What changed in this filing

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Item 1. Business

2026-06-04 compared with 2025-06-10 · 33 added, 22 removed, 95 unchanged (37% of the section changed)

1 unchanged sentence

This Annual Report on Form 10-K (this "Annual Report") is filed by Pyxus International, Inc.

(the "Company," "Pyxus," "we," or "us").

(the "Company," "Pyxus," "we," "us," or "our").

Pyxus is a global agricultural company with businesses having more than 150 years of experience delivering value-added products and services to customers.

2 unchanged sentences

An All Other category is included for purposes of reconciliation of the respective balances of the Leaf segment to the consolidated financial statements.

All Other revenue is primarily composed of revenue from the sale of non-tobacco agriculture products.

All Other revenue is primarily composed of revenue from the sale of non-tobacco agricultural products.

See " Note 1.

6 unchanged sentences

Our arrangements with suppliers vary depending on our predictions of future supply and demand, local historical practice, and availability of capital.

In some locales, we purchase crop inputs, such as seeds, fertilizer, pesticides, and other products related to growing tobacco, and issue them to suppliers with whom we have purchase contracts.

In some locales, we purchase crop inputs, such as seeds, fertilizer, pesticides, and other products related to tobacco crop production, and issue them to suppliers with whom we have purchase contracts.

The suppliers, who generally operate small farms, then utilize these inputs to grow tobacco, which we are contractually obligated to purchase if the supplier meets our specifications.

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Under longer-term arrangements with suppliers, we may advance or guarantee financing on suppliers' capital assets, which are also recovered through the delivery of tobacco to us by our suppliers.

Our agronomists maintain frequent contact with suppliers prior to and throughout the growing and curing seasons to provide technical assistance to improve the quality and yield of the crop.

Our agronomy team maintains frequent contact with suppliers prior to and throughout the growing and curing seasons to provide technical assistance to improve the quality and yield of the crop.

As a result of various factors, including weather, not all suppliers are able to fully settle advances through delivery of tobacco in a given crop year.

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The processing of leaf tobacco facilitates shipping by preventing spoilage and is an essential service to our customers as the quality of processed leaf tobacco substantially affects the quality of the manufacturer’s products.

Accordingly, our production facilities are in proximity to our principal sources of tobacco.

Accordingly, our production facilities are in proximity to our principal tobacco sourcing locations.

We process tobacco in Company-owned and third-party facilities around the world, including in Argentina, Brazil, China, India, Indonesia, Jordan, North Macedonia, Malawi, Tanzania, Thailand, Turkey, United States, and Zimbabwe.

1 unchanged sentence

Packed flue-cured, burley and oriental tobacco generally is transported in the country of origin by truck or rail, and exports are moved by ship.

Our production processes and capabilities are optimized to extract maximum utility from the tobacco leaf, which in turn creates additional products to serve the needs of our customers.

These products, referred to as Value-Added Tobacco Products ("VATP"), are derived from the tobacco we process in our facilities.

A large portion of the VATP business is comprised of our cut rag tobacco operations where processed tobacco strips are blended and flavored to create a cut filler for use by manufacturers of nicotine products.

A smaller portion of the VATP business leverages other byproducts from our tobacco processing operations, such as stems, small lamina, and scrap that would otherwise be discarded, and are used to create cut rolled expanded stems, rolled stems, and reconstituted tobacco products, which are used as inputs for various nicotine products.

We utilize contracts, joint ventures, and other arrangements for the purchase of tobacco grown in other countries that produce export-quality flue-cured and burley tobacco.

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The purchasing and processing activities of our leaf tobacco business are seasonal and vary by market and tobacco variety.

Tobacco grown in North America is purchased, processed, and marketed generally during the five-month period beginning in August and ending in December.

Tobacco grown in North America is purchased, processed, and marketed generally during a five-month period beginning in August and ending in December.

Tobacco grown in South America is usually purchased, processed, and marketed from January through July and, for tobacco grown in Africa, from March through September.

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Track and Trace Technology

In connection with our leaf tobacco operations, the Company uses a proprietary "track and trace" platform, branded as SENTRI ® , to provide transparency into the lifecycle of agricultural products by monitoring information and obtaining data related to the growth, cultivation, harvest, processing, formulation, testing, and release of individual batches of products.

By obtaining data on products at each stage of our supply chain, SENTRI ® permits proactive decision-making for both the Company and its leaf tobacco customers.

In connection with our leaf tobacco operations, the Company leverages its proprietary "track-and-trace" platform, branded as SENTRI ® , to provide transparency into the lifecycle of agricultural products.

SENTRI ® houses our farm monitoring information and supports our analysis of data related to the production, harvest, processing, formulation, testing, and release of individual batches of products.

By tracking data on products at each stage of our supply chain, SENTRI ® permits proactive decision making for both the Company and our leaf tobacco customers.

The key features of SENTRI ® include:

• Product Tracking :

Data collection and tracking at various stages in the product lifecycle provides customers with visibility into where products originate, how they were produced, and the product testing completed along the product journey.

