SPOKANE, Wash. (News release) -- Clearwater Paper Corporation, a premier independent supplier of bleached paperboard to North American converters, today reported financial results for the fourth quarter and year ended December 31, 2025.

2025 FULL YEAR HIGHLIGHTS

• Net sales of $1.6 billion, up 12% compared to 2024, with volumes up 14%, primarily from operating the Augusta facility for the full year

• Net loss from continuing operations of $53 million, or $3.28 per diluted share, primarily driven by a $48 million non-cash goodwill impairment, partly offset by insurance proceeds

• Adjusted EBITDA improved to $107 million from $36 million in 2024, driven by over $50 million in fixed‑cost reductions, including $16 million in SG&A savings that lowered SG&A costs from 8.4% to 6.5% of net sales

• Significant improvement in execution of planned major maintenance outages, with all three completed on target at a total direct cost of approximately $50 million

• Successfully completed integration of the Augusta mill and separation of the tissue business, both completed ahead of schedule and below targeted costs

• Repurchased approximately $17 million of shares, with $79 million remaining of the authorization approved in November of 2024

"We delivered significant year over year Adjusted EBITDA improvement in an oversupplied market by focusing on the variables within our control, namely reducing costs and improving operating performance," said Arsen Kitch, president and chief executive officer. "Our team did a great job defending our market position and strengthening relationships with strategic customers."

OVERALL FOURTH QUARTER AND FULL YEAR RESULTS

Net sales were $386 million for the fourth quarter of 2025, flat compared to fourth quarter 2024 net sales of $387 million. Net income for the fourth quarter of 2025 was $38 million, or $2.39 per diluted share compared to $199 million for the fourth quarter of 2024, or $11.91 per diluted per share which included a $307 million of gain on sale of the tissue division ($218 million after tax). Adjusted EBITDA from continuing operations was $20 million in the fourth quarter of 2025, compared to $9 million in the fourth quarter of 2024. The increase in Adjusted EBITDA was driven by higher sales volumes, our planned cost reduction activities, lower input costs and insurance proceeds, partially offset by lower pricing.

Net sales were $1.6 billion for 2025, an increase of 12% compared to 2024 net sales of $1.4 billion. Net loss for 2025 was $19 million, or a loss of $1.15 per diluted share, compared to net income of $196 million for 2024, or $11.70 per diluted share. Adjusted EBITDA from continuing operations was $107 million for 2025 compared to $36 million for 2024. The increase in Adjusted EBITDA from continuing operations was driven by our planned cost reduction activities and lower input costs, partially offset by lower pricing.