% vs second quarter 2025
Net income
$57.3 million
(7)% vs second quarter 2025
Diluted EPS
$1.63
(1)% vs second quarter 2025
Adjusted EBITDA
$126,240 thousand
6% vs second quarter 2025
Guidance
For third quarter 2026, BMD EBITDA is guided to ~$53–$68 million, Wood Products EBITDA to ~$42–$57 million, unallocated corporate costs to ~($13)–($11) million, and Total Company Adjusted EBITDA to approximately ~$82–$114 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Boise Cascade (BCC) second quarter 2026 sales and earnings?
Boise Cascade reported net income of $57.3 million, or $1.63 per share, on $1.8 billion of sales for the quarter ended June 30, 2026. Prior-year results included $5.8 million of after-tax gains from non-operating property sales.
How did Boise Cascade’s Building Materials Distribution segment perform in Q2 2026?
Building Materials Distribution generated $1.70 billion of sales in Q2 2026, up 5% year over year, with segment income of $70.1 million. Higher selling, distribution, and depreciation costs and the absence of a prior-year property gain offset stronger commodity and general line margins.
What is the new nationwide distribution agreement between Boise Cascade (BCC) and James Hardie?
Effective July 31, 2026, Boise Cascade’s subsidiary became James Hardie’s sole full-line national distributor for its complete exterior products portfolio, including Hardie siding and trim, AZEK Exteriors, and TimberTech decking and railing, under a 10‑year exclusive requirements agreement with specified non-compete provisions.
What are Boise Cascade’s liquidity and debt levels as of June 30, 2026?
Boise Cascade held $304.8 million of cash and cash equivalents and had $699.9 million of total available liquidity, including undrawn committed bank lines. Outstanding debt totaled $452.5 million at June 30, 2026, reflecting a moderate leverage position.
What EBITDA guidance did Boise Cascade (BCC) provide for third quarter 2026?
For third quarter 2026, Boise Cascade guided BMD EBITDA to about $53–$68 million, Wood Products EBITDA to $42–$57 million, unallocated corporate costs to ~($13)–($11) million, and Total Company Adjusted EBITDA to roughly $82–$114 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 3, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(208 ) 384-6161
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 3, 2026, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its second quarter 2026 financial results, a copy of which is furnished as Exhibit 99.1 to this Report on Form 8-K. Additionally, Exhibit 99.2, a copy of which is attached hereto, includes certain statistical information related to the Company's quarterly performance.
Item 8.01 Other Events.
On August 3, 2026, the Company announced that its wholly owned subsidiary, Boise Cascade Building Materials Distribution, L.L.C. (the “Distributor”) entered into a Distribution Agreement (the “Agreement”) with James Hardie Building Products, Inc., on behalf of itself and certain of its affiliates (the “Supplier”), effective July 31, 2026 (the “Effective Date”), pursuant to which the Supplier appointed the Distributor as its sole full-line national distributor of the complete portfolio of exterior building products, and any new or revised product or product category that the Supplier offers and the Distributor accepts for distribution during the term of the Agreement (collectively, the “Products”).
The Distributor has committed under the Agreement to purchase all of its requirements of the Products exclusively from the Supplier and to offer, sell, and market all Products manufactured by the Supplier or its affiliate(s), at all of its existing and future locations. Subject to certain exceptions, the Distributor has agreed not to stock, advertise, promote, sell, distribute, install or market specified competing products at designated branches.
In addition, the Agreement provides for various incentives and support payments from the Supplier to the Distributor to mitigate the financial impact that the Distributor incurs from transitioning from competitive product lines to the Products.
The initial term of the Agreement began on the Effective Date and continues for 10 years, unless earlier terminated in accordance with the Agreement. The Agreement does not automatically renew; instead, upon expiration of the initial term, the parties may mutually agree in writing to renew the Agreement, and if the parties are unable to reach an agreement regarding renewal, the Agreement terminates upon expiration of the then-current term.
The Agreement may be terminated upon mutual agreement of the Distributor and the Supplier, or by either party if the other party materially breaches the Agreement, subject to notice and cure periods, or upon the insolvency, bankruptcy, or certain similar events affecting the other party. After the initial 39 months following the Effective Date, either party may terminate the Agreement in the event of a material strategic business change to a party's business, the market, or that substantially and adversely affects the notifying party’s ability to perform its material obligations under the Agreement, subject to a notice period and opportunity for the other party to address the notifying party’s concerns.
The Company has guaranteed the performance of all obligations of the Distributor under the Agreement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished as part of this Report on Form 8-K:
| Exhibit | Description | ||||
99.1 | Boise Cascade Company Earnings Release dated August 3, 2026. | ||||
99.2 | Boise Cascade Company Quarterly Statistical Information. | ||||
99.3 | Boise Cascade Company Press Release, dated August 3, 2026. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document). | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BOISE CASCADE COMPANY | ||||||||
| By | /s/ Jill Twedt | |||||||
Jill Twedt Senior Vice President, General Counsel & Corporate Secretary | ||||||||
| Date: August 3, 2026 | ||||||||
| Boise Cascade Company | Exhibit 99.1 | ||||
| 1111 West Jefferson Street, Suite 300 |  | ||||
| Boise, ID 83702 | |||||
| Press Release | ||
For Immediate Release: August 3, 2026 | ||
Investor Contact Chris Forrey investor@bc.com | Media Contact Amy Evans mediarelations@bc.com | |||||||
Boise Cascade Company Reports Second Quarter 2026 Results
BOISE, IDAHO - August 3, 2026 - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $57.3 million, or $1.63 per share, on sales of $1.8 billion for the second quarter ended June 30, 2026, compared with net income of $62.0 million, or $1.64 per share, on sales of $1.7 billion for the second quarter ended June 30, 2025. Second quarter 2025 results included $5.8 million of after-tax gains, or $0.15 per share, on the sale of non-operating properties.
“I am excited to announce an outstanding second quarter, in what continues to be a mixed demand backdrop. These results reflect the power of our people and the service capabilities that our integrated model delivers to the marketplace,” said Jeff Strom, CEO. “By combining nationwide scale with strong local support, we delivered the reliable service and consistent value our customers have come to expect from us across a broad mix of industry-leading building materials. The recent announcement of our expanded partnership with James Hardie to become the sole nationwide distributor of their full portfolio of industry-leading exterior and outdoor building products further strengthens our ability to distinguish ourselves in the marketplace. Looking ahead, we will continue to advance strategic priorities that position us to grow share, drive efficiencies, and return capital to shareholders while supporting our customers’ and suppliers’ success.”
