Debt talks and $76M Q2 loss at Mercer International (Nasdaq: MERC)
Rhea-AI Filing Summary
Mercer International Inc. reported second quarter 2026 revenues of $460.3 million, roughly flat with a year earlier, but continued to post losses as high fiber costs and weak pulp pricing weighed on results. Operating loss was $58.974 million and Operating EBITDA was negative $21.0 million, including a $29.0 million non-cash inventory impairment. Net loss was $76.0 million, or $1.13 per share, an improvement from a $86.1 million loss in the prior-year quarter.
Through its “One Goal One Hundred” initiative the company realized $13.0 million of cost savings in the quarter and approximately $54.0 million since April 2025, targeting $100 million by year end. Liquidity as of June 30, 2026 totaled about $191.7 million, including $78.8 million of cash, while shareholders’ equity had shifted to a $97.974 million deficit. Management has engaged advisors and begun discussions with holders of 2028 and 2029 senior notes and other stakeholders regarding strategic alternatives to address debt maturities and strengthen the capital structure, while restructuring the Torgau solid wood facility and reducing its workforce by about 350 positions through the second quarter of 2027. The mass timber business reported a robust order book of approximately $151 million.
Positive
- $54.0 million of cost savings achieved under the “One Goal One Hundred” program toward a $100 million target.
- Mass timber order book of approximately $151 million, anchored by large data center projects.
Negative
- Second quarter net loss of $75.978 million and Operating EBITDA of -$20.993 million.
- Shareholders’ equity shifted to a deficit of $97.974 million as of June 30, 2026.
- Aggregate liquidity of $191.7 million with cash at $78.8 million, down from $186.805 million at December 31, 2025.
- Advisors engaged and discussions underway with 2028 and 2029 senior note holders on strategic alternatives to address debt maturities.
- Mercer Torgau restructuring expects total workforce reductions of about 350 positions through the second quarter of 2027.
Filing Explained
Mercer reports that discussions with holders of its 2028 and 2029 senior notes and other stakeholders remain ongoing; no agreement or transaction has been reached, so no financing, liquidity enhancement, or capital-structure change is currently committed.
8-K Event Classification
Key Figures
Key Terms
Operating EBITDA financial
Segment Operating EBITDA financial
non-cash inventory impairment financial
NBSK pulp technical
mass timber technical
revolving credit facility financial
Earnings Snapshot
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FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
The information furnished under Item 2.02 of this Current Report shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On August 6, 2026, Mercer International Inc. (the “Company”) announced by press release the Company’s results for its second quarter ended June 30, 2026. A copy of such press release is furnished as Exhibit 99.1 to this Current Report.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit Number |
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Description |
99.1 |
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Press Release dated August 6, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MERCER INTERNATIONAL INC. |
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Date: August 6, 2026 |
By: |
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/s/ Richard Short |
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Richard Short |
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Chief Financial Officer |
2
EXHIBIT 99.1
For Immediate Release
MERCER INTERNATIONAL INC. REPORTS SECOND QUARTER 2026 RESULTS
Selected Highlights
NEW YORK, NY, August 6, 2026 ‑ Mercer International Inc. (Nasdaq: MERC) today reported second quarter 2026 Operating EBITDA of negative $21.0 million, a decrease from negative $20.9 million in the same quarter of 2025 and positive $7.8 million in the first quarter of 2026.
In the second quarter of 2026, net loss was $76.0 million ($1.13 per share) compared to $86.1 million ($1.29 per share) in the same quarter of 2025 and $52.0 million ($0.78 per share) in the first quarter of 2026.
Mr. Juan Carlos Bueno, Chief Executive Officer, stated: "Our pulp sales realizations remained steady this quarter, as continued economic uncertainty delayed market recovery. Our second quarter results were also weighed down by rising European fiber costs, driven by regional supply shortages and intense competition for sawmill residuals
____________________
*Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See page 6 of the financial tables included in this press release for a reconciliation of net loss to Operating EBITDA.
Page 2
from energy producers. As a result, we recognized a non-cash impairment of $29.0 million primarily against pulp and fiber inventory.
In response to ongoing economic uncertainty and weak market conditions, we have been actively evaluating strategic alternatives and are proactively taking steps to enhance our liquidity and strengthen our balance sheet. As previously announced, our existing special committee of independent directors continues to oversee, review, and evaluate the development and implementation of potential alternatives to improve our capital structure.
To assist in these matters, we have engaged advisors to review strategic alternatives and broader financing initiatives. As part of this process, we have entered into discussions with holders of our 2028 and 2029 senior notes, as well as other stakeholders across our capital structure, regarding potential financing and other liquidity-enhancing transactions. These discussions remain ongoing and we continue to evaluate a range of alternatives with the objective of achieving a comprehensive solution that supports our long-term business plan. No agreement has been reached with any stakeholder group, and there can be no assurance the discussions referenced above will result in any particular transaction or that any transaction, if pursued, will be completed.
We continue to pursue our "One Goal One Hundred" program and remain confident that we will achieve our targeted $100 million in cost savings and operational efficiencies by year end. With $13.0 million in cost savings realized this quarter, we have achieved a total of approximately $54.0 million since its launch in April 2025. The program is part of our broader initiatives to improve our balance sheet and preserve cash, including efforts to reduce capital expenditures and optimize working capital.
