Sigma Foods, S.a.b. De C.v. · BMV:SIGMAF/A
Sigma Foods, S.a.b. De C.v — Sigma Alimentos — Q3 2025 Earnings Presentation
65 slides from Sigma Foods, S.a.b. De C.v's earnings presentation, December 2025
Slide 1: Corporate Presentation 3Q25
Corporate Presentation 3Q25 1
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: 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 4: Transformation finalized; ALFA focused on SIGMA
Transformation finalized; ALFA focused on SIGMA Advanced corporate rebranding initiative. ALFA name change proposal to be presented for shareholder approval shortly 4
Slide 5: Driving growth & transformation
Driving 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% 3Q25 $8.9 17 26% 13% 5 Mexico Europe Cooked Meats Dairy U.
Slide 6: Leading presence in 17 countries, top player in key markets
Leading presence in 17 countries Top player in key markets Mexico Europe Europa U.S. #1 Cooked meats #1 Cooked meats 18% #1 Cheese #1 Cooked meats #2 Yoghurt #1 Ham & Fuets #2 Cooked meats Mexico Europe 49% 26% U.S. Latam Latam #1 Franks (vol.) #1 Cheese and spreads 7% #2 Bologna #1 Cooked meats #2
Slide 7: Branded product categories
Branded product categories 11% 49% Brands with sales over Other Cooked Meats 16 US $100M per year 27% Dairy 13% Dry Meats 7
Slide 8: 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® and Oscar Mayer, among others 8
Slide 9: Multi-channel consumer reach
Multi-channel consumer reach (% Sales) Modern Traditional Foodservice Mexico 40 43 17 Europe 78 14 8 U.S. 73 20 7 Latam 47 33 20 9
Slide 10: Multinational scale with local production & distribution capabilities
Multinational scale with local production & distribution capabilities U.S. 8 64 Manufacturing Facilities 16 131k+ 100+ 189 Distribution Mexico Centers 24 Europe 117 20* Spain France 350k+ 27 Portugal 640k+ Points of Sale 6,800+ 42k+ Belgium The Netherlands 1 Germany Latam Costa Rica 990+ Romania Dom
Slide 11: Consumer-centric innovation
Consumer-centric innovation Innovation – Design Thinking 10% of Revenues from innovations 1,800+ New Product Launches in the last 3 years Consumer Research 240,000+ Contacts / year Research & Development 2 Technological Centers (Mexico & Spain) 260+ Specialists 12 Regional R&D Units 35+ Patents & IP
Slide 12: Purpose & Business Strategy
Purpose & Business Strategy
Slide 13: Meaningful, sustainable growth for generations to come
Meaningful, sustainable growth for generations to come Purpose Gives us a reason for existing beyond profit Strategy Sees where the world is going and what it needs from SIGMA Culture & Capabilities Becoming a future fit organization Public Information
Slide 14: Joy Connection Joy
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 based on four building blocks
Business strategy based on four building blocks ● Financial objective: Mid-to-high single-digit organic EBITDA growth, complemented by M&A opportunities Defend and Defend and grow our current sources of profitability 1 grow the core High potential opportunities New New sources of 1-2 categories to s
Slide 18: Grow the Core
Grow the Core Through the years we have developed a successful core business that we continue to strengthen through: • Deep consumer knowledge, innovation, and brand equity to exceed changing consumers’ needs. • Execution with excellence and efficiency to deliver a winning value proposition. • Margi
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. • Cheese, Sausages, Lunch Meats, etc. • Traditional Channel, Foodservice, etc. • Fuet, Fresh Sliced, Dry Meat, etc.
