Clearwater Paper Corp (FRA:5WC)

Q4 2025 Clearwater Paper Corp Earnings Call Transcript

Feb 18, 2026 / 10:00 PM GMT

Release Date Price: €13 (-9.72%)

Transcript 10-K8-K

Key Points

Positve

Clearwater Paper Corp (CLW) successfully completed the integration of the Augusta mill and the separation of its tissue business ahead of schedule.
Net sales increased by 12% year over year, driven by a 14% increase in shipments, primarily from operating the Augusta mill for a full year.
The company achieved a $71 million improvement in adjusted EBITDA, driven by exceptional cost control and execution.
Clearwater Paper Corp (CLW) delivered more than $50 million in fixed cost reductions, including $16 million in SG&A savings.
The company maintained a strong balance sheet, ending the year with more than $400 million in liquidity.

Negative

The paperboard industry is facing challenging supply and demand dynamics, particularly in SBS, with industry operating rates decreasing to the low 80% range.
Clearwater Paper Corp (CLW) is facing a $70 million pricing headwind in 2026 due to changes in the Reesi price index.
The company experienced operational disruptions and higher costs due to severe weather at its Augusta and Cypress Bend facilities, incurring approximately $15 to $20 million in incremental costs.
Current margins and cash flow levels are not sustainable for the company in the long term, impacting its ability to reinvest in capital-intensive assets.
Clearwater Paper Corp (CLW) may need to take extended curtailments on its assets and variabilize costs to balance supply with demand in 2026.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CLW.N - Clearwater Paper Corp
Q4 2025 Clearwater Paper Corp Earnings Call
Feb 18, 2026 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello, everyone.

Thank you for joining us and welcome to the Clearwater Paper 4th quarter and full year 2025 earnings conference call.

After today's prepared remarks, we will host a question-and-answer session.

If you would like to ask a question, please press 1 on your telephone keypad.

To withdraw your question, press 1 again.

I will now hand the call over to Sloan Bolin Investor Relations. Please go ahead.

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Unidentified_2 [2]
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Thank you so much. Good afternoon and thank you for joining Clearwater Papers

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