Boise Cascade Company Reports Third Quarter 2025 Results

BOISE, Idaho--( BUSINESS WIRE)--Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $21.8 million, or $0.58 per share, on sales of $1.7 billion for the third quarter ended September 30, 2025, compared with net income of $91.0 million, or $2.33 per share, on sales of $1.7 billion for the third quarter ended September 30, 2024.

“In the face of subdued demand and commodity pricing headwinds, we were able to post good earnings for the third quarter of 2025,” said Nate Jorgensen, CEO. “We have great clarity on our business model, and the strength of our financial position and unwavering commitment to our core values enable Boise Cascade to remain focused on the execution of our strategic priorities. As we move through 2025 and into 2026, our two-step distribution model, in tandem with our market leading EWP and plywood franchises, will continue to deliver exceptional value to both our customers and vendor partners, providing reliable access to products, responsive service, and operational flexibility that are vital in dynamic markets.”

Third Quarter 2025 Highlights

3Q 2025

3Q 2024

% change

(in thousands, except per-share data and percentages)

Consolidated Results

Sales

1,667,806

1,713,724

(3) %

Net income

21,769

91,038

(76) %

Net income per common share - diluted

0.58

2.33

(75) %

Adjusted EBITDA 1

74,381

154,480

(52) %

Segment Results

Wood Products sales

396,401

453,896

(13) %

Wood Products income (loss)

(12,055)

53,853

N/M

Wood Products EBITDA 1

14,506

77,404

(81) %

Building Materials Distribution sales

1,556,150

1,567,466

(1) %

Building Materials Distribution income

54,286

74,821

(27) %

Building Materials Distribution EBITDA 1

69,831

87,749

(20) %

1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.

September 2025 U.S. housing starts, as reported by the U.S. Census Bureau, have yet to be published. However, when comparing July 2025 and August 2025 housing starts to the same periods in 2024, total U.S. housing starts increased 2%, while single-family housing starts decreased 3%. On a year-to-date basis through August 2025, total U.S. housing starts increased 1%, while single-family housing starts decreased 5%, compared to the same period in 2024. Single-family housing starts are the key demand driver for our sales.

Wood Products

Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $57.5 million, or 13%, to $396.4 million for the three months ended September 30, 2025, from $453.9 million for the three months ended September 30, 2024. The decrease in sales was driven by lower sales prices and sales volumes for LVL and I-joists (collectively referred to as EWP), as well as lower plywood sales prices and sales volumes.

For the three months ended September 30, 2025, Wood Products' segment loss was $12.1 million compared to segment income of $53.9 million for the three months ended September 30, 2024. The decrease in segment income was due to lower EWP and plywood sales prices and sales volumes, as well as higher per-unit conversion costs.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:

3Q 2025 vs. 3Q 2024

3Q 2025 vs. 2Q 2025

Average Net Selling Prices

LVL

(13)%

(5)%

I-joists

(12)%

(6)%

Plywood

(2)%

(5)%

Sales Volumes

LVL

(7)%

(15)%

I-joists

(10)%

(15)%

Plywood

(1)%

Building Materials Distribution

BMD's sales decreased $11.3 million, or 1%, to $1,556.2 million for the three months ended September 30, 2025, from $1,567.5 million for the three months ended September 30, 2024. Compared with the same quarter in the prior year, the decrease in sales was driven by a sales price decrease of 1%, as sales volumes were flat. By product line, commodity sales decreased 3%, general line product sales increased 6%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 11%.

BMD segment income decreased $20.5 million to $54.3 million for the three months ended September 30, 2025, from $74.8 million for the three months ended September 30, 2024. The decrease in segment income was driven by a gross margin decrease of $10.6 million, resulting primarily from decreased margins on commodity and EWP products, offset partially by increased margins on general line products. In addition, selling and distribution expenses and depreciation and amortization expense increased $7.8 million and $2.6 million, respectively.