Like many industry participants, Mercer Torgau has been impacted by global economic uncertainty and heightened raw material and energy costs. To address these dynamics, the facility has taken various comprehensive measures to enhance operations, including the installation of new scanning technology to increase production of higher-value, on-grade dimensional lumber and expand exports to the U.S. It also recently announced additional strategic actions designed to align its capacity and operational profile with market conditions. These include a reduction in its workforce and adjustments to its product portfolio. An initial reduction of approximately 100 contractor positions was completed in July 2026, and Mercer Torgau expects an overall workforce reduction of approximately 350 positions as the initiative is completed in stages through the second quarter of 2027.
Looking ahead, ongoing geopolitical conflicts, including in the Middle East and Ukraine, are expected to exert inflationary pressures on fiber, freight and other production costs for our pulp and solid wood segments. While direct
Page 3
tariff impacts have been immaterial to date, we continue to monitor events as indirect impacts reshape global supply dynamics. On the supply-side, we are starting to see responses to prevailing market conditions, supporting our current expectation of more balanced markets toward the end of 2026.
Per unit fiber costs for our pulp and solid wood segments increased in the second quarter of 2026 compared to the first quarter of 2026, driven by supply constraints and strong demand in Germany. For the third quarter of 2026, per unit fiber costs are expected to remain elevated at our German mills with a slight increase at our pulp mills. This increase is driven by continued strong demand for wood as an energy source as a result of ongoing geopolitical conflicts. We expect to see a modest decrease in per unit fiber costs at our sawmills and Canadian pulp mills as regional curtailments improve their fiber supply.
We had relatively stable pulp production in the second quarter of 2026 compared to the first quarter. However, we strategically reduced production at our German mills by approximately 26,000 tonnes due to fiber constraints and expect these reductions to continue into the third quarter. We had no annual planned maintenance downtime in the second quarter of 2026 and expect a total of 40 days of annual planned maintenance downtime at our pulp mills in the third quarter of 2026.
In the second quarter of 2026, overall pulp prices were relatively steady compared to the first quarter of 2026 as weak demand was balanced by scheduled maintenance and curtailments. Looking ahead to the third quarter, we expect softwood pulp prices across all our markets to be slightly lower as the positive impacts of recent supply reductions are offset by lower seasonal demand. We expect hardwood pulp pricing to modestly decrease in the third quarter as global supply constraints ease.
In the second quarter of 2026, our lumber sales realizations increased compared to the first quarter of 2026 driven by low customer inventory levels and sawmill curtailments in the U.S. While supply also contracted in Europe, continued weak demand limited the positive impact on lumber pricing in the market. Overall demand is expected to remain weak in the third quarter of 2026 due to high U.S. interest rates and continued European economic headwinds. We are, however, seeing an upward trend in North American lumber prices driven by lower customer inventory levels and capacity curtailments. As conditions improve, we expect a strong recovery, with pent-up demand and supply constraints driving further price increases. The order book and commitments for our mass timber business are robust, at approximately $151 million at the end of the second quarter, anchored by large-scale data center infrastructure projects. We expect these contracts to begin contributing to our results as they commence in late 2026 and into 2027."
Page 4
Mr. Bueno concluded: "As economic headwinds and geopolitical volatility persist, our immediate priorities are managing costs, maintaining our liquidity, and optimizing our capital structure. The proactive steps we are taking have the goal of strengthening our balance sheet and positioning us to capitalize as market conditions improve."
Consolidated Financial Results
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Q2 |
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Q1 |
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Q2 |
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YTD |
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YTD |
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2026 |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands, except per share amounts) |
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Revenues |
$ |
460,278 |
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$ |
489,304 |
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$ |
453,524 |
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$ |
949,582 |
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$ |
960,498 |
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Operating loss |
$ |
(58,974 |
) |
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$ |
(32,892 |
) |
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$ |
(58,404 |
) |
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$ |
(91,866 |
) |
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$ |
(51,671 |
) |
Operating EBITDA |
$ |
(20,993 |
) |
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$ |
7,848 |
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$ |
(20,881 |
) |
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$ |
(13,145 |
) |
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$ |
26,207 |
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Net loss |
$ |
(75,978 |
) |
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$ |
(51,996 |
) |
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$ |
(86,071 |
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$ |
(127,974 |
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$ |
(108,410 |
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Net loss per common share |
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Basic |
$ |
(1.13 |
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$ |
(0.78 |
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$ |
(1.29 |
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$ |
(1.91 |
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$ |
(1.62 |
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Diluted |
$ |
(1.13 |
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$ |
(0.78 |
) |
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$ |
(1.29 |
) |
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$ |
(1.91 |
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$ |
(1.62 |
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Consolidated – Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Total revenues for the second quarter of 2026 remained relatively steady at $460.3 million compared to $453.5 million in the same period of 2025, as higher sales realizations for our solid wood products and higher pulp sales volumes were mostly offset by lower pulp sales realizations.
