Sigma Foods, S.a.b. De C.v. · BMV:SIGMAF/A
Sigma Foods, S.a.b. De C.v — Q1 2026 Earnings Presentation
58 slides from Sigma Foods, S.a.b. De C.v's earnings presentation, May 2026
Slide 1: 1Q26 Corporate Presentation
1Q26 Corporate Presentation
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: Sigma Foods at a glance
17 1.8M Countries Tons of food 100+ US $9.5B Brands Revenue* 640K US $1.0B Points of Sale Comp. EBITDA* *Last twelve months Sigma Foods
Slide 4: Leading presence in 17 countries
Leading presence in 17 countries U.S. 17% Cooked Meats Dairy 49% 28% Europe 26% Mexico 50% Latam 7% Dry Meats Others 13% 10% Revenue by region and category mix on a LTM basis as of 1Q26
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 Mexico Europe Brands with annual sales over #1 Cooked meats 16 US $100M, each; 100+ brands in total • #1 Cooked meats #1 Cooked meats • #1 Cheese #1 Ham & Fuets • #1 Yoghurt #2 Cooked meats United States Latam #1 Cheese and spreads • #1 Franks (vol.) #1 Co
Slide 7: Leading brands across diversified market segments
Leading brands across diversified market segments COOKED MEATS DRY MEATS DAIRY OTHER FRESH MEATS MEXICO EUROPE USA LATAM
Slide 8: Multi-channel consumer reach
Multi-channel consumer reach (% Sales) Modern Traditional Foodservice Mexico 40 43 17 Europe 73 18 9 U.S. 72 21 7 Latam 45 34 21
Slide 9: Multinational scale with local production & distribution capabilities
Multinational scale with local production & distribution capabilities US 8 65 Manufacturing 16 Facilities 130k+ 100+ Mexico 191 Distribution Europe Centers 25 20* Spain 118 France 27 Portugal 369k+ Belgium 41k+ The Netherlands 6,800+ 640k Points of Sale 790+ Germany 1 Romania Latam Costa Rica 1 Domi
Slide 10: Track record of continuous growth & transformation
Sigma Alimentos - Track record of continuous growth & transformation Revenue Breakdown Net Sales (US$ B) Countries By geography By category National Leadership 25% 2000 $0.8 4 98% 74% International Expansion 9% 5% 15% 32% 2010 $2.6 9 76% 63% Glocality 7% 10% 17% 50% 28% 49% 1Q26* $9.5 17 26% 13% Mex
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 270,000+ Contacts / year (Sigma-IDEO design studio; launched in 2025) 10 Innovation commitments established Resea
Slide 12: Sigma Alimentos - Historical Financial Results
Sigma Alimentos - Historical Financial Results Volume Sigma Alimentos Revenue Sigma Alimentos EBITDA Sigma Alimentos (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 6,347 741 684 652 2020 2021 2022 2023 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 1 Grow the core Defend and grow our current sources of profitability 2 New sources High potential opportunities near the core Global Categories to scale New business models of revenue 3 Strengthen the Evolve capabilities to enhance the organization’s potential organization 4 Explor
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
Slide 19: New Sources of Revenue: High Potential Opportunities
New Sources of Revenue: High Potential Opportunities Cross-fertilization to attend high-value opportunities identified in each region: 1. Prepared Foods, Spreads, etc. 2. Hispanic Cheeses, Dinner Sausages, Lunch Meats, etc. 3. Traditional Channel, Foodservice, etc. 4. 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 & Processes (Fundamentals) (Our competitive advantage bets and the processes & data to support them) Essentialism Mindsets & and alignment Behaviors Passion for Consumer Talent Consumer-cent
Slide 22: Explore the Future
Explore the Future Health Through Food Responsible Protein
Slide 23: 1Q26 Results
1Q26 Results
Slide 24: Sigma Foods - 1Q26 Highlights
