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Here are 1-3 brief analogies for Clearwater Paper (CLW):

• Think of them as a combination of Kimberly-Clark (for consumer and away-from-home tissues) and a specialized paperboard division of International Paper.
• They are like a more focused version of Georgia-Pacific, producing both common household tissue products and the bleached paperboard used in various packaging.

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• Bleached Paperboards: Manufactures paperboards for diverse applications including folding cartons, liquid packaging, cups, plates, and commercial printing.
• Softwood Pulp: Produces and supplies softwood pulp products.
• At-Home Tissue Products: Offers a line of consumer tissue products such as bath tissues, paper towels, facial tissues, and napkins.
• Away-from-Home Tissues: Provides tissue products specifically for commercial and institutional use.

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Clearwater Paper (CLW) primarily sells its products to other companies.

Based on the provided company description, its major customers fall into the following categories:

• For its Pulp and Paperboard segment:
  • Packaging converters
  • Folding carton converters
  • Merchants
  • Commercial printers
• For its Consumer Products segment:
  • Retailers (including grocery, club, mass merchants, and discount stores)
  • Wholesale distributors

The provided background describes the categories of companies that Clearwater Paper sells to, rather than listing specific named customer companies or their public symbols.

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Arsen Kitch
President and Chief Executive Officer

Arsen Kitch was elected President and CEO of Clearwater Paper effective April 1, 2020. He previously served as senior vice president and general manager of the consumer products division since 2018, and held roles as vice president of finance and vice president of financial planning and analysis. Mr. Kitch joined Clearwater Paper in 2013 as senior director of strategy and planning. Before joining the company, he held positions at Nestlé USA, KKR Capstone, and Frito-Lay, suggesting experience with firms connected to private equity. He holds an MBA from Stanford University Graduate School of Business and a Bachelor's degree in business administration from the University of California, Berkeley.

Sherri Baker
Senior Vice President, Finance and Chief Financial Officer

Sherri Baker began her career with Clearwater Paper in August 2023 as Senior Vice President and Chief Financial Officer. Prior to joining Clearwater Paper, Ms. Baker served as CFO at PGT Innovations and then at Hyliion Holdings. She also held positions of increasing leadership responsibility at Dean Foods and Frito Lay. Ms. Baker started her career at Ernst & Young in their audit practice and brings over 25 years of experience in building and leading finance teams.

Steve Bowden
Senior Vice President, Commercial

Steve Bowden serves as Senior Vice President, Commercial, where he leads Clearwater Paper's overall commercial strategy and the teams responsible for bringing products to market. He joined Clearwater Paper in October 2018 as senior vice president and general manager of the pulp and paperboard business. Before Clearwater Paper, Mr. Bowden was the president of the America's food and beverage division for Multi-Color.

Virginia Aulin
Senior Vice President, Human Resources and Corporate Affairs

Virginia Aulin became Senior Vice President, Human Resources and Corporate Affairs in January 2026, having joined the company as vice president of public affairs in October 2024. Ms. Aulin has led human resources, communications, and government affairs functions for various organizations, including public and private companies, start-ups, and nonprofits. Her career includes key roles with MacMillan Bloedel, Weyerhaeuser, TimberWest Forest Corp., Boise Cascade, Boise Inc., and PCA.

Michael Passarello
Senior Vice President, Supply Chain and Corporate Development

Michael Passarello has served as Senior Vice President, Supply Chain and Corporate Development since January 2025, with corporate IT responsibilities added in January 2026. He was previously Vice President, Corporate Strategy & Integration from April 2024 through December 2024. Before joining Clearwater Paper, Mr. Passarello was a partner at McKinsey & Company, a private strategy and management consulting firm, from January 2024 to April 2024, and an associate partner and engagement manager prior to that.

