Pyxus International, Inc. · OTC:PYYX
Pyxus International — Pyxus Intl Inc New — Q4 2026 Earnings Presentation
24 slides from Pyxus International's earnings presentation, Jun 4, 2026
Slide 1: Fourth Quarter and Full Year Results
Fourth Quarter and Full Year Results Fiscal Year 2026 June 4, 2026
Slide 2: Our Presenters
Our Presenters Pieter Sikkel Dustin Styons President and Executive Vice President and Chief Executive Officer Chief Financial Officer 2
Slide 3: Forward-looking Statements and Other Matters
Forward-looking Statements and Other Matters Cautionary Statement Regarding Forward-Looking Statements. This presentation includes statements regarding expectations of our performance or other matters that may affect our business, results of operations, or financial condition are "forward-looking st
Slide 4: Strong Fourth Quarter Execution Delivers Exceptional Full-Year Results
Strong Fourth Quarter Execution Delivers Exceptional Full- Year Results Fourth Quarter Performance Highlights ➢ Revenue $678 million, up 35% from prior year; volume of 108 million kilos shipped, up 40% ➢ Gross margin increased to 13.9% from 13.4% last year, despite oversupply environment ➢ Adjusted
Slide 5: Pyxus Business Model
Pyxus Business Model A Sustainable, Diversified Portfolio
Slide 6: Strong Execution Positions Pyxus for Continued Value Creation
Strong Execution Positions Pyxus for Continued Value Creation Significant Release of Working Capital and Improved Leverage ➢ Q4 adjusted free cash flow* of $352 million, up 80% over the prior year, driven by inventory release ➢ Seasonal lines reduced from $834 million (Q3) to $477 million; net debt*
Slide 7: Q4 Revenue & Profit Growth Drive Strong Full-Year Results
Q4 Revenue & Profit Growth Drive Strong Full-Year Results Revenue Total Revenue and Full Service Volume ➢ Q4 total revenue was $678 million, up 35% from prior year from higher shipment volumes 800 700 678 200 180 160 • 108 million kilos shipped in Q4, up 40% from prior year 600 502 140 500 401 120 ➢
Slide 8: Margin Per Kilo Sustained Despite Oversupply Environment
Margin Per Kilo Sustained Despite Oversupply Environment Gross Margin % 14.4% Fiscal Year 2026 Gross Margin Gross Margin % of 14.4% ➢ Q4 gross margin increased to 13.9% from 13.4% 13.9% ➢ Full year was 14.4%, which we maintained despite 13.4% oversupply Q4 FY24 Q4 FY25 Q4 FY26 Margin Per Kilo Gross
Slide 9: Working Capital Release Executed as Planned
Working Capital Release Executed as Planned Executed communicated plan, building inventory in the first half (peak: $1.14 billion in Q2) and releasing in the second half Year-end leaf inventory was $787 million, $54 million higher than last year, funded by seasonal borrowings Cash generated used to
Slide 10: Q4 Working Capital Release Delivers Record Q4 Adjusted Free Cash Flow
Q4 Working Capital Release Delivers Record Q4 Adjusted Free Cash Flow Q4 adjusted free cash flow of $352 million, nearly double prior year, driven by inventory release and strong operating performance Delivering full year and quarterly positive free cash flow adjusted for changes in working capital
Slide 11: Strongest Liquidity & Leverage Position in Recent Years
Strongest Liquidity & Leverage Position in Recent Years Liquidity remains very strong with $134 million cash on hand; $150 million ABL facility undrawn at year end Leverage ratio of 3.52x is the lowest level in recent years, highlighting disciplined execution resulting in multi- year improvement tre
Slide 12: FY27 Guidance: Positioned for Stable Performance in Oversupply Environment