Sigma Foods - 1Q26 Highlights ● Record first-quarter Volume and Revenues ● 1Q26 Comparable EBITDA up 18% year-on-year (YoY), driven mainly by Mexico and Europe ● Shareholders approved 2026 cash dividends totaling US $150 million ● 2026 Guidance reaffirmed
Slide 25: 1Q26 Highlights by region
1Q26 Highlights by region MEXICO ● All-time high first quarter Volume (+2%), Revenues (+24%), and EBITDA (+21%) ● Retail channels and Dairy category continued driving Volume gains ● 1Q26 EBITDA up 21% YoY reflecting solid execution and a positive FX conversion effect EUROPE ● Quarterly Revenues up 1
Slide 26: Volume growth of 1% versus 1Q25
Volume growth of 1% versus 1Q25, mainly driven by Mexico and Europe Volume Volume Volume (kTons) Δ YoY (kTons) Δ QoQ (kTons) 451 1% -2% 449 446 427 458 451 446 3 -2 1 4 -4 451 -4 2 -1 1Q23 1Q24 1Q25 1Q26 1Q25 Mexico Europe U.S. Latam 1Q26 4Q25 Mexico Europe U.S. Latam 1Q26
Slide 27: Revenue growth driven by price actions, Volume, and currency translation
Revenue growth driven by selective price actions, Volume, and a favorable currency translation Revenues Sigma Foods Revenues Sigma Alimentos Revenues Sigma Alimentos (US $ Million) Δ YoY (US $ Million) Δ QoQ (US $ Million) Sigma Foods Δ +15% Sigma Alimentos -3% 2,372 2,366 2,447 2,204 -3 10 2,091 51
Slide 28: EBITDA of US $260 million in 1Q26
EBITDA of US $260 million in 1Q26 compared with US $271 million in 1Q25, which included non-recurring extraordinary gains EBITDA Sigma Foods EBITDA Sigma Alimentos EBITDA Sigma Alimentos (US $ Million) Δ YoY (US $ Million) Δ QoQ (US $ Million) + - Sigma Foods Δ 19% -8% Sigma Alimentos 284 262 264 27
Slide 29: EBITDA margin improved year-on-year, driven by Europe
EBITDA margin improved 42 basis points year-on-year, driven by Europe EBITDA Margin Sigma Alimentos EBITDA Margin By Region Sigma Alimentos (%) (%) +42bps 15.9 15.5 14.5 14.4 13.0 12.2 11.8 11.6 12.2 12.4 12.7 . . 11.6 11.1 11.5 10.6 * 10.7 10.9 * 10.6 9.7 9.6 10.1 9.9 8.2 8.2 8.7 * * 4.9 3.8 * 4.3
Slide 30: Comparable EBITDA of US $260 million
Comparable EBITDA of US $260 million, driven by solid operational performance and a favorable currency translation EBITDA Sigma Foods Extraordinary items Sigma Foods Comparable EBITDA Sigma Foods (US $ Million) (US $ Million) (US $ Million) + - Sigma Foods Δ Sigma Alimentos Sigma Foods Margin 271 26
Slide 31: Strong financial position
Strong financial position Net Debt Sigma Foods Net Leverage Ratio Sigma Foods (US $ Million) (Net Debt/EBITDA) 2,832 2.7 2,687 2,709 2,705 2.6 2.6 2.5 2Q25 3Q25 4Q25 1Q26 2Q25 3Q25 4Q25 1Q26 Sigma Foods Sigma Foods
Slide 32: Net Debt up 6% QoQ reflecting investment in Net Working Capital
Net Debt up 6% QoQ reflecting investment in Net Working Capital Change in Net Debt Δ QoQ (US $ Millions) 2,832 2,705 77 0 3 57 66 -260 184 4Q25 EBITDA Net Working Capex Net Financial Taxes Dividends Other 1Q26 Capital Expenses
Slide 33: Recent Developments
Recent Developments Annual Shareholders’ Meeting • Sigma Foods held its Annual Shareholders´ Meeting on March 13, 2026 ₋ US$ 150 million total cash dividends approved for 2026 ₋ Board of Directors and the President of Audit and Corporate Practices Committees were ratified ₋ Maintained maximum amount
Slide 34: Note on changes Consolidated Financial Statements
Note on changes Consolidated Financial Statements On October 24, 2024, Shareholders approved the spin off of the Company’s share ownership in Alpek into a newly listed entity, “Controladora Alpek.” As a result, Alpek met the definition of a Discontinued Operation for purposes of Sigma Foods’ Consoli
Slide 35: Governance & Management Team
Governance & Management Team
Slide 36: Proven top management with 21 years of experience
