Pyxus International, Inc. · OTC:PYYX

Pyxus International — Q2 FY2027 Earnings Presentation

24 slides from Pyxus International's earnings presentation, Nov 5, 2026

  1. Slide 1: Second Quarter Results Fiscal Year 2027

    Second Quarter Results Fiscal Year 2027 November 5, 2026

  2. Slide 2: Our Presenters

    Our Presenters Pieter Sikkel Dustin Styons President and Executive Vice President and Chief Executive Officer Chief Financial Officer

  3. 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

  4. Slide 4: First-Half Execution Supports a Stronger Second Half

    First-Half Execution Supports a Stronger Second Half Customer Commitments & Improved Leaf Margin Operational & Strategic Shipment Plan​ Performance​ Progress • Customer commitments • First-half leaf gross profit per • Completed consolidation of remain strong and support the kilo increased to $0.89 f

  5. Slide 5: Improved Leaf Margin per Kilo Partially Offset Lower Second-Quarter Volume

    Improved Leaf Margin per Kilo Partially Offset Lower Second- Quarter Volume Second-Quarter Performance​ Full-Service Volume (M kg) Margin per Kilo ($) 91.4 0.94 • Q2 full-service sales was $481.3 million, down 86.0 77.0 0.80 0.80 5.8% year over year as volume declined 15.8%.​ • Average sales price p

  6. Slide 6: Lower-Cost, Committed Inventory Supports Second-Half Shipments

    Lower-Cost, Committed Inventory Supports Second-Half Shipments Q2 Working Capital Position​ Tobacco Inventory Value ($M) $1,102.8 • Tobacco Inventory value declined despite higher physical $1,030.9 $943.3 volume, reflecting lower purchasing costs.​ • Nearly 95% of tobacco inventory is committed, sup

  7. Slide 7: Underlying Cash Generation Continues to Improve

    Underlying Cash Generation Continues to Improve Cash-Flow Progress​ • On a trailing-twelve-month basis, Adjusted Free Cash Flow improved to approximately $8 million of cash generation from $141 million of cash usage a year ago. • Free Cash Flow before changes in working capital increased to approxim

  8. Slide 8: Improved Earnings and Cash Generation Strengthened Credit Metrics

    Improved Earnings and Cash Generation Strengthened Credit Metrics​​ Balance Sheet and Credit Profile​ Net Debt / Adjusted EBITDA Interest Coverage 6.54 1.57 • LTM Adjusted EBITDA increased to 5.86 1.40 1.48 5.77 approximately $213 million.​ • Leverage improved to approximately 5.86x from 6.54x a yea

  9. Slide 9: Full-Year Adjusted EBITDA Guidance Tightened; Stronger Second Half Anticipated

    Full-Year Adjusted EBITDA Guidance Tightened; Stronger Second Half Anticipated​ We are reaffirming our full-year sales guidance of $2.3 to $2.5 billion and tightening our Adjusted EBITDA guidance to $215 to $235 million. $2.3 – $2.5 billion $215 – $235 million Full-year sales guidance Full-year Adju

  10. Slide 10: Capital-Structure Transaction to Advance the Deleveraging Strategy

    Capital-Structure Transaction to Advance the Deleveraging Strategy​ Transaction Objectives Management Priorities • Reduce outstanding secured debt by approximately $150 • Complete the debt exchanges and equity offering of up to million, going from $458M to $310 million. $85 million. • Convert approx

  11. Slide 11: Questions & Answers

    Questions & Answers Pieter Sikkel Dustin Styons President and Executive Vice President and Chief Executive Officer Chief Financial Officer

  12. Slide 12: Appendix

    APPENDIX

  13. Slide 13: Selected Second Quarter Income Statement Data

    Selected Second Quarter Income Statement Data Three Months Ended September 30, Change (in millions) 2026 2025 $ % Sales and other operating revenues $ 534.4 $ 570.2 (35.8) (6.3) Cost of goods and services sold 455.5 482.4 (26.9) (5.6) Gross profit 78.9 87.8 (8.9) (10.1) Selling, general, and adminis

  14. Slide 14: Selected YTD Q2 Income Statement Data

    Selected YTD Q2 Income Statement Data Six Months Ended September 30, Change (in millions) 2026 2025 $ % Sales and other operating revenues $ 972.2 $ 1,079.0 (106.8) (9.9) Cost of goods and services sold 831.9 925.6 (93.7) (10.1) Gross profit 140.3 153.4 (13.1) (8.5) Selling, general, and administrat

  15. Slide 15: Selected Balance Sheet Data

    Selected Balance Sheet Data Change (in millions) September 30, 2026 September 30, 2025 $ % Assets Current assets Cash and cash equivalents $ 96.6 $ 99.2 (2.6) (2.6) % Restricted cash 4.7 7.2 (2.5) (34.7) % Trade receivables, net 276.7 195.4 81.3 41.6 % Other receivables 17.0 18.9 (1.9) (10.1) % Inve

  16. Slide 16: Appendix – Q2 Adjusted EBITDA

    Appendix – Q2 Adjusted EBITDA Three Months Ended (in thousands) September 30, 2026 September 30, 2025 September 30, 2024 Net income (loss) attributable to Pyxus International, Inc. $ 4,146 $ (879) $ (3,227) Plus: Interest expense 35,739 39,002 37,180 Plus: Income tax expense 1,510 10,305 8,041 Plus:

  17. Slide 17: Appendix – YTD Q2 Adjusted EBITDA

    Appendix – YTD Q2 Adjusted EBITDA Six Months Ended (in thousands) September 30, 2026 September 30, 2025 September 30, 2024 September 30, 2023 Net (loss) income attributable to Pyxus International, Inc. $ (3,134) $ (16,704) $ 1,415 $ 8,899 Plus: Interest expense 66,782 69,625 71,655 66,400 Plus: Inco

  18. Slide 18: Appendix – FY Adjusted EBITDA

    Appendix – FY Adjusted EBITDA Fiscal Year 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 a

  19. Slide 19: Appendix – Adjusted EBITDA Footnotes

    Appendix – 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 because

  20. Slide 20: Appendix - Net Debt to Adjusted EBITDA & Interest Coverage

    Appendix - Net Debt to Adjusted EBITDA & Interest Coverage Last Twelve Months (2) (in thousands) September 30, 2026 September 30, 2025 September 30, 2024 Total debt $ 1,347,068 $ 1,363,348 $ 1,234,338 Less: Cash and cash equivalents 96,572 99,237 123,486 Net Debt (1) $ 1,250,496 $ 1,264,111 $ 1,110,

  21. Slide 21: Appendix – Adjusted Free Cash Flow - 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, 2026 September 30, 2025 September 30, 2024 September 30, 2023 Net cash used in operating activities $ (501,707) $ (580,928) $ (280,269) $ (255,420) Cap

  22. Slide 22: Appendix – Adjusted Free Cash Flow - 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, 2026 September 30, 2025 September 30, 2024 Net cash used in operating activities $ (129,230) $ (314,045) $ (239,819) Capital expenditures (24,101

  23. Slide 23: Appendix – Adjusted 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, 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) Co

  24. Slide 24: Slide 24

Pyxus International — Q2 FY2027 Earnings Presentation on 6ix