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1. Industry Oversupply and Pricing Pressure in the Solid Bleached Sulphate (SBS) Market: Clearwater Paper faces significant challenges due to oversupply in the Solid Bleached Sulphate (SBS) market, which has led to substantial pricing pressure and unsustainable margins. The company anticipates a $70 million pricing headwind in 2026, and current margins are deemed "not tenable" for an extended period.
2. Operational Disruptions and Increased Costs: The company has recently experienced significant production challenges and increased operating expenses, notably due to severe weather conditions impacting its Augusta and Cypress Bend facilities. These disruptions are estimated to have decreased Adjusted EBITDA by approximately $20 million in early 2026.
3. High Debt Load and Financial Flexibility Concerns: Clearwater Paper carries a notable debt load, which has been cited as a risk impacting the company's financial health and flexibility. While debt has decreased from previous levels, concerns about the company's ability to easily pay off its obligations and generate sufficient free cash flow persist.

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Clearwater Paper Corporation operates in two main segments: Pulp and Paperboard, and Consumer Products. The addressable markets for their key products and services are as follows:

Pulp and Paperboard Segment

• Bleached Paperboards:
  • The global bleached paperboard market is projected to reach approximately USD 49.6 billion by 2032, growing at a CAGR of 4.1% from an anticipated market value of USD 34.5 billion in 2023.
  • The United States Solid Bleached Sulfate (SBS) paperboard market is a leading market, with a size of approximately $3.5 billion and a CAGR of 4%.
  • The global folding cartons market size was valued at USD 185.18 billion in 2025 and is projected to grow to USD 296.97 billion by 2034, exhibiting a CAGR of 5.47%. The U.S. folding carton market is projected to grow to an estimated value of USD 41.86 billion by 2032. The USA folding carton market is estimated at USD 15.6 billion in 2026 and is projected to reach USD 24.1 billion by 2036, expanding at a CAGR of 4.4%.
  • The global liquid packaging board market was valued at $12.5 billion in 2024 and is projected to reach $18.7 billion by 2033, growing at a CAGR of 4.5%. The United States holds a significant share, with a market size of approximately $3.2 billion and a CAGR of 5%. Another report indicates the global liquid packaging board market is projected to grow from USD 19.7 billion in 2026 to USD 40.6 billion by 2036, with a CAGR of 7.5%. North America dominates the Liquid Packaging Board Market, holding the largest revenue share of 39.01% in 2024, with the U.S. market capturing 81% of that share.
• Softwood Pulp:
  • The global unbleached softwood kraft pulp market size is estimated at approximately US$28.4 billion in 2026 and is projected to reach nearly US$38.9 billion by 2033, expanding at a compound annual growth rate (CAGR) of about 4.6%. North America is projected to account for approximately 34.3% of the global market value in 2026. Another source states North America is the largest market for unbleached softwood kraft pulp, holding approximately 45% of the global market share.

Consumer Products Segment

• At-Home Tissue Products (including bath tissues, paper towels, facial tissues, and napkins):
  • The global at-home tissue paper market is projected to reach $25.56 billion by 2033, with a Compound Annual Growth Rate (CAGR) of 4.3% from the base year 2025. The at-home segment dominates the overall tissue paper market, holding a 77.65% share in 2024.
  • The global bath and toilet tissue market is expected to reach US$95.3 billion in 2025 and is estimated to reach US$135.0 billion in 2032, growing at a CAGR of 5.1%. North America is expected to account for approximately 40.3% of this market in 2025. The global bath & toilet tissue market size was valued at USD 33.56 billion in 2025 and is projected to grow to USD 61.04 billion by 2034, exhibiting a CAGR of 6.96%.
  • The global paper towels market was valued at USD 12,131.63 million in 2025 and is expected to increase to USD 17,414.77 million by 2032, growing at a CAGR of 5.3%. North America leads this market with approximately 45% share. The United States accounts for nearly 38% of total global paper towel consumption.
  • The global facial tissues market size was valued at USD 8.87 billion in 2025 and is expected to grow to USD 12.66 billion by 2032, with a CAGR of 5.22%. North America held the largest revenue share in the facial tissues market, contributing about 35.13% in 2024. The U.S. facial tissues market is projected to grow at a CAGR of 3.54% through 2032.
• Away-from-Home Tissues:
  • The global Away from Home Tissue Products market was valued at USD 45.50 billion in 2024 and is expected to grow to USD 77.02 billion by 2032, with a CAGR of 6.8%. North America is expected to dominate this market, holding a 35% market share in 2024. The Away-From-Home Tissue and Hygiene market size is forecast to reach USD 65.91 billion by 2031, growing at a 6.92% CAGR from USD 47.16 billion in 2026. North America accounted for 42.09% of the Away-From-Home Tissue and Hygiene market revenue in 2025.