Costs and expenses in the second quarter of 2026 were generally flat at $519.3 million compared to $511.9 million in the same period of 2025. In the second quarter of 2026, higher per unit fiber costs were mostly offset by the impact of lower planned maintenance downtime and the benefits of our cost reduction initiatives. In the second quarter of 2026, costs and expenses included a non-cash impairment of $29.0 million primarily against pulp and fiber inventory as a result of low pulp prices and high fiber costs. In the same period of 2025, costs and expenses included a non-cash impairment of $11.0 million against hardwood inventory at our Peace River mill.
In the second quarter of 2026, Operating EBITDA was negative $21.0 million compared to negative $20.9 million in the same period of 2025. In the second quarter of 2026, higher per unit fiber costs and lower pulp sales realizations were mostly offset by the impact of lower planned maintenance downtime and the benefits of our cost reduction initiatives. In the second quarter of 2026, Operating EBITDA included a non-cash inventory impairment of $29.0 million compared to $11.0 million in the same period of 2025.
Page 5
Segment Results
Pulp
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Three Months Ended June 30, |
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2026 |
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2025 |
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(in thousands) |
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Pulp revenues |
$ |
303,340 |
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$ |
313,705 |
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Energy and chemical revenues |
$ |
21,734 |
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$ |
18,603 |
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Segment Operating EBITDA(1) |
$ |
(12,651 |
) |
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$ |
(10,262 |
) |
______________
In the second quarter of 2026, Segment Operating EBITDA for our pulp segment was negative $12.7 million compared to negative $10.3 million in the same period of 2025. This primarily resulted from lower pulp sales realizations and higher per unit fiber costs. These adverse effects were partially offset by the impact of lower planned maintenance downtime, the benefits of our cost reduction initiatives, and the positive foreign exchange impact from a stronger dollar. In the second quarter of 2026, Segment Operating EBITDA also included a non-cash inventory impairment of $26.0 million compared to $11.0 million in the same period of 2025.
Pulp segment revenues, comprised of pulp, energy and chemical revenues, in the second quarter of 2026 modestly decreased to $325.1 million from $332.3 million in the same period of 2025 due to lower pulp revenues.
Pulp revenues in the second quarter of 2026 modestly decreased to $303.3 million from $313.7 million in the same period of 2025 as a result of lower sales realizations, partially offset by higher sales volume.
In the second quarter of 2026, the third-party industry quoted average list price for NBSK pulp in Europe increased from the same period of 2025 primarily due to supply constraints. In the second quarter of 2026, the third-party industry quoted average list price in North America and net price in China for NBSK pulp both decreased compared to the same period of 2025. The decrease was primarily due to weak demand driven by the current economic climate and, in China, an oversupplied paper market. Our average NBSK pulp sales realizations in the second quarter of 2026 decreased by approximately 10% to $682 per ADMT from $758 per ADMT in the same period of 2025. This decrease was primarily due to lower pricing in North America and China, while higher list prices in Europe were offset by increased customer discounts.
In the second quarter of 2026, the third-party industry quoted average list price in North America and net price in China for NBHK pulp both increased from the same period of 2025, primarily due to global supply constraints. In the second quarter of 2026, average NBHK pulp sales realizations increased by approximately 6% to $607 per ADMT from $575 per ADMT in the same period of 2025, driven by higher prices in all our markets.
Page 6
Total pulp sales volumes in the second quarter of 2026 increased by approximately 6% to 450,329 ADMTs from 426,731 ADMTs in the same period of 2025 driven by the timing of sales.
Energy and chemical revenues in the second quarter of 2026 increased by approximately 17% to $21.7 million from $18.6 million in the same period of 2025. This increase was primarily due to higher sales realizations, partially offset by lower sales volumes.
In the second quarter of 2026, cost and expenses modestly decreased to $362.9 million from $368.7 million in the same period of 2025. This decrease was primarily due to lower planned maintenance downtime, our cost reduction initiatives and the positive foreign exchange impact from a stronger dollar. These decreases were partially offset by higher per unit fiber costs and higher pulp sales volumes. In the second quarter of 2026, costs and expenses included a non-cash inventory impairment of $26.0 million compared to $11.0 million in the same period of 2025.
Total pulp production in the second quarter of 2026 was relatively flat at 455,769 ADMTs compared to 457,117 ADMTs in the same period of 2025. Our German pulp mills reduced production during the quarter in response to high fiber prices, but this was offset by there being no planned maintenance downtime in the second quarter of 2026 compared to 23 days (approximately 33,200 ADMTs) at our pulp mills in the same period of 2025. Pulp production at our German mills is expected to remain at reduced levels in the third quarter of 2026 due to ongoing high fiber costs.
Overall average per unit fiber costs in the second quarter of 2026 increased by approximately 14% compared to the same period of 2025 primarily due to higher costs in Germany. These higher costs were driven by reduced supply, and strong demand for wood as an energy source as a result of ongoing geopolitical conflicts. For the third quarter of 2026, per unit fiber costs for our German pulp mills are expected to slightly increase due to continued strong demand. For our Canadian pulp mills, per unit fiber costs are expected to modestly decrease as supply improves.