Balance Sheet and Liquidity

Boise Cascade ended third quarter 2025 with $511.8 million of cash and cash equivalents and $395.2 million of undrawn committed bank line availability, for total available liquidity of $907.0 million. The Company had $450.0 million of outstanding debt at September 30, 2025.

Capital Allocation

We expect capital expenditures in 2025, excluding potential acquisition spending, to total approximately $230 million to $250 million. In addition, we expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $150 million to $170 million. These levels 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 nine months ended September 30, 2025, the Company paid $26.6 million in common stock dividends. On October 30, 2025, our board of directors declared a quarterly dividend of $0.22 per share on our common stock, payable on December 17, 2025, to stockholders of record on December 1, 2025.

For the nine months ended September 30, 2025, the Company paid $111.0 million for the repurchase of 1,128,752 shares of our common stock. In October 2025, the Company repurchased an additional 120,000 shares of our common stock at a cost of approximately $9 million. On October 30, 2025, our board of directors authorized the repurchase of up to $300.0 million of our outstanding common stock. This authorization replaced the prior repurchase authorization.

Outlook

Demand for the products we manufacture, as well as the products we purchase and distribute, is closely tied to new residential construction, residential repair-and-remodeling activity, and light commercial construction. Residential construction, particularly new single-family construction, remains a key driver of demand for the products we manufacture and distribute. During 2025, the housing market has been shaped by policy uncertainty, low consumer confidence, elevated interest rates, and affordability challenges for prospective homebuyers. Early industry projections for 2026 are consistent with 2025 housing start levels. Demand expectations are characterized by a cautious market in the first half of the year, with gradual improvement expected later in the year. This improvement is expected to be driven by the continuation of interest rate cuts and normalized homebuilder inventory levels. Near term demand will continue to be influenced by factors such as mortgage rates, home affordability, home equity levels, home sizes, new and existing home inventory levels, unemployment rates, and consumer confidence. However, long-term demand drivers for residential construction, including generational tailwinds and an undersupply of housing units, remain strong, while elevated levels of homeowner equity and an aging U.S. housing stock support robust repair-and-remodel spending and reinforce the industry’s solid fundamentals.

As a manufacturer of plywood, a commodity product, we remain subject to fluctuations in product pricing and input costs. Our distribution business, which purchases and resells a diverse range of products, experiences opportunities for increased sales and margins during periods of rising prices, while periods of declining prices may present challenges. Future product pricing, particularly for commodity products, is expected to remain dynamic, influenced by economic conditions, industry operating rates, supply disruptions, duties, tariffs, transportation constraints, inventory levels, and seasonal demand patterns. With seasonally slower activity expected in the fourth quarter, we anticipate taking capital project and maintenance-related downtime at certain of our manufacturing facilities, and may also take periodic market-related downtime across our manufacturing system in order to align production rates and inventory stocking positions with end market demand signals.

About Boise Cascade

Boise Cascade Company is one of the largest producers of engineered wood products and plywood in North America and a leading U.S. wholesale distributor of building products. For more information, please visit the Company's website at www.bc.com.

Webcast and Conference Call

Boise Cascade will host a webcast and conference call to discuss third quarter earnings on Tuesday, November 4, 2025, 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 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 (loss) to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.

Forward-Looking Statements

This press release contains statements concerning future events and expectations, including, without limitation, statements relating to our outlook. 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), 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; the need to successfully formulate and implement succession plans for key members of our management team; product shortages, loss of key suppliers, and our dependence on third-party suppliers and manufacturers; the cost and availability of third-party transportation services used to deliver the goods we manufacture and distribute, as well as our raw materials; cost and availability of raw materials, including wood fiber and glues and resins; 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 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.

