Boise Cascade Co. (BCC) 2Q26 Earnings Recap Well Positioned to Navigate Shift in Suppliers While Maintaining Focus on Servi...

Equity Research 4 August 2026 | 11:47PM EDT

Boise Cascade Co. (BCC) 2Q26 Earnings Recap: Well-Positioned to Navigate Shift in Suppliers While Maintaining Focus on Service & Capital Allocation

BCC 12m Price Target: $91.00 Price: $86.49 Upside: 5.2% NEUTRAL Susan Maklari Execution and Focus on Service Contribute to Long-Term | Goldman Sachs & Co. LLC Growth: We are confident in Boise Cascade’s ability to effectively Charles Perron-Piche, CFA navigate the shift in composite decking and siding suppliers in the | Goldman Sachs & Co. LLC next few quarters while also working towards long-term strategic initiatives. Our view comes as management highlighted the following Rhea Bhatia | Goldman Sachs India SPL on the call as it relates to the announced relationship with JHX: 1) the ability to realize greater operational efficiencies as it aligns with one supplier for both product categories, 2) adding incremental Key Data _____________________________________ Market cap: $3.0bn value with a single point of contact for purchases, unified delivery, Enterprise value: $3.2bn 3m ADTV: $33.5mn and bundled pricing supporting customer stickiness and lower United States transaction costs, and 3) a thoughtful but systematic approach to Americas Homebuilders & Building Products M&A Rank: 3 transitioning the inventory in the coming quarters as the company GS Forecast __________________________________ looks to be positioned for spring 2027. We note the partnership also 12/25 12/26E 12/27E 12/28E

leverages Boise’s national scale and 600-person sales force Revenue ($ mn) New Revenue ($ mn) Old 6,404.6 6,404.6 6,608.1 6,633.3 6,751.7 6,748.3 7,059.6 7,063.9 alongside James Hardie’s marketing to capture greater share, EBITDA ($ mn) EBIT ($ mn) improve truck fill rates, and drive long-term growth. The company EPS ($) New noted positive customer feedback following the announcements, EPS ($) Old P/E (X) reflecting the underlying level of service and commitment. In wood Dividend yield (%) 1.0 1.0 3.4 4.6 products, the recent modernization of assets provided operating Net debt/EBITDA (X) (0.0) 0.3 0.5 0.7

flexibility to meet the significant lift in EWP orders ahead of 6/26 9/26E 12/26E 3/27E announced price increases. We believe the moves in volume vs price EPS ($)

here also reflect the ability to offset inflationary headwinds while GS Factor Profile ______________________________ Growth delivering on customer needs. We note these initiatives are supported by our estimate for $124mn in FCF this year, allowing for Financial Returns

investments in organic and inorganic growth as well as shareholder Multiple

returns. To that, we highlight the recently announced 5% dividend Integrated increase. Despite our confidence, we expect limited visibility to housing and the broader operating environment as well as our Percentile 20th 40th 60th 80th 100th

estimate for decelerating commodity realizations in the 2H to keep BCC relative to Americas Coverage the stock range-bound. BCC relative to Americas Homebuilders & Building Products

Near-Term Impact of Supplier Transition in BMD: Boise will wind Source: Company data, Goldman Sachs Research estimates. See disclosures for details. down legacy inventory while onboarding James Hardie products starting in September through an orderly but accelerated transition.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Boise Cascade Co. (BCC)

Boise Cascade Co. (BCC) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since Jan 21, 2022 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total…