Mercer International Inc. (Merc): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Mercer International Inc. (Merc) fica na vanguarda da produção sustentável de madeira e celulose, tecendo um intrincado modelo de negócios que preenche a responsabilidade ambiental à inovação industrial. Ao alavancar estrategicamente vastas propriedades florestais na Alemanha e no Canadá, a empresa transforma madeira cru em produtos de madeira de alta qualidade que atendem mercados globais em diversas indústrias. Sua abordagem única integra recursos avançados de fabricação, gestão florestal sustentável e um compromisso com a administração ambiental, criando uma proposta de valor convincente que os diferencia na paisagem competitiva de produtos de madeira.

Mercer International Inc. (Merc) - Modelo de Negócios: Principais parcerias

Organizações florestais sustentáveis ​​para fornecimento de madeira

A Mercer International Inc. faz parceria com várias organizações florestais sustentáveis ​​certificadas na Colúmbia Britânica e na Alemanha. Em 2023, a empresa adquiriu aproximadamente 3,2 milhões de metros cúbicos de madeira por meio de parcerias florestais sustentáveis ​​certificadas.

Organização parceira	Região	Volume anual de madeira
BC Vendas de madeira	Colúmbia Britânica, Canadá	1,5 milhão de metros cúbicos
Associação de Gerenciamento Florestal da Alemanha	Baviera, Alemanha	1,7 milhão de metros cúbicos

Fabricantes de equipamentos de processamento de madeira

A Mercer mantém parcerias estratégicas com os principais fabricantes de equipamentos de processamento de madeira para garantir a eficiência tecnológica.

• Andritz AG (Áustria) - Fornecedor de equipamentos de processamento de celulose primário
• Valmet Corporation (Finlândia) - Máquinas para produção de papel e celulose
• METSO OUTOTEC (Finlândia) - Tecnologias de processamento industrial

Empresas de transporte e logística

Em 2023, a Mercer colaborou com vários parceiros de transporte para otimizar a logística da cadeia de suprimentos.

Parceiro de logística	Modo de transporte	Volume anual de transporte
Ferrovia nacional canadense	Transporte ferroviário	2,1 milhões de toneladas métricas
Hapag-Lloyd AG	Envio marítimo	1,3 milhão de toneladas métricas

Órgãos de certificação ambiental

A Mercer mantém as certificações das principais organizações ambientais para garantir práticas sustentáveis.

• Conselho de Administração Florestal (FSC)
• Programa para o endosso da certificação florestal (PEFC)
• Iniciativa Florestal Sustentável (SFI)

Departamentos Florestais do Governo Regional

A Mercer colabora com os departamentos florestais do governo no Canadá e na Alemanha para gerenciar práticas florestais sustentáveis.

Departamento do Governo	Região	Foco de colaboração
Ministério das Florestas da Colúmbia Britânica	Canadá	Regulamentos de colheita de madeira
Empresa florestal do estado da Baviera	Alemanha	Gerenciamento florestal sustentável

Mercer International Inc. (Merc) - Modelo de negócios: Atividades -chave

Produção de celulose e madeira

A Mercer International opera três fábricas de celulose com capacidade anual de produção anual de 1.360.000 toneladas métricas de polpa de mercado. O colapso da produção inclui:

Localização	Produção anual de celulose	Tipo de polpa
Rosenthal, Alemanha	530.000 toneladas métricas	Polpa kraft de madeira macia branqueada
Stendal, Alemanha	610.000 toneladas métricas	Polpa Kraft de madeira branqueada
Celgar, Canadá	220.000 toneladas métricas	Polpa de mercado

Gerenciamento florestal sustentável

As atividades de gestão florestal incluem:

• Cobertura de certificação florestal: 1,3 milhão de hectares
• Volume de colheita sustentável: 3,5 milhões de metros cúbicos por ano
• Taxa de regeneração florestal: áreas 100% replantadas

Fabricação de produtos de madeira

Recursos de fabricação:

• Produção total de madeira serrada: 350.000 metros cúbicos por ano
• Instalações de processamento de madeira primária: 2 locais
• Faixa de produtos: madeira de madeira dimensional, produtos de madeira especializados

