Understanding Our Financial Information This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and related notes in "Item 1. Financial Statements" of this Form 10-Q, as well as our 2025 Form 10-K. The following discussion includes statements regarding our expectations with respect to our future performance, liquidity, and capital resources. Such statements, along with any other non-historical statements in the discussion, are forward-looking. These forward-looking statements include, without limitation, any statement that may predict, indicate, or imply future results, performance, or achievements and may contain the words "may," "will," "expect," "believe," "should," "plan," "anticipate," and other similar expressions. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by us to be reasonable, are inherently uncertain. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in "Item 1A. Risk Factors" in our 2025 Form 10-K, as well as those factors listed in other documents we file with the Securities and Exchange Commission (the SEC). We do not assume an obligation to update any forward-looking statement. Our future actual results may differ materially from those contained in or implied by any of the forward-looking statements in this Form 10-Q. Background Boise Cascade Company is a building products company headquartered in Boise, Idaho. As used in this Form 10-Q, the terms "Boise Cascade," "we," and "our" refer to Boise Cascade Company and its consolidated subsidiaries. Boise Cascade is a large, integrated building materials distributor and wood products manufacturer with widespread operations throughout the United States (U.S.) and one manufacturing facility in Canada. We have two reportable segments: (i) Building Materials Distribution (BMD), which is a wholesale distributor of building materials; and (ii) Wood Products, which primarily manufactures engineered wood products (EWP) and plywood. Our products are used in the construction of new residential housing, including single-family, multi-family, and manufactured homes, the repair-and-remodeling of existing housing, the construction of light industrial and commercial buildings, and other industrial applications. For more information, see Note 11, Segment Information, of the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in "Item 1. Financial Statements" of this Form 10-Q. 24 Table of Contents Executive Overview We recorded income from operations of $84.0 million during the three months ended June 30, 2026, compared with income from operations of $80.5 million during the three months ended June 30, 2025. In our 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. In our 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. These changes are discussed further in "Our Operating Results" below. We 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. We had $452.5 million of outstanding debt at June 30, 2026. We used $172.4 million of cash during the six months ended June 30, 2026, to fund seasonal working capital increases, capital spending, share repurchases, and dividends paid on our common stock. A further description of our cash sources and uses for the six-month comparative periods are discussed in "Liquidity and Capital Resources" below. 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. Factors That Affect Our Operating Results and Trends Our results of operations and financial performance are influenced by a variety of factors, including the following: •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; 25 Table of Contents •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; •fluctuations in the market for our equity; and •the other factors described in "Item 1A. Risk Factors" in our 2025 Form 10-K. 26 Table of Contents Our Operating Results The following tables set forth our operating results in dollars and as a percentage of sales for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (millions) Sales $ 1,831.3 $ 1,740.1 $ 3,329.9 $ 3,276.6 Costs and expenses Materials, labor, and other operating expenses (excluding depreciation) 1,503.5 1,441.5 2,758.5 2,717.6 Depreciation and amortization 42.7 37.4 81.8 74.5 Selling and distribution expenses 173.8 161.8 324.2 305.5 General and administrative expenses 27.3 26.5 53.6 51.5 Other (income) expense, net 0.1 (7.6) 0.1 (7.5) 1,747.4 1,659.6 3,218.2 3,141.6 Income from operations $ 84.0 $ 80.5 $ 111.8 $ 135.0 (percentage of sales) Sales 100.0 % 100.0 % 100.0 % 100.0 % Costs and expenses Materials, labor, and other operating expenses (excluding depreciation) 82.1 % 82.8 % 82.8 % 82.9 % Depreciation and amortization 2.3 2.1 2.5 2.3 Selling and distribution expenses 9.5 9.3 9.7 9.3 General and administrative expenses 1.5 1.5 1.6 1.6 Other (income) expense, net — (0.4) — (0.2) 95.4 % 95.4 % 96.6 % 95.9 % Income from operations 4.6 % 4.6 % 3.4 % 4.1 % 27 Table of Contents Sales Volumes and Prices Set forth below are historical U.S. housing starts data, sales mix and gross margin information for our BMD segment, and segment sales volumes and average net selling prices for the principal products sold by our Wood Products segment for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (thousands) U.S. Housing Starts (a) Single-family 252.7 263.9 466.7 492.7 Multi-family 119.1 110.6 229.0 199.6 371.8 374.5 695.7 692.3 (thousands) Segment Sales Building Materials Distribution $ 1,697,494 $ 1,614,915 $ 3,086,442 $ 3,022,031 Wood Products 459,603 447,235 857,807 863,080 Intersegment eliminations (325,762) (322,036) (614,300) (608,503) Total sales $ 1,831,335 $ 1,740,114 $ 3,329,949 $ 3,276,608 (percentage of BMD sales) Building Materials Distribution Product Line Sales General line 46.9 % 45.4 % 46.1 % 44.1 % Commodity 34.8 % 34.2 % 35.1 % 35.4 % Engineered wood products 18.3 % 20.4 % 18.8 % 20.5 % Gross margin percentage (b) 15.2 % 15.4 % 14.8 % 15.1 % Wood Products (millions) Sales Volumes Laminated veneer lumber (LVL) (cubic feet) 5.3 5.5 9.9 10.1 I-joists (equivalent lineal feet) 61 62 113 117 Plywood (sq. ft.) (3/8" basis) 368 356 741 718 Wood Products (dollars per unit) Average Net Selling Prices LVL (cubic foot) $ 24.10 $ 25.22 $ 24.16 $ 25.62 I-joists (1,000 equivalent lineal feet) 1,679 1,801 1,689 1,816 Plywood (1,000 sq. ft.) (3/8" basis) 393 342 368 341 _______________________________________ (a) Actual U.S. housing starts as reported by the U.S. Census Bureau. (b) We 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. 