Data collection and tracking at various stages in the product lifecycle can provide customers with visibility into where products originate, how they were produced, and the product testing completed along the product journey.

• Control and Visibility :

With access to increased data regarding the supply chain, we can monitor quality control at various points in the product route to market.

With access to increased supply chain data, we can monitor quality control at various points in the product route to market.

• Sustainability Commitments :

SENTRI ® incorporates visibility into the practices and procedures of the product supply chain.

SENTRI ® incorporates visibility into the crop production practices and procedures, helping promote compliance with applicable regulations throughout a product's supply chain journey.

• Lot Number Tracking :

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• Agronomic Services :

SENTRI ® utilizes an experienced team of agronomists to track data and insights regarding growing practices.

SENTRI ® utilizes an experienced team to track and analyze data and insights regarding growing practices.

Key Customers

In our leaf tobacco business, our primary customers are major consumer tobacco product manufacturers.

Refer to " Note 26.

See " Note 26.

Segment Information " to the "Notes to Consolidated Financial Statements" for additional information regarding customers, and their respective affiliates, that account for more than 10% of our annual revenues.

We delivered approximately 20% of our tobacco sales to customers in Africa, approximately 35% to customers in Asia, and approximately 30% to customers in Europe for the year ended March 31, 2025.

The remaining sales of leaf tobacco are to customers located in other geographic regions of the world.

Leaf tobacco industry competition is based primarily on the price charged for products and services as well as the merchant's ability to meet customer specifications in the buying, processing, residue compliance and financing of tobacco.

Our sales to customers were delivered to the following geographic regions:

Year Ended March 31,

(dollars in millions) $ %

Africa 410.8 17.0

Asia 755.3 31.3

Europe 884.6 36.7

Other 362.3 15.0

Total 2,413.0 100.0

Leaf tobacco industry competition is based on the Company's ability to meet individual customer specifications, including, but not limited to, crop production and curing, sustainable best practices, buying, processing, residue compliance and crop financing, as well as the price charged for products and services.

Pyxus is one of only two global, publicly held leaf tobacco merchants.

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We have long-standing relationships with growers across the globe with whom we contract directly to procure tobacco, and our grower base is critical to our ability to provide sustainable, compliant crops that meet the specific requirements of our customers.

We strive to maintain strong, productive relationships with our growers by providing them with agronomic

expertise, which includes training on good agricultural practices to support high-quality and high-yielding crops, and training on our agricultural labor practices that sets human rights standards by which they are expected to comply.

We strive to maintain strong, productive relationships with our growers by providing them with agronomic expertise, which includes training on good agricultural practices to support quality and high-yielding crops, and training on our agricultural labor practices that set human rights standards by which they are expected to comply.

We remain committed to conducting our global business in an ethical and responsible manner, in accordance with international standards and practices relating to human rights and the environment, to give our customers confidence that we can satisfy their demand requirements through a sustainable and compliant value chain.

1 unchanged sentence

Risk Factors " for a discussion of applicable government regulation of leaf tobacco.

We are also engaged in the sale of non-tobacco agriculture products, which represented less than 1% of our consolidated revenues for each of the fiscal years ended March 31, 2025, 2024, and 2023.

We are also engaged in the sale of non-tobacco agricultural products, which represented less than 1% of our consolidated revenues for each of the fiscal years ended March 31, 2026, 2025, and 2024.

These operations have been combined and reported in an "All Other" category included for purposes of reconciliation of the respective balances of the Leaf segment to the consolidated financial statements.

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We remain committed to fostering a workplace culture rooted in ethics and responsibility, and we invest in employee engagement, prioritize workplace safety, and celebrate the contributions of our team in furtherance of organizational success.

As of March 31, 2025, we employed approximately 3,100 people, excluding seasonal employees, in our worldwide operations.

As of March 31, 2026, we employed approximately 3,300 people, excluding seasonal employees, in our worldwide operations, of which approximately 83.3% were employed outside of the United States.

We maintain positive relationships with the Company’s employees and their respective organizations.

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Our Board of Directors provides oversight of various matters pertaining to our workforce.

The Compensation Committee of the Board of Directors is responsible for executive compensation matters and oversight of the risks and programs related to talent management.

The Compensation

Committee of the Board of Directors is responsible for executive compensation matters and oversight of the risks and programs related to talent management.

Our Human Rights Policy and Code of Business Conduct highlight our commitment to diversity, inclusion, fairness, safety, and equal opportunity in all aspects of employment.

2 unchanged sentences

For example, in our tobacco supply chain, we use on-farm good agricultural practices assessments to assess suppliers' compliance with labor practices.

Our subsidiaries establish contract terms and conditions with suppliers related to forced and child labor and other social issues, and they conduct due diligence throughout our tobacco-growing regions to monitor compliance.

Our subsidiaries establish contract terms and conditions with suppliers related to forced and child labor and other agricultural labor practices, and they conduct due diligence throughout our tobacco growing regions to monitor compliance.

Environmental Compliance

12 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business