Sigma Foods, S.a.b. De C.v. · BMV:SIGMAF/A
Sigma Foods, S.a.b. De C.v — Q4 2025 Earnings Presentation
61 slides from Sigma Foods, S.a.b. De C.v's earnings presentation, February 2026
Slide 1: 4Q25 Corporate Presentation
4Q25 Corporate Presentation Public Information
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking information based on numerous variables, expectations and assumptions that are inherently uncertain. They involve judgments with respect to, among other things, future economic, competitive and financial market conditions and future business deci
Slide 3: Key figures: 17 countries, US $9.3B revenue
17 1.8M Countries Tons of food 100+ US $9.3B Brands Revenue* 640K US $1.0B Points of Sale Comp. EBITDA* *2025 figures for Sigma Foods
Slide 4: Leading presence in 17 countries
Leading presence in 17 countries U.S. 18% Mexico Europe Cooked meats 49% Dairy 27% 49% 26% Latam 7% Revenue by region and category mix on a LTM basis as of 4Q25 4 Dry Meats 13% Others 11%
Slide 5: Investment Highlights
Investment Highlights Multinational leader in the food industry delighting consumers with a portfolio of preferred, innovative brands World-class brands Strong understanding State-of-the-art Multi-channel Industry-leading across a diverse of consumer innovation and refrigerated performance; product
Slide 6: Leading brands in every category and region
Leading brands in every category and region Brands with annual sales over US $100M, Mexico Europe Europa 16 each; 100+ brands in total #1 Cooked meats #1 Cooked meats #1 Cheese #1 Cooked meats #2 Yoghurt #1 Ham & Fuets #2 Cooked meats U.S. Latam #1 Franks (vol.) #1 Cheese and spreads #2 Bologna #1 C
Slide 7: Leading brands across diversified market segments
Leading brands across diversified market segments Cheese, Creams Cooked Meats Fresh Meats Yoghurt Others and Spreads Premium High Medium Value Low Cost ~13% of Revenues come from licensed brands, including Yoplait®, Oscar Mayer, among others 7
Slide 8: Multi-channel consumer reach
Multi-channel consumer reach (% Sales) Modern Traditional Foodservice Mexico 41 42 17 Europe 72 18 10 U.S. 73 20 7 Latam 46 33 21 8
Slide 9: Multinational scale with local production & distribution capabilities
Multinational scale with local production & distribution capabilities U.S. 8 65 Manufacturing Facilities 16 130k+ 100+ 191 Distribution Mexico Centers 25 Europe 118 20* Spain France 369k+ 27 Portugal 640k Points of Sale 6,800+ 41k+ Belgium The Netherlands 1 Germany Latam Costa Rica 790+ Romania Domi
Slide 10: SIGMA - Track record of continuous growth & transformation
SIGMA - Track record of continuous growth & transformation Net Sales (US$ B) Countries Revenue Breakdown By geography By category National Leadership 25% 2000 $0.8 4 98% 74% International Expansion 9% 5% 15% 32% 2010 $2.6 9 63% 76% Glocality 7% 11% 18% LTM 49% 27% 49% 4Q25 $9.2 17 26% 13% 10 Mexico
Slide 11: Consumer-centered innovation with proprietary R&D platform
Consumer-centered innovation with proprietary R&D platform Innovation – Design Thinking 10% of Revenues from innovations 1,800+ New Product Launches in the last 3 years Consumer Research 240,000+ Contacts / year (Sigma-IDEO design studio; launched in 2025) 10 Innovation commitments established Resea
Slide 12: SIGMA - Historical Financial Results
