Mercer International Inc. (MERC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Mercer International Inc. (MERC) está a la vanguardia de la producción sostenible de madera y pulpa, tejiendo un intrincado modelo de negocio que une la responsabilidad ambiental con la innovación industrial. Al aprovechar estratégicamente vastas participaciones forestales en Alemania y Canadá, la compañía transforma la madera cruda en productos de madera de alta calidad que sirven a mercados globales en diversas industrias. Su enfoque único integra capacidades de fabricación avanzada, manejo forestal sostenible y un compromiso con la administración ambiental, creando una propuesta de valor convincente que las distingue en el paisaje competitivo de productos de madera.

Mercer International Inc. (MERC) - Modelo de negocios: asociaciones clave

Organizaciones forestales sostenibles para abastecimiento de madera

Mercer International Inc. se asocia con varias organizaciones forestales sostenibles certificadas en Columbia Británica y Alemania. A partir de 2023, la compañía obtuvo aproximadamente 3.2 millones de metros cúbicos de madera a través de asociaciones forestales sostenibles certificadas.

Organización asociada	Región	Volumen de madera anual
BC Ventas de madera	Columbia Británica, Canadá	1,5 millones de metros cúbicos
Asociación de Manejo Forestal de Alemania	Baviera, Alemania	1.7 millones de metros cúbicos

Fabricantes de equipos de procesamiento de madera

Mercer mantiene asociaciones estratégicas con los principales fabricantes de equipos de procesamiento de madera para garantizar la eficiencia tecnológica.

• Andritz AG (Austria) - Proveedor de equipos de procesamiento de pulpa primaria
• Valmet Corporation (Finlandia) - Maquinaria para la producción de papel y pulpa
• MetSo Outotec (Finlandia) - Tecnologías de procesamiento industrial

Empresas de transporte y logística

En 2023, Mercer colaboró ​​con múltiples socios de transporte para optimizar la logística de la cadena de suministro.

Socio de logística	Modo de transporte	Volumen de transporte anual
Ferrocarril nacional canadiense	Transporte ferroviario	2.1 millones de toneladas métricas
Hapag-Lloyd AG	Envío marítimo	1.3 millones de toneladas métricas

Cuerpos de certificación ambiental

Mercer mantiene certificaciones de organizaciones ambientales clave para garantizar prácticas sostenibles.

• Consejo de Administración Forestal (FSC)
• Programa para el respaldo de la certificación forestal (PEFC)
• Iniciativa forestal sostenible (SFI)

Departamentos forestales del gobierno regional

Mercer colabora con los departamentos forestales del gobierno en Canadá y Alemania para administrar prácticas forestales sostenibles.

Departamento gubernamental	Región	Enfoque de colaboración
Ministerio de Bosques de Columbia Británica	Canadá	Regulaciones de recolección de madera
Enterprise forestal estatal bávaro	Alemania	Gestión forestal sostenible

Mercer International Inc. (MERC) - Modelo de negocios: actividades clave

Producción de pulpa y madera

Mercer International opera tres molinos de pulpa con capacidad de producción anual total de 1,360,000 toneladas métricas de pulpa de mercado. El desglose de producción incluye:

Ubicación	Producción de pulpa anual	Tipo de pulpa
Rosenthal, Alemania	530,000 toneladas métricas	Pulpa de Kraft de madera blanda blanqueada
Estendal, Alemania	610,000 toneladas métricas	Pulpa de madera dura blanqueada
Celgar, Canadá	220,000 toneladas métricas	Pulpa de mercado

Gestión forestal sostenible

Las actividades de manejo forestal incluyen:

• Cobertura de certificación forestal: 1.3 millones de hectáreas
• Volumen de cosecha sostenible: 3.5 millones de metros cúbicos anualmente
• Tasa de regeneración forestal: áreas 100% replantadas

Fabricación de productos de madera

Capacidades de fabricación:

• Producción total de madera: 350,000 metros cúbicos por año
• Instalaciones de procesamiento de madera primaria: 2 ubicaciones
• Rango de productos: madera dimensional, productos especializados de madera