Proven top management with 21 years of experience, on average across business areas CEO 27 Rodrigo Fernández Sigma CEO MBA Wharton Business Units 24 Eugenio Caballero 1 Juan Ignacio Amat 22 Jesús Lobo 38 Sergio Ramos 18 Carlos Maldonado CEO Mexico CEO Europe CEO USA CEO Latam CEO Foodservice MBA Har
Slide 37: 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 38: Sustainability
Sustainability
Slide 39: Sustainability
Sustainability sgmna PEOPLE orting Our comm PARTNERS ngthening lue Chain
Slide 40: 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 41: 2025 Sustainability commitments progress
2025 Sustainability commitments progress ACTION PILLARS COMMITMENTS 2025 GOAL & KPIS 2025 GOAL VS. 2024 RESULTS Climate Action 20% of reduction in CO2 eq emissions related to our plants and 100% transportation fleet, per ton of food produced (compared to 2015). ENVIRONMENT Water Management 20% of re
Slide 42: 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 A B B 49.6 43* 41 BB Industry C C C 40.2 24 25 BBB average 25’ *In review process
Slide 43: Appendix
Appendix
Slide 44: Pork ham price in U.S. and Europe
Pork ham price in U.S. and Europe Pork Ham Prices in U.S. - US $/Lb Pork Ham Prices in Europe - Eur/Kg 1.6 4.0 1.5 1.4 1.3 3.5 1.2 1.1 1.0 3.0 0.9 0.8 0.7 0.6 2.5 0.5 0.4 0.3 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 2026 2024 2025
Slide 45: Poultry raw materials in the U.S.
Poultry raw materials in the U.S. Turkey Breast - US $/Lb Turkey Thigh - US $/Lb 8 4 6 3 4 2 2 1 0 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 2026 2024 2025 2026 Chicken (MSC) - US $/Lb Turkey (MST) - US $/Lb 0.40 1.0 0.35 0.8 0.30 0.6
Slide 46: Poultry raw materials in Europe
Poultry raw materials in Europe Chicken Filet - Eur / Kg Turkey Breast - 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 2026 2024 2025 2026
Slide 47: U.S. Dairy Raw Materials
U.S. Dairy Raw Materials Milk Class III - $/cwt 30 25 20 15 10 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 Nonfat Dry Milk (NFDM) - US $/Lb 2.5 2.0 1.5 1.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026
Slide 48: 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 2026 2024 2025 2026
Slide 49: 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 9,476 100 Cost of sales (6,605) (70) 2% Dry Ingredients 7% Gross profit 2,870 30 8% Direct Labor Operating expenses and others (2,028) (21) Trad
Slide 50: Debt Profile 1Q26
Debt Profile 1Q26 Sigma Foods Debt Maturities and Cash (US $ Million) 724 628 512 523 500 500 252 210 144 140 223 62 14 108 4 12 Cash* 2026 2027 2028 2029 2030 2031 2032 2033 2034 2036 2044 MXN USD EUR *Does not include restricted cash
Slide 51: Dividends
Dividends Sigma Foods Dividends (US $ Million) 196 124 119 100 96 75 48 20 21 22 23 24 25 26
Slide 52: 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 53: USA – USDA PM 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 54: 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 55: USA – USDA Chicken - MSC, 15-20% Fat, Fresh
USA – USDA Chicken - MSC, 15-20% Fat, Fresh 5 Pop − up https://mymarketnews.ams.usda.gov/filerepo/reports 1 Type in Type in 6 2 Ctrl + F, type in MSC, 15 3 7 4
Slide 56: USA – USDA Turkey price references
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 5 Pop − up https://mymarketnews.ams.usda.gov/filerepo/reports 1 Typeinin Type For MST,Some sking, under 20% fat, Fresh
Slide 57: USA – USDA Dairy - CME, Milk Class III
USA – USDA Dairy - CME, Milk Class III USA – USDA Dairy - Block Cheddar Cheese 40lb Pop − up https://mpr.datamart.ams.usda.gov/ 1 7 2 3 4 8 6 5
Slide 58: 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