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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Mercer International
Mercer International (MERC) investor relations material
Mercer International Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Aug, 2026
Executive summary
Q2 2026 saw negative operating EBITDA of $21.0 million and a net loss of $76.0 million ($1.13/share), including a $29.0 million non-cash inventory impairment, as high German fiber costs and delayed pulp price recovery weighed on results.
Revenues for Q2 2026 were $460.3 million, nearly flat year-over-year, with higher solid wood sales and pulp volumes offsetting lower pulp realizations.
Strategic restructuring at the Torgau facility is underway, including a workforce reduction of approximately 350 positions by Q2 2027 and operational adjustments at German mills.
The One Goal 100 program delivered $54.0 million in cost improvements since April 2025, with $24 million in H1 2026 and $13 million in Q2 2026, on track for $100 million by year-end.
Management is addressing liquidity challenges due to upcoming debt maturities, engaging advisors and evaluating strategic alternatives to enhance liquidity and strengthen the balance sheet.
Financial highlights
Q2 2026 revenues: $460.3 million (Q2 2025: $453.5 million); H1 2026: $949.6 million.
Q2 2026 net loss: $76.0 million ($1.13/share), improved from $86.1 million ($1.29/share) in Q2 2025.
Q2 2026 operating EBITDA: negative $21.0 million (Q2 2025: negative $20.9 million).
Inventory impairment charges: $29.0 million in Q2 2026, mainly due to low pulp prices and high fiber costs.
Aggregate liquidity at June 30, 2026: ~$191.7 million, with $78.8 million in cash and $113 million in undrawn revolvers.
Outlook and guidance
Fiber costs in Germany expected to remain high in Q3 2026, with modest decreases at sawmills and Canadian pulp mills.
Pulp production at German mills to remain reduced in Q3 2026 due to high fiber costs and planned maintenance downtime.
Pulp prices (NBSK and NBHK) expected to decrease slightly in Q3 2026 as supply constraints ease and demand remains weak.
Lumber prices projected to remain stable in Europe and rise modestly in the U.S.; mass timber production and sales expected to be flat in Q3, with a meaningful increase in Q4.
Mass timber order book at $151 million, with major contracts expected to contribute from late 2026 into 2027.
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Latest events from Mercer International
- FY 2023 EBITDA fell sharply; Q4 results faced maintenance and inventory-sale headwinds.MERC
Q4 2023 - 2025 saw major losses, but 2026 targets EBITDA gains and mass timber growth; all proposals passed.MERCAGM 2026
- Q1 2026 EBITDA improved sequentially but net loss widened on lower pulp prices and higher costs.MERCQ1 2026
- Shareholders will vote on directors, executive pay, and auditor ratification at the June 2026 meeting.MERCProxy filing
- Director elections, say-on-pay, and auditor ratification headline a governance-focused 2026 meeting.MERCProxy filing
- Q4 2025 posted a $309M net loss, major impairments, but mass timber and liquidity improved.MERCQ4 2025
- Stable financials, cost discipline, and innovation drive long-term competitiveness.MERCAGM 2025
- Q3 2024 EBITDA rose to $50.5M–$55M, net loss narrowed, and debt was reduced by $100M.MERCQ3 2024
- Operating EBITDA rebounded, but net loss persisted due to Torgau impairment and weak wood markets.MERCQ2 2024
Next Mercer International earnings date
Q3 20266 Nov, 2026
Mercer International
Next Mercer International earnings date
Q3 20266 Nov, 2026
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Frequently asked questions
Mercer International Inc produces market pulp and renewable energy from wood biomass. The company operates manufacturing facilities in North America and Europe, supplying paper, tissue, and packaging producers. It also generates green electricity and thermal energy as by-products. The company is headquartered in Vancouver, Canada, and its shares are listed on the NASDAQ.