Clearwater Paper Corporation · NYSE:CLW
Clearwater Paper — Q1 2026 Earnings Presentation
16 slides from Clearwater Paper's earnings presentation, Apr 28, 2026
Slide 1: First Quarter Earnings Release Materials
First Quarter Earnings Release Materials April 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 industry shipments were nearly flat Q1’26 vs. Q1’25, outperformed CUK and CRB that were down 3% 1 TRENDS EXPECTING MODEST DEMAND GROWTH IN 2026 Demand growth of 4%2 projected for 2026 SBS price per square foot is now below CUK and CRB levels Some customers looking at substitution betwee
Slide 4: Q1 2026 Financial Summary
Q1 2026 NET SALES FROM YEAR OVER YEAR GROWTH IN SALES VOLUMES +5% increase in Q1’26 vs. Q1’25 Financial CONTINUING OPERATIONS Gaining share in a competitive environment with volume $360M growth in food service Summary NET LOSS FROM CONTINUING OPERATIONS PARTIALLY OFFSET BY MARKET DRIVEN PRICING -7%
Slide 5: Q1'26 vs Q1'25 Adjusted EBITDA Results from Continuing Operations
Q1’26 VS Q1’25 Adjusted EBITDA Results from Continuing Operations ($ in millions) Lower paperboard market pricing and mix changes $29.8 Higher sales Cost reduction Weather impacts volumes and initiatives offset by cost production reduction initiatives $8.3 $1.9 $1.8 -$30.8 -$7.2 Q1'25 Adj. EBITDA Pr
Slide 6: Outlook and Assumptions for Q2 and 2026
Outlook and Assumptions for Q2 and 2026 Q2 2026: $0 to -$10 million Adjusted EBITDA1 Approximately 5% higher paperboard shipments vs. Q1’26 Planned major maintenance outage cost of $22 - $24M at Lewiston, ID $5 - $7M higher input costs including impact from Iran war FY 2026 Assumptions Revenue of $1
Slide 7: Clearwater is Well Positioned to Deliver Strong Returns Across the Cycle
Clearwater is Well Positioned to Deliver Strong Returns Across the Cycle TARGETING STRONG CASH FLOW GENERATION ACROSS THE CYCLE ADJUSTED EBITDA TARGET MARGINS Paperboard industry is cyclical, Across the cycle Adjusted EBITDA margins driven by supply and demand balance target of 13% to 14% >16% Cycle
Slide 8: Exploring Options to Expand Our Product Offering
Exploring Options to Expand Our Product Offering Evaluating internal and external options to broaden product offering to North American converter customers Initiative Status Objective Provide options for converter customers to service sustainability driven Post consumer recycled content Developed an
Slide 9: Optimized Capital Allocation Approach Supports Value Creation
Optimized Capital Allocation Approach Supports Value Creation PRIORITIZING CAPITAL ALLOCATION TO CREATE SHAREHOLDER VALUE Investing to maintain Utilizing free cash flow Evaluating capital the long-term (FCF) to deleverage investments to diversify performance of our our balance sheet product portfoli
Slide 10: Optimistic About Long-Term Value Creation
Optimistic About Long-Term Value Creation Sharp focus on improving and growing our • De-levered balance sheet with proceeds from tissue sale paperboard business • Focus on growing our position as a premier independent paperboard packaging supplier to North American converters Well invested asset bas
Slide 11: Appendix
Appendix 4 Es
Slide 12: Q4'25 vs Q1'26 Adjusted EBITDA Results from Continuing Operations
Q4’25 VS Q1’26 Adjusted EBITDA Results from Continuing Operations ($ in millions) Lower market pricing and changes $19.8 in mix Lower paperboard sales and lower production due to No annual maintenance weather events in Augusta offset by Cost reduction weather related cost activities -$14.8 $3.1 $0.6
Slide 13: Key Metrics
Key Metrics Quarter Ended March 31, 2026 December 31, 2025 March 31, 2025 Food service $ 153.7 $ 165.3 $ 151.4 Folding carton 124.9 140.0 148.4 Sheeting & distribution 38.9 33.9 38.8 Pulp and other 42.7 47.2 39.6 Net sales $ 360.3 $ 386.4 $ 378.2 Input cost (raw materials & energy) $ 167.6 $ 169.5 $
Slide 14: Financial Performance
Financial Performance ($ IN MILLIONS, UNAUDITED) Quarter Ended March 31, 2026 December 31, 2025 March 31, 2025 Dec 31, 2025 Net sales $ 360.3 $ 386.4 $ 378.2 Costs and expenses: Cost of sales 361.2 369.2 341.5 Selling, general and administrative expenses 20.6 21.1 28.9 Other operating charges, net (
Slide 15: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA ($ IN MILLIONS, UNAUDITED) Quarter Ended March 31, 2026 December 31, 2025 March 31, 2025 Net income (loss) $ (12.8) $ 38.3 $ (6.3) Add (deduct): Less: Income (loss) from discontinued operations, net of tax - 35.1 (0.4) Income (loss) from continuing operations (12.8)
Slide 16: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income ($ IN MILLIONS, UNAUDITED) Quarter Ended March 31, 2026 December 31, 2025 March 31, 2025 Dec 31, 2025 Net income (loss) $ (12.8) $ 38.3 $ (6.3) Add (deduct): Less: Income (loss) from discontinued operations, net of tax - 35.1 (0.4) Income (loss) from continuing