Mercer International Inc. (MERC): Business Model Canvas

Mercer International Inc. (MERC) steht an der Spitze der nachhaltigen Holz- und Zellstoffproduktion und verwebt ein komplexes Geschäftsmodell, das Umweltverantwortung mit industrieller Innovation verbindet. Durch die strategische Nutzung riesiger Waldbestände in Deutschland und Kanada wandelt das Unternehmen Rohholz in hochwertige Holzprodukte um, die globale Märkte in verschiedenen Branchen bedienen. Ihr einzigartiger Ansatz vereint fortschrittliche Fertigungskapazitäten, nachhaltige Waldbewirtschaftung und die Verpflichtung zum Umweltschutz und schafft so ein überzeugendes Wertversprechen, das sie in der wettbewerbsintensiven Holzproduktlandschaft hervorhebt.

Mercer International Inc. (MERC) – Geschäftsmodell: Wichtige Partnerschaften

Nachhaltige Forstorganisationen für die Holzbeschaffung

Mercer International Inc. arbeitet mit mehreren zertifizierten nachhaltigen Forstorganisationen in British Columbia und Deutschland zusammen. Im Jahr 2023 bezog das Unternehmen rund 3,2 Millionen Kubikmeter Holz über zertifizierte nachhaltige Forstpartnerschaften.

Partnerorganisation	Region	Jährliches Holzvolumen
BC Holzverkauf	British Columbia, Kanada	1,5 Millionen Kubikmeter
Forstwirtschaftsverband Deutschlands	Bayern, Deutschland	1,7 Millionen Kubikmeter

Hersteller von Holzverarbeitungsgeräten

Mercer unterhält strategische Partnerschaften mit führenden Herstellern von Holzverarbeitungsgeräten, um technologische Effizienz sicherzustellen.

• Andritz AG (Österreich) – Lieferant von Primärzellstoffverarbeitungsanlagen
• Valmet Corporation (Finnland) – Maschinen für die Papier- und Zellstoffproduktion
• Metso Outotec (Finnland) – Industrielle Verarbeitungstechnologien

Transport- und Logistikunternehmen

Im Jahr 2023 arbeitete Mercer mit mehreren Transportpartnern zusammen, um die Logistik der Lieferkette zu optimieren.

Logistikpartner	Transportmodus	Jährliches Transportaufkommen
Kanadische Nationalbahn	Schienenverkehr	2,1 Millionen Tonnen
Hapag-Lloyd AG	Seeschifffahrt	1,3 Millionen Tonnen

Umweltzertifizierungsstellen

Mercer verfügt über Zertifizierungen wichtiger Umweltorganisationen, um nachhaltige Praktiken sicherzustellen.

• Forest Stewardship Council (FSC)
• Programm zur Anerkennung der Waldzertifizierung (PEFC)
• Initiative für nachhaltige Forstwirtschaft (SFI)

Forstbehörden der regionalen Regierung

Mercer arbeitet mit staatlichen Forstbehörden in Kanada und Deutschland zusammen, um nachhaltige Forstwirtschaftspraktiken zu verwalten.

Regierungsabteilung	Region	Fokus auf Zusammenarbeit
Forstministerium von British Columbia	Kanada	Vorschriften zur Holzernte
Bayerischer Staatsforstbetrieb	Deutschland	Nachhaltige Waldbewirtschaftung

Mercer International Inc. (MERC) – Geschäftsmodell: Hauptaktivitäten

Zellstoff- und Schnittholzproduktion

Mercer International betreibt drei Zellstoffwerke mit einer jährlichen Gesamtproduktionskapazität von 1.360.000 Tonnen Marktzellstoff. Die Produktionsaufschlüsselung umfasst:

Standort	Jährliche Zellstoffproduktion	Art des Zellstoffs
Rosenthal, Deutschland	530.000 Tonnen	Gebleichter Weichholz-Kraftzellstoff
Stendal, Deutschland	610.000 Tonnen	Gebleichter Kraftzellstoff aus Hartholz
Celgar, Kanada	220.000 Tonnen	Marktbrei

Nachhaltige Waldbewirtschaftung

Zu den Waldbewirtschaftungsaktivitäten gehören:

• Waldzertifizierungsfläche: 1,3 Millionen Hektar
• Nachhaltige Erntemenge: 3,5 Millionen Kubikmeter jährlich
• Waldverjüngungsrate: 100 % neu bepflanzte Flächen

Herstellung von Holzprodukten

Fertigungsmöglichkeiten:

• Gesamtholzproduktion: 350.000 Kubikmeter pro Jahr
• Primäre Holzverarbeitungsanlagen: 2 Standorte
• Produktpalette: Maßholz, Spezialholzprodukte

