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Pyxus International Q2 sales decline to $534M

Fiscal 2027 net sales expectations remain $2.3 billion to $2.5 billion as the Adjusted EBITDA outlook range narrows to $215 million to $235 million.

Available on EDGAR Accepted by SEC EDGAR
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(High)
Filing Sentiment

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

Pyxus International, Inc. (PYYX) reported fiscal 2027 second-quarter sales and other operating revenues of $534.4 million, compared with $570.2 million a year earlier; leaf volumes sold fell 15.8%. Net income attributable to Pyxus was $4.1 million, versus a $0.9 million loss, largely due to a $9.1 million gain on the sale of its tobacco processing facility in Araranguá, Brazil, and favorable income tax expense benefiting from lower foreign currency volatility. Adjusted EBITDA was $43.0 million.

First-half sales were $972.2 million versus $1,079.0 million, a stated 9.9% decrease. Operating income was $55.6 million versus $67.7 million, and attributable net loss was $3.1 million versus $16.7 million. Net debt was $1,250.5 million at September 30, 2026, versus $1,264.1 million at September 30, 2025; net leverage was 5.86x versus 6.54x, respectively. Six-month net cash used in operating activities was $501.7 million, compared with $280.3 million.

For fiscal 2027, Pyxus continues to expect net sales of $2.3 billion to $2.5 billion and narrowed its Adjusted EBITDA outlook to $215 million to $235 million, from $210 million to $240 million. The company said nearly 95% of its lower-cost processed inventory was committed.

1 point · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 2 points

How the balance works

Positive

  • Moderate pointQuarterly attributable income reached $4.1 million, from a $0.9 million loss.

Negative

  • Major pointSix-month operating cash use was $501.7 million, versus $280.3 million.
  • Moderate pointFirst-half sales fell 9.9% to $972.2 million.

Filing Explained

With the results release, Pyxus reports $96,572 thousand cash at September 30, 2026 and no borrowings outstanding on its $150.0 million ABL; cash equaled 62.6 days of the quarter's $141,999 thousand operating cash use at that rate.

Sources and calculations
  • Available liquidity against the last reported quarterly operating outflow, in days at that rate $96,572,000 / ($141,999,000 / 92) = 62.6 days
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Second-quarter sales and other operating revenues $534.4 million Three months ended September 30, 2026; $570.2 million in the prior-year quarter
Second-quarter net income attributable to Pyxus $4.1 million Three months ended September 30, 2026; a $0.9 million loss in the prior-year quarter
Second-quarter Adjusted EBITDA $43.0 million Three months ended September 30, 2026; $54.8 million in the prior-year quarter
First-half sales and other operating revenues $972.2 million Six months ended September 30, 2026; $1,079.0 million in the same period of the prior year
Net debt $1,250.5 million At September 30, 2026; $1,264.1 million at September 30, 2025
Net leverage 5.86x At September 30, 2026; 6.54x at September 30, 2025
Fiscal 2027 Adjusted EBITDA outlook $215 million to $235 million Narrowed from the prior range of $210 million to $240 million
Adjusted EBITDA financial
"Q2 Adjusted EBITDA of $43.0 Million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Net Debt /Adjusted EBITDA financial
"Net Debt /Adjusted EBITDA"
uncommitted inventory financial
"At September 30, 2026, uncommitted inventory was $42.4 million"
beneficial interests in securitized trade receivables financial
"Collections from beneficial interests in securitized trade receivables"
Sales and other operating revenues $534.4 million Compared with $570.2 million in the prior-year quarter
Net income attributable to Pyxus International, Inc. $4.1 million Compared with a $0.9 million loss in the prior-year quarter
Adjusted EBITDA $43.0 million Compared with $54.8 million in the prior-year quarter
Guidance

Fiscal 2027 net sales of $2.3 billion to $2.5 billion; Adjusted EBITDA of $215 million to $235 million, narrowed from the prior range of $210 million to $240 million.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were PYYX's second-quarter revenue and net income?
PYYX reported second-quarter sales and other operating revenues of $534.4 million and net income attributable to Pyxus of $4.1 million. The prior-year quarter had revenue of $570.2 million and a $0.9 million attributable net loss.

