Universal (UVV) Q4 2026 Earnings Transcript

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DATE

Friday, May 29, 2026 at 10 a.m. ET

CALL PARTICIPANTS

• Chairman, President, and CEO — Preston Douglas Wigner
• Chief Financial Officer — Steven S. Diel
• Vice President — Wushuang Ma

TAKEAWAYS

• Consolidated Revenue -- $715 million for the quarter, reflecting a 2% increase compared to the same period last year.
• Full-Year Revenue -- $2.9 billion, down slightly from the prior year's "exceptional" results as described during the call.
• Quarterly Operating Loss -- $15 million versus operating income of $43 million for the comparable quarter last year, attributed primarily to a noncash goodwill impairment at Shank's and inventory write downs in non-wrapper dark air-cured tobacco.
• Full-Year Operating Income -- $169 million, a decrease of $64 million compared to the previous year.
• Quarterly Net Loss -- $43 million attributable to Universal compared to net income of $9 million for the same quarter last year.
• Full-Year Net Income -- $33 million, down from $95 million for the previous fiscal year.
• Tobacco Segment Quarterly Revenue -- $632 million, up 3% compared to the prior year's same period.
• Tobacco Segment Full-Year Revenue -- $2.6 billion, described as "down slightly" from last year.
• Tobacco Segment Quarterly Operating Income -- $27 million, down from $46 million in the same period last year.
• Tobacco Segment Full-Year Operating Income -- $212 million, versus $240 million in the prior year.
• Tobacco Inventory Write Downs -- Totaled $43 million for the fiscal year, increasing from $19 million in the previous year and above the recent five-year average of $14 million.
• Ingredients Segment Quarterly Revenue -- $83 million, compared to $90 million in the same quarter last year.
• Ingredients Segment Full-Year Revenue -- $348 million, representing a 3% increase from the prior year.
• Ingredients Segment Quarterly Operating Income -- $2 million, down from $4 million a year ago.
• Ingredients Segment Full-Year Operating Income -- $3 million, compared to $12 million last year; performance reflects headwinds at Shank's due to higher fixed and operating costs.
• Goodwill Impairment -- $41 million noncash charge recorded in connection with the Universal Ingredients Shank's business following a strategic review prompted by underperformance.
• Net Debt -- $845 million as of March 31, 2026, an increase from $817 million a year earlier, attributed to higher working capital usage for a larger tobacco crop.
• Liquidity Availability -- Combined cash and credit access totaled over $1.2 billion at quarter end.
• Uncommitted Inventory Ratio -- 27% as of March 31, 2026, management expects to reach 10%-20% during the fiscal year.
• Dividend Policy -- Announced the 56th consecutive annual dividend increase; board and management see this as a priority, with payout ratio above 100% on reported net income but under 75% on an adjusted basis over five years.

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RISKS

• Shank's segment experienced "lower profitability" and required a $41 million noncash goodwill impairment due to market conditions and execution delays.
• Higher inventory write downs in non-wrapper dark air-cured tobacco increased from $19 million last year to $43 million, well above the five-year average, reflecting excess supply and weaker performance.
• Management acknowledged "continued market headwinds in our ingredients business," impacting both volumes and margins, and noted that "inflationary pressures and some of the other market headwinds" are persisting into the next fiscal year.

SUMMARY

Universal Corporation (NYSE:UVV) highlighted the impact of a $41 million noncash goodwill impairment at Shank's and $43 million in tobacco inventory write downs, both materially reducing operating and net income for the year. Management stated that, after these charges, core tobacco and ingredients businesses outside Shank's performed in line with internal expectations, while the oversupply of certain tobacco styles presented both a challenge and opportunity to optimize purchasing and margin strategy. Capital allocation remains focused on maintaining the annual dividend increase, enhancing core tobacco operations, and leveraging past investments in the ingredients platform before resuming further M&A activity.

• Management confirmed, "we are confident that we will be within our range for uncommitted inventory between 10% to 20% during the fiscal year" and view current inventory levels as appropriate after "a thorough review at the end of the fiscal year."
• CEO emphasized the durability of Universal's tobacco business through market cycles, underpinned by geographic diversification and customer relationships.
• Shank's leadership and organizational structure were realigned to address underutilized capacity and improve commercial execution following the impairment.
• Chief Financial Officer reiterated capital allocation pillars: dividend growth, investment in the tobacco franchise, disciplined ingredients expansion, and opportunistic share repurchases, noting, "that strategy has not changed."