FY27 Guidance: Positioned for Stable Performance in Oversupply Environment Full year 2027 revenues expected in a range between $2.3 billion and $2.5 billion Full year 2027 adjusted EBITDA expected in a range between $210 million and $240 million ➢ Market Dynamics and Strategic Positioning • Anticipa
Slide 13: Questions & Answers
Questions & Answers Pieter Sikkel Dustin Styons President and Executive Vice President and Chief Executive Officer Chief Financial Officer 13
Slide 14: Appendix
APPENDIX
Slide 15: Selected Q4 Income Statement Data
Selected Q4 Income Statement Data Three Months Ended Change (in millions) March 31, 2026 March 31, 2025 $ % Sales and other operating revenues $ 678.2 $ 501.7 $ 176.5 35.2 Cost of goods and services sold 583.8 434.5 149.3 34.4 Gross profit 94.4 67.2 27.2 40.5 Selling, general, and administrative exp
Slide 16: Selected Full Year Income Statement Data
Selected Full Year Income Statement Data Years Ended Change (in millions) March 31, 2026 March 31, 2025 $ % Sales and other operating revenues $ 2,413.0 $ 2,481.3 $ (68.3) (2.8) Cost of goods and services sold 2,065.3 2,138.3 (73.0) (3.4) Gross profit 347.7 343.0 4.7 1.4 Selling, general, and admini
Slide 17: Selected Balance Sheet Data
Selected Balance Sheet Data Change (in millions) March 31, 2026 March 31, 2025 $ % Assets Current assets Cash and cash equivalents $ 134.3 $ 78.3 $ 56.0 71.5 Restricted cash 3.3 7.3 (4.0) (54.8) Trade receivables, net 239.5 189.2 50.3 26.6 Other receivables 25.5 15.0 10.5 70.0 Inventories, net 818.0
Slide 18: Appendix - Adjusted EBITDA Q4
Appendix - Adjusted EBITDA Q4 Three Months Ended (in thousands) March 31, 2026 March 31, 2025 March 31, 2024 Net income (loss) attributable to Pyxus International, Inc. $ 14,370 $ (5,147) $ (10,071) Plus: Interest expense 31,760 27,426 31,395 Plus: Income tax expense (benefit) 4,515 (7,195) 10,921 P
Slide 19: Appendix - Adjusted EBITDA FY
Appendix - Adjusted EBITDA FY Fiscal Years Ended (in thousands) March 31, 2026 March 31, 2025 March 31, 2024 Net income attributable to Pyxus International, Inc. $ 14,569 $ 15,166 $ 2,663 Plus: Interest expense 138,749 133,108 132,174 Plus: Income tax expense 30,344 25,053 27,281 Plus: Depreciation
Slide 20: Appendix – Adjusted EBITDA Footnotes
Appendix – Adjusted EBITDA Footnotes (1) Earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") are not measures of results of operations under generally accepted accounting principles
Slide 21: Appendix - Net Debt to Adjusted EBITDA & Interest Coverage
Appendix - Net Debt to Adjusted EBITDA & Interest Coverage Fiscal Years Ended (in thousands) March 31, 2026 March 31, 2025 March 31, 2024 Total debt $ 932,889 $ 849,892 $ 1,017,340 Less: Cash 134,337 78,254 92,569 Net debt (1) $ 798,552 $ 771,638 $ 924,771 Net debt /Adjusted EBITDA (1) 3.52x 3.70x 4
Slide 22: Appendix – Adjusted Free Cash Flow and Free Cash Flow - Q4
Appendix – Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital - Q4 Three Months Ended (in thousands) March 31, 2026 March 31, 2025 March 31, 2024 Net cash used in operating activities $ 310,121 $ 158,302 $ 1,864 Capital expenditures (6,271) (7,909) (6,692) Collections
Slide 23: Appendix – Adjusted Free Cash Flow and Free Cash Flow - FY
Appendix – Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital - FY Fiscal Years Ended (in thousands) March 31, 2026 March 31, 2025 March 31, 2024 Net cash used in operating activities $ (208,451) $ (13,386) $ (214,970) Capital expenditures (22,051) (23,028) (21,043) C
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