Mercer posted Q4 earnings per share (EPS) of -$4.61 against a consensus estimate of -$0.83, a miss that signals the commodity cycle has gone from painful to existential. The headline driver was a $238.7 million non-cash impairment charge, including a $203.5 million write-down on its Peace River hardwood pulp mill. …International Paper’s Q3 2025 losses look alarming on the surface, with a $1.01 billion impairment on its Global Cellulose Fibers business and $675 million in accelerated depreciation from mill closures. But adjusted EBITDA came in at $859 million, up 28% sequentially. IP is taking pain by choice. Mercer is absorbing pain it cannot control. …IP’s pivot to pure-play global packaging via DS Smith gives it pricing leverage and diversified end markets. Mercer’s mass timber order book, at roughly $163 million in contracts including data center projects, is a genuine bright spot, but it cannot offset a pulp business bleeding cash.