INDUSTRY GLOSSARY

• Flue-cured tobacco: Tobacco cured with heat in enclosed barns, commonly used for cigarettes due to its milder flavor and lower nicotine content.
• Burley tobacco: Air-cured, light tobacco variety, widely used in cigarette blends for its low sugar and light taste profile.
• Non-wrapper dark air-cured tobacco: Dark tobacco leaves cured without external heat, used primarily in cigars, smokeless, and pipe tobacco products, excluding leaves used specifically as wrappers.
• Uncommitted inventory: Tobacco inventory not yet sold or allocated under contract as of the balance sheet date, tracked as a percentage of total inventory.
• Goodwill impairment: A noncash accounting charge reflecting the reduction in carrying value of goodwill from past acquisitions when future performance expectations decline.

Full Conference Call Transcript

Wushuang Ma: Good morning, and thank you for joining us. With me today are Preston Douglas Wigner, our chairman, president, and CEO and Steven S. Diel, our recently appointed chief financial officer. During the course of this call, we will be making forward looking statements that are based on our current knowledge and some assumptions about the future. These are representative as of today only. Actual results, performance, or achievements could differ materially from the anticipated results prospects, performance, or achievements expressed or implied by such forward looking statements. And we assume no obligation to update any forward looking statements except as required by law.

For information on some of the risks and uncertainties related to this forward looking statements please refer to the reports we file with the SEC and under cautionary statement regarding forward looking statements, our current earnings press release. Finally, some of the information we provide today may be based on unaudited allocations, and may be subject to reclassification. Our comments may also include certain non GAAP financial measures. Details regarding these measures, including a reconciliation of these non GAAP measures for the most comparable GAAP measures, refer to our current earnings press release and other public materials. This call is being webcast live and will be available for replay on our website through 08/29/2026. And by telephone through 06/12/2026.

Call is copyrighted and may not be used without our permission. Other than the referenced replay, we have not authorized under this claim responsibility for any recording replay, or distribution of any transcription on this call. I would now like to turn the call over to Preston.

Preston Douglas Wigner: Thank you, Wush. Good morning, everyone. Thank you for joining us today. Our fiscal year 2026 performance reflected solid execution across much of our business. Operating in a market environment that shifted meaningfully from the prior year. We saw oversupply in certain tobacco styles and continued market headwinds in our ingredients business, which impacted volumes and margins. Amidst these challenges, our teams around the globe showed the resilience of our tobacco operations. And we continue to focus on the progress we are making to support the long term growth of our ingredients operations. However, our financial results for the fourth quarter and fiscal year were impacted by a noncash goodwill impairment related to our Universal Ingredients Shank's operation.

And by inventory write downs primarily related to non-wrapper dark air-cured tobacco. We remain confident in our tobacco and ingredient strategies and the steps we have taken to adapt to current market conditions and position the business for the future. With more than 100 years of operating experience, and a market leading position, our leaf tobacco business has demonstrated its durability across market cycles. At the same time, we believe our ingredient strategy which focuses on innovation and solution based products, is well aligned with customer needs and long term value creation. We have invested over several years to build a scalable ingredients platform with necessary capacity and capabilities. And we believe the platform is well positioned for future growth.

Supporting both these priorities is our continued advancements in sustainability, which remains an increasingly important expectation across our global value chain. During the fourth fiscal quarter, Universal Advanced from an A- to an A rating in the carbon disclosure projects supplier engagement assessment. In addition, we were recognized as a CDP supplier engagement leader and named to CDP's supplier engagement a list underscoring the strengths of our governance emissions management, and collaboration with suppliers. Strong financial discipline and leadership are critical to executing across both our operating segments. In February, we announced the appointment of Steven S. Diel, our Chief Financial Officer. Effective April 1st. Steven has been with Universal since 2018.

And has more than 25 years of experience across finance, corporate development, and business strategy. He is a trusted universal leader with significant financial expertise a deep understanding of our operations, and a proven record of strategic execution. With that, I will now turn the call over to Steven to review our financial results in more detail.