Umweltkonformität und Zertifizierung

Eingehaltene Zertifizierungsstandards:

• FSC-Zertifizierung (Forest Stewardship Council).
• Umweltmanagementsystem ISO 14001
• PEFC (Programme for the Endorsement of Forest Certification)

Forschung und Entwicklung in der Holzverarbeitung

Details zu F&E-Investitionen:

Jahr	F&E-Ausgaben	Schwerpunktbereiche
2023	4,2 Millionen US-Dollar	Zellstofftechnologie, nachhaltige Verarbeitung
2022	3,8 Millionen US-Dollar	Effizienzsteigerungen, CO2-Reduktion

Mercer International Inc. (MERC) – Geschäftsmodell: Schlüsselressourcen

Holzwaldbetriebe

Mercer International Inc. besitzt rund 280.000 Hektar Waldfläche in Deutschland und Kanada. Waldaufteilung:

Standort	Waldfläche (Hektar)	Waldtyp
Deutschland	180,000	Weichholz und Hartholz
Kanada	100,000	Nadelwald

Holzverarbeitungsanlagen

Mercer betreibt moderne Holzverarbeitungsanlagen mit den folgenden Spezifikationen:

• Gesamtproduktionskapazität: 1,4 Millionen Kubikmeter Schnittholz jährlich
• 3 integrierte Zellstoff- und Holzfabriken
• Jährliche Zellstoffproduktionskapazität: 1,1 Millionen Tonnen

Fähigkeiten der Belegschaft

Zusammensetzung der Belegschaft ab 2023:

Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	1,850
Forstspezialisten	350
Fertigungstechniker	1,200

Zertifizierungen für nachhaltige Forstwirtschaft

• FSC-Zertifizierung (Forest Stewardship Council).
• PEFC (Programme for the Endorsement of Forest Certification)

Möglichkeiten zur Kapitalanlage

Finanzkennzahlen im Zusammenhang mit Kapitalanlagen:

Investitionsmetrik	Betrag (USD)
Investitionsausgaben (2023)	85,6 Millionen US-Dollar
Gesamtvermögen (Ende 2023)	1,42 Milliarden US-Dollar
Eigenkapital	612 Millionen Dollar

Mercer International Inc. (MERC) – Geschäftsmodell: Wertversprechen

Hochwertige, nachhaltige Holz- und Zellstoffprodukte

Mercer International produziert jährlich etwa 1,3 Millionen Tonnen Marktzellstoff. Die Produktaufschlüsselung umfasst:

Produkttyp	Jährliches Produktionsvolumen	Marktanteil
Gebleichter Weichholz-Kraftzellstoff	870.000 Tonnen	4,5 % Weltmarkt
Gebleichter Kraftzellstoff aus Hartholz	430.000 Tonnen	2,8 % Weltmarkt

Umweltfreundliche Herstellungsprozesse

Zu den Umweltkennzahlen von Mercer gehören:

• Reduzierung der CO2-Emissionen: 22 % seit 2015
• Reduzierung des Wasserverbrauchs: 18 % pro Tonne Zellstoff
• Waldzertifizierung: 100 % FSC- und PEFC-zertifiziert

Kontinuierliche Versorgung mit Holzwerkstoffen

Mercer unterhält stabile Lieferketten mit:

Lieferkettenmetrik	Wert
Langfristige Holzlieferverträge	Verträge mit einer Laufzeit von 15 bis 20 Jahren
Jährliche Holzbeschaffung	3,5 Millionen Kubikmeter

Wettbewerbsfähige Preise auf den globalen Holzmärkten

Preisliche Wettbewerbsindikatoren:

• Durchschnittlicher Zellstoffverkaufspreis: 740–780 US-Dollar pro Tonne
• Produktionskosten: 520–550 US-Dollar pro Tonne
• Bruttomarge bei Zellstoffprodukten: 25–30 %

Engagement für nachhaltige Waldbewirtschaftung

Kennzahlen für nachhaltige Investitionen:

Nachhaltigkeitsinitiative	Jährliche Investition
Waldregenerationsprogramme	4,2 Millionen US-Dollar
Erhaltung der biologischen Vielfalt	1,8 Millionen US-Dollar

Mercer International Inc. (MERC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Industriekunden

Mercer International Inc. unterhält langfristige Lieferverträge mit wichtigen Industriekunden in der Zellstoff- und Papierindustrie. Im Jahr 2023 erzielte das Unternehmen 87 % seines Zellstoffumsatzes durch mehrjährige Verträge mit etablierten globalen Herstellern.

