Slide 1: Third Quarter Results Fiscal Year 2026
Third Quarter Results Fiscal Year 2026 February 11, 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 Q3 Performance Positions the Business for One of its Strongest Years on Record
Strong Q3 Performance Positions the Business for One of its Strongest Years on Record Strong Third-Quarter Performance Adjusted EBITDA* matches last year’s Q3 record Expanded third-party processing delivers significant scale benefits Demonstrates consistent execution and positions FY26 as one
Slide 5: Q3 FY26 Quarterly Financial Highlights - P&L
Q3 FY26 Quarterly Financial Highlights - P&L Revenue of $656 million, lower than Q3 FY25 of $778 million Expected result of timing shift with heavier Q4 shipment plan for Africa and South America-related inventory and lower average sales prices Gross margin up slightly to 15.2%, up from 15.0% in t
Slide 6: Q3 FY26 Financial Highlights – Working Capital
Q3 FY26 Financial Highlights – Working Capital Inventory increase of $207 million to $989 million, consistent with larger crops, earlier purchasing and strong fourth quarter shipments Seasonal lines rose $225 million to $834 million, aligned with inventory build Operating cycle of 184 days, up from
Slide 7: Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital
Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital Last Twelve Months Ended Fiscal Year Ended December 31, March 31, ($ in millions) 2025 2024 2023 2025 2024 2023 Adjusted Free Cash Flow 1 (186) (0) (95) 152 (60) 11 Changes in Working Capital 2 (181) (1) (96) 132 (64)
Slide 8: FY26 Q3 Financial Highlights – Liquidity and Leverage
FY26 Q3 Financial Highlights – Liquidity and Leverage Liquidity remains strong with no outstanding borrowings on $150 million ABL facility Leverage of 6.01x and interest coverage of 1.43x expected to improve with Q4 working capital release Net Debt to LTM Adjusted EBITDA * LTM Interest Coverage* 6.0
Slide 9: Reaffirms Guidance – On Track to Deliver One of the Strongest Years in Our History
Reaffirms Guidance – On Track to Deliver One of the Strongest Years in Our History Reaffirms full-year fiscal 2026 guidance and remains on track to deliver one of the strongest years in Company’s history, with expected net sales of $2.4 to $2.6 billion and adjusted EBITDA between $215 and $235 milli
Slide 10: Questions & Answers
Questions & Answers Pieter Sikkel Dustin Styons President and Executive Vice President and Chief Executive Officer Chief Financial Officer 10
Slide 11: Appendix
APPENDIX
Slide 12: Selected Third Quarter Income Statement Data
Selected Third Quarter Income Statement Data Three Months Ended December 31, Change (in millions) 2025 2024 $ % Sales and other operating revenues $ 655.8 $ 778.3 (122.5) (15.7) Cost of goods and services sold 555.9 661.9 (106.0) (16.0) Gross profit* 99.9 116.5 (16.6) (14.2) Selling, general, and ad
Slide 13: Selected YTD Q3 Income Statement Data
Selected YTD Q3 Income Statement Data Nine Months Ended December 31, Change (in millions) 2025 2024 $ % Sales and other operating revenues $ 1,734.8 $ 1,979.5 (244.7) (12.4) Cost of goods and services sold 1,481.5 1,703.8 (222.3) (13.0) Gross profit* 253.3 275.8 (22.5) (8.2) Selling, general, and ad
Slide 14: Selected Balance Sheet Data
Selected Balance Sheet Data Change (in millions) December 31, 2025 December 31, 2024 $ % Assets Current assets Cash and cash equivalents $ 129.8 $ 103.3 26.5 25.7 % Restricted cash 4.7 6.4 (1.7) (26.6) % Trade receivables, net 246.8 326.6 (79.8) (24.4) % Other receivables 21.7 17.5 4.2 24.0 % Invent
Slide 15: Q3 Adjusted EBITDA
Appendix – Q3 Adjusted EBITDA Three Months Ended (in thousands) December 31, 2025 December 31, 2024 December 31, 2023 Net income attributable to Pyxus International, Inc. $ 16,903 $ 18,898 $ 3,835 Plus: Interest expense 37,364 34,027 34,379 Plus: Income tax expense 10,297 18,088 6,156 Plus: Deprecia
Slide 16: Q3 Adjusted EBITDA Footnotes
Appendix – Q3 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 Q3 Adjusted EBITDA
Appendix – YTD Q3 Adjusted EBITDA Nine Months Ended (in thousands) December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 Net income (loss) attributable to Pyxus International, Inc. $ 199 $ 20,313 $ 12,734 $ (18,533) Plus: Interest expense 106,989 105,682 100,779 89,805 Plus: Income
Slide 18: YTD Q3 Adjusted EBITDA Footnotes
Appendix – YTD Q3 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) December 31, 2025 December 31, 2024 December 31, 2023 Total debt $ 1,289,262 $ 1,063,340 $ 1,067,300 Less: Cash and cash equivalents 129,840 103,342 90,245 Net Debt (1) $ 1,159,422 $ 959,998 $ 977,055 Net Debt /Adj
Slide 22: Adjusted Free Cash Flow and Free Cash Flow - YTD Q3
Appendix – Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital - YTD Q3 Nine Months Ended (in thousands) December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 Net cash used in operating activities $ (518,572) $ (171,688) $ (216,834) $ (110,599) Capita
Slide 23: Adjusted Free Cash Flow and Free Cash Flow - LTM Q3
Appendix – Adjusted Free Cash Flow and Free Cash Flow Adjusted for Changes in Working Capital - LTM Q3 Last Twelve Months (3) (in thousands) December 31, 2025 December 31, 2024 December 31, 2023 Net cash used in operating activities $ (360,270) $ (169,824) $ (244,057) Capital expenditures (23,689) (
Slide 24: 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 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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