SIGMA - Historical Financial Results Volume SIGMA Revenue SIGMA EBITDA SIGMA (k Ton) (US $ Million) (US $ Million) 1% CAGR 7% CAGR 9% CAGR 1,829 1,826 9,174 1,046 1,071 1,773 8,804 1,704 1,701 1,740 8,505 7,425 893 6,817 6,347 741 684 =+NUMBERVALUE("20"&RIGHT($Q$6, 652 2)) 2020 2021 2022 2023 2024 2
Slide 13: Purpose & Business Strategy
Purpose & Business Strategy
Slide 14: Building our Purpose
Building our Purpose Joy Joy Connection Connection Promoting Health Sustainability Delicious food Present Future
Slide 15: A promise to always provide great tasting, flavorful food
A promise to always provide great tasting, flavorful food
Slide 16: An ambitious commitment to make life even better for people and planet
An ambitious commitment to make life even better for both: people and planet
Slide 17: Business strategy
Business strategy New sources of Strengthen the Explore the Grow the core revenue organization Future • Defend and grow • High potential • Culture • Health though food large-scale sources opportunities • Capabilities • Responsible protein of profitability • New global categories • Systems and proces
Slide 18: Growing the Core through:
Growing the Core through: • Deep consumer knowledge, innovation, and brand equity to exceed changing consumers’ needs. • Execution with excellence and efficiency to deliver a winning value proposition. • Margin Expansion based on revenue growth, cost-saving initiatives, portfolio optimization, and l
Slide 19: New Sources of Revenue: High Potential Opportunities
19 New Sources of Revenue: High Potential Opportunities Cross-fertilization to attend high-value-opportunities identified in each region: • Prepared Foods, Spreads, etc. • Hispanic Cheeses, Dinner Sausages, Lunch Meats, etc. • Traditional Channel, Foodservice, etc. • High-protein snacks, etc.
Slide 20: New Sources of Revenue: Global categories & new business models
New Sources of Revenue: Global categories & new business models Market (Scale) Market (Launch) Incubation (Pilot) Innovation (Idea generation) Disruptive Growth Potential
Slide 21: Strengthen the organization: Evolve capabilities
Strengthen the organization: Evolve capabilities to enhance the organization’s potential Culture Capabilities & Systems (Fundamentals) (Our competitive advantage bets and the processes & data to support them) Essentialism Mindsets & Consumer-centric Consumer-centric Systems & Processes and alignment
Slide 22: Explore the Future
Explore the Future Health Through Food Responsible Protein 22
Slide 23: 4Q25 Results
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Slide 24: Note on changes to Consolidated Financial Statements
Note on changes to Sigma Foods’ Consolidated Financial Statements On October 24, 2024, Sigma Foods’s shareholders approved the spin-off of Sigma Foods’s share ownership in Alpek into a newly listed entity, “Controladora Alpek.” Shares of Controladora Alpek were subsequently distributed to Sigma Food
Slide 25: 2025 Comparable EBITDA of US $1.0 B, in line with Guidance
2025 Comparable EBITDA of US $1.0 B, in line with Guidance Mexico United States ● Delivered all-time high quarterly revenues, supported ● Continued growing penetration of Hispanic brands in by selective price actions and volume growth mainstream channels, partially offsetting lower Volume in Nationa
Slide 26: Volume growth of 1% versus 4Q24, driven by Mexico