Vertragstyp	Dauer	Prozentsatz des Umsatzes
Langfristige Lieferverträge für Zellstoff	3-5 Jahre	87%
Jährliche erneuerbare Verträge	1 Jahr	13%

Technischer Support für Produktanwendungen

Mercer bietet seinen Kunden spezialisierte technische Supportdienste mit engagierten Ingenieurteams, die die Produktentwicklung und -anwendung unterstützen.

• Technisches Support-Team rund um die Uhr
• Anwendungstechnik vor Ort
• Unterstützung bei der Entwicklung kundenspezifischer Produkte

Maßgeschneiderte Holzproduktlösungen

Im Jahr 2023 entwickelte sich Mercer 37 maßgeschneiderte Holzproduktlösungen für spezifische industrielle Kundenanforderungen, was etwa 22 % des gesamten Produktportfolios ausmacht.

Regelmäßige Kommunikation mit Schlüsselkunden

Kommunikationskanal	Häufigkeit	Kundenabdeckung
Vierteljährliche Geschäftsberichte	4 Mal im Jahr	Top 25 Kunden
Jährliche strategische Treffen	1 Mal pro Jahr	Top 10 Kunden

Digitale Plattformen für die Kundenbindung

Mercer investierte im Jahr 2023 2,3 Millionen US-Dollar in digitale Kundenbindungsplattformen, darunter:

• Kundenportal mit Bestandsverfolgung in Echtzeit
• Online-Auftragsverwaltungssystem
• Tools für die digitale Leistungsberichterstattung

Die Nutzung digitaler Plattformen steigerte die Kundeninteraktion im Vergleich zum Vorjahr um 42 %.

Mercer International Inc. (MERC) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Mercer International Inc. ein globales Direktvertriebsteam von etwa 87 Vertriebsprofis in mehreren Regionen.

Region	Anzahl der Vertriebsmitarbeiter
Nordamerika	32
Europa	28
Asien-Pazifik	22
Südamerika	5

Online-Produktkataloge

Mercer International betreibt digitale Produktkataloge mit den folgenden Kennzahlen:

• Website-Verkehr: 215.000 einzelne Besucher monatlich
• Seitenaufrufe im Online-Katalog: 487.000 pro Quartal
• Digitale Produktlisten: 342 einzigartige Produktkonfigurationen

Branchenmessen und Konferenzen

Jährliche Teilnahme an Fachveranstaltungen:

Ereignistyp	Anzahl der Ereignisse	Gesamtzahl der engagierten Teilnehmer
Internationale Forstkonferenzen	7	3,200
Ausstellungen für die Zellstoff- und Papierindustrie	5	2,750

Digitale Marketingplattformen

Leistung des digitalen Marketingkanals:

• LinkedIn-Follower: 14.500
• Twitter-Engagement-Rate: 2,3 %
• Ausgaben für digitale Werbung: 1,2 Millionen US-Dollar pro Jahr

Globale Vertriebsnetzwerke

Abdeckung des Vertriebsnetzes:

Verbreitungsgebiet	Anzahl der Vertriebspartner	Jährliches Versandvolumen
Nordamerika	18	1,2 Millionen Tonnen
Europa	22	1,5 Millionen Tonnen
Asien-Pazifik	12	0,8 Millionen Tonnen

Mercer International Inc. (MERC) – Geschäftsmodell: Kundensegmente

Papier- und Verpackungshersteller

Mercer International beliefert Papier- und Verpackungshersteller mit spezialisierten Holzfaserprodukten.

Kundentyp	Jahresvolumen	Marktanteil
Nordamerikanische Verpackungshersteller	342.000 Tonnen	8.7%
Europäische Papierunternehmen	278.500 Tonnen	6.3%

Bau- und Baustoffunternehmen

Mercer liefert spezielle Holzwerkstoffe für den Bausektor.

• Lieferanten von Holzwerkstoffprodukten
• Hersteller von Bauholz
• Hersteller von architektonischen Holzkomponenten

Möbelhersteller

Holzfaserversorgung für die Möbelproduktion.

Region	Jährlicher Vorrat	Kundenanzahl
Nordamerika	156.000 Tonnen	87 Hersteller
Europäische Union	124.500 Tonnen	63 Hersteller

Sektor für erneuerbare Energien

Holzbiomasseversorgung zur erneuerbaren Energieerzeugung.

• Biomassekraftwerke
• Nachhaltige Energieerzeuger
• Entwickler grüner Energieinfrastruktur

Internationale Importeure von Holzprodukten

Globales Vertriebsnetzwerk für Holzprodukte.

