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Mercer International (MERC) investor relations material
Mercer International Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 Operating EBITDA was negative $20.9M, down from $47M in Q1 2025 and $30.4M in Q2 2024, driven by FX losses, lower pulp prices, and higher fiber costs.
Net loss for Q2 2025 was $86.1M ($1.29/share), compared to $22M loss in Q1 2025 and $67.6M in Q2 2024.
Trade uncertainty, tariffs, and a weaker USD significantly impacted results, especially in China and Europe.
The One Goal 100 program targets $100M in cost savings by 2026, with $5M achieved and $25M more identified for 2025.
Dividend suspended in Q2 2025 to prioritize debt reduction and liquidity amid market uncertainty.
Financial highlights
Q2 2025 revenues: $453.5M (down 9% YoY); H1 2025 revenues: $960.5M.
Q2 2025 net loss: $86.1M ($1.29/share); Q1 2025 net loss: $22M; H1 2025 net loss: $108.4M.
Q2 2025 Operating EBITDA: -$20.9M (vs. $47M in Q1 2025 and $30.4M in Q2 2024).
Cash and cash equivalents at June 30, 2025: $146.5M; total liquidity: $438.1M.
Capital expenditures for H1 2025: $44.4M; Q2 2025 CapEx: $24M; 2025 CapEx guidance: $90M–$100M.
Outlook and guidance
Pulp prices expected to remain weak through Q3 2025, with recovery anticipated in Q4 and into 2026.
Lumber prices anticipated to rise modestly in Europe and the U.S. in Q3 2025; pallet and mass timber prices expected to remain flat.
Per unit fiber costs for German pulp mills expected to decrease in Q3 2025; solid wood segment fiber costs to rise modestly.
CapEx for 2025 reduced to $90M–$100M, focused on maintenance and safety.
One Goal 100 program on track for $100M cost savings by 2026, with $5M realized and $25M targeted for 2025.
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