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NASDAQ:CLFD 1 Clearfield Investor Presentation February 2026
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NASDAQ:CLFD Forward-looking statements contained herein and in any related presentation or in the related Earnings Presentation are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. Words such as “may,” “plan,” “expect,” “aim,” “believe,” “project,” “ta rget,” “anticipate,” “intend,” “estimate,” “will,” “should,” “could,” “outlook,” or “continue” or comparable terminology are intended to identify forward- looking statements. Such forward looking statements include, for example, statements about the Company’s future revenue and operating performance, the impact of recent trade policy changes, including new and increased tariffs, retaliatory tariffs, trade disputes, and market and economic reactions to such changes, expected customer ordering patterns and future supply agreements with customers, anticipated shipping on backlog and future lead times, future availability of components an d materials from the Company’s supply chain, compliance with Build America Buy America (BABA) Act requirements, future availability of labor impacting our c ustomers’ network builds, the impact of the Broadband Equity, Access, and Deployment (BEAD) Program, Rural Digital Opportunity Fund (RDOF) or other government programs on the demand for the Company’s products or timing of customer orders, the Company’s ability to match capacity to meet demand, expansion into new markets and trends in and growth of the FTTx markets, market segments or customer purchases, future goodwill analysis and other statements that are not historical facts. These statements are based upon the Company's current expectations and judgments about future developments in the Company's business. Certain important factors could have a material impact on the Company's performance, including, without limitation: our business is depe ndent on interdependent management information systems; inflationary price pressures and uncertain availability of components, raw materials, labor and logistics used by us and our suppliers could negatively impact our profitability; we rely on single-source suppliers, which could cause delays, increase costs or prevent us from completing customer orders; we depend on the availability of sufficient supply of certain materials and global disruptions in the supply chain for these materials could prevent us from meeting customer demand for our products; a significant percentage of our sales in the last three fiscal years have been made to a small number of customers, and the loss of these major customers could adversely affect us; further consolidation among our customers may result in the loss of some customers and may reduce sales during the pendency of business combinations and related integration activities; we may be subject to risks associated with acquisitions, and the risks could adversely affect future operating results; we have exposure to movements in foreign currency exchange rates; adverse global economic conditions and geopolitical issues could have a negative effect on our business, and results of operations and financial condition; growth may strain our business infrastructure, which could adversely affect our operations and financial condition; product defects or the failure of our products to meet specifications could cause us to lose customers and sales or to incur unexpected expenses; we are dependent on key personnel; cyber-security incidents, including ransomware, data breaches or computer viruses, could disrupt our business operations, damage our reputation, result in increased expense, and potentially lead to legal proceedings; natural disasters, extreme weather conditions or other catastrophic events could negatively affect our business, financial condition, and operating results; pandemics and other health crises could have a material adverse effect on our business, financial condition, and operating results; to compete effectively, we must continually improve existing products and introduce new products that achieve market acceptance; if the telecommunications market does not continue to expand, our business may not grow as fast as we expect, which could adversely impact our business, financial condition and operating results; changes in U.S. government funding programs may cause our customers and prospective customers t o delay, reduce, or accelerate purchases, leading to unpredictable and irregular purchase cycles; intense competition in our industry may result in price reductions, lower gross profits and loss of market share; our success depends upon adequate protection of our patent and intellectual property rights; we face risks associated with expanding our sales outside of the United States; expectations relating to environmental, social and governance matters may increase our cost of doing business and expose us to reputational harm and potential liability; our operating results may fluctuate significantly from quarter to quarter, which may make budgeting for expenses difficult and may negatively affect the market price of our common stock; our stock price has been volatile historically and may continue to be volatile - the price of our common stock may fluctuate significantly; anti-takeover provisions in our organizational documents, Minnesota law and other agreements could prevent or delay a change in control of our Company; and other factors set forth in Part I, Item IA. Risk Factors of Clearfield's Annual Report on Form 10-K for the year ended September 30, 2025 as well as other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements to reflect actual events unless required by law. © Copyright 2026 Clearfield, Inc. All Rights Reserved. Important Cautions Regarding Forward-Looking Statements 2