Slide 20: New Sources of Revenue: Categories to scale & new business models
New Sources of Revenue: Categories to scale & new business models Snacking Plant-Based Plant-Based High-protein Snacks 20
Slide 21: New Sources of Revenue: New business models
New Sources of Revenue: New business models Some examples… FY24 revenue grew 94% YoY BB Franks achieved 21% market share in Market (Scale) segment within 3 years since launch (Spain) Market (Launch) HT Meat Stick monthly retailer sales grew 3x YoY in 2024 Incubation (Pilot) Innovation (Idea generati
Slide 22: 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 23: Explore the Future: Health through food & Responsible protein
Explore the Future: Health through food & Responsible protein Biomass Fermentation Precision Fermentation Cellular Agriculture 23
Slide 24: 3Q25 Results
3Q25 Results
Slide 25: Note on changes to Alfa|SIGMA's Consolidated Financial Statements
Note on changes to Alfa|SIGMA’s Consolidated Financial Statements Controladora Alpek ALFA’s shareholders approved the spin-off ALFA’s share ownership of Alpek into a new, listed entity called “Controladora Alpek” on October 24, 2024, and received Controladora Alpek shares on April 4, 2025. In accord
Slide 26: SIGMA reports EBITDA of US $255 million in 3Q25
SIGMA reports EBITDA of US $255 million in 3Q25; YTD Comparable EBITDA of US $722 million, with non-recurring items Mexico United States • All-time high quarterly Revenues supported • Flat Revenues YoY; higher average prices by selective price actions offset lower volume • Resilient Volume; Retail c
Slide 27: Resilient Volume
Resilient Volume Volume SIGMA Volume SIGMA – Δ YoY Volume SIGMA - Δ QoQ (kTons) (kTons) (kTons) 456 465 463 0% 1% 439 465 463 463 1 -2 -1 0 460 3 -4 1 3 3Q22 3Q23 3Q24 3Q25 3Q24 Mexico Europe U.S. Latam 3Q25 2Q25 Mexico Europe U.S. Latam 3Q25 27
Slide 28: Revenue driven mainly by selective price actions
Revenue driven mainly by selective price actions Revenues Alfa|SIGMA Revenues SIGMA – Δ YoY Revenues SIGMA - Δ QoQ (US $ Million) (US $ Million) (US $ Million) +8% 5% Alfa Δ 2,422 2,393 2,393 SIGMA 2,253 2,243 0 3 -2 3 36 45 2,222 2,270 1,906 77 132 2,393 2,209 2,222 1,879 3Q22 3Q23 3Q24 3Q25 3Q24 M
Slide 29: 3Q25 EBITDA of US $255M down 9% YoY
3Q25 EBITDA of US $255M down 9% YoY due to raw material cost pressures; comparable sequential improvement driven by Mexico EBITDA Alfa|SIGMA EBITDA SIGMA – Δ YoY EBITDA SIGMA - Δ QoQ (US $ Million) (US $ Million) (US $ Million) -9% -18% + - Alfa Δ 281 281 312 SIGMA 255 255 -11 255 -4 17 -11 -2 255 2
Slide 30: EBITDA margins reflect partial impact from higher protein costs
EBITDA margins reflect partial impact from higher protein costs EBITDA Margin SIGMA EBITDA Margin By Region SIGMA (%) (%) 12.4 12.7 15.9 11.5 12.2 15.5 * 10.6 * 10.7 10.9 10.6 13.0 14.0 10.1 9.9 12.4 9.6 11.6 12.0 8.5 10.5 9.7 8.7 8.5 8.9 * * 3.8 3.4 2.1 1.6 2024 2022 2023 1Q23 3Q25 4Q22 2Q23 3Q23 4
Slide 31: Comparable EBITDA of US $255 with consistent sequential improvements