Steven S. Diel: Thank you, Preston. Good morning, everyone. As Preston mentioned, during fiscal year 26, our Flue-cured and Burley tobacco portfolio performed well but results were significantly impacted by 2 areas of our businesses, I will discuss during a review of consolidated and segment results. For the fourth quarter, consolidated revenue was $715 million up 2% from the same quarter of last year. For the full year, consolidated revenue was $2.9 billion down slightly from the previous exceptional fiscal year.

For the quarter, operating loss was $15 million as compared to an operating income of $43 million for the same quarter of last year, And for the full year, operating income was $169 million down $64 million as compared to fiscal year 25. Lower operating income was mainly driven by 2 areas. First, the Shanks business within our Ingredients segment experienced lower profitability and recorded a $41 million noncash goodwill impairment I will address both of these items in more detail later. Second, higher inventory write downs in our non-wrapper dark air-cured tobacco business combined with weaker performance.

For the fourth quarter, net loss attributable to Universal was $43 million as compared to net income of $9 million for the same quarter of last year. For the full year, net income was $33 million down from $95 million for fiscal year 2025. Lower net income was again mainly the result of the charges I just mentioned as well as weaker performance at Shanks, and our dark air-cured tobacco business. In terms of segment results, tobacco segment revenue was $632 million for the fourth quarter of fiscal 26 up 3% versus the same quarter last year. For the full year, revenue was $2.6 billion down slightly as compared to fiscal year 25.

Segment operating income was $27 million for the fourth quarter of fiscal year 26 as compared to $46 million for the same quarter of last year. For the full year, segment operating income was $212 million as compared to $240 million for fiscal year 2025. Lower segment operating income was mainly the result of lower profitability and higher inventory write downs of non wrapper dark air cured tobacco. Specifically, for fiscal year 26, total inventory write downs for our tobacco operations segment were $43 million as compared to $19 million during fiscal year 25 and an average of $14 million across the 5 years from fiscal year 21 through 2025. Now turning to the ingredients operating segment.

Segment revenue was $83 million for the fourth quarter of fiscal year 26, as compared to $90 million for the same quarter of last year. For the full year, revenue was $348 million up 3% as compared to fiscal year 25. Segment operating income was $2 million for the fourth quarter of fiscal year 26, as compared to $4 million for the same quarter of last year. For the full year, segment operating income was $3 million as compared to $12 million for fiscal year 2025.

Despite significant industry headwinds, our FruitSmart and Silva businesses performed in line with expectations Lower operating income for the segment was mainly the result of Shanks' performance, driven by higher fixed and operating cost related to the recent growth investments as we build the new product pipeline. Regarding liquidity and capital structure, as of 03/31/2026, our net debt was $845 million compared to $817 million at the same point last year. The increase was mainly the result of higher working capital usage, associated with purchasing and selling a significantly larger tobacco crop. Our liquidity availability which includes cash, and availability under our committed and uncommitted credit lines, totaled over $1.2 billion.

Now I will briefly shift to an introduction as Universal's new CFO. As Preston mentioned, I joined Universal in 2018 coinciding with the company's rollout of the enhanced capital allocation strategy. Since then, I have been closely involved in developing and executing that strategy. Including the formation of universal ingredients platform through 3 acquisitions and the continued investment in its commercial, and operational capabilities. At the same time, I have led our financial planning and analysis function supporting the company through a full supply demand cycle in leaf tobacco, the complexities of COVID, and the evolving macroeconomic environment that followed.

Because of these experiences, I have a clear perspective on both the durability of our core business and the importance of financial discipline as we invest in growth. I am greatly honored to take on the role of chief financial officer. Universal combines a resilient, market leading leaf tobacco business with an adjacent ingredients platform that has a strong core product and customer base expanding capabilities, and a long runway for growth. strength My priority is to deliver dependable free cash flow and balance sheet through disciplined capital allocation. This approach underpins our commitment to durable shareholder value across agricultural and economic cycles.