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NASDAQ:CLFD 3 Enabling the lifestyle better broadband provides Our Mission Clearfield provides fiber protection, fiber management and fiber delivery solutions that enable rapid and cost- effective fiber-fed deployment in communications networks and data centers What We Do
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NASDAQ:CLFD ProvidingOptimized Price Performance and Deep Technical Expertise Why We Win • Attractive Total Cost of Ownership through Reduced Installation Cost and Maintenance Time • Customer Testing Shows Clearfield’s FastPass TM Approach Cuts Install Time Required for Homes Passed by 50% • Singularly Focused on Serving the Fiber Market • Delivery of a Comprehensive Solution with Unsurpassed Technical Support • Commitment to Quality and Customers 4
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NASDAQ:CLFD Product and Technology Across Markets 5
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NASDAQ:CLFD Broadband Wireless Data Center
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NASDAQ:CLFD Value Propositions Our Scalable, Uniform & Cost-Effective Product Platform 7 ✓Craft-friendly – requires less skilled labor and overall labor time ✓ Designedto reduce permitting and right-of-way ✓ Faster turn-up time for quicker revenue per subscriber Fiber Management Fiber Protection & Delivery FieldSmart® Passive Architecture FieldSmart® Active Architecture Clearview® FieldShield® & YOURx® Passive panels, frames, cabinets, wall boxes, and pedestals for the inside plant, outside plant and access network Powered cabinets for the outside plant and access network Patented cassettes that connect multiple fiber optic cables Fiber pathway and protection system consisting of microducts, cables, drop cables, connectors and terminals
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NASDAQ:CLFD CraftSmart® FiberFirst Pedestal CraftSmart® Fiber Protection Vault CraftSmart® Deploy Reel TAP Box TetherSmart® Terminal and Hardened Connectors FieldSmart® FiberFlex Active Cabinets Modular and Scalable Products 8 Clearview® Cassette
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NASDAQ:CLFD • NOVATM makes fiber infrastructure simpler, smarter, and ready for tomorrow; whether building hyperscale data center, a co-location edge, or a high- demand enterprise network • Building on the legacy cassette, NOVA TM Cassette is a modular, field-friendly solution simplifies deployment, reduces downtime, and scales effortlessly • Cassette features a tool-less installation and integrated patented designation card; reducing installation time by 40% while improving first-pass yield and network reliability • Used market research and Voice of Customer data to provide a product customers and distributors are excited about Clearfield NOVATM High Density Panel 9
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NASDAQ:CLFD Clearfield Will Use its Position as a Leading Provider of Fiber Distribution and Management Equipment in the Tier 2 and Tier 3 U.S. Broadband Service Provider Market for Continued Growth Three Pillar Growth Strategy 10
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NASDAQ:CLFD Broadband Connectivity for Residential and Commercial Networks • Clearfield’s field-proven platform delivers faster installs, lower labor costs, and predictable performance across residential and commercial broadband networks. • Trusted by municipalities, cooperatives, ISPs, Tribal Nations, and carriers of all sizes to extend fiber the right way- reliably and economically. • Our craft-friendly products like FieldShield®, YOURx®, and CraftSmart® reduce time to connect and ensure every home passed becomes a home connected. 11 Strategic Pillar Protect
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NASDAQ:CLFD 2025 Sets A New Record For The Highest Annual FTTH Growth MARKET UPDA TE - BROADBAND Source: RVA (12/9/2025) 12 11.8M Homes Passed by Network Operators in the Twelve Months Ending 9/30/25 8.4M Unique Homes Newly Passed by Network Operators in the Twelve Months Ending 9/30/25 Annual Homes-Marketed (All Years Ending Q3) 2025 FBA/RVA Provider Study 98.3M Cumulative Homes Passed by Network Operators Year-To- Date 84.6M Cumulative Unique Homes Passed by Network Operators Year-To- Date
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NASDAQ:CLFD Estimated Rural TAM of $6 Billion Over Ten Years 13 • Projected $50/HH passed (29.2 Million HHs) • Projected $250/HH connected (40% take-rate) • Estimated 8.8mn/HH with at least Two Fiber Providers 112.1 7.3 20.4 8.8 29.2 Estimated Number of Passings by Household Category in Millions Dense Second Homes Rural First Passings Left (Rural) Redundant Passing Left (Rural) *Forecast assumes 10M in household growth and 2M rural not buildable (off grid). The number of redundant passings is most speculative. Source: RVA (12/10/2024), Clearfield MARKET UPDATE: BROADBAND – RURAL, OUR SWEET SPOT
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NASDAQ:CLFD 14 Broadband Connectivity Customer Profile: Hawaii Telcom • Our long-standing relationship with Hawaiian Telcom demonstrates Clearfield’s commitment to protecting and strengthening our core broadband market. • Hawaiian Telcom is working to make Hawaii the first fully fiber-enabled state, supported by our modular, craft-friendly solutions designed for efficiency and reliability. • Clearview Blue Cassettes, FieldSmart FxDS frames, and PON cabinets provide the flexibility and speed Hawaiian Telcom needs to deploy fiber efficiently across challenging terrain. • By delivering dependable products that perform in challenging environments, we reinforce our leadership in rural and community broadband.
