美世国际 2025年度报告

Registrant’s telephone number including area code:(604) 684-1099Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past90 days. Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes☒No☐Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2of the Exchange Act. Accelerated filer☒Smaller reporting company☐Emerging growth company☐ Large accelerated filer☐Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflectthe correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any ofthe registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).☐Yes☒No The aggregate market value of the Registrant’s voting and non-voting common equity held by non-affiliates of the Registrant as of June 30, 2025, the last businessday of the Registrant’s most recently completed second fiscal quarter, based on the closing price of the voting stock on the NASDAQ Global Select Market on suchdate, was approximately $231.7 million. As of February 10, 2026, the Registrant had 66,982,506 shares of common stock, $1.00 par value per share, outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with its annual meeting ofshareholders to be held in 2026 are incorporated by reference into Part III hereof. TABLE OF CONTENTS (i)CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSINDUSTRY, MARKET AND OTHER DATAINTERNET AVAILABILITY AND ADDITIONAL INFORMATIONCURRENCYPART IITEM 1.BUSINESSMercerCorporate StrategyPulp IndustrySolid Wood IndustryGeneration and Sales of Green Energy and ChemicalsProduction CostsSales, Marketing and DistributionTransportationCapital ExpendituresInnovationEnvironmentalClimate ChangeHuman CapitalCommunity InvolvementCommitment to SustainabilityDescription of Certain IndebtednessITEM 1A.RISK FACTORSRisks Related to our BusinessRisks Related to our DebtRisks Related to Macroeconomic ConditionsLegal and Regulatory RisksRisks Related to Ownership of our SharesITEM 1B.UNRESOLVED STAFF COMMENTSITEM 1C.CYBERSECURITYITEM 2.PROPERTIESITEM 3.LEGAL PROCEEDINGSITEM 4.MINE SAFETY DISCLOSURESPART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATEDSTOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITYSECURITIESNON-GAAP FINANCIAL MEASURESITEM 6.[RESERVED]ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONSResults of OperationsYear Ended December 31, 2025 Compared to Year Ended December 31, 2024SensitivitiesLiquidity and Capital ResourcesBalance Sheet DataSources and Uses of FundsCredit Facilities and Debt CovenantsForeign CurrencyCredit Ratings of Senior NotesCritical Accounting PoliciesNew Accounting StandardsITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKForeign Currency Exchange RiskProduct Price Risk Fiber Price Risk74Inflation Risk74Interest Rate Risk7