Region importieren	Jährliches Importvolumen	Wert importieren
Asien-Pazifik	276.000 Tonnen	184,5 Millionen US-Dollar
Naher Osten	98.500 Tonnen	62,3 Millionen US-Dollar

Mercer International Inc. (MERC) – Geschäftsmodell: Kostenstruktur

Rohstoffbeschaffung

Jährliche Holzbeschaffungskosten: 345,6 Millionen US-Dollar (Geschäftsjahr 2022) Anschaffungskosten für Nadelholz: 187,3 Millionen US-Dollar Beschaffungsregionen: British Columbia, Kanada und Deutschland

Rohstoffkategorie	Jährliche Kosten ($)	Prozentsatz der gesamten Beschaffung
Weichholzstämme	187,300,000	54.2%
Hartholzstämme	98,700,000	28.6%
Spezialholz	59,600,000	17.2%

Herstellungs- und Verarbeitungskosten

Gesamtherstellungskosten: 412,5 Millionen US-Dollar (2022)

• Kosten für die Zellstoffproduktion: 276,4 Millionen US-Dollar
• Kosten für die Papierherstellung: 136,1 Millionen US-Dollar

Herstellungskostenkomponente	Jährliche Ausgaben ($)
Energieverbrauch	87,600,000
Gerätewartung	45,300,000
Chemische Verarbeitung	63,200,000

Arbeits- und Personalmanagement

Gesamtarbeitskosten: 189,7 Millionen US-Dollar (2022)

• Durchschnittliche Mitarbeitervergütung: 82.400 USD pro Jahr
• Gesamtbelegschaft: 2.300 Mitarbeiter

Transport und Logistik

Jährliche Transportkosten: 78,3 Millionen US-Dollar

Transportmodus	Jährliche Kosten ($)	Prozentsatz der Logistikkosten
LKW-Transport	42,100,000	53.8%
Schienenverkehr	21,600,000	27.6%
Seeschifffahrt	14,600,000	18.6%

Umweltkonformität und Zertifizierung

Gesamtaufwand für die Einhaltung von Umweltvorschriften: 22,6 Millionen US-Dollar (2022)

• Zertifizierungskosten (FSC, PEFC): 5,4 Millionen US-Dollar
• Umweltüberwachung: 8,2 Millionen US-Dollar
• Investitionen zur Emissionsreduzierung: 9,0 Millionen US-Dollar

Mercer International Inc. (MERC) – Geschäftsmodell: Einnahmequellen

Verkauf von Zellstoffprodukten

Für das Geschäftsjahr 2023 meldete Mercer International Inc. einen Umsatz mit Zellstoffprodukten in Höhe von 1.149,1 Millionen US-Dollar. Das Unternehmen produziert sowohl Weichholz- als auch Hartholzzellstoff mit Hauptmärkten in Nordamerika und Europa.

Zellstoffprodukttyp	Jährliches Produktionsvolumen	Durchschnittspreis pro Tonne
Weichholz-Marktzellstoff	1.080.000 Tonnen	1.062 US-Dollar pro Tonne
Hartholz-Marktzellstoff	720.000 Tonnen	985 $ pro Tonne

Verkauf von Schnittholzprodukten

Der Verkauf von Schnittholzprodukten für Mercer International generierte im Jahr 2023 einen Umsatz von 412,3 Millionen US-Dollar. Das Unternehmen betreibt Sägewerke in Deutschland und Kanada.

• Gesamtholzproduktion: 850.000 Kubikmeter
• Durchschnittlicher Holzverkaufspreis: 485 $ pro Kubikmeter
• Primäre Holzproduktkategorien: Bauholz, Industrieholz

Exporte von Holzwerkstoffen

Der Export von Holzwerkstoffen machte im Geschäftsjahr 2023 einen Umsatz von 276,5 Millionen US-Dollar aus.

Region exportieren	Volumen exportieren	Umsatzbeitrag
Asien	35 % der gesamten Exporte	96,8 Millionen US-Dollar
Europa	45 % der gesamten Exporte	124,4 Millionen US-Dollar
Nordamerika	20 % der gesamten Exporte	55,3 Millionen US-Dollar

Credits für nachhaltige Forstwirtschaft

Mercer International generierte im Jahr 2023 18,7 Millionen US-Dollar aus CO2-Gutschriften aus nachhaltiger Forstwirtschaft.

