Mercer International Inc (MERC) 2025 Q4 法說會逐字稿

Good morning and welcome to Mercer International Fourth quarter 2025 earnings conference call. On the call today is Juan Carlos Bueno, President and Chief Executive Officer of Mercer International, and Richard Short, CFO and secretary. I will now hand the call over to Richard Short.

早安，歡迎參加美世國際2025年第四季財報電話會議。今天出席會議的有美世國際總裁兼執行長胡安·卡洛斯·布埃諾先生和財務長兼秘書理查德·肖特先生。現在我將把電話交給理查‧肖特先生。

Thanks, Shannon. Good morning, everyone.

謝謝，香農。大家早安。

Thanks for joining us today. I will begin by touching on the financial and operating highlights of the 4th quarter before turning the call to Juan Carlos to provide further color into the markets, our operations, and our strategic initiatives.

感謝各位今天參加我們的電話會議。我將先簡要介紹第四季的財務和營運亮點，然後再將電話會議交給胡安·卡洛斯，讓他進一步闡述市場狀況、我們的營運狀況以及我們的策略舉措。

Also, for those of you who have joined today's call by telephone, there is presentation material that we have attached to the investor section of our website.

此外，對於今天透過電話參加會議的各位，我們已將演示材料附在了我們網站的投資者關係部分。

But before turning to our results, I would like to remind you that we will make forward-looking statements in this morning's conference call.

但在介紹我們的業績之前，我想提醒各位，我們將在今天早上的電話會議上發表一些前瞻性聲明。

According to the Safe harbor provisions of the Private Securities Litigation Reform Act of 1,995, I'd like to call your attention to the risks related to these statements which are more fully described in our press release and in the company's filings with the Securities and Exchange Commission.

根據 1995 年《私人證券訴訟改革法案》的安全港條款，我想提請您注意與這些聲明相關的風險，這些風險在我們的新聞稿和公司向美國證券交易委員會提交的文件中進行了更詳細的描述。

Our operating EBITDA for the fourth quarter was negative$20 million up $8 million when compared to the third quarter's results. This change in performance was largely due to stable production across all our mills and the benefits of our One Goal 100 program.

第四季我們的營運EBITDA為負2,000萬美元，較第三季成長800萬美元。業績改善主要得益於所有工廠生產的穩定性以及「同一個目標100」計畫的成效。

However, market headwinds, including pricing, weak demand, and elevated fiber costs in both Germany and Canada, continue to weigh on our overall results. The current quarter's EBITDA also includes a non-cash inventory impairment of $23 million.

然而，包括定價、需求疲軟以及德國和加拿大光纖成本高企在內的市場不利因素，持續對​​我們的整體業績構成壓力。本季的 EBITDA 還包含 2,300 萬美元的非現金存貨減損。

In the fourth quarter, we recognized total non-cash impairment charges against our long-lived assets of $260 million or $3.22 per share.

第四季度，我們對長期資產確認了總計 2.6 億美元的非現金減損費用，即每股 3.22 美元。

$204 million of this was against the assets of the Peace River Mill, a requirement under US GAAP that reflects the ongoing weakness in the hardwood pulp market.

其中 2.04 億美元用於抵押 Peace River Mill 的資產，這是美國通用會計準則 (US GAAP) 的一項要求，反映了硬木紙漿市場的持續疲軟。

We also recorded a $12 million impairment in our solid woods segment related to the sale of obsolete equipment.

我們也提列了實木業務部門 1,200 萬美元的減損損失，該損失與出售過時設備有關。

Given the challenging hardwood pulp market conditions, there are a number of strategic initiatives underway with the goal of returning the Peace River ill to profitability. These include expanding softwood pulp production, exploring government support for incremental energy generation, and a carbon capture project.

鑑於硬木紙漿市場情況嚴峻，目前正在實施多項戰略舉措，旨在使和平河工廠恢復盈利。這些措施包括擴大軟木紙漿產量、尋求政府支持以增加能源發電量以及進行碳捕獲計畫。

Unfortunately, US GAAP does not allow for the inclusion of these initiatives in the impairment assessment.

遺憾的是，美國通用會計準則不允許將這些措施納入減損評估。

Juan Carlos will provide more detail on these initiatives shortly.

胡安·卡洛斯將很快公佈這些舉措的更多細節。

Our pulp and solid wood segments both reported negative quarterly EBITDA of $11 million in the fourth quarter.

我們的紙漿和實木業務部門第四季均報告負 EBITDA 1,100 萬美元。

Additional segment disclosures are available in our Form 10k which can be found on our website and that of the SEC.

更多分部揭露資訊請參閱我們的 10-K 表格，表格可在我們的網站和美國證券交易委員會的網站上找到。

In the fourth quarter, MBSK markets weakened due to the sustained uncertainty of the global economy.

第四季度，由於全球經濟持續存在不確定性，MBSK市場走弱。

As a result, our softwood sales realizations decreased to $702 per ton, down from $728 per ton in the third quarter.

因此，我們的軟木銷售實現價格下降至每噸 702 美元，低於第三季的每噸 728 美元。

The MBSK net price in China saw a small decline to $671 per ton, a $19 decrease from the third quarter.

在中國，MBSK淨價小幅下跌至每噸671美元，比第三季下降了19美元。

We observed a more significant drop in the North American MBSK list price which averaged $1,568 per ton in the fourth quarter, a reduction of about $132 from the third quarter.

我們觀察到北美 MBSK 標價出現了更顯著的下降，第四季平均價格為每噸 1568 美元，比第三季下降了約 132 美元。

The European MBSK list price remains stable at an average of $1,498 per ton.

歐洲 MBSK 標價保持穩定，平均為每噸 1498 美元。

Hardwood markets in China showed improvement in the 4th quarter largely due to stronger demand and increased domestic fiber costs.

由於需求強勁和國內纖維成本上漲，中國硬木市場在第四季度有所改善。

Meanwhile, demand and pricing in North America remained steady. Overall, our hardwood sales realizations were flat at $528 per ton compared to the third quarter.

同時，北美地區的需求和價格保持穩定。整體而言，我們的硬木銷售價格與第三季持平，為每噸528美元。

The average price GAAP in China between softwood and hardwood pulp narrowed by $56 per ton this quarter to approximately $130 per ton.

本季中國軟木漿和硬木漿的平均價格（以GAAP計算）收窄了每噸56美元，至每噸約130美元。

The average net price for eucalyptus hardwood in the fourth quarter was $540 per ton, which is an increase of $37 from the third quarter.

第四季桉木硬木的平均淨價為每噸 540 美元，比第三季上漲了 37 美元。

In North America, the average list price was flat compared to the third quarter at $1,198 per ton.

在北美，平均標價與第三季持平，為每噸 1,198 美元。

As mentioned previously, the fourth quarter included a $23 million non-cash inventory impairment primarily driven by low pulp prices and high fiber costs. Of this amount, approximately $15 million was attributed to softwood inventories, and the remainder was against hardwood inventories.

如前所述，第四季提列了2,300萬美元的非現金存貨減值，主要原因是紙漿價格低迷、纖維成本高企。其中，約1500萬美元歸因於軟木存貨，其餘部分歸因於硬木存貨。

Pulp sales volumes in the fourth quarter increased by 20,000 tons to 472,000 tons.

第四季紙漿銷量增加2萬噸，達47.2萬噸。

Pulp production remained relatively stable in the fourth quarter at 460,000 tons. However, if we adjust for planned downtime, our production volume improved by about 20,000 tons. We had a total of 21 days of planned maintenance at our Sendal mill in the fourth quarter, which reduced production by 42,000 tons compared to the third quarter when we had a total of 20 days of planned downtime at the Selgar and Rosenthal mills, which reduced production by about 21,000 tons.

第四季紙漿產量維持相對穩定，為46萬噸。然而，若扣除計畫內停機時間，我們的產量實際上提高了約2萬噸。第四季度，森達爾紙廠共進行了21天的計畫內維護，導致產量減少了4.2萬噸。相較之下，第三季塞爾加和羅森塔爾紙廠共進行了20天的計畫內停機，導致產量減少了約2.1萬噸。

In the first half of 2026, we do not have any planned maintenance downtime. In Q3, Rosenthal will be down for 14 days, and Peace River will be down for about 10 days.

2026年上半年，我們沒有計畫內的維修停機時間。第三季度，羅森塔爾工廠將停機14天，和平河工廠將停機約10天。

In Q4 Selgar will be down for 20 days. Overall, we expect to see almost 50 days less planned maintenance downtime compared to 2025.

