Mercer International Inc. · NASDAQ:MERC
Mercer International — Presentation (November 2026)
57 slides from Mercer International's investor presentation, Nov 3, 2026
Slide 1: Cleansing Materials October 2026
Exhibit 99.2 Cleansing Materials OCTOBER 2026 SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT | SUBJECT TO FRE 408 & EQUIVALENTS
Slide 2: Disclaimer
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Disclaimer This documen t (along with any related oral commentary and supplemental materials or updates, th is “Presen tation”) has been pr epared by Mercer International Inc. (“Mercer” or the “Company”) so
Slide 3: Contents
Contents COMPANY & SITUATION OVERVIEW 4 01 LIQUIDITY OVERVIEW 13 02 FINANCIAL FORECAST 15 03 APPENDIX 21 04 Mill Detail 22 Mercer Mass Timber Overview 30 Financial Forecast Detail 36 Capital Structure (September 30, 2026) 51 German RCF Waiver Term Sheet 53 Simplified Legal Entity Chart 55 3
Slide 4: Company & Situation Overview
01 Company & Situation Overview
Slide 5: Executive Summary
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Executive Summary 98 Mercer is in the process of evaluating transaction alternatives in light of macroeconomic headwinds and the Company’s recent and projected 168 financial performance 220 #62A8DC Macroeco
Slide 6: Financial Challenges Driven by Temporary Geopolitical Factors
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Financial Challenges Driven by Temporary Geopolitical Factors 98 Mercer’s financial position is a result of three major geopolitical events that are not permanent in nature 168 220 #62A8DC Wood competing wi
Slide 7: Global Pulp Trends
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Global Pulp Trends 98 Pulp prices remain depressed given challenging industry dynamics 168 220 (2) Commentary Historical Global Pulp Prices, Net ($ / ADMT) #62A8DC • Global NBSK and Northern Bleached Hardwo
Slide 8: Fiber Update
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Fiber Update 98 Fiber costs continue to rise in Germany on higher demand and less supply while Mercer’s Canadian operations are relatively insulated from local 168 fiber price dynamics 220 #62A8DC Commentar
Slide 9: Mercer | Historical Pulp Segment Results
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Mercer | Historical Pulp Segment Results 98 Pulp Sale Price ($ / ADMT) Fiber Cost ($ / ADMT) 168 • Pulp segment earnings 220 $368 #62A8DC $875 $347 and cash flow significantly $324 $761 $764 $293 $715 $
Slide 10: Mercer | Historical Solid Wood Segment Results
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Mercer | Historical Solid Wood Segment Results 98 Lumber Price ($ / Mfbm) Solid Wood Fiber Cost ($mm) 168 • Solid wood segment 220 $284 $270 #62A8DC $703 $699 earnings and cash flow $243 $239 $543 $533
Slide 11: Customer & Fiber Supply Contracts Overview
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Customer & Fiber Supply Contracts Overview 98 The Company sells pulp to contracted customers as well as the spot market, while lumber is sold almost entirely into the spot market. Fiber 168 purchases are ma
Slide 12: One Goal One Hundred Program
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 One Goal One Hundred Program 98 Mercer continues to execute on its $100 million strategic profitability initiative with ~$29 million of benefits realized in 2025 relative to 2024 and 168 ~$85 million of ben
Slide 13: Liquidity Overview
02 Liquidity Overview
Slide 14: Liquidity Trough
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Liquidity Trough 98 Mercer is currently forecasting a peak liquidity need of ~$428 million in July 2027 168 220 #62A8DC (1)(2)(3) Overview Illustrative Liquidity Trough Summary ($mm) 1 $ · The peak liquidit
Slide 15: Financial Forecast
03 Financial Forecast 2SMERCER f
Slide 16: Financial Forecast Overview
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Financial Forecast Overview 98 168 · Forecast built on a “bottoms-up” basis, reflecting direct input from each business unit 220 #62A8DC · Global key assumptions developed based on internal management discu
Slide 17: Key Financial Metrics
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Key Financial Metrics 98 168 220 Revenue ($mm) Average Pulp Sale Price ($ / ADMT) #62A8DC $2,704 $2,641 $875 $872 1 $855 $2,494 $819 $2,427 $797 95 $790 $762 $765 $2,281 $2,233 0 $715 $708 $2,043 $670 $1,99
Slide 18: Annual Financial Forecast | Consolidated
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Annual Financial Forecast | Consolidated ($ in millions except per unit metrics) 98 168 2021A 2022A 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 220 Revenue $1,803 $2,281 $1,994 $2,043 $1,868 $
Slide 19: Illustrative Forecast Sensitivities
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Illustrative Forecast Sensitivities 98 The tables below highlight the 2026 and 2027 EBITDA sensitivities based on changes to pulp pricing, exchange rates and fiber costs. Note the 168 EBITDA impact from the