Second Quarter 2026 Highlights
| 2Q 2026 | 2Q 2025 | % change | ||||||||||||||||||
| (in thousands, except per-share data and percentages) | ||||||||||||||||||||
| Consolidated Results | ||||||||||||||||||||
| Sales | $ | 1,831,335 | $ | 1,740,114 | 5 | % | ||||||||||||||
| Net income | 57,342 | 61,985 | (7) | % | ||||||||||||||||
| Net income per common share - diluted | 1.63 | 1.64 | (1) | % | ||||||||||||||||
Adjusted EBITDA 1 | 126,240 | 119,000 | 6 | % | ||||||||||||||||
| Segment Results | ||||||||||||||||||||
| Building Materials Distribution sales | $ | 1,697,494 | $ | 1,614,915 | 5 | % | ||||||||||||||
| Building Materials Distribution income | 70,117 | 78,033 | (10) | % | ||||||||||||||||
Building Materials Distribution EBITDA 1 | 85,622 | 91,848 | (7) | % | ||||||||||||||||
| Wood Products sales | 459,603 | 447,235 | 3 | % | ||||||||||||||||
| Wood Products income | 25,653 | 13,976 | 84 | % | ||||||||||||||||
Wood Products EBITDA 1 | 52,371 | 37,292 | 40 | % | ||||||||||||||||
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.
In second quarter 2026, total U.S. housing starts and single-family housing starts decreased 1% and 4%, respectively, compared to the same period in 2025. On a year-to-date basis through June 2026, total U.S. housing starts were flat, while single-family housing starts decreased 5% compared to the same period in 2025. Single-family housing starts are the key demand driver for our sales.
Building Materials Distribution (BMD)
BMD's sales increased $82.6 million, or 5%, to $1,697.5 million for the three months ended June 30, 2026, from $1,614.9 million for the three months ended June 30, 2025. The overall increase in sales was driven by net sales volume and net sales price increases of 4% and 1%, respectively. By product line, general line product sales increased 9%, commodity sales increased 7%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 6%. BMD segment income decreased $7.9 million to $70.1 million for the three months ended June 30, 2026, from $78.0 million for the three months ended June 30, 2025. The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $10.8 million and $1.7 million, respectively. Additionally, segment income in second quarter 2025 benefited from a $3.8 million gain on the sale of a non-operating property. These decreases in segment income were offset partially by a gross margin increase of $9.2 million, resulting from higher gross margins on commodity and general line products, which were offset partially by lower gross margins on EWP.
Wood Products
Wood Products' sales, including sales to BMD, increased $12.4 million, or 3%, to $459.6 million for the three months ended June 30, 2026, from $447.2 million for the three months ended June 30, 2025. The increase in sales was primarily driven by higher plywood sales prices and sales volumes. These increases were offset partially by lower sales prices and sales volumes for I-joists and LVL (collectively referred to as EWP). Wood Products' segment income increased $11.7 million to $25.7 million for the three months ended June 30, 2026, from $14.0 million for the three months ended June 30, 2025. The increase in segment income was primarily due to higher plywood sales prices and sales volumes, as well as lower per-unit OSB costs. These increases in segment income were offset partially by lower EWP sales prices and higher per-unit conversion costs. Additionally, segment income in second quarter 2025 benefited from a $3.9 million gain on the sale of a non-operating property.
Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
| 2Q 2026 vs. 2Q 2025 | 2Q 2026 vs. 1Q 2026 | YTD 2026 vs. 2025 | ||||||||||||||||||
| Average Net Selling Prices | ||||||||||||||||||||
| LVL | (4)% | —% | (6)% | |||||||||||||||||
| I-joists | (7)% | (1)% | (7)% | |||||||||||||||||
| Plywood | 15% | 15% | 8% | |||||||||||||||||
| Sales Volumes | ||||||||||||||||||||
| LVL | (2)% | 17% | (2)% | |||||||||||||||||
| I-joists | (2)% | 18% | (3)% | |||||||||||||||||
| Plywood | 3% | (1)% | 3% | |||||||||||||||||
Balance Sheet and Liquidity
Boise Cascade ended second quarter 2026 with $304.8 million of cash and cash equivalents and $395.1 million of undrawn committed bank line availability, for total available liquidity of $699.9 million. The Company had $452.5 million of outstanding debt at June 30, 2026.
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Capital Allocation
We expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $150 million to $170 million. This level of capital expenditures could increase or decrease as a result of several factors, including efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.
For the six months ended June 30, 2026, the Company paid $18.1 million in common stock dividends. On July 30, 2026, our board of directors declared a quarterly dividend of $0.23 per share on our common stock, payable on September 16, 2026, to stockholders of record on September 1, 2026.
For the six months ended June 30, 2026, the Company paid $108.3 million for the repurchase of 1,404,815 shares of our outstanding common stock. As of June 30, 2026, approximately $130 million of our outstanding common stock was available for repurchase under our existing share repurchase program.
Expanded Nationwide Distribution Partnership with James Hardie
On August 3, 2026, the Company and James Hardie announced an expanded agreement that positions Boise Cascade as the sole nationwide distributor for James Hardie’s industry-leading portfolio of exterior and outdoor building products through our extensive network of strategically located distribution facilities across the United States, effective July 31, 2026.
Under the expanded agreement, Boise Cascade will distribute James Hardie’s comprehensive portfolio of products, including Hardie® siding and trim, AZEK® Exteriors, and TimberTech® decking and railing. As the two companies fully align their focus and resources, Boise Cascade will transition away from competing siding, trim, and exterior moulding products. James Hardie will consolidate its distribution network across all regional markets and has designated Boise Cascade its sole nationwide distribution partner. Together, Boise Cascade and James Hardie will leverage their complementary strengths to better serve customers, provide broader access to dealers, contractors, and retailers, expand their market reach, and drive long-term growth and value creation for their respective stakeholders.
Outlook
Demand for the products we purchase and distribute, as well as the products we manufacture, depends primarily on new single-family residential construction, with additional demand driven by new multi-family residential construction, residential repair-and-remodeling, and light commercial activity. During the second quarter, the operating environment remained uneven and competitive. Ongoing geopolitical uncertainty, volatile Treasury yields and mortgage rates, and persistent inflation continue to weigh on the macroeconomic outlook. Against this backdrop, residential construction remains subdued, as affordability constraints and low consumer sentiment pressure market conditions. In response, homebuilders have relied on incentives to stimulate demand while maintaining discipline around starts and spec inventory. Beyond near-term volatility, long-term residential construction fundamentals remain constructive, supported by generational tailwinds and an undersupplied housing market. High homeowner equity and an aging U.S. housing stock support sustained repair-and-remodel spending and reinforce the industry’s solid underlying demand drivers.
Our distribution business, which purchases and resells a diverse range of products, may benefit from rising prices through increased sales and margins, while periods of declining prices may present challenges. Future product pricing, particularly for commodity products we distribute and manufacture, is expected to remain dynamic, influenced by economic and geopolitical conditions, input costs, industry operating rates, supply disruptions, duties, tariffs, cost and availability of transportation, inventory levels, and seasonal demand patterns. We will continue to monitor end market demand signals and align production rates and inventory stocking positions accordingly.
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We are providing financial guidance for third quarter 2026 as set forth in the table below. Guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including the transition to our new third-party supplier for composite decking, and those set forth below under “Forward-Looking Statements.”
| Third Quarter 2026 Guidance | |||||
| BMD EBITDA | ~$53 - $68 million | ||||
| Wood Products EBITDA | ~$42 - $57 million | ||||
| Unallocated Corporate Costs | ~($13) - ($11) million | ||||
| Total Company Adjusted EBITDA | ~$82 - $114 million | ||||
About Boise Cascade
Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products and plywood in North America. Our integrated model and national distribution footprint position us to deliver outstanding service to our customers across a broad range of industry-leading products, including key structural products that we produce. Headquartered in Boise, Idaho, we operate more than 60 distribution and manufacturing facilities strategically located across the U.S. and Canada. Our work is powered by a dedicated team of over 7,500 people. Learn more at www.bc.com.