Volume growth of 1% versus 4Q24, driven by Mexico Volume SIGMA Volume SIGMA – Δ YoY Volume SIGMA - Δ QoQ (kTons) (kTons) (kTons) 454 458 1% -1% 432 443 458 454 463 1 -1 0 2 458 5 3 -10 1 4Q22 4Q23 4Q24 4Q25 4Q24 Mexico Europe U.S. Latam 4Q25 3Q25 Mexico Europe U.S. Latam 4Q25 26
Slide 27: Revenue growth driven by selective price actions, Volume, and currency
Revenue growth driven by selective price actions, Volume, and a favorable currency translation Revenues Sigma Foods Revenues SIGMA – Δ YoY Revenues SIGMA - Δ QoQ (US $ Million) (US $ Million) (US $ Million) +13% Sigma Foods Δ 2% 2,463 2,447 SIGMA 2 3 2,447 2,194 2,197 64 20 2,166 2,393 -38 11 1,995
Slide 28: Delivered record fourth-quarter EBITDA; meeting full-year guidance
Delivered record fourth-quarter EBITDA; meeting full-year guidance EBITDA Sigma Foods EBITDA SIGMA – Δ YoY EBITDA SIGMA - Δ QoQ (US $ Million) (US $ Million) (US $ Million) 28% 12% + - Sigma Foods Δ 284 284 284 SIGMA 2 -2 255 -1 1 12 229 222 -4 33 222 50 167 278 228 177 160 4Q22 4Q23 4Q24 4Q25 4Q24
Slide 29: EBITDA margins reflect temporary impact from higher protein costs
EBITDA margins reflect temporary impact from higher costs for certain proteins EBITDA Margin SIGMA EBITDA Margin By Region SIGMA (%) (%) 15.5 15.9 14.5 13.0 12.4 12.2 12.7 11.6 12.2 12.4 * 10.5 11.5 10.6 9.9 * 10.7 10.9 10.6 11.6 9.7 9.6 10.1 8.9 8.7 8.2 * 3.8 * 4.3 2.1 1.6 2024 2022 2023 2025 2Q23
Slide 30: Comparable EBITDA of US $284 million
Comparable EBITDA of US $284 million, driven by solid operational performance EBITDA Sigma Foods Extraordinary items Sigma Foods Comparable EBITDA Sigma Foods (US $ Million) (US $ Million) (US $ Million) + - Sigma Foods Δ SIGMA SIGMA EBITDA Margin 312 284 284 255 271 248 255 1Q25 2Q25 3Q25 4Q25 220
Slide 31: Strong financial position
Strong financial position Net Debt Sigma Foods Net Leverage Ratio Sigma Foods (US $ Million) (Net Debt/EBITDA) 2,687 2,709 2,705 2.7 2,596 2.6 2.6 2.5 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 Sigma Foods Sigma Foods 31
Slide 32: Stable Net Debt QoQ supported by solid operating performance
Stable Net Debt QoQ supported by solid operating performance Change in Net Debt - Δ QoQ (US $ Milions) 2,709 2,705 35 24 64 55 -278 -64 159 3Q25 EBITDA Net Working Capex Net Financial Taxes Dividends Other 4Q25 Capital Expenses
Slide 33: 2026 Sigma Foods Guidance
2026 Sigma Foods Guidance Volume Revenues Comparable EBITDA Capex (k ton) (US $ Million) (US $ Million) (US $ Million) 9,600 9,900 1,100 1,826 1,863 9,273 1,050 460 1,001 362 +2% +4% +7% +5% +10% +27% 2025 2026G 2025 2026G 2026G* 2025 2026G 2026G* 2025 2026G Neutral FX Specific FX Neutral FX Specifi
Slide 34: Corporate identity alignment initiatives in 4Q25
Corporate identity alignment initiatives in 4Q25 Legal Name & Ticker Logo Website Alfa S.A.B. de C.V. Sigma-Alimentos.com (BMV: ALFA A) Alfa.com.mx Sigma Foods S.A.B. de C.V. (BMV: SIGMAF A) SigmaFoods.com 34
Slide 35: Recent Developments
Recent Developments Growth Business Unit • Snack sales have grown 4x since 2023 • Continues driving growth and market expansion: − US: Achieved strong momentum with sales up 112% year-on-year − Europe: Market share record of 32% for plant-based Hot Dogs in Spain • Incursion to the U.S. offering its
Slide 36: Governance & Management Team
Governance & Management Team
Slide 37: Proven top management with 20 years of experience
