We expect 3Q:F26 sales of $927.2 million, down 1.1% year over year. Results were driven by Tobacco sales of $841.1 million (down 1.5% year over year) reflecting more normalized shipment timing compared to the prior year period, partially offset by Ingredients sales of $86.1 million (up 3.4% year over year), supported by ongoing customer engagement and gradual pipeline conversion within the Ingredients platform. We project gross profit of $176.6 million, representing a 19.0% gross margin. We expect a Tobacco margin of 19.1%, reflecting disciplined sourcing, low uncommitted inventory, and efficient throughput in a more balanced supply environment, and an Ingredients margin of 18.5%, reflecting fixed-cost absorption and product mix as the platform scales. We expect adjusted EPS of $1.92 in 3Q:F26, reflecting stable operating performance and consistent profitability supported by Tobacco Operations and incremental contribution from Ingredients. Universal's balance sheet remains healthy, supported by the December 2025 refinancing that extended maturities, increased committed liquidity, and removed near-term refinancing risk. This reinforced the company's ability to sustain its dividend, manage working capital volatility, and continue investing in the Ingredients platform while maintaining a conservative financial profile. We maintain our $78 price target on UVV shares, which remains based on 17x 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.