第四季度，Selgar 將停機 20 天。總體而言，我們預計與 2025 年相比，計劃內維護停機時間將減少近 50 天。

Our solid wood segment lumber pricing, sorry, for our solid wood segment, lumber pricing in the 4th quarter modestly decreased compared to the 3rd quarter in the US as weak demand was only partially offset by reduced supply.

抱歉，是我們的實木板材價格，第四季美國實木板材價格較第三季略有下降，因為需求疲軟僅部分被供應減少所抵銷。

In Europe, pricing was stable in the 4th quarter compared to the 3rd quarter.

在歐洲，第四季的價格與第三季相比保持穩定。

The random lengths US benchmark price for Western SPF 2 and better averaged $422 per 1,000 board feet in the fourth quarter, a decrease from $477 per 1,000 board feet in the third quarter.

第四季度，美國西部SPF 2及以上等級木材的隨機長度基準價格平均為每1000板英尺422美元，低於第三季度的每1000板英尺477美元。

Today that benchmark price for Western SPF 2 and better is around $448 per 1,000 board feet, a $46 increase from the end of 2025.

如今，西部 SPF 2 及以上等級木材的基準價格約為每 1000 板英尺 448 美元，比 2025 年底上漲了 46 美元。

In the fourth quarter, lumber production decreased by about 6% to 109 million board feet from the 3rd quarter. This was primarily due to reduced sawlog availability and reduced production during the holiday season.

第四季木材產量較第三季下降約6%，至1.09億板英尺。這主要是由於原木供應減少以及假期期間產量下降所致。

Similarly, lumber sales volumes decreased to 103 million board feet, a drop of about 7% in the third quarter, which mirrored the lower production.

同樣，木材銷售量下降至 1.03 億板英尺，第三季下降約 7%，這與產量下降的情況相符。

Electricity sales in the fourth quarter totaled 202 gigawatt hours, and pricing was about $105 per megawatt hour, which is about the same as the third quarter.

第四季電力銷售總量為 202 吉瓦時，價格約為每兆瓦時 105 美元，與第三季大致相同。

Fiber costs for both our pulp and solid wood segments were relatively steady in the 4th quarter compared to Q3.

與第三季相比，第四季我們紙漿和實木業務的纖維成本都相對穩定。

In the first quarter of 2026, we are expecting fiber costs to increase in both Canada and Germany caused by supply constraints resulting from reduced sawmilling activity.

預計到 2026 年第一季度，由於鋸木活動減少導致供應受限，加拿大和德國的纖維成本將會增加。

In addition, Germany will also be impacted by seasonal demand for fiber from the biofuel industry.

此外，德國也將受到生物燃料產業對纖維的季節性需求的影響。

Our mass timber operations within the solid wood segment had modestly higher revenues in the 4th quarter compared to the previous quarter. In Q4, the elevated interest rates in the US continued to be a drag on overall market momentum. However, our mass timber business has developed a healthy order book.

我們實木業務部門的大宗木材業務第四季營收較上一季略有成長。第四季度，美國高利率持續拖累整體市場成長動能。然而，我們的大宗木材業務訂單充足。

Today the order book totals about $163 million which compares nicely to our order book of approximately $80 million at the end of Q3.

目前訂單總額約為 1.63 億美元，與第三季末約 8,000 萬美元的訂單總額相比，這是一個不錯的成長。

We currently expect our 2026 mass timber revenue to be about $120 million.

我們目前預計 2026 年大宗木材收入約為 1.2 億美元。

We continue to make progress on our One Goal 100 program. As a reminder, this initiative focuses on cost reduction and operational efficiencies, with a target to improve our profitability by $100 million by the end of 2026 using 2024 as a baseline.

我們的「同一個目標100」計劃持續取得進展。在此提醒，該計劃的重點是降低成本和提高營運效率，目標是在2024年的基礎上，到2026年底將獲利能力提高1億美元。

We realized approximately $30 million in cost savings and reliability improvements in 2025.

到 2025 年，我們實現了約 3,000 萬美元的成本節約和可靠性提升。

In the fourth quarter, our aggregate liquidity improved by over $54 million to $430 million comprised of about $187 million of cash and $243 million of undrawn revolvers. This improvement in our liquidity was the direct result of our working capital management and cost reduction activities.

第四季度，我們的總流動資金增加了5,400多萬美元，達到4.3億美元，其中包括約1.87億美元的現金和2.43億美元的未提取循環信貸額度。流動資金的改善直接得益於我們的營運資本管理和成本削減措施。

In the 4th quarter we invested a total of $14 million of maintenance capital across our facilities.

第四季度，我們在各個設施的維護保養方面總共投入了 1,400 萬美元的資金。

We reported a consolidated net loss of $309 million for the fourth quarter, or $4.61 per share, which includes the non-cash, long-lived asset and inventory impairments.

我們公佈第四季度綜合淨虧損為 3.09 億美元，即每股虧損 4.61 美元，其中包括非現金長期資產和存貨減損。

Which aggregate to roughly $239 million or $3.57 per share.

總計約 2.39 億美元，即每股 3.57 美元。

In the third quarter we reported a net loss of $81 million or $1.21 per share.

第三季度，我們報告淨虧損 8,100 萬美元，即每股虧損 1.21 美元。

That ends my overview of the financial results. I'll now turn the call over to Juan Carlos.

我的財務表現概述到此結束。現在我將把電話交給胡安·卡洛斯。

Thanks, Rich. Our operating results continue to be undermined by significant market hand winds.

謝謝，里奇。我們的經營業績持續受到市場不利因素的影響。

The ongoing down cycle conditions force us to recognize non-cash asset impairments, including a write down of our Peace River Mills fixed assets. And while these non-cash impairments will understandably dominate headline results, the fact is that underlying operational performance improved quarter over quarter.

持續的下行週期迫使我們確認非現金資產減值，包括和平河工廠固定資產的減記。雖然這些非現金減損無疑會主導業績，但事實上，實際營運績效較上季有所改善。

Cost reductions, efficiency improvements, and working capital reductions contributed to the $54 million improvement in our liquidity, and we remain focused on improving the controllable drivers of performance.

降低成本、提高效率和減少營運資金使我們的流動性提高了 5,400 萬美元，我們將繼續專注於改善可控的績效驅動因素。

This focus is highlighted through our One Goal 100 program launched in Q2. It has yielded about $30 million of concrete results for the full year, and we're on track to achieve our goal of $100 million in improvements by the end of 2026 when compared to our 2024 baseline.

我們在第二季啟動的「一個目標100」計劃中突出了這一重點。該計劃在全年已取得約3000萬美元的實際成果，與2024年的基準相比，我們預計在2026年底實現1億美元的改進目標。

As Rich mentioned, the non-cash impairment of our Peace River mill was the result of us being subject to US GAAP rules. Unfortunately, these rules do not allow us to take into account two very important projects that our team has been working on for a couple of years already our carbon capture project and the expansion of the mill's bioenergy output with support of the government, projects that will be transformative for the mill.

正如Rich所提到的，我們Peace River工廠的非現金減損是由於我們必須遵守美國通用會計準則（US GAAP）造成的。遺憾的是，這些準則不允許我們將團隊已經開展數年的兩個非常重要的項目納入考慮：碳捕獲項目以及在政府支持下擴大工廠生物能源產量的項目。這兩個項目將對工廠產生變革性的影響。

Previously, we had announced our plans to install a carbon capture demonstration unit at our Peace River Mill in the 4th quarter as part of a joint development project with Spanta Technologies. I'm pleased to report that the pilot plant is operating and the results so far are very encouraging, both in terms of the efficiency as well as purity of the CO2 being captured.

先前，我們曾宣布計劃於第四季在和平河工廠安裝一套碳捕集示範裝置，作為與Spanta Technologies公司聯合開發專案的一部分。我很高興地報告，該試點工廠已投入運行，迄今為止的測試結果令人鼓舞，無論是捕集效率還是二氧化碳純度都令人滿意。

The results of the 6 month testing period of this demonstration unit will be instrumental in our decision making process for future phases of this project.

這個示範單元為期 6 個月的測試結果將對我們未來階段的專案決策過程起到至關重要的作用。

This venture is not only important for the Peace River Mill, but will be one of the steps in our journey to transform our pulp mills into bio refineries with multiple sustainable revenue streams.

這項事業不僅對和平河造紙廠意義重大，而且是我們把紙漿廠改造成擁有多種可持續收入來源的生物煉製廠的征程中的一步。

Now turning the overall business environment, the trade war headwinds have created an unprecedented level of market uncertainty that persists even though current tariffs appear to be stable for now.

