Question:
You are tasked with answering the user's question using the provided context, which includes financial statements (Income Statements, Balance Sheets, and Cash Flow Statements) and financial news articles in multiple languages (English, Chinese, Japanese, Spanish, and Greek). Please provide a detailed and well-supported answer based on the information available. Limit your response to 100 words or fewer. If you cannot answer the question or if no relevant evidence is found, write “None”.

Answer Format:
Answer: {Answer using the financial statement.}
News Evidence: {Verify your answer using quote(s) from the financial news. Write “None” if no news evidence is available.}
Context:
Financial Statements:
| Column 1                                              | Column 2   | Column 3      | Column 4   | Column 5      | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   | Column 16   | Column 17   | Column 18   | Column 19   | Column 20   | Column 21   |
|:------------------------------------------------------|:-----------|:--------------|:-----------|:--------------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                       |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | September 30, |            | September 30, |            | March 31,  |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | 2025          |            | 2024          |            | 2025       |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | (Unaudited)   |            | (Unaudited)   |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| ASSETS                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Current assets                                        |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Cash and cash equivalents                             |            | $             | 88,652     |               |            | $          | 80,118     |            |             | $           | 260,115     |             |             |             |             |             |             |             |             |             |
| Accounts receivable, net                              |            | 445,257       |            |               | 537,602    |            |            | 625,876    |             |             |             |             |             |             |             |             |             |             |             |             |
| Advances to suppliers, net                            |            | 121,569       |            |               | 139,766    |            |            | 169,385    |             |             |             |             |             |             |             |             |             |             |             |             |
| Accounts receivable—unconsolidated affiliates         |            | 114,071       |            |               | 66,646     |            |            | 7,143      |             |             |             |             |             |             |             |             |             |             |             |             |
| Inventories—at lower of cost or net realizable value: |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Tobacco                                               |            | 1,138,630     |            |               | 1,070,655  |            |            | 806,332    |             |             |             |             |             |             |             |             |             |             |             |             |
| Other                                                 |            | 222,505       |            |               | 211,476    |            |            | 189,610    |             |             |             |             |             |             |             |             |             |             |             |             |
| Prepaid income taxes                                  |            | 23,066        |            |               | 20,771     |            |            | 19,595     |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Other current assets                                  |            | 85,928        |            |               | 84,884     |            |            | 78,041     |             |             |             |             |             |             |             |             |             |             |             |             |
| Total current assets                                  |            | 2,239,678     |            |               | 2,211,918  |            |            | 2,156,097  |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Property, plant and equipment                         |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Land                                                  |            | 26,285        |            |               | 25,972     |            |            | 26,113     |             |             |             |             |             |             |             |             |             |             |             |             |
| Buildings                                             |            | 335,300       |            |               | 330,407    |            |            | 333,398    |             |             |             |             |             |             |             |             |             |             |             |             |
| Machinery and equipment                               |            | 746,284       |            |               | 705,246    |            |            | 723,935    |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | 1,107,869     |            |               | 1,061,625  |            |            | 1,083,446  |             |             |             |             |             |             |             |             |             |             |             |             |
| Less accumulated depreciation                         |            | (735,473)     |            |               | (685,883)  |            |            | (710,472)  |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | 372,396       |            |               | 375,742    |            |            | 372,974    |             |             |             |             |             |             |             |             |             |             |             |             |
| Other assets                                          |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Operating lease right-of-use assets                   |            | 37,319        |            |               | 32,487     |            |            | 34,260     |             |             |             |             |             |             |             |             |             |             |             |             |
| Goodwill, net                                         |            | 213,815       |            |               | 213,872    |            |            | 213,840    |             |             |             |             |             |             |             |             |             |             |             |             |
| Other intangibles, net                                |            | 52,650        |            |               | 63,263     |            |            | 57,836     |             |             |             |             |             |             |             |             |             |             |             |             |
| Investments in unconsolidated affiliates              |            | 84,526        |            |               | 78,774     |            |            | 79,317     |             |             |             |             |             |             |             |             |             |             |             |             |
| Deferred income taxes                                 |            | 18,238        |            |               | 15,526     |            |            | 16,539     |             |             |             |             |             |             |             |             |             |             |             |             |
| Pension asset                                         |            | 13,393        |            |               | 12,293     |            |            | 12,819     |             |             |             |             |             |             |             |             |             |             |             |             |
| Other noncurrent assets                               |            | 38,424        |            |               | 41,711     |            |            | 45,870     |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | 458,365       |            |               | 457,926    |            |            | 460,481    |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Total assets                                          |            | $             | 3,070,439  |               |            | $          | 3,045,586  |            |             | $           | 2,989,552   |             |             |             |             |             |             |             |             |             |

