Clearwater Paper Corporation · NYSE:CLW
Clearwater Paper — Q2 2026 Earnings Presentation
17 slides from Clearwater Paper's earnings presentation, Jul 28, 2026
Slide 1: Second Quarter Earnings Release Materials
Second Quarter Earnings Release Materials July 28, 2026 ARSEN KITCH President, Chief Executive Officer and Director SHERRI BAKER Senior Vice President and Chief Financial Officer
Slide 2: Forward Looking Statements
Forward Looking Statements Cautionary Statement Regarding Forward Looking Statements This presentation of supplemental information contains, in addition to historical information, certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Se
Slide 3: Industry Trends
INDUSTRY SBS shipments nearly flat in Q1’26 vs PY; outperformed CUK TRENDS MODEST DEMAND GROWTH and CRB declines of 3% 1 EXPECTED IN 2026 2026 SBS demand growth projected at ~1%2 SBS pricing per square foot now below CUK and CRB, supporting substitution Imports down ~11% YTD through May vs PY BLEACH
Slide 4: Q2 2026 Financial Summary
Q2 2026 NET SALES FROM YEAR OVER YEAR GROWTH IN SALES VOLUMES +8% increase in Q2’26 vs. Q2’25 Financial CONTINUING OPERATIONS Share gains with strategic customers, led by food service $375M Summary NET LOSS FROM CONTINUING OPERATIONS OFFSET BY MARKET DRIVEN PRICING ($21.5M)1 -9% decrease in Q2’26 av
Slide 5: Q2'26 vs Q2'25 Adjusted EBITDA Results from Continuing Operations
Q2’26 VS Q2’25 Adjusted EBITDA Results from Continuing Operations ($ in millions) $39.9 Lewiston outage Higher sales and war-related volumes and lower impact partly offset production by cost reductions -$32.0 -$1.0 Cost actions Lower paperboard and pulp market pricing $5.0 -$8.2 -$20.1 Q2'25 Adj. EB
Slide 6: Q3 Outlook and 2026 Assumptions
Q3 Outlook and 2026 Assumptions Q3 2026 Adjusted EBITDA: $20 to $30M 1 Shipments flat vs. Q2, higher production volumes Benefits from price increases No planned major outage costs, $3 to $5M additional war-related impact vs. Q2 FY 2026 Assumptions Revenue of $1.4 to $1.5B, projected to run full bala
Slide 7: Clearwater is Well Positioned to Deliver Strong Returns Across the Cycle
Clearwater is Well Positioned to Deliver Strong Returns Across the Cycle TARGETING STRONG CASH FLOW GENERATION ACROSS THE CYCLE ADJUSTED EBITDA TARGET MARGINS Cyclical industry driven by supply and Targeting 13% to 14% EBITDA margin across demand the cycle >16% Cycle peak Early recovery signs emergi
Slide 8: Exploring Options to Expand Our Product Offering
Exploring Options to Expand Our Product Offering Evaluating internal and external options to serve North American converters Initiative Status Objective Post consumer recycled content Developed and in market Support sustainability needs of CPG and QSR customers Compostable plate BPI certified at two
Slide 9: Capital Allocation Focused on Value Creation
Capital Allocation Focused on Value Creation DISCIPLINED CAPITAL ALLOCATION TO CREATE VALUE Investing to maintain Deleverage with free Diversify product the long-term cash flow portfolio performance of our assets Evaluate strategic M&A or other options $70-80M 1-2x Return capital through share buyba
Slide 10: Long-Term Value Creation Priorities
Long-Term Value Creation Priorities Sharp focus on improving and growing our • De-levered balance sheet through tissue sale proceeds paperboard business • Grow as a premier independent supplier to North American converters Well invested asset base to support future • High-quality U.S. asset base ser
Slide 11: Appendix
Appendix 4 os
Slide 12: Q1'26 vs Q2'26 Adjusted EBITDA Results from Continuing Operations
Q1’26 VS Q2’26 Adjusted EBITDA Results from Continuing Operations ($ in millions) Lewiston outage and war-related inflation, offset by no weather $14.6 event Lower market pricing and changes in mix $1.9 -$4.7 Higher paperboard sales and -$19.5 -$0.5 -$8.2 production Q1'26 Adj. EBITDA Price/Mix Volum
Slide 13: Key Metrics
Key Metrics Quarter Ended June 30, 2026 March 31, 2026 June 30, 2025 Food service $ 173.0 $ 153.7 $ 166.1 Folding carton 132.5 124.9 147.6 Sheeting & distribution 37.1 38.9 39.9 Pulp and other 32.2 42.7 38.2 Net sales $ 374.8 $ 360.3 $ 391.8 Input cost (raw materials & energy) $ 164.9 $ 167.6 $ 174.
Slide 14: Financial Performance
Financial Performance ($ IN MILLIONS, UNAUDITED) Quarter Ended June 30, 2026 March 31, 2026 June 30, 2025 Dec 31, 2025 Net sales $ 374.8 $ 360.3 $ 391.8 Costs and expenses: Cost of sales 385.2 361.2 348.8 Selling, general and administrative expenses 21.1 20.6 26.1 Other operating charges, net (7.5)
Slide 15: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA ($ IN MILLIONS, UNAUDITED) Quarter Ended June 30, 2026 March 31, 2026 June 30, 2025 Net income (loss) $ (21.5) $ (12.8) $ 2.7 Add (deduct): Less: Loss from discontinued operations, net of tax - - (0.9) Income (loss) from continuing operations (21.5) (12.8) 3.6 Incom
Slide 16: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income ($ IN MILLIONS, UNAUDITED) Quarter Ended June 30, 2026 March 31, 2026 June 30, 2025 Dec 31, 2025 Net income (loss) $ (21.5) $ (12.8) $ 2.7 Add (deduct): Less: Loss from discontinued operations, net of tax - - (0.9) Income (loss) from continuing operations (21.5)
Slide 17: Reconciliation of Net Debt
Reconciliation of Net Debt ($ IN MILLIONS, UNAUDITED) June 30, 2026 March 31, 2026 December 31, 2025 Current portion long-term debt $ 0.6 $ 0.6 $ 0.6 Long-term debt 360.5 360.5 345.5 Add back: Unamortized deferred debt costs (1.1) (1.2) (1.3) Less: Cash and cash equivalents 95.4 36.5 30.7 Net debt $