Boise Cascade Company

Consolidated Statements of Operations

(in thousands, except per-share data) (unaudited)

Three Months Ended

Nine Months Ended

September 30

June 30,

2025

September 30

2025

2024

2025

2024

Sales

1,667,806

1,713,724

1,740,114

4,944,414

5,156,814

Costs and expenses

Materials, labor, and other operating expenses (excluding depreciation)

1,404,311

1,375,719

1,441,459

4,121,953

4,123,838

Depreciation and amortization

42,378

36,861

37,409

116,908

107,078

Selling and distribution expenses

165,074

157,522

161,815

470,537

451,415

General and administrative expenses

25,763

26,172

26,470

77,230

77,232

Other (income) expense, net

(2,049

)

(7,569

)

(9,592

)

(68

)

1,635,477

1,596,368

1,659,584

4,777,036

4,759,495

Income from operations

32,329

117,356

80,530

167,378

397,319

Foreign currency exchange gain (loss)

(293

)

300

1,093

800

(103

)

Pension expense (excluding service costs)

(33

)

(37

)

(32

)

(98

)

(111

)

Interest expense

(5,327

)

(6,082

)

(5,183

)

(15,822

)

(18,257

)

Interest income

4,181

10,168

4,623

14,314

31,308

Change in fair value of interest rate swaps

—

(866

)

(435

)

(925

)

(1,573

)

(1,472

)

3,483

(1,731

)

11,264

Income before income taxes

30,857

120,839

80,596

165,647

408,583

Income tax provision

(9,088

)

(29,801

)

(18,611

)

(41,545

)

(101,129

)

Net income

21,769

91,038

61,985

124,102

307,454

Weighted average common shares outstanding:

Basic

37,385

38,848

37,682

37,692

39,286

Diluted

37,509

39,063

37,795

37,828

39,521

Net income per common share:

Basic

0.58

2.34

1.64

3.29

7.83

Diluted

0.58

2.33

1.64

3.28

7.78

Dividends declared per common share

0.22

5.21

0.21

0.64

5.61

Wood Products Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

Three Months Ended

Nine Months Ended

September 30

June 30,

2025

September 30

2025

2024

2025

2024

Segment sales

396,401

453,896

447,235

1,259,481

1,412,647

Costs and expenses

Materials, labor, and other operating expenses (excluding depreciation)

368,406

361,313

398,451

1,129,103

1,097,954

Depreciation and amortization

26,561

23,551

23,316

72,363

70,205

Selling and distribution expenses

10,287

10,587

11,004

31,894

32,252

General and administrative expenses

3,391

4,640

3,816

10,520

14,266

Other (income) expense, net

(189

)

(48

)

(3,328

)

(4,029

)

408,456

400,043

433,259

1,239,851

1,214,776

Segment income (loss)

(12,055

)

53,853

13,976

19,630

197,871

(percentage of sales)

Segment sales

100.0

Costs and expenses

Materials, labor, and other operating expenses (excluding depreciation)

92.9

79.6

89.1

89.6

77.7

Depreciation and amortization

6.7

5.2

5.7

5.0

Selling and distribution expenses

2.6

2.3

2.5

2.3

General and administrative expenses

0.9

1.0

0.9

0.8

1.0

Other (income) expense, net

—

(0.7

(0.3

—

103.0

88.1

96.9

98.4

86.0

Segment income (loss)

(3.0

11.9

3.1

1.6

14.0

Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

Three Months Ended

Nine Months Ended

September 30

June 30,

2025

September 30

2025

2024

2025

2024

Segment sales

1,556,150

1,567,466

1,614,915

4,578,181

4,727,708

Costs and expenses

Materials, labor, and other operating expenses (excluding depreciation)

1,321,283

1,322,001

1,365,755

3,887,978

4,009,932

Depreciation and amortization

15,545

12,928

13,815

43,722

35,776

Selling and distribution expenses

154,841

146,994

150,865

438,805

419,324

General and administrative expenses

10,210

10,580

10,689

30,664

30,184

Other (income) expense, net

(15

)

142

(4,242

)

(3,724

)

(192

)

1,501,864

1,492,645

1,536,882

4,397,445

4,495,024

Segment income

54,286

74,821

78,033

180,736

232,684

(percentage of sales)

