Clearwater Paper(CLW) - 2025 H2 - Earnings Call Presentation

Financial Performance - FY25 operating EPS and DPS were 250 cents per security, in line with guidance[8] - FY26 operating EPS and DPS guidance is 255 cents per security, reflecting 2% annual growth[8] - Like-for-like net property income increased by 30%[8] - Operating expenses decreased by 153% from A$361 million to A$306 million[17] - Finance costs decreased by 167% from A$1086 million to A$905 million[17] Portfolio Highlights - Portfolio valuation is A$55 billion with a 93-year WALE and 999% occupancy[8] - 99% of the portfolio is leased to blue-chip tenants[8] - 54% of leases are NNN leases[8] - Like-for-like capital values across the portfolio are +18% higher in June 2025 compared to June 2020[11] Capital Management - 89% of debt was hedged as at 30 June 2025, with an average forecast hedging of 72% for FY26[10] - Balance sheet gearing is 314%, within the target range of 25% – 35%[10]