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Mercer International (MERC) investor relations material
Mercer International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 results were negatively impacted by global economic and trade uncertainty, lower pulp prices, and higher fiber costs, resulting in a net loss of $80.8 million ($1.21 per share) and negative EBITDA of $28.1 million, including a $20.4 million non-cash inventory impairment.
Revenues declined 9% year-over-year to $458.1 million, mainly due to lower pulp and manufactured products sales realizations, partially offset by higher lumber sales realizations.
The company is advancing its One Goal 100 program, targeting $100 million in cost savings and operational improvements by end of 2026, with $30 million expected by end of 2025.
Strategic focus remains on cost reduction, reliability improvements, and transforming pulp mills into biorefineries for long-term resilience.
Financial highlights
Q3 2025 revenues: $458.1 million (down from $502.1 million in Q3 2024); net loss: $80.8 million ($1.21/share); Operating EBITDA: negative $28.1 million.
Inventory impairment charges of $20.4 million in Q3, primarily against pulp inventory.
Cash and cash equivalents at September 30, 2025: $98.1 million; total liquidity: $376.1 million.
Cash consumption increased in Q3, mainly due to lower EBITDA.
Interest expense for Q3 2025 was $28.5 million, up 8% year-over-year due to debt refinancing at higher rates.
Outlook and guidance
Pulp prices expected to remain weak in Q4 2025 due to soft demand and global trade uncertainty; modest NBSK price improvements anticipated late Q4 and into Q1 2026.
Lumber prices anticipated to modestly increase in Europe and slightly rise in the U.S. in late Q4 2025; pallet and mass timber prices expected to remain flat.
Per unit fiber costs projected to increase in Q4 2025 due to supply constraints and strong demand, especially in Germany.
2025 CapEx planned at $90–100 million, focused on maintenance, environmental, and safety; 2026 CapEx expected to be meaningfully lower, targeting $75 million or less.
Further cost reductions, CapEx cuts, and working capital measures underway to support liquidity.
Fiber cost and pulp substitution impact on EBITDA
One Goal One Hundred progress and carbon capture next steps
What is the strategy for 2026 CapEx reduction?
At what price gap does hardwood substitution abate?
Impact of Canadian lumber tariffs on fiber costs
Mass timber capacity needs for AI data centers
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Next Mercer International earnings date
Q4 202513 Feb, 2026
Next Mercer International earnings date
Q4 202513 Feb, 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.
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