Conformidade e certificação ambiental

Padrões de certificação mantidos:

• Certificação FSC (Forest Stewardship)
• ISO 14001 Sistema de Gerenciamento Ambiental
• PEFC (Programa para o endosso da certificação florestal)

Pesquisa e desenvolvimento no processamento de madeira

Detalhes do investimento em P&D:

Ano	Despesas de P&D	Áreas de foco
2023	US $ 4,2 milhões	Tecnologia de celulose, processamento sustentável
2022	US $ 3,8 milhões	Melhorias de eficiência, redução de carbono

Mercer International Inc. (Merc) - Modelo de negócios: Recursos -chave

Holdings da floresta de madeira

A Mercer International Inc. possui aproximadamente 280.000 hectares de terras florestais na Alemanha e no Canadá. Avaria florestal:

Localização	Área florestal (hectares)	Tipo de floresta
Alemanha	180,000	Madeira macia e madeira
Canadá	100,000	Floresta de coníferas

Instalações de processamento de madeira

A Mercer opera instalações avançadas de processamento de madeira com as seguintes especificações:

• Capacidade total de produção: 1,4 milhão de metros cúbicos de madeira anualmente
• 3 moinhos de celulose e madeira integrados
• Capacidade anual de produção de celulose: 1,1 milhão de toneladas métricas

Recursos de força de trabalho

Composição da força de trabalho a partir de 2023:

Categoria	Número de funcionários
Total de funcionários	1,850
Especialistas em florestas	350
Técnicos de fabricação	1,200

Certificações florestais sustentáveis

• Certificação FSC (Forest Stewardship)
• PEFC (Programa para o endosso da certificação florestal)

Capacidades de investimento de capital

Métricas financeiras relacionadas a investimentos de capital:

Métrica de investimento	Quantidade (USD)
Despesas de capital (2023)	US $ 85,6 milhões
Total de ativos (final de 2023)	US $ 1,42 bilhão
Equidade dos acionistas	US $ 612 milhões

Mercer International Inc. (Merc) - Modelo de Negócios: Proposições de Valor

Produtos de madeira e celulose sustentáveis ​​de alta qualidade

A Mercer International produz aproximadamente 1,3 milhão de toneladas métricas de polpa de mercado anualmente. A quebra do produto inclui:

Tipo de produto	Volume anual de produção	Quota de mercado
Polpa kraft de madeira macia branqueada	870.000 toneladas métricas	4,5% de mercado global
Polpa Kraft de madeira branqueada	430.000 toneladas métricas	2,8% de mercado global

Processos de fabricação ambientalmente responsáveis

As métricas ambientais da Mercer incluem:

• Redução de emissões de carbono: 22% desde 2015
• Redução do consumo de água: 18% por tonelada de polpa
• Certificação florestal: 100% FSC e PEFC Certified

Fornecimento consistente de materiais à base de madeira

Mercer mantém cadeias de suprimentos estáveis:

Métrica da cadeia de suprimentos	Valor
Acordos de fornecimento de madeira de longo prazo	Contratos de 15 a 20 anos
Aquisição anual de madeira	3,5 milhões de metros cúbicos

Preços competitivos nos mercados globais de madeira

Indicadores competitivos de precificação:

• Preço médio de venda de celulose: US $ 740 a US $ 780 por tonelada métrica
• Custo de produção: US $ 520 a US $ 550 por tonelada
• Margem bruta em produtos de celulose: 25-30%

Compromisso com o manejo florestal sustentável

Métricas de investimento em sustentabilidade:

Iniciativa de Sustentabilidade	Investimento anual
Programas de regeneração florestal	US $ 4,2 milhões
Conservação da biodiversidade	US $ 1,8 milhão

Mercer International Inc. (Merc) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com clientes industriais

A Mercer International Inc. mantém contratos de fornecimento de longo prazo com clientes industriais importantes na indústria de celulose e papel. A partir de 2023, a empresa registrou 87% de suas vendas de celulose por meio de contratos de vários anos com fabricantes globais estabelecidos.