What is PYYX's fiscal 2027 Adjusted EBITDA guidance?
PYYX expects fiscal 2027 net sales of $2.3 billion to $2.5 billion and Adjusted EBITDA of $215 million to $235 million. The company said it narrowed the Adjusted EBITDA range from its prior outlook of $210 million to $240 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FALSE000093993000009399302026-11-052026-11-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

FORM 8-K
 
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 5, 2026
  Image1.jpg 
Pyxus International, Inc.
(Exact name of Registrant, as specified in its charter)
  
Virginia000-2573485-2386250
(State or other jurisdiction
of incorporation)		(Commission file number)(I.R.S. Employer
Identification No.)
6001 Hospitality Court, Suite 100
Morrisville, North Carolina 27560-2009
(Address of principal executive offices, including zip code)
(919) 379-4300
(Registrant’s telephone number, including area code)
   
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
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 revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


The information in this report shall not be deemed to be “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation by reference language contained therein, except as shall be expressly set forth by specific reference in such a filing.

Item 2.02Results of Operations and Financial Condition

On November 5, 2026, Pyxus International, Inc. issued a press release announcing its operating and financial results for the three and six months ended September 30, 2026. The press release is furnished as Exhibit 99.1 hereto.

Item 9.01Financial Statements and Exhibits

(d) Exhibits 

Exhibit No.
  Description
99.1  
Press release dated November 5, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date:    November 5, 2026
 
PYXUS INTERNATIONAL, INC.
By:/s/ T. David Singer
T. David Singer
Senior Vice President – Chief Legal
Officer and Secretary



Exhibit 99.1
Pyxus International, Inc.  Tel:(919) 379-4300  
image1.jpg
6001 Hospitality Court  Fax:(919) 379-4346
Suite 100  www.pyxus.com
Morrisville, NC 27560-2009  
USA  

NEWS RELEASE  Contact:  Tomas Grigera
    (919) 379-4300

Pyxus International, Inc. Reports Second Quarter Fiscal 2027 Results

— Q2 Net Income Attributable to Pyxus International, Inc. Increased to $4.1 Million —
— Q2 Adjusted EBITDA of $43.0 Million Reflects Current Crop Shipping Cadence —
— Net Leverage Improved to 5.86x —
— Full-year Outlook on Track; Tightens Adjusted EBITDA Guidance Range to $215 million to $235 million —

Morrisville, N.C. – November 5, 2026 – Pyxus International, Inc. (OTCID: PYYX) ("Pyxus," the "Company," "we," or "our"), a global value-added agricultural company, today announced results for its second quarter ended September 30, 2026.

Pieter Sikkel, Pyxus' President and Chief Executive Officer, said, "We closed the second quarter and first half of fiscal 2027 well-positioned to execute a heavily weighted second half. Throughout the quarter, we deployed working capital with discipline, aligning crop purchases directly with customer commitments and strengthening our position for second-half execution. Market dynamics extended purchasing timelines, while external factors including widespread global shipping delays, shifted a portion of sales into the back half of the year. Those volumes are included in our second-half shipment plan, and with nearly 95% of our lower-cost processed inventory committed, we are ready to deliver on our full-year priorities.