Comparable EBITDA of US $255 with consistent sequential improvements year to date EBITDA Alfa|SIGMA Extraordinary items Alfa|SIGMA Comparable EBITDA Alfa|SIGMA (US $ Million) (US $ Million) (US $ Million) + - Alfa Δ SIGMA SIGMA EBITDA Margin 312 248 255 271 214 220 255 4Q24 1Q25 2Q25 3Q25 222 SIGMA
Slide 32: Alfa|SIGMA maintains solid financial position
Alfa|SIGMA maintains solid financial position Net Debt Alfa|SIGMA Net Leverage Ratio Alfa|SIGMA (US $ Million) (Net Debt/EBITDA) 2,687 2,709 2.7 2,596 2.6 2.6 2,471 2.5 4Q24 1Q25 2Q25 3Q25 4Q24 1Q25 2Q25 3Q25 Alfa|SIGMA Alfa|SIGMA 32
Slide 33: Alfa|SIGMA - Net Debt slightly higher quarter on quarter
Alfa|SIGMA - Net Debt slightly higher quarter on quarter Change in Net Debt 3Q25 vs. 2Q25 (US $ Milions) 2,687 2,709 40 62 63 -245 8 95 2Q25 EBITDA Net Working Capex Net Financial Taxes Dividends Other 3Q25 Capital Expenses
Slide 34: Recent Developments
Recent Developments Growth Business Unit • In Mexico, SIGMA’s snacks exceed 1 million units sold per month • Upcoming launch in first U.S. city (4Q25) , SIGMA’s global center of excellence for consumer-centered design and innovation, advancing to boost core brands. • 46 Physical prototypes developed
Slide 35: Governance & Management Team
Governance & Management Team
Slide 36: Board of Directors
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 – FEMSA. • ENRIQUE
Slide 37: Experienced Management Team
Experienced Management Team Proven top management with an average of 20 years of experience across business areas CEO Rodrigo Fernández Sigma CEO MBA Wharton 26 Business Units Eugenio Caballero Juan Ignacio Amat Jesús Lobo Sergio Ramos Gerardo Carcoba CEO Mexico CEO Europe CEO USA CEO Latin America
Slide 38: Sustainability
Sustainability
Slide 39: 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 40: Materiality Analysis
Materiality Analysis • In 2024, we began developing our first double materiality assessment in preparation for compliance with the Corporate Sustainability Reporting Directive (CSRD) and the International Financial Reporting Standards (IFRS) requirements. 40
Slide 41: Sustainability highlights 2024
Sustainability highlights 2024 ENVIRONMENT WELLBEING HEALTH & NUTRITION SHARED VALUE US $10.6 US $20.5 US $38.8 57% million invested in initiatives related million invested in employee million invested in Research of purchases from suppliers with to mitigation of environmental wellbeing initiatives.
Slide 42: 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 43: SIGMA ESG Scores
SIGMA ESG Scores VALUE CHAIN WATER CLIMATE CSA ENGAGMENT Risk A-F A-F 0 - 100 A-F Current B C B 26.2 Medium 43 2023 B B B 24.6 Medium 41 2021 B- B B 34.6 High 25 2019 D C C 36.69 Alto - 2023 Industry C C C 35.6 High 24 Average 43
Slide 44: Appendix
Appendix
Slide 45: 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 2023 2024 2025 2023 2024 2025 45
Slide 46: Poultry raw materials in the U.S.
Poultry raw materials in the U.S. Turkey Breast - US $/Lb Turkey (MST) - US $/Lb 8.0 1.0 6.0 0.8 0.6 4.0 0.4 2.0 0.2 0.0 0.0 Jan Feb Mar May Jun Aug Sep Oct Dec Jan Feb Mar May Jun Aug Sep Oct Dec 2023 2024 2025 2023 2024 2025 Chicken (MSC) - US $/Lb Turkey Thigh - US $/Lb 0.5 3.0 0.4 2.0 0.3 1.0 0.