---

| Column 1                                                                                | Column 2   | Column 3      | Column 4   | Column 5      | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   | Column 16   | Column 17   | Column 18   | Column 19   | Column 20   | Column 21   |
|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-----------|:--------------|:-----------|:--------------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | September 30, |            | September 30, |            | March 31,  |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | 2025          |            | 2024          |            | 2025       |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | (Unaudited)   |            | (Unaudited)   |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Current liabilities                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Notes payable and overdrafts                                                                                |            | $             | 539,583    |               |            | $          | 579,132    |            |             | $           | 455,039     |             |             |             |             |             |             |             |             |             |
| Accounts payable                                                                                |            | 99,599        |            |               | 87,106     |            |            | 98,036     |             |             |             |             |             |             |             |             |             |             |             |             |
| Accounts payable—unconsolidated affiliates                                                                                |            | 299           |            |               | 174        |            |            | 1,999      |             |             |             |             |             |             |             |             |             |             |             |             |
| Customer advances and deposits                                                                                |            | 2,782         |            |               | 6,837      |            |            | 3,763      |             |             |             |             |             |             |             |             |             |             |             |             |
| Accrued compensation                                                                                |            | 30,776        |            |               | 29,266     |            |            | 44,646     |             |             |             |             |             |             |             |             |             |             |             |             |
| Income taxes payable                                                                                |            | 14,573        |            |               | 7,948      |            |            | 12,586     |             |             |             |             |             |             |             |             |             |             |             |             |
| Current portion of operating lease liabilities                                                                                |            | 11,809        |            |               | 10,325     |            |            | 10,742     |             |             |             |             |             |             |             |             |             |             |             |             |
| Accrued expenses and other current liabilities                                                                                |            | 129,210       |            |               | 128,634    |            |            | 123,350    |             |             |             |             |             |             |             |             |             |             |             |             |
| Current portion of long-term debt                                                                                |            | —             |            |               | —          |            |            | —          |             |             |             |             |             |             |             |             |             |             |             |             |
| Total current liabilities                                                                                |            | 828,631       |            |               | 849,422    |            |            | 750,161    |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Long-term debt                                                                                |            | 618,196       |            |               | 617,641    |            |            | 617,918    |             |             |             |             |             |             |             |             |             |             |             |             |
| Pensions and other postretirement benefits                                                                                |            | 36,490        |            |               | 36,734     |            |            | 35,336     |             |             |             |             |             |             |             |             |             |             |             |             |
| Long-term operating lease liabilities                                                                                |            | 23,584        |            |               | 19,038     |            |            | 20,608     |             |             |             |             |             |             |             |             |             |             |             |             |
| Other long-term liabilities                                                                                |            | 26,228        |            |               | 28,425     |            |            | 22,901     |             |             |             |             |             |             |             |             |             |             |             |             |
| Deferred income taxes                                                                                |            | 33,160        |            |               | 36,322     |            |            | 42,090     |             |             |             |             |             |             |             |             |             |             |             |             |
| Total liabilities                                                                                |            | 1,566,289     |            |               | 1,587,582  |            |            | 1,489,014  |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Shareholders’ equity                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Universal Corporation:                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Preferred stock:                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Series A Junior Participating Preferred Stock, no par value,500,000shares authorized,noneissued or outstanding                                                                        |            | —             |            |               | —          |            |            | —          |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Common stock, no par value,100,000,000shares authorized24,913,747shares issued and outstanding at September 30, 2025 (24,715,625at September 30, 2024 and24,715,625at March 31, 2025) |            | 352,909       |            |               | 349,064    |            |            | 351,626    |             |             |             |             |             |             |             |             |             |             |             |             |
| Retained earnings                                                                                |            | 1,188,283     |            |               | 1,158,658  |            |            | 1,186,981  |             |             |             |             |             |             |             |             |             |             |             |             |
| Accumulated other comprehensive loss                                                                                |            | (71,210)      |            |               | (87,156)   |            |            | (80,051)   |             |             |             |             |             |             |             |             |             |             |             |             |
| Total Universal Corporation shareholders' equity                                                                                |            | 1,469,982     |            |               | 1,420,566  |            |            | 1,458,556  |             |             |             |             |             |             |             |             |             |             |             |             |
| Noncontrolling interests in subsidiaries                                                                                |            | 34,168        |            |               | 37,438     |            |            | 41,982     |             |             |             |             |             |             |             |             |             |             |             |             |
| Total shareholders' equity                                                                                |            | 1,504,150     |            |               | 1,458,004  |            |            | 1,500,538  |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Total liabilities and shareholders' equity                                                                                |            | $             | 3,070,439  |               |            | $          | 3,045,586  |            |             | $           | 2,989,552   |             |             |             |             |             |             |             |             |             |

