Mercer Reports Q4 EBITDA Loss of $20.1M, $238.7M Impairments Drive $308.7M Loss
Mercer reported fourth-quarter operating EBITDA of -$20.1M (net loss $308.7M), driven by $238.7M in non-cash impairments versus negative EBITDA of $28.1M in Q3 and +$99.2M in Q4 2024. Full-year 2025 EBITDA was -$22.0M, cash flow rose $76M sequentially, and the cost-savings program yielded $30M with growing mass timber orders.
1. Fourth-Quarter Financial Performance
Mercer’s fourth-quarter 2025 operating EBITDA was negative $20.1 million, compared to negative $28.1 million in Q3 and positive $99.2 million in Q4 2024. Net loss totaled $308.7 million ($4.61/share), which included $238.7 million of non-cash impairments on long-lived assets and pulp inventory.
2. Full-Year Results and Cost-Savings Initiative
For full-year 2025, operating EBITDA was negative $22.0 million versus positive $243.7 million a year earlier, resulting in a net loss of $497.9 million. The One Goal One Hundred program delivered approximately $30.0 million in cost savings and operational efficiencies during the year.
3. Cash Flow Improvement
Cash flow from operations climbed by about $76.0 million sequentially in Q4 2025, reflecting improved working capital management and operational performance despite market challenges.
4. Mass Timber Order Book Growth
The mass timber order book expanded further, including contracts for large-scale data center projects, underpinning growth in the solid wood segment amid rising demand for engineered wood solutions.