MERCER INTERNATIONAL INC.

Listed Company

MERCCIK 0001333274NasdaqAcceleratedPulp MillsWashingtonFY ends Dec 31

Period

FY 2025

Revenue

$1.87B

Net Income

$-497.89M

Total Assets

$2.04B

Equity

$68.06M

Shares Out

66.98M

Op. Cash Flow

$8.59M

Business

MERCER INTERNATIONAL INC. is a global forest products company that manufactures and sells pulp, lumber and engineered wood products and generates and markets renewable energy and chemicals. Its main products and services include NBSK and NBHK kraft pulp, lumber, CLT, glulam, finger joint lumber, wood pallets, biofuels, tall oil and surplus electricity. The company operates two reportable segments: Pulp and Solid Wood, encompassing pulp mills, sawmills and mass timber facilities. It sells products in Europe, North America and Asia (including China) through direct sales, agents and third‑party transport by rail, ocean carrier and truck.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	1,868	2,043	1,994	2,281	1,803
Cost of sales, excluding depreciation and amortization	1,776	1,683	1,853	1,639	1,246
Cost of sales depreciation and amortization	160	171	172	144	132
Selling, general and administrative expenses	114	116	123	106	79
Impairments of long-lived assets	216	0	0	—	—
Impairment of sandalwood business	0	0	34	0	0
Loss on disposal of investment in joint venture	0	24	0	0	—
Goodwill impairment	0	34	0	0	—
Operating income (loss)	−398	15	−189	392	347
Interest expense	−115	−109	−88	−71	−70
Other income	1	7	7	24	14
Total other expenses, net	−113	−102	−81	−47	−86
Loss before income taxes	−511	−87	−270	345	261
Income tax recovery	13	2	28	−98	−90
Net loss	−498	−85	−242	247	171
Basic	−7.44	−1.27	−3.65	3.74	2.59
Diluted	−7.44	−1.27	−3.65	3.71	2.58
Dividends declared per common share	0.15	0.3	0.3	0.3	0.26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	187	185	314	354	346
Accounts receivable, net	299	327	306	352	345
Inventories	359	362	414	450	357
Prepaid expenses and other	21	18	23	22	17
Assets classified as held for sale	0	18	35	0	—
Total current assets	866	910	1,093	1,178	1,064
Property, plant and equipment, net	1,115	1,255	1,410	1,341	1,136
Amortizable intangible assets, net	26	50	53	61	48
Operating lease right-of-use assets	7	8	12	15	10
Pension asset	13	9	6	4	4
Deferred income tax assets	8	18	661,000	0	1
Other long-term assets	6	14	12	48	39
Total assets	2,041	2,263	2,663	2,725	2,351
Accounts payable and other	283	249	279	377	282
Pension and other post-retirement benefit obligations	745,000	732,000	826,000	755,000	817,000
Liabilities associated with assets held for sale	0	7	−7	—	—
Total current liabilities	284	257	286	378	283
Long-term debt	1,605	1,474	1,609	1,347	1,238
Pension and other post-retirement benefit obligations	10	11	12	12	21
Operating lease liabilities	4	5	8	9	7
Deferred income tax liabilities	58	75	97	126	95
Other long-term liabilities	12	12	14	14	14
Total liabilities	1,973	1,833	2,027	1,886	1,657
Common shares $1 par value; 200,000,000 authorized; 66,983,000 issued and outstanding (2024 - 66,871,000)	67	67	66	66	66
Additional paid-in capital	365	363	359	354	348
Retained earnings (accumulated deficit)	−277	231	336	598	371
Accumulated other comprehensive loss	−87	−231	−127	−180	−91
Total shareholders equity	68	430	635	839	694
Total liabilities and shareholders equity	2,041	2,263	2,663	2,725	2,351
Commitments and contingencies (Note 21)	—	—	—	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	160	171	173	144	132
Deferred income tax recovery	−11	−36	−36	7	19
Inventory impairment	54	9	59	0	0
Defined benefit pension plans and other post-retirement benefit plan expense	692,000	1	5	2	3
Stock compensation expense	2	4	6	7	2
Foreign exchange transaction losses (gains)	16	−8	4	−17	−17
Other	7	2	−5	−1	384,000
Defined benefit pension plans and other post-retirement benefit plan contributions, net of withdrawals	3	−675,000	−1	—	—
Accounts receivable	53	−32	53	−20	−122
Inventories	526,000	24	−16	−63	−96
Accounts payable and accrued expenses	7	−18	−98	67	76
Prepaid expenses and other	−2	986,000	−3	—	—
Net cash from (used in) operating activities	9	90	−69	361	182
Purchase of property, plant and equipment	−89	−84	−136	−179	−159
Proceeds from sale of property, plant and equipment	6	20	3	2	—
Acquisition, net of cash acquired	—	—	−82	—	−51
Acquisition, net of cash acquired	0	0	—	−257	−51
Property insurance proceeds	0	773,000	12	9	22
Proceeds from government grants	3	787,000	6	1	9
Other	−2	−4	−3	−1	2
Net cash used in investing activities	−81	−67	−200	−425	−178
Redemption of senior notes	0	−300	0	0	−825
Proceeds from issuance of senior notes	0	206	200	0	875
Proceeds from (repayment of) revolving credit facilities, net	103	−25	61	115	−33
Dividend payments	−10	−20	−20	−20	−17
Payment of debt issuance costs	0	−5	−5	−4	−14
Payment of finance lease obligations	−13	−9	−8	−10	−8
Other	138,000	−229,000	−48,000	−711,000	4
Net cash from (used in) financing activities	80	−153	229	81	−19
Effect of exchange rate changes on cash and cash equivalents	−5	504,000	208,000	−9	−1
Net increase (decrease) in cash and cash equivalents	2	−129	−40	8	−15
Cash paid for interest	108	105	80	67	73
Cash paid for income taxes	26	22	64	86	23
Leased production and other equipment	14	12	3	0	29

Filings

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