Webcast and Conference Call
Boise Cascade will host a webcast and conference call to discuss second quarter earnings on Tuesday, August 4, 2026, at 11 a.m. Eastern.
To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.
The archived webcast will be available in the Investors section of Boise Cascade's website.
Use of Non-GAAP Financial Measures
We refer to the terms EBITDA, Adjusted EBITDA and Segment EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as 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. We also disclose Segment EBITDA, which is segment income (loss) before depreciation and amortization.
We believe EBITDA, Adjusted EBITDA and Segment EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA, Adjusted EBITDA and Segment EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA, Adjusted EBITDA and Segment EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA, Adjusted EBITDA and Segment EBITDA instead of net income or segment income (loss) have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA, Adjusted EBITDA and Segment EBITDA are not necessarily
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comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. For a reconciliation of net income to EBITDA and Adjusted EBITDA and segment income to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.
Forward-Looking Statements
This press release and the related webcast call contain statements concerning future events and expectations, including, without limitation, statements relating to our outlook 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), including our forthcoming Quarterly Report on Form 10-Q for the second quarter of 2026, 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.
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Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| June 30 | March 31, 2026 | June 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Sales | $ | 1,831,335 | $ | 1,740,114 | $ | 1,498,614 | $ | 3,329,949 | $ | 3,276,608 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 1,503,462 | 1,441,459 | 1,255,070 | 2,758,532 | 2,717,642 | ||||||||||||||||||||||||
| Depreciation and amortization | 42,714 | 37,409 | 39,053 | 81,767 | 74,530 | ||||||||||||||||||||||||
| Selling and distribution expenses | 173,787 | 161,815 | 150,444 | 324,231 | 305,463 | ||||||||||||||||||||||||
| General and administrative expenses | 27,266 | 26,470 | 26,300 | 53,566 | 51,467 | ||||||||||||||||||||||||
| Other (income) expense, net | 130 | (7,569) | (38) | 92 | (7,543) | ||||||||||||||||||||||||
| 1,747,359 | 1,659,584 | 1,470,829 | 3,218,188 | 3,141,559 | |||||||||||||||||||||||||
| Income from operations | 83,976 | 80,530 | 27,785 | 111,761 | 135,049 | ||||||||||||||||||||||||
| Foreign currency exchange gain (loss) | (420) | 1,093 | (241) | (661) | 1,093 | ||||||||||||||||||||||||
| Pension expense (excluding service costs) | (30) | (32) | (30) | (60) | (65) | ||||||||||||||||||||||||
| Interest expense | (7,106) | (5,183) | (6,019) | (13,125) | (10,495) | ||||||||||||||||||||||||
| Interest income | 2,152 | 4,623 | 2,937 | 5,089 | 10,133 | ||||||||||||||||||||||||
| Change in fair value of interest rate swaps | — | (435) | — | — | (925) | ||||||||||||||||||||||||
| (5,404) | 66 | (3,353) | (8,757) | (259) | |||||||||||||||||||||||||
| Income before income taxes | 78,572 | 80,596 | 24,432 | 103,004 | 134,790 | ||||||||||||||||||||||||
| Income tax provision | (21,230) | (18,611) | (6,590) | (27,820) | (32,457) | ||||||||||||||||||||||||
| Net income | $ | 57,342 | $ | 61,985 | $ | 17,842 | $ | 75,184 | $ | 102,333 | |||||||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
| Basic | 35,212 | 37,682 | 35,909 | 35,559 | 37,848 | ||||||||||||||||||||||||
| Diluted | 35,227 | 37,795 | 36,020 | 35,616 | 37,999 | ||||||||||||||||||||||||
| Net income per common share: | |||||||||||||||||||||||||||||
| Basic | $ | 1.63 | $ | 1.64 | $ | 0.50 | $ | 2.11 | $ | 2.70 | |||||||||||||||||||
| Diluted | $ | 1.63 | $ | 1.64 | $ | 0.50 | $ | 2.11 | $ | 2.69 | |||||||||||||||||||
| Dividends declared per common share | $ | 0.22 | $ | 0.21 | $ | 0.22 | $ | 0.44 | $ | 0.42 | |||||||||||||||||||
6
Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| June 30 | March 31, 2026 | June 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Segment sales | $ | 1,697,494 | $ | 1,614,915 | $ | 1,388,948 | $ | 3,086,442 | $ | 3,022,031 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 1,439,101 | 1,365,755 | 1,189,236 | 2,628,337 | 2,566,695 | ||||||||||||||||||||||||
| Depreciation and amortization | 15,505 | 13,815 | 15,283 | 30,788 | 28,177 | ||||||||||||||||||||||||
| Selling and distribution expenses | 161,674 | 150,865 | 141,274 | 302,948 | 283,964 | ||||||||||||||||||||||||
| General and administrative expenses | 11,001 | 10,689 | 10,421 | 21,422 | 20,454 | ||||||||||||||||||||||||
| Other (income) expense, net | 96 | (4,242) | (208) | (112) | (3,709) | ||||||||||||||||||||||||
| 1,627,377 | 1,536,882 | 1,356,006 | 2,983,383 | 2,895,581 | |||||||||||||||||||||||||
| Segment income | $ | 70,117 | $ | 78,033 | $ | 32,942 | $ | 103,059 | $ | 126,450 | |||||||||||||||||||
| (percentage of sales) | |||||||||||||||||||||||||||||
| Segment sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 84.8 | % | 84.6 | % | 85.6 | % | 85.2 | % | 84.9 | % | |||||||||||||||||||
| Depreciation and amortization | 0.9 | % | 0.9 | % | 1.1 | % | 1.0 | % | 0.9 | % | |||||||||||||||||||
| Selling and distribution expenses | 9.5 | % | 9.3 | % | 10.2 | % | 9.8 | % | 9.4 | % | |||||||||||||||||||
| General and administrative expenses | 0.6 | % | 0.7 | % | 0.8 | % | 0.7 | % | 0.7 | % | |||||||||||||||||||
| Other (income) expense, net | — | % | (0.3) | % | — | % | — | % | (0.1) | % | |||||||||||||||||||
| 95.9 | % | 95.2 | % | 97.6 | % | 96.7 | % | 95.8 | % | ||||||||||||||||||||
| Segment income | 4.1 | % | 4.8 | % | 2.4 | % | 3.3 | % | 4.2 | % | |||||||||||||||||||
7
Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| June 30 | March 31, 2026 | June 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Segment sales | $ | 459,603 | $ | 447,235 | $ | 398,204 | $ | 857,807 | $ | 863,080 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 390,877 | 398,451 | 352,985 | 743,862 | 760,697 | ||||||||||||||||||||||||
| Depreciation and amortization | 26,718 | 23,316 | 23,465 | 50,183 | 45,802 | ||||||||||||||||||||||||
| Selling and distribution expenses | 12,167 | 11,004 | 9,224 | 21,391 | 21,607 | ||||||||||||||||||||||||
| General and administrative expenses | 4,190 | 3,816 | 3,868 | 8,058 | 7,129 | ||||||||||||||||||||||||
| Other (income) expense, net | (2) | (3,328) | 170 | 168 | (3,840) | ||||||||||||||||||||||||
| 433,950 | 433,259 | 389,712 | 823,662 | 831,395 | |||||||||||||||||||||||||
| Segment income | $ | 25,653 | $ | 13,976 | $ | 8,492 | $ | 34,145 | $ | 31,685 | |||||||||||||||||||
| (percentage of sales) | |||||||||||||||||||||||||||||
| Segment sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 85.0 | % | 89.1 | % | 88.6 | % | 86.7 | % | 88.1 | % | |||||||||||||||||||
| Depreciation and amortization | 5.8 | % | 5.2 | % | 5.9 | % | 5.9 | % | 5.3 | % | |||||||||||||||||||