Tipo de contrato	Duração	Porcentagem de vendas
Contratos de suprimento de celulose de longo prazo	3-5 anos	87%
Contratos renováveis ​​anuais	1 ano	13%

Suporte técnico para aplicações de produtos

A Mercer fornece serviços de suporte técnico especializados a seus clientes, com equipes de engenharia dedicadas que apoiam o desenvolvimento e aplicação de produtos de produtos.

• Equipe de suporte técnico 24/7
• Engenharia de aplicativos no local
• Assistência de desenvolvimento de produtos personalizados

Soluções de produtos de madeira personalizadas

Em 2023, Mercer desenvolvido 37 soluções de produtos de madeira personalizadas Para requisitos específicos do cliente industrial, representando aproximadamente 22% do portfólio total de produtos.

Comunicação regular com clientes -chave

Canal de comunicação	Freqüência	Cobertura do cliente
Revisões de negócios trimestrais	4 vezes por ano	Os 25 principais clientes
Reuniões estratégicas anuais	1 tempo por ano	10 principais clientes

Plataformas digitais para envolvimento do cliente

A Mercer investiu US $ 2,3 milhões em plataformas de engajamento digital de clientes em 2023, incluindo:

• Portal de clientes com rastreamento de inventário em tempo real
• Sistema de gerenciamento de pedidos on -line
• Ferramentas de relatório de desempenho digital

O uso da plataforma digital aumentou a interação do cliente em 42% em comparação com o ano anterior.

Mercer International Inc. (Merc) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Mercer International Inc. mantém uma equipe global de vendas diretas de aproximadamente 87 profissionais de vendas em várias regiões.

Região	Número de representantes de vendas
América do Norte	32
Europa	28
Ásia -Pacífico	22
Ámérica do Sul	5

Catálogos de produtos on -line

A Mercer International opera catálogos de produtos digitais com as seguintes métricas:

• Tráfego do site: 215.000 visitantes únicos mensalmente
• Visualizações de página de catálogo on -line: 487.000 por trimestre
• Listagens de produtos digitais: 342 configurações exclusivas de produtos

Feiras e conferências do setor

Participação anual em eventos comerciais:

Tipo de evento	Número de eventos	Total de participantes envolvidos
Conferências Florestais Internacionais	7	3,200
Exposições da indústria de celulose e papel	5	2,750

Plataformas de marketing digital

Performance de canal de marketing digital:

• Seguidores do LinkedIn: 14.500
• Taxa de engajamento do Twitter: 2,3%
• Gastes de publicidade digital: US $ 1,2 milhão anualmente

Redes de distribuição global

Cobertura de rede de distribuição:

Região de distribuição	Número de parceiros de distribuição	Volume anual de remessa
América do Norte	18	1,2 milhão de toneladas métricas
Europa	22	1,5 milhão de toneladas métricas
Ásia -Pacífico	12	0,8 milhão de toneladas

Mercer International Inc. (Merc) - Modelo de negócios: segmentos de clientes

Fabricantes de papel e embalagem

A Mercer International serve fabricantes de papel e embalagens com produtos especializados em fibra de madeira.

Tipo de cliente	Volume anual	Quota de mercado
Fabricantes de embalagens norte -americanos	342.000 toneladas métricas	8.7%
Empresas de papel europeias	278.500 toneladas métricas	6.3%

Empresas de materiais de construção e construção

A Mercer fornece materiais à base de madeira especializados para setor de construção.

• Fornecedores de produtos de madeira projetada
• Fabricantes de madeira estrutural
• Produtores de componentes de madeira arquitetônica

Fabricantes de móveis

Fornecimento de fibra de madeira para segmentos de produção de móveis.

Região	Fornecimento anual	Contagem de clientes
América do Norte	156.000 toneladas métricas	87 fabricantes
União Europeia	124.500 toneladas métricas	63 fabricantes

Setor de energia renovável

Fornecimento de biomassa de madeira para geração de energia renovável.

• Usinas de energia de biomassa
• Produtores de energia sustentável
• Desenvolvedores de infraestrutura de energia verde

Importadores internacionais de produtos de madeira

Rede global de distribuição de produtos de madeira.

