Mercer International Inc. reported Q4 2025 results with a net loss of $308.7 million, including $238.7 million in non-cash impairment charges primarily related to its Peace River mill. Operating EBITDA was negative $20.1 million for the quarter, reflecting a continued down-cycle in hardwood pulp markets.
Key takeaways
Q4 2025 net loss was $308.7 million ($4.61 per share), compared to net income of $16.7 million in Q4 2024.
Total non-cash impairments of $238.7 million were recognized, including $203.5 million against long-lived assets at the Peace River mill.
Q4 2025 Operating EBITDA was negative $20.1 million, compared to positive $99.2 million in the same quarter of 2024.
Full year 2025 net loss was $497.9 million compared to a net loss of $85.1 million in 2024.
The 'One Goal One Hundred' program realized approximately $30 million in cost savings and operational improvements in 2025.
Mass timber order book totals approximately $163 million, including contracts for data center projects.