Page 7
Solid Wood
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Three Months Ended June 30, |
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2026 |
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2025 |
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(in thousands) |
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Lumber revenues |
$ |
56,643 |
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$ |
66,332 |
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Manufactured products revenues(1) |
$ |
25,821 |
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$ |
12,418 |
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Pallet revenues |
$ |
31,908 |
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$ |
26,586 |
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Biofuels revenues(2) |
$ |
10,724 |
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$ |
5,095 |
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Energy revenues |
$ |
6,296 |
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$ |
4,242 |
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Wood residuals revenues |
$ |
2,811 |
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$ |
2,595 |
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Segment Operating EBITDA(3) |
$ |
(8,238 |
) |
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$ |
(4,861 |
) |
______________
In the second quarter of 2026, Segment Operating EBITDA for the solid wood segment was negative $8.2 million compared to negative $4.9 million in the same period of 2025. This decrease primarily resulted from higher per unit fiber costs partially offset by higher sales realizations for all our products.
Solid wood segment revenues in the second quarter of 2026 increased by approximately 14% to $134.2 million from $117.3 million in the same period of 2025 as a result of higher revenue from all product categories except for lumber.
In the second quarter of 2026, lumber revenues decreased by approximately 15% to $56.6 million from $66.3 million in the same period of 2025 as a result of lower sales volumes. Average lumber sales realizations in the second quarter of 2026 modestly increased to $565 per Mfbm from $550 per Mfbm in the same period of 2025. This increase was primarily due to lower customer inventory levels in the U.S. The U.S. market accounted for approximately 49% of our lumber revenues and approximately 43% of our lumber sales volumes in the second quarter of 2026. The balance of our lumber sales were mainly to Europe.
Lumber sales volumes in the second quarter of 2026 decreased by approximately 17% to 100.3 MMfbm from 120.6 MMfbm in the same period of 2025 driven by the timing of sales.
In the second quarter of 2026, manufactured products revenues were $25.8 million compared to $12.4 million in the same period of 2025. This increase was primarily driven by higher sales volumes and realizations. Manufactured products sales realizations increased by approximately 67% to $2,206 per cubic meter in the second quarter of 2026 from $1,318 per cubic meter in the same period of 2025 driven by a shift in mass timber construction activity toward higher-value projects.
Lumber production in the second quarter of 2026 was relatively stable at 123.8 MMfbm compared to 120.2
Page 8
MMfbm in the same period of 2025.
Fiber costs were approximately 85% of our lumber cash production costs in the second quarter of 2026. In the second quarter of 2026, per unit fiber costs for lumber production increased by approximately 28% compared to the same period of 2025 due to reduced supply and strong demand. For the third quarter of 2026, we currently expect per unit fiber costs to modestly decrease as sawlog availability improves.
Consolidated – Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Total revenues for the first half of 2026 were relatively flat at $949.6 million compared to $960.5 million in the same period of 2025.
Costs and expenses in the first half of 2026 modestly increased to $1,041.4 million from $1,012.2 million in the same period of 2025. This increase was primarily due to higher per unit fiber costs and negative foreign exchange impact from a weaker dollar on our euro and Canadian dollar-denominated costs and expenses. These adverse impacts were partially offset by the impact of lower planned maintenance downtime and the benefits of our cost reduction initiatives. In the first half of 2026, costs and expenses included inventory impairment charges of $51.0 million primarily against pulp and fiber inventory as a result of low pulp prices and high fiber costs. In the same period of 2025, costs and expenses included inventory impairment charges of $11.0 million against hardwood inventory at our Peace River mill.
In the first half of 2026, Operating EBITDA decreased to negative $13.1 million from positive $26.2 million in the same period of 2025. This decrease primarily resulted from lower pulp sales realizations and higher per unit fiber costs, partially offset by the impact of lower planned maintenance downtime and the benefits of our cost reduction initiatives. In the first half of 2026, Operating EBITDA also included inventory impairment charges of $51.0 million compared to $11.0 million in the same period of 2025.
Liquidity
As of June 30, 2026, we had cash and cash equivalents of $78.8 million. After taking into account the previously announced €70 million reduction in borrowing capacity under our German revolving credit facility, we had approximately $112.9 million available under our revolving credit facilities, bringing aggregate liquidity to approximately $191.7 million as of June 30, 2026. Please refer to our Quarterly Report on Form 10-Q for the period ended June 30, 2026, for further information regarding our liquidity as of June 30, 2026.
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The following table is a summary of selected financial information as of the dates indicated:
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June 30, |
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December 31, |
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2026 |
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2025 |
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(in thousands) |
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Cash and cash equivalents |
$ |
78,775 |
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$ |
186,805 |
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Working capital |
$ |
182,474 |
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$ |
582,176 |
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Total assets |
$ |
1,869,907 |
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$ |
2,041,420 |
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Current liabilities |
$ |
600,876 |
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$ |
283,626 |
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Long-term liabilities |
$ |
1,367,005 |
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$ |
1,689,734 |
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Total shareholders’ equity (deficit) |
$ |
(97,974 |
) |
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$ |
68,060 |
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Earnings Release Call
In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for August 7, 2026 at 10:00 AM ET. Listeners can access the conference call live and archived for 30 days over the Internet at https://edge.media-server.com/mmc/p/smtqn5ma or through a link on the company's home page at https://www.mercerint.com. Please allow 15 minutes prior to the call to visit the website and download and install any necessary audio software.