"Our improved margins and strong ongoing customer demand further support our outlook, and we are tightening our full-year Adjusted EBITDA guidance."
Second Quarter Fiscal 2027 Results
Second quarter sales and other operating revenues decreased to $534.4 million compared to $570.2 million for the prior year’s second quarter. Shipment timing in Asia, along with smaller crops from certain origins within the region contributed to a 15.8% decline in leaf volumes sold during the quarter. In addition, current crop shipments from Africa and South America were delayed due to shipping constraints and the slower cadence of our buying and processing this crop season, and were partially offset by higher carry-over crop sales from Africa.
Sales and other operating revenues for the first half of fiscal 2027 were $972.2 million compared to $1,079.0 million for the same period last year. Shipment timing in North America was the main reason for the decrease of $106.8 million, or 9.9%. Shipment timing from Asia, along with current crop shipment delays from Africa and South America were also contributing factors to the decline in leaf volumes sold, partially offset by higher carry-over crop shipments from Africa.
Gross profit as a percent of sales was 14.8% for the three months ended September 30, 2026 compared to 15.4% for the three months ended September 30, 2025, as improved leaf profitability was offset by lower contributions from processing and other revenues in Africa and South America.
Gross profit as a percent of sales was 14.4% for the first half of fiscal 2027 compared to 14.2% for the same period a year ago. This slight increase was due to margin expansion primarily in Europe.
Operating income for the second quarter was $40.0 million as compared to $46.7 million in the second quarter of fiscal 2026, with the decrease mainly due to the impact of lower gross profit. Net income attributable to Pyxus International, Inc. in the second quarter improved to $4.1 million as compared to a net loss of $0.9 million in the second quarter of the prior fiscal year, largely due to a $9.1 million gain recognized in the current-year period on the sale of our tobacco processing facility in Araranguá, Brazil and favorable income tax expense that benefitted from lower foreign currency volatility.
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Operating income for the six months ended September 30, 2026 was $55.6 million as compared to $67.7 million for the same period in the prior year due to lower gross margin over the same comparable period. Net loss attributable to Pyxus International, Inc. in the first half of fiscal year 2027 improved to $3.1 million versus a net loss of $16.7 million in the same period a year ago due to the favorable quarterly impacts, namely an income tax benefit arising from lower foreign currency volatility and the gain on the sale of our tobacco processing facility in Araranguá, Brazil.
Select Balance Sheet and Liquidity Information
The second quarter of our fiscal year typically represents the peak of our working capital requirements as the first half of the fiscal year requires heavy investments in green tobacco purchases at our key sourcing origins in Africa and South America. Total leaf tobacco inventories decreased $71.9 million, or 6.5%, to $1,030.9 million at the end of the second quarter, compared to $1,102.8 million at the same time last year, which was mainly driven by fewer kilos of green tobacco purchased and at lower average costs.
As of September 30, 2026, our cash flow generation continues to improve on a trailing twelve months basis as a result of the slower cadence of purchases made during the current crop season at lower average costs, which purchasing strategy proved effective as it more than offset unfavorable sales timing that resulted in lower cash collections from customers. This disciplined inventory management favorably impacted the Company's net debt amount, which decreased by $13.6 million to $1,250.5 million at September 30, 2026 versus $1,264.1 million at September 30, 2025 primarily as result of reduced borrowings on our foreign seasonal lines of credit in Africa. In addition, we had no outstanding borrowings on our $150.0 million ABL at the end of the current quarter.
At September 30, 2026, uncommitted inventory was $42.4 million, or 5.4%, of the $779.9 million in total processed inventory, compared to $19.5 million, or 2.7%, of total processed inventory of $711.0 million at September 30, 2025. While the percentage of uncommitted inventory remains at a relatively low level and was down from 9.0% at the end of the first quarter of fiscal 2027, the increase from the prior year is due to the impact of large crops from the past two consecutive crop cycles.
The Company's average operating cycle time was 175 days in the second quarter compared to 167 days in the same period last fiscal year. The 8-day increase is primarily from higher carry-over of processed tobacco in Africa.
Fiscal Year 2027 Outlook
The Company is adjusting its fiscal year 2027 outlook by narrowing its guidance range for Adjusted EBITDA to reflect improved visibility into expected operating performance for the second half of the fiscal year. Based on results through the second quarter and current business trends, the Company continues to expect fiscal year 2027 net sales of $2.3 billion to $2.5 billion, and Adjusted EBITDA is now expected to be between $215 million and $235 million, compared to the prior guidance range of $210 million to $240 million.
Financial Results Investor Call
The Company will hold an earnings conference call and webcast on November 5, 2026, at 5 p.m. EST. Investors and analysts interested in participating in the call are invited to dial +1 (646) 769-9200 or (800) 330-6710 and use conference ID 4821223. The webcast can be accessed at http://investors.pyxus.com.
This release, as well as the Company’s second quarter results presentation, will be available on the Company's investor relations webpage prior to the call. For those unable to join the live audio webcast, an archived recording will be available on the Company's investor relations webpage shortly after the call.
Any replay, rebroadcast, transcript, or other reproduction of this conference call, other than the replay accessible by calling the number above, has not been authorized by Pyxus and is strictly prohibited. Investors should be aware that any unauthorized reproduction of this conference call may not be an accurate reflection of its contents.
Cautionary Statement Regarding Forward-Looking Statements
Readers are cautioned that the statements contained in this report regarding expectations of our performance or other matters that may affect our business, results of operations, or financial condition are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements, which are based on current expectations of future events, may be identified by the use of words such as "guidance", "strategy," "expects," "continues," "plans," "anticipates," "believes," "will," "estimates," "intends," "projects," "goals," "targets," and other words of similar meaning. These statements also may be identified by the fact that they do not relate strictly to historical or current facts. If underlying assumptions prove inaccurate, or if known or unknown risks or uncertainties materialize, actual results could vary materially from those anticipated, estimated, or projected. These risks and uncertainties include those discussed in our Annual Report on Form 10-K for the year ended March 31, 2026, our most recent Quarterly Report on Form 10-Q, and in our other filings with the Securities and Exchange
2