Now before I hand the call back to Preston, I would like to address the noncash goodwill impairment related to Shanks. When we acquired Shanks in October 2021, we recorded approximately $41 million of goodwill. In accordance with US GAAP, this goodwill was assessed periodically and no indications of impairment were identified prior to fiscal year 26. Since acquiring the business, we have invested in growth. Both in the form of capital expenditures to build new production capabilities and in commercial and R&D human capital. During fiscal 26, market conditions pressured revenues and profitability for both core products and new product development.

As a relatively new player in this space, converting customer interest into sustained revenue and margin growth can be a lengthy process. And as of 03/31/2026, we were behind in executing our commercial strategy amidst the market headwinds. In response, management, together with a third party consultant, conducted evaluation analysis and concluded that a noncash goodwill impairment was appropriate. To improve execution, we have recently implemented a leadership level organizational realignment at Shanks. The focus is on strengthening commercial execution, improving facility utilization, and enhancing financial and operational efficiency. Strategically, Shanks remains a key component of our ingredients platform. Given its underutilized capacity technical capabilities, and role in supporting innovation, and solutions based offerings.

As CFO, I will focus on strengthening the execution and financial discipline across the company ensuring we convert strategic intent into financial performance. And on growing revenue and margins controlling costs, and deploying capital effectively to support growth both organically and through future accretive acquisition opportunities. I will now turn the conversation back to Preston.

Preston Douglas Wigner: Thank you, Steven. As we look ahead to fiscal year 27, our leaf tobacco business brings over 100 years of experience operating through complex and evolving global environments. Combined with our broad geographic diversification, and long standing customer relationships, This positions us well to manage ongoing oversupply in current market dynamics. In ingredients, our strategy is centered on clean label, healthy, organic, and solution based products. And remains aligned with our customers' priorities, and we will continue to support our customers as we work together to navigate the persistent market headwinds. Our ingredients focus remains on disciplined execution including leveraging the investments we have made strengthening commercial effectiveness, achieving operational efficiencies and improving financial performance.

We enter fiscal year 27 focused on maximizing and optimizing our tobacco business growing our ingredients business, and strengthening our company for the next 100 years. This strategic approach strengthens the durability of our business and positions us to navigate market cycles and volatility while continuing to deliver long term value to our shareholders. Like our recent announcement of our 56th consecutive annual dividend increase. Thank you again for joining us today. We will now open the call for questions.

Operator: Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question, please press 1 on your telephone keypad to raise your hand and join the queue. If you are listening via loudspeaker on your device, please remember to pick up your handset and, remove yourself from mute. Before asking a question. Your first question comes from the line of Daniel Scott Harriman of Sidoti. Your line is open.

Analyst (Daniel Scott Harriman): Steven, congratulations on the new role. I will start with 2 questions today, and then I will get back into the queue. But Preston, can you just talk about your confidence level that we will get inventory during fiscal 27? I know uncommitted inventories were 27%, I believe. And then I wanted to see if there is any additional write down risk in non-wrapper dark air-cured tobacco. And then if we set aside the impairment and the tobacco inventory write downs, it appears that the overall business is operating at a high level. So I was just wondering if you could speak about the underlying trends and flue-cured burley and the ingredients platform outside of Shanks?

And kind of what that tells you about the setup for fiscal 27. Thanks.

Preston Douglas Wigner: Alright. Thanks, Daniel. I will start with the inventory. Yes. So that inventory number we disclosed, that is as of March 31. 2026. And leading into that, we have had some buying early days of buying, but buying in Brazil. So some of that is what we bought in Brazil. We have already seen movement from March 31, just over the last 2 months. You know, we are confident that we will be within our range for uncommitted inventory between 10% to 20% during the fiscal year and we will have a much better update and a much better view of things for our first quarter call in a couple months.

But at the moment, we are pleased where things are going. And like I said, we are confident we will be within that range during the fiscal year. For the dark write downs, you know, we have we have taken those write downs in particular in the fourth quarter. So sort of a thorough review of inventory on hand and market dynamics, All of that goes into the accounting side of how we evaluate and determine write downs to take.

That was a thorough review at the end of the fiscal year based on current market dynamics And going into this year, we feel comfortable that inventory positions are good, we are working closely with our customers to make sure we have the volumes and the quality in particular that they need. Of non wrapper and of wrapper tobaccos and we will monitor it throughout the year. there is an accounting side to it where we always assess With every tobacco style, we assess inventory positions and values through the accounting rules, and we will continue to do that during the year.

