Universal reported 2Q:F26 sales of $754.2 million, up 6.1% year over year and above our $704.3 million estimate, driven by higher volumes across both segments. Adjusted EPS of $1.36 compared to our $1.34 estimate, with stronger sales offset by lower-than-expected margins. Consolidated gross margin was 18.5%, as the Ingredients margin declined to 15.9% due to fixed costs and less favorable mix. In Tobacco Operations, margins held steady at 18.9% on firm demand and efficient throughput, supported by larger global crops and an improved shipping cadence. Management anticipates a mild oversupply by fiscal year-end but says it remains confident in its ability to navigate the shift. In Ingredients Operations, segment performance reflected higher volumes but near-term pressure from tariffs, CPG demand, and fixed costs tied to the Lancaster expansion. Management remains confident in the long-term margin trajectory, with growth supported by customer engagement, innovation, and capacity expansion. The balance sheet remains strong, with $1.2 billion in total debt, $88.7 million in cash, and 42% net capitalization. The company's capital allocation strategy emphasizes strengthening its tobacco business, expanding Ingredients, sustaining a strong dividend, and returning excess capital to shareholders through disciplined, value-enhancing investments. We raise our F2026 sales estimate to $3.012 billion (from $2.962 billion) but maintain our $4.74 adjusted EPS forecast due to margin normalization. For F2027, we now project $3.042 billion in sales (was $2.991 billion) and $4.61 in EPS, reflecting steady tobacco sales and continued growth in Ingredients. We model FCF of $246.8 million (was $263.1 million) in F2026 and $250.5 million (was $258.8 million) in F2027. We maintain our $78 price target on UVV shares, which remains based on a 17x multiple to our F2027 adjusted EPS estimate of $4.61. The company's consistent free cash flow generation, conservative leverage, and reliable operating performance continue to support our moderate risk rating.