Segment sales

100.0

Costs and expenses

Materials, labor, and other operating expenses (excluding depreciation)

84.9

84.3

84.6

84.9

84.8

Depreciation and amortization

1.0

0.8

0.9

1.0

0.8

Selling and distribution expenses

10.0

9.4

9.3

9.6

8.9

General and administrative expenses

0.7

0.6

Other (income) expense, net

—

(0.3

(0.1

—

96.5

95.2

96.1

95.1

Segment income

3.5

4.8

3.9

4.9

Segment Information

(in thousands) (unaudited)

Three Months Ended

Nine Months Ended

September 30

June 30,

2025

September 30

2025

2024

2025

2024

Segment sales

Wood Products

396,401

453,896

447,235

1,259,481

1,412,647

Building Materials Distribution

1,556,150

1,567,466

1,614,915

4,578,181

4,727,708

Intersegment eliminations

(284,745

)

(307,638

)

(322,036

)

(893,248

)

(983,541

)

Total net sales

1,667,806

1,713,724

1,740,114

4,944,414

5,156,814

Segment income (loss)

Wood Products

(12,055

)

53,853

13,976

19,630

197,871

Building Materials Distribution

54,286

74,821

78,033

180,736

232,684

Total segment income

42,231

128,674

92,009

200,366

430,555

Unallocated corporate costs

(9,902

)

(11,318

)

(11,479

)

(32,988

)

(33,236

)

Income from operations

32,329

117,356

80,530

167,378

397,319

Segment EBITDA

Wood Products

14,506

77,404

37,292

91,993

268,076

Building Materials Distribution

69,831

87,749

91,848

224,458

268,460

See accompanying summary notes to consolidated financial statements and segment information.

Boise Cascade Company

Consolidated Balance Sheets

(in thousands) (unaudited)

September 30, 2025

December 31, 2024

ASSETS

Current

Cash and cash equivalents

511,770

713,260

Receivables

Trade, less allowances of $4,922 and $5,506

438,443

321,820

Related parties

221

173

Other

24,286

22,772

Inventories

844,358

803,296

Prepaid expenses and other

33,678

24,747

Total current assets

1,852,756

1,886,068

Property and equipment, net

1,129,593

1,047,083

Operating lease right-of-use assets

57,366

49,673

Finance lease right-of-use assets

12,236

22,128

Timber deposits

9,757

6,916

Goodwill

171,945

Intangible assets, net

157,771

173,027

Deferred income taxes

3,283

3,705

Other assets

7,304

8,838

Total assets

3,402,011

3,369,383

Boise Cascade Company

Consolidated Balance Sheets (continued)

(in thousands, except per-share data) (unaudited)

September 30, 2025

December 31, 2024

LIABILITIES AND STOCKHOLDERS' EQUITY

Current

Accounts payable

Trade

354,399

297,676

Related parties

2,117

1,315

Accrued liabilities

Compensation and benefits

104,688

127,415

Interest payable

5,300

9,957

Other

131,563

127,653

Total current liabilities

598,067

564,016

Debt

Long-term debt, net

445,145

446,167

Other

Compensation and benefits

38,679

42,006

Operating lease liabilities, net of current portion

51,381

43,174

Finance lease liabilities, net of current portion

15,915

26,883

Deferred income taxes

89,554

78,849

Other long-term liabilities

19,885

17,014

215,414

207,926

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, 37,163 and 45,139 shares issued, respectively

371

451

Treasury stock, — and 6,956 shares at cost, respectively

—

(341,974

)

Additional paid-in capital

569,169

565,041

Accumulated other comprehensive loss

(442

)

(460

)

Retained earnings

1,574,287

1,928,216

Total stockholders' equity

2,143,385

2,151,274

Total liabilities and stockholders' equity

3,402,011

3,369,383

Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

Nine Months Ended September 30

2025

2024

Cash provided by (used for) operations

Net income

124,102

307,454

Items in net income not using (providing) cash

Depreciation and amortization, including deferred financing costs and other

119,634

109,531

Stock-based compensation

10,068

11,668

Pension expense

111

Deferred income taxes

11,243

15,096

Change in fair value of interest rate swaps

925

1,573

Other

(11,336

)