Mercer International Inc. is a global forest products company with operations in Germany, USA and Canada with consolidated annual production capacity of 2.1 million tonnes of pulp, 1,023 million board feet of lumber, 210 thousand cubic meters of CLT, 45 thousand cubic meters of glulam, 17 million pallets and 230 thousand tonnes of biofuels. To obtain further information on the company, please visit its website at https://www.mercerint.com.
The preceding includes forward-looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as "expects", "anticipates", "are optimistic that", "projects", "intends", "designed", "will", "believes", "estimates", "may", "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, ability to refinance or obtain any necessary financing on acceptable terms in the future, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.
Page 10
APPROVED BY:
William D. McCartney
Chairman
(604) 684-1099
Juan Carlos Bueno
Chief Executive Officer
(604) 684-1099
-FINANCIAL TABLES FOLLOW-
Summary Financial Highlights
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Q2 |
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Q1 |
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Q2 |
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YTD |
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YTD |
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2026 |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands, except per share amounts) |
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Revenues from external customers |
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Pulp segment |
$ |
325,074 |
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|
$ |
344,983 |
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$ |
332,308 |
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|
$ |
670,057 |
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$ |
713,388 |
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Solid wood segment |
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134,203 |
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131,742 |
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117,268 |
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265,945 |
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|
239,988 |
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Corporate and other |
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1,001 |
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12,579 |
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|
3,948 |
|
|
|
13,580 |
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|
|
7,122 |
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Total revenues |
$ |
460,278 |
|
|
$ |
489,304 |
|
|
$ |
453,524 |
|
|
$ |
949,582 |
|
|
$ |
960,498 |
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|
|
|
|
|
|
|||||
Pulp Segment Operating EBITDA(1) |
$ |
(12,651 |
) |
|
$ |
6,897 |
|
|
$ |
(10,262 |
) |
|
$ |
(5,754 |
) |
|
$ |
39,610 |
|
Solid wood Segment Operating EBITDA(1) |
|
(8,238 |
) |
|
|
(5,631 |
) |
|
|
(4,861 |
) |
|
|
(13,869 |
) |
|
|
(5,153 |
) |
Corporate and other |
|
(104 |
) |
|
|
6,582 |
|
|
|
(5,758 |
) |
|
|
6,478 |
|
|
|
(8,250 |
) |
Operating EBITDA(2) |
$ |
(20,993 |
) |
|
$ |
7,848 |
|
|
$ |
(20,881 |
) |
|
$ |
(13,145 |
) |
|
$ |
26,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net loss |
$ |
(75,978 |
) |
|
$ |
(51,996 |
) |
|
$ |
(86,071 |
) |
|
$ |
(127,974 |
) |
|
$ |
(108,410 |
) |
Net loss per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
$ |
(1.13 |
) |
|
$ |
(0.78 |
) |
|
$ |
(1.29 |
) |
|
$ |
(1.91 |
) |
|
$ |
(1.62 |
) |
Diluted |
$ |
(1.13 |
) |
|
$ |
(0.78 |
) |
|
$ |
(1.29 |
) |
|
$ |
(1.91 |
) |
|
$ |
(1.62 |
) |
Common shares outstanding at period end |
|
67,019 |
|
|
|
66,983 |
|
|
|
66,983 |
|
|
|
67,019 |
|
|
|
66,983 |
|
______________
1
Summary Operating Highlights
|
Q2 |
|
|
Q1 |
|
|
Q2 |
|
|
YTD |
|
|
YTD |
|
|||||
|
2026 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|||||
Pulp Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pulp production ('000 ADMTs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NBSK |
