Form 8-K

8-K — Clearwater Paper Corp

Accession: 0001441236-26-000024

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001441236

SIC: 2631 (PAPERBOARD MILLS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — clw-20260428.htm (Primary)

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EX-99.2 (q12026supplementalsv3.htm)

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8-K

8-K (Primary)

Filename: clw-20260428.htm · Sequence: 1

clw-20260428

FALSE000144123600014412362026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): (April 28, 2026)

CLEARWATER PAPER CORPORATION

(Exact name of registrant as specified in its charter)

DE 001-34146 20-3594554

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

601 West Riverside, Suite 300 99201

Spokane, WA

(Address of principal executive offices) (Zip Code)

(509) 344-5900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name of former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchanged on which registered

Common Stock, par value $0.0001 per share CLW New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2026, Clearwater Paper Corporation (the “Company”) announced its results of operations and financial condition for the first quarter ending March 31, 2026. A copy of the press release containing this announcement is furnished as Exhibit 99.1 hereto. In addition, a copy of the Company’s First Quarter Supplemental Information is furnished as Exhibit 99.2 hereto.

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), the following are disclosed in the attached Adjusted EBITDA from continuing operations, which is defined as earnings before interest expense, taxes, depreciation and amortization, other operating credits and charges, net and other non-operating items from continuing operations. Adjusted net income (loss) from continuing operations is calculated by excluding from net income, goodwill impairment charges, other operating credits and charges, net, income (loss) from discontinued operations, net of tax and adjusts for a normalized tax rate. Adjusted EBITDA from continuing operations and adjusted net income (loss) from continuing operations are not a substitute for the GAAP measure of net income or other GAAP measures of operating performance.

The Company discloses Adjusted EBITDA in the attached because it is used as an important supplemental measure of its performance and believes that similarly-titled measures are frequently used by securities analysts, investors and other interested persons in the evaluation of companies in its industry, some of which present similarly-titled measures when reporting their results. The Company uses Adjusted EBITDA to evaluate its performance as compared to other companies in its industry that have different financing and capital structures and/or tax rates. It should be noted that companies calculate similarly-titled measures differently and, therefore, as presented by the Company may not be comparable to similarly-titled measures reported by other companies. In addition, Adjusted EBITDA has material limitations as a performance measure because it excludes interest expense, income tax expense and depreciation and amortization which are necessary to operate the Company's business or which the Company otherwise incurred or experienced in connection with the operation of its business.

The Company believes that adjusted net income (loss) from continuing operations, which excludes goodwill impairment charges, income (loss) from discontinued operations, net of tax and other operating credits and charges, net, adjusted for a normalized tax rate is a useful measure for evaluating our ability to generate earnings and that providing this measure will allow investors to more readily compare the earnings referred to in the press release to the Company's earnings for past and future periods. The Company believes that this measure is particularly useful where the amounts of the excluded items are not consistent between the periods presented. It should be noted that other companies may present similarly-titled measures differently and, therefore, as presented by the Company may not be comparable to similarly-titled measures reported by other companies. In addition, adjusted net income has material limitations as a performance measure because it excludes items that are actually incurred or experienced in connection with the operations of the Company's business.

The information in Item 2.02, including Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibit Index

Exhibit Description

99.1

Press release issued by Clearwater Paper Corporation regarding the first quarter ended March 31, 2026 financial results.

99.2

Supplemental financial information for the first quarter ended March 31, 2026.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 28, 2026

CLEARWATER PAPER CORPORATION

By: /s/ REBECCA A. BARCKLEY

Rebecca A. Barckley, Vice President, Corporate Controller (Principal Accounting Officer)

EX-99.1

Filename: clw-20260331x8kexhibit991.htm · Sequence: 2

Document

Exhibit 99.1

Clearwater Paper Reports First Quarter 2026 Results

SPOKANE, Wash.--(BUSINESS WIRE)--April 28, 2026 --Clearwater Paper Corporation (NYSE:CLW), a premier independent supplier of bleached paperboard to North American converters today reported financial results for the first quarter ended March 31, 2026.