| Selling and distribution expenses | 2.6 | % | 2.5 | % | 2.3 | % | 2.5 | % | 2.5 | % | |||||||||||||||||||
| General and administrative expenses | 0.9 | % | 0.9 | % | 1.0 | % | 0.9 | % | 0.8 | % | |||||||||||||||||||
| Other (income) expense, net | — | % | (0.7 | %) | — | % | — | % | (0.4 | %) | |||||||||||||||||||
| 94.4 | % | 96.9 | % | 97.9 | % | 96.0 | % | 96.3 | % | ||||||||||||||||||||
| Segment income | 5.6 | % | 3.1 | % | 2.1 | % | 4.0 | % | 3.7 | % | |||||||||||||||||||
8
Segment Information
(in thousands) (unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| June 30 | March 31, 2026 | June 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Segment sales | |||||||||||||||||||||||||||||
| Building Materials Distribution | $ | 1,697,494 | $ | 1,614,915 | $ | 1,388,948 | $ | 3,086,442 | $ | 3,022,031 | |||||||||||||||||||
| Wood Products | 459,603 | 447,235 | 398,204 | 857,807 | 863,080 | ||||||||||||||||||||||||
| Intersegment eliminations | (325,762) | (322,036) | (288,538) | (614,300) | (608,503) | ||||||||||||||||||||||||
| Total net sales | $ | 1,831,335 | $ | 1,740,114 | $ | 1,498,614 | $ | 3,329,949 | $ | 3,276,608 | |||||||||||||||||||
| Segment income | |||||||||||||||||||||||||||||
| Building Materials Distribution | $ | 70,117 | $ | 78,033 | $ | 32,942 | $ | 103,059 | $ | 126,450 | |||||||||||||||||||
| Wood Products | 25,653 | 13,976 | 8,492 | 34,145 | 31,685 | ||||||||||||||||||||||||
| Total segment income | 95,770 | 92,009 | 41,434 | 137,204 | 158,135 | ||||||||||||||||||||||||
| Unallocated corporate costs | (11,794) | (11,479) | (13,649) | (25,443) | (23,086) | ||||||||||||||||||||||||
| Income from operations | $ | 83,976 | $ | 80,530 | $ | 27,785 | $ | 111,761 | $ | 135,049 | |||||||||||||||||||
| Segment EBITDA | |||||||||||||||||||||||||||||
| Building Materials Distribution | $ | 85,622 | $ | 91,848 | $ | 48,225 | $ | 133,847 | $ | 154,627 | |||||||||||||||||||
| Wood Products | 52,371 | 37,292 | 31,957 | 84,328 | 77,487 | ||||||||||||||||||||||||
See accompanying summary notes to consolidated financial statements and segment information.
9
Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
| June 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current | |||||||||||
| Cash and cash equivalents | $ | 304,818 | $ | 477,215 | |||||||
| Receivables | |||||||||||
Trade, less allowances of $5,534 and $5,618 | 507,063 | 315,944 | |||||||||
| Related parties | 332 | 86 | |||||||||
| Other | 23,663 | 24,698 | |||||||||
| Inventories | 927,284 | 795,724 | |||||||||
| Prepaid expenses and other | 37,138 | 40,751 | |||||||||
| Total current assets | 1,800,298 | 1,654,418 | |||||||||
| Property and equipment, net | 1,142,641 | 1,157,261 | |||||||||
| Operating lease right-of-use assets | 50,491 | 55,980 | |||||||||
| Finance lease right-of-use assets | 40,953 | 11,825 | |||||||||
| Timber deposits | 9,754 | 8,058 | |||||||||
| Goodwill | 185,239 | 185,384 | |||||||||
| Intangible assets, net | 149,296 | 159,665 | |||||||||
| Deferred income taxes | 2,757 | 3,041 | |||||||||
| Other assets | 6,843 | 6,311 | |||||||||
| Total assets | $ | 3,388,272 | $ | 3,241,943 | |||||||
10
Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
| June 30, 2026 | December 31, 2025 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current | |||||||||||
| Accounts payable | |||||||||||
| Trade | $ | 421,159 | $ | 254,622 | |||||||
| Related parties | 2,781 | 915 | |||||||||
| Accrued liabilities | |||||||||||
| Compensation and benefits | 112,090 | 103,066 | |||||||||
| Interest payable | 10,161 | 10,176 | |||||||||
| Other | 118,129 | 124,297 | |||||||||
| Total current liabilities | 664,320 | 493,076 | |||||||||
| Debt | |||||||||||
| Long-term debt, net | 448,408 | 445,405 | |||||||||
| Other | |||||||||||
| Compensation and benefits | 35,986 | 39,354 | |||||||||
| Operating lease liabilities, net of current portion | 43,934 | 49,778 | |||||||||
| Finance lease liabilities, net of current portion | 44,297 | 15,631 | |||||||||
| Deferred income taxes | 105,769 | 105,551 | |||||||||
| Other long-term liabilities | 19,893 | 18,270 | |||||||||
| 249,879 | 228,584 | ||||||||||
| Commitments and contingent liabilities | |||||||||||
| Stockholders' equity | |||||||||||
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding | — | — | |||||||||
Common stock, $0.01 par value per share; 300,000 shares authorized, 34,929 and 36,190 shares issued, respectively | 349 | 362 | |||||||||
Additional paid-in capital | 571,816 | 571,220 | |||||||||
Accumulated other comprehensive loss | (462) | (476) | |||||||||
| Retained earnings | 1,453,962 | 1,503,772 | |||||||||
| Total stockholders' equity | 2,025,665 | 2,074,878 | |||||||||
| Total liabilities and stockholders' equity | $ | 3,388,272 | $ | 3,241,943 | |||||||
11
Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
| Six Months Ended June 30 | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash provided by (used for) operations | |||||||||||
| Net income | $ | 75,184 | $ | 102,333 | |||||||
| Items in net income not using (providing) cash | |||||||||||
Depreciation and amortization, including deferred financing costs and other | 83,543 | 76,341 | |||||||||
| Stock-based compensation | 6,841 | 7,010 | |||||||||
| Deferred income taxes | 397 | 2,778 | |||||||||
| Change in fair value of interest rate swaps | — | 925 | |||||||||
| Other | (50) | (11,116) | |||||||||
| Decrease (increase) in working capital, net of acquisitions | |||||||||||
| Receivables | (190,298) | (133,103) | |||||||||
| Inventories | (131,560) | (115,661) | |||||||||
| Prepaid expenses and other | (4,862) | (7,750) | |||||||||
| Accounts payable and accrued liabilities | 184,299 | 86,242 | |||||||||
| Income taxes payable | 9,004 | (2,677) | |||||||||
| Other | (6,157) | (628) | |||||||||
| Net cash provided by operations | 26,341 | 4,694 | |||||||||
| Cash provided by (used for) investment | |||||||||||
| Expenditures for property and equipment | (63,315) | (132,257) | |||||||||
| Acquisitions of businesses and facilities | (135) | — | |||||||||
| Proceeds from sales of assets and other | 454 | 10,152 | |||||||||
| Net cash used for investment | (62,996) | (122,105) | |||||||||
| Cash provided by (used for) financing | |||||||||||
| Borrowings of long-term debt, including revolving credit facility | — | 50,000 | |||||||||
| Payments of long-term debt, including revolving credit facility | — | (50,000) | |||||||||
| Repurchase of common stock | (109,984) | (87,746) | |||||||||
| Dividends paid on common stock | (18,078) | (18,383) | |||||||||
| Tax withholding payments on stock-based awards | (6,244) | (5,939) | |||||||||
| Payments of deferring financing costs | — | (1,819) | |||||||||
| Other | (1,436) | (943) | |||||||||
| Net cash used for financing | (135,742) | (114,830) | |||||||||
| Net decrease in cash and cash equivalents | (172,397) | (232,241) | |||||||||
| Balance at beginning of the period | 477,215 | 713,260 | |||||||||
| Balance at end of the period | $ | 304,818 | $ | 481,019 | |||||||
12
Summary Notes to Consolidated Financial Statements and Segment Information
The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2025 Form 10-K and the Company's other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.