現在來看整體商業環境，貿易戰帶來的不利因素造成了前所未有的市場不確定性，即使目前的關稅看起來暫時穩定，這種不確定性仍然存在。

We're expecting further tariff uncertainty as CUSA is to be renegotiated in June this year. The majority of the trade-related impacts we have faced are due to the indirect impacts of tariffs and trade uncertainty.

我們預計關稅方面的不確定性將進一步加劇，因為《美國關稅同盟協定》（CUSA）將於今年6月重新談判。我們面臨的大部分貿易相關影響都是關稅和貿易不確定性所帶來的間接影響。

As it stands today, the only tariff barrier we are facing is a 10% tariff on our European lumber imports into the US. This does, however, compare favorably to Canadian imports, which today face an average combined tariff and duty rate of approximately 50%, varying by company.

目前，我們面臨的唯一關稅壁壘是歐洲木材進口到美國需繳納10%的關稅。不過，與加拿大木材進口相比，情況要好得多。加拿大木材目前面臨的關稅和進口稅綜合稅率平均約為50%，具體稅率因公司而異。

As a result, we have already seen Canadian lumber curtailment announcements and expect more to come.

因此，我們已經看到加拿大宣布削減木材產量，預計未來還會有更多此類消息。

This is creating a reduced supply of residual chips for pulp mills and is putting pressure on fiber costs.

這導致紙漿廠剩餘木片的供應減少，並給纖維成本帶來壓力。

We feel our Celgar mill is well positioned given its ability to access the US fiber market and our ability to harvest and process whole logs. Nonetheless, we're experiencing some fiber cost inflation as expected.

我們認為，鑑於我們能夠進入美國纖維市場，並且具備整根原木的採伐和加工能力，我們的塞爾加工廠處於有利地位。儘管如此，正如預期的那樣，我們仍然面臨著纖維成本上漲的問題。

As mentioned, our main import from the US into Canada is wood chips for our Celgar pulp mill, which today amounts to about 45% of the fiber consumption of the mill. We feel this is a competitive advantage for us, and we have the ability to grow this percentage going forward if required. Most importantly, there are no counter tariffs applied to this fiber.

如前所述，我們從美國進口到加拿大的主要原料是木片，用於我們的Celgar紙漿廠，目前約佔該廠纖維消耗量的45%。我們認為這是我們的競爭優勢，如有需要，我們有能力在未來提高這一比例。最重要的是，這種纖維無需繳納任何關稅。

Our EBITDA of negative $20 million reflects 21 days of planned maintenance downtime at our stand mill, low prices in most of our markets, and high fiber costs.

我們的 EBITDA 為負 2000 萬美元，反映了我們軋鋼廠 21 天的計劃內維護停機時間、我們大多數市場的價格低迷以及纖維成本高昂。

Overall, NBSK pulp markets weakened in the 4th quarter, including in North America, reflecting the indirect effects of the evolving tariff environment. Specifically, North American fluff pulp, previously shipped to China primarily for diaper applications, is now subject to a 10% tariff. Consequently, Chinese manufacturers are pivoting to other products, and displaced North American pulp is now being redirected into paper applications. Adding supply pressure and weighing on the North American market, Chinese NBSK prices were also under pressure as weak paper prices pushed certain producers to opportunistically substitute and run their machines more slowly. Meanwhile, European NBSK prices were relatively stable.

總體而言，第四季度北美等地的NBSK紙漿市場整體走弱，這反映了不斷變化的關稅環境帶來的間接影響。具體而言，先前主要出口到中國用於尿布生產的北美絨毛漿，現在需繳納10%的關稅。因此，中國製造商正在轉向其他產品，而原本用於生產尿布的北美絨毛漿則被重新用於造紙。由於紙張價格疲軟，一些生產商為了尋求機會而進行替代生產，並降低機器運轉速度，導致中國NBSK紙漿價格承壓，加劇了北美市場的供應壓力。同時，歐洲NBSK紙漿價格則相對穩定。

Now turning to hardwood, prices in China increased in the 4th quarter, driven by improving demand and higher domestic fiber costs. Meanwhile, in North America, hardwood prices were flat.

接下來談談硬木。受需求改善和國內纖維成本上漲的推動，中國硬木價格在第四季度上漲。同時，北美硬木價格保持穩定。

Looking ahead, we expect to see some modest NBSK and NBHK price improvements in Q1 in both Europe and China, while North America is expected to be stable.

展望未來，我們預計第一季歐洲和中國的NBSK和NBHK價格將出現小幅上漲，而北美市場預計將保持穩定。

However, trade uncertainty continues to be an overhang on this business, and until trade restrictions are reduced, the supply demand dynamic will be heavily influenced by the supply side.

然而，貿易的不確定性仍然是該行業的一大隱患，在貿易限制減少之前，供需動態將受到供應方的嚴重影響。

In total, our pulp production was flat at 460,000 tons compared to Q3.

與第三季相比，我們的紙漿總產量持平，為 46 萬噸。

This result reflects an overall production improvement given that we lost roughly 42,000 tons due to Stendendel's Q4 plant maintenance shut compared to only 21,000 tons of planned downtime in Q3.

這一結果反映了整體生產水準的提高，因為由於 Stendendel 工廠第四季度的維護停產，我們損失了大約 42,000 噸，而第三季度計劃停產僅損失了 21,000 噸。

Our lumber production was down about 6% relative to Q3 due to reduced production during the holiday season and the availability of sawlogs. Overall, we're pleased with our lumber production.

由於假日期間產量下降以及原木供應情況，我們的木材產量較第三季下降了約6%。總體而言，我們對木材產量感到滿意。

Pulp fiber costs were essentially flat relatively to Q3.

與第三季相比，紙漿纖維成本基本持平。

In Canada, our wood costs didn't change, but in Germany, the increased demand for pulp logs and sawmill residuals and lower supply of sawlogs pushed fiber prices up slightly for both our pulp and sawmills.

在加拿大，我們的木材成本沒有變化，但在德國，紙漿原木和鋸木廠剩餘物的需求增加，而鋸材供應減少，導致我們的紙漿廠和鋸木廠的纖維價格略有上漲。

Looking ahead to Q1, we expect fiber costs to increase meaningfully for both our pulp and sawmill businesses.

展望第一季度，我們預期紙漿和鋸木廠業務的纖維成本將大幅上漲。

Our pulp business will be impacted by reduced sawmill residual availability, and our German pulp mills will also face increased seasonal competition for wood chips from biofuel producers and reduced sawmill chip supply.

鋸木廠剩餘木材供應減少將對我們的紙漿業務造成影響，同時，我們的德國紙漿廠也將面臨來自生物燃料生產商日益激烈的季節性木片競爭以及鋸木廠木片供應減少的局面。

In Germany, we expect harvesting levels to improve as the lumber market improves, while in Canada lower fiber availability will keep price pressure on fiber unless the demand side of the equation changes.

在德國，我們預計隨著木材市場的改善，採伐量將會提高；而在加拿大，除非需求方面發生變化，否則較低的纖維供應量將繼續對纖維價格構成壓力。

The business environment for a solid wood segment was consistent with Q3. It continues to be held back by a weak European economy and the impact of high mortgage rates, with seasonal construction slowdown in Q4, creating modestly weaker pricing in the US lumber market. The stagnation of the European economy continues to dampen the demand for pallets, and the result of this very adverse business environment is the main reason behind the $11 million EBITDA loss of our solid wood segment in Q4.

實木業務的商業環境與第三季基本一致。疲軟的歐洲經濟和高抵押貸款利率持續拖累著該業務，而第四季季節性建築活動放緩，導緻美國木材市場價格略有走低。歐洲經濟停滯不前，持續抑制托盤的需求，而這種極度不利的商業環境正是導致我們實木業務第四季EBITDA虧損1,100萬美元的主因。

Given the many economic forces affecting US construction activity, US lumber pricing could be volatile in the short-term, while demand is expected to remain weak in Q1. In contrast, we expect modest upward pricing pressure in the European market, primarily due to increasing sawlog prices. Any meaningful long-term improvement in either the European or US markets remains dependent on improved economic conditions and lower long-term interest rates.