Proven top management with 20 years of experience, on average across business areas CEO Rodrigo Fernández Sigma CEO MBA Wharton 27 Business Units Eugenio Caballero Juan Ignacio Amat Jesús Lobo Sergio Ramos Gerardo Carcoba CEO Mexico CEO Europe CEO USA CEO Latin America CEO Foodservice MBA Harvard MB
Slide 38: Sigma Foods Board of Directors
Sigma Foods Board of Directors • MARIA TERESA ARNAL • DAVID MARTÍNEZ GUZMÁN Entrepreneur; 25+ years of experience in tech (Google, Twitter & Microsoft) Founder and Managing Director of Fintech Advisory Inc. • DIEGO CALDERON ROJAS • MIGUEL EDUARDO PADILLA SILVA CEO of Grupo Franca Former CEO – FEMS
Slide 39: Sustainability
Sustainability
Slide 40: Sustainability
Sustainability ENVIRONMENT WELLBEING We focus on reducing our We commit to establishing environmental impact by conditions that motivate using resources more and make it easier for our efficiently. employees and people to adopt habits that improve their quality of life. SHARED VALUE HEALTH AND NUTRI
Slide 41: Materiality Analysis
Materiality Analysis • Double materiality assessment in preparation for compliance with the Corporate Sustainability Reporting Directive (CSRD) and the International Financial Reporting Standards (IFRS) requirements. FOOD SAFETY AND QUALITY ETHICS AND INTEGRITY Safe food production and distribution
Slide 42: 2035 Objective
2035 Objective SBTI • Decarbonization commitment to limit the global temperature increase to less than 2°C. ➢ Reduce 20% of Scope 1 and 2 emissions by 2027 (2019 baseline). ➢ Decrease Scope 3 emissions by 9.8% by 2027. 2025 Commitments • Progress as of 2024 includes a 19% reduction in CO2 equivalent
Slide 43: 2025 Sustainability commitments progress
2025 Sustainability commitments progress ACTION PILLARS COMMITMENTS 2025 GOAL & KPIS 2025 GOAL VS. 2024 RESULTS 20% of reduction in CO2 eq emissions related to our plants and Climate Action transportation fleet, per ton of food produced (compared to 2015). 100% 20% of reduction in water consumption
Slide 44: ESG Scores
ESG Scores SIGMA SIGMA SIGMA Sigma Foods Value Chain SIGMA SIGMA Sigma Foods Engagement Water Climate Risk management CSA CSA A-F A-F score 0-100 0-100 MSCI A-F Above Industry Avg. Current B* B B 49.6 43* 41 BB Industry C C C 40.2 24 25 BBB average 25’ *In review process
Slide 45: Appendix
Appendix
Slide 46: Pork ham price in U.S. and Europe
Pork ham price in U.S. and Europe Pork Ham Prices in U.S. Pork Ham Prices in Europe US $/Lb Eur/Kg 1.3 4.0 1.2 1.1 3.5 1.0 0.9 3.0 0.8 0.7 0.6 2.5 0.5 0.4 2.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2024 2025 46
Slide 47: Poultry raw materials in the U.S.
Poultry raw materials in the U.S. Turkey Breast - US $/Lb Turkey Thigh - US $/Lb 8.0 3.0 6.0 2.0 4.0 2.0 1.0 0.0 0.0 Jan Feb Mar May Jun Aug Sep Oct Dec Jan Feb Mar May Jun Aug Sep Oct Dec 2024 2025 2024 2025 Chicken (MSC) - US $/Lb Turkey (MST) - US $/Lb 0.5 1.0 0.8 0.4 0.6 0.3 0.4 0.2 0.2 0.0 Jan
Slide 48: Poultry raw materials in Europe
Poultry raw materials in Europe Chicken Filet Turkey Breast Eur / Kg Eur / Kg 6.5 9.5 9.0 6.0 8.5 8.0 5.5 7.5 7.0 5.0 6.5 6.0 4.5 5.5 4.0 5.0 4.5 3.5 4.0 3.5 3.0 3.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2024 2025
Slide 49: U.S. Dairy Raw Materials
U.S. Dairy Raw Materials Milk Class III - $/cwt 30 25 20 15 10 5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 Nonfat Dry Milk (NFDM) - US $/Lb 1.5 1.4 1.3 1.2 1.1 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 49