• Emissionsgutschriftsvolumen: 375.000 Tonnen CO2-Äquivalent
• Durchschnittspreis pro Emissionsgutschrift: 49,87 $

Mehrwertdienste für die Holzverarbeitung

Wertschöpfende Holzverarbeitungsdienstleistungen trugen im Jahr 2023 64,2 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Servicekategorie	Einnahmen	Prozentsatz des gesamten Serviceumsatzes
Individuelle Holzverarbeitung	28,9 Millionen US-Dollar	45%
Holzbehandlungsdienste	21,5 Millionen US-Dollar	33.5%
Spezialisierte Holztechnik	13,8 Millionen US-Dollar	21.5%

Mercer International Inc. (MERC) - Canvas Business Model: Value Propositions

You're looking at the core offerings Mercer International Inc. brings to its customers as of late 2025, grounded in their operational performance through the third quarter of 2025.

Reliable supply of commodity market pulp and lumber

Mercer International Inc. maintains its position as a supplier of commodity pulp and lumber, though recent market dynamics show price volatility impacting revenue realization for pulp. For the third quarter of 2025, pulp revenues were reported at $318.6 million, a decrease from $354.2 million in the same quarter of 2024. The company's pulp sales volumes remained relatively consistent, at 452,840 ADMTs in the third quarter of 2025 compared to 448,856 ADMTs in the third quarter of 2024. Conversely, the solid wood segment showed strength in lumber realizations.

The performance across these core commodity lines in the third quarter of 2025 compared to the prior year is detailed below:

Metric	Q3 2025 Value	Q3 2024 Value	Change
Pulp Revenue	$318.6 million	$354.2 million	Decreased by approximately 10%
Lumber Revenue	$61.0 million	$49.1 million	Increased by approximately 24%
Pulp Sales Volume (ADMTs)	452,840	448,856	Relatively flat
Lumber Sales Realization ($/Mfbm)	$553	$451	Increased by approximately 23%

Sustainable, low-carbon building materials (mass timber/CLT)

Mercer International Inc. is actively scaling its mass timber business, positioning it to capture demand for low-carbon building solutions. The company's strategy centers on synergistic diversification, including expanding engineered-wood exposure. Revenue from manufactured products, which includes mass timber, showed growth in the first quarter of 2025, reaching $18.8 million, up from $16.7 million in the first quarter of 2024. However, mass timber revenue was $90 million in the second quarter of 2025, down from $112 million in the first quarter of 2025, due to high-interest rates impacting project timelines. Government appetite for tall wood buildings continues to increase, with both Canada and the US now permitting up to 18 stories.

Green energy generation from renewable biomass (83% renewable fuel-based energy in 2024)

A key value proposition is the generation of green energy from renewable biomass, primarily black liquor and wood waste, using biomass cogeneration plants. For the full year 2024, Mercer International Inc. achieved 83% of its energy from renewable sources, against a 2030 goal of 90%. Specifically, in 2024, out of 13,855,495 MWh of Energy Consumption from Fuels, 11,506,204 MWh came From Renewable Sources. The company also sells excess energy to third-party utilities and regional electrical markets, with electricity sales reported at 923,499 MWh in 2024.

Diversification into higher-value, specialized wood products

Mercer International Inc. is strategically diversifying away from heavy reliance on commodity cycles by expanding into higher-value products. This includes growing the mass timber business and seeking to maximize benefits from raw materials by expanding into products like bio-chemicals such as lignin. The company's overall strategy includes synergistic diversification of operations. The pulp segment remains the largest revenue generator, but the solid wood segment, including lumber and manufactured wood products, brought in $122.7 million in Q1 2025. Energy and chemical sales generated $24.1 million in Q1 2025.

Consistent product quality and supply chain reliability for industrial clients

The company emphasizes operational excellence and reliability, with both sawmills being ISO 50001 certified for energy management. Mercer International Inc. is also advancing a carbon capture project at Peace River Mill, which could generate $100 million annually from CO2 credits. The company is advancing its 'One Goal One Hundred' program, targeting $100 million in cost savings and operational efficiency actions by the end of 2026, using 2024 as a baseline. For the nine months ended September 30, 2025, total revenues were $1,418.6 million.

Finance: draft 13-week cash view by Friday.

Mercer International Inc. (MERC) - Canvas Business Model: Customer Relationships

You're looking at how Mercer International Inc. keeps its B2B industrial clients locked in, especially when market volatility hits like it did in Q3 2025, where Operating EBITDA was negative $28.1 million.

Dedicated account management and direct sales for B2B industrial clients are key, particularly as the company navigates fluctuating pulp realizations, which saw average NBHK pulp sales realizations drop by approximately 16% to $528 per ADMT in the third quarter of 2025. Still, the direct sales approach helped keep total pulp sales volumes relatively flat at 452,840 ADMTs for that quarter.

