Mercer International Inc. (Merc): Business Model Canvas [Jan-2025 Mise à jour]

Mercer International Inc. (Merc) est à l'avant-garde de la production durable en bois et en pâte, tissant un modèle commercial complexe qui comble la responsabilité environnementale avec l'innovation industrielle. En tirant stratégiquement de vastes exploitations forestières en Allemagne et au Canada, la société transforme le bois brut en produits en bois de haute qualité qui desservent les marchés mondiaux dans diverses industries. Leur approche unique intègre les capacités de fabrication avancées, la gestion durable des forêts et un engagement envers la gestion de l'environnement, créant une proposition de valeur convaincante qui les distingue dans le paysage des produits en bois compétitifs.

Mercer International Inc. (Merc) - Modèle commercial: partenariats clés

Organisations forestières durables pour l'approvisionnement en bois

Mercer International Inc. s'associe à plusieurs organisations forestières certifiées durables en Colombie-Britannique et en Allemagne. En 2023, la société a obtenu environ 3,2 millions de mètres cubes de bois grâce à des partenariats forestiers certifiés durables.

Organisation partenaire	Région	Volume de bois annuel
Ventes en bois de la Colombie-Britannique	Colombie-Britannique, Canada	1,5 million de mètres cubes
Association de gestion forestière d'Allemagne	Bavière, Allemagne	1,7 million de mètres cubes

Fabricants d'équipements de traitement du bois

Mercer maintient des partenariats stratégiques avec les principaux fabricants d'équipements de traitement du bois pour assurer l'efficacité technologique.

• Andritz AG (Autriche) - Fournisseur d'équipement de traitement de la pulpe primaire
• Valmet Corporation (Finlande) - Machinerie pour la production de papier et de pâte
• MetSo Outotec (Finlande) - Technologies de transformation industrielle

Sociétés de transport et de logistique

En 2023, Mercer a collaboré avec plusieurs partenaires de transport pour optimiser la logistique de la chaîne d'approvisionnement.

Partenaire de logistique	Mode de transport	Volume de transport annuel
Chemin de fer national canadien	Transport ferroviaire	2,1 millions de tonnes métriques
Hapag-lloyd AG	Expédition maritime	1,3 million de tonnes métriques

Organismes de certification environnementaux

Mercer maintient les certifications des principales organisations environnementales pour assurer des pratiques durables.

• Forest Stewardship Council (FSC)
• Programme pour l'approbation de la certification forestière (PEFC)
• Initiative forestière durable (SFI)

Départements forestiers du gouvernement régional

Mercer collabore avec les départements forestiers du gouvernement au Canada et en Allemagne pour gérer les pratiques forestières durables.

Département du gouvernement	Région	Focus de la collaboration
Ministère des forêts de la Colombie-Britannique	Canada	Règlement sur la récolte du bois
Bavarian State Forest Enterprise	Allemagne	Gestion durable des forêts

Mercer International Inc. (Merc) - Modèle d'entreprise: activités clés

Production de pulpe et de bois

Mercer International exploite trois usines de pâte avec une capacité de production annuelle totale de 1 360 000 tonnes métriques de pâte de marché. La panne de production comprend:

Emplacement	Production annuelle de la pâte	Type de pulpe
Rosenthal, Allemagne	530 000 tonnes métriques	Pulpe de kraft en bois souple blanchi
Stendal, Allemagne	610 000 tonnes métriques	Pulpe de kraft en bois dur blanchi
Celgar, Canada	220 000 tonnes métriques	Pâte de marché

Gestion durable des forêts

Les activités de gestion forestière comprennent:

• Couverture de certification forestière: 1,3 million d'hectares
• Volume de récolte durable: 3,5 millions de mètres cubes par an
• Taux de régénération forestière: zones à 100% replantées

Fabrication de produits en bois

Capacités de fabrication:

• Production totale du bois: 350 000 mètres cubes par an
• Installations primaires de traitement du bois: 2 emplacements
• Gamme de produits: bois de dimension, produits en bois spécialisés

Compliance et certification environnementales

Normes de certification maintenues:

• Certification FSC (Forest Stewardship Council)
• Système de gestion environnementale ISO 14001
• PEFC (programme pour l'approbation de la certification forestière)

Recherche et développement dans la transformation du bois

Détails de l'investissement R&D:

Année	Dépenses de R&D	Domaines de concentration
2023	4,2 millions de dollars	Technologie de la pulpe, traitement durable
2022	3,8 millions de dollars	Améliorations de l'efficacité, réduction du carbone

Mercer International Inc. (Merc) - Modèle d'entreprise: Ressources clés

Holdings Forest Timber

Mercer International Inc. détient environ 280 000 hectares de terres forestières en Allemagne et au Canada. Déchange de forêt:

Emplacement	Zone forestière (hectares)	Type de forêt
Allemagne	180,000	Bois souple et bois dur
Canada	100,000	Forêt de conifères

Installations de traitement du bois

Mercer exploite des installations avancées de traitement du bois avec les spécifications suivantes:

• Capacité de production totale: 1,4 million de mètres cubes de bois par an
• 3 usines intégrées de pulpe et de bois
• Capacité de production annuelle de la pâte: 1,1 million de tonnes métriques

Capacités de main-d'œuvre

Composition de la main-d'œuvre en 2023:

Catégorie	Nombre d'employés
Total des employés	1,850
Spécialistes forestiers	350
Techniciens de fabrication	1,200

Certifications forestières durables

• Certification FSC (Forest Stewardship Council)
• PEFC (programme pour l'approbation de la certification forestière)

Capacités d'investissement en capital

Mesures financières liées aux investissements en capital:

Métrique d'investissement	Montant (USD)
Dépenses en capital (2023)	85,6 millions de dollars
Actif total (fin 2023)	1,42 milliard de dollars
Capitaux propres des actionnaires	612 millions de dollars

Mercer International Inc. (Merc) - Modèle d'entreprise: propositions de valeur

Produits de bois et de pulpe durables de haute qualité

Mercer International produit environ 1,3 million de tonnes métriques de pâte de marché par an. La rupture du produit comprend:

Type de produit	Volume de production annuel	Part de marché
Pulpe de kraft en bois souple blanchi	870 000 tonnes métriques	4,5% du marché mondial
Pulpe de kraft en bois dur blanchi	430 000 tonnes métriques	2,8% du marché mondial

Processus de fabrication responsables de l'environnement

Les mesures environnementales de Mercer comprennent:

• Réduction des émissions de carbone: 22% depuis 2015
• Réduction de la consommation d'eau: 18% par tonne de pâte
• Certification forestière: 100% FSC et PEFC certifiés

Alimentation constante de matériaux à base de bois

Mercer maintient des chaînes d'approvisionnement stables:

Métrique de la chaîne d'approvisionnement	Valeur
Accords d'approvisionnement en bois à long terme	Contrats de 15 à 20 ans
Aachat annuel en bois	3,5 millions de mètres cubes

Prix ​​de compétition sur les marchés mondiaux du bois

Prix ​​des indicateurs compétitifs:

• Prix ​​de vente moyen de la pâte: 740 $ - 780 $ par tonne métrique
• Coût de production: 520 $ à 550 $ par tonne métrique
• Marge brute sur les produits de pâte: 25-30%

Engagement envers la gestion durable des forêts

Mesures d'investissement en durabilité:

Initiative de durabilité	Investissement annuel
Programmes de régénération forestière	4,2 millions de dollars
Conservation de la biodiversité	1,8 million de dollars

Mercer International Inc. (Merc) - Modèle d'entreprise: relations clients

Contrats à long terme avec les clients industriels

Mercer International Inc. maintient des contrats d'approvisionnement à long terme avec des clients industriels clés dans l'industrie des pâtes et papier. En 2023, la société a déclaré 87% de ses ventes de pâte à travers des contrats pluriannuels avec des fabricants mondiaux établis.

Type de contrat	Durée	Pourcentage de ventes
Contrats d'approvisionnement en pâte à long terme	3-5 ans	87%
Contrats renouvelables annuels	1 an	13%

Support technique pour les applications de produits

Mercer fournit des services de support technique spécialisés à ses clients, avec des équipes d'ingénierie dédiées prenant en charge le développement et l'application des produits.