|
390.0 |
|
|
|
362.5 |
|
|
|
403.2 |
|
|
|
752.5 |
|
|
|
773.6 |
|
NBHK |
|
65.8 |
|
|
|
103.2 |
|
|
|
53.9 |
|
|
|
169.0 |
|
|
|
142.4 |
|
Annual maintenance downtime ('000 ADMTs) |
|
— |
|
|
|
— |
|
|
|
33.2 |
|
|
|
— |
|
|
|
62.9 |
|
Annual maintenance downtime (days) |
|
— |
|
|
|
— |
|
|
|
23 |
|
|
|
— |
|
|
|
45 |
|
Pulp sales ('000 ADMTs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NBSK |
|
368.8 |
|
|
|
385.1 |
|
|
|
361.4 |
|
|
|
753.8 |
|
|
|
749.5 |
|
NBHK |
|
81.6 |
|
|
|
85.6 |
|
|
|
65.3 |
|
|
|
167.2 |
|
|
|
155.1 |
|
Average NBSK pulp prices ($/ADMT)(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Europe |
|
1,655 |
|
|
|
1,618 |
|
|
|
1,553 |
|
|
|
1,637 |
|
|
|
1,552 |
|
China |
|
658 |
|
|
|
685 |
|
|
|
734 |
|
|
|
672 |
|
|
|
764 |
|
North America |
|
1,577 |
|
|
|
1,563 |
|
|
|
1,820 |
|
|
|
1,570 |
|
|
|
1,787 |
|
Average NBHK pulp prices ($/ADMT)(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
China |
|
602 |
|
|
|
595 |
|
|
|
533 |
|
|
|
598 |
|
|
|
556 |
|
North America |
|
1,495 |
|
|
|
1,338 |
|
|
|
1,310 |
|
|
|
1,417 |
|
|
|
1,289 |
|
Average pulp sales realizations ($/ADMT)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NBSK |
|
682 |
|
|
|
696 |
|
|
|
758 |
|
|
|
689 |
|
|
|
771 |
|
NBHK |
|
607 |
|
|
|
564 |
|
|
|
575 |
|
|
|
585 |
|
|
|
572 |
|
Energy production ('000 MWh) |
|
483.0 |
|
|
|
544.6 |
|
|
|
511.1 |
|
|
|
1,027.6 |
|
|
|
1,038.1 |
|
Energy sales ('000 MWh) |
|
162.3 |
|
|
|
179.3 |
|
|
|
183.1 |
|
|
|
341.6 |
|
|
|
381.8 |
|
Average energy sales realizations ($/MWh) |
|
109 |
|
|
|
123 |
|
|
|
83 |
|
|
|
117 |
|
|
|
96 |
|
Solid Wood Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lumber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Production (MMfbm) |
|
123.8 |
|
|
|
115.9 |
|
|
|
120.2 |
|
|
|
239.8 |
|
|
|
248.2 |
|
Sales (MMfbm) |
|
100.3 |
|
|
|
112.1 |
|
|
|
120.6 |
|
|
|
212.5 |
|
|
|
251.5 |
|
Average sales realizations ($/Mfbm) |
|
565 |
|
|
|
536 |
|
|
|
550 |
|
|
|
549 |
|
|
|
524 |
|
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Production and sales ('000 MWh) |
|
43.3 |
|
|
|
38.0 |
|
|
|
32.7 |
|
|
|
81.3 |
|
|
|
68.8 |
|
Average sales realizations ($/MWh) |
|
145 |
|
|
|
147 |
|
|
|
130 |
|
|
|
146 |
|
|
|
132 |
|
Manufactured products(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Production ('000 cubic meters) |
|
11.0 |
|
|
|
7.9 |
|
|
|
7.8 |
|
|
|
18.9 |
|
|
|
14.9 |
|
Sales ('000 cubic meters) |
|
11.0 |
|
|
|
10.7 |
|
|
|
8.1 |
|
|
|
21.7 |
|
|
|
14.0 |
|
Average sales realizations ($/cubic meter) |
|
2,206 |
|
|
|
1,801 |
|
|
|
1,318 |
|
|
|
2,007 |
|
|
|
1,955 |
|
Pallets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Production ('000 units) |
|
2,314.8 |
|
|
|
2,433.3 |
|
|
|
2,132.9 |
|
|
|
4,748.1 |
|
|
|
4,229.3 |
|
Sales ('000 units) |
|
2,418.3 |
|
|
|
2,381.3 |
|
|
|
2,248.0 |
|
|
|
4,799.6 |
|
|
|
4,376.8 |
|
Average sales realizations ($/unit) |
|
13 |
|
|
|
13 |
|
|
|
12 |
|
|
|
13 |
|
|
|
11 |
|
Biofuels(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Production ('000 tonnes) |
|
37.3 |
|
|
|
35.4 |
|
|
|
25.2 |
|
|
|
72.7 |
|
|
|
69.7 |
|
Sales ('000 tonnes) |
|
34.6 |
|
|
|
38.1 |
|
|
|
19.6 |
|
|
|
72.6 |
|
|
|
59.9 |
|
Average sales realizations ($/tonne) |
|
310 |
|
|
|
320 |
|
|
|
260 |
|
|
|
315 |
|
|
|
239 |
|
Average Spot Currency Exchange Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
$ / €(5) |
|
1.1632 |
|
|
|
1.1701 |
|
|
|
1.1342 |
|
|
|
1.1666 |
|
|
|
1.0943 |
|
$ / C$(5) |
|
0.7229 |
|
|
|
0.7292 |
|
|
|
0.7225 |
|
|
|
0.7260 |
|
|
|
0.7099 |
|
______________
2
MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Revenues |
|
$ |
460,278 |
|
|
$ |
453,524 |
|
|
$ |
949,582 |
|
|
$ |
960,498 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales, excluding depreciation and amortization |
|
|
449,798 |
|
|
|
444,047 |
|
|
|
902,783 |
|
|
|
874,294 |
|
Cost of sales depreciation and amortization |
|
|
37,903 |
|
|
|
37,451 |
|
|
|
78,569 |
|
|
|
77,741 |
|
Selling, general and administrative expenses |
|
|
31,551 |
|
|
|
30,430 |
|
|
|
60,096 |
|
|
|
60,134 |
|
Operating loss |
|
|
(58,974 |
) |
|
|