FIRST QUARTER HIGHLIGHTS

•Net sales of $360 million versus $378 million in the first quarter of 2025, with volume up 5%, offset by lower market pricing

•Net loss of $13 million, or $0.80 per diluted share versus net loss of $6 million, or $0.38 per diluted share in the first quarter of 2025

•Adjusted EBITDA from continuing operations of $2 million versus $30 million in the first quarter of 2025 primarily due to lower market pricing and severe weather impacts

•Launched VeloraTM a new lightweight folding carton paperboard engineered to deliver dependable performance, higher yield and strong value for everyday packaging

•Announced restructuring of Cypress Bend, Arkansas facility in April, resulting in reduction of approximately 20% of roles and expected annual savings of $8 to $12 million

•Received $17 million in additional representation and warranty insurance proceeds, pursuing claims against $50 million of remaining policy limit

“We delivered solid operational execution during the first quarter, with our team doing an outstanding job managing through a severe weather event in the Southeast. We also delivered healthy volume growth that outpaced the market even as we navigated a challenging industry environment,” said Arsen Kitch, president and chief executive officer.

OVERALL RESULTS

For the first quarter of 2026, Clearwater Paper reported net sales of $360 million, compared to $378 million in the first quarter of 2025. The company reported a net loss from continuing operations of $13 million, or $0.80 per diluted share for the quarter, compared to a net loss of $6 million, or $0.36 per diluted share, in the prior‑year period. Adjusted EBITDA from continuing operations was $2 million for the first quarter of 2026 compared to $30 million in the first quarter of 2025.

The increase in net loss was primarily driven by lower pricing and the impact of a weather event during the first quarter of 2026, partially offset by insurance proceeds and cost reductions. The decrease in Adjusted EBITDA primarily reflects lower pricing and weather‑related impacts, partially offset by reduced costs.

Sales volumes and prices:

• Sales volumes were 302,918 tons in the first quarter of 2026, an increase of 5% compared to 289,487 tons in the first quarter of 2025.

• Paperboard average net selling price decreased 7% to $1,101 per ton for the first quarter of 2026, compared to $1,188 per ton in the first quarter of 2025.

COMPANY OUTLOOK

“We are focused on items within our control, namely reducing costs and maintaining share with our strategic customers, while anticipating an improvement in industry conditions. Today’s operating rates and recent increases in input costs are resulting in margins and cash flows that do not support long-term investments in our industry’s capital-intensive assets. We believe that a combination of demand growth, lower imports, and changes in net domestic supply will drive a recovery in the medium term,” concluded Kitch.

WEBCAST INFORMATION

Clearwater Paper Corporation will discuss these results during an earnings conference call that begins at 2:00 p.m. Pacific Time on April 28, 2026. A live webcast and accompanying supplemental information will be available on the company's website. A replay of the conference call will be available on the website beginning at 5:00 p.m. Pacific Time the same day.

ABOUT CLEARWATER PAPER CORPORATION

Clearwater Paper is a premier independent supplier of paperboard packaging products to North American converters. Headquartered in Spokane, Wash., our team produces high-quality paperboard that provides sustainable packaging solutions for consumer goods and food service applications. For additional information, please visit our website at www.clearwaterpaper.com.

USE OF NON-GAAP MEASURES

In this press release, the company presents certain non-GAAP financial information for the first quarter of 2026 and 2025, including adjusted net income (loss) from continuing operations and Adjusted EBITDA from continuing operations. Because these amounts are not in accordance with GAAP, reconciliations to net income (loss) from continuing operations and Adjusted EBITDA from continuing operations as determined in accordance with GAAP are included in the tables at the end of this press release. The company presents these non-GAAP metrics because management believes they assist investors and analysts in comparing the company's performance across reporting periods on a consistent basis by excluding items that the company does not believe are indicative of its core operating performance. In addition, the company uses Adjusted EBITDA from continuing operations: (i) as a factor in evaluating management’s performance when determining incentive compensation, (ii) to evaluate the effectiveness of the company's business strategies, and (iii) because the company's credit agreement and the indentures governing the company's outstanding notes use metrics similar to Adjusted EBITDA from continuing operations to measure the company's compliance with certain covenants. Non-GAAP measures may differ from similarly titled measures of other companies.

