Universal (UVV) is:

• ADM (Archer-Daniels-Midland) for tobacco.

• Leaf Tobacco: Universal Corporation is the world's leading global leaf tobacco supplier, procuring, processing, and supplying various types of tobaccos to manufacturers of tobacco products.
• Plant-based Ingredients: Through its Ingredients segment, the company develops and supplies natural plant-based ingredients, including flavors, extracts, and botanicals, for the food, beverage, and other consumer product industries.

Preston D. Wigner, Chairman, President, and Chief Executive Officer

Mr. Wigner was elected Chairman, President, and Chief Executive Officer of Universal Corporation on October 1, 2024. He has been with Universal for over 20 years, having joined in 2003. Prior to his current role, he served as Senior Vice President of Universal Corporation and Executive Vice President of Universal Leaf Tobacco Company from April 1, 2024. Before that, he held the positions of Vice President, General Counsel, and Secretary of Universal Corporation, and Senior Vice President, General Counsel, and Assistant Secretary of Universal Leaf from November 2005 until April 2024. Before joining Universal, Mr. Wigner worked as an associate with the law firms Williams Mullen and Hunton Andrews Kurth (formerly Hunton & Williams).

Johan C. Kroner, Senior Vice President and Chief Financial Officer

Mr. Kroner was elected Senior Vice President and Chief Financial Officer on September 1, 2018. He will retire by July 1, 2026, and will remain CFO until a successor is appointed, after which he will serve as Senior Vice President and an advisor to the CEO. Mr. Kroner joined Universal in July 1993. He also serves as Executive Vice President and Chief Financial Officer of Universal Leaf. Previously, he was Senior Vice President of Universal Leaf from September 2014 to September 2018, and Vice President from October 2011 to September 2014.

Airton L. Hentschke, Senior Vice President and Chief Operating Officer

Mr. Hentschke has served as Senior Vice President and Chief Operating Officer of Universal Corporation since April 1, 2015. He possesses over 35 years of experience in leaf operations with Universal. He began his employment with Universal in 1991 and has also served as Executive Vice President of Universal Leaf Tobacco Company, Incorporated since 2013, supporting Universal's global tobacco operations.

J. Patrick O'Keefe, Vice President, Ingredients

Mr. O'Keefe is the Vice President, Ingredients of Universal Corporation and Senior Vice President of Universal Global Ventures, Inc. He joined Universal in April 2020 and has a career spanning over 30 years in the food ingredient industry. His previous roles include Chief Operating Officer for Allen Flavors from 2018 to 2020, Chief Executive Officer of the Americas for Döhler Group from 2015 to 2018, and President of Finlay Tea Solutions US, Inc. and then Chief Executive Officer of Finlay Extracts & Ingredients, both subsidiaries of James Finlay International, from 2007 to 2015.

Tatiana Santos Godoi, Chief Human Resources Officer

Ms. Godoi was appointed Chief Human Resources Officer of Universal Corporation on November 10, 2025. She brings over two decades of international human resources leadership experience across North America, Latin America, and global corporate functions. Before joining Universal, she served as Vice President of Human Resources for North America at Kerry, Inc. Her prior senior leadership positions include roles at Kerry Latin America, Mars Incorporated, Newell Rubbermaid, Villares Metals, and Laticínos Bom Gosto.

The key risks to Universal Corporation's (UVV) business are primarily centered around the declining global demand for tobacco, significant customer concentration, and operational and financial control issues, including exposure to foreign exchange and interest rate fluctuations, and recent internal control challenges.

1. Declining Tobacco Consumption and Regulatory Pressures: Universal Corporation's core business, leaf tobacco, faces a secular decline in worldwide tobacco consumption. This trend is driven by increasing health consciousness, stringent government regulations, higher taxes, and restrictions on tobacco product use and advertising in many countries, including measures under the World Health Organization (WHO) Framework Convention on Tobacco Control (FCTC). A significant decrease in global tobacco consumption directly reduces demand for Universal's products, potentially leading to reduced sales volumes and market opportunities.
2. Dependence on a Few Major Customers: Universal Corporation is highly reliant on a limited number of large tobacco companies, with its top three customers accounting for approximately 50% of its tobacco segment's revenue. Any substantial shift in these key customers' demand for leaf tobacco, changes in their sourcing strategies, or their financial instability could have a material adverse effect on Universal's operating results and financial performance.
3. Operational and Financial Control Risks: The company faces various operational and financial control risks. These include exposure to currency risk due to its global operations and international transactions, as well as the impact of interest rate fluctuations on financing costs and pension liabilities. Additionally, Universal Corporation recently faced internal control challenges, including an ongoing internal investigation related to alleged embezzlement by a former senior financial officer at one of its foreign subsidiaries, which led to a delay in filing its quarterly report. Such incidents can impact financial reporting, potentially requiring restatements, and highlight vulnerabilities in internal controls.