Commission. These risks and uncertainties include: our reliance on a small number of significant customers; continued vertical integration by our customers; global shifts in sourcing customer requirements, including as a result of the imposition of, and changes to, tariffs and other changes in international trade policies; variation in our financial results due to growing conditions, customer indications and other factors; loss of confidence in us by our customers, farmers and other suppliers; migration of suppliers who have historically grown tobacco and from whom we have purchased tobacco toward growing other crops; risks related to our advancement of inputs to tobacco suppliers to be settled upon the suppliers delivering us unprocessed tobacco at the end of the growing season; risks that the tobacco we purchase directly from suppliers will not meet our customers’ quality and quantity requirements; weather and other environmental conditions that can affect the quantity and marketability of our inventory; the impact of increased competition on our earnings; continued high inflation that may adversely affect our profitability and the demand for our leaf tobacco products; risks related to our capital structure, including risks related to our significant debt and our ability to continue to finance our non-U.S. local operations with uncommitted short-term operating credit lines at the local level, our ability to continue to access capital markets to obtain long-term and short-term financing, and our substantial debt which may adversely affect us by limiting future sources of financing, interfering with our ability to pay interest and principal on our indebtedness, and subjecting us to additional risks; potential failure of foreign banks in which our subsidiaries maintain deposits or the failure by such banks to transfer funds or honor withdrawals; the risk that, because our ability to generate cash depends on many factors beyond our control, we may be unable to generate the significant amount of cash required to service our indebtedness; our ability to refinance our current credit facilities at the same availability or at similar or reduced interest rates, including due to volatility and disruption of global credit markets; failure to achieve our stated goals, which may adversely affect our liquidity; developments with respect to our liquidity needs and sources of liquidity; failure by counterparties to derivative transactions to perform their obligations; international business risks, including unsettled political conditions, uncertainty in the enforcement of legal obligations, including the collection of accounts receivable, fraud risks, expropriation, import and export restrictions, exchange controls, inflationary economies, currency risks, risks related to the restrictions on repatriation of earnings or proceeds from liquidated assets of foreign subsidiaries and impacts of international sanctions on our ability to sell or source tobacco in certain regions; risks and uncertainties related to geopolitical conflicts, including the armed conflicts in the Middle East and disruptions in shipping in that area; risks related to our operations in jurisdictions that pose a high risk of potential violations of the Foreign Corrupt Practices Act; exposure to foreign tax regimes in which the rules are not clear, are not consistently applied and are subject to sudden change; fluctuations in foreign currency exchange and interest rates; disruption, failure or security breaches of our information technology systems and other cybersecurity risks; regulations regarding environmental matters that may substantially increase our costs and expose us to potential liability; changing sustainability regulatory requirements and expectations; exposure to product liability claims, regulatory action, and litigation in the event such products are alleged to have caused injury, harm, or death; certain shareholders have the ability to exercise controlling influence on various corporate matters; reductions in demand for cigarettes and other consumer tobacco products; legislative and regulatory initiatives that may reduce consumption of consumer tobacco products and demand for our services and increase regulatory burdens on us or our customers; government actions that significantly affect the sourcing of tobacco, including governmental actions to identify and assess crop diversification initiatives and alternatives to leaf tobacco growing in countries whose economies depend upon tobacco production; and governmental investigations into our business activities, including, but not limited to, leaf tobacco industry buying and other payment practices. The Company does not undertake to update any forward-looking statements that we may make from time to time except to the extent required by law.
Non-GAAP Financial Information
This press release contains financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). They include EBITDA, Adjusted EBITDA, Adjusted Free Cash Flow, and Net Debt. Tables showing the reconciliation of historical non-GAAP financial measures are attached to the release. The range of Adjusted EBITDA anticipated for the fiscal year ending March 31, 2027 is calculated in a manner consistent with the presentation of Adjusted EBITDA in the attached tables. Because of the forward-looking nature of the estimated range of Adjusted EBITDA, it is impractical to present a quantitative reconciliation of such measure to a comparable GAAP measure, and accordingly no such GAAP measure is being presented.
About Pyxus International, Inc.
Pyxus International, Inc. is a global agricultural company with more than 150 years of experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people’s lives, so that together we can grow a better world—Pyxus International, its subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients.
3