28 Table of Contents Sales For the three months ended June 30, 2026, total sales increased $91.2 million, or 5%, to $1,831.3 million from $1,740.1 million during the three months ended June 30, 2025. For the six months ended June 30, 2026, total sales increased $53.3 million, or 2%, to $3,329.9 million from $3,276.6 million for the same period in the prior year. As described below, the change in sales in both periods was driven by the changes in sales prices and volumes for the products we distribute and manufacture, with single-family residential construction activity being the key demand driver for our sales. In second quarter 2026, total U.S. housing starts and single-family housing starts decreased 1% and 4%, respectively, compared with 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. Average composite lumber prices for the three and six months ended June 30, 2026 were 8% and 2% higher, respectively, than in the same periods in the prior year, as reflected by Random Lengths composite lumber pricing. Average composite panel prices for the three and six months ended June 30, 2026 were 1% and 8% lower, respectively, than in the same periods in the prior year, as reflected by Random Lengths composite panel pricing. Building Materials Distribution. 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%, or $62.7 million; commodity sales increased 7%, or $38.6 million; and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 6%, or $18.7 million. During the six months ended June 30, 2026, sales increased $64.4 million, or 2%, to $3,086.4 million from $3,022.0 million for the same period in the prior year. The overall increase in sales was driven by net sales volume increases of 3%, offset partially by net sales price decreases of 1%. By product line, general line product sales increased 7%, or $87.9 million; commodity sales increased 1%, or $14.6 million; and sales of EWP decreased 6%, or $38.1 million. Wood Products. Sales, including sales to our BMD segment, 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 driven by higher plywood sales prices and sales volumes of 15% and 3%, respectively, resulting in increased sales of $18.8 million and $4.1 million, respectively. These increases were offset partially by lower sales prices for I-joists and LVL (collectively referred to as EWP) of 7% and 4%, respectively, resulting in decreased sales of $7.5 million and $5.9 million, respectively. Additionally, EWP sales volumes decreased by 2%, resulting in decreased sales of $5.3 million. For the six months ended June 30, 2026, sales, including sales to our BMD segment, decreased $5.3 million, or 1%, to $857.8 million from $863.1 million for the same period in the prior year. The decrease in sales was driven by lower sales prices for LVL and I-joists of 6% and 7%, respectively, resulting in decreased sales of $14.5 million and $14.4 million, respectively. Additionally, sales volumes for I-joists and LVL decreased by 3% and 2%, respectively, resulting in decreased sales of $6.9 million and $4.9 million, respectively. These decreases were offset partially by higher plywood sales prices and sales volumes of 8% and 3%, respectively, resulting in increased sales of $19.7 million and $7.7 million, respectively. Costs and Expenses Materials, labor, and other operating expenses (excluding depreciation) increased $62.0 million, or 4%, to $1,503.5 million for the three months ended June 30, 2026, compared with $1,441.5 million during the same period in the prior year. In BMD, the increase in materials, labor, and other operating expenses was driven by increased sales volumes compared with second quarter 2025. Materials, labor, and other operating expenses as a percentage of sales (MLO rate) in our BMD segment increased 20 basis points, driven by lower margin percentages on general line products and EWP, offset partially by higher margin percentages on commodity products. In our Wood Products segment, materials, labor, and other operating expenses decreased primarily due to lower per-unit costs of OSB (used in the manufacture of I-joists) and decreased EWP sales volumes. These decreases were offset partially by higher labor costs compared with second quarter 2025. The MLO rate in our Wood Products segment decreased by 410 basis points, primarily as the result of higher plywood sales prices and sales volumes. For the six months ended June 30, 2026, materials, labor, and other operating expenses (excluding depreciation) increased $40.9 million, or 2%, to $2,758.5 million, compared with $2,717.6 million in the same period in the prior year. In BMD, the increase in materials, labor, and other operating expenses was driven by increased sales volumes, compared with the first six months of 2025. The BMD segment MLO rate increased 30 basis points, driven by lower margin percentages on general