Slide 20: Historical and Projected Working Capital Metrics
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Historical and Projected Working Capital Metrics 98 168 Working Capital Metrics (Days) 220 #62A8DC Days Sales Outstanding FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 Pulp 67 69 69 67 68 68 67 67
Slide 21: Appendix
04 Appendix
Slide 22: Appendix Mill Detail
04 Appendix Mill Detail
Slide 23: Facility Locations
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Facility Locations 98 168 Celgar: Castlegar, 220 British Columbia, #62A8DC Canada 1 520,000 ADMTs (pulp) 95 Peace River: Peace 0 Stendal: Arneburg, River, Alberta, Canada #015F00 Germany 475,000 ADMTs (pulp
Slide 24: Mill Overview | Stendal
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mill Overview | Stendal 98 168 Description Facility Overview 220 #62A8DC · In September 2004, Mercer completed construction of the Stendal mill at an aggregate cost of ~$1.1 billion. Mercer’s Stendal mill i
Slide 25: Mill Overview | Rosenthal
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mill Overview | Rosenthal 98 168 Description Facility Overview 220 #62A8DC · In December 1994, Mercer acquired Rosenthal from the German government’s Treuhandanstalt (agency tasked with privatizing state-ow
Slide 26: Mill Overview | Celgar
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mill Overview | Celgar 98 168 Description Facility Overview 220 #62A8DC · In February 2005, Mercer acquired Celgar. Celgar had previously 1 undergone an $850 million rebuild in 1993, transforming it into a
Slide 27: Mill Overview | Peace River
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mill Overview | Peace River 98 168 Description Facility Overview 220 #62A8DC · In December 2018, Mercer acquired Daishowa-Marubeni International Ltd., which included Peace River and a 50% interest in Caribo
Slide 28: Mill Overview | Friesau
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mill Overview | Friesau 98 168 Description Facility Overview 220 #62A8DC · In April 2017, Mercer established Mercer Timber Products with the 1 acquisition of the Friesau sawmill Location · Friesau, Germany
Slide 29: Mill Overview | Torgau
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mill Overview | Torgau 98 168 (1) Description Facility Overview 220 #62A8DC · In October 2022, Mercer acquired Holzindustrie Torgau and 1 renamed it Mercer Torgau Location · Torgau, Germany 95 · Torgau’s an
Slide 30: Appendix Mercer Mass Timber Overview
04 Appendix Mercer Mass Timber Overview
Slide 31: Mercer Mass Timber Overview
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mercer Mass Timber Overview 98 Mercer Mass Timber consists of three cross-laminated timber (“CLT”) and glue-laminated timber (“glulam”) manufacturing facilities located in the 168 United States & Canada 220
Slide 32: Mercer Mass Timber | Leading Market Position
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mercer Mass Timber | Leading Market Position 98 168 Largest Mass Timber Panel Manufacturer by Installed Capacity in North America 220 #62A8DC Structurecraft 1 Vaagen 3% 95 Freres 3% 0 4% North American faci
Slide 33: Mercer Mass Timber | Key Product Benefits
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mercer Mass Timber | Key Product Benefits 98 168 Grounded in Wood Science, Driven by Innovation World-class Assets and Innovation 220 #62A8DC State-of-the-art CLT facilities in Spokane, WA and Conway, AR; e
Slide 34: Mercer Mass Timber | Unprecedented Projected Growth
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mercer Mass Timber | Unprecedented Projected Growth 98 168 220 #62A8DC (1)(2) 3 North American Forecasted Consumption (000s m ) 1 Mass Timber is on the Rise 95 0 From 2014 to 2024, the floor area of U.S. Pr
Slide 35: Mercer Mass Timber | Development Timeline
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Mercer Mass Timber | Development Timeline 98 MMT represented ~30% of the current North American mass timber manufacturing capacity in 2024 168 220 #62A8DC Mercer acquires Cross-laminated Timber (“CLT”) Faci
Slide 36: Appendix Financial Forecast Detail
04 Appendix Financial Forecast Detail
Slide 37: Liquidity Forecast | 13-Week Cash Flow Detail
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Liquidity Forecast | 13-Week Cash Flow Detail ($ in millions) 1 2 3 4 5 6 7 8 9 10 11 12 98 10/16/26 10/23/26 10/30/26 11/06/26 11/13/26 11/20/26 11/27/26 12/04/26 12/11/26 12/18/26 12/25/26 1/01/27 Total 1
Slide 38: Consolidated Cash Flow Waterfall: Q1 2026 Through Q4 2026
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Consolidated Cash Flow Waterfall: Q1 2026 Through Q4 2026 ($ in millions) 98 168 220 Q1 2026 Through Q2 2026 Cash Flow Waterfall ($mm) #62A8DC $84.5 $24.1 $78.8 1 $7.8 95 0 ($9.6) #015F00 ($20.9) ($7.2) 0 3
Slide 39: Annual Financial Forecast | Consolidated
