Pyxus International, Inc. · OTC:PYYX
Pyxus International — Pyxus Intl Inc New — Q2 2026 Earnings Presentation
25 slides from Pyxus International's earnings presentation, Nov 12, 2025
Slide 1: Second Quarter Results Fiscal Year 2026
Second Quarter Results Fiscal Year 2026 November 12, 2025
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: First Half Strategic Execution Leads to Positive Second Half Outlook
First Half Strategic Execution Leads to Positive Second Half Outlook Solid second quarter performance reinforces consistent first half execution • Delivered healthy sales, strong gross profit per kilo and higher gross margin • Accelerated buying and processing in key markets to support larger crop v
Slide 5: FY26 Q2 Financial Highlights - P&L
FY26 Q2 Financial Highlights - P&L • Revenue of $570.2 million, up slightly from $566.3 million in Q2 FY25 Driven by higher volumes at lower average sales prices per kilogram • Gross margin improved to 15.4%, up from 13.3% in the prior-year quarter Reflects stronger current crop returns and incr
Slide 6: FY26 Q2 Financial Highlights – Working Capital
FY26 Q2 Financial Highlights – Working Capital • Inventory increased by $160.6 million to $1.14 billion, consistent with larger crops and early purchasing • Seasonal lines rose $163.3 million to $908.0 million, aligned with inventory build • Operating cycle improved to 167 days, down from 179 days i
Slide 7: FY26 Q2 Financial Highlights – Liquidity and Leverage
FY26 Q2 Financial Highlights – Liquidity and Leverage • Liquidity remains strong with no borrowings on $150 million ABL facility • Leverage of 6.54x and interest coverage of 1.48x are as expected Reflects the seasonal profile of the working capital investment needed for this year’s larger crop Net
Slide 8: Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital
Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital Last Twelve Months Ended Fiscal Year Ended September 30, March 31, (in millions) 2025 2024 2023 2025 2024 2023 Adjusted Free Cash Flow 1 ($141) ($63) $42 $152 ($60) $11 Changes in Working Capital 2 ($156) ($39) $48 $1
Slide 9: Guidance Improvements for Full Fiscal Year 2026
Guidance Improvements for Full Fiscal Year 2026 Full-year revenue range increase to between $2.4 billion and $2.6 billion Full-year Adjusted EBITDA tightened to range between $215 million and $235 million • Increased confidence in guidance following in-line first half performance • Healthy levels of
Slide 10: Questions & Answers
Questions & Answers Pieter Sikkel Dustin Styons President Executive Vice President and and Chief Executive Officer Chief Financial Officer 10
Slide 11: Appendix
APPENDIX
Slide 12: Selected Second Quarter Income Statement Data
Selected Second Quarter Income Statement Data Three Months Ended September 30, Change (in millions) 2025 2024 $ % Sales and other operating revenues $ 570.2 $ 566.3 3.9 0.7 Cost of goods and services sold 482.4 490.9 (8.5) (1.7) Gross profit 87.8 75.4 12.4 16.4 Selling, general, and administrative e
Slide 13: Selected YTD Q2 Income Statement Data
Selected YTD Q2 Income Statement Data Six Months Ended September 30, Change (in millions) 2025 2024 $ % Sales and other operating revenues $ 1,079.0 $ 1,201.2 (122.2) (10.2) Cost of goods and services sold 925.6 1,041.9 (116.3) (11.2) Gross profit 153.4 159.3 (5.9) (3.7) Selling, general, and admini
Slide 14: Selected Balance Sheet Data
Selected Balance Sheet Data Change (in millions) September 30, 2025 September 30, 2024 $ % Assets Current assets Cash and cash equivalents $ 99.2 $ 123.5 (24.3) (19.7)% Restricted cash 7.2 7.4 (0.2) (2.7)% Trade receivables, net 195.4 226.4 (31.0) (13.7)% Other receivables 18.9 11.1 7.8 70.3 % Inven
Slide 15: Q2 Adjusted EBITDA
Appendix – Q2 Adjusted EBITDA Three Months Ended (in thousands) September 30, 2025 September 30, 2024 September 30, 2023 Net (loss) income attributable to Pyxus International, Inc. $ (879) $ (3,227) $ 8,095 Plus: Interest expense 39,002 37,180 34,034 Plus: Income tax expense 10,305 8,041 7,558 Plus:
Slide 16: Q2 Adjusted EBITDA Footnotes
Appendix – Q2 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 princip
Slide 17: YTD Q2 Adjusted EBITDA
Appendix – YTD Q2 Adjusted EBITDA Six Months Ended (in thousands) September 30, 2025 September 30, 2024 September 30, 2023 September 30, 2022 Net income (loss) attributable to Pyxus International, Inc. $ (16,704) $ 1,415 $ 8,899 $ (16,200) Plus: Interest expense 69,625 71,655 66,400 57,752 Plus: Inc
Slide 18: YTD Q2 Adjusted EBITDA Footnotes
Appendix – YTD Q2 Adjusted EBITDA Footnotes (1) EBITDA and Adjusted EBITDA are not measures of results of operations under U.S. GAAP and should not be considered as an alternative to other U.S. GAAP measurements. We have presented EBITDA and Adjusted EBITDA to adjust for the items identified above b
Slide 19: FY Adjusted EBITDA
Appendix – FY Adjusted EBITDA Fiscal Year Ended (in thousands) March 31, 2025 March 31, 2024 March 31, 2023 Net income (loss) attributable to Pyxus International, Inc. $ 15,166 $ 2,663 $ (39,141) Plus: Interest expense 133,108 132,174 118,458 Plus: Income tax expense 25,053 27,281 34,127 Plus: Depre
Slide 20: FY Adjusted EBITDA Footnotes
Appendix – FY Adjusted EBITDA Footnotes (1) EBITDA and Adjusted EBITDA are not measures of results of operations under U.S. GAAP and should not be considered as an alternative to other U.S. GAAP measurements. We have presented EBITDA and Adjusted EBITDA to adjust for the items identified above becau
Slide 21: Net Debt to Adjusted EBITDA & Interest Coverage
Net Debt to Adjusted EBITDA & Interest Coverage Last Twelve Months (2) (in thousands) September 30, 2025 September 30, 2024 September 30, 2023 Total debt $ 1,363,348 $ 1,234,338 $ 1,164,227 Less: Cash and cash equivalents 99,237 123,486 112,098 Net Debt (1) $ 1,264,111 $ 1,110,852 $ 1,052,129 Net De
Slide 22: Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital - YTD Q2
Appendix – Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital - YTD Q2 Six Months Ended (in thousands) September 30, 2025 September 30, 2024 September 30, 2023 September 30, 2022 Net cash used in operating activities $ (580,928) $ (280,269) $ (255,420) $ (286,668) Cap
Slide 23: Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital - LTM Q2
Appendix – Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital - LTM Q2 Last Twelve Months (3) (in thousands) September 30, 2025 September 30, 2024 September 30, 2023 Net cash used in operating activities $ (314,045) $ (239,819) $ (106,574) Capital expenditures (22,974
Slide 24: Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital - FY
Appendix – Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital - FY Fiscal Year Ended (in thousands) March 31, 2025 March 31, 2024 March 31, 2023 Net cash used in operating activities $ (13,386) $ (214,970) $ (137,822) Capital expenditures (23,028) (21,043) (16,307) Co
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