Condensed Consolidated Statements of Operations Information

Three Months EndedSix Months Ended
September 30,September 30,
(in thousands, except per share data)2026202520262025
Sales and other operating revenues$534,420$570,210$972,215$1,079,025
Cost of goods and services sold455,511482,421831,892925,610
Gross profit78,90987,789140,323153,415
Gross profit as a percent of sales
14.8%15.4%14.4%14.2%
Selling, general, and administrative expenses43,00140,142$86,936$80,511
Other income (expense), net5,487(879)4,230(5,055)
Restructuring and asset impairment charges1,427401,984121
Operating income39,96846,72855,63367,728
Interest expense, net34,80237,92264,64467,689
Income (loss) before income taxes and other items5,1668,806(9,011)39
Income tax expense (benefit)1,51010,305(4,206)15,532
Income (loss) from unconsolidated affiliates, net3785971,800(672)
Net income (loss)4,034(902)(3,005)(16,165)
Net (loss) income attributable to noncontrolling interests(112)(23)129539
Net income (loss) attributable to Pyxus International, Inc.$4,146$(879)$(3,134)$(16,704)
Earnings (loss) per share:
Basic$0.16$(0.03)$(0.12)$(0.65)
Diluted$0.16$(0.03)$(0.12)$(0.65)
Weighted average number of shares outstanding:
Basic26,09425,80626,07525,739
Diluted26,18225,80626,07525,739






















4

Condensed Consolidated Balance Sheets

(in thousands)September 30, 2026September 30, 2025
Assets
Current assets
Cash and cash equivalents$96,572 $99,237 
Restricted cash4,686 7,211 
Trade receivables, net276,669 195,364 
Other receivables17,016 18,878 
Inventories, net1,070,715 1,135,183 
Advances to tobacco suppliers, net108,968 86,559 
Recoverable income taxes23,042 13,058 
Prepaid expenses51,576 51,577 
Other current assets24,318 19,788 
Total current assets1,673,562 1,626,855 
Investments in unconsolidated affiliates96,552 96,256 
Intangible assets, net22,312 26,274 
Deferred income taxes, net21,518 12,341 
Long-term recoverable income taxes12,224 5,118 
Other noncurrent assets48,313 41,552 
Right-of-use assets33,756 29,573 
Property, plant, and equipment, net139,751 139,015 
Total assets$2,047,988 $1,976,984 
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable$890,806 $908,037 
Accounts payable127,766 134,157 
Advances from customers115,769 82,346 
Accrued expenses and other current liabilities121,031 109,242 
Income taxes payable22,322 12,425 
Operating leases payable10,192 9,136 
Total current liabilities1,287,886 1,255,343 
Long-term taxes payable4,115 5,823 
Long-term debt456,262 455,311 
Deferred income taxes10,881 8,128 
Liability for unrecognized tax benefits29,013 24,546 
Long-term leases21,477 18,302 
Pension, postretirement, and other long-term liabilities59,871 57,565 
Total liabilities$1,869,505 $1,825,018 
Commitments and contingencies
Stockholders’ equity
Common Stock—no par value:
Authorized shares (250,000 for all periods)
Issued and outstanding shares (24,608 for all periods)$394,456 $393,392 
Retained deficit(228,690)(256,829)
Accumulated other comprehensive income6,329 9,318 
Total stockholders’ equity of Pyxus International, Inc.172,095 145,881 
Noncontrolling interests6,388 6,085 
Total stockholders’ equity178,483 151,966 
Total liabilities and stockholders’ equity$2,047,988 $1,976,984 
5