鑑於影響美國建築活動的許多經濟因素，美國木材價格短期內可能波動較大，預計第一季需求仍疲軟。相較之下，我們預期歐洲市場價格將面臨溫和上漲壓力，主要原因是原木價格上漲。歐洲或美國市場的任何實質長期改善仍取決於經濟狀況的改善和長期利率的下降。

Our flexible sawmill production capabilities enable us to be competitive in all lumber markets. We intend to continue to maintain a strong presence in Europe and the US while serving the quality sensitive Japanese market.

我們靈活的鋸木廠生產能力使我們在所有木材市場中具有競爭力。我們計劃繼續保持在歐洲和美國市場的強大影響力，同時滿足對品質要求較高的日本市場的需求。

In Q4, 41% of our lumber volume was sold in the US.

第四季度，我們41%的木材銷量銷往美國。

Looking forward, we believe the US lumber market will be driven by favorable homeowners' demographics. This combined with reduced North American lumber capacity will create a supportive supply demand dynamic in the midterm.

展望未來，我們認為美國木材市場將受到有利的房屋業主人口結構的影響。加之北美木材產能的下降，這將在中期內形成有利的供需格局。

European shipping pallets markets remain weak, with pricing staying generally flat due to the overhang of the European economy, particularly in Germany, and we're expecting generally stable pricing in the first half of 2026.

歐洲貨運托盤市場依然疲軟，價格整體保持平穩，這主要是由於歐洲經濟，特別是德國的經濟疲軟所致。我們預計 2026 年上半年價格將整體保持穩定。

Biofuels were up almost 10% relative to Q3 due to seasonal demand, and the prices may still increase slightly.

由於季節性需求，生質燃料價格較第三季上漲近 10%，價格可能還會小幅上漲。

With regards to our mass timber business, revenues were up roughly 6% compared to Q3. We continue to see a steady volume of incoming project inquiries in terms of both number and total dollar value of projects. As a reminder, the projects we are bidding on and winning today are meant to be constructed on average about 9 months from now or well into 2026.

關於我們的大宗木材業務，營收較第三季成長約6%。我們持續收到穩定的專案諮詢，專案數量和總金額均保持穩定成長。需要提醒的是，我們目前參與競標並中標的項目，平均預計在9個月後或2026年下半年動工。

We expect 26 revenues to be more than double what we had in 2025 or above $120 million. As a result, we will begin ramping our convoy facility to two shifts in early Q2 and expect to do the same at Spokane late in the year.

我們預計2026年的收入將比2025年翻倍以上，或超過1.2億美元。因此，我們將在第二季初開始將車隊運輸設施的班次增加到兩班，並預計在今年稍後對斯波坎的工廠也採取同樣的措施。

Today our mass timber backlog of projects sits at about $163 million practically twice of where we were at the end of Q3.

目前，我們的大批量木材項目積壓金額約為 1.63 億美元，幾乎是第三季末的兩倍。

It is clear that a large portion of the growing interest in mass timber is coming from data center hyperscalers. The appeal to these groups is the speed of construction, which can be about 1/3 shorter than traditional construction methods, as well as the carbon sequestration benefits that only mass timber brings. More importantly, to Mercer is that our industry is leading North American capacity.

顯然，對大型木結構建築日益增長的興趣很大程度上源於資料中心超大規模營運商。吸引這些業者的是其建造速度，比傳統建造方法節省約三分之一的時間，以及只有大型木造建築才能帶來的碳封存效益。更重要的是，對默瑟而言，我們所在的產業在北美產能方面處於領先地位。

That, excuse me, to Mercer is that our industry leading North American capacity leaves us well positioned to meet this growing demand.

恕我直言，默瑟表示，我們領先業界的北美產能使我們能夠很好地滿足這一不斷增長的需求。

As a result, we're confident in this business being a growth engine for Mercer in the short-term.

因此，我們有信心這項業務在短期內將成為美世的成長引擎。

We have roughly 30% of North American cross laminated timber production capacity, a broad range of product offerings including design assist and installation services, and a large geographic footprint with manufacturing sites in the Northwest as well as the Southeast, giving us competitive access to the entire North American market.

我們擁有北美約 30% 的交叉層壓木材生產能力，提供包括設計協助和安裝服務在內的廣泛產品，並且擁有廣泛的地域覆蓋，在西北部和東南部均設有生產基地，這使我們能夠以具有競爭力的方式進入整個北美市場。

In closing, market weakness is expected to persist in 2026, and as a result of our priority is on maintaining strong liquidity.

最後，預計市場疲軟的局面將在 2026 年持續，因此，我們的首要任務是保持強勁的流動性。

To do this, our strategy includes further cost reductions, lower capital expenditures, and other working capital measures, along with a commitment to rebalance our portfolio of assets that combined will improve our balance sheet. Above all, we're committed to prudent financial management. In light of the ongoing economic uncertainties and our focus on liquidity, our planned CapEx spend is about $60million to $80 million in 2026, and this capital budget is focused on maintenance, environmental and safety projects.

為此，我們的策略包括進一步降低成本、減少資本支出和其他營運資金措施，同時致力於重新平衡資產組合，這些措施將共同改善我們的資產負債表。最重要的是，我們致力於審慎的財務管理。鑑於當前經濟情勢的不確定性以及我們對流動性的關注，我們計劃在2026年投入約6000萬至8000萬美元的資本支出，該資本預算將主要用於維護、環境和安全項目。

The headwinds facing our industry have proven to be both longer and more severe than many anticipated. However, our experienced management team has navigated through previous commodity downturns and I'm confident that our short-term strategy will allow us to weather the storm.

我們所處行業的逆風比許多人預期的持續時間更長、程度更嚴重。然而，我們經驗豐富的管理團隊曾成功應對過以往的大宗商品市場低迷時期，我相信我們的短期策略將使我們能夠渡過難關。

I also believe that the current market conditions validate our long-term strategy that focuses on transforming our pulp mills into bio refineries with additional revenue streams that can not only help balance our product mix but grant us further resilience during pulp down cycles.

我也相信，目前的市場狀況驗證了我們的長期策略，即專注於將我們的紙漿廠改造成生物精煉廠，增加收入來源，這不僅有助於平衡我們的產品組合，還能在紙漿產量下降週期中增強我們的韌性。

Our work on our Ling project pilot plant in Rosenthal is a great example, as is the carbon capture plant pilot plant in Peace River and the work that we're doing in Standall on sustainable aviation fuel.

我們在羅森塔爾的凌計畫試點工廠的工作就是一個很好的例子，和平河的碳捕獲工廠試點工廠以及我們在斯坦德爾開展的可持續航空燃料工作也是如此。

As 2026 progresses, we will remain focused on those elements of our business that we can control while implementing our short-term strategy.

隨著 2026 年的推進，我們將繼續專注於我們能夠控制的業務要素，同時實施我們的短期策略。

Thank you for listening. I will, and I will now turn the call back to the operator for questions.

謝謝聆聽。我會的，現在我將把電話轉回給接線生，回答大家的問題。

Thank you.

謝謝。

Thank you. To ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please stand by while we compile the Q&A roster.

謝謝。如需提問，請按電話上的11，並等待播報員念出您的名字。如需撤回您的問題，請再按11。請稍候，我們正在整理問答名單。

Our first question comes from the line of Roger Spitz with Bank of America. Your line is now open.

我們第一個問題來自美國銀行的羅傑‧斯皮茨。您的線路現已開通。

Yeah, thank you very much. Hopefully you can hear me okay. The first question, Rich is, can you say how much headroom that you have under any of your, maintenance covenants as of December 31st?

是的，非常感謝。希望您能聽清楚。里奇，我的第一個問題是，截至12月31日，您根據各項維修協議還有多少迴旋餘地？

Yeah, so we've got, yeah, I don't have the number in front of me, but we're comfortable that we're well under the covenants at the end of the end of the quarter, but we will expect them to get tighter as the year progresses given the weak outlook.

是的，所以，是的，我手頭上沒有具體數字，但我們有信心，在本季度末，我們的財務狀況遠低於契約規定的金額，但鑑於疲弱的前景，我們預計隨著年底的推進，契約規定的金額會越來越少。

Great, and then, secondly. I don't know if you want to comment.

很好，其次，我不知道你是否想發表意見。

In addition to cap 2026 CapEx, but cash interest, cash taxes, and any working capital view in flow or outflow.

除了 2026 年資本支出上限外，還包括現金利息、現金稅款以及任何營運資本的流入或流出。

So, we're expecting taxes to be negligible this year, interest to be around 120.

因此，我們預計今年的稅收可以忽略不計，利息約為 120。

And you heard Locardos with the cap number, 60 to 80

你也聽到了洛卡多斯說的帽子號碼，60到80。

I'm sorry, I must have misspoke. I was thinking about working capital and flow out to our.