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Clearwater Paper Corporation (CLW) is expected to drive future revenue growth over the next two to three years through several strategic initiatives focused primarily on its paperboard segment, following the divestiture of its tissue business in late 2024.

1. Full Integration and Optimized Operation of the Augusta Mill: The acquisition of the Augusta, Georgia paperboard mill in May 2024 significantly expanded Clearwater Paper's bleached paperboard capacity. Full-year operation of this mill was a primary driver of a 14% increase in paperboard volumes in 2025 and is expected to continue contributing to volume growth and net sales. The company aims for a balanced national network to achieve the least-landed cost, targeting synergies by the end of 2026.

2. Strategic Expansion into Higher-Margin Paperboard Market Segments: With its refocused strategy as a specialized leader in paperboard packaging, Clearwater Paper is targeting higher-margin end-markets such as food service, pharmaceutical packaging, and high-end commercial printing. This strategic pivot is intended to improve margins and capture demand in premium segments requiring tight technical specifications.

3. Development and Launch of New Products, Including Plastic-Replacement Solutions: Clearwater Paper is focused on product innovation to capture evolving market demands. The company plans to launch Valora, a new lightweight paperboard product line, in the second quarter of 2026. Furthermore, product development efforts are centered on fiber-based cups and containers, aiming to address shifting consumer preferences and regulatory trends driven by plastic bans and sustainability initiatives between 2025 and 2026.

4. Overall Growth in Paperboard Shipments and Volumes: Beyond the specific impact of the Augusta mill, Clearwater Paper anticipates achieving flat to modest shipment growth in its paperboard business for 2026. This general increase in the quantity of paperboard products sold to its diverse customer base, including packaging converters and commercial printers, is a fundamental driver of revenue expansion.

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Share Repurchases

• Clearwater Paper repurchased $17 million in shares during 2025.
• As of February 18, 2026, the company had $79 million remaining under its authorized share repurchase program.
• In 2022, the company repurchased approximately $5.0 million worth of shares.

Share Issuance

• Shares were issued as restricted stock vesting compensation, with examples including 490 shares in October 2021, 1,622 shares in February 2023, 3,313 shares in March 2023, 2,305 shares in March 2024, and 1,159 shares in March 2024.
• Clearwater Paper plans to seek shareholder approval for a new 2026 Stock Incentive Plan at its annual meeting on May 7, 2026.

Inbound Investments

• BlackRock disclosed an 8.6% stake in Clearwater Paper in a 13G/A filing on January 21, 2026.
• Southeastern disclosed an 8.6% holding in the company on February 13, 2026.
• Institutional ownership of Clearwater Paper reached approximately 92% by mid-2025.

Outbound Investments

• Clearwater Paper completed the sale of its tissue business to Sofidel for $1.06 billion in 2025.
• The company acquired the Augusta, Georgia paperboard mill on May 1, 2024.

Capital Expenditures

• Capital expenditures for 2026 are expected to be between $65 million and $75 million, with a focus on strategic investments and enhancing operational capabilities.
• The company completed major maintenance outages in 2025 at a total cost of $50 million.
• Capital expenditures for the 12 months ending in early 2026 were -$88.80 million, reflecting a net cash inflow from capital activities.