line products and EWP, offset partially by higher margin percentages on commodity products. In our Wood Products segment, materials, labor, and other operating expenses decreased primarily due to lower per-unit costs of OSB and decreased EWP sales volumes. Additionally, reduced purchases of external veneer for our Alexandria EWP mill contributed to the decrease in MLO, as operations resumed at our Oakdale veneer and plywood mill following planned downtime to complete significant mill modernization projects in 2025. These decreases were offset partially by higher labor costs compared with the 29 Table of Contents first six months of 2025. The MLO rate in our Wood Products segment decreased by 140 basis points, primarily as the result of higher plywood sales prices and sales volumes. Depreciation and amortization expense increased $5.3 million, or 14%, to $42.7 million for the three months ended June 30, 2026, compared with $37.4 million during the same period in the prior year. For the six months ended June 30, 2026, these expenses increased $7.2 million, or 10%, to $81.8 million, compared with $74.5 million in the same period in the prior year. The increase in both periods was primarily due to recent investments in support of our EWP capabilities in our Wood Products segment, as well as organic growth and a fourth quarter 2025 acquisition in our BMD segment. Selling and distribution expenses increased $12.0 million, or 7%, to $173.8 million for the three months ended June 30, 2026, compared with $161.8 million during the same period in the prior year. The increase was due primarily to higher shipping and handling costs of $6.2 million, as well as higher employee-related expenses of $5.6 million. For the six months ended June 30, 2026, selling and distribution expenses increased $18.8 million, or 6%, to $324.2 million, compared with $305.5 million during the same period in 2025. The increase was primarily a result of higher employee-related expenses of $10.5 million, as well as higher shipping and handling costs of $8.5 million. General and administrative expenses increased $0.8 million, or 3%, to $27.3 million for the three months ended June 30, 2026, compared with $26.5 million for the same period in the prior year. For the six months ended June 30, 2026, general and administrative expenses increased $2.1 million, or 4%, to $53.6 million, compared with $51.5 million during the same period in 2025. The increase in both periods was due primarily to higher employee-related expenses and incentive compensation expense. For the three and six months ended June 30, 2025, other (income) expense, net was $7.6 million and $7.5 million of income, respectively. For both periods, the income primarily relates to gains on the sale of non-operating properties in our Wood Products and BMD segments. Income From Operations Income from operations increased $3.4 million to $84.0 million for the three months ended June 30, 2026, compared with $80.5 million for the three months ended June 30, 2025. Income from operations decreased $23.3 million to $111.8 million for the six months ended June 30, 2026, compared with $135.0 million for the six months ended June 30, 2025. Building Materials Distribution. 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. For the six months ended June 30, 2026, segment income decreased $23.4 million to $103.1 million from $126.5 million for the six months ended June 30, 2025. The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $19.0 million and $2.6 million, respectively. Additionally, segment income in the six months ended June 30, 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 $2.8 million, resulting from higher gross margins on commodity and general line products, which were offset partially by lower gross margins on 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. For the six months ended June 30, 2026, segment income increased $2.5 million to $34.1 million from $31.7 million for the six 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 the six months ended June 30, 2025 benefited from a $3.9 million gain on the sale of a non-operating property. 30 Table of Contents Corporate. Unallocated corporate expenses increased $0.3 million to $11.8 million for the three months ended June 30, 2026, from $11.5 million for the same period in the prior year. The increase was primarily due to higher incentive compensation expense and other employee-related expenses. For the six months ended June 30, 2026, unallocated corporate expenses increased $2.4 million to $25.4 million from $23.1 million for the six months ended June 30, 2025. The increase was primarily due to the absorption of approximately $1.8 million of estimated insurance losses related to a fire at our Florien veneer and plywood facility in first quarter 2026, in accordance with our self-insured risk retention program. Other Interest Income. Interest income decreased $2.5 million to $2.2 million for the three months ended June 30, 2026, from $4.6 million for the same period in the prior year. For the six months ended June 30, 2026, interest income decreased $5.0 million to $5.1 million from $10.1 million for the six months ended June 30, 2025. The decrease in both periods was due primarily to lower average balances of cash equivalents, as well as lower interest rates. Income Tax Provision For the three and six months ended June 30, 2026, we recorded $21.2 million and $27.8 million, respectively, of income tax expense and had an effective tax rate of 27.0% in both periods. For the three and six months ended June 30, 2025, we recorded $18.6 million and $32.5 million, respectively, of