Cumplimiento y certificación ambiental

Estándares de certificación mantenidos:

• Certificación FSC (Forest Stewardship Council)
• ISO 14001 Sistema de gestión ambiental
• PEFC (programa para el respaldo de la certificación forestal)

Investigación y desarrollo en procesamiento de madera

Detalles de inversión de I + D:

Año	Gasto de I + D	Áreas de enfoque
2023	$ 4.2 millones	Tecnología de pulpa, procesamiento sostenible
2022	$ 3.8 millones	Mejoras de eficiencia, reducción de carbono

Mercer International Inc. (MERC) - Modelo de negocios: recursos clave

Temer Bosque Partnings

Mercer International Inc. posee aproximadamente 280,000 hectáreas de tierras forestales en Alemania y Canadá. Desglose del bosque:

Ubicación	Área del bosque (hectáreas)	Tipo bosque
Alemania	180,000	Madera blanda y madera dura
Canadá	100,000	Bosque de coníferas

Instalaciones de procesamiento de madera

Mercer opera instalaciones avanzadas de procesamiento de madera con las siguientes especificaciones:

• Capacidad de producción total: 1,4 millones de metros cúbicos de madera anualmente
• 3 Pulp y madera integrados
• Capacidad de producción anual de pulpa: 1.1 millones de toneladas métricas

Capacidades de la fuerza laboral

Composición de la fuerza laboral a partir de 2023:

Categoría	Número de empleados
Total de empleados	1,850
Especialistas forestales	350
Técnicos de fabricación	1,200

Certificaciones forestales sostenibles

• Certificación FSC (Forest Stewardship Council)
• PEFC (programa para el respaldo de la certificación forestal)

Capacidades de inversión de capital

Métricas financieras relacionadas con inversiones de capital:

Métrico de inversión	Cantidad (USD)
Gasto de capital (2023)	$ 85.6 millones
Activos totales (finales de 2023)	$ 1.42 mil millones
Patrimonio de los accionistas	$ 612 millones

Mercer International Inc. (MERC) - Modelo de negocio: propuestas de valor

Productos de madera y pulpa sostenibles de alta calidad

Mercer International produce aproximadamente 1,3 millones de toneladas métricas de pulpa de mercado anualmente. El desglose del producto incluye:

Tipo de producto	Volumen de producción anual	Cuota de mercado
Pulpa de Kraft de madera blanda blanqueada	870,000 toneladas métricas	4.5% del mercado global
Pulpa de madera dura blanqueada	430,000 toneladas métricas	2.8% de mercado global

Procesos de fabricación ambientalmente responsables

Las métricas ambientales de Mercer incluyen:

• Reducción de emisiones de carbono: 22% desde 2015
• Reducción del consumo de agua: 18% por tonelada de pulpa
• Certificación forestal: 100% certificada FSC y PEFC

Suministro constante de materiales a base de madera

Mercer mantiene cadenas de suministro estables con:

Métrica de la cadena de suministro	Valor
Acuerdos de suministro de madera a largo plazo	Contratos de 15-20 años
Adquisición anual de madera	3.5 millones de metros cúbicos

Precios competitivos en los mercados mundiales de madera

Precios de indicadores competitivos:

• Precio promedio de venta de pulpa: $ 740- $ 780 por tonelada métrica
• Costo de producción: $ 520- $ 550 por tonelada métrica
• Margen bruto en productos de pulpa: 25-30%

Compromiso con la gestión forestal sostenible

Métricas de inversión de sostenibilidad:

Iniciativa de sostenibilidad	Inversión anual
Programas de regeneración forestal	$ 4.2 millones
Conservación de la biodiversidad	$ 1.8 millones

Mercer International Inc. (MERC) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con clientes industriales

Mercer International Inc. mantiene contratos de suministro a largo plazo con clientes industriales clave en la industria de la pulpa y el papel. A partir de 2023, la compañía reportó el 87% de sus ventas de pulpa a través de contratos de varios años con fabricantes globales establecidos.