The relationship-driven model focuses on fostering long-term partnerships, which is critical for securing volume when overall total revenues for the nine months ended September 30, 2025, decreased by approximately 9% to $1,418.6 million. This stability is sought through long-term supply agreements to ensure stable volume and pricing, a necessary buffer against the highly cyclical nature of the business.

For the growing mass timber segment, Mercer Mass Timber acts as a collaborator, not just a supplier, offering a full suite of solutions from sourcing to delivery. This involves a vertically integrated approach to minimize project complexities for the client.

Mercer International Inc. is a global forest products company with a consolidated annual production capacity of 2.3 million tonnes of pulp, 960 million board feet of lumber, 210 thousand cubic meters of cross-laminated timber, and 45,000 cubic meters of glulam.

Proactive technical support for pulp and mass timber applications is embedded in the service offering. For mass timber, this includes leveraging tools like Virtual Design and Construction (VDC) and Building Information Modeling (BIM) to ensure immaculate execution from conception to realization.

The drive for cost-competitiveness is directly enhanced by the $100 million efficiency program, named "One Goal One Hundred," which targets this level of profitability improvement by the end of 2026, using 2024 as a baseline. As of Q2 2025, $5 million in cost savings had been realized, with an expected total of $25 million in cost savings for 2025. Management currently expects to realize approximately $30 million in cost savings and reliability improvements by the end of 2025.

Here's a quick look at how the lumber segment, which relies heavily on direct customer relationships in the U.S. and Europe, performed in Q3 2025:

Metric	Q3 2025 Value	Change vs. Q3 2024
Lumber Revenues	$61.0 million	Increased by approximately 24%
Average Lumber Sales Realizations	$553 per Mfbm	Increased by approximately 23%
U.S. Lumber Revenue Share	Approximately 48%	N/A

The mass timber division supports its customer relationships with specialized capabilities:

• Offers custom and standard CLT, GLT, and Glulam products.
• Bolsters expertise by pooling industry stalwarts for complex ventures.
• Utilizes advanced tools like parametric design and CNC cutting.
• Provides in-house engineering expertise and precise logistics.

The company is also taking additional steps aimed at improving liquidity through further cost reductions and lowering capital expenditures in 2026 as part of the efficiency drive.

Mercer International Inc. (MERC) - Canvas Business Model: Channels

You're looking at how Mercer International Inc. gets its renewable materials-pulp, lumber, and mass timber-to the industrial buyers and construction firms that need them, which is a mix of direct sales, logistics mastery, and specialized product delivery.

Direct sales force engagement with industrial buyers globally is key for their commodity products. For instance, in the third quarter of 2025, Mercer International Inc. shipped a total of 452,840 ADMTs of pulp, with sales realizations averaging $528 per ADMT for NBSK pulp. For lumber, the sales volume in that same quarter was 110.2 MMfbm, achieving an average realization of $553 per Mfbm. The U.S. market was a significant destination, accounting for approximately 48% of lumber revenue and approximately 44% of lumber sales volumes in Q3 2025.

Here's a look at the sales realization performance for the third quarter of 2025 compared to the prior year:

Metric	Q3 2025 Value	Q3 2024 Value
Average NBSK Pulp Sales Realization (per ADMT)	$528	$632
Average Lumber Sales Realization (per Mfbm)	$553	$451
Total Pulp Sales Volume (ADMTs)	452,840	448,856
Total Lumber Sales Volume (MMfbm)	110.2	108.8

The total revenues for the first half of 2025 were $960.5 million, down from $1,052.8 million in the first half of 2024, reflecting the impact of lower sales volumes and realizations in pulp and manufactured products.

International port access and bulk shipping for pulp and lumber are critical for moving high-volume commodities. Mercer Celgar, for example, is strategically located near the British Columbia coast, which facilitates the sale of most of its pulp product to Asia. For ocean freighter orders, the contract terms dictate that control transfers when the product passes the ship's rail. For European sales moved by truck or train directly from the mills, control transfers when the truck or train leaves the mill. Mercer Forestry Services supports this by harvesting and transporting approximately 300,000 cubic metres of wood annually.

The channel for specialized distribution network for mass timber products (CLT/Glulam) is focused on proximity to construction markets and access to multimodal transport. Mercer Mass Timber in Spokane Valley, WA, features one of the largest CLT presses globally and has easy access to rail lines and interstate highways. Capacity figures for their specialized facilities include:

• Mercer Conway: 74,000 m³ Annual CLT and glulam production capacity.
• Mercer Okanagan: 113,000 m³ Annual production capacity (94,000 m³ CLT and 19,000 m³ Glulam).

Historically, the company reported an annual production capacity of 140 thousand cubic meters of cross-laminated timber.

