Recent Updates — UVV

Universal Corporation entered into Amendment No. 1 to its existing Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent. The amendment modifies the Total Net Leverage Ratio covenant, increasing the maximum allowed ratio from 3.00 to 1.00 for specific periods: 3.75 to 1.00 for fiscal quarters ending September and December 2026; 3.25 to 1.00 for the quarter ending March 2027; and reverting to 3.00 to 1.00 for June 2027 and thereafter. The company operates in the tobacco leaf processing industry.

On September 14, 2026, Universal Corporation announced the termination of J. Patrick O’Keefe, Vice President of Ingredients, without cause, effective September 15, 2026. This action follows Mr. O'Keefe's notification on July 29, 2026, of his intention to retire. The company is currently utilizing an executive search firm to identify a successor for the role. Universal Corporation operates in the tobacco industry, providing leaf tobacco and other agricultural products.

Universal Corporation reported a net loss attributable to shareholders of $5.0 million, or $0.20 per diluted share, for the quarter ended June 30, 2026, compared to net income of $8.5 million in the prior year period. Consolidated revenue declined 12% to $523.8 million from $593.8 million, driven by lower tobacco sales volumes and prices amid market oversupply conditions. Operating income fell sharply to $2.3 million from $33.8 million due to unfavorable product mix in Tobacco Operations and persistent headwinds including high fixed costs at the Lancaster facility in Ingredients Operations. The company reported total debt of approximately $1.18 billion, down from $1.24 billion a year ago, with available liquidity of roughly $1.1 billion. Universal Corporation is a global business-to-business agriproducts company that supplies leaf tobacco and plant-based ingredients to consumer product manufacturers.