(58,404 |
) |
|
|
(91,866 |
) |
|
|
(51,671 |
) |
Other income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(30,920 |
) |
|
|
(28,411 |
) |
|
|
(60,021 |
) |
|
|
(56,566 |
) |
Other income (expenses) |
|
|
503 |
|
|
|
(1,120 |
) |
|
|
2,323 |
|
|
|
(1,305 |
) |
Total other expenses, net |
|
|
(30,417 |
) |
|
|
(29,531 |
) |
|
|
(57,698 |
) |
|
|
(57,871 |
) |
Loss before income taxes |
|
|
(89,391 |
) |
|
|
(87,935 |
) |
|
|
(149,564 |
) |
|
|
(109,542 |
) |
Income tax recovery |
|
|
13,413 |
|
|
|
1,864 |
|
|
|
21,590 |
|
|
|
1,132 |
|
Net loss |
|
$ |
(75,978 |
) |
|
$ |
(86,071 |
) |
|
$ |
(127,974 |
) |
|
$ |
(108,410 |
) |
Net loss per common share |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(1.13 |
) |
|
$ |
(1.29 |
) |
|
$ |
(1.91 |
) |
|
$ |
(1.62 |
) |
Diluted |
|
$ |
(1.13 |
) |
|
$ |
(1.29 |
) |
|
$ |
(1.91 |
) |
|
$ |
(1.62 |
) |
Dividends declared per common share |
|
$ |
— |
|
|
$ |
0.075 |
|
|
$ |
— |
|
|
$ |
0.150 |
|
3
MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)
|
|
June 30, |
|
|
December 31, |
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
78,775 |
|
|
$ |
186,805 |
|
Restricted cash |
|
|
5,000 |
|
|
|
— |
|
Accounts receivable, net |
|
|
308,554 |
|
|
|
298,889 |
|
Inventories |
|
|
375,301 |
|
|
|
359,401 |
|
Prepaid expenses and other |
|
|
15,720 |
|
|
|
20,707 |
|
Total current assets |
|
|
783,350 |
|
|
|
865,802 |
|
Property, plant and equipment, net |
|
|
1,028,469 |
|
|
|
1,115,490 |
|
Amortizable intangible assets, net |
|
|
24,335 |
|
|
|
26,110 |
|
Operating lease right-of-use assets |
|
|
5,696 |
|
|
|
6,818 |
|
Pension asset |
|
|
11,328 |
|
|
|
12,975 |
|
Deferred income tax assets |
|
|
4,929 |
|
|
|
7,839 |
|
Other long-term assets |
|
|
11,800 |
|
|
|
6,386 |
|
Total assets |
|
$ |
1,869,907 |
|
|
$ |
2,041,420 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable and other |
|
$ |
270,496 |
|
|
$ |
269,217 |
|
Pension and other post-retirement benefit obligations |
|
|
718 |
|
|
|
745 |
|
Current debt |
|
|
329,662 |
|
|
|
13,664 |
|
Total current liabilities |
|
|
600,876 |
|
|
|
283,626 |
|
Long-term debt |
|
|
1,305,711 |
|
|
|
1,605,144 |
|
Pension and other post-retirement benefit obligations |
|
|
10,786 |
|
|
|
10,392 |
|
Operating lease liabilities |
|
|
3,048 |
|
|
|
3,858 |
|
Deferred income tax liabilities |
|
|
33,079 |
|
|
|
58,298 |
|
Other long-term liabilities |
|
|
14,381 |
|
|
|
12,042 |
|
Total liabilities |
|
|
1,967,881 |
|
|
|
1,973,360 |
|
Shareholders’ equity |
|
|
|
|
|
|
||
Common shares $1 par value; 200,000,000 authorized; 67,018,000 issued and outstanding (2025 – 66,983,000) |
|
|
67,083 |
|
|
|
66,871 |
|
Additional paid-in capital |
|
|
365,066 |
|
|
|
365,357 |
|
Accumulated deficit |
|
|
(404,990 |
) |
|
|
(277,016 |
) |
Accumulated other comprehensive loss |
|
|
(125,133 |
) |
|
|
(87,152 |
) |
Total shareholders’ equity (deficit) |
|
|
(97,974 |
) |
|
|
68,060 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,869,907 |
|
|
$ |
2,041,420 |
|
4
MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Cash flows from (used in) operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
|
$ |
(75,978 |
) |
|
$ |
(86,071 |
) |
|
$ |
(127,974 |
) |
|
$ |
(108,410 |
) |
Adjustments to reconcile net loss to cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
37,981 |
|
|
|
37,523 |
|
|
|
78,721 |
|
|
|
77,878 |
|
Deferred income tax recovery |
|
|
(13,254 |
) |
|
|
(1,632 |
) |
|
|
(21,263 |
) |
|
|
(11,138 |
) |
Inventory impairment |
|
|
29,000 |
|
|
|
11,000 |
|
|
|
51,000 |
|
|
|
11,000 |
|
Defined benefit pension plans and other post-retirement benefit plan expense (income) |
|
|
(82 |
) |
|
|
175 |
|
|
|
(161 |
) |
|
|
344 |
|
Stock-based compensation |
|
|
(857 |
) |
|
|
1,036 |
|
|
|
(69 |
) |
|
|
2,042 |
|
Foreign exchange transaction losses (gains) |
|
|
(621 |
) |
|
|
9,361 |
|
|
|
(5,261 |
) |
|
|
17,779 |
|
Other |
|
|
2,462 |
|
|
|
3,012 |
|
|
|
2,250 |
|
|
|
4,640 |
|
Changes in working capital |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
|
18,580 |
|
|
|
31,588 |
|
|
|
(13,452 |
) |
|
|
14,790 |
|
Inventories |
|
|
(46,597 |
) |
|
|
(17,175 |