The use of long-term contracts with major paper, packaging, and construction firms helps stabilize revenue against commodity volatility. Mercer International Inc. signed its first significant mass timber project contract in 2023, which utilized four months of capacity at the Spokane facility over the course of that year. SEC filings explicitly mention accounting for amounts under long-term contracts. The company is also working to achieve a target of $100 million in profitability improvement actions by the end of 2026, using 2024 as a baseline, which includes operational efficiency measures that support contract fulfillment.

Digital platforms for investor relations and corporate communication are standardized through regulatory filings. Mercer International Inc. is required to submit its detailed financial data, such as the Third Quarter 2025 results, via Form 10-Q to the United States Securities and Exchange Commission. As of November 4, 2025, the Registrant had 66,982,506 shares of common stock outstanding. The company also uses its website to communicate operational milestones, such as advancing a carbon capture and sequestration project at the Peace River mill, which is in the conceptual engineering and scope development stage (FEL-2).

Mercer International Inc. (MERC) - Canvas Business Model: Customer Segments

Mercer International Inc. operates exclusively within a B2B framework, segmenting its customer base into distinct industrial groups that utilize pulp, solid wood products, and renewable bio-energy solutions. The company's strategic diversification means its customer needs span from commodity chemical pulp buyers to specialized mass timber users in construction.

The Global Paper and Packaging Manufacturers represent the largest historical customer base, primarily purchasing market pulp. In 2024, this segment generated approximately 60% of Mercer International Inc.'s total revenue. Core clients in this group include large industrial manufacturers who demand certified sustainable sourcing and reliable supply chains. For instance, in the first quarter of 2025, average Northern Bleached Softwood Kraft (NBSK) pulp sales realizations in China were reported at $793 per ADMT, while North America saw $1,753 per ADMT.

The Commercial Construction Industry is a key target for the Wood Products division, which accounted for roughly 30% of 2024 revenue. This segment targets builders, architects, and developers seeking sustainable building materials, including engineered wood products like cross-laminated timber (CLT) and glue-laminated timber (glulam). The U.S. market accounted for approximately 47% of lumber revenues in the first quarter of 2025, with the majority of the balance sold to Europe. By the third quarter of 2025, the U.S. share of lumber revenues was 48%.

Utility companies and industrial clients purchasing renewable bio-energy form the Green Energy segment, which is noted as the fastest-growing area. This segment represented about 10% of 2024 revenue, with its revenue growing 22% year-over-year in the first quarter of 2025 from selling renewable energy to the grid and industrial users in Europe. Energy and chemical revenues in the third quarter of 2025 were $20.4 million.

Mercer International Inc. serves geographically diverse markets, with significant sales concentrated in North America, Europe, and Asia. The company's operational footprint includes mills and timberlands across North America, Europe, and Australia, serving as production and distribution hubs. The geographic revenue breakdown for the first quarter of 2025 highlights the importance of European operations, even as the U.S. remains a major market.

Here's a look at the revenue distribution for specific geographic markets reported in the first quarter of 2025, alongside the 2024 segment revenue mix:

Market/Segment	Financial Metric/Percentage	Value/Period
China (Geographic Revenue)	Revenue in thousands USD	$137.9 million (Q1 2025)
Germany (Geographic Revenue)	Revenue in thousands USD	$123.8 million (Q1 2025)
USA (Geographic Revenue)	Revenue in thousands USD	$86.8 million (Q1 2025)
Global Pulp Market	Approximate Revenue Share	60% (2024)
Wood Products Division	Approximate Revenue Share	30% (2024)
Green Energy Segment	Approximate Revenue Share	10% (2024)

The specific types of entities within these customer segments prioritize different product attributes, which influences Mercer International Inc.'s sales focus:

• Global Paper and Packaging Manufacturers require FSC and PEFC certified sustainable products.
• The Pulp segment serves manufacturers in tissue production and printing and writing paper.
• Wood Products targets large retail chains and construction firms for mass timber projects.
• Green Energy targets industrial energy consumers and grid operators, particularly in Europe.

Mercer International Inc. (MERC) - Canvas Business Model: Cost Structure

You're looking at Mercer International Inc.'s cost base as they navigate a tricky 2025 market, so let's focus on the hard numbers driving their expenses right now.

High variable costs are dominated by wood fiber and raw material procurement. This is a major lever that management can't fully control. For instance, in the first quarter of 2025, the company noted higher per unit fiber costs compared to the prior year period. The pressure continued, as management indicated in Q3 2025 that they anticipate meaningful fiber cost increases in Q4 due to reduced sawmill residual availability and increased competition for wood chips in Germany.