Slide 50: Currency Exchange Rates – Monthly Average
Currency Exchange Rates – Monthly Average U.S. Dollar – MXN Peso U.S. Dollar - Euro 24 1.30 23 1.25 22 1.20 21 20 1.15 19 1.10 18 1.05 17 1.00 16 15 0.95 14 0.90 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2024 2025 50
Slide 51: SIGMA Cost / Expense Structure LTM
SIGMA Cost / Expense Structure LTM Income Statement (LTM) US $M % of Revenue Costs of Goods Sold (COGS) (US $ Million) Meat and Dairy Raw Materials Revenue 9,174 100 Dry Ingredients Cost of sales (6,443) (70) 2% 7% Direct Labor Gross profit 2,730 30 8% Operating expenses and others (1,919) (21) Trad
Slide 52: Debt Profile 4Q25
Debt Profile 4Q25 Sigma Foods Debt Maturities and Cash (US $ Million) 725 643 526 526 500 500 147 267 211 372 141 225 58 62 4 14 Cash* 2026 2027 2028 2029 2030 2031 2032 2033 2034 2036 2044 MXN USD EUR *Does not include restricted cash
Slide 53: Dividends
Dividends Sigma Foods Dividends (US $ Million) 196 124 119 100 96 48 20 21 22 23 24 25 53
Slide 54: Margin Expansion in Europe
Margin Expansion in Europe • Sale of 2 manufacturing facilities in France • Disinvestment of operations in Italy • Signed agreement to sell majority stake in live hog processing operations • Capacity recovery post-Torrente plant flooding Topline Footprint • Snacking Actions Optimization • Plant-base
Slide 55: Appendix: Key Raw Material Price References
Appendix: Key Raw Material Price References This appendix provides a detailed explanation on how to obtain key raw material price references from public sources. This is not intended as an exhaustive list of the company´s raw materials nor is it a direct representation of the company´s actual costs.
Slide 56: USA – USDA PM Ham, 23-27# Trmd Sel Ham; Pork Trimmings
USA – USDA PM Ham, 23-27# Trmd Sel Ham USA – USDA Pork Trimmings - 72% Trim Combo, FOB Plant USA – USDA Pork Trimmings - 42% Trim Combo, FOB Plant https://mymarketnews.ams.usda.gov/filerepo/reports 1 5 Pop − up Type in 6 2 For 23-27# Trmd Sel Ham: Ctrl + F, type in 23 − 27 For 72% Trim Combo, FOB Pl
Slide 57: USA – USDA Beef Trimmings, National, FOB Plant, Fresh 50%
USA – USDA Beef Trimmings, National, FOB Plant, Fresh 50% 5 2 6 3 7 1 4 1 10 11
Slide 58: USA – USDA Chicken - MSC, 15-20% Fat, Fresh
USA – USDA Chicken - MSC, 15-20% Fat, Fresh https://mymarketnews.ams.usda.gov/filerepo/reports 1 5 Pop − up Type in Type in 6 2 Ctrl + F, type in MSC, 15 3 7 4
Slide 59: USA – USDA Turkey - MST, Breast and Thigh
USA – USDA Turkey - MST, Some skin, under 20% fat, Fresh USA – USDA Turkey - Breast, Young Tom, Boneless & Skinless, Fresh USA – USDA Turkey - Thigh Meat, Boneless & Skinless, Fresh https://mymarketnews.ams.usda.gov/filerepo/reports 1 5 Pop − up Typeinin Type For MST,Some sking, under 20% fat, Fresh
Slide 60: USA – USDA Dairy - CME, Milk Class III; Block Cheddar
USA – USDA Dairy - CME, Milk Class III USA – USDA Dairy - Block Cheddar Cheese 40lb https://mpr.datamart.ams.usda.gov/ 1 Pop − up 7 2 3 4 8 6 5
Slide 61: Contact
Contact Hernán F. Lozano V.P. of Investor Relations & Corporate Communications IR@SigmaFoods.com Cesar Gomez, CFA, CAIA D.V.P. of Investor Relations IR@SigmaFoods.com Carolina Alvear V.P. of Corporate Communications Communication@SigmaFoods.com 61
Sigma Foods, S.A.B. de C.V. — Q4 2025 Earnings Presentation on 6ix