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 (i) three months ended June 30, 2026 and 2025, (ii) three months ended March 31, 2026, and (iii) six months ended June 30, 2026 and 2025:
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| June 30 | March 31, 2026 | June 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| Net income | $ | 57,342 | $ | 61,985 | $ | 17,842 | $ | 75,184 | $ | 102,333 | |||||||||||||||||||
| Interest expense | 7,106 | 5,183 | 6,019 | 13,125 | 10,495 | ||||||||||||||||||||||||
| Interest income | (2,152) | (4,623) | (2,937) | (5,089) | (10,133) | ||||||||||||||||||||||||
| Income tax provision | 21,230 | 18,611 | 6,590 | 27,820 | 32,457 | ||||||||||||||||||||||||
| Depreciation and amortization | 42,714 | 37,409 | 39,053 | 81,767 | 74,530 | ||||||||||||||||||||||||
| EBITDA | 126,240 | 118,565 | 66,567 | 192,807 | 209,682 | ||||||||||||||||||||||||
| Change in fair value of interest rate swaps | — | 435 | — | — | 925 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 126,240 | $ | 119,000 | $ | 66,567 | $ | 192,807 | $ | 210,607 | |||||||||||||||||||
13
The following table reconciles segment income and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the (i) three months ended June 30, 2026 and 2025, (ii) three months ended March 31, 2026, and (iii) six months ended June 30, 2026 and 2025:
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| June 30 | March 31, 2026 | June 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| Building Materials Distribution | |||||||||||||||||||||||||||||
| Segment income | $ | 70,117 | $ | 78,033 | $ | 32,942 | $ | 103,059 | $ | 126,450 | |||||||||||||||||||
| Depreciation and amortization | 15,505 | 13,815 | 15,283 | 30,788 | 28,177 | ||||||||||||||||||||||||
| Segment EBITDA | $ | 85,622 | $ | 91,848 | $ | 48,225 | $ | 133,847 | $ | 154,627 | |||||||||||||||||||
| Wood Products | |||||||||||||||||||||||||||||
| Segment income | $ | 25,653 | $ | 13,976 | $ | 8,492 | $ | 34,145 | $ | 31,685 | |||||||||||||||||||
| Depreciation and amortization | 26,718 | 23,316 | 23,465 | 50,183 | 45,802 | ||||||||||||||||||||||||
| Segment EBITDA | $ | 52,371 | $ | 37,292 | $ | 31,957 | $ | 84,328 | $ | 77,487 | |||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||
| Unallocated corporate costs | $ | (11,794) | $ | (11,479) | $ | (13,649) | $ | (25,443) | $ | (23,086) | |||||||||||||||||||
| Foreign currency exchange gain (loss) | (420) | 1,093 | (241) | (661) | 1,093 | ||||||||||||||||||||||||
| Pension expense (excluding service costs) | (30) | (32) | (30) | (60) | (65) | ||||||||||||||||||||||||
| Change in fair value of interest rate swaps | — | (435) | — | — | (925) | ||||||||||||||||||||||||
| Depreciation and amortization | 491 | 278 | 305 | 796 | 551 | ||||||||||||||||||||||||
| EBITDA | (11,753) | (10,575) | (13,615) | (25,368) | (22,432) | ||||||||||||||||||||||||
| Change in fair value of interest rate swaps | — | 435 | — | — | 925 | ||||||||||||||||||||||||
| Corporate Adjusted EBITDA | $ | (11,753) | $ | (10,140) | $ | (13,615) | $ | (25,368) | $ | (21,507) | |||||||||||||||||||
| Total Company Adjusted EBITDA | $ | 126,240 | $ | 119,000 | $ | 66,567 | $ | 192,807 | $ | 210,607 | |||||||||||||||||||
14
Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
| Building Materials Distribution Segment | |||||||||||||||||
| 2026 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
General line sales1 | 45.0 | % | 46.9 | % | 46.1 | % | |||||||||||
Commodity sales1 | 35.5 | % | 34.8 | % | 35.1 | % | |||||||||||
EWP sales1 | 19.5 | % | 18.3 | % | 18.8 | % | |||||||||||
| Total sales (000) | $ | 1,388,948 | $ | 1,697,494 | $ | 3,086,442 | |||||||||||
Gross margin2 | 14.4 | % | 15.2 | % | 14.8 | % | |||||||||||
| Segment income (000) | $ | 32,942 | $ | 70,117 | $ | 103,059 | |||||||||||
| Segment depreciation and amortization (000) | $ | 15,283 | $ | 15,505 | $ | 30,788 | |||||||||||
Segment EBITDA (000)3 | $ | 48,225 | $ | 85,622 | $ | 133,847 | |||||||||||
| EBITDA as a percentage of sales | 3.5 | % | 5.0 | % | 4.3 | % | |||||||||||
Capital spending (000)4 | $ | 25,394 | $ | 8,192 | $ | 33,586 | |||||||||||
| Receivables (000) | $ | 446,083 | $ | 491,395 | |||||||||||||
| Inventories (000) | $ | 635,409 | $ | 661,517 | |||||||||||||
| Accounts payable (000) | $ | 392,747 | $ | 373,549 | |||||||||||||
| 2025 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
General line sales1 | 42.6 | % | 45.4 | % | 46.7 | % | 46.0 | % | 45.2 | % | |||||||
Commodity sales1 | 36.7 | % | 34.2 | % | 34.2 | % | 35.2 | % | 35.0 | % | |||||||
EWP sales1 | 20.7 | % | 20.4 | % | 19.1 | % | 18.8 | % | 19.8 | % | |||||||
| Total sales (000) | $ | 1,407,116 | $ | 1,614,915 | $ | 1,556,150 | $ | 1,363,116 | $ | 5,941,297 | |||||||
Gross margin2 | 14.7 | % | 15.4 | % | 15.1 | % | 15.1 | % | 15.1 | % | |||||||
| Segment income (000) | $ | 48,417 | $ | 78,033 | $ | 54,286 | $ | 41,482 | $ | 222,218 | |||||||
| Segment depreciation and amortization (000) | $ | 14,362 | $ | 13,815 | $ | 15,545 | $ | 14,967 | $ | 58,689 | |||||||
Segment EBITDA (000)3 | $ | 62,779 | $ | 91,848 | $ | 69,831 | $ | 56,449 | $ | 280,907 | |||||||
| EBITDA as a percentage of sales | 4.5 | % | 5.7 | % | 4.5 | % | 4.1 | % | 4.7 | % | |||||||
Capital spending (000)5 | $ | 22,431 | $ | 39,588 | $ | 26,353 | $ | 16,224 | $ | 104,596 | |||||||
| Receivables (000) | $ | 438,218 | $ | 444,290 | $ | 426,039 | $ | 316,049 | |||||||||
| Inventories (000) | $ | 660,970 | $ | 661,911 | $ | 588,017 | $ | 543,245 | |||||||||
| Accounts payable (000) | $ | 438,404 | $ | 365,966 | $ | 301,968 | $ | 204,361 | |||||||||