Segment Results
Three Months Ended September 30, 2026 and 2025
Three Months Ended September 30,
Change
(in millions, except per kilo amounts)20262025$%
Leaf:
Product revenues$481.3 $511.2 (29.9)(5.8)
Tobacco costs386.8 418.3 (31.5)(7.5)
Transportation, storage, and other period costs22.3 19.1 3.2 16.8 
Total product cost of goods sold409.1 437.4 (28.3)(6.5)
Product gross profit72.2 73.8 (1.6)(2.2)
Product gross profit as a percent of sales15.0 %14.4 %
Kilos sold77.0 91.4 (14.4)(15.8)
Average price per kilo$6.25 $5.59 0.66 11.8 
Average cost per kilo5.31 4.79 0.52 10.9 
Average gross profit per kilo0.94 0.80 0.14 17.5 
Processing and other revenues$51.1 $55.5 (4.4)(7.9)
Processing and other costs of services sold45.7 41.2 4.5 10.9 
Processing and other gross profit5.4 14.3 (8.9)(62.2)
Processing and other gross profit as a percent of sales10.6 %25.8 %
All Other:
Sales and other operating revenues$2.0 $3.6 (1.6)(44.4)
Cost of goods and services sold0.7 3.9 (3.2)(82.1)
Gross profit (loss)1.3 (0.3)1.6 533.3 
Gross profit (loss) as a percent of sales65.0 %(8.3)%

6

Segment Results
Six Months Ended September 30, 2026 and 2025
Six Months Ended September 30,
Change
(in millions, except per kilo amounts)20262025$%
Leaf:
Product revenue$874.3 $969.4 (95.1)(9.8)
Tobacco costs703.7 794.0 (90.3)(11.4)
Transportation, storage, and other period costs44.9 44.2 0.7 1.6 
Total cost of goods sold748.6 838.2 (89.6)(10.7)
Product gross profit125.7 131.2 (5.5)(4.2)
Product gross profit as a percent of sales14.4 %13.5 %
Kilos sold140.5 158.3 (17.8)(11.2)
Average price per kilo$6.22 $6.12 0.10 1.6 
Average cost per kilo5.33 5.30 0.03 0.6 
Average gross profit per kilo0.89 0.82 0.07 8.5 
Processing and other revenues$93.9 $105.6 (11.7)(11.1)
Processing and other revenues costs of services sold81.9 83.8 (1.9)(2.3)
Processing and other gross profit12.0 21.8 (9.8)(45.0)
Processing and other gross profit as a percent of sales12.8 %20.6 %
All Other:
Sales and other operating revenues$4.0 $4.0 — — 
Cost of goods and services sold1.4 3.7 (2.3)(62.2)
Gross profit2.6 0.3 2.3 766.7 
Gross profit as a percent of sales65.0 %7.5 %

7

Reconciliation of Certain Non-GAAP Financial Measures (1) (Unaudited)