FORWARD-LOOKING STATEMENTS

This press release contains certain “forward-looking” statements within the meaning of Section 27A of Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding the company’s expectations about the outlook for the next quarter, industry supply and demand conditions, pricing trends, market recovery timing, operating performance, cost reduction initiatives, restructuring outcomes, insurance recoveries, operational execution, import conditions, market share, and the company’s ability to execute its strategy and strengthen customer relationships amid current market conditions. The company’s actual results of operations may differ materially from those expressed or implied by the forward-looking statements contained in this press release. Factors that could cause or contribute to such material differences in actual results include, but are not limited to: our inability to realize the expected benefits of the Augusta, Georgia paperboard manufacturing facility acquisition, including anticipated financial results, due to integration challenges or other factors; unexpected costs, charges or expenses resulting from the sale of our consumer products division (tissue business) and the related restructuring initiatives; competitive pricing pressures for our products arising from capacity additions, demand reduction and market conditions; the loss of, changes in prices for, or reduction in, orders from significant customers; changes in customer preferences, industry consolidation and vertical integration; changes in the cost and availability of wood fiber, pulp, energy, chemicals, packaging and transportation services; cyclical industry conditions and broader U.S. and global economic conditions; manufacturing or operating disruptions; labor disruptions; reliance on a limited number of suppliers and service providers; cyber-security risks; environmental liabilities and litigation, including PFAS-related claims involving our Augusta facility; our ability to execute our growth, expansion and operational efficiency initiatives and capital projects; changes in expenses, required contributions or withdrawal costs associated with our pension plans; our ability to attract and retain qualified personnel; our ability to service our debt obligations and comply with debt covenants; changes in banking relationships or credit ratings; and changes in laws, regulations or industry standards affecting our business, as well as other risks discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025. The forward-looking statements are made as of the date of this press release and the company does not undertake to update any

forward-looking statements based on new developments or changes in the company’s expectations after the date of this press release.al economies and in general economic conditions in the regions and industries in which we operate; increased regulation of retaliatory trade actions in response to announced or proposed U.S. tariffs, including potential impact on costs, structure, supply chains, or consumer demand; cyclical industry conditions; manufacturing or operating disruptions, including equipment malfunctions and damage to the company’s manufacturing facilities; the loss of, changes in prices in regard to, or reduction in, orders from a significant customer; changes in the cost and availability of wood fiber and wood pulp; changes in energy, chemicals, packaging and transportation costs and disruptions in transportation services impacting the company’s ability to receive inputs or ship products to customers; reliance on a limited number of third-party suppliers, vendors and service providers required for the production of the company’s products and the company’s operations; changes in customer product preferences and competitors’ product offerings; changes in labor contracts, including any related wage adjustments; labor disruptions; cyber-security risks; larger competitors having operational, financial and other advantages; consolidation and vertical integration of converting operations in the paperboard industry; the company’s ability to execute on the company’s growth and expansion strategies; the company’s ability to successfully execute capital projects and other activities to operate the company’s assets, including effective maintenance, implement the company’s operational efficiencies and realize higher throughput or lower costs; IT system disruptions and IT system implementation failures; changes in expenses, required contributions and potential withdrawal costs associated with the company’s pension plans; environmental liabilities or expenditures and climate change; risks and costs associated with new or ongoing environmental litigation, including PFAS related claims or regulatory actions affecting recently acquired facilities; the company’s ability to attract, motivate, train and retain qualified and key personnel; the company’s ability to service the company’s debt obligations and restrictions on the company’s business from debt covenants and terms; changes in the company’s banking relations, or in the company’s customer supply chain financing; negative changes in the company’s credit agency ratings; changes in laws, regulations or industry standards affecting the company’s business; and other risks and uncertainties described from time to time in the company’s public filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2025. The forward-looking statements are made as of the date of this press release and the company does not undertake to update any forward-looking statements based on new developments or changes in the company’s expectations after the date of this press release.

