Financial Results and Outlook

First Half FY2024 Results . • . Highlights Fiscal year 2024 is developing very well with operating income for the six months ended September 30, 2023, up 30%, compared to the six months ended September 30, 2022 Gross profit margins rebounded nicely in the first half of fiscal year 2024, compared to the first half of 2023, with our ingredients companies making a positive contribution Our tobacco operations segment delivered strong performance in the first half of fiscal year 2024 on robust demand for leaf tobacco from our customers Results for the Ingredients Operations segment were up in the second quarter of fiscal year 2024, compared to the same quarter in fiscal year 2023 The Ingredients Operations segment saw some supply chain normalization which stabilized demand from certain customers and generated better results in the second quarter of fiscal year 2024 compared to the first quarter of fiscal year 2024 when the segment saw soft customer demand Our costs, particularly interest costs and prices for green tobacco, were elevated in the first half of fiscal year 2024, compared to the first half of fiscal year 2023 Summary Financials Six Months Ended September 30, In millions 2023 2022 Revenues $1,156 $1,081 EBITDA¹ $90 $79 Operating income $66 $51 Adjusted $69 $51 operating income¹ Segment $64 $51 operating income Net income² $26 $29 • Net debt levels³ at September 30, 2023, declined by $70 million, compared to our net debt levels at September 30, 2022 Adjusted net income¹ $28 $28 1 Non-GAAP measure. Please see Appendix 2 Attributable to Universal Corporation. Universal holds less than 100% financial interest in certain consolidated subsidiaries, and a portion of net income is attributable to the non-controlling interests in those subsidiaries 3 We define net debt as the sum of notes payable and overdrafts, long-term debt, and customer advances and deposits, less cash and cash equivalents 23

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