---

| Column 1                                                                             | Column 2   | Column 3                       | Column 4   | Column 5   | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   |
|:-------------------------------------------------------------------------------------|:-----------|:-------------------------------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            | Six Months Ended September 30, |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            | 2025                           |            | 2024       |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            | (Unaudited)                    |            |            |            |            |            |            |             |             |             |             |             |             |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Net income (loss)                                                                    |            | $                              | 49,170     |            |            | $          | 31,145     |            |             |             |             |             |             |             |
| Adjustments to reconcile net income (loss) to net cash used by operating activities: |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Depreciation and amortization                                                        |            | 27,198                         |            |            | 29,420     |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Net provision for losses (recoveries) on advances to suppliers                       |            | (2,810)                        |            |            | (5,562)    |            |            |            |             |             |             |             |             |             |
| Inventory writedowns                                                                 |            | 9,780                          |            |            | 5,231      |            |            |            |             |             |             |             |             |             |
| Stock-based compensation expense                                                     |            | 8,481                          |            |            | 6,583      |            |            |            |             |             |             |             |             |             |
| Foreign currency remeasurement (gain) loss, net                                      |            | 1,195                          |            |            | 1,334      |            |            |            |             |             |             |             |             |             |
| Foreign currency exchange contracts                                                  |            | (2,531)                        |            |            | 3,225      |            |            |            |             |             |             |             |             |             |
| Deferred income taxes                                                                |            | (9,726)                        |            |            | 153        |            |            |            |             |             |             |             |             |             |
| Equity in net loss (income) of unconsolidated affiliates, net of dividends           |            | 991                            |            |            | 404        |            |            |            |             |             |             |             |             |             |
| Restructuring and impairment costs                                                   |            | 1,122                          |            |            | 10,573     |            |            |            |             |             |             |             |             |             |
| Restructuring payments                                                               |            | (2,774)                        |            |            | (350)      |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Other, net                                                                           |            | 37                             |            |            | (217)      |            |            |            |             |             |             |             |             |             |
| Changes in operating assets and liabilities, net:                                    |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Accounts and notes receivable                                                        |            | 123,321                        |            |            | (63,420)   |            |            |            |             |             |             |             |             |             |
| Inventories                                                                          |            | (367,010)                      |            |            | (21,682)   |            |            |            |             |             |             |             |             |             |
| Other assets                                                                         |            | 2,199                          |            |            | 9,029      |            |            |            |             |             |             |             |             |             |
| Accounts payable                                                                     |            | (3,262)                        |            |            | (22,066)   |            |            |            |             |             |             |             |             |             |
| Accrued expenses and other current liabilities                                       |            | (4,426)                        |            |            | (19,970)   |            |            |            |             |             |             |             |             |             |
| Income taxes                                                                         |            | (1,989)                        |            |            | (1,238)    |            |            |            |             |             |             |             |             |             |
| Customer advances and deposits                                                       |            | (1,324)                        |            |            | (10,005)   |            |            |            |             |             |             |             |             |             |
| Net cash used by operating activities                                                |            | (172,358)                      |            |            | (47,413)   |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Purchase of property, plant and equipment                                            |            | (21,099)                       |            |            | (38,796)   |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Proceeds from sale of property, plant and equipment                                  |            | 881                            |            |            | 1,412      |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Net cash used by investing activities                                                |            | (20,218)                       |            |            | (37,384)   |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Issuance of short-term debt, net                                                     |            | 82,781                         |            |            | 161,611    |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Dividends paid to noncontrolling interests                                           |            | (14,063)                       |            |            | (8,960)    |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Dividends paid on common stock                                                       |            | (40,426)                       |            |            | (39,646)   |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Other                                                                                |            | (7,727)                        |            |            | (3,716)    |            |            |            |             |             |             |             |             |             |
| Net cash provided by financing activities                                            |            | 20,565                         |            |            | 109,289    |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Effect of exchange rate changes on cash, restricted cash and cash equivalents        |            | 548                            |            |            | 33         |            |            |            |             |             |             |             |             |             |
| Net increase (decrease) in cash, restricted cash and cash equivalents                |            | (171,463)                      |            |            | 24,525     |            |            |            |             |             |             |             |             |             |
| Cash, restricted cash and cash equivalents at beginning of year                      |            | 260,115                        |            |            | 55,593     |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Cash, restricted cash and cash equivalents at end of period                          |            | $                              | 88,652     |            |            | $          | 80,118     |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |

