Slides
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2Q26 Earnings Presentation
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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 decisions, all of which are difficult or impossible to predict accurately. Accordingly, future results are likely to vary from those set forth in this presentation. You should not place undue reliance on forward-looking information. All forward-looking information is made as of the date of this presentation, based on information available to us as of such date, and we assume no obligation to update any forward-looking information. Copyright© 2026 Sigma Foods, S.A.B. de C.V. All rights reserved. Reproduction and distribution is forbidden without the prior written consent of Sigma Foods, S.A.B. de C.V.
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● Record 2Q Volume (+1%), Revenues (+6%), and Comparable EBITDA (+17%) ● YTD Comparable EBITDA of US $548 million on track to reach US $1.1 billion Guidance ● Paid first dividend installment of US $76 million, as approved by Shareholders Sigma Foods - 2Q26 Highlights
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MEXICO ● All-time high 2Q Volume (+2%), Revenues (+15%), and EBITDA (+25%) ● Retail channels, Dairy and value-oriented packaged meat brands driving volume gains ● In local currency, 2Q26 EBITDA was up 11%, supported by improved price-cost alignment EUROPE ● Comparable 2Q26 EBITDA increased 8% YoY ,reaching the highest 2Q Comparable EBITDA since 2021 ● Reached key milestones in Capacity Recovery Plan: advanced start-up process of new bacon lines at La Bureba and progress on the construction of the greenfield plant in Valencia UNITED STATES ● 2Q26 EBITDA of US $52 million, up 12% versus 1Q26 driven primarily by summer seasonality. Accumulated EBITDA consistent with consolidated Guidance ● Acquired Roger Wood Foods, the #1 smoked sausage company in the U.S. Southeast LATAM ● YoY growth in Volume (+2%), Revenues (+7%), and EBITDA (+29%) ● Fourth consecutive quarter of sequential EBITDA improvement 2Q26 Highlights by region
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Volume growth of 1% versus 2Q25, driven by Mexico, Europe and Latam Volume (kTons) Volume Δ YoY (kTons) Volume Δ QoQ (kTons) 448 462 460 463 2Q23 2Q24 2Q25 2Q26 4 1 1 2Q25 Mexico Europe -3 U.S. Latam 2Q26 460 463 1% 3 10 1Q26 Mexico -1 Europe U.S. 0 Latam 2Q26 451 463 2%
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Revenues Sigma Foods (US $ Million) Revenues Sigma Alimentos Δ YoY (US $ Million) Revenues Sigma Alimentos Δ QoQ (US $ Million) 2,143 2,246 2,270 2,428 2Q23 2Q24 2Q25 2Q26 2,171 2,277 2,297 2,435 14 11 35 2 1Q26 Mexico Europe U.S. Latam 2Q26 2,366 2,428 3%Sigma Foods Δ Sigma Alimentos 165 10 2Q25 Mexico -13 Europe -3 U.S. Latam 2Q26 2,270 2,428 +7% Revenue growth driven primarily by Volume and favorable currency translation in Mexico
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EBITDA of US $296 million in 2Q26 compared with US $305 million in 2Q25, which included property damage insurance reimbursements in Europe EBITDA Sigma Foods (US $ Million) EBITDA Sigma Alimentos Δ YoY (US $ Million) EBITDA Sigma Alimentos Δ QoQ (US $ Million) 209 270 305 289 2Q23 2Q24 2Q25 2Q26 217 279 312 296 312 28939 3 2Q25 Mexico -61 Europe -4 U.S. Latam 2Q26 -7% 262 289 22 6 1 1Q26 Mexico -2 Europe U.S. Latam 2Q26 10% Sigma Foods Δ Sigma Alimentos + - *2Q25 includes Property Damage reimbursements for Europe *
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Comparable EBITDA of US $288 million, driven by improved price-cost alignment and favorable currency translation EBITDA Sigma Foods (US $ Million) Extraordinary items Sigma Foods (US $ Million) Comparable EBITDA Sigma Foods (US $ Million) 2Q25 2Q26 Property Damages Reimbursements 63 0 Others (5) 8 Sigma Foods 58 8 305 296 13.3% 2Q25 12.2% 2Q26 EBITDA EBITDA Margin 247 288 10.7% 2Q25 11.8% 2Q26 17% EBITDA EBITDA Margin
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Comparable EBITDA per ton increased 16% year-on-year, driven by Mexico, Europe and Latam Comparable EBITDA (% of Revenue and U.S. dollars per ton) 494 536 540 619 576 623 10.7 10.9 10.6 11.6 11.1 11.9 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 +16% Comparable EBITDA Margin By Region (%) 14.0 13.8 14.6 12.4 15.5 15.9 14.5 14.7 5.8 5.6 6.5 2.1 1.6 3.8 4.3 5.0 14.4 15.7 10.8 10.5 11.6 13.0 12.2 11.5 9.2 10.0 8.9 8.7 9.7 8.2 8.69.6 2019 2020 2021 2022 2023 2024 2025 LTM 2Q26Mexico Europe U.S. LatamEBITDA per ton (US $) EBITDA Margin (%)
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Mexico (Ps. $ per Ton) 12,616 13,778 2Q25 2Q26 Europe (EUR € per Ton) 209 222 2Q25 2Q26 U.S. (US $ per Ton) 584 559 2Q25 2Q26 Latam (US $ per Ton) 436 552 2Q25 2Q26 +9% +7% -4% +7% Comparable EBITDA per ton
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Solid financial position Net Debt Sigma Foods (US $ Million) Net Leverage Ratio Sigma Foods (Net Debt/EBITDA) 2,709 2,705 2,832 2,910 3Q25 4Q25 1Q26 2Q26 2.7 2.5 2.6 2.7 3Q25 4Q25 1Q26 2Q26 ‘BBB’ Outlook Stable ‘BBB’ Outlook Stable ‘Baa3’ Outlook Stable