Slide 47: 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 2023 2024 2025 2023 2024 2025
Slide 48: 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 2023 2024 2025 Nonfat Dry Milk (NFDM) - US $/Lb 1.5 1.4 1.3 1.2 1.1 1.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 48
Slide 49: 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 2023 2024 2025 2023 2024 2025 49
Slide 50: Debt Profile 3Q25
Debt Profile 3Q25 Alfa|SIGMA Debt Maturities and Cash (US $ Million) 721 1 552 545 514 500 147 501 261 206 387 138 220 56 61 14 0 1 8 1 10 Cash* 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2044 MXN USD EUR *Does not include restricted cash
Slide 51: Dividends
Dividends Alfa|SIGMA Dividends (US $ Million) 196 124 119 100 96 48 20 21 22 23 24 25 51
Slide 52: 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 8,893 100 2%7% Dry Ingredients Cost of sales (6,277) (71) Direct Labor Gross profit 2,615 29 8% Operating expenses and others (1,875) (21) Trade
Slide 53: Margin Expansion in Europe
Margin Expansion in Europe • Sale of 2 manufacturing facilities in France • Disinvestment of operations in Italy Topline Footprint • Snacking Actions Optimization • Plant-based • Export opportunities High Potential Efficiencies Initiatives Targeted Revenue Management to offset raw material inflation
Slide 54: 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 55: USA – USDA PM Ham, 23-27# Trmd Sel Ham
USA – USDA PM Ham, 23-27# Trmd Sel Ham https://mymarketnews.ams.usda.gov/filerepo/reports 1 5 Pop − up Type in 6 2 Ctrl + F, type in 23 − 27 3 7 4
Slide 56: USA – USDA Pork Trimmings - 72% Trim Combo, FOB Plant
USA – USDA Pork Trimmings - 72% Trim Combo, FOB Plant https://mymarketnews.ams.usda.gov/filerepo/reports 1 5 Pop − up Type in 6 2 Ctrl + F, type in 𝑇𝑟𝑖𝑚 𝐶𝑜𝑚𝑏𝑜 3 7 4
Slide 57: USA – USDA Pork Trimmings - 42% 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 Ctrl + F, type in 𝑇𝑟𝑖𝑚 𝐶𝑜𝑚𝑏𝑜 3 7 4
Slide 58: 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 59: 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 60: USA – USDA Turkey - MST, Some skin, under 20% fat, Fresh
USA – USDA Turkey - MST, Some skin, under 20% fat, Fresh https://mymarketnews.ams.usda.gov/filerepo/reports 1 5 Pop − up Typeinin Type 6 2 Ctrl + F, type in 15 − 20 3 7 4
Slide 61: USA – USDA Turkey - Breast, Young Tom, Boneless & Skinless, Fresh
USA – USDA Turkey - Breast, Young Tom, Boneless & Skinless, Fresh https://mymarketnews.ams.usda.gov/filerepo/reports 1 5 Pop − up Typeinin Type 6 2 Ctrl + F, type in 𝐵𝑜𝑛𝑒𝑙𝑒𝑠𝑠 3 7 4
Slide 62: USA – USDA Turkey - Thigh Meat, Boneless & Skinless, Fresh
USA – USDA Turkey - Thigh Meat, Boneless & Skinless, Fresh https://mymarketnews.ams.usda.gov/filerepo/reports 1 5 Pop − up Typeinin Type 6 2 Ctrl + F, type in 𝐵𝑜𝑛𝑒𝑙𝑒𝑠𝑠 3 7 4
Slide 63: USA – USDA Dairy - CME, Milk Class III
USA – USDA Dairy - CME, Milk Class III https://mpr.datamart.ams.usda.gov/ 1 Pop − up 7 2 3 4 8 6 5
Slide 64: USA – USDA Dairy - Block Cheddar Cheese 40lb
USA – USDA Dairy - Block Cheddar Cheese 40lb https://mpr.datamart.ams.usda.gov/ 1 Pop − up 7 2 3 8 4 6 5
Slide 65: Contact
Contact Hernán F. Lozano V.P. of Investor Relations & Corporate Communications T. +52 (81) 8748-9000 iralfa@alfa.com.mx investorrelations@sigma-alimentos.com Cesar Gomez, CFA, CAIA D.V.P. of Investor Relations T. +52 (81) 8748-9000 iralfa@alfa.com.mx investorrelations@sigma-alimentos.com Carolina Al