---

| Column 1                                                                          | Column 2   | Column 3                         | Column 4   | Column 5                       | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   | Column 16   | Column 17   | Column 18   | Column 19   | Column 20   | Column 21   | Column 22   | Column 23   | Column 24   | Column 25   | Column 26   | Column 27   |
|:----------------------------------------------------------------------------------|:-----------|:---------------------------------|:-----------|:-------------------------------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | Three Months Ended September 30, |            | Six Months Ended September 30, |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | 2025                             |            | 2024                           |            | 2025       |            | 2024       |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | (Unaudited)                      |            | (Unaudited)                    |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Sales and other operating revenues                                                |            | $                                | 754,177    |                                |            | $          | 710,762    |            |             | $           | 1,347,939   |             |             | $           | 1,307,812   |             |             |             |             |             |             |             |             |             |             |             |
| Costs and expenses                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Cost of goods sold                                                                |            | 614,347                          |            |                                | 567,617    |            |            | 1,093,982  |             |             | 1,068,746   |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Selling, general and administrative expenses                                      |            | 72,181                           |            |                                | 63,836     |            |            | 151,373    |             |             | 142,532     |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Restructuring and impairment costs                                                |            | —                                |            |                                | 10,573     |            |            | 1,122      |             |             | 10,573      |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Operating income                                                                  |            | 67,649                           |            |                                | 68,736     |            |            | 101,462    |             |             | 85,961      |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Equity in pretax earnings (loss) of unconsolidated affiliates                     |            | (2,561)                          |            |                                | (642)      |            |            | (126)      |             |             | (502)       |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Other non-operating income (expense)                                              |            | 582                              |            |                                | 461        |            |            | 1,168      |             |             | 925         |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Interest income                                                                   |            | 778                              |            |                                | 295        |            |            | 1,425      |             |             | 1,103       |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Interest expense                                                                  |            | 20,438                           |            |                                | 21,273     |            |            | 38,215     |             |             | 42,007      |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Income (loss) before income taxes and other items                                 |            | 46,010                           |            |                                | 47,577     |            |            | 65,714     |             |             | 45,480      |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Income taxes                                                                      |            | 11,207                           |            |                                | 13,608     |            |            | 16,544     |             |             | 14,335      |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Net income (loss)                                                                 |            | 34,803                           |            |                                | 33,969     |            |            | 49,170     |             |             | 31,145      |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Less:  net loss (income) attributable to noncontrolling interests in subsidiaries |            | (634)                            |            |                                | (8,029)    |            |            | (6,504)    |             |             | (5,075)     |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Net income (loss) attributable to Universal Corporation                           |            | $                                | 34,169     |                                |            | $          | 25,940     |            |             | $           | 42,666      |             |             | $           | 26,070      |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Earnings per share:                                                               |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Basic                                                                             |            | $                                | 1.36       |                                |            | $          | 1.04       |            |             | $           | 1.71        |             |             | $           | 1.05        |             |             |             |             |             |             |             |             |             |             |             |
| Diluted                                                                           |            | $                                | 1.36       |                                |            | $          | 1.03       |            |             | $           | 1.70        |             |             | $           | 1.04        |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Weighted average common shares outstanding:                                       |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Basic                                                                             |            | 25,035,110                       |            |                                | 24,946,632 |            |            | 25,017,765 |             |             | 24,911,681  |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Diluted                                                                           |            | 25,178,546                       |            |                                | 25,135,973 |            |            | 25,155,627 |             |             | 25,101,295  |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Total comprehensive income (loss), net of income taxes                            |            | $                                | 34,654     |                                |            | $          | 33,531     |            |             | $           | 57,756      |             |             | $           | 25,181      |             |             |             |             |             |             |             |             |             |             |             |
| Less: comprehensive (income) loss attributable to noncontrolling interests        |            | (356)                            |            |                                | (8,026)    |            |            | (6,249)    |             |             | (4,682)     |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Comprehensive income (loss) attributable to Universal Corporation                 |            | $                                | 34,298     |                                |            | $          | 25,505     |            |             | $           | 51,507      |             |             | $           | 20,499      |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Dividends declared per common share                                               |            | $                                | 0.82       |                                |            | $          | 0.81       |            |             | $           | 1.64        |             |             | $           | 1.62        |             |             |             |             |             |             |             |             |             |             |             |