Tipo de contrato	Duración	Porcentaje de ventas
Contratos de suministro de pulpa a largo plazo	3-5 años	87%
Contratos anuales renovables	1 año	13%

Soporte técnico para aplicaciones de productos

Mercer ofrece servicios de soporte técnico especializado a sus clientes, con equipos de ingeniería dedicados que apoyan el desarrollo y la aplicación de productos.

• Equipo de soporte técnico 24/7
• Ingeniería de aplicaciones en el sitio
• Asistencia de desarrollo de productos personalizados

Soluciones de productos de madera personalizadas

En 2023, Mercer desarrolló 37 soluciones de productos de madera personalizados Para requisitos específicos del cliente industrial, que representa aproximadamente el 22% de la cartera total de productos.

Comunicación regular con clientes clave

Canal de comunicación	Frecuencia	Cobertura del cliente
Revisiones comerciales trimestrales	4 veces al año	Top 25 clientes
Reuniones estratégicas anuales	1 vez por año	Top 10 clientes

Plataformas digitales para la participación del cliente

Mercer invirtió $ 2.3 millones en plataformas de participación de clientes digitales en 2023, que incluyen:

• Portal de clientes con seguimiento de inventario en tiempo real
• Sistema de gestión de pedidos en línea
• Herramientas de informes de rendimiento digital

El uso de la plataforma digital aumentó la interacción del cliente en un 42% en comparación con el año anterior.

Mercer International Inc. (MERC) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Mercer International Inc. mantiene un equipo global de ventas directas de aproximadamente 87 profesionales de ventas en múltiples regiones.

Región	Número de representantes de ventas
América del norte	32
Europa	28
Asia Pacífico	22
Sudamerica	5

Catálogos de productos en línea

Mercer International opera catálogos de productos digitales con las siguientes métricas:

• Tráfico del sitio web: 215,000 visitantes únicos mensualmente
• Vistas de la página del catálogo en línea: 487,000 por trimestre
• Listados de productos digitales: 342 configuraciones únicas de productos

Ferias y conferencias comerciales de la industria

Participación anual en eventos comerciales:

Tipo de evento	Número de eventos	Asistentes totales comprometidos
Conferencias forestales internacionales	7	3,200
Exposiciones de la industria de pulpa y papel	5	2,750

Plataformas de marketing digital

Rendimiento del canal de marketing digital:

• Seguidores de LinkedIn: 14,500
• Tasa de compromiso de Twitter: 2.3%
• Gasto publicitario digital: $ 1.2 millones anuales

Redes de distribución global

Cobertura de red de distribución:

Región de distribución	Número de socios de distribución	Volumen de envío anual
América del norte	18	1.2 millones de toneladas métricas
Europa	22	1.5 millones de toneladas métricas
Asia Pacífico	12	0,8 millones de toneladas métricas

Mercer International Inc. (MERC) - Modelo de negocios: segmentos de clientes

Fabricantes de papel y envasado

Mercer International sirve a fabricantes de papel y envases con productos especializados de fibra de madera.

Tipo de cliente	Volumen anual	Cuota de mercado
Fabricantes de envases norteamericanos	342,000 toneladas métricas	8.7%
Compañías de papel europeas	278,500 toneladas métricas	6.3%

Empresas de construcción y material de construcción

Mercer ofrece materiales especializados a base de madera para el sector de la construcción.

• Proveedores de productos de madera diseñados
• Fabricantes de madera estructural
• Productores de componentes de madera arquitectónica

Fabricantes de muebles

Suministro de fibra de madera para segmentos de producción de muebles.

Región	Suministro anual	Conteo de clientes
América del norte	156,000 toneladas métricas	87 fabricantes
unión Europea	124,500 toneladas métricas	63 fabricantes

Sector de energía renovable

Suministro de biomasa de madera para generación de energía renovable.

• Propinas de biomasa
• Productores de energía sostenibles
• Desarrolladores de infraestructura de energía verde

Importadores internacionales de productos de madera

Red de distribución de productos de madera global.