抱歉，我一定是說錯了。我當時在想營運資金和流向我們的資金流出情況。

Oh, it'll be a net outflow probably around, 100million to 150 million at this point.

哦，目前來看，淨流出金額可能在1億到1.5億左右。

It'll be an outflow of 100million to 150 million. What would be driving that?

資金將流出1億至1.5億美元。是什麼原因導致了這種情況？

We're going to have, well, obviously it's the work, the interest, the CapEx, and probably a small net, outflow on working capital.

顯然，我們將面臨工作、利息、資本支出，以及可能出現的少量營運資金淨流出。

For the year.

今年。

Oh, okay, I was just thinking working capital itself, as opposed to, there's some taxes and capbs. What are you including that in when you gave the 100 to 150?

哦，好的，我剛才想的是營運資金本身，而不是包括稅收和上限在內的那些因素。你給的100到150包含了哪些因素呢？

Okay, so I got a net that out. Okay, got it.

好了，我把網子拿出來了。好了，明白了。

Thank you very much.

非常感謝。

Thank you. Our next question comes from the line of Shaw Stewart with TD Cowan. Your line is now open.

謝謝。下一個問題來自肖·斯圖爾特和TD·考恩的連線。您的連線現在開放。

Thanks, good morning. I'm hoping you can give us some updated thoughts on potential asset recycling opportunities.

謝謝，早安。希望您能就潛在的資產回收機會提供一些最新見解。

As a measure to I guess expedite potential deleveraging of the balance sheet.

我想這是為了加快資產負債表潛在的去槓桿化過程而採取的措施。

And with some Flexibility on available liquidity here and any thoughts on asset closure potential and maybe cost that would be associated if you're taking potential pulp lines down.

此外，還需考慮可用流動資金方面的靈活性，以及​​資產關閉的可能性和可能相關的成本（如果您要關閉潛在的紙漿生產線）。

Yes, Sean, on, in terms of asset, sales or restructuring, this is a subject that we have been, analyzing and working on for quite some time now. Obviously, we are very conscious that on the very rough conditions that we're working on right now, the possibility of claiming.

是的，肖恩，關於資產出售或重組，我們已經分析和研究這個問題相當長一段時間了。顯然，我們非常清楚，在我們目前所處的非常艱難的條件下，存在索賠的可能性。

Reasonable value for any particular asset in this cycle is not the right time. But we are obviously looking into that as we focus on our core assets. And see our way through this trough, but that is in the at the center of our debt reduction plans without a doubt.

在這個週期裡，任何特定資產的合理估值都不是適當的時機。但我們顯然也在關注這個問題，因為我們目前專注於核心資產，並努力度過難關。毫無疑問，這才是我們債務削減計畫的核心。

Okay, thanks for that detail.

好的，謝謝你提供這個細節。

And with respect to the building of the order file for mass timber, which that's encouraging, can you give us a sense of expected margins associated with that uplift in sales?

至於大宗木材訂單文件的建立，這令人鼓舞，您能否為我們介紹一下與銷售額成長相關的預期利潤率？

Yeah, what I can say in that sense is, when you look at 2025, which was relatively low as we were basically working with small projects all around.

是的，從這個意義上講，我可以說的是，當你展望 2025 年時，這個數字相對較低，因為我們當時基本上都在做一些小專案。

That year, even though it was a low sales result, it was a neutral cash flow, so the business was able not to be a drag despite the fact that it was still low on sales. Now for this year, obviously we expect that to change with sales, as we said, north of 120 million.

那一年，儘管銷售額較低，但現金流保持平衡，因此即使銷售額不高，該業務也沒有拖累公司業績。而今年，我們預計情況會有所不同，正如我們所說，銷售額將超過1.2億。

And, positive profitability, and obviously with a contribution to cash. So we're still in the single-digits as we, as this business has the potential to grow up significantly with the asset base that we have considering that this 120 million that we're talking about is with Conway ramping up two shifts only around April or so in the second quarter. And Spokane only ramping up to the two shifts maybe by the end of the year.

而且，獲利為正，顯然也對現金流有所貢獻。所以，我們目前的成長率仍然只有個位數，因為考慮到我們擁有的資產基礎，這項業務具有巨大的成長潛力。我們所說的這1.2億美元，是康威工廠在第二季大約4月份才開始實行兩班制，而斯波坎工廠可能要到年底才能實行兩班制。

So, for the majority of the year we would be running, let's say on average, a shift and a half. So again, still single-digits under that, but once we are running in 2 shifts on both facilities, obviously we'll be looking at a double-digit profitability for that business and we're very encouraged by the growth that we're looking at.

所以，一年中的大部分時間，我們平均每天會開工一個半班。因此，目前的利潤率仍然低於預期個位數，但一旦兩個工廠都開工兩個班次，顯然我們就能實現兩位數的利潤率，我們對目前的成長勢頭感到非常鼓舞。

Not just withstanding the fact that we have $163 million in the order book that we mentioned earlier, a part of that is obviously going to happen in 2026. But we already have quite a, quite an important piece of business for 2027 in that order book. So, again, it's filling up very nicely, and we're very confident of the growth that we will have in this business.

撇開我們之前提到的1.63億美元的訂單不談，其中一部分顯然會在2026年交付。但我們2027年的訂單中已經有一筆相當重要的業務。所以，訂單進展非常順利，我們對這項業務的成長充滿信心。

Okay, that's great detail. Thanks for the for the context that's all I have.

好的，細節很詳細。謝謝你提供的背景信息，這就是我目前掌握的全部信息。

Thank you. As a reminder to ask a question at this time, please press 11 on your touchstone telephone.

謝謝。提醒您，如果您此時需要提問，請在您的Touchstone電話上按11。

Our next question comes from the line of Edward Bruckner, Brucker with Barclays. The line is now open.

下一個問題來自巴克萊銀行的愛德華·布魯克納（Edward Bruckner，又名布魯克）的電話線。電話線現已開通。

Hey, thanks for taking the question this morning. My first one, is on Peace River. Is there any, thought to, potentially closing, the mill? And if so, what is the timing of doing something like that? And are there any, approvals from the government or hurdles that you have to go through, to close something like that?

您好，感謝您今天早上回答我的問題。我的第一個問題是關於和平河的。請問是否有考慮過關閉這家工廠？如果有，大概會在什麼時間進行？關閉工廠需要政府的批准或克服哪些障礙？

Well, on Peace River, what we're working on is our transition from less hardwood to more softwood. That is the center and foremost because we believe that we can extract much more value from the mill if we produce softwood over hardwood, and we're well underway in that road.

在和平河，我們正在努力實現從減少硬木加工向增加軟木加工的轉型。這是我們工作的重中之重，因為我們相信，如果我們生產軟木而不是硬木，就能從鋸木廠獲得更高的價值，而且我們在這方面已經取得了顯著進展。

Remember this was a mill that was 80-20 to hardwood. Right now, it's 70-30, and by the end of this year we expect it to be 50-50, and it makes a big difference because we make money on softwood, we don't make money on hardwood, obviously depending on the price of hardwood.

記住，這家鋸木廠以前軟木和硬木的比例是 80:20。現在是 70:30，我們預計到今年年底會變成 50:50，這差別很大，因為我們靠軟木賺錢，硬木不賺錢，當然，這取決於硬木的價格。

Beyond that, when you look into the work that we're doing or that we have been doing, we mentioned these energy projects, those would be very important contributors to the bottom line of Peace River.

除此之外，當你了解我們正在做或已經做的工作時，我們提到了這些能源項目，這些項目將對和平河的盈利做出非常重要的貢獻。

There's government support for those and also the carbon capture, which is further down the line.

政府對這些項目以及碳捕獲技術都提供了支持，但碳捕獲技術還需要一段時間才能實現。

That's probably 2 years ahead of us or 3 years ahead of us, and that would be another important contribution to the profitability of the mill. So we do have a way through for this mill and are working actively with the government to support these projects, to support the mill. So that we can keep it, and make this vision a reality.

那可能比我們預想的要早兩到三年，這將對工廠的獲利能力做出另一項重要貢獻。所以我們確實找到了這家工廠的出路，並且正在積極與政府合作，支持這些項目，支持工廠的運作。這樣我們才能保住它，並將這個願景變成現實。

Got it. And then, my second question just given the difficult, market environment as well as, potential cash burn for 2026, any, new thoughts on productivity, with the maturity wall coming up in, 2027 and then also I guess in 2028 as well.

