Mercer International (MERC) AGM 2026 summary

Opening remarks and agenda

• Meeting was webcast live for inclusive shareholder participation, with voting and Q&A available virtually.

• Chairman opened the meeting, introduced officers, and confirmed quorum.

• Agenda and rules of conduct were accessible online and through the Inspector, including review of 2025 results and shareholder voting.

Financial performance review

• 2025 total revenues were $1,868 million, with an operating EBITDA loss of $22 million and a net loss of $498 million.

• Q1 2026 Operating EBITDA was $8 million, up $28 million from Q4 2025.

• Non-cash impairments in 2025 totaled $270 million, mainly from Peace River mill asset write-downs; Q4 2025 included $239 million in impairments.

• Liquidity at Q1 2026 was $229 million, with $85 million in cash and $144 million in undrawn revolvers; a waiver was obtained for leverage covenant breaches.

Strategic initiatives and plans

• The One Goal One Hundred program targets $100 million in EBITDA improvements by end-2026, with $41 million achieved so far.

• Mass timber business is expanding, with a $171 million project backlog and expected 2026 revenues to more than double, exceeding $100 million.

• Planned 2026 capital expenditures are $60–$80 million, focused on maintenance, environmental, and safety projects.

• Investments continue in asset upgrades, bioenergy, carbon capture, and sustainable aviation fuel initiatives.

• Long-term strategy centers on transforming pulp mills into biorefineries and expanding mass timber as a growth engine.