Slide 1: Clearfield Investor Presentation
NASDAQ:CLFD Clearfield Investor Presentation November 2025 1
Slide 2: Important Cautions Regarding Forward-Looking Statements
Important Cautions Regarding Forward-Looking Statements NASDAQ:CLFD Forward-looking statements contained herein and in any related presentation or in the related Earnings Presentation are made pur suant to the safe harbor provisions of the Private Litigation Reform Act of 1995. Words such as “may,”
Slide 3: Our Mission
Our Mission NASDAQ:CLFD Enabling the lifestyle better broadband provides What We Do Clearfield provides fiber protection, fiber management and fiber delivery solutions that enable rapid and cost- effective fiber-fed deployment in communications networks and data centers 3
Slide 4: Why We Win
Why We Win NASDAQ:CLFD • Attractive Total Cost of Ownership through Reduced Installation Cost and Maintenance Time • Customer Testing Shows Clearfield’s FastPassTM Approach Cuts Install Time Required for Homes Passed by 50% • Singularly Focused on Serving the Fiber Market • Delivery of a Comprehensi
Slide 5: Product and Technology Across Markets
Product NASDAQ:CLFD and Technology Across Markets 5
Slide 6: Broadband Wireless Data Center
NASDAQ:CLFD Broadband Wireless Data Center
Slide 7: Our Scalable, Uniform & Cost-Effective Product Platform
Our Scalable, Uniform & Cost-Effective Product Platform NASDAQ:CLFD Fiber Management Fiber Protection & Delivery FieldSmart® Passive Architecture FieldSmart® Active Architecture Clearview® FieldShield® & YOURx® Passive panels, frames, cabinets, Fiber pathway and protection wall boxes, and pedestals
Slide 8: Modular and Scalable Products
Modular and Scalable Products NASDAQ:CLFD FieldSmart® CraftSmart® CraftSmart® Fiber CraftSmart® TetherSmart® Clearview® FiberFlex Active FiberFirst Pedestal Protection Vault Deploy Reel TAP Terminal and Cassette Cabinets Box Hardened Connectors 8
Slide 9: Three Pillar Growth Strategy
Three Pillar Growth Strategy NASDAQ:CLFD Clearfield Will Use its Position as a Leading Provider of Fiber Distribution and Management Equipment in the Tier 2 and Tier 3 U.S. Broadband Service Provider Market for Continued Growth 9
Slide 10: Broadband Connectivity for Residential and Commercial Networks
Broadband Connectivity for Residential and Commercial NASDAQ:CLFD Networks • Clearfield’s field-proven platform delivers faster installs, lower labor costs, and predictable performance across residential and commercial broadband networks. • Trusted by municipalities, cooperatives, ISPs, Tribal Natio
Slide 11: Market Update - Broadband
MARKET UPDATE - BROADBAND NASDAQ:CLFD 2024 Sets A New Record For The Highest Annual FTTH Growth Annual Homes-Marketed (All Years Ending Q3) 2024 FBA/RVA Provider Study 12 10.3 M 10.3M 88.1M 10 Homes Passed by Cumulative Homes 9.1 M Network Operators Passed by Network in the Twelve Operators Year-To-
Slide 12: Market Update: Broadband – Rural, Our Sweet Spot
MARKET UPDATE: BROADBAND – RURAL, OUR SWEET SPOT NASDAQ:CLFD Estimated Rural TAM of $6 Billion Over Ten Years Estimated Number of Passings by Household Category in Millions • Projected $50/HH passed (29.2 Million HHs) • Projected $250/HH connected 7.3 (40% take-rate) 8.8 • Estimated 8.8mn/HH with at
Slide 13: Broadband Connectivity: Customer Profile Hawaiian Telcom
Broadband Connectivity NASDAQ:CLFD Customer Profile: Hawaii Telcom • Our long-standing relationship with Hawaiian Telcom demonstrates Clearfield’s commitment to protecting and strengthening our core broadband market. • Hawaiian Telcom is working to make Hawaii the first fully fiber-enabled state, su
Slide 14: Fiber Connectivity Solutions for Next-Gen Wireless Networks
Fiber Connectivity Solutions for Next-Gen Wireless Networks NASDAQ:CLFD • Clearfield enables rapid, repeatable, and cost- effective deployments across 5G, Fixed Wireless Access (FWA), C-RAN, and O-RAN environments. • Our portfolio supports every segment of the wireless network from Metro Core to Cel
Slide 15: Market Update – Wireless
MARKET UPDATE – WIRELESS Infrastructure Investment Momentum Driving the Next Phase of 5G Growth $11B U.S. Wireless Network Infrastructure Growth Forecast 2024-2030 70 $16B 60 U.S. Backhaul market U.S. Small Cell market ~8% by 2030 – 5G by 2030 – urban 50 densification drives densification and fiber
Slide 16: Connectivity for Wireless Backhaul: Customer Profile Ziply Fiber
