4Q:F26 consolidated sales of $715.2 million increased 2% year over year. However, an adjusted (for impairment costs) loss of $0.46 compared to our estimate of $1.08 in adjusted EPS. Results were significantly impacted by a non-cash goodwill impairment charge in the Ingredients segment and Tobacco inventory write-downs. Tobacco Operations remained resilient despite an oversupply environment. Segment revenue of $632.3 million increased 3% year over year, supported by higher sales volumes, timing of shipments, and increased third-party processing revenue. Ingredients Operations segment revenue of $83.0 million declined 7% year over year, largely reflecting weakness at Shank's, driven by persistent customer market headwinds. Universal's balance sheet remains conservatively positioned, in our view. As of March 31, 2026, net debt totaled $845.5 million compared to $816.6 million at March 31, 2025. For F2027, we lower our sales estimate to $2.908 billion (from $2.941 billion) and our adjusted EPS estimate to $4.30 (from $4.40), reflecting the ongoing oversupply environment in Tobacco and continued fixed-cost headwinds in Ingredients. For F2028, we lower our sales estimate to $2.967 billion (from $2.998 billion) and our adjusted EPS estimate to $4.38 (from $4.61), reflecting gradual Tobacco stabilization and continued, but measured, recovery in Ingredients margins as the Lancaster platform scales and fixed-cost absorption strengthens. We lower our price target on UVV shares to $74 (from $78) which remains based on an intact 17x multiple applied to our lowered F2028 EPS estimate of $4.38. Our prior $78 price target was based on 17x our previous F2028 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.