MERCER INTERNATIONAL INC.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
MERC$0.24-2.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from (used in) operating activities | |||
| Net loss | $(497,889) | $(85,141) | $(242,056) |
| Adjustments to reconcile net loss to cash flows from operating activities | |||
| Depreciation and amortization | 160,048 | 170,793 | 172,502 |
| Deferred income tax recovery | (11,318) | (35,721) | (36,392) |
| Inventory impairment | 54,400 | 9,000 | 58,600 |
| Impairments of long-lived assets | 215,682 | — | — |
| Impairment of sandalwood business | — | — | 33,734 |
| Loss on disposal of investment in joint venture | — | 23,645 | — |
| Goodwill impairment | — | 34,277 | — |
| Defined benefit pension plans and other post-retirement benefit plan expense | 692 | 1,272 | 5,214 |
| Stock compensation expense | 2,285 | 3,859 | 5,922 |
| Foreign exchange transaction losses (gains) | 16,390 | (8,311) | 3,905 |
| Other | 7,107 | 2,087 | (5,092) |
| Defined benefit pension plans and other post-retirement benefit plan contributions, net of withdrawals | 3,025 | (675) | (1,152) |
| Changes in working capital | |||
| Accounts receivable | 52,588 | (32,094) | 52,507 |
| Inventories | 526 | 23,907 | (15,836) |
| Accounts payable and accrued expenses | 7,162 | (17,680) | (98,182) |
| Prepaid expenses and other | (2,111) | 986 | (2,679) |
| Net cash from (used in) operating activities | 8,587 | 90,204 | (69,005) |
| Cash flows from (used in) investing activities | |||
| Purchase of property, plant and equipment | (88,583) | (84,318) | (136,324) |
| Proceeds from sale of property, plant and equipment | 6,383 | 19,874 | 3,408 |
| Acquisition, net of cash acquired | — | — | (82,100) |
| Property insurance proceeds | — | 773 | 12,203 |
| Proceeds from government grants | 3,357 | 787 | 5,569 |
| Other | (2,483) | (4,108) | (2,623) |
| Net cash used in investing activities | (81,326) | (66,992) | (199,867) |
| Cash flows from (used in) financing activities | |||
| Redemption of senior notes | — | (300,000) | — |
| Proceeds from issuance of senior notes | — | 206,000 | 200,000 |
| Proceeds from (repayment of) revolving credit facilities, net | 102,888 | (25,061) | 61,272 |
| Dividend payments | (10,039) | (20,060) | (19,950) |
| Payment of debt issuance costs | — | (4,515) | (4,865) |
| Payment of finance lease obligations | (13,181) | (8,918) | (7,785) |
| Other | 138 | (229) | (48) |
| Net cash from (used in) financing activities | 79,806 | (152,783) | 228,624 |
| Effect of exchange rate changes on cash and cash equivalents | (5,187) | 504 | 208 |
| Net increase (decrease) in cash and cash equivalents | 1,880 | (129,067) | (40,040) |
| Cash and cash equivalents, beginning of year | 184,925 | 313,992 | 354,032 |
| Cash and cash equivalents, end of year | $186,805 | $184,925 | $313,992 |
| Supplemental cash flow disclosure: | |||
| Cash paid for interest | $108,046 | $105,483 | $79,620 |
| Cash paid for income taxes | $26,018 | $22,494 | $63,551 |
| Supplemental schedule of non-cash investing and financing activities: | |||
| Leased production and other equipment | $14,164 | $11,906 | $3,310 |
(89)
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