1
Boise Cascade Company
Quarterly Statistical Information (continued)
| Building Materials Distribution Segment (continued) | |||||||||||||||||
| 2024 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
General line sales1 | 41.0 | % | 42.4 | % | 43.8 | % | 42.4 | % | 42.4 | % | |||||||
Commodity sales1 | 36.7 | % | 35.0 | % | 34.9 | % | 36.7 | % | 35.8 | % | |||||||
EWP sales1 | 22.3 | % | 22.6 | % | 21.3 | % | 20.9 | % | 21.8 | % | |||||||
| Total sales (000) | $ | 1,505,021 | $ | 1,655,221 | $ | 1,567,466 | $ | 1,438,785 | $ | 6,166,493 | |||||||
Gross margin2 | 15.1 | % | 14.8 | % | 15.7 | % | 15.8 | % | 15.3 | % | |||||||
| Segment income (000) | $ | 72,463 | $ | 85,400 | $ | 74,821 | $ | 70,701 | $ | 303,385 | |||||||
| Segment depreciation and amortization (000) | $ | 11,107 | $ | 11,741 | $ | 12,928 | $ | 13,758 | $ | 49,534 | |||||||
Segment EBITDA (000)3 | $ | 83,570 | $ | 97,141 | $ | 87,749 | $ | 84,459 | $ | 352,919 | |||||||
| EBITDA as a percentage of sales | 5.6 | % | 5.9 | % | 5.6 | % | 5.9 | % | 5.7 | % | |||||||
Capital spending (000)6 | $ | 14,672 | $ | 21,904 | $ | 36,902 | $ | 34,115 | $ | 107,593 | |||||||
| Receivables (000) | $ | 453,083 | $ | 436,992 | $ | 386,303 | $ | 315,698 | |||||||||
| Inventories (000) | $ | 601,546 | $ | 626,044 | $ | 566,056 | $ | 557,977 | |||||||||
| Accounts payable (000) | $ | 412,919 | $ | 392,798 | $ | 300,978 | $ | 226,236 | |||||||||
1Product line sales are shown as a percentage of total Building Materials Distribution (BMD) sales. | |||||||||||||||||
2We define gross margin as "Sales" less "Materials, labor, and other operating expenses (excluding depreciation)." Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our BMD segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales. | |||||||||||||||||
3Segment EBITDA is calculated as segment income before depreciation and amortization. | |||||||||||||||||
4During 2026, capital spending in first quarter includes approximately $13 million to purchase previously leased BMD properties in Boise, Idaho and Grand Junction, Colorado. | |||||||||||||||||
5During 2025, capital spending in second quarter includes approximately $17 million to purchase previously leased BMD properties in Chicago, Illinois and Minneapolis, Minnesota. Capital spending in fourth quarter 2025 excludes approximately $33 million for the acquisition of businesses and facilities, net of cash acquired. | |||||||||||||||||
6During 2024, capital spending in third quarter includes approximately $20 million to purchase a previously leased BMD property in Westfield, Massachusetts. Capital spending in fourth quarter 2024 includes approximately $5 million to purchase a previously leased property in Chicago, Illinois. | |||||||||||||||||
2
Boise Cascade Company
Quarterly Statistical Information (continued)
| Wood Products Segment | |||||||||||||||||
| 2026 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| LVL sales volume (MCF) | 4,562 | 5,321 | 9,883 | ||||||||||||||
| I-joist sales volume (MELF) | 51,950 | 61,411 | 113,361 | ||||||||||||||
| Plywood sales volume (MSF 3/8") | 373,342 | 367,745 | 741,087 | ||||||||||||||
| Lumber sales volume (MBF) | 21,022 | 21,449 | 42,471 | ||||||||||||||
| LVL mill net sales price ($/CF) | $ | 24.22 | $ | 24.10 | $ | 24.16 | |||||||||||
| I-joist mill net sales price ($/MELF) | $ | 1,700 | $ | 1,679 | $ | 1,689 | |||||||||||
| Plywood net sales price ($/MSF 3/8") | $ | 343 | $ | 393 | $ | 368 | |||||||||||
| Lumber net sales price ($/MBF) | $ | 563 | $ | 592 | $ | 578 | |||||||||||
| Segment sales (000) | $ | 398,204 | $ | 459,603 | $ | 857,807 | |||||||||||
| Segment income (000) | $ | 8,492 | $ | 25,653 | $ | 34,145 | |||||||||||
| Segment depreciation and amortization (000) | $ | 23,465 | $ | 26,718 | $ | 50,183 | |||||||||||
Segment EBITDA (000)1 | $ | 31,957 | $ | 52,371 | $ | 84,328 | |||||||||||
| EBITDA as a percentage of sales | 8.0 | % | 11.4 | % | 9.8 | % | |||||||||||
| Capital spending (000) | $ | 16,663 | $ | 15,154 | $ | 31,817 | |||||||||||
| Receivables (000) | $ | 76,380 | $ | 79,595 | |||||||||||||
| Inventories (000) | $ | 242,385 | $ | 265,766 | |||||||||||||
| Accounts payable (000) | $ | 65,222 | $ | 75,158 | |||||||||||||
| 2025 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| LVL sales volume (MCF) | 4,616 | 5,457 | 4,612 | 4,228 | 18,913 | ||||||||||||
| I-joist sales volume (MELF) | 54,711 | 62,469 | 53,232 | 44,753 | 215,165 | ||||||||||||
| Plywood sales volume (MSF 3/8") | 362,779 | 355,714 | 387,278 | 353,989 | 1,459,760 | ||||||||||||
| Lumber sales volume (MBF) | 19,830 | 18,126 | 17,919 | 17,327 | 73,202 | ||||||||||||
| LVL mill net sales price ($/CF) | $ | 26.09 | $ | 25.22 | $ | 24.03 | $ | 24.13 | $ | 24.90 | |||||||
| I-joist mill net sales price ($/MELF) | $ | 1,833 | $ | 1,801 | $ | 1,684 | $ | 1,683 | $ | 1,755 | |||||||
| Plywood net sales price ($/MSF 3/8") | $ | 341 | $ | 342 | $ | 325 | $ | 329 | $ | 334 | |||||||
| Lumber net sales price ($/MBF) | $ | 619 | $ | 678 | $ | 651 | $ | 569 | $ | 629 | |||||||
| Segment sales (000) | $ | 415,845 | $ | 447,235 | $ | 396,401 | $ | 353,960 | $ | 1,613,441 | |||||||
| Segment income (loss) (000) | $ | 17,709 | $ | 13,976 | $ | (12,055) | $ | (13,794) | $ | 5,836 | |||||||
| Segment depreciation and amortization (000) | $ | 22,486 | $ | 23,316 | $ | 26,561 | $ | 26,093 | $ | 98,456 | |||||||
Segment EBITDA (000)1 | $ | 40,195 | $ | 37,292 | $ | 14,506 | $ | 12,299 | $ | 104,292 | |||||||
| EBITDA as a percentage of sales | 9.7 | % | 8.3 | % | 3.7 | % | 3.5 | % | 6.5 | % | |||||||