Clearwater Paper Corporation

Consolidated Statements of Operations

(Unaudited)

Quarter Ended March 31,

(In millions, except per-share data) 2026 2025

Net sales $ 360.3 $ 378.2

Costs and expenses:

Cost of sales 361.2 341.5

Selling, general and administrative expenses 20.6 28.9

Other operating charges, net 1

(11.1) 11.8

Total operating costs and expenses 370.7 382.2

Loss from continuing operations (10.4) (4.0)

Interest expense, net (5.0) (3.3)

Other non-operating expense (1.1) (0.3)

Total non-operating expense (6.1) (3.6)

Loss from continuing operations before income taxes (16.5) (7.7)

Income tax benefit (3.7) (1.8)

Loss from continuing operations (12.8) (5.9)

Loss from discontinued operations, net of tax — (0.4)

Net loss $ (12.8) $ (6.3)

Net loss per common share (basic and diluted):

Loss per share from continuing operations $ (0.80) $ (0.36)

Loss per share from discontinued operations — (0.02)

Net loss per share $ (0.80) $ (0.38)

Average shares outstanding (in thousands):

Basic and diluted 16,080 16,375

1 Other operating charges, net consist of amounts unrelated to ongoing core operating activities. Please refer to Note 11 within Clearwater Paper's Form 10-Q filed with the SEC for the period ended March 31, 2026 for the detailed breakout of this amount.

Clearwater Paper Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions) March 31, 2026 December 31, 2025

Assets

Current assets:

Cash and cash equivalents $ 36.5 $ 30.7

Receivables, net 197.9 195.3

Inventories, net 269.7 281.7

Other current assets 18.0 18.3

Total current assets 522.1 526.0

Property, plant and equipment 2,384.9 2,377.9

Accumulated depreciation and amortization (1,398.5) (1,376.1)

Property, plant and equipment, net 986.4 1,001.8

Other assets, net 61.2 60.4

Total assets $ 1,569.8 $ 1,588.3

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt $ 0.6 $ 0.6

Accounts payable and accrued liabilities 199.8 215.6

Total current liabilities 200.4 216.2

Long-term debt 360.5 345.5

Liability for pension and other postretirement employee benefits 49.2 49.5

Deferred tax liabilities 64.6 68.2

Other long-term obligations 81.3 83.7

Total liabilities 756.0 763.0

Stockholders' equity:

Common stock — —

Additional paid-in capital 6.0 8.3

Treasury stock, at cost (11.8) (14.8)

Retained earnings 849.4 862.3

Accumulated other comprehensive loss, net of tax (29.9) (30.5)

Total stockholders' equity 813.8 825.3

Total liabilities and stockholders' equity $ 1,569.8 $ 1,588.3

Clearwater Paper Corporation

Consolidated Statements of Cash Flows

(Unaudited)

Quarter Ended March 31,

(In millions) 2026 2025

Operating activities

Net loss $ (12.8) $ (6.3)

Adjustments to reconcile net loss to net cash flows provided by operating activities:

Depreciation and amortization 23.4 22.0

Equity-based compensation expense 0.6 1.0

Deferred taxes (3.5) (2.3)

Defined benefit pension and other postretirement employee benefits 0.5 (0.1)

Loss on sale or impairment associated with assets — 0.1

Changes in operating assets and liabilities:

(Increase) decrease in accounts receivable (2.6) 11.1

Decrease in inventories 12.4 0.9

(Increase) decrease in other current assets (0.1) 0.2

Decrease in accounts payable and accrued liabilities (15.5) (24.0)

Other, net (1.8) (1.1)

Net cash flows provided by operating activities 0.5 1.5

Investing activities

Additions to property, plant and equipment, net (9.1) (32.7)

Net cash flows used in investing activities (9.1) (32.7)

Financing activities

Borrowings on long-term debt 15.0 —

Repayments of long-term debt (0.1) (0.2)

Taxes paid related to net share settlement of equity awards (0.5) (2.3)

Repurchases of common stock — (10.9)

Other, net — 8.9

Net cash flows (used in) provided by financing activities 14.3 (4.4)

Increase (decrease) in cash and cash equivalents 5.8 (35.6)

Cash and cash equivalents at beginning of period 30.7 79.6

Cash and cash equivalents at end of period $ 36.5 $ 44.0

Clearwater Paper Corporation

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA

(Unaudited)

Quarter Ended March 31,

(In millions) 2026 2025

Net loss $ (12.8) $ (6.3)

Add (deduct):

Less: loss from discontinued operations, net of tax — (0.4)

Loss from continuing operations (12.8) (5.9)

Income tax benefit (3.7) (1.8)

Interest expense, net 5.0 3.3

Depreciation and amortization 23.4 22.0

Other operating charges, net 1

(11.1) 11.8

Other non-operating expense 1.1 0.3

Adjusted EBITDA from continuing operations $ 1.9 $ 29.8

Clearwater Paper Corporation

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

Quarter Ended March 31,

(In millions, except per share data) 2026 2025

Adjusted income (loss) from continuing operations:

Net loss $ (12.8) $ (6.3)

Add (deduct):

Less: loss from discontinued operations, net of tax — (0.4)

Loss from continuing operations (12.8) (5.9)

Add back:

Income tax benefit (3.7) (1.8)

Other operating charges, net (11.1) 11.8

Adjusted income (loss) from continuing operations before tax (27.7) 4.1

Normalized income tax (benefit) provision1

(6.9) 1.0

Adjusted income (loss) from continuing operations $ (20.7) $ 3.1

Weighted average diluted shares (thousands) 16,080 16,375

Adjusted income (loss) from continuing operations per diluted share $ (1.29) $ 0.19

1 Calculated at 25% which is an estimate of Clearwater Paper's statutory tax rate

Clearwater Paper Corporation

Investors contact:

investorinfo@clearwaterpaper.com

509-344-5906

News media:

Virginia Aulin, Senior Vice President, Human Resources and Public Affairs

509-344-5967

Virginia.aulin@clearwaterpaper.com

EX-99.2

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q12026supplementalsv3

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

2 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 Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995 as amended, including statements as to: our expectations regarding additional savings from our fixed cost reduction initiatives; the Company’s strategic positioning to capitalize on the paperboard industry’s cyclical nature and deliver strong returns; product demand and industry trends; assumptions for Q2 2026 and full year 2026, including operational factors, capital, input costs, lower pricing and inflation; our capital allocation priorities; our strategy, including achieving target leverage ratio and maintaining liquidity; our focus on free cash flow generation through operational efficiencies and demand; our plans to explore avenues for strategic growth opportunities, particularly to expand our own product offerings and broaden such offerings to North American customers; continued investments into our assets to strengthen our competitive advantages and maintain our long-term performance; expectations regarding the paperboard market; targeted working capital improvements; and our financial flexibility and liquidity; and repurchases under the existing share buyback authorization. These forward-looking statements are based on management’s current expectations, estimates, assumptions and projections that are subject to change. Our actual results of operations may differ materially from those expressed or implied by the forward-looking statements contained in this presentation. Important factors that could cause or contribute to such differences include the risks and uncertainties described from time to time in the Company's public filings with the Securities and Exchange Commission, including but not limited to the following: our inability to realize the expected benefits of the Augusta, Georgia paperboard manufacturing facility acquisition, including anticipated financial results, due to integration challenges or other factors; unexpected costs, charges or expenses resulting from the sale of our consumer products division (tissue business) and the related restructuring initiatives; competitive pricing pressures for our products arising from capacity additions, demand reduction and market conditions; the loss of, changes in prices for, or reduction in, orders from significant customers; changes in customer preferences, industry consolidation and vertical integration; changes in the cost and availability of wood fiber, pulp, energy, chemicals, packaging and transportation services; cyclical industry conditions and broader U.S. and global economic conditions; manufacturing or operating disruptions; labor disruptions; reliance on a limited number of suppliers and service providers; cyber-security risks; environmental liabilities and litigation, including PFAS-related claims involving our Augusta facility; our ability to execute our growth, expansion and operational efficiency initiatives and capital projects; changes in expenses, required contributions or withdrawal costs associated with our pension plans; our ability to attract and retain qualified personnel; our ability to service our debt obligations and comply with debt covenants; changes in banking relationships or credit ratings; and changes in laws, regulations or industry standards affecting our business. Forward-looking statements contained in this presentation present management’s views only as of the date of this presentation. We undertake no obligation to publicly update forward-looking statements or to retract future revisions of management's views based on events or circumstances occurring after the date of this presentation. Non-GAAP Financial Measures This presentation includes certain financial measures that are not calculated in accordance with GAAP, including Adjusted EBITDA from continuing operations. The Company’s management believes that the presentation of these financial measures provides useful information to investors because these measures are regularly used by management in assessing the Company’s performance. These financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered substitutes for or superior to GAAP results. In addition, these non-GAAP financial measures may not be comparable to similarly-titled measures utilized by other companies, since such other companies may not calculate such measure in the same manner as we do. A reconciliation of Adjusted EBITDA to the most relevant GAAP measure is available in the appendix of this presentation.

3 INDUSTRY TRENDS 1. Based on data from AF&PA. 2. Based on data reported by RISI Fastmarkets, other industry sources, and Company estimates. EXPECTING MODEST DEMAND GROWTH IN 2026 SBS industry shipments were nearly flat Q1’26 vs. Q1’25, outperformed CUK and CRB that were down 3% 1 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 between substrates INDUSTRY IMPACTED BY SBS CAPACITY ADDITIONS; RISI PROJECTING IMPROVEMENT IN 2026 Industry operating rates1 at 82% Q1’26 vs 83% Q4’25 500K of new N.A. industry capacity added in 2025, total SBS capacity now at 5.7M tons2 Balanced market will have utilization rates approaching 95%2 RISI forecasting 400K ton capacity reduction and an increase in 2026 operating rates to 90% BLEACHED PAPERBOARD NET EXPORTS ARE EXPECTED TO IMPROVE IN 2026 Imports forecasted to decrease by ~12%2 in 2026 vs. 2025 Exports forecasted to increase by ~1%2 in 2026 vs. 2025 European imports of FBB were down 16%2 2025 vs. 2024 Tariffs and other trade actions impacting viability of imports

4 +5% increase in Q1’26 vs. Q1’25 Gaining share in a competitive environment with volume growth in food service -7% decrease in Q1’26 average pricing vs. Q1’25 RISI reported $100/ton decrease in SBS folding carton prices in 2025 Q1 2026 Financial Summary NET SALES FROM CONTINUING OPERATIONS $360M NET LOSS FROM CONTINUING OPERATIONS $13M1 PARTIALLY OFFSET BY MARKET DRIVEN PRICING ADJUSTED EBITDA FROM CONTINUING OPERATIONS $1.9M ADJUSTED EBITDA MARGIN FROM CONTINUING OPERATIONS 0.5% ADJUSTED EBITDA SLIGHTLY ABOVE GUIDANCE Improved cost structure, driven by fixed cost reduction initiatives Weather impact of $15M Lower SG&A costs CONTINUED STRONG BALANCE SHEET Net leverage ratio at 2.9x2 Available liquidity of $407 million YEAR OVER YEAR GROWTH IN SALES VOLUMES See Appendix for Non-GAAP reconciliations 1. Includes $13M in insurance proceeds (tax adjusted). 2. As calculated in accordance with CLW banking agreements