• Équipe de support technique 24/7
• Ingénierie des applications sur place
• Assistance au développement de produits personnalisés

Solutions de produits en bois personnalisés

En 2023, Mercer s'est développé 37 Solutions de produits en bois personnalisés Pour des exigences spécifiques des clients industriels, représentant environ 22% du portefeuille total de produits.

Communication régulière avec les clients clés

Canal de communication	Fréquence	Couverture client
Avis sur les entreprises trimestrielles	4 fois par an	Top 25 des clients
Réunions stratégiques annuelles	1 fois par an	Top 10 des clients

Plateformes numériques pour l'engagement des clients

Mercer a investi 2,3 millions de dollars dans des plateformes de fiançailles clients numériques en 2023, notamment:

• Portail client avec suivi des stocks en temps réel
• Système de gestion des commandes en ligne
• Outils de rapport de performances numériques

L'utilisation de la plate-forme numérique a augmenté l'interaction du client de 42% par rapport à l'année précédente.

Mercer International Inc. (Merc) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Mercer International Inc. maintient une équipe de vente directe mondiale d'environ 87 professionnels de la vente dans plusieurs régions.

Région	Nombre de représentants commerciaux
Amérique du Nord	32
Europe	28
Asie-Pacifique	22
Amérique du Sud	5

Catalogues de produits en ligne

Mercer International exploite des catalogues de produits numériques avec les mesures suivantes:

• Trafic de site Web: 215 000 visiteurs uniques mensuellement
• Catalogue en ligne Page Vues: 487 000 par trimestre
• Listes de produits numériques: 342 Configurations de produits uniques

Salons et conférences de l'industrie

Participation annuelle aux événements commerciaux:

Type d'événement	Nombre d'événements	Total des participants engagés
Conférences forestières internationales	7	3,200
Expositions de l'industrie des pâtes et papier	5	2,750

Plateformes de marketing numérique

Performance du canal de marketing numérique:

• LinkedIn adepte: 14 500
• Taux d'engagement Twitter: 2,3%
• Dépenses publicitaires numériques: 1,2 million de dollars par an

Réseaux de distribution mondiaux

Couverture du réseau de distribution:

Région de distribution	Nombre de partenaires de distribution	Volume annuel d'expédition
Amérique du Nord	18	1,2 million de tonnes métriques
Europe	22	1,5 million de tonnes métriques
Asie-Pacifique	12	0,8 million de tonnes métriques

Mercer International Inc. (Merc) - Modèle d'entreprise: segments de clientèle

Fabricants de papier et d'emballage

Mercer International sert des fabricants de papier et d'emballage avec des produits spécialisés en fibre de bois.

Type de client	Volume annuel	Part de marché
Fabricants d'emballages nord-américains	342 000 tonnes métriques	8.7%
Compagnies de papier européennes	278 500 tonnes métriques	6.3%

Compétions de matériaux de construction et de construction

Mercer fournit des matériaux en bois spécialisés pour le secteur de la construction.

• Fournisseurs de produits en bois d'ingénierie
• Fabricants de bois structurels
• Producteurs de composants en bois architectural

Fabricants de meubles

Fibre du bois Aliment pour les segments de production de meubles.

Région	Approvisionnement annuel	Nombre de clients
Amérique du Nord	156 000 tonnes métriques	87 fabricants
Union européenne	124 500 tonnes métriques	63 fabricants

Secteur des énergies renouvelables

Biomasse des bois approvisionnement pour la production d'énergie renouvelable.

• Centrales électriques de biomasse
• Producteurs d'énergie durable
• Développeurs d'infrastructures d'énergie verte

Importateurs de produits en bois international

Réseau de distribution de produits en bois mondial.

