MERC: financial statements from SEC

Income statement

Metric	31/12/2025	31/12/2024
Revenue	1.87B	2.04B
Cost of revenue	1.78B	1.68B
Selling, general and administrative	114M	116M
Operating income	−398M	15M
Interest expense	115M	109M
Pre-tax income	−511M	−87M
Income tax	−13M	−2M
Net income	−498M	−85M
Earnings per share	−7.44	−1.27
Earnings per share, diluted	−7.44	−1.27

Metric	31/03/2026	31/12/2025	30/09/2025	30/06/2025	31/03/2025	31/12/2024	30/09/2024	30/06/2024
Cash and equivalents	85M	187M	98M	146M	181M	185M	239M	263M
Receivables	329M	299M	328M	335M	346M	327M	353M	345M
Inventory	366M	359M	385M	415M	380M	362M	392M	400M
Current assets	835M	866M	868M	938M	970M	910M	1.06B	1.07B
Property, plant and equipment	1.07B	1.12B	1.32B	1.34B	1.27B	1.25B	1.36B	1.33B
Goodwill	—	—	—	—	—	0	0	0
Total assets	1.96B	2.04B	2.29B	2.38B	2.34B	2.26B	2.50B	2.48B
Current liabilities	385M	284M	288M	302M	298M	257M	279M	309M
Short-term debt	108M	14M	—	—	—	—	—	—
Long-term debt	1.51B	1.61B	1.55B	1.53B	1.50B	1.47B	1.60B	1.57B
Total liabilities	1.97B	1.97B	1.93B	1.93B	1.90B	1.83B	1.99B	2.00B
Equity	−6M	68M	360M	446M	437M	430M	517M	488M
Shares outstanding	67M	67M	67M	67M	67M	67M	67M	67M
Shares issued	67M	67M	67M	67M	67M	67M	67M	67M

Metric	31/12/2025	31/12/2024
Operating cash flow	9M	90M
Depreciation and amortisation	160M	171M
Share-based compensation	2M	4M
Capital expenditure	89M	84M
Investing cash flow	−81M	−67M
Dividends paid	10M	20M
Financing cash flow	80M	−153M