明白了。那麼，我的第二個問題是，考慮到當前艱難的市場環境以及2026年可能出現的現金消耗，對於提高生產力，您有什麼新的想法嗎？畢竟，成熟期將在2027年到來，我猜2028年也會如此。

So Edward, the, how are we thinking about the twenty-eights and twenty-nines? Is that your question?

那麼，愛德華，我們該如何看待28和29這兩個數字呢？這是你的問題嗎？

Well, yeah, in the revolver, maturity ahead of that, right?

嗯，是的，用左輪手槍的話，成熟度要高於成熟度，對吧？

Okay, so the revolvers we're talking to the banks, the banking groups for both, currently underway, the 2028s and 202099s, we've got some runway there, so we're happy with that given where we are in the cycle.

好的，我們正在與銀行和銀行集團洽談循環信貸事宜，目前正在進行中，分別是 2028 年到期和 2020 年到期的 99 年到期，我們還有一些緩衝時間，考慮到我們目前所處的周期階段，我們對此感到滿意。

And we've been talking with our investors, so I think we're comfortable with where we are with those.

我們一直在和投資者溝通，所以我覺得我們對目前的狀況感到滿意。

And maybe if I could just to pivot a little bit, I just wanted to clarify that our expectations around working capital for this year, I think I misunderstood Roger's question.

或許我可以稍微轉換主題，我想澄清一下，關於我們今年的營運資金預期，我想我誤解了羅傑的問題。

Expect a modest cash outflow from working capital in 2026.

預計 2026 年營運資金將出現少量現金流出。

Got it thank you.

明白了，謝謝。

Thank you. Our next question comes from the line of Cole Hathorn with Jeffries. Your line is now open.

謝謝。下一個問題來自科爾·哈索恩和傑弗里斯的連線。您的連線現在開放。

Good morning, thanks for taking my question. I'd just like to follow-up on.

早上好，感謝您回答我的問題。我還有後續問題想問一下。

The market dynamics from here and if we stick to softwood pulp to begin with, we've started to see some supply disruptions with, Indonesia reducing harvesting permits which might impact the hardwood pulp market. We've seen hardwood pulp narrow the GAAP to softwood quite nicely.

從目前的市場動態來看，如果我們首先關注軟木漿，我們已經開始看到一些供應中斷的情況，例如印尼減少了採伐許可證，這可能會影響闊葉木漿市場。我們看到闊葉木漿的GAAP（一般會計準則）與軟木漿的GAAP收窄趨勢相當明顯。

I know inventory levels are still high, but we've also got in Europe SCA out with a price hike. I'm just wondering. How do you see the outlook for the market? Is there more scope for upward pressure now that the GAAP to hardwood has narrowed?

我知道庫存水準仍然很高，但歐洲的SCA也提高了價格。我只是想知道，您如何看待市場前景？隨著GAAP對硬木價格的限制收窄，價格上漲的空間是否更大？

Cole, I think you're absolutely right. These latest developments in Indonesia are very significant. The impact or the known impact of April, Riau taking 150,000 tons out of the market, as downtime is important. The uncertainty whether AP Ok, 1.4million mill startup might be delayed. It's also important because that could take away 650,000 tons of hardwood in 2026. So yes, there's all this impact of raising chip prices in Vietnam and China and that is happening as we speak, as you will point out.

科爾，我認為你說得完全正確。印尼的最新事態發展意義重大。 4月廖內省停產導致15萬噸木材退出市場，其影響（或說已知的影響）不容忽視，因為停產造成的損失不容小覷。此外，AP OK公司140萬噸木材加工廠的投產是否會延遲也存在不確定性。這一點同樣重要，因為這可能導致2026年硬木供應減少65萬噸。所以，正如你所指出的，越南和中國木片價格上漲的影響也不容忽視，而且這種情況正在發生。

And given that, as you said, that now the delta, which reported that the delta between hardwood and softwood was 130 at the end of the quarter, well, it's now 100. So with hardwood pushing up, we do believe that there's a pretty likelihood that we will see improved prices beyond what we have in our forecasts. Or at least much quicker than what we anticipated. We understand that we're now getting into the Chinese New Year.

正如您所說，硬木和軟木的價格差額在上一季末為130，現在已降至100。因此，隨著硬木價格上漲，我們相信價格很可能會超出我們的預期，或至少會比我們預期的更快上漲。我們也知道，現在正值中國農曆新年假期。

We understand that that means everything slows down a bit, and we have to wait until after New Year's to see what the effect is. But I think if anything else, those very recent developments will tend to indicate a potential upward pressure on prices for both hardwood and inherently than for softwood piggybacking on it. So yeah, it's rather positive.

我們明白這意味著一切都會放緩一些，我們需要等到新年之後才能看到具體影響。但我認為，如果有什麼影響的話，那就是最近的這些發展趨勢預示著硬木價格可能會面臨上漲壓力，而軟木價格也會受到牽連。所以，總的來說，這是個正面的訊號。

Let's hope we see that reflected in the future in the next couple of weeks. Shifting on to the lumber side and Particularly I'm thinking about Europe, you called out, higher saw log costs and also pulp wood cost, well, I suppose wood chip cost for the pulp mills. It's always less clear how would cost dynamics develop. I just like a little bit more color, what are you seeing in Q1, is this just lack of harvesting that's driving up, saw logs and.

希望未來幾週內能看到這種趨勢有所體現。接下來談談木材方面，特別是歐洲市場，您提到了鋸材價格上漲，紙漿材價格上漲，我想紙漿廠的木片價格也上漲了。成本動態如何變化總是不太明朗。我希望了解更詳細的信息，您在第一季觀察到的情況是怎樣的？鋸材價格上漲只是因為採伐量減少嗎？

And wood chips and pulp wood, and do you see any kind of turn in this market or is this a kind of a structural we should be higher for longer? And the reason I ask that is you've obviously got the Nordic saw log and pulp prices coming down. So, I'm just wondering how the Central Eastern European wood basket is performing. Yeah.

還有木片和紙漿材，您認為這個市場會有什麼轉折嗎？還是說這是一種結構性趨勢，價格應該會持續高點更久？我這麼問是因為北歐的鋸材和紙漿價格顯然在下跌。所以，我只是想了解一下中東歐木材市場的整體表現如何。是的。

Yeah, that's a very interesting dynamic as we're living it right now. Let me start with, one of the elements that have a big impact on all of this, and that's the German energy policy. They incentivate the burn of wood for energy purposes, for pellet production and those kind of things. .

是的，我們現在正經歷著一種非常有趣的動態。首先，我想談談對這一切影響巨大的因素之一，那就是德國的能源政策。他們鼓勵燃燒木材用於能源生產，例如生產木屑顆粒等等。

And what that creates is obviously a huge market for pellets, biofuels, because the winter has been as hard as it has been, the prices of pellets have increased dramatically and therefore they're able to pay any price for residuals, whether it's wood chips or sawdust.

顯然，這為顆粒燃料和生物燃料創造了一個巨大的市場，因為今年冬天異常寒冷，顆粒燃料的價格大幅上漲，因此他們願意為剩餘物支付任何價格，無論是木屑還是鋸末。

They're in the lookout for anything they can buy. That has an impact on us because when we buy wood chips for our pulp mills, where we're now competing with these absurd pellet prices and values that they can pay that are obviously much higher than what we normally pay. So that is one of the elements that is impacting right now, our wood chip costs in Germany. Now when it comes to the pop logs or the other residuals that we buy.

他們正在尋找任何可以購買的東西。這對我們造成了影響，因為當我們為紙漿廠購買木片時，現在要與他們競爭這些離譜的木屑顆粒價格，他們願意支付的價格顯然比我們通常支付的價格高得多。所以這是目前影響我們在德國的木片成本的因素之一。至於我們購買的爆木或其他剩餘材料…

From other sawmills that is dependent on the harvesting in Germany and the level of calamity that Germany was expecting last year did not happen, so the harvest that was planned did not happen. And the result of that was a significant shortfall in terms of availability of sawlogs to in the market. So there you have it. We have less output from sawmills, many of them running at slower speeds or cutting shifts.

其他一些鋸木廠依賴德國的木材採伐，但去年德國預期的災害程度並未發生，因此原計劃的採伐未能實現。這導致市場上鋸材供應嚴重短缺。所以情況就是這樣。鋸木廠的產量減少了，許多鋸木廠不得不降低運轉速度或減少班次。

We suffered the consequences of it in Friessau. We had to slow down production at times during the quarter because there was simply not enough wood to go by again as a result of this much lower harvesting levels and that creating a pinch. So that are the two main issues behind the fiber dynamic that we see in Germany. It's been different in Scandinavia. There's been a big storm over there, a big need to pick up what was left over of that storm, so a bigger inflow of fiber.

