Universal enters the second half of fiscal 2026 with solid operating momentum, supported by steady execution in Tobacco Operations and continued volume growth in Ingredients Operations. We project F2026 sales of $3.012 billion, reflecting stable tobacco demand, higher shipment volumes and continued growth in Ingredients. We expect Tobacco Operations to remain a durable cash generator in F2026, with sales of $2.645 billion and a 19.0% gross margin, supported by disciplined sourcing, low uncommitted inventory levels, and management's ability to operate effectively in balanced to mildly oversupplied markets. We expect Ingredients Operations to deliver $366.6 million of sales in F2026, with near-term margin pressure reflecting fixed cost absorption and product mix, while continued volume growth and improving utilization would support a more meaningful margin inflection in fiscal 2027. Free cash flow generation remains a core strength. We project F2026 free cash flow of $246.8 million, supporting dividend sustainability, balance sheet flexibility, and ongoing investment in the Ingredients platform. The December 2025 refinancing strengthens the balance sheet by extending maturities, increasing committed liquidity, and removing near-term refinancing risk, positioning the company with additional financial flexibility to support long-term Ingredients investment and disciplined acquisition activity. Looking ahead to fiscal 2027, we project modest consolidated revenue growth to $3.042 billion, with continued stability in Tobacco Operations and accelerating contribution from Ingredients. 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.