Région d'importation	Volume d'importation annuel	Valeur d'importation
Asie-Pacifique	276 000 tonnes métriques	184,5 millions de dollars
Moyen-Orient	98 500 tonnes métriques	62,3 millions de dollars

Mercer International Inc. (Merc) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Coûts d'achat annuels en bois: 345,6 millions de dollars (2022 Exercice) Dépenses d'acquisition de journaux en bois souple: 187,3 millions de dollars Régions d'approvisionnement: Colombie-Britannique, Canada et Allemagne

Catégorie de matières premières	Coût annuel ($)	Pourcentage de l'approvisionnement total
Journaux en bois tendre	187,300,000	54.2%
Journaux de bois dur	98,700,000	28.6%
Bois spécialisé	59,600,000	17.2%

Dépenses de fabrication et de traitement

Coûts de fabrication totaux: 412,5 millions de dollars (2022)

• Coûts de production de la pâte: 276,4 millions de dollars
• Dépenses de fabrication de papier: 136,1 millions de dollars

Composant de coûts de fabrication	Dépenses annuelles ($)
Consommation d'énergie	87,600,000
Entretien de l'équipement	45,300,000
Traitement chimique	63,200,000

Gestion du travail et de la main-d'œuvre

Total des dépenses de main-d'œuvre: 189,7 millions de dollars (2022)

• Compensation moyenne des employés: 82 400 $ par an
• Total de main-d'œuvre: 2 300 employés

Transport et logistique

Coûts de transport annuels: 78,3 millions de dollars

Mode de transport	Coût annuel ($)	Pourcentage de dépenses logistiques
Transport de camions	42,100,000	53.8%
Transport ferroviaire	21,600,000	27.6%
Expédition maritime	14,600,000	18.6%

Compliance et certification environnementales

Total des dépenses de conformité environnementale: 22,6 millions de dollars (2022)

• Coûts de certification (FSC, PEFC): 5,4 millions de dollars
• Surveillance environnementale: 8,2 millions de dollars
• Investissements de réduction des émissions: 9,0 millions de dollars

Mercer International Inc. (Merc) - Modèle commercial: Strots de revenus

Ventes de produits de la pâte

Pour l'exercice 2023, Mercer International Inc. a annoncé un chiffre d'affaires de produit de la pâte de 1 149,1 millions de dollars. L'entreprise produit à la fois la pâte de bois et de bois dur, avec des marchés primaires en Amérique du Nord et en Europe.

Type de produit de la pulpe	Volume de production annuel	Prix ​​moyen par tonne métrique
Pulpe de marché en bois tendre	1 080 000 tonnes métriques	1 062 $ par tonne métrique
Pulpe de marché du bois dur	720 000 tonnes métriques	985 $ par tonne métrique

Ventes de produits du bois

Les ventes de produits de bois pour Mercer International en 2023 ont généré 412,3 millions de dollars de revenus. L'entreprise exploite des scieries en Allemagne et au Canada.

• Production totale du bois: 850 000 mètres cubes
• Prix ​​de vente moyen du bois de bois: 485 $ par mètre cube
• Catégories de produits du bois principal: bois de construction, bois industriel

Exportations de matériaux à base de bois

Les exportations de matériaux à base de bois ont représenté 276,5 millions de dollars de revenus pour l'exercice 2023.

Région d'exportation	Volume d'exportation	Contribution des revenus
Asie	35% du total des exportations	96,8 millions de dollars
Europe	45% du total des exportations	124,4 millions de dollars
Amérique du Nord	20% du total des exportations	55,3 millions de dollars

Crédits forestiers durables

Mercer International a généré 18,7 millions de dollars à partir de crédits de carbone forestier durables en 2023.

• Volume de crédit en carbone: 375 000 tonnes métriques de CO2 équivalent
• Prix ​​moyen par crédit en carbone: 49,87 $

Services de traitement du bois à valeur ajoutée

Les services de traitement des bois à valeur ajoutée ont contribué 64,2 millions de dollars aux revenus de l'entreprise en 2023.

Catégorie de service	Revenu	Pourcentage des revenus des services totaux
Traitement du bois personnalisé	28,9 millions de dollars	45%
Services de traitement du bois	21,5 millions de dollars	33.5%
Ingénierie du bois spécialisée	13,8 millions de dollars	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.