---

English News:
Universal (UVV) Shares Gain 9.1% After Earnings Beat and New Board Appointment — What’s Driving the Shift

Universal Corporation’s stock moved higher after the company delivered strong second-quarter and first-half results. For the quarter ending September 30, 2025, revenue reached US$754.18 million, and net income improved to US$34.17 million, showing meaningful growth from a year earlier.

In addition to reporting stronger earnings and maintaining its quarterly US$0.82 per-share dividend, Universal expanded its board by appointing Gregory A. Trojan, whose extensive background in consumer products and operations adds strategic depth to the company’s leadership.

Below, we explore how these financial results and margin improvements may influence Universal’s long-term investment story.

Universal’s Investment Narrative — A Refresher

To invest in Universal Corporation, shareholders must believe the company can navigate industry challenges—particularly the expected oversupply in the tobacco market—while growing both its tobacco operations and its emerging ingredients segment. The solid second-quarter performance is a positive signal, but it does not eliminate the near-term risk that oversupply could continue to pressure pricing and margins.

Among the recent updates, the board appointment of Gregory A. Trojan is particularly noteworthy. His experience is well-aligned with Universal’s strategy to diversify beyond tobacco and improve operational execution. Both are critical as the company works to counter structural pressures in its core market and unlock new growth pathways.

However, investors should remain mindful that, despite improved earnings, the threat of sustained margin compression from ongoing tobacco oversupply has not disappeared. Universal currently forecasts US$3.0 billion in revenue and US$113.9 million in earnings by 2028, implying a 0.9% annual revenue decline but a modest US$10.5 million increase in earnings from the current US$103.4 million.

Other Viewpoints

Fair value estimates from the Simply Wall St community vary widely—from US$36.55 to US$253.03—reflecting significant divergence in expectations. Continued margin uncertainty linked to the global tobacco glut will likely determine which valuation outlook proves most realistic.

Chinese News:
环球烟草盘中异动 股价大涨5.03%报54.72美元

北京时间2025年11月06日23时28分，环球烟草（UVV.us）股票出现波动，股价大幅上涨5.03%。截至发稿，该股报54.72美元/股，成交量10.6681万股，换手率0.43%，振幅5.28%。

最近的财报数据显示，该股实现营业收入5.94亿美元，净利润8.50百万美元，每股收益0.34美元，毛利1.14亿美元，市盈率13.31倍。

机构评级方面，目前暂无机构对该股做出“买入、持有、卖出”建议。

环球烟草股票所在的烟草行业中，整体涨幅为0.36%。其相关个股中，环球烟草、Turning Point Brands, Inc.、Greenlane Holdings, Inc.涨幅较大，22Nd Century Group, Inc、环球烟草、Turning Point Brands, Inc.较为活跃，换手率分别为0.56%、0.44%、0.30%，振幅较大的相关个股有雾麻科技、Rythm, Inc.、环球烟草，振幅分别为12.64%、6.56%、5.28%。

环球烟草公司简介：环球烟草公司是一家国际烟叶供应商。该公司从烟农处采购烟叶，进行加工，并将其销售给生产烟草消费品的公司。环球烟草本身并不生产或销售任何消费类产品。公司的业务部门包括烟草业务和配料业务。其大部分收入来自烟草业务部门。从地理分布来看，公司大部分收入来自美国。公司在包括美国、比利时、中国、埃及、菲律宾、德国和其他国家开展业务，其中美国是主要的收入来源地。