Região de importação	Volume de importação anual	Valor de importação
Ásia-Pacífico	276.000 toneladas métricas	US $ 184,5 milhões
Médio Oriente	98.500 toneladas métricas	US $ 62,3 milhões

Mercer International Inc. (Merc) - Modelo de negócios: Estrutura de custos

Aquisição de matéria -prima

Custos anuais de aquisição de madeira: US $ 345,6 milhões (2022 ano fiscal) Despesas de aquisição de log de madeira macia: US $ 187,3 milhões Regiões de compras: Colúmbia Britânica, Canadá e Alemanha

Categoria de matéria -prima	Custo anual ($)	Porcentagem de compras totais
Torros de madeira macia	187,300,000	54.2%
Torros de madeira	98,700,000	28.6%
Madeira especializada	59,600,000	17.2%

Despesas de fabricação e processamento

Custos de fabricação totais: US $ 412,5 milhões (2022)

• Custos de produção de celulose: US $ 276,4 milhões
• Despesas de fabricação em papel: US $ 136,1 milhões

Componente de custo de fabricação	Despesa anual ($)
Consumo de energia	87,600,000
Manutenção do equipamento	45,300,000
Processamento químico	63,200,000

Gerenciamento de mão -de -obra e força de trabalho

Despesas totais de mão -de -obra: US $ 189,7 milhões (2022)

• Compensação média dos funcionários: US $ 82.400 por ano
• Força de trabalho total: 2.300 funcionários

Transporte e logística

Custos de transporte anuais: US $ 78,3 milhões

Modo de transporte	Custo anual ($)	Porcentagem de despesas de logística
Transporte de caminhão	42,100,000	53.8%
Transporte ferroviário	21,600,000	27.6%
Envio marítimo	14,600,000	18.6%

Conformidade e certificação ambiental

Despesas totais de conformidade ambiental: US $ 22,6 milhões (2022)

• Custos de certificação (FSC, PEFC): US $ 5,4 milhões
• Monitoramento ambiental: US $ 8,2 milhões
• Investimentos de redução de emissões: US $ 9,0 milhões

Mercer International Inc. (Merc) - Modelo de negócios: fluxos de receita

Vendas de produtos de celulose

Para o ano fiscal de 2023, a Mercer International Inc. registrou receita de vendas de produtos de celulose de US $ 1.149,1 milhões. A empresa produz polpa do mercado de madeira macia e madeira, com mercados primários na América do Norte e na Europa.

Tipo de produto de polpa	Volume anual de produção	Preço médio por tonelada
Polpa do mercado de madeira macia	1.080.000 toneladas métricas	US $ 1.062 por tonelada
Polpa do mercado de madeira de lei	720.000 toneladas métricas	US $ 985 por tonelada

Vendas de produtos de madeira serrada

As vendas de produtos para madeira serrada para a Mercer International em 2023 geraram US $ 412,3 milhões em receita. A empresa opera serrarias na Alemanha e no Canadá.

• Produção total de madeira serrada: 850.000 metros cúbicos
• Preço médio de venda de madeira serrada: US $ 485 por metro cúbico
• Categorias de produtos para madeira primária: madeira serrada, madeira industrial

Exportações de material à base de madeira

As exportações de materiais à base de madeira representaram US $ 276,5 milhões em receita para o ano fiscal de 2023.

Região de exportação	Volume de exportação	Contribuição da receita
Ásia	35% do total de exportações	US $ 96,8 milhões
Europa	45% do total de exportações	US $ 124,4 milhões
América do Norte	20% do total de exportações	US $ 55,3 milhões

Créditos florestais sustentáveis

A Mercer International gerou US $ 18,7 milhões em créditos sustentáveis ​​de carbono florestal em 2023.

• Volume de crédito de carbono: 375.000 toneladas métricas de CO2 equivalente
• Preço médio por crédito de carbono: US $ 49,87

Serviços de processamento de madeira de valor agregado

Os serviços de processamento de madeira de valor agregado contribuíram com US $ 64,2 milhões para a receita da empresa em 2023.

Categoria de serviço	Receita	Porcentagem da receita total de serviços
Processamento de madeira personalizado	US $ 28,9 milhões	45%
Serviços de tratamento de madeira	US $ 21,5 milhões	33.5%
Engenharia de madeira especializada	US $ 13,8 milhões	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.