5 Q1’26 VS Q1’25 Adjusted EBITDA Results from Continuing Operations ($ in millions) $29.8 -$7.2 $8.3 $1.9 -$30.8 $1.8 Q1'25 Adj. EBITDA Price/Mix Volume Costs/Other SGA Q1'26 Adj. EBITDA Lower paperboard market pricing and mix changes Weather impacts offset by cost reduction initiatives Cost reduction initiatives Higher sales volumes and production

6 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 $1.4 to 1.5B, projected to run full balance of year after Cypress Bend restructure ~$70M carryover impact from 2025 market driven pricing, including recent RISI changes from Q4 Direct major maintenance outages costs of $45 - 50M, similar to 2025 Lewiston major outage in Q2, Augusta and Cypress Bend in Q4 Productivity and cost reduction efforts partially offsetting 2 - 3% of input cost inflation Targeted working capital improvements of $20M, primarily in inventory Capital expenditures of $65 - 75M $6M benefits from restructuring of Cypress Bend, Arkansas facility 1. As there is uncertainty in connection with calculating the adjustments necessary to prepare reconciliations from Adjusted EBITDA to the comparable GAAP financial measure, the Company is unable to reconcile the Adjusted EBITDA projections without unreasonable efforts. Therefore, no reconciliation is being provided at this time. These items could result in significant adjustments from the most comparable GAAP measure.

7 Clearwater is Well Positioned to Deliver Strong Returns Across the Cycle >16% Cycle peak (>95% utilization, 50-60% FCF conversion) Average across cycle (90-95% utilization, 40-50% FCF conversion) ~13 to 14% Downcycle (<85% utilization, 0-20% FCF conversion) <10% TARGETING STRONG CASH FLOW GENERATION ACROSS THE CYCLE Paperboard industry is cyclical, driven by supply and demand balance Currently in downcycle as new capacity is added ahead of demand recovery Across the cycle Adjusted EBITDA margins target of 13% to 14% Delivering a 40-50% Adjusted EBITDA to free cash flow conversion rate1, or $100M+ per year Reduced fixed cost structure by over ~$50M in 2025 Continued investment in assets to enhance competitiveness Exploring growth opportunities to expand product offering through internal investments or external options Strong balance sheet to sustain the business and create strategic options across the cycle Clearwater is focused on value creation across the cycle 1. Cash flow from operating activities adjusted for other operating charges less capital, divided by Adjusted EBITDA ADJUSTED EBITDA TARGET MARGINS

8 Exploring Options to Expand Our Product Offering Post consumer recycled content Developed and in market Provide options for converter customers to service sustainability driven Consumer Packaged Goods (CPG) and Quick Service Restaurants (QSR) customers Compostable plate BPI certified at two locations Enable our plate converter customers to meet demands of leading domestic retailers Lightweight folding carton Launched Velora in April Offer alternatives to Folding Boxboard (FBB) imports with superior performance Poly-free coatings / barriers Continuing to develop options in addition to current offering Meet current and future needs of sustainability driven cup converters looking for a poly-free offering Unbleached paperboard grade (CUK) Technical feasibility and market opportunity complete; investment decision on hold Enable independent converters to better compete with large integrated incumbents Recycled paperboard grade (CRB) Open to evaluating external options Provide a more complete paperboard offering to existing Solid Bleached Sulfate (SBS) customers Initiative Status Objective

