Mercer International Inc. reported Operating EBITDA of negative $20.1 million for the Q4 ended December 31, 2025, a decrease from positive $99.2 million in the same period last year, due to lower pulp sales realizations, scheduled maintenance spending, and higher fiber costs.
The net loss for the quarter was $308.7 million, which included total non-cash impairment charges of $238.7 million. This included a $203.5 million impairment against long-lived assets at the Peace River mill due to the continued down-cycle environment of hardwood pulp markets, a $23.0 million impairment against pulp inventory due to low prices and high fiber costs, and a $12.2 million impairment against certain obsolete equipment. Revenues decreased by 8% to $449.5 million.
For the full year 2025, revenues decreased by 9% to $1,868.1 million, and Operating EBITDA was negative $22.0 million, compared to positive $243.7 million in 2024.
The company noted that costs and expenses in the Q4 2025 increased significantly due to negative foreign exchange impacts from a weaker U.S. dollar, higher per unit fiber costs, and scheduled maintenance downtime at its pulp mills.
Mercer International Inc. is a global forest products company with operations in Germany, USA and Canada.