322

Decrease (increase) in working capital, net of acquisitions

Receivables

(111,725

)

(51,192

)

Inventories

(42,462

)

(80,739

)

Prepaid expenses and other

(7,336

)

(6,697

)

Accounts payable and accrued liabilities

38,693

44,547

Income taxes payable

(6,248

)

(3,970

)

Other

(2,524

)

(3,952

)

Net cash provided by operations

123,132

343,752

Cash provided by (used for) investment

Expenditures for property and equipment

(187,447

)

(135,760

)

Acquisitions of businesses and facilities, net of cash acquired

—

(5,581

)

Proceeds from sales of assets and other

11,051

1,197

Net cash used for investment

(176,396

)

(140,144

)

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

)

—

Treasury stock purchased

(112,702

)

(158,509

)

Dividends paid on common stock

(26,582

)

(220,485

)

Tax withholding payments on stock-based awards

(5,939

)

(11,141

)

Payments of deferring financing costs

(1,819

)

—

Other

(1,184

)

(1,448

)

Net cash used for financing

(148,226

)

(391,583

)

Net decrease in cash and cash equivalents

(201,490

)

(187,975

)

Balance at beginning of the period

713,260

949,574

Balance at end of the period

511,770

761,599

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 2024 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 September 30, 2025 and 2024, (ii) three months ended June 30, 2025, and (iii) nine months ended September 30, 2025 and 2024:

Three Months Ended

Nine Months Ended

September 30

June 30,

2025

September 30

2025

2024

2025

2024

(in thousands)

Net income

21,769

91,038

61,985

124,102

307,454

Interest expense

5,327

6,082

5,183

15,822

18,257

Interest income

(4,181

)

(10,168

)

(4,623

)

(14,314

)

(31,308

)

Income tax provision

9,088

29,801

18,611

41,545

101,129

Depreciation and amortization

42,378

36,861

37,409

116,908

107,078

EBITDA

74,381

153,614

118,565

284,063

502,610

Change in fair value of interest rate swaps

—

866

435

925

1,573

Adjusted EBITDA

74,381

154,480

119,000

284,988

504,183

The following table reconciles segment income (loss) and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the (i) three months ended September 30, 2025 and 2024, (ii) three months ended June 30, 2025, and (iii) nine months ended September 30, 2025 and 2024:

Three Months Ended

Nine Months Ended

September 30

June 30,

2025

September 30

2025

2024

2025

2024

(in thousands)

Wood Products

Segment income (loss)

(12,055

)

53,853

13,976

19,630

197,871

Depreciation and amortization

26,561

23,551

23,316

72,363

70,205

Segment EBITDA

14,506

77,404

37,292

91,993

268,076

Building Materials Distribution

Segment income

54,286

74,821

78,033

180,736

232,684

Depreciation and amortization

15,545

12,928

13,815

43,722

35,776

Segment EBITDA

69,831

87,749

91,848

224,458

268,460

Corporate

Unallocated corporate costs

(9,902

)

(11,318

)

(11,479

)

(32,988

)

(33,236

)

Foreign currency exchange gain (loss)

(293

)

300

1,093

800

(103

)

Pension expense (excluding service costs)

(33

)

(37

)

(32

)

(98

)

(111

)

Change in fair value of interest rate swaps

—

(866

)

(435

)

(925

)

(1,573

)

Depreciation and amortization

272

382

278

823

1,097

EBITDA

(9,956

)

(11,539

)

(10,575

)

(32,388

)

(33,926

)

Change in fair value of interest rate swaps

—

866

435

925

1,573

Corporate Adjusted EBITDA

(9,956

)

(10,673

)

(10,140

)

(31,463

)

(32,353

)

Total Company Adjusted EBITDA

74,381

154,480

119,000

284,988

504,183