Operator: Good morning, and welcome to Mercer International’s Third Quarter 2025 Earnings Conference Call. On this call today are Juan Carlos Bueno, Mercer’s President and Chief Executive Officer; and Richard Short, Mercer’s Chief Financial Officer and Secretary. I will now hand the call over to Richard.
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**Richard Short, EVP, CFO, Principal Financial & Accounting Officer and Secretary:**
Thanks, Michelle. Good morning, everyone, and thank you for joining us today.
I will begin by touching on the financial and operating highlights of the third quarter before turning the call over to Juan Carlos to provide further insights into the markets, our operations, and our strategic initiatives.
For those of you who have joined today’s call by telephone, please note that we have attached presentation material to the Investors section of our website for your reference.
Before we dive into the results, I would like to remind you that we will be making forward-looking statements during this call. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, I want to caution you regarding the risks related to these statements. These risks are described in greater detail in our press release and the company’s filings with the Securities and Exchange Commission.
Regarding our financial results, this quarter our EBITDA was negative $28 million, which includes a $20 million noncash inventory impairment. This represents a decrease compared to a negative EBITDA of $21 million in the second quarter.