Universal Corporation (UVV) operates in two main segments: Tobacco Operations and Ingredients Operations. The addressable markets for these segments are as follows:

Tobacco Operations

Universal Corporation is a leading global supplier of leaf tobacco, involved in the procurement, processing, packaging, and sale of various types of tobaccos, including flue-cured, burley leaf, dark air-cured, and oriental tobaccos.

• Global Raw Tobacco Leaves Market: This market was valued at approximately USD 23.83 billion in 2024 and is projected to reach about USD 32.65 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.6% from 2025 to 2031.

Ingredients Operations

Through its Ingredients Operations segment, Universal Corporation produces specialty plant-based ingredients such as fruits, vegetables, herbs, juices, concentrates, purees, nutraceuticals, fruit fibers, seeds, and botanical extracts. These are supplied to consumer-packaged goods manufacturers, retailers, and food and beverage companies.

• Global Plant-Based Food Ingredients Market: This market was estimated at USD 17.31 billion in 2024 and is projected to grow to USD 40.19 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 7.96% during the forecast period of 2025 to 2035.

Here are 3 expected drivers of future revenue growth for Universal Corporation (UVV) over the next 2-3 years:

1. Sustained Demand and Effective Management in Tobacco Operations: Universal Corporation anticipates continued robust customer demand within its core Tobacco Operations segment. The company's ability to effectively procure tobacco, manage inventories, and execute shipments efficiently is expected to sustain revenue contributions from this segment. Despite potential market fluctuations such as oversupply, the company has demonstrated effective navigation of market dynamics.
2. Expansion and Organic Growth in Ingredients Operations: The strategic diversification into plant-based Ingredients Operations is a key driver. Universal Corporation is focused on increasing sales volumes and converting customer interest into product sales within this segment. This growth is supported by an active pipeline of new and value-added products, despite facing challenges in the broader consumer packaged goods industry.
3. Strategic Investments in Enhanced Operational Capabilities: Investments in expanding production facilities and operational infrastructure are expected to drive future revenue growth. A notable example is the completed major expansion in Lancaster, Pennsylvania, which enhances the capabilities of the Ingredients segment, positioning it to capitalize on investments and increase sales and market reach. These strategic investments aim to build scale and generate returns.

Share Repurchases

• Universal Corporation's Board of Directors authorized a new share repurchase program of up to $100 million in November 2024, which is valid through November 15, 2026.
• A similar $100 million share repurchase program was approved in November 2020.
• In fiscal year 2023, the company repurchased 66,124 shares at a total cost of $3.4 million.

Share Issuance

• The number of common shares outstanding has remained relatively stable, with approximately 24.7 million shares outstanding at March 31, 2025.
• As of November 3, 2025, the total number of shares of common stock outstanding was 24,921,155.

Outbound Investments

• Universal Corporation has strategically diversified its business by investing in the plant-based ingredients platform through acquisitions.
• The company acquired FruitSmart Inc. in January 2020 and Silva International in October 2020, with the latter costing $170 million.
• Universal further expanded its ingredients segment by acquiring Shank's Extracts, LLC in October 2021.

Capital Expenditures

• Capital expenditures were $66.6 million in fiscal year 2025 and $66.0 million in fiscal year 2024.
• Investments in fiscal years 2025 and 2024 focused on expanding Universal Ingredients' manufacturing capabilities in Lancaster, Pennsylvania.
• For fiscal year 2026, the company plans to spend approximately $45 million to $55 million on capital projects, primarily for maintenance of facilities and other investments for future growth.