Mercer International Inc. reported a decrease in operating EBITDA to negative $28.0 million in Q3 2025, compared to negative $21.0 million in Q2 2025. The pulp segment's EBITDA declined from negative $10.0 million to negative $13.0 million, while the solid wood segment's EBITDA decreased from negative $5.0 million to negative $9.0 million. Liquidity fell from $438.0 million in Q2 to $376.0 million in Q3, with cash declining from $146.0 million to $98.0 million. The company attributed the lower EBITDA primarily to reduced sales realizations, persistent global trade uncertainties affecting pulp demand and pricing, high fiber costs, and a $20.0 million non-cash inventory impairment. Mercer International is targeting $100.0 million in profitability improvements by the end of 2026, with $30.0 million in cost savings anticipated for 2025. The company remains on track to meet these targets through cost control and reliability initiatives.