消息层面，截至23时28分，《环球烟草将于11月05日盘后发布财报》资讯为影响环球烟草的重要信息。该信息摘要如下：将于11月05日盘后发布财报，投资者敬请关注。2026Q1营业收入5.94亿美元，净利润1436.70万美元，每股收益0.34美元。2、一般来说，公司将于上述财报发布日期或于附近日期举行财报会议，公司管理层届时将对最新季度的财报数据及运营情况进行讨论说明，并与投资者、分析师、媒体等进行沟通。

Japanese News:
ユニバーサル・コーポレーションは2026年度第2四半期決算を発表し、1株当たり利益（EPS）が1.36ドルと市場予想の1.34ドルを上回った。売上高は7億5,420万ドルに達し、原料部門の拡大が全体を押し上げた。決算を受け、同社株は時間外取引で7.58％上昇し、52.10ドルまで急伸した。

売上高は前年同期比4,300万ドル増の7億5,400万ドルとなり、厳しい消費財市場や不確実性の高い世界たばこ市場の環境下でも堅調な成長を維持した。ただし、営業利益は6,800万ドルと前年から100万ドル減少した。

予想比では、EPSが1.49％のプラスサプライズとなり、同社が近年続けている「予想超え」の傾向を改めて示した。財務面では、リボルビング・クレジット・ファシリティの純負債が5,200万ドル減少し、3億4,000万ドルとなった。

市場は今回の決算を好感し、株価は52週高値である67.33ドルに向けて回復基調を強めている。他の消費財企業が逆風に直面する中、同社への投資家心理は比較的強い。

同社は、会計年度後半も強い業績が続くとの見通しを示し、2026年度第4四半期のEPSを1.98ドル、売上高9億2,720万ドル、2027年度第1四半期のEPSを0.98ドル、売上高7億3,680万ドルと予測した。CEOのプレストン・ウィグナー氏は「上半期の成果に満足している。下半期も力強い業績を維持する」と述べ、再生可能エネルギーへの移行やサステナビリティ推進を強調した。

一方で、グローバルたばこ市場の供給過剰による価格下押し、消費財市場の弱さ、関税不透明感、原料部門の固定費負担、マクロ環境の変動など課題も残る。決算説明会では、アナリストから原料部門の顧客パイプライン拡大や、たばこ事業における価格規律の維持について質問が相次いだ。

Spanish News:
Universal Corporation presentó los resultados de su segundo trimestre del año fiscal 2026 con cifras que superaron modestamente las previsiones del mercado. La compañía informó un beneficio por acción (BPA) de 1,36 dólares, ligeramente por encima de los 1,34 dólares esperados por los analistas, mientras que los ingresos ascendieron a 754,2 millones de dólares. La publicación de resultados desencadenó una reacción positiva en el mercado, impulsando la acción un 7,58% en las operaciones posteriores al cierre, hasta 52,1 dólares.

El desempeño llega en un momento complejo para la industria de bienes de consumo envasados y en medio de incertidumbres persistentes en el mercado global del tabaco, un sector donde Universal tiene una presencia significativa.

Rendimiento y aspectos financieros

Universal mostró resiliencia en un trimestre marcado por la volatilidad del mercado. Los ingresos consolidados aumentaron en 43 millones de dólares interanuales, mientras que el beneficio operativo descendió ligeramente hasta 68 millones, un millón menos que en el mismo periodo del año anterior. La empresa también destacó una mejora en su posición financiera, reduciendo la deuda neta en 52 millones de dólares, situándola en 340 millones de dólares bajo su línea de crédito rotativo.

El BPA registrado supone una sorpresa positiva del 1,49%, prolongando la tendencia de la compañía de superar las estimaciones del consenso y reforzando la confianza de los inversores en su estrategia y disciplina operativa.

Reacción del mercado

Tras el anuncio, la cotización de Universal avanzó un 7,58%, reflejando un mayor optimismo por parte de los inversores. El repunte sitúa a la acción más cerca de su máximo de 52 semanas, ubicado en 67,33 dólares, en contraste con las dificultades que enfrentan otras compañías del sector.

