Mercer International earnings date
Mercer International (AEZ) Q3 2026 Earnings Report
DE:AEZ Q3 2026 EPS Results
- Actual EPS
- -EUR 0.80
- Consensus EPS
- -EUR 0.91
- Beat/Miss
- Beat by +EUR 0.11
- One Year Ago EPS
- -EUR 1.10
DE:AEZ Q3 2026 Revenue Results
- Actual Revenue
- EUR 399.75M
- Expected Revenue
- EUR 410.03M
- Beat/Miss
- Missed by -EUR 10.28M
- YoY Revenue Growth
- -3.80%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
Mercer International's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call contained significant positive developments, particularly the agreement to equitize approximately $1.1 billion of debt, the planned $400 million liquidity injection, progress on the One Goal 100 savings program, government support for Peace River, and a strong mass timber backlog. However, the overall operating backdrop remained materially challenged, with a Chapter 11 restructuring, negative EBITDA, a $59 million net loss, lower pulp production and sales volumes, planned and unplanned downtime, weak pulp and wood product demand, historically high German fiber costs, and declining liquidity. The breadth and severity of these challenges outweighed the operational and restructuring positives.
Mercer expects the recapitalization to be completed by the end of 2026, with the plan confirmed by the court within about 45 days of filing; Torgau changes are expected to be fully implemented near the end of Q2 2027, reducing headcount by almost 400 positions, with 63% already completed and the remainder scheduled to happen over the next 6 months. The company remains on track to achieve its $100 million target by the end of 2026, expects German sawlog prices to be flat in Q4, German pulp mills to continue to operate at a reduced rate in the fourth quarter, NBSK pricing to be modestly higher before the end of the year, slight price improvements for NBHK in Q4, European lumber prices to remain flat in Q4, and mass timber production and sales to increase significantly in Q4; it does not expect the European shipping pallet market to change in Q4 and expects biofuel prices to increase in Q4 due to seasonably cooler weather.
- Balance Sheet Recapitalization AgreementMercer entered into a restructuring support agreement with holders of more than 87% of its senior notes and the majority of its common shareholders. Approximately $1.1 billion of senior notes will be exchanged for equity, reducing senior note debt by approximately 88%, with minimal cash interest requirements over the next 2 years and no senior note maturities until 2031.
- New Liquidity Funding and Expected EmergenceThe recapitalization includes a $400 million new money rights offering of new senior secured notes, 100% backstopped by certain members of the ad hoc group. Mercer expects the plan to be confirmed by the court within about 45 days of filing and the recapitalization to be completed by the end of 2026.
- Operating Subsidiaries Expected to Continue Without InterruptionManagement stated that only Mercer International, the parent company, and a Texas subsidiary are filing Chapter 11. All operating subsidiaries are expected to continue operating as usual, with customer, supplier, and employee obligations met without interruption.
- Operating EBITDA Improved SequentiallyThird-quarter operating EBITDA was negative $3 million, improving from negative $21 million in the second quarter. The improvement was largely due to a lower noncash inventory impairment of $8 million, down from $29 million in the second quarter.
- Government Support for Peace River MillPeace River received $13 million in nonrepayable government grants during the third quarter. Mercer also secured an additional $13 million in repayable contributions, bringing total government support secured for the mill to $26 million to support productivity improvements and modernization.
- Pulp Segment Reported Positive EBITDAThe pulp segment reported positive quarterly EBITDA of $6 million in the third quarter, while pulp sales realizations were described as essentially flat compared with the second quarter despite soft market demand.
- Lower Fiber Costs in Canada and GermanyFiber costs for the pulp and solid wood segments modestly decreased compared with the second quarter, driven by improved fiber availability at the Celgar mill and lower costs at German sawmills due to weak demand for sawlogs.
- One Goal 100 Program on TrackMercer remains on track to improve profitability by $100 million by the end of 2026, using 2024 as a baseline. The program delivered about $30 million of concrete savings in 2025 and an additional $46 million through the third quarter of 2026.
- Torgau Restructuring Benefits EmergingMercer said it is beginning to see benefits from the restructuring plan launched for the Torgau mill. The company expects to reduce headcount by almost 400 positions, with 63% already completed and the remainder scheduled over the next 6 months; all changes are anticipated to be implemented near the end of Q2 2027.
- Mass Timber Backlog Remains StrongThe mass timber order book remains strong and is expected to provide stable production through 2027. The backlog was approximately $151 million, with large data center projects sponsored by hyperscalers representing about 62% of the backlog.
- Expected Mass Timber Growth in Q4Mercer expects mass timber production and sales to increase significantly in the fourth quarter due to project timing and said it continues to receive a steady volume of incoming project inquiries.
- Lumber Sales Realizations ImprovedLumber sales realizations improved in the third quarter compared with the second quarter, as U.S. prices were supported by reduced Canadian lumber supply, low customer inventory levels, and sawmill curtailments. European prices remained stable because of reduced supply.
- Higher Electricity PricingElectricity sales totaled 193 gigawatt hours in the third quarter, about 13 gigawatt hours below the second quarter due to lower pulp mill production. Pricing increased to about $155 per megawatt from $117, primarily due to higher spot prices in Germany.
- Improved Pulp Supply-Demand Balance ExpectedManagement expects reduced supply to more than offset low pulp demand, pushing NBSK pricing modestly higher before the end of the year. Supply is tightening because of heavy Northern Hemisphere maintenance and announced mill closures, and Mercer expects slight price improvements for NBHK in Q4.
- Celgar Maintenance Shutdown CompletedThe 18-day maintenance shutdown at Celgar was successfully and safely completed in October, resulting in about 23 thousand tons of lost production.
- Advanced Scanning Technology at Torgau Performing WellMercer said it continues to be pleased with the performance of the advanced scanning technology installed at Torgau and achieved higher sales realizations on the mill's dimensional lumber sales in the third quarter.
- Second Shift Expected to Improve Conway EfficiencyMercer expects the full implementation of a second shift at its Conway facility to create meaningful operating efficiencies.
- Long-Term Biorefinery Strategy ReaffirmedManagement reaffirmed its long-term strategy of transforming pulp mills into biorefineries with additional revenue streams intended to balance the product mix and make Mercer more resilient during market downturns.
DE:AEZ Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | -0.52- | -4.18 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | -0.91-0.80 | -1.1 | 27.27% (+0.30) | |
| Aug 06, 2026 | 2026 (Q2) | -0.86-1.03 | -1.17 | 12.40% (+0.15) | |
| May 07, 2026 | 2026 (Q1) | -0.70-0.71 | -0.3 | -136.36% (-0.41) | |
| Feb 12, 2026 | 2025 (Q4) | -0.79-4.18 | 0.23 | -1944.00% (-4.41) | |
| Nov 06, 2025 | 2025 (Q3) | -0.85-1.10 | -0.24 | -365.38% (-0.86) | |
| Jul 31, 2025 | 2025 (Q2) | -0.87-1.17 | -0.92 | -27.72% (-0.25) | |
| May 01, 2025 | 2025 (Q1) | -0.16-0.30 | -0.23 | -32.00% (-0.07) | |
| Feb 20, 2025 | 2024 (Q4) | 0.090.23 | -1.19 | 119.08% (+1.42) | |
| Oct 31, 2024 | 2024 (Q3) | -0.26-0.24 | -0.35 | 33.33% (+0.12) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