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Annual Financial Forecast | Consolidated ($ in millions except per unit metrics) 98 168 2021A 2022A 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 220 Revenue $1,803 $2,281 $1,994 $2,043 $1,868 $
Slide 40: Quarterly Financial Forecast | Consolidated
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Quarterly Financial Forecast | Consolidated ($ in millions except per unit metrics) 98 168 220 Quarter Ended Year Ended #62A8DC Mar-26 Jun-26 Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 FY 2026 FY 2027 Re
Slide 41: Annual Financial Forecast | Pulp Segment
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Annual Financial Forecast | Pulp Segment ($ in millions except per unit metrics) 98 168 2021A 2022A 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 220 Revenue $1,498 $1,866 $1,516 $1,549 $1,387 $1,32
Slide 42: Quarterly Financial Forecast | Pulp Segment
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Quarterly Financial Forecast | Pulp Segment ($ in millions except per unit metrics) 98 168 220 Quarter Ended Year Ended #62A8DC Mar-26 Jun-26 Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 FY 2026 FY 2027 Revenu
Slide 43: Annual Financial Forecast | Solid Wood Segment
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Annual Financial Forecast | Solid Wood Segment ($ in millions except per unit metrics) 98 168 2021A 2022A 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 220 Revenue $326 $443 $513 $524 $519 $610
Slide 44: Quarterly Financial Forecast | Solid Wood Segment
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Quarterly Financial Forecast | Solid Wood Segment ($ in millions except per unit metrics) 98 168 220 Quarter Ended Year Ended #62A8DC Mar-26 Jun-26 Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 FY 2026 FY 2
Slide 45: Annual Financial Forecast | Corporate & Other Segment
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Annual Financial Forecast | Corporate & Other Segment ($ in millions except per unit metrics) 98 168 2021A 2022A 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 220 Revenue ($6) $6 $6 $9 $14 $17 – – –
Slide 46: Quarterly Financial Forecast | Corporate & Other Segment
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Quarterly Financial Forecast | Corporate & Other Segment ($ in millions except per unit metrics) 98 168 220 Quarter Ended Year Ended #62A8DC Mar-26 Jun-26 Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 FY 2026 F
Slide 47: Annual Financial Forecast | Canada
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Annual Financial Forecast | Canada ($ in millions except per unit metrics) 98 168 2021A 2022A 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 220 Revenue $666 $910 $649 $665 $565 $537 $703 $716 $7
Slide 48: Quarterly Financial Forecast | Canada
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Quarterly Financial Forecast | Canada ($ in millions except per unit metrics) 98 168 220 Quarter Ended Year Ended #62A8DC Mar-26 Jun-26 Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 FY 2026 FY 2027 Revenue
Slide 49: Annual Financial Forecast | Germany
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Annual Financial Forecast | Germany ($ in millions except per unit metrics) 98 168 2021A 2022A 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 220 Revenue $1,155 $1,378 $1,330 $1,315 $1,290 $1,305
Slide 50: Quarterly Financial Forecast | Germany
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 (1) #004A97 Quarterly Financial Forecast | Germany ($ in millions except per unit metrics) 98 168 220 Quarter Ended Year Ended #62A8DC Mar-26 Jun-26 Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 FY 2026 FY 2027 Revenue
Slide 51: Appendix Capital Structure (September 30, 2026)
04 Appendix Capital Structure (September 30, 2026)
Slide 52: Capital Structure Overview
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Capital Structure Overview 98 168 Capital Structure Summary as of September 30, 2026 ($mm) 220 #62A8DC $ Interest Maturity Interest Annual Amount Rate Date Payment Dates Interest 1 ABL & RCF Debt 95 C$160mm
Slide 53: Appendix German RCF Waiver Term Sheet
04 Appendix German RCF Waiver Term Sheet
Slide 54: German RCF Waiver Term Sheet
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 German RCF Waiver Term Sheet Summary of Select Key Terms 98 168 Waiver Period · March 31, 2026 through and including September 30, 2026 (next test date is December 31, 2026) 220 #62A8DC Waived Sections · Wa
Slide 55: Appendix Simplified Legal Entity Chart
04 Appendix Simplified Legal Entity Chart
Slide 56: Simplified Legal Entity Chart
SUBJECT TO EXPRESS NON-DISCLOSURE AGREEMENT 0 SUBJECT TO FRE 408 & EQUIVALENTS 74 151 #004A97 Simplified Legal Entity Chart 98 168 $400 million Senior Unsecured 220 Notes due 2028 Mercer International Inc. #62A8DC Public Shareholders USA $875 million Senior Unsecured Notes due 2029 1 95 0 #015F00 Me
Slide 57: Corporate Finance | Financial Restructuring | HL.com
CORPORATE FINANCE | FINANCIAL RESTRUCTURING | FINANCIAL AND VALUATION ADVISORY | HL.COM