Connectivity for Wireless Backhaul NASDAQ:CLFD Customer Profile: Ziply Fiber • The modularity, scalability, and reliability that define our broadband leadership now enable us to connect data-intensive applications closer to the user. • Our powered cabinets and fiber-management platforms let service
Slide 17: Redefining Fiber Simplicity for the Data Center
Redefining Fiber Simplicity for the Data Center NASDAQ:CLFD • Clearfield brings 20+ years of fiber- deployment expertise to simplify the physical layer for data centers and edge facilities. • Engineered for low-latency, edge-ready environments, Clearfield connects compute to users with the same fiel
Slide 18: Market Update – Data Center
MARKET UPDATE – DATA CENTER NASDAQ:CLFD Strong Momentum in NA Data Center Capacity Driven by AI Investment NA Data Center Capacity (gigawatts) 2023-2027 40 35 34 ~16% $500B CAGR of Gigawatts capital investment 29 installed across in data center 30 26 North America. infrastructure by ~16% 2030 25 22
Slide 19: Financial Performance
Financial NASDAQ:CLFD Performance 19
Slide 20: Revenue and Gross Profit Trends
FINANCIAL PERFORMANCE Revenue and Gross Profit Trends NASDAQ:CLFD 45 40% 300 50% $40.6 $38.8 $41.1 $263.8 45% 40 35% $36.2 250 35 $29.7 $225.7 40% 30% 35% 30 200 25% 30% 25 $150.1 20% 150 $140.8 $125.6 25% 20 15% 20% 15 100 15% 10% 10 10% 50 5 5% 5% 0 0% 0 0% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 21 FY 2
Slide 21: Net Sales Comparison by Market
Net Sales Comparison by Market NASDAQ:CLFD Quarterly Net Sales Annual Net Sales2 FQ4 24 FQ4 25 $66 $67 $18 $17 FQ4 YTD 24 41% $10 $34 $32 $8 $8 $6 $21 $23 24% $3 $3 $3 $9 $10 $3 $5 $3 $1 $1 $1 $2 International Legacy National Large MSO/Cable Community International Legacy National Large MSO/Cable Co
Slide 22: Q4 FY25 and FY25 Net Sales Composition
Q4 FY25 Net Sales Composition Ended FY25 Net Sales Composition Ended 9/30/251 9/30/252 NASDAQ:CLFD International Legacy Community (Europe, Canada, Mexico, (Legacy contract and Caribbean Markets) manufacturing and Broadband misc. sales) (Tier 2&3, utilities, municipalities, and 7% 1% National Carrier
Slide 23: Operating Expenses
FINANCIAL PERFORMANCE Operating Expenses NASDAQ:CLFD $ in millions $ in millions 14.0 $13.3 37% 60 40% $12.1 $12.3 $12.1 36% $48.4 35% 12.0 50 $48.4 $10.7 35% $45.1 $42.3 30% 10.0 34% 40 $35.9 25% 33% 8.0 32% 30 20% 6.0 31% 15% 20 4.0 30% 10% 29% 10 2.0 5% 28% 0.0 27% 0 0% Q4 24 Q1 25 Q2 25 Q3 25 Q4
Slide 24: Net Income
FINANCIAL PERFORMANCE Net Income NASDAQ:CLFD $ in millions $ in millions 3 60 $2.5 $49.8 2.5 $2.3 $2.3 50 2 40 $32.8 1.5 30 $20.3 1 20 0.5 10 $6.8 0 0 $(0.1) -0.5 $(0.4) -10 $(8.5) -1 -20 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 21 FY 22 FY 23 FY 24 FY 25 All figures are presented on a continuing operations
Slide 25: Balance Sheet at September 30, 2025
FINANCIAL PERFORMANCE NASDAQ:CLFD Balance Sheet at September 30, 2025 • The Company’s balance sheet remains strong with $166 million of cash, short-term and long- term investments. • Clearfield recorded positive cash flow from continuing operations of approximately $10 million in the fourth quarter
Slide 26: Fourth Quarter and Fiscal Year 2025 Highlights
Fourth Quarter and Fiscal Year 2025 Highlights NASDAQ:CLFD o Net sales from continuing operations in the fourth quarter of fiscal 2025 were $41.1 million, a 13% increase from $36.2 million in the prior year fourth quarter. o For fiscal year 2025, sales from our continuing operations for Clearfield g
Slide 27: Fiscal 2026 Financial Outlook
Fiscal 2026 Financial Outlook NASDAQ:CLFD Quarterly Net Sales Net Income (Loss) Per Share ($ in millions) ($) $30 to $33 $380 - $393 $0.11 $0.13 $0.09 $(0.08) to $0.00 $41 $39 $41 $30 $(0.13) Q1 25 Q2 25 Q3 25 Q1 25 Q2 25 Q4 25 Q1 26 Q3 25 Q4 25 Q1 26 Actual Actual Actual Actual Actual Actual Foreca
Slide 28: Executive Management Team
Executive Management Team NASDAQ:CLFD Cheri Beranek Daniel Herzog Johnny Hill Anis Khemakhem President & Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Commercial Officer • Co-founded Clearfield in 2008 • CFO of Clearfield since 2011 • Co-founded Clearfield in • CMO of
Slide 29: Company Contact: Investor Relations
NASDAQ:CLFD COMPANY CONTACT: Cheri Beranek President & CEO Clearfield, Inc. IR@seeclearfield.com INVESTOR RELATIONS: The Blueshirt Group Greg McNiff T: 773-485-7191 clearfield@blueshirtgroup.com 29