[1]	Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income. See Note 2 for additional information.
[2]	Equity in pretax earnings (loss) of unconsolidated affiliates is included in segment operating income (Tobacco Operations), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income.

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (8,350)	$ 14,367
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization	12,760	13,582
Net provision for losses (recoveries) on advances to suppliers	1,752	52
Inventory writedowns	1,624	1,469
Stock-based compensation expense	5,378	7,575
Foreign currency remeasurement (gain) loss, net	2,821	(2,362)
Foreign currency exchange contracts	1,250	(6,162)
Deferred income taxes	(3,013)	(3,259)
Equity in net loss (income) of unconsolidated affiliates, net of dividends	(200)	(1,943)
Restructuring and impairment costs	0	1,122
Restructuring payments	0	(2,669)
Other, net	348	(43)
Accounts and notes receivable	194,398	169,177
Inventories	(338,573)	(419,123)
Other assets	(7,711)	627
Accounts payable	2,763	16,678
Accrued expenses and other current liabilities	33,177	5,879
Income taxes	(15,790)	(548)
Customer advances and deposits	247	478
Net cash used by operating activities	(117,119)	(205,103)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(15,926)	(12,053)
Proceeds from sale of property, plant and equipment	281	143
Net cash used by investing activities	(15,645)	(11,910)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of short-term debt, net	278,220	165,861
Dividends paid to noncontrolling interests	(8,235)	(7,203)
Payments for Repurchase of Common Stock	2,746	0
Dividends paid on common stock	(20,437)	(20,020)
Other	(2,504)	(4,016)
Net cash provided by financing activities	244,298	134,622
Effect of exchange rate changes on cash, restricted cash and cash equivalents	(119)	711
Net increase (decrease) in cash, restricted cash and cash equivalents	111,415	(81,680)
Cash, restricted cash and cash equivalents at beginning of year	62,178	260,115
Cash, restricted cash and cash equivalents at end of period	$ 173,593	$ 178,435

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025
ASSETS
Cash and cash equivalents	$ 173,593	$ 62,178	$ 178,435
Accounts receivable, net	348,036	563,864	424,157
Advances to suppliers, net	102,880	177,222	79,154
Accounts receivable, unconsolidated affiliates	104,518	12,300	127,701
Inventories—at lower of cost or net realizable value:
Tobacco	1,165,542	832,360	1,219,769
Other Non-Tobacco Inventory	206,658	203,537	205,036
Prepaid income taxes	34,116	22,958	22,715
Other current assets	104,583	97,278	89,360
Total current assets	2,239,926	1,971,697	2,346,327
Property, plant and equipment
Land	26,414	26,249	26,266
Buildings	333,702	333,416	337,290
Machinery and equipment	768,886	759,654	739,899
Total property, plant and equipment	1,129,002	1,119,319	1,103,455
Less accumulated depreciation	(752,384)	(746,365)	(728,180)
Property, plant and equipment, net	376,618	372,954	375,275
Other assets
Operating lease right-of-use assets	35,134	37,272	38,428
Goodwill, net	172,679	172,695	213,864
Other intangibles, net	46,593	48,604	55,237
Investments in unconsolidated affiliates	81,243	82,287	87,988
Deferred income taxes	18,565	15,636	20,461
Pension asset	16,496	16,542	13,006
Other noncurrent assets	48,213	49,080	38,721
Total other assets	418,923	422,116	467,705
Total assets	3,035,467	2,766,767	3,189,307
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable and overdrafts	567,011	287,564	621,275
Accounts payable	90,976	90,139	119,803
Accounts payable—unconsolidated affiliates	255	510	76
Customer advances and deposits	3,531	3,376	4,557
Accrued compensation	25,079	33,234	22,577
Income taxes payable	12,946	17,643	15,528
Current portion of operating lease liabilities	10,471	11,172	11,233
Accrued expenses and other current liabilities	160,667	120,603	147,639
Total current liabilities	870,936	564,241	942,688
Long-term debt	616,869	616,727	618,057
Pensions and other postretirement benefits	35,434	35,471	36,307
Long-term operating lease liabilities	22,858	24,359	24,945
Other long-term liabilities	26,253	24,925	26,032
Deferred income taxes	40,223	39,920	41,689
Total liabilities	1,612,573	1,305,643	1,689,718
Shareholders' equity
Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized, none issued or outstanding	0	0	0
Common stock, no par value, 100,000,000 shares authorized 24,938,259 shares issued and outstanding at June 30, 2026 (24,807,613 at June 30, 2025 and 24,923,496 at March 31, 2026)	353,899	351,523	355,498
Retained earnings	1,109,026	1,136,989	1,174,758
Accumulated other comprehensive loss	(74,096)	(73,112)	(71,339)
Total Universal Corporation shareholders' equity	1,388,829	1,415,400	1,458,917
Noncontrolling interests in subsidiaries	34,065	45,724	40,672
Total shareholders' equity	1,422,894	1,461,124	1,499,589
Total liabilities and shareholders' equity	$ 3,035,467	$ 2,766,767	$ 3,189,307