But at the moment, given the extent of the fourth quarter write downs, we are comfortable where we are right now. With current market dynamics.

Steven S. Diel: Just to follow on the from the accounting side of that. You know, we record inventory at the lower of cost or what we estimate as net realizable value. that is where, as Preston said, we did a deep dive into our inventories in Q4 to come up with the estimates that we did So we feel good about going into next this coming year.

Preston Douglas Wigner: Yep. I think your other question is a little more about view of fiscal year 27. And both ingredients and the tobacco side, in particular, flue-cured, and burley. On the tobacco side, it is it is very early in the season for us. Markets are really just starting. In Brazil, we are buying in Africa, and our footprint buying has started recently. The oversupply which carries over from the transition this past fiscal year 2026. From undersupply to balance to oversupply all at 1 time. Based on really large crops feeds into this year where we also see large crops really across the world. Flue-cured and burley.

Even though it is early days, we have a lot of experience with our strong local teams in managing crops in any type of market cycle, including oversupply. The key for us is our geographic footprint, where we can mitigate risks from 1 origin to another, based on current conditions. Our really sort of broad portfolio of customers that require all the styles Flue-cured and Burley, and all the origins where we are, and we are all we are in all the strategic origins. And maybe most importantly, a lot of deep experience in knowing how to buy and how to buy the right grades at the right price.

And when we look at the undersupply years, there were places in the undersupply years where we were really forced and the market was forced to pay really high prices for practically all grades because it was such an undersupply. In oversupply, we have more flexibility. We have access to the tobacco we need. The larger crops give us also some additional benefits like third party processing. Because of larger crops being handled by others. And we could be more I would say, more intentional, more strategic in more efficient in how we buy. So we know we are buying the right grades at the right prices. And then we can move them and try to protect margins with oversupply.

And with customers who have built up durations over the past few years with their large purchases very important that we are buying correctly. But we are also keeping in close contact with our customers So we know they are they are demands, they know their needs, and we can plan accordingly. And that will continue throughout the year, but so far, that is been going well. And we are encouraged where we are despite lots of market dynamics and it is early. So we will continue that good work. But on the tobacco side, we feel good. We are we are experienced, and we are entering it with the right strategies.

The ingredient side, also encouraged We have very happy with the strategy of ingredients. And with shanks as an important part of that, as Steven had mentioned. We see inflationary pressures and some of the other market headwinds persisting into this year. So we will continue to navigate those and I think for things, for example, like tariffs, I think we did a good job of navigating a lot of the direct impacts of tariffs this past year. To minimize costs that are going into our inventory. And taking advantage of opportunities we had where maybe domestic sourcing gave us opportunities versus others who are sourcing overseas and paying those higher tariffs.

With maybe more normalized tariffs this year, and it is also fluid with tariffs, but if tariffs remain lower this year, even go away, I am optimistic that will reduce some inflationary pressure that our customers feel with their own sales and products And certainly on the tariff side, impacts on their business from tariffs that are more direct to them. That will give us opportunities to increase the volumes we would otherwise have sold to those customers this past year with those headwinds. And with the increased volumes, focus on increased profitability and cost absorption. So I am happy with where we are, happy with our strategy.

I am really excited about what we are doing with Universal Ingredients and where it can go. And we are putting in the hard work and we are absolutely committed to growing our ingredients business in particular in Shanks, executing these initiatives so that we are operating as efficiently and as profitably as we can as we can operate this year.

Analyst (Daniel Scott Harriman): Thanks, guys. I really appreciate it.

Preston Douglas Wigner: Sure.

Operator: Again, if you have a question, please press 1 on your telephone We have a follow-up question from the line of Daniel Scott Harriman of Sidoti. Please go ahead.

Analyst (Daniel Scott Harriman): Hey, guys. I am back. I guess I will follow-up with 1 more if there are no other questions. Sorry about that. Yeah. No problem. Steven, kind of like I mentioned, congratulations on the role. And I understand that you are not at all new to Universal, and you are not new to financial management, or, or really corporate development. But can you just kind of remind us of the company's capital allocation priorities and how you see the balance breaking down in the coming year, maybe between the dividend, leverage and then continued investment in ingredients?