) |
|
|
(81,727 |
) |
|
|
(24,066 |
) |
Accounts payable and accrued expenses |
|
|
(87 |
) |
|
|
(12,046 |
) |
|
|
12,579 |
|
|
|
16,386 |
|
Prepaid expenses and other |
|
|
34,337 |
|
|
|
18,703 |
|
|
|
4,575 |
|
|
|
(8,760 |
) |
Net cash used in operating activities |
|
|
(15,116 |
) |
|
|
(4,526 |
) |
|
|
(100,782 |
) |
|
|
(7,515 |
) |
Cash flows from (used in) investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchase of property, plant and equipment |
|
|
(12,164 |
) |
|
|
(24,331 |
) |
|
|
(25,330 |
) |
|
|
(44,413 |
) |
Proceeds from government grants |
|
|
4,825 |
|
|
|
3,115 |
|
|
|
4,825 |
|
|
|
3,115 |
|
Other |
|
|
821 |
|
|
|
(1,557 |
) |
|
|
1,162 |
|
|
|
(1,335 |
) |
Net cash used in investing activities |
|
|
(6,518 |
) |
|
|
(22,773 |
) |
|
|
(19,343 |
) |
|
|
(42,633 |
) |
Cash flows from (used in) financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds from revolving credit facilities, net |
|
|
24,153 |
|
|
|
3,607 |
|
|
|
30,001 |
|
|
|
25,361 |
|
Dividend payments |
|
|
— |
|
|
|
(5,015 |
) |
|
|
— |
|
|
|
(5,015 |
) |
Payment of finance lease obligations |
|
|
(3,753 |
) |
|
|
(2,405 |
) |
|
|
(7,316 |
) |
|
|
(4,913 |
) |
Other |
|
|
(4,551 |
) |
|
|
545 |
|
|
|
(5,078 |
) |
|
|
545 |
|
Net cash from (used in) financing activities |
|
|
15,849 |
|
|
|
(3,268 |
) |
|
|
17,607 |
|
|
|
15,978 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
19 |
|
|
|
(4,407 |
) |
|
|
(512 |
) |
|
|
(4,256 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
|
(5,766 |
) |
|
|
(34,974 |
) |
|
|
(103,030 |
) |
|
|
(38,426 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
89,541 |
|
|
|
181,473 |
|
|
|
186,805 |
|
|
|
184,925 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
83,775 |
|
|
$ |
146,499 |
|
|
$ |
83,775 |
|
|
$ |
146,499 |
|
5
MERCER INTERNATIONAL INC.
COMPUTATION OF OPERATING EBITDA
(Unaudited)
(In thousands)
Operating EBITDA is defined as operating income (loss) plus depreciation and amortization and long-lived asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income (loss) as a performance measure primarily because depreciation expense and long-lived asset impairment charges are not actual cash costs, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of our operating facilities. In addition, management believes Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.
Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss), including financing costs, income taxes and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) or operating income (loss) as a measure of performance, nor as an alternative to net cash from (used in) operating activities as a measure of liquidity. Operating EBITDA is an internal measure and therefore may not be comparable to other companies.
Operating EBITDA is a non-GAAP financial measure at the consolidated level and is considered different from Operating EBITDA at the segment level, referred to as "Segment Operating EBITDA", which is our single measure of segment profit or loss presented in our financial statements under GAAP. For more information on Segment Operating EBITDA, refer to the segment information note within our consolidated financial statements.
The following table sets forth a reconciliation of net loss to Operating EBITDA for the periods indicated:
|
Q2 |
|
|
Q1 |
|
|
Q2 |
|
|
YTD |
|
|
YTD |
|
|||||
2026 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||||
Net loss |
$ |
(75,978 |
) |
|
$ |
(51,996 |
) |
|
$ |
(86,071 |
) |
|
$ |
(127,974 |
) |
|
$ |
(108,410 |
) |
Income tax recovery |
|
(13,413 |
) |
|
|
(8,177 |
) |
|
|
(1,864 |
) |
|
|
(21,590 |
) |
|
|
(1,132 |
) |
Interest expense |
|
30,920 |
|
|
|
29,101 |
|
|
|
28,411 |
|
|
|
60,021 |
|
|
|
56,566 |
|
Other expenses (income) |
|
(503 |
) |
|
|
(1,820 |
) |
|
|
1,120 |
|
|
|
(2,323 |
) |
|
|
1,305 |
|
Operating loss |
|
(58,974 |
) |
|
|
(32,892 |
) |
|
|
(58,404 |
) |
|
|
(91,866 |
) |
|
|
(51,671 |
) |
Add: Depreciation and amortization |
|
37,981 |
|
|
|
40,740 |
|
|
|
37,523 |
|
|
|
78,721 |
|
|
|
77,878 |
|
Operating EBITDA |
$ |
(20,993 |
) |
|
$ |
7,848 |
|
|
$ |
(20,881 |
) |
|
$ |
(13,145 |
) |
|
$ |
26,207 |
|
6