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NASDAQ:CLFD Fiber Connectivity Solutions for Next-Gen Wireless Networks • Clearfield enables rapid, repeatable, and cost- effective deployments across 5G, Fixed Wireless Access (FWA), C-RAN, and O-RAN environments. • Our portfolio supports every segment of the wireless network from Metro Core to Cell Site, ensuring scalable, low-latency connectivity. • As operators densify networks and shift toward virtualized architectures, Clearfield provides modular, field-ready solutions that keep pace with evolving demands. • With a practical, field-engineered approach, we help customers deploy faster, connect more, and control costs- the same Clearfield advantage, expanded to wireless. 15 NASDAQ:CLFD Strategic Pillar Leverage
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MARKET UPDATE – WIRELESS Source: Dell’Oro Group, Omdia, Grand View Research, SNS Insider 16 $20B U.S. Backhaul market by 2030 – 5G densification drives fiber transport demand $8B U.S. Indoor / Outdoor DAS market by 2030 – venues & campuses expand coverage $13B U.S. Small Cell market by 2030 – urban densification and private networks $37B U.S. Metro Core market by 2030 – wireless backhaul links into fiber core Infrastructure Investment Momentum Driving the Next Phase of 5G Growth 0 10 20 30 40 50 60 70 80 90 2025 2026 2027 2028 2029 2030 US$ Billions U.S. Wireless Network Infrastructure Growth Forecast 2025-2030 ~9%
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NASDAQ:CLFD • The modularity, scalability, and reliability that define our broadband leadership now enable us to connect data-intensive applications closer to the user. • Our powered cabinets and fiber-management platforms let service providers, such as Ziply, use their existing fiber to support edge compute, wireless backhaul, and low-latency local services. • By extending our broadband expertise into edge and wireless environments, we help customers turn their existing networks into new platforms for growth. Connectivity for Wireless Backhaul Customer Profile: Ziply Fiber 17NASDAQ:CLFD
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NASDAQ:CLFD Redefining Fiber Simplicity for the Data Center • Clearfield brings 20+ years of fiber- deployment expertise to simplify the physical layer for data centers and edge facilities. • Engineered for low-latency, edge-ready environments, Clearfield connects compute to users with the same field-tested reliability trusted in broadband. 18 Strategic Pillar Expand
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NASDAQ:CLFD Strong Momentum in NA Data Center Capacity Driven by AI Investment Source: JLL,Mckinsey, Dell´Oro Group 19 22 26 29 34 0 5 10 15 20 25 30 35 40 2024 2025 2026 2027 Gigawatts NA Data Center Capacity (gigawatts) 2023-2027 ~16% ~16% CAGR of Gigawatts installed across North America. 800G optics adoption is driving high-density fiber architectures. $500B capital investment in data center infrastructure by 2030 x4 fiber connections required in AI cluster compared to traditional data center. MARKET UPDA TE – DATA CENTER
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NASDAQ:CLFD Financial Performance 20
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NASDAQ:CLFD Revenue and Gross Profit Trends FINANCIAL PERFORMANCE 21 $29.7 $40.6 $38.8 $41.1 $34.3 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 5 10 15 20 25 30 35 40 45 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Total Revenue Gross Margin All figures are presented on a continuing operations basis, consistent with Clearfield’s fiscal year 2025 financial statements $ in millions 21
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NASDAQ:CLFD 22 Net Sales Comparison by Market $0.4 $3 $7 $5.6 $13 $2 $2 $8 $6 $16 International National Carrier Large Regional MSO/Cable TV Community Broadband Quarterly Net Sales1 FQ1 25 FQ1 26 All dollar figures in millions 1Based on net sales from continuing operations of $34.3 million for Clearfield and Point of Sales (POS) reporting from distributors who resell our product line into these markets. The Company previously listed Legacy Market in this slide. However, the Company no longer serves this market as it divested i tself of its copper product line manufacturing in FY25 Q4 and sales for FY25 Q1 were immaterial.
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NASDAQ:CLFD 23 Q1 FY26 Net Sales Composition Ended 12/31/251 Community Broadband (Tier 2&3, utilities, municipalities, and alternative carriers) MSO (Cable TV) International (Europe, Canada, Mexico, and Caribbean Markets) National Carrier (Tier 1 Wireline and all Wireless Markets) Large Regional Service Providers (ILEC operating a multi-state network with more than 500,000 subscribers) 18% 48% 23% 6% 5% 1Based on net sales from continuing operations of $34.3 million for Clearfield and Point of Sales (POS) reporting from distributors who resell our product line into these markets. The Company previously listed Legacy Market in this slide. However, the Company no longer serves this market as it divested i tself of its copper product line manufacturing in FY25 Q4 and sales for FY25 Q1 were immaterial.