我們在弗里紹就深受其害。由於採伐量大幅下降，木材供應嚴重短缺，我們不得不在本季部分時間減產。這就是我們在德國看到的纖維市場動態背後的兩個主要問題。斯堪的納維亞半島的情況則有所不同。那裡遭遇了一場嚴重的風暴，急需處理風暴過後剩餘的木材，因此纖維的流入量更大。

Now, the fact that Scandinavia will have now lower prices would at least allow for a little bit less pressure from Scandinavia as they were obviously looking at Germany or surrounding countries for supply before. Now they have plenty to work with what they have over there, so that eases a little bit of the of the pressure that we will get in our home turf.

現在，斯堪的納維亞半島的價格下降，至少可以減輕一些來自斯堪的納​​維亞半島的壓力，因為他們之前顯然一直在尋求從德國或週邊國家獲取供應。現在他們可以利用當地現有的資源，這在一定程度上緩解了我們本土市場面臨的壓力。

But overall it's still a very tough business environment. That's why we're expecting fiber prices to increase until we see proper harvest levels come back and after we get through the seasonal aspect of bio pellets, biofuels. Obviously we're in the middle of winter.

但整體而言，當前的商業環境依然非常艱難。因此，我們預計纖維價格會持續上漲，直到作物收成恢復正常，並且生物顆粒和生物燃料的季節性需求得到緩解。顯然，現在正值隆冬時節。

Once that winter passes, the demand for pellets recedes and obviously prices will naturally come down. That's a normal cycle for pellets. So, wow, that's a little bit of the pressure points.

一旦冬天過去，對顆粒燃料的需求就會下降，價格自然也會跟著下降。這是顆粒燃料的正常週期。所以，哇，這就是一些壓力點。

That's helpful and maybe if I just run forward with that, hopefully, the cost to your pulp mills come down in the summer periods as the pellet demands declined and hopefully harvesting volumes increase for the sawlogs.

那很有幫助，也許如果我繼續前進，希望夏季紙漿廠的成本能夠降低，因為顆粒需求下降，同時鋸材的收穫量有望增加。

But I suppose the other dynamic is, price of your products, potentially we get pole prices higher which would be supportive but on the lumber side we have.

但我認為另一個動態是，你們產品的價格，電線桿價格可能會上漲，這將起到支撐作用，但在木材方面，我們卻面臨這樣的情況。

Some green shoots I suppose with like IFO commentary in Germany, there is also a very low base construction industries looking a little bit better. Is there anything to call out there, are you seeing any lead indicators on the chemical side or, the auto side or anything on the construction that's giving a little bit more confidence maybe into the second quarter, into the summer period.

我想，德國IFO的評論或許預示著一些復甦的跡象，建築業由於基數很低，情況也略有改善。您認為化工、汽車或建築業方面有什麼值得關注的指標嗎？這些指標是否能提振人們對第二季甚至夏季的信心？

That's a very good question, Cole, and probably one of the things that we, that everybody speaks about is, in the case of Germany, the investment that the company has decided to make in a matter of defense, with very significant increases versus what they had budgeted in previous years. That is something that will move the German economy as a whole.

科爾，你問得好。大家都在談論的一個問題是，就德國而言，該公司決定在國防領域進行大幅投資，遠遠超過往年的預算。這將對德國整體經濟產生正面影響。

That is something that we believe will have some impact.

我們認為這將產生一定影響。

However, that impact is not going to be.

然而，這種影響不會發生。

All of a sudden that's a relatively slower pace of growth that we will see coming, but an important one for a country that has been stagnant and stuck in a recession for already 3 years. So, which again is very uncommon for Germany. So we do see that there's a little bit of Hope in that regard that there's a little bit of improvement coming, but it's not something that would happen overnight. We just see a gradual improvement over there, whether it's in construction activity.

突然之間，我們會看到經濟成長速度相對放緩，但這對一個已經停滯不前、深陷衰退三年之久的國家來說意義重大。這對德國來說非常罕見。因此，我們看到了一絲希望，經濟狀況可能會有所改善，但這並非一朝一夕就能實現的。我們看到的是，無論是在建築業或其他領域，經濟都在逐步改善。

Obviously, we keep an eye very much on the UK. That's a market that we serve quite a bit. That has been very good for us and where we dedicate a lot of resources and energy. Our prices in the UK tend to be higher than what they are in Germany, so that's a market we privilege.

顯然，我們非常關注英國市場。我們在英國市場投入了大量精力，這對我們非常有利，我們也為此投入了大量資源和精力。我們在英國的定價通常高於德國，因此我們非常重視英國市場。

Just as the market in Japan, we do as much business in Japan as we can, as obviously the margins over there are even better, and we're able to deliver the high-quality product that they need.

就像在日本市場一樣，我們盡可能在日本開展業務，因為很明顯，那裡的利潤率更高，而且我們能夠提供他們需要的高品質產品。

The US remains to be the valve when prices are high and they are trending higher.

當物價高漲且呈現上漲趨勢時，美國仍是價格波動的調節閥。

We can pivot to the US. And we, we've done that many times before.

我們可以轉向美國市場。而且，我們以前也多次這樣做過。

I think in times that we sell more volumes to the US, we're close to 60%, 55% or more of volume into the US. We're right now at 41%, but the prices over there are increasing and despite this 10% tariff that we have, as we mentioned before, we believe we're pretty competitive. Into that market. So, I think there's some positive momentum on prices overall in lumber for the year. That's what we would tend to expect.

我認為，當我們對美國的銷售增加時，我們在美國市場的銷售佔比會接近60%、55%甚至更高。目前這一比例為41%，但美國的價格正在上漲。儘管我們之前提到過，美國市場存在10%的關稅，但我們相信我們仍然具有相當強的競爭力。因此，我認為今年木材價格整體上會有一些積極的上漲勢頭。這正是我們預期的結果。

Thank you. I'll get back in the queue.

謝謝。我會重新排隊。

Thank you. Our next question comes from the line of Dominic Gerster with Aperture. Your line is now open.

謝謝。下一個問題來自光圈科技的Dominic Gerster。您的提問通道已開放。

Hi there, thanks for taking my question. Could you please comment on the extension of your two RCF? How those discussions are going with lender and when you're expecting those to be concluded?

您好，感謝您回答我的問題。請問您能否談談您那兩筆循環信用貸款的延期情況？您與貸款方的協商進展如何？預計何時能夠完成？

Yeah well, we know these are going to be more expensive. They, I think the banks have their things that they want to change in the, in the indentures, but, I would say overall the conversations are going well.

是的，我們知道這些貸款會更貴。我認為銀行方面想在貸款協議中做出一些修改，但總的來說，談判進展順利。

Thank you. That's helpful. And do you have any indication of when you're hoping to set this laptop timing wise?

謝謝，這很有幫助。您大概打算什麼時候設定好這台筆記型電腦的定時功能呢？

Yeah, that's a good question, but before the end of Q2 for sure.

是的，這是一個很好的問題，但肯定會在第二季結束之前實現。

Understood. And then one final question. Anything on size you can comment? Will that be, the same size as the current facilities? Any additional color would be helpful.

明白了。最後一個問題。關於尺寸方面，您能說說嗎？會和現有設施一樣大嗎？如果能提供一些顏色資訊就更好了。

Yeah, I think that's one thing we're talking about. So I think there is a bit of a push to reduce overall capacity slightly, but, not to a level that we're uncomfortable with. But obviously more liquidity for us is better.

是的，我想這正是我們正在討論的問題之一。所以我覺得目前確實有一些措施要稍微削減整體產能，但不會削減到讓我們感到不安的程度。當然，對我們來說，更多的流動資金總是更好的。

Understood.

明白了。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question is a follow-up from Cole Hathorn with Jeffries. Your line is now open.

下一個問題是科爾·哈索恩向傑弗里斯提出的後續問題。您的提問通道已開通。

Thanks for taking the follow-up. I just wanted to ask around, the point you made around pellets and the energy consumption.

感謝您跟進。我只是想問大家，您剛才提到的顆粒燃料和能源消耗問題。

We're seeing industries lobby more and more, to prevent, imports and trade barriers, and, when there's a dislocation and it does seem like, the priority of use should first be for wood, sawn wood products, then kind of the downstream pulp industries before you get into energy.