Capital spending (000)2 | $ | 30,689 | $ | 39,358 | $ | 28,823 | $ | 37,720 | $ | 136,590 | |||||||
| Receivables (000) | $ | 74,469 | $ | 77,128 | $ | 70,330 | $ | 46,998 | |||||||||
| Inventories (000) | $ | 260,464 | $ | 257,046 | $ | 256,341 | $ | 252,479 | |||||||||
| Accounts payable (000) | $ | 74,749 | $ | 76,124 | $ | 66,265 | $ | 51,976 | |||||||||
3
Boise Cascade Company
Quarterly Statistical Information (continued)
| Wood Products Segment (continued) | |||||||||||||||||
| 2024 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| LVL sales volume (MCF) | 4,777 | 5,074 | 4,952 | 4,561 | 19,364 | ||||||||||||
| I-joist sales volume (MELF) | 56,587 | 65,788 | 58,884 | 53,081 | 234,340 | ||||||||||||
| Plywood sales volume (MSF 3/8") | 371,699 | 383,092 | 390,978 | 371,263 | 1,517,032 | ||||||||||||
| Lumber sales volume (MBF) | 22,772 | 17,619 | 19,390 | 18,429 | 78,210 | ||||||||||||
| LVL mill net sales price ($/CF) | $ | 28.75 | $ | 28.12 | $ | 27.62 | $ | 26.93 | $ | 27.87 | |||||||
| I-joist mill net sales price ($/MELF) | $ | 2,018 | $ | 1,961 | $ | 1,921 | $ | 1,894 | $ | 1,949 | |||||||
| Plywood net sales price ($/MSF 3/8") | $ | 378 | $ | 362 | $ | 333 | $ | 350 | $ | 355 | |||||||
| Lumber net sales price ($/MBF) | $ | 650 | $ | 751 | $ | 705 | $ | 632 | $ | 682 | |||||||
| Segment sales (000) | $ | 468,928 | $ | 489,823 | $ | 453,896 | $ | 419,670 | $ | 1,832,317 | |||||||
| Segment income (000) | $ | 71,238 | $ | 72,780 | $ | 53,853 | $ | 33,583 | $ | 231,454 | |||||||
Segment depreciation and amortization (000)3 | $ | 24,384 | $ | 22,270 | $ | 23,551 | $ | 22,998 | $ | 93,203 | |||||||
Segment EBITDA (000)1 | $ | 95,622 | $ | 95,050 | $ | 77,404 | $ | 56,581 | $ | 324,657 | |||||||
| EBITDA as a percentage of sales | 20.4 | % | 19.4 | % | 17.1 | % | 13.5 | % | 17.7 | % | |||||||
Capital spending (000)2 | $ | 19,643 | $ | 17,804 | $ | 24,760 | $ | 59,663 | $ | 121,870 | |||||||
| Receivables (000) | $ | 84,892 | $ | 83,445 | $ | 77,244 | $ | 55,719 | |||||||||
| Inventories (000) | $ | 213,050 | $ | 206,198 | $ | 226,300 | $ | 245,320 | |||||||||
| Accounts payable (000) | $ | 61,834 | $ | 66,374 | $ | 73,922 | $ | 61,800 | |||||||||
1Segment EBITDA is calculated as segment income before depreciation and amortization. | |||||||||||||||||
2Capital spending in 2025 and 2024 for our Wood Products segment includes spending on significant modernization projects at our Oakdale, Louisiana veneer and plywood mill, spending to add I-joist production capabilities at our Thorsby, Alabama EWP mill, as well as spending to convert a plywood layup line to a parallel laminated veneer line at our Chapman, Alabama veneer and plywood mill. | |||||||||||||||||
3Segment depreciation and amortization in first quarter 2024 includes accelerated depreciation of $2.2 million for the indefinite curtailment of lumber production assets at our Chapman, Alabama, facility. | |||||||||||||||||
4
Boise Cascade Company
Quarterly Statistical Information (continued)
Reconciliation of Non-GAAP Financial Measures
(in thousands)
| Total Boise Cascade Company | |||||||||||||||||
| 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 tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below: | |||||||||||||||||
| 2026 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Net income | $ | 17,842 | $ | 57,342 | $ | 75,184 | |||||||||||
| Interest expense | 6,019 | 7,106 | 13,125 | ||||||||||||||
| Interest income | (2,937) | (2,152) | (5,089) | ||||||||||||||
| Income tax provision | 6,590 | 21,230 | 27,820 | ||||||||||||||
| Depreciation and amortization | 39,053 | 42,714 | 81,767 | ||||||||||||||
| EBITDA | 66,567 | 126,240 | 192,807 | ||||||||||||||
| Change in fair value of interest rate swaps | — | — | — | ||||||||||||||
| Adjusted EBITDA | $ | 66,567 | $ | 126,240 | $ | 192,807 | |||||||||||
| 2025 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Net income | $ | 40,348 | $ | 61,985 | $ | 21,769 | $ | 8,734 | $ | 132,836 | |||||||
| Interest expense | 5,312 | 5,183 | 5,327 | 6,024 | 21,846 | ||||||||||||
| Interest income | (5,510) | (4,623) | (4,181) | (4,452) | (18,766) | ||||||||||||
| Income tax provision | 13,846 | 18,611 | 9,088 | 5,572 | 47,117 | ||||||||||||
| Depreciation and amortization | 37,121 | 37,409 | 42,378 | 41,313 | 158,221 | ||||||||||||
| EBITDA | 91,117 | 118,565 | 74,381 | 57,191 | 341,254 | ||||||||||||
| Change in fair value of interest rate swaps | 490 | 435 | — | — | 925 | ||||||||||||
| Adjusted EBITDA | $ | 91,607 | $ | 119,000 | $ | 74,381 | $ | 57,191 | $ | 342,179 | |||||||
| 2024 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Net income | $ | 104,124 | $ | 112,292 | $ | 91,038 | $ | 68,900 | $ | 376,354 | |||||||
| Interest expense | 6,070 | 6,105 | 6,082 | 5,810 | 24,067 | ||||||||||||
| Interest income | (10,597) | (10,543) | (10,168) | (7,831) | (39,139) | ||||||||||||
| Income tax provision | 32,829 | 38,499 | 29,801 | 24,276 | 125,405 | ||||||||||||
| Depreciation and amortization | 35,850 | 34,367 | 36,861 | 37,035 | 144,113 | ||||||||||||
| EBITDA | 168,276 | 180,720 | 153,614 | 128,190 | 630,800 | ||||||||||||
| Change in fair value of interest rate swaps | 220 | 487 | 866 | 465 | 2,038 | ||||||||||||
| Adjusted EBITDA | $ | 168,496 | $ | 181,207 | $ | 154,480 | $ | 128,655 | $ | 632,838 | |||||||
For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our second quarter 2026 financial results, a copy of which is attached as Exhibit 99.1 to our Current Report on Form 8-K furnished to the Securities and Exchange Commission on August 3, 2026.