Three Months EndedSix Months EndedFiscal Year Ended
Last Twelve Months (4)
(in thousands)September 30, 2026September 30, 2025September 30, 2024September 30, 2026September 30, 2025September 30, 2024March 31, 2026March 31, 2025September 30, 2026September 30, 2025
Net income (loss) attributable to Pyxus International, Inc.$4,146 $(879)$(3,227)$(3,134)$(16,704)$1,415 $14,569 $15,166 28,139 $(2,953)
Plus: Interest expense35,739 39,002 37,180 66,782 69,625 71,655 138,749 133,108 135,906 131,078 
Plus: Income tax expense (benefit)1,510 10,305 8,041 (4,206)15,532 14,160 30,344 25,053 10,606 26,425 
Plus: Depreciation and amortization expense5,564 5,198 5,065 11,192 10,367 10,192 20,893 20,334 21,718 20,509 
EBITDA (1)
46,959 53,626 47,059 70,634 78,820 97,422 204,555 193,661 196,369 175,059 
Plus: Reserves (recoveries) for doubtful customer receivables38 (40)(35)(213)(266)122 (648)103 (595)(285)
Plus: Noncash equity-based compensation253 256 601 535 493 3,632 1,022 4,110 1,064 971 
Less: Other income (expense), net5,487 (879)(3,292)4,230 (5,055)(5,922)(18,910)(16,410)(9,625)(15,543)
Plus: Restructuring and asset impairment charges1,427 40 224 1,984 121 327 2,852 2,259 4,715 2,053 
Less: Gain on debt retirement— — 6,855 — — 8,178 — 8,178 — — 
Plus: Other adjustments (2)
(163)— 6 2,063 (11)15 (26)45 2,048 19 
Adjusted EBITDA (1)
$43,027 $54,761 $44,292 $70,773 $84,212 $99,262 $226,665 $208,410 $213,226 $193,360 
Total debt$932,889 $849,892 $1,347,068 $1,363,348 
Less: Cash and cash equivalents134,337 78,254 96,572 99,237 
Net Debt (1)
$798,552 $771,638 $1,250,496 $1,264,111 
Net Debt /Adjusted EBITDA (1)
3.52x3.70x5.86x6.54x
Adjusted EBITDA (1)
$226,665 $208,410 $213,226 $193,360 
Interest expense138,749 133,108 135,906 131,078 
Interest coverage1.63x1.57x1.57x1.48x
Net cash used in operating activities$(141,999)$(85,641)$(28,093)$(501,707)$(580,928)$(280,269)$(208,451)$(13,386)$(129,230)$(314,045)
Capital expenditures(7,594)(5,451)(4,687)(11,780)(9,730)(9,784)(22,051)(23,028)(24,101)(22,974)
Collections from beneficial interests in securitized trade receivables (3)
11,309 67,804 69,856 69,849 108,811 101,597 200,684 188,312 161,722 195,526 
Adjusted Free Cash Flow (1)
$(138,284)$(23,288)$37,076 $(443,638)$(481,847)$(188,456)$(29,818)$151,898 $8,391 $(141,493)

(1) Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), Adjusted Free Cash Flow, and Net Debt are not measures of results of operations, cash flows from operations or indebtedness under generally accepted accounting principles in the United States ("U.S. GAAP") and should not be considered as an alternative to other U.S. GAAP measurements. We have presented EBITDA, Adjusted EBITDA, Adjusted Free Cash Flow, and Net Debt to adjust for the items identified above because we believe that it would be helpful to the readers of our financial information to understand the impact of these items on our reported amounts. This presentation enables readers to better compare our results to similar companies that may not incur the impact of various items identified above. Management acknowledges that there are many items that impact a company's reported results or operating cash flows and these lists are not intended to present all items that may have impacted these items. Additionally, the Company's management uses these non-GAAP financial measures as measures of the Company's performance. EBITDA, Adjusted EBITDA, Adjusted Free Cash Flow, Net Debt, and any ratios calculated based on these measures are not necessarily comparable to similarly-titled measures used by other companies or appearing in our debt obligations or agreements. EBITDA, Adjusted EBITDA and Adjusted Free Cash Flow as presented may not equal column or row totals due to rounding.

(2) Includes other individually insignificant adjustments that are not reflective of the Company's ongoing operations.

(3) Represents cash receipts from the beneficial interest on sold receivables under the Company's accounts receivable securitization programs and are classified as investing activities within the condensed consolidated statements of cash flows.

(4) Items for the twelve months ended September 30, 2026 are derived by adding the items for the six months ended September 30, 2026 as presented in the table and the fiscal year ended March 31, 2026 and subtracting the items for the six months ended September 30, 2025. Items for the twelve months ended September 30, 2025 are derived by adding the items for the six months ended September 30, 2025 as presented in the table and the fiscal year ended March 31, 2025 and subtracting the items for the six months ended September 30, 2024.


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