Perspectivas

De cara a la segunda mitad del año fiscal, Universal reafirmó su compromiso con un rendimiento operativo sólido. La compañía centrará sus esfuerzos en potenciar su plataforma de ingredientes, fortalecer su negocio de tabaco y mejorar la interacción con los clientes. Las previsiones actuales sitúan el BPA en 1,98 dólares para el cuarto trimestre fiscal y en 0,98 dólares para el primer trimestre de 2027, con ingresos estimados de 927,2 millones y 736,8 millones de dólares, respectivamente.

Comentarios de la dirección

El director ejecutivo, Preston Wigner, destacó el avance registrado en la primera mitad del ejercicio y reiteró el compromiso con la sostenibilidad, mencionando iniciativas relacionadas con la transición hacia energías renovables.

Riesgos y desafíos

Entre los factores de riesgo identificados, la empresa mencionó:

Posible exceso de oferta en el mercado global del tabaco, con efectos en precios y márgenes.

Debilidad en la industria de bienes de consumo envasados, que podría afectar la demanda en el segmento de ingredientes.

Incertidumbre arancelaria y fluctuaciones de divisas.

Costes fijos elevados en el negocio de ingredientes.

Intereses de los analistas

Durante la sesión de preguntas y respuestas, los analistas se centraron en la capacidad de la plataforma de ingredientes para escalar operaciones y en la estrategia para mantener la disciplina de precios en el negocio del tabaco, especialmente ante el aumento de reservas globales.

El trimestre deja a Universal bien posicionada pese al entorno desafiante, con señales de confianza tanto por parte de la dirección como del mercado.

Greek News:
Η Universal Corporation ανακοίνωσε οικονομικά αποτελέσματα για το τρίτο τρίμηνο του 2025, καταγράφοντας μέτρια αύξηση εσόδων αλλά και ενίσχυση της κερδοφορίας, παρά τις αυξημένες λειτουργικές δαπάνες και τις πιέσεις στη ρευστότητα.

Συγκεκριμένα, οι πωλήσεις για το Q3 2025 ανήλθαν σε 754,2 εκατ. δολάρια, έναντι 710,8 εκατ. την αντίστοιχη περίοδο του 2024, σημειώνοντας αύξηση 6,1% σε ετήσια βάση. Για το πρώτο εξάμηνο της χρήσης, τα έσοδα έφτασαν τα 1,35 δισ. δολάρια, έναντι 1,31 δισ. το προηγούμενο έτος.

Παρά την άνοδο του κόστους λειτουργίας, τα περιθώρια κέρδους βελτιώθηκαν. Το καθαρό αποτέλεσμα ανήλθε σε 34,2 εκατ. δολάρια, από 25,9 εκατ. το Q3 2024, ενώ τα λειτουργικά κέρδη παρέμειναν σχεδόν αμετάβλητα στα 67,6 εκατ. δολάρια (68,7 εκατ. πέρυσι). Το καθαρό περιθώριο κέρδους αυξήθηκε από 3,65% σε 4,53%, υποδεικνύοντας βελτιωμένη αποδοτικότητα.

Ωστόσο, η ρευστότητα της εταιρείας επιδεινώθηκε σημαντικά, καθώς τα χρηματικά διαθέσιμα μειώθηκαν στα 88,7 εκατ. δολάρια, από 260,1 εκατ. στην αρχή της χρήσης 2026. Επιπλέον, τα αποθέματα αυξήθηκαν στα 1,36 δισ. δολάρια, ενώ οι καθαρές εκροές από λειτουργικές δραστηριότητες έφτασαν τα -172 εκατ. δολάρια, γεγονός που υποδηλώνει υψηλές ανάγκες σε κεφάλαιο κίνησης.

Συνολικά, η Universal Corporation κατέγραψε βελτίωση κερδοφορίας amid πιέσεων στη ρευστότητα, με τη διατήρηση της λειτουργικής σταθερότητας να αποτελεί βασική πρόκληση για τους επόμενους μήνες.

Question:
Are there any significant changes or irregularities in the amount of operating, investing and financing cash flow? Please quote the piece(s) of news aligned with the finding(s), if any.

Answer:

Question: Are there any significant changes or irregularities in the amount of operating, investing and financing cash flow? Please quote the piece(s) of news aligned with the finding(s), if any.