Logistics, foreign exchange (FX), and energy costs form another significant part of the variable and semi-variable operating expenses. The impact of FX fluctuations was clear in Q3 2025; the U.S. dollar weakness increased operating costs by almost $11 million compared to Q2 2025. Overall, costs and expenses in the third quarter of 2025 rose by approximately 7% to $525.7 million from $493.3 million in Q3 2024, driven by those higher fiber costs and the negative FX impact on euro-denominated expenses. Energy and chemical revenues were flat at $24.1 million in Q1 2025, but the associated costs are always a factor in mill operations.

Fixed costs are tied heavily to maintaining the production base. Mill operations require significant, non-negotiable spending, especially for maintenance. Planned maintenance downtime is a major cost driver. In Q1 2025, the estimated EBITDA impact from downtime at the Celgar mill alone was ~$30 million, covering direct costs and lost production from 22 days of planned maintenance. The total planned downtime for the pulp segment was 79 days in 2025, up from 57 days in 2024.

Management has been aggressively managing capital deployment. The planned capital expenditures (CapEx) for 2025 were reduced to $100.0 million. This focus reflects a prioritization of maintenance of business, environmental, and safety CapEx, while strategic projects are still moving forward. They expect 2026 CapEx to be meaningfully lower than the 2025 spend.

The primary internal cost countermeasure is the 'One Goal One Hundred' efficiency program. This initiative targets a total of $100 million in cost savings and operational improvements by the end of 2026, using 2024 as a baseline. Here's the quick math on the expected realization of these costs associated with the program:

Metric	Target Amount	Target Date
Total Program Savings Target	$100.0 million	End of 2026
Expected Savings Realized (Year-to-Date Q3 2025)	$5.0 million	Q2 2025 End
Expected Savings Realized (Year-to-Date Q3 2025)	$25.0 million	End of 2025 (Earlier Projection)
Expected Savings Realized (Latest Projection)	$30.0 million	End of 2025

The company is actively working to offset these costs through operational discipline. The focus is on reliability improvements and cost control to drive these savings, so you can see the direct link between the program and the cost structure management.

Here is a summary of the key cost and expense impacts reported through the first three quarters of 2025:

• Costs and expenses in Q1 2025 decreased by approximately 10% to $500.2 million from Q1 2024, partially offset by higher fiber costs.
• Q3 2025 net loss was $80.8 million, which included a $20.4 million non-cash inventory impairment charge.
• Operating EBITDA for Q3 2025 was negative $28.1 million, down from positive $50.5 million in Q3 2024.
• The company ended Q3 2025 with total liquidity of $376.1 million, down from $438 million in Q2 2025, reflecting the need for capital discipline.

Mercer International Inc. (MERC) - Canvas Business Model: Revenue Streams

You're looking at how Mercer International Inc. actually brings in the money, which is key to understanding their whole operation. It's not just one thing; it's a mix of commodity sales and value-added products, though one area clearly dominates.

The primary revenue driver remains the sale of pulp. For the first quarter of 2025, the Pulp segment, which bundles pulp, energy, and chemical sales, generated $381.1 million. This is definitely the largest segment, as you noted. To be fair, the pulp-only revenue within that was $357.0 million in Q1 2025, with energy and chemical sales contributing $24.1 million in that same quarter.

The other major component is solid wood products. This includes lumber, mass timber, and other manufactured goods. The total revenue for the first half of 2025 hit $960.5 million.

Here's a quick math check on the Q1 2025 breakdown, which shows how the pieces fit together:

Revenue Source (Q1 2025)	Amount (US$ millions)
Total Revenues	$507.0
Pulp Segment Revenues (Pulp, Energy, Chemical)	$381.1
Solid Wood Products (Implied: Lumber + Manufactured)	$125.9
Manufactured Products Revenues	$18.8

The revenue streams are clearly defined by their operational outputs. You can see the core business is selling the commodity pulp, but the solid wood side is a significant contributor, especially when you look at the total picture.

The specific revenue streams Mercer International Inc. relies on include:

• Market pulp sales, the largest component.
• Solid wood product sales, covering lumber and manufactured products.
• Sales of surplus green energy and chemicals generated from mill operations.
• Revenue from mass timber projects, which falls under manufactured products, like CLT and Glulam sales.

It's worth noting the volatility in the manufactured products area; for instance, manufactured products revenue in the second quarter of 2025 dropped significantly to $12.4 million from $35.4 million in Q2 2024, largely because high interest rates hurt demand for those products. That's a real-world risk mapping directly to a revenue line item.

Finance: draft 13-week cash view by Friday.