income tax expense and had an effective tax rate of 23.1% and 24.1%, respectively. For all periods, the primary reason for the difference between the federal statutory income tax rate of 21% and the effective tax rate was the effect of state taxes. Liquidity and Capital Resources We ended second quarter 2026 with $304.8 million of cash and cash equivalents and $452.5 million of debt. At June 30, 2026, we had $699.9 million of available liquidity (cash and cash equivalents and undrawn committed bank line availability). Our cash and cash equivalents decreased by $172.4 million during the six months ended June 30, 2026, as we used cash to fund seasonal working capital increases, capital spending, share repurchases, and dividends paid on our common stock. Further descriptions of our cash sources and uses for the six-month comparative periods are noted below. We believe that our cash flows from operations, combined with our current cash levels and available borrowing capacity, will be adequate to fund debt service requirements and provide cash, as required, to support our ongoing operations, capital expenditures, lease obligations, working capital, income tax payments, and to pay cash dividends to holders of our common stock over the next 12 months. We expect to fund our seasonal and intra-month working capital requirements in the remainder of 2026 from cash on hand and, if necessary, borrowings under our revolving credit facility. Sources and Uses of Cash We generate cash primarily from sales of our products, as well as short-term and long-term borrowings. Our primary uses of cash are for expenses related to the distribution and manufacture of building products, including inventory purchased for resale, wood fiber, labor, energy, and glues and resins. In addition to paying for ongoing operating costs, we use cash to invest in our business, service our debt and lease obligations, and return cash to our stockholders through dividends or common stock repurchases. Below is a discussion of our sources and uses of cash for operating activities, investing activities, and financing activities. Six Months Ended June 30 2026 2025 (thousands) Net cash provided by operations $ 26,341 $ 4,694 Net cash used for investment (62,996) (122,105) Net cash used for financing (135,742) (114,830) 31 Table of Contents Operating Activities For the six months ended June 30, 2026, our operating activities generated $26.3 million of cash, compared with $4.7 million of cash generated in the same period in 2025. The $21.6 million increase in cash provided by operations was due primarily to a lesser year-over-year increase in working capital and a $13.6 million decrease in cash paid for taxes, net of refunds, offset partially by a decrease in income from operations, compared to the same period in 2025. Working capital increased $142.4 million during the six months ended June 30, 2026, compared with a $170.3 million increase for the same period in the prior year. See "Our Operating Results" in this Management's Discussion and Analysis of Financial Condition and Results of Operations for more information related to factors affecting our operating results. The increase in working capital during both periods was primarily attributable to higher receivables and inventories, offset by an increase in accounts payable and accrued liabilities. The increase in receivables in both periods primarily reflect increased sales of approximately 44% and 22%, comparing sales for the months of June 2026 and 2025 with sales for the months of December 2025 and 2024, respectively. Inventories increased during both periods due to seasonally higher inventory purchases in our BMD segment for the summer building season, as well as participation in certain BMD vendors' early-buy programs. During the six months ended June 30, 2026, the increase in accounts payable and accrued liabilities was related to the increase in inventories and extended terms offered by certain BMD vendors. During the six months ended June 30, 2025, the increase in accounts payable and accrued liabilities was related to the increase in inventories and extended terms offered by certain BMD vendors, offset partially by employee compensation payouts made during the period. Investment Activities During the six months ended June 30, 2026 and 2025, we used $63.3 million and $132.3 million, respectively, of cash for purchases of property and equipment, including business improvement and quality/efficiency projects, replacement and expansion projects, and ongoing environmental compliance. During the six months ended June 30, 2025, we received proceeds of $10.2 million from the sale of assets. Excluding potential acquisitions, we expect capital expenditures in 2026 to total approximately $150 million to $170 million. We expect our capital spending in 2026 will be for BMD growth projects, business improvement and efficiency projects, replacement projects, and ongoing environmental compliance. 