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    Oren Shaked • BTIG, LLC

    Oren Shaked is a Managing Director at BTIG, LLC, specializing in fixed income credit markets and investment opportunities for corporate clients. With over 20 years of industry experience, he has covered a diverse array of sectors, including consumer products, autos, chemicals, energy, and retail, and has played a key role in identifying and raising capital for various companies. Before joining BTIG, Shaked held senior roles at Newbrook Capital Management, Global Credit Advisers, Sandell Asset Management, and was a Director at Credit Suisse as well as a Portfolio Manager at Citadel Investment Group. He holds deep expertise in leveraged loans, high-yield bonds, and equities, though specific professional credentials and performance metrics are not publicly available.

    Oren Shaked's questions to Pyxus International Inc (PYYX) leadership

    Oren Shaked's questions to Pyxus International Inc (PYYX) leadership • Q3 2025

    Question

    Asked for directional guidance on Q4 adjusted cash flow, the outlook for top-line versus margin dynamics in fiscal '26 given improved crop conditions, and any potential headwinds to the strong demand environment.

    Answer

    Executives provided factors for Q4 cash flow, suggesting it would be positive due to EBITDA growth and timing of crop purchases. For fiscal '26, they anticipate better volumes and margins from larger, higher-quality crops in South America and Africa, leading to a positive outlook. They believe their global footprint positions them well to manage demand shifts, capitalizing on growth in regions like the Middle East and Asia.

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    Oren Shaked's questions to Pyxus International Inc (PYYX) leadership • Q3 2025

    Question

    Oren Shaked of BTIG sought clarity on the expected Q4 adjusted free cash flow relative to the prior year, the interplay between pricing and margins for fiscal 2026 amid recovering crop sizes, and the sustainability of current strong demand trends.

    Answer

    Chief Financial Officer Flavia Landsberg provided positive directional context for Q4 cash flow, citing higher EBITDA and favorable timing of crop purchases. President and Chief Executive Officer Pieter Sikkel projected that larger, better-quality crops in South America and Africa should improve both volumes and margin profiles in fiscal 2026. He also expressed confidence that the company's global footprint would allow it to continue capturing demand from growing international markets.

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    Oren Shaked's questions to Pyxus International Inc (PYYX) leadership • Q1 2025

    Question

    Oren Shaked of BTIG asked about the company's ability to recapture margins lost during the El Nino period and the potential timing. He also sought more detail on the range of options being evaluated to improve the capital structure and requested an expansion on the commentary regarding shipping container shortages.

    Answer

    CEO J. Sikkel stated that historically, years following an El Nino event tend to see stronger results as demand remains high and product costs normalize. Regarding the capital structure, he confirmed they are evaluating multiple options for both long-term debt and working capital lines, leveraging their improved performance. Sikkel explained that shipping container shortages, driven by events in the Middle East and the Panama Canal, are causing some shipment delays as customers receive lower allocations when spot rates are high.

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    Oren Shaked's questions to Pyxus International Inc (PYYX) leadership • Q1 2025

    Question

    Inquired about the historical precedent for margin recapture after an El Nino event, the company's long-term vision for its capital structure, and the specific issues being faced with shipping containers.

    Answer

    The company expects stronger results and margin recovery in the year following an El Nino event due to pent-up demand. They are evaluating all options to optimize the capital structure after significantly reducing long-term debt. Shipping container availability is being impacted by global events (Suez, Panama Canal), leading to higher costs and potential shipment delays, which the company is actively managing.

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