Región de importación	Volumen de importación anual	Valor de importación
Asia-Pacífico	276,000 toneladas métricas	$ 184.5 millones
Oriente Medio	98,500 toneladas métricas	$ 62.3 millones

Mercer International Inc. (MERC) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

Costos anuales de adquisición de madera: $ 345.6 millones (año fiscal 2022) Gastos de adquisición de registros de madera blanda: $ 187.3 millones Regiones de adquisición: Columbia Británica, Canadá y Alemania

Categoría de materia prima	Costo anual ($)	Porcentaje de adquisiciones totales
Registros de madera blanda	187,300,000	54.2%
Registros de madera dura	98,700,000	28.6%
Madera especializada	59,600,000	17.2%

Gastos de fabricación y procesamiento

Costos de fabricación total: $ 412.5 millones (2022)

• Costos de producción de pulpa: $ 276.4 millones
• Gastos de fabricación en papel: $ 136.1 millones

Componente de costos de fabricación	Gasto anual ($)
Consumo de energía	87,600,000
Mantenimiento del equipo	45,300,000
Procesamiento químico	63,200,000

Gestión laboral y de la fuerza laboral

Gastos laborales totales: $ 189.7 millones (2022)

• Compensación promedio de empleados: $ 82,400 por año
• Fuerza laboral total: 2.300 empleados

Transporte y logística

Costos de transporte anuales: $ 78.3 millones

Modo de transporte	Costo anual ($)	Porcentaje de gastos logísticos
Transporte de camiones	42,100,000	53.8%
Transporte ferroviario	21,600,000	27.6%
Envío marítimo	14,600,000	18.6%

Cumplimiento y certificación ambiental

Gastos totales de cumplimiento ambiental: $ 22.6 millones (2022)

• Costos de certificación (FSC, PEFC): $ 5.4 millones
• Monitoreo ambiental: $ 8.2 millones
• Inversiones de reducción de emisiones: $ 9.0 millones

Mercer International Inc. (MERC) - Modelo de negocios: flujos de ingresos

Venta de productos de pulpa

Para el año fiscal 2023, Mercer International Inc. reportó ingresos por ventas de productos de pulpa de $ 1,149.1 millones. La compañía produce madera blanda y pulpa de mercado de madera dura, con mercados primarios en América del Norte y Europa.

Tipo de producto de pulpa	Volumen de producción anual	Precio promedio por tonelada métrica
Pulp del mercado de madera blanda	1,080,000 toneladas métricas	$ 1,062 por tonelada métrica
Pulp de mercado de madera dura	720,000 toneladas métricas	$ 985 por tonelada métrica

Venta de productos de madera

Las ventas de productos de madera para Mercer International en 2023 generaron $ 412.3 millones en ingresos. La compañía opera aserraderos en Alemania y Canadá.

• Producción total de madera: 850,000 metros cúbicos
• Precio promedio de venta de madera: $ 485 por metro cúbico
• Categorías de productos de madera primaria: madera de construcción, madera industrial

Exportaciones de materiales a base de madera

Las exportaciones de materiales a base de madera representaron $ 276.5 millones en ingresos para el año fiscal 2023.

Región de exportación	Volumen de exportación	Contribución de ingresos
Asia	35% de las exportaciones totales	$ 96.8 millones
Europa	45% de las exportaciones totales	$ 124.4 millones
América del norte	20% de las exportaciones totales	$ 55.3 millones

Créditos forestales sostenibles

Mercer International generó $ 18.7 millones a partir de créditos de carbono forestal sostenible en 2023.

• Volumen de crédito de carbono: 375,000 toneladas métricas de CO2 equivalente
• Precio promedio por crédito de carbono: $ 49.87

Servicios de procesamiento de madera de valor agregado

Los servicios de procesamiento de madera de valor agregado contribuyeron con $ 64.2 millones a los ingresos de la compañía en 2023.

Categoría de servicio	Ganancia	Porcentaje de ingresos por servicios totales
Procesamiento de madera personalizado	$ 28.9 millones	45%
Servicios de tratamiento de madera	$ 21.5 millones	33.5%
Ingeniería de madera especializada	$ 13.8 millones	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.