Steven S. Diel: Sure. Thank you, Daniel. I really appreciate it. it is great to speak with you today. Yes. So our capital allocation strategy, which we announced right around the time I joined the company in 2018, It really has 4 pillars. Strengthening and investing for growth in our leaf tobacco business, increasing our strong dividend and exploring growth opportunities for our plant based ingredients business. And then finally, returning excess capital through share repurchases. So that strategy has not changed. it is still consistent. As far as the dividend goes, we are a strong cash generating company, and our dividend payout ratio on our reported net income this year is over 100%.

But if you look back kind of over the last 5 years on an adjusted net income basis, it is been below 75%. So we feel really good about our positioning and our ability to continue to fund the dividend going forward. You know, that said, our board certainly reviews management with the board reviews our capital strategy regularly. And, you know, could make decisions based on new information that comes along. But, as we sit here now, we see no change. And from the ingredients kind of M&A strategy standpoint, No change there. We have not acquired any businesses since Shanks in 2021. We have invested in organic growth.

We are now in the phase of realizing the returns on that investment and earning the right for future growth. And so as we pull through this current expansion at Shanks and get new volumes through that facility to really leverage the cost structure that we have in place in the R&D and commercial people that we put in place. that is our focus now. And once we achieve that, we will be back in and investing in new opportunities for growth.

Preston Douglas Wigner: Daniel, if I can add on to that, in particular, the top of our priorities, which is investing in our tobacco business. You know, we have got such a strong tobacco business. And even this year, you know, if you take away the write downs, primarily the dark air-cured non-wrapper write downs, The rest of the business performed really well. And our tobacco business is so strong. We see lots of opportunities in terms of market share growth, volume growth, other opportunities for services that we see lots of opportunities to continue to invest in tobacco. At the same time, we are absolutely committed to investing in what we need to grow ingredients as well.

So we have our capital allocation strategy has not changed. I do not see it changing. Because I think it is the right strategy for us to grow the company as a whole. But both sides really have good opportunities going forward. I am really happy with the priorities that we have in continuing to invest in tobacco.

Analyst (Daniel Scott Harriman): Steven, I would seeing that you, you know, came to Universal at the beginning of the rollout with ingredients and where you are now Can you and you talked about this a little bit in the prepared remarks, but can you just kind of talk us through what that experience has shown you has prepared you and how you think you will use that in the CFO role? And then maybe how that, how you incorporate that view into the long term value proposition of the ingredients platform that some other people like us may not have a view on?

Steven S. Diel: Yes. So, I mean, coming in to the role, as a public company CFO, You know, my number 1 priority is to maximize long term shareholder value. By driving profitable growth securing strict regulatory compliance, and optimizing capital allocation. So I think achieving that falls into 4 main categories. All that are underpinned by human capital management. First is on financial stewardship. So I must continue to build on the strong culture that we have here at Universal around compliance. Financial reporting, tax, audit, all the nuts and bolts of finance. Second is kind of taking that to the next level around financial excellence. So this is about continuous improvement.

All the areas like budgeting, forecasting, capital structure optimization, tax strategies, cost management, capital decision making. And in order to do all of this, we just need to make sure I need to make sure that we have the right people and the right systems and tools in place to achieve that. Third is around support supporting Preston and the board. On executing the strategy that we have decided upon, and maximizing in the 4 areas that I just talked about, maximizing and optimizing tobacco, growing ingredients, strengthening for the future, and committing to the dividend.

And so this includes not only ensuring that the strategy and vision flow through the finance organization, but partnering with the other resource groups and operations around the world to make that happen. And that kind of brings it to the fourth and final category of telling the story around the strategy. So Universal, I believe, is uniquely positioned in the agri product space as a market leading leaf tobacco processor We have over 100 years of proven performance combined with developing an ingredients business positioned for long term growth and value creation. And I am excited to engage with potential investors and other external shareholders to tell that story.

Operator: With no further questions, that concludes our Q&A session. I will now turn the conference back over to Preston Douglas Wigner for closing remarks.

Preston Douglas Wigner: Thank you, JL. Thank you for joining our call today. We look forward to speaking with you during our fiscal year 27 first quarter call in the coming months.

Operator: This concludes today's conference call. You may now disconnect.

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