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Net Debt up 3% QoQ mainly reflecting a non-cash foreign exchange conversion effect 2,832 2,910 99 71 57 76 78 1Q26 -296 EBITDA Net Working Capital Capex Net Financial Expenses Taxes Dividends Other 2Q26 -7 Change in Net Debt Δ QoQ (US $ Millions)
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13 Recent Developments Brand Equity • Rebranded the flagship FUD brand to FUT for a limited-time campaign in Mexico tied to the international soccer tournament; supported by limited edition products designed for match-day consumption • Sigma positioned among the top 4 most chosen FMCG companies in Spain, according to the Brand Footprint ranking by Worldpanel by Numerator, alongside Nestlé, Danone and Coca-Cola • NOBRE received the “Trusted Brand Award 2026” in the Charcuterie Products category for the 11th consecutive year in Portugal • Aoste brand recognized for performance and ability to combine industrial excellence and sustainability commitment at “EY Grand Prix Agroalimentaire 2026” in France M&A • Completed the acquisition of Roger Wood Foods, strengthening the brand portfolio in the U.S – U.S.-based smoked meat producer with an 80+ year heritage – Sigma’s first plant in the U.S. Southeast (Georgia) – Generated approximately US $50 million in revenues during 2025 – Consolidated into Sigma Foods in 2Q26 with EBITDA performance in line with our expectations during the first two months as part of Sigma Foods Dividends • Paid first dividend installment of approximately US $76 million (US $0.0135 per share) on April 7, 2026; second installment scheduled for October 2026 Growth Business Unit • Scaling disruptive business to unlock new long-term growth platforms. • Key 1H26 milestones include: – Snacking platform revenue increased 54% year-on-year – Direct-to-consumer initiatives increased sales by 46% year-on-year
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Pork ham price in U.S. and Europe Pork Ham Prices in U.S. - US $/Lb Pork Ham Prices in Europe - Eur/Kg 2.0 2.5 3.0 3.5 4.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026
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Poultry raw materials in the U.S. Turkey Thigh - US $/Lb Chicken (MSC) - US $/Lb Turkey (MST) - US $/Lb Turkey Breast - US $/Lb Source: USA – USDA Chicken - MSC, Some Skin, 15-20% Fat, Fresh; USA – USDA Turkey - MST, Some skin, under 20% fat, Fresh; USA – UBDA Turkey - Breast, Young Tom, Boneless & Skinless, Fresh; USA – USDA Turkey - Thigh Meat, Boneless & Skinless, Fresh 0 2 4 6 8 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 0 1 2 3 4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 0.20 0.25 0.30 0.35 0.40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 0.2 0.4 0.6 0.8 1.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026
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U.S. Dairy Raw Materials Nonfat Dry Milk (NFDM) - US $/Lb Milk Class III - $/cwt 10 15 20 25 30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 1.0 1.5 2.0 2.5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026
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Currency Exchange Rates – Monthly Average U.S. Dollar – MXN Peso U.S. Dollar - Euro 0.90 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 14 15 16 17 18 19 20 21 22 23 24 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026
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18 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’ Consolidated Financial Statements in accordance with IFRS until Controladora Alpek shares were distributed to shareholders on April 4, 2025. The changes in the Company’s Consolidated Financial Statements are as follows: • The Consolidated Statement of Financial Position - Beginning in 3Q24 and through the distribution date in April 2025, Alpek’s balances are presented as: “Current Assets from Discontinued Operations” and “Current Liabilities from Discontinued Operations.” • The Consolidated Statement of Income presents Alpek’s net revenues and expenses as a single line item “Profit (Loss) from Discontinued Operations” as follows: – 2Q26: no figures presented related to Alpek – 1Q26: no figures presented related to Alpek – 2Q25: accumulated figures for the three days ended April 3, 2025 – 2026: no figures presented related to Alpek – 2025: accumulated figures for the three months and three days ended April 3, 2025 • No figures presented related to Alpek on the Change in Net Debt in the periods presented in this report. • Alpek’s Net Debt is disclosed as “Net Debt from Discontinued Operations” at the close of 3Q24. Prior periods are not restated, and subsequent periods do not present Alpek’s Net Debt following distribution of Controladora Alpek shares.
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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