5
| Exhibit 99.3 | |||||
| Press Release | |||||
| For Immediate Release: August 3, 2026 | |||||
Boise Cascade Contacts Investor Contact Chris Forrey SVP, Finance & Investor Relations investor@bc.com | Media Contact Amy Evans Communications Director mediarelations@bc.com | |||||||
James Hardie Contact Investor and Media Contact Bill Seymour Vice President, Investor Relations investors@jameshardie.com | ||||||||
Boise Cascade and James Hardie Expand U.S. Nationwide Distribution Partnership
Boise Cascade to become the sole nationwide distributor for James Hardie’s complete portfolio of industry-leading exterior building solutions, including Hardie®, TimberTech®, and AZEK® products
BOISE, IDAHO & CHICAGO - August 3, 2026 - Boise Cascade Company (“Boise Cascade”) (NYSE: BCC) and James Hardie Building Products Inc. (“James Hardie”), a wholly-owned subsidiary of James Hardie Industries plc (“JHI”) (NYSE / ASX: JHX), today announced an expansion of their partnership under which Boise Cascade’s Building Materials Distribution division will become the sole nationwide distributor of James Hardie’s and its North American affiliates’ complete portfolio of exterior building products through its extensive network of strategically located distribution facilities across the United States, effective July 31, 2026.
Boise Cascade’s Building Materials Distribution division is one of the largest wholesale distributors of building products in North America. James Hardie is the North American leader in fiber cement siding and exterior design solutions.
Under the expanded agreement, Boise Cascade will distribute James Hardie’s comprehensive portfolio of products – including Hardie® siding and trim, and now adding AZEK® trim and moulding and TimberTech® decking and railing – through its nationwide network of distribution centers. As the two companies fully align their focus and resources, Boise Cascade will transition away from distributing competitive siding, trim, and exterior moulding products. James Hardie has designated Boise Cascade its sole nationwide distribution partner and will consolidate its distribution network across all regional markets.
Together, Boise Cascade and James Hardie will leverage their complementary strengths to better serve customers, provide broader access to dealers, contractors, and retailers, expand their market reach, and drive long-term growth and value creation for their respective stakeholders.
Specifically, as a result of the expanded partnership between the two companies, dealers and contractors will benefit from:
•Access to James Hardie’s complete portfolio of exterior building products through a national distribution partner;
•Increased product availability and fulfillment consistency across key markets;
•Coordinated sales, marketing, and contractor engagement and training programs; and
•A simpler purchasing experience supported by a trusted distribution network.
"This agreement is consistent with our focus on delivering the best products and service for our customers, which is at the core of every strategic decision we make at Boise Cascade,” said Jeff Strom, CEO of Boise Cascade. “Customers want trusted brands, reliable availability, and dependable service that makes their jobs easier. This expanded partnership will improve access to James Hardie’s industry-leading products through Boise Cascade’s nationwide distribution network, helping customers get what they need, when and where they need it. Our two organizations have shared values, complementary strengths, and an unwavering focus on delivering high-quality products and outstanding service. I look forward to working closely with the James Hardie team in the coming months to unlock the powerful potential of this expanded agreement.”
“By bringing our full exterior building products portfolio to market through Boise Cascade’s national distribution platform, we will create an even more seamless customer experience – from product selection through end use application,” said Aaron Erter, CEO of JHI. “Boise Cascade has been an outstanding partner for many years, and we are excited to strengthen our relationship as we increase the accessibility of our innovative and resilient products. Together, with our combined distribution capabilities, strong customer relationships, and proven ability to execute, we will be positioned to deliver best-in-class service to existing and prospective customers, driving long-term growth for both companies. We look forward to working alongside the Boise Cascade team in the coming months to implement a smooth transition and continue building on our successful partnership.”
About Boise Cascade
Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products and plywood in North America. Our integrated model and national distribution footprint position us to deliver outstanding service to our customers across a broad range of industry-leading products, including key structural products that we produce. Headquartered in Boise, Idaho, we operate more than 60 distribution and manufacturing facilities strategically located across the U.S. and Canada. Our work is powered by a dedicated team of over 7,500 people. Learn more at www.bc.com.
About James Hardie Building Products Inc.
James Hardie Building Products Inc. is the North American leader in fiber cement siding and exterior design solutions and part of the larger James Hardie group of companies that offer a portfolio of leading exterior and outdoor living brands including Hardie®, TimberTech®, AZEK®, Versatex®, and StruXure®. As The Home of Resilient Beauty™, its products are trusted by architects, builders, contractors, and homeowners throughout North America.
Forward-Looking Statements
Statements in this news release that are not purely historical facts or that necessarily depend on future events, including statements about anticipations, beliefs, expectations, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected impact and benefits of the expanded distribution partnership between Boise Cascade and/or James Hardie. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, oral statements made by each company’s directors, officers and employees to the investor and analyst communities, media representatives and others, depending upon their nature, may also constitute forward-looking statements. As with the forward-looking statements included in this release, these forward-looking statements are by nature inherently uncertain, and actual results may differ materially as a result of many factors. All
forward-looking statements are based upon information available to Boise Cascade or James Hardie, as applicable, on the date this release was submitted. Neither Boise Cascade nor James Hardie undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including each company’s ability to successfully capitalize on the expanded distribution partnership, each company’s growth strategies, or such company’s revenues and operating results being highly dependent on, among other things, new residential construction, commodity wood products prices and the economy, as applicable. Either or both companies may not succeed in addressing these and other risks. Further information regarding factors that could affect financial and other results can be found in the risk factors section of Boise Cascade’s and/or JHI’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and in the other reports filed by such company with the SEC and/or the Australian Stock Exchange, as applicable. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein.