Clearwater Paper Corporation · NYSE:CLW
Clearwater Paper — Investor Presentation (June 2026)
15 slides from Clearwater Paper's investor presentation, June 2026
Slide 1: 2026 Investor Presentation
2026 INVESTOR 2024 INVESTOR PRESENTATION PRESENTATION June 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Cautionary Statement Regarding Forward Looking Statements This presentation 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 Section 21E of the Securities
Slide 3: Clearwater Investment Highlights
Clearwater Strategic focus on strengthening position as a premier, independent supplier of Investment 1 paperboard packaging products Highlights 2 Strong position in the paperboard industry, focused on serving a broad and diverse set of independent converters in North America Geographically advantag
Slide 4: Strategic Updates
1 Strategic Completed acquisition of Augusta Increased total SBS capacity to ~1.4M tons Updates Paperboard Mill for $700M on May 1, 2024 Balanced national network to achieve the least-landed cost and targeting synergies of $40-50M by end of 2026 Completed sale of Transforming Clearwater into a leadi
Slide 5: Paperboard is a ~10-11 Million Ton Industry with Stable Demand
2 Paperboard is a ~10-11 Million1 Ton Industry with SOLID BLEACH SULFATE (SBS) COATED UNBLEACHED Stable Demand and KRAFT (CUK) Broad Consumer Packaging Applications 5.7M 2.9M TONS TONS Beverage carrier HISTORICALLY STABLE DEMAND, GROWING High quality applications AT ~1% TO 2% PER YEAR WITH GDP packa
Slide 6: Industry Trends
2 INDUSTRY SBS industry shipments were nearly flat Q1’26 vs. Q1’25, TRENDS EXPECTING MODEST outperformed CUK and CRB that were down 3% 1 Demand growth of 4% 2 projected for 2026 DEMAND GROWTH IN 2026 SBS price per square foot is now below CUK and CRB levels Some customers looking at substitution bet
Slide 7: Clearwater Serves Independent Converters
2 Clearwater Serves Independent Converters OUR STATUS AS AN INDEPENDENT, NON-INTEGRATED SUPPLIER IS CORE TO CLEARWATER’S VALUE PROPOSITION INDEPENDENT CONVERTERS INDEPENDENT SUPPLIERS Purchase paperboard from suppliers and convert into final packaging • 45%1 of North American paperboard market Non-i
Slide 8: Clearwater Paper at a Glance
3 Clearwater Paper ND at a Glance WA MT MN MI ME ID SD WI OR VT MI NH WY NY MA IA NE CT RI PA Top 3 paperboard supplier in North America IL OH NJ IN NV UT CO WV MD DE KS MO Non-integrated, servicing independent converters KY VA CA OK TN NC AR Well positioned assets to serve customers AZ NM SC MS AL
Slide 9: Our Sustainability Approach: Everyday Responsibility
4 Our Sustainability Approach SUSTAINABLE PROCESSES AND Everyday Responsibility PRODUCTS1 Making responsible sourcing choices across our supply chain, operating ethically, safely and sustainably, and empowering the people behind our products. ~55% Of energy needs met from renewable sources, includin
Slide 10: Exploring Options to Expand Our Product Offering
4 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
Slide 11: Well Positioned to Deliver Strong Returns Across the Cycle
Clearwater is Well Positioned to 5 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% Cyc
Slide 12: Maintaining a Strong Balance Sheet Provides Strategic Flexibility
6 Maintaining a Strong Balance HISTORICAL LEVERAGE Sheet Provides Strategic Flexibility Net debt to Adjusted EBITDA ratio 3.7x 2.9x 2.7x UTILIZING A DISCIPLINED APPROACH TO INVESTMENT AND CASH MANAGEMENT 2.3x 2.5x 1.9x 1.5x 1.5x 1.1x BALANCE SHEET PRINCIPLES Maintain a strong balance sheet that can
Slide 13: Optimized Capital Allocation Approach Supports Value Creation
7 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 portfo
Slide 14: Optimistic About Long-Term Value Creation
Optimistic About Long-Term Value Creation Sharp focus on improving and growing our • Focus on growing our position as a premier independent paperboard business paperboard packaging supplier to North American converters Well invested asset base to support future • High quality paperboard assets well
Slide 15: Investor Relations Contact
Investor Relations: investorinfo@clearwaterpaper.com 509.344.5906 Media: Virginia Aulin Vice President, Public Affairs 509.344.5967 virginia.aulin@clearwaterpaper.com 15