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NASDAQ:CLFD Operating Expenses FINANCIAL PERFORMANCE All figures are presented on a continuing operations basis, consistent with Clearfield’s fiscal year 2025 financial statements $ in millions $10.7 $12.3 $12.1 $13.3 $13.2 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Operating Expenses $ Operating Expenses as a % of Net Sales 24
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NASDAQ:CLFD Net Income FINANCIAL PERFORMANCE $ in millions $(0.4) $2.5 $2.3 $1.8 $(0.3) -1 -0.5 0 0.5 1 1.5 2 2.5 3 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 All figures are presented on a continuing operations basis, consistent with Clearfield’s fiscal year 2025 financial statements 25
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NASDAQ:CLFD Balance Sheet at December 31, 2025 FINANCIAL PERFORMANCE • The Company’s balance sheet remains strong with $157 million in cash, short-term and long-term investments, and no debt. • The company invested $5.2 million to repurchase 179,000 shares during the 3- month period ended December 31, 2025. Our share buyback authorization was increased from $65 million to $85 million in November 2025. The Company had $23.1 million available for additional repurchases as of December 31, 2025. • Backed by our healthy balance sheet and renewed focus on our historical North American operations, we continue to believe we are well positioned to pursue larger customer opportunities and strategic initiatives to strengthen our market position and invest in expanding our product portfolio. Our strong cash balance also equips us for our long-term growth strategy and the anticipated growth in demand in the broadband market ahead. 26
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NASDAQ:CLFD First Quarter Fiscal Year 2026 Highlights o Net sales from continuing operations in the first quarter of fiscal 2026 were $34.3 million, a 16% increase from $29.7 million in the prior year first quarter. o Stabilization and an early rebound in Community Broadband. o Gross margin from continuing operations improved from 29.2% to 33.2% in the first quarter of fiscal 2026 from the prior year quarter, driven primarily by improvedoverhead absorption as well as higher inventory utilization. o Our first quarter performance was driven by seasonal product mix and solid demand across key customer segments. 27
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NASDAQ:CLFD Q2 25 Actual Q3 25 Actual Q4 25 Actual Q1 26 Actual Q2 26 Forecast $41 $39 $41 $34 NASDAQ:CLFD Quarterly Net Sales ($ in millions) Fiscal 2026 Financial Outlook $380 - $393 Q2 25 Actual Q3 25 Actual Q4 25 Actual Q1 26 Actual Q2 26 Forecast $0.09 $0.11 $0.13 $(0.02) Net Income (Loss) Per Share ($) $32 to $35 $(0.02 to $0.10) Annual Net Sales of $160M to $170M Annual Net Income Per Share $0.48 to $0.62 All figures are presented on a continuing operations basis, consistent with Clearfield’s fiscal year 2025 financial statements. FY26 Q2 and fiscal year 2026 net sales and net income per diluted share guidance issued are effective as of February 4, 2026. The Company’s FY 26 Q2 and full fiscal year 2026 guidance reflects our current understanding of the impact of the evolving tariff situation, which could contribute to uncertainty in our business. 28
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NASDAQ:CLFD 29 Executive Management Team Anis Khemakhem Chief Commercial Officer Daniel Herzog Chief Financial Officer Cheri Beranek President & Chief Executive Officer • CMO of Clearfield since 2025 • Previously held leadership positions at Clearfield, Amphenol and Carlisle Interconnect Technologies • Has experience in strategic development from his time as Senior Market Development and Strategy Manager at TE Connectivity and earlier as a Senior Development Engineer at ADC Telecommunications • Co-founded Clearfield in 2008 • Previously VP of engineering and product management • Over 15 years of strategic and hands-on experience in the telecommunications networking industry • CFO of Clearfield since 2011 • Previously Chief Financial Officer of Americable (which was acquired by Clearfield’s predecessor organization, APA Cables and Networks) • Held financial leadership roles in both public and private companies, including Schwing America and Computer Designed Systems • Co-founded Clearfield in 2008 • One of twelve CEOs to receive the Ernst & Young 2023 Entrepreneur Of The Year National Award • Previously President of APA Cables & Networks (Clearfield’s predecessor organization) • Over 20 years of experience in executive roles at high- growth tech companies, including Americable, Transition Networks, and Digi International Johnny Hill Chief Operating Officer
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NASDAQ:CLFD 30 COMPANY CONTACT: Cheri Beranek President & CEO Clearfield, Inc. IR@seeclearfield.com INVESTOR RELATIONS: The Blueshirt Group Greg McNiff T: 773-485-7191 clearfield@blueshirtgroup.com