9 Optimized Capital Allocation Approach Supports Value Creation $70-80M EXPECTED NORMALIZED ANNUAL MAINTENANCE CAPEX, EXCLUDING LARGE REPLACEMENT PROJECTS 1-2x TARGET LEVERAGE RATIO AT CROSS CYCLE Investing to maintain the long-term performance of our assets Evaluating capital investments to diversify product portfolio Opportunistic M&A or other external options to support strategic priorities Return capital to shareholders through share buybacks Utilizing free cash flow (FCF) to deleverage our balance sheet

10 Optimistic About Long-Term Value Creation Sharp focus on improving and growing our paperboard business • De-levered balance sheet with proceeds from tissue sale • Focus on growing our position as a premier independent paperboard packaging supplier to North American converters Well invested asset base to support future growth • High quality paperboard assets well positioned across the U.S. to efficiently service North American converters • Strong legacy of prioritizing sustainability • Focused on expanding product portfolio through internal investment and external options Focused on optimizing business to deliver free cash flows • Driving improvement in operational performance • Consistently investing to maintain competitiveness of our assets • Strategically deploy capital to create long-term shareholder value

11 Appendix

12 Q4’25 VS Q1’26 Adjusted EBITDA Results from Continuing Operations ($ in millions) $19.8 $3.1 $0.6 $1.9-$14.8 -$6.8 Q4'25 Adj. EBITDA Price/Mix Volume Costs/Other SGA Q1'26 Adj. EBITDA Lower paperboard sales and lower production due to weather events No annual maintenance in Augusta offset by weather related cost Cost reduction activities Lower market pricing and changes in mix

13 Key Metrics 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 $ 168.4 Labor and overhead 121.7 130.5 117.1 Supply chain costs (principally freight) 39.6 37.3 36.3 Depreciation 22.4 22.7 21.0 Other 9.9 9.2 (1.3) Cost of sales $ 361.2 $ 369.2 $ 341.5 Paperboard sale volumes 302,918 317,715 289,487 Paperboard production volumes 292,479 308,660 290,223 Net sales price per ton $ 1,101 $ 1,139 $ 1,188 Quarter Ended

14 Financial Performance ($ IN MILLIONS, UNAUDITED) March 31, 2026 December 31, 2025 March 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 (11.1) (11.5) 11.8 Total operating costs and expenses 370.7 378.8 382.2 Total income (loss) from operations (10.4) 7.5 (4.0) Total non-operating expense (6.1) (5.1) (3.6) Income (loss) from operations before income taxes (16.5) 2.4 (7.7) Income tax benefit (3.7) (0.8) (1.8) Income (loss) from continuing operations (12.8) 3.2 (5.9) Income (loss) from discontinued operations, net of tax - 35.1 (0.4) Net income (loss) $ (12.8) $ 38.3 $ (6.3) Quarter Ended

15 Reconciliation of Adjusted EBITDA ($ IN MILLIONS, UNAUDITED) 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) 3.2 (5.9) Income tax benefit (3.7) (0.8) (1.8) Interest expense, net 5.0 4.8 3.3 Depreciation and amortization expense 23.4 23.7 22.0 Other operating charges, net (11.1) (11.5) 11.8 Other non-operating expense 1.1 0.3 0.3 Adjusted EBITDA from continuing operations $ 1.9 $ 19.8 $ 29.8 Adjusted EBITDA Margin 0.5% 5.1% 7.9% Quarter Ended

16 Reconciliation of Adjusted Net Income ($ IN MILLIONS, UNAUDITED) 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) 3.2 (5.9) Add back: Income tax benefit (3.7) (0.8) (1.8) Other operating charges, net (11.1) (11.5) 11.8 Adjusted income (loss) before tax (27.7) (9.1) 4.1 Normalized income provision (benefit) (6.9) (2.3) 1.0 Adjusted net income (loss) from continuing operations $ (20.7) $ (6.8) $ 3.1 Adjusted income (loss) from continuing operations, per diluted share (1.29)$ (0.42)$ 0.19$ Quarter Ended

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