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. Financing Activities During the six months ended June 30, 2026, our financing activities used $135.7 million of cash, including $108.3 million for the repurchase of 1,404,815 shares of our common stock, $18.1 million in common stock dividend payments, and $6.2 million of tax withholding payments on stock-based awards. During the six months ended June 30, 2026, non-cash investing and financing activities included the issuance of a $2.5 million promissory note to partially finance a property purchase. During the six months ended June 30, 2026, we did not borrow under our revolving credit facility. At June 30, 2026, we had $50.0 million of borrowings outstanding under the revolving credit facility. During the six months ended June 30, 2025, our financing activities used $114.8 million of cash, including $86.0 million for the repurchase of 837,352 shares of our common stock, $18.4 million in common stock dividend payments, and $5.9 million of tax withholding payments on stock-based awards. On April 14, 2025, we entered into a credit agreement for a $450.0 million revolving credit facility which matures on April 12, 2030. At closing, $50.0 million under the facility was borrowed. Proceeds from the facility were used to repay the $50.0 million term loan under the asset-based revolving credit facility. For more information related to our debt transactions and structure, our dividend policy, and our stock repurchase program, see the discussion in Note 6, Debt, and Note 9, Stockholders' Equity, respectively, of the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in "Item 1. Financial Statements" of this Form 10-Q. 32 Table of Contents Other Material Cash Requirements For information about other material cash requirements, see Liquidity and Capital Resources in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Form 10-K. As of June 30, 2026, there have been no material changes in other material cash requirements outside the ordinary course of business since December 31, 2025. Guarantees Note 8, Debt, and Note 16, Commitments, Legal Proceedings and Contingencies, and Guarantees, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2025 Form 10-K describe the nature of our guarantees, including the approximate terms of the guarantees, how the guarantees arose, the events or circumstances that would require us to perform under the guarantees, and the maximum potential undiscounted amounts of future payments we could be required to make. As of June 30, 2026, there have been no material changes to the guarantees disclosed in our 2025 Form 10-K. Seasonal Influences We are exposed to fluctuations in quarterly sales volumes and expenses due to seasonal factors impacting the level of construction activity. These seasonal factors are common in the building products industry. Seasonal changes in levels of building activity affect our building products businesses, which are dependent on housing starts, repair-and-remodeling activities, and light commercial construction activities. Demand typically rises in the spring and summer months as favorable weather and increased building and remodeling projects boost sales volumes. In contrast, the winter months during the first and fourth quarters generally bring lower sales due to reduced construction activity and higher operating costs, particularly for energy. We also adjust our working capital ahead of the peak building season to ensure product availability. These seasonal trends impact our sales, expenses and operational planning throughout the year. Employees As of July 19, 2026, we had approximately 7,740 employees. Approximately 17% of these employees work pursuant to collective bargaining agreements. As of July 19, 2026, we had nine collective bargaining agreements. One agreement covering approximately 80 employees at our Canadian EWP facility is set to expire on December 31, 2026. The terms and conditions of this agreement will remain in effect after expiration, pending negotiation of a new agreement. We may not be able to renew this agreement or may renew it on terms that are less favorable to us than the current agreement. If any of these agreements are not renewed or extended upon their termination, or additional collective bargaining agreements are formed, we could experience a material labor disruption, strike, or significantly increased labor costs at one or more of our facilities, either in the course of negotiations of a labor agreement or otherwise. Labor disruptions or shortages could prevent us from meeting customer demands or result in increased costs, thereby reducing our sales and profitability. Disclosures of Financial Market Risks In the normal course of business, we are exposed to financial risks such as changes in commodity prices, interest rates, and foreign currency exchange rates. As of June 30, 2026, there have been no material changes to financial market risks disclosed in our 2025 Form 10-K. Environmental As of June 30, 2026, there have been no material changes to environmental issues disclosed in our 2025 Form 10-K. For additional information, see Environmental in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Form 10-K. Critical Accounting Estimates Critical accounting estimates are those that are most important to the portrayal of our financial condition and results. These estimates require management's most difficult, subjective, or complex judgments, often as a result of the need to estimate matters that are inherently uncertain. We review the development, selection, and disclosure of our critical accounting estimates with the Audit Committee of our board of directors. For information about critical accounting estimates, see Critical 33 Table of Contents Accounting Estimates in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Form 10-K. At June 30, 2026, there have been no material changes to our critical accounting estimates from those disclosed in our 2025 Form 10-K. New and Recently Adopted Accounting Standards For information related to new and recently adopted accounting standards, see New and Recently Adopted Accounting Standards in Note 2, Summary of Significant Accounting Policies, of the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in "Item 1. Financial Statements" in this Form 10-Q.