我們看到各行業越來越多地遊說，以阻止進口和貿易壁壘，而且，當出現混亂時（看起來確實如此），優先使用應該首先是木材、鋸材產品，然後是下游紙漿行業，最後才是能源。

Is there any lobbying ongoing by the pulp and paper industry to prioritize that, to keep your raw materials a little bit lower rather than getting pushed out by energy is the first one. And secondly, there's been a lot of debate now around lower CO2 costs in Europe and the CO2 price has come down.

紙漿和造紙業是否正在進行遊說活動，以優先考慮降低原料成本，避免被能源價格擠佔市場？這是第一個問題。其次，目前歐洲圍繞著降低二氧化碳成本的討論很多，而二氧化碳價格也確實有所下降。

Does that position you a little bit more favorably or is it not really an item of consideration?

這是否讓你處於更有利的地位，還是說這根本不在你的考慮範圍？

Well, very important questions, and the answer to the first one is absolutely yes. What we are absolutely contrary to the policy of the German government of promoting the use of wood for biofuel purposes straight off.

嗯，這些問題非常重要，第一個問題的答案是肯定的。我們完全反對德國政府直接推廣使用木材作為生物燃料的政策。

It doesn't make any sense in our minds. We privilege very much the fact that we need to extract the highest value of the harvests that we make, and it should only be based on residuals that the pellet industry should operate on. And there's been a lot of lobbying effort on that end.

在我們看來，這完全說不通。我們非常重視的是要最大限度地利用農作物，而顆粒燃料產業應該只利用剩餘物來生產燃料。為此，各方已經進行了大量的遊說工作。

Unfortunately, there's a lot of forces that are not necessarily aligned. There are other interests from other parties that are contrary to ours, but we stand by our belief that from a pure environmental perspective and value capture perspective, the right thing to do is what we're promoting and what we're advocating for.

遺憾的是，很多力量的立場並不一致。其他各方也有與我們相悖的利益，但我們始終堅信，從純粹的環境角度和價值獲取角度來看，我們所倡導和推行的做法才是正確的。

In terms of the CO2, as you say, yes, that's another part of the equation that we, emphasize and that we have a line of communication with government on a regular basis, to make sure that the fact that we have biogenic carbon, in our operations, that we have electricity that we generate, by biomass sources. It's all taken into consideration when looking at all these CO2 emissions and credits and whatnot.

關於二氧化碳排放，正如您所說，是的，這是我們重點關注的另一個方面。我們與政府保持定期溝通，確保我們營運過程中產生的生物碳，以及我們利用生物質資源發電的事實，都會被納入考量，尤其是在評估二氧化碳排放、碳信用額度等相關事宜時。

And we are actively advocating for the proper allocation of those credits and the maintenance of those credits over time rather than a reduction of them precisely on the back of the type of business that we run, that is very much in line with what the government is pushing for in terms of environment protection.

我們正在積極倡導合理分配這些碳排放額度，並長期維持這些額度，而不是因為我們經營的業務類型而減少這些額度，這與政府在環境保護方面所推動的理念非常一致。

And then I have a question from an investor here that we're asking to everyone that has a saw with business in Europe, they weren't able to give me a perfect answer and I hope you can just kind of add some color to it might be too far out, but you know what we're seeing at the moment is we're seeing.

然後，我這裡有一位投資者提出的問題，我們也向所有在歐洲開展業務的鋸木廠老闆提出了這個問題，他們無法給我一個完美的答案，我希望您能補充一些細節，這可能有點超前，但你知道，我們目前看到的是這樣的。

Steel prices move up higher because of CAM plus we're seeing, import tariffs on steel driving ultimately steel prices higher. We're also seeing cement prices higher. Historically there always used to be this good correlation between sawn wood, lumber, steel, and cement because you're all Involved in the construction material space, do you see longer-term any form of kind of pricing umbrella that might shift the industry to use more wood considering it is only, 5% of building materials outside of the Nordics in Europe, is there something that you are tangibly seeing now or something that you see in the future, or is this just a too long dated positive to be relative in your near term thinking?

由於CAM（建築材料市場）以及進口鋼材關稅的上漲，鋼材價格走高，最後推高了鋼材價格。水泥價格也在上漲。歷史上，鋸材、木材、鋼材和水泥之間一直存在著良好的相關性，因為你們都從事建築材料行業。考慮到木材在歐洲（北歐以外）的建築材料中僅佔5%，你們認為從長遠來看，是否存在某種價格保護機制，能夠促使業界更多地使用木材？你們現在是否看到了任何切實的跡象，或者未來是否會有類似的跡象？還是說這只是一個太長期的利多因素，與你們的近期規劃無關？

I think that the evolution of the use of wood for construction, substituting steel and concrete is something that we will see coming that is already happening. It just happens to be a very small fraction of the pipe. Obviously, steel and concrete are the bread and butter of the construction industry and has been for decades and changing that ship takes time.

我認為，木材在建築領域的應用逐漸取代鋼材和混凝土，而這一趨勢我們終將看到，而且實際上它已經開始發生了。只不過目前木材的應用比例還很小。顯然，鋼材和混凝土是建築業的命脈，幾十年來一直如此，改變這種現狀需要時間。

But when you look at Europe in particular, let's talk about mass timber in Europe, where we do not participate. But that's a business that grows double-digit per year. It's growing, I think, at 11% per year, now. So, there is an important growth on that element, and that again is substituting concrete and steel. When you look at that same growth in North America, we're talking about 22%- 24% per year.

但尤其當我們審視歐洲市場時，例如我們尚未涉足的歐洲大型木材市場。這個市場每年以兩位數的速度成長，我認為目前的年增長率約為11%。因此，這一領域成長顯著，並且正在逐步取代混凝土和鋼材。而在北美，同樣的成長速度則達到了每年22%至24%。

So, and that's why we live so much in the in the future of our mass timber business in North America because there's a tremendous push for it and there's all the reasons, whether it's in construction costs, environmental, just the speed of construction, the amount of labor that you need.

所以，這就是為什麼我們如此關注北美大型木材業務的未來，因為市場對它有著巨大的推動力，而且原因有很多，無論是建築成本、環境、施工速度，還是所需的勞動力數量。

The thing about North America right now with all the political environment that we're facing.

就目前北美所面臨的政治環境而言，情況就是如此。

Deportations and whatnot, labor or for construction is a very significant issue, and we offer a solution for that problem. The amount of labor that is needed for mass timber construction is absolutely a fraction of what normal construction projects with concrete and steel would demand.

遣返等等，勞動力或建築業的勞動力短缺是一個非常重要的問題，而我們為這個問題提供了解決方案。大規模木造建築所需的勞動力數量，與一般混凝土和鋼結構建築工程所需的勞動力相比，簡直微不足道。

So, there is an alternative. There is a solution.

所以，還有另一個選擇，還有解決方法。

It is more cost effective, without any doubt, to produce, to construct or build with mass timber, but it takes time for developers, architectures, architects to understand mass timber. This is not something that everybody knows about. It's something that only with time and experience people will believe and catch up on it. But again, the 20% growth year over year is already proof that there is a good chance that we'll see that market flourish and that umbrella, as you say, shifting a little bit and giving some space for mass timber to develop and substitute traditional construction methods.

毫無疑問，使用大體量木材進行生產、建造或施工更具成本效益，但開發商、建築師和設計師需要時間來了解大量木材。這並非人人皆知的常識。只有隨著時間的推移和經驗的積累，人們才會逐漸認可並接受它。但同樣，每年20%的成長率已經證明，我們很有可能看到這個市場蓬勃發展，正如您所說，現有的市場格局正在發生一些變化，為大體量木材的發展和替代傳統建築方法騰出空間。

Thank you.

謝謝。

Thank you. And this concludes the question-and-answer session. I would now like to hand the call back over to Juan Carlos Bueno for closing remarks.

謝謝。問答環節到此結束。現在我將把電話交還給胡安·卡洛斯·布埃諾，請他作總結發言。

Okay, thank you, Shannon, and thanks to all of you for joining our call. Rich and I are available to talk more at any time, so don't hesitate to call one of us, and otherwise, we look forward to speaking to you again on the next earning call in May. Bye for now.

好的，謝謝香農，也謝謝各位參加我們的電話會議。我和里奇隨時都樂意繼續交流，所以請隨時致電我們中的任何一位。另外，我們期待在五月的下一次財報電話會議上再次與大家見面。再見！

This concludes today's conference.

今天的會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。