Slides
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3Q26 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 quarterly Volume (+2%), Revenues (+3%), and EBITDA (+23%) ● 3Q26 Consolidated EBITDA driven by year-on-year growth in all regions ● Full-year Comparable EBITDA Guidance revised up to US $1.14B (previously US $1.10B) Sigma Foods - 3Q26 Highlights
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MEXICO ● Record quarterly Volume (+3%), Revenues (+11%), and EBITDA (+18%) ● Volume improvements across channels and categories ● 3Q26 EBITDA up 9% in local currency, supported by better price-cost alignment EUROPE ● Quarterly Volume up 5% driven primarily by the Fresh Meats business ● 3Q26 EBITDA reached its highest third-quarter since 2020, up 50% YoY in euros ● Comprehensive capacity recovery project in Spain advancing as planned UNITED STATES ● 3Q26 Revenues decreased 2% YoY as lower Volume was partially offset by higher Average Prices and the consolidation of Roger Wood Foods ● 3Q26 EBITDA increased 2% YoY driven by 6% higher EBITDA per ton, which includes benefits from operational efficiency initiatives LATAM ● Record 3Q Volume (+1%) mainly due to higher demand in Peru and Ecuador ● 3Q26 EBITDA up 3% in U.S. dollars and down 3% in local currency due to lower contributions from the Dominican Republic and Costa Rica 3Q26 Highlights by region
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Volume growth of 2% versus 3Q25, mainly driven by Mexico and Europe Volume (k Tons) Volume Δ YoY (k Tons) Volume Δ QoQ (k Tons) 456 465 463 472 3Q23 3Q24 3Q25 3Q26 8 5 3Q25 Mexico Europe -4 U.S. 0 Latam 3Q26 463 472 +2% 7 7 0 2Q26 Mexico Europe -5 U.S. Latam 3Q26 463 472 +2%
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Revenues Sigma Foods (US $ Million) Revenues Sigma Alimentos Δ YoY (US $ Million) Revenues Sigma Alimentos Δ QoQ (US $ Million) 2,209 2,222 2,393 2,487 3Q23 3Q24 3Q25 3Q26 2,243 2,253 2,422 2,493 40 21 5 2Q26 Mexico Europe -8 U.S. Latam 3Q26 2,428 2,487 +2%Sigma Foods Δ Sigma Alimentos 128 12 3Q25 Mexico -37 Europe -9 U.S. Latam 3Q26 2,393 2,487 +4% Revenue growth driven by higher Volume and Average Prices reflecting a stronger Mexican Peso versus the U.S. Dollar
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3Q26 Consolidated EBITDA driven by year-on-year growth in all regions EBITDA Sigma Foods (US $ Million) EBITDA Sigma Alimentos Δ YoY (US $ Million) EBITDA Sigma Alimentos Δ QoQ (US $ Million) 244 275 245 298 3Q23 3Q24 3Q25 3Q26 255 281 255 303 255 298 32 9 1 0 3Q25 Mexico Europe U.S. Latam 3Q26 +17% 289 298 10 5 2Q26 Mexico Europe U.S. Latam 3Q26 -5 -2 +3% Sigma Foods Δ Sigma Alimentos + -
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3Q26 Comparable EBITDA of US $299 million, up 20% year-on-year EBITDA Sigma Foods (US $ Million) Extraordinary items Sigma Foods (US $ Million) Comparable EBITDA Sigma Foods (US $ Million) 3Q25 3Q26 Property Damages Reimbursements 0 0 Others (5) 3 Total Effect Reflected on Reported Sigma Foods EBITDA (5) 3 245 303 10.1% 3Q25 12.1% 3Q26 EBITDA EBITDA Margin 250 299 10.3% 3Q25 12.0% 3Q26 +20% EBITDA EBITDA Margin
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Comparable EBITDA per ton increased 17% year-on-year Comparable EBITDA (% of Revenue and U.S. dollars per ton) 536 540 619 576 623 633 10.7 10.3 11.5 11.0 11.8 12.0 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 +17% Comparable EBITDA Margin By Region (%) 14.0 13.8 14.6 12.4 15.5 15.9 14.5 15.0 5.8 5.6 6.5 2.1 1.6 3.8 4.3 5.5 14.4 15.7 10.8 10.5 11.6 13.0 12.2 11.7 9.6 9.2 10.0 8.9 8.7 9.7 8.2 8.5 2019 2020 2021 2022 2023 2024 2025 LTM 3Q26Mexico Europe U.S. LatamEBITDA per ton (US $) EBITDA Margin (%)
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Mexico (Ps. $ per Ton) Europe (EUR € per Ton) U.S. (US $ per Ton) Latam (US $ per Ton) Comparable EBITDA per ton increased in all regions 13,169 13,952 3Q25 3Q26 +6% 175 250 3Q25 3Q26 +43% 505 536 3Q25 3Q26 +6% 465 474 3Q25 3Q26 +2%
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Strong financial position Net Debt Sigma Foods (US $ Million) Net Leverage Ratio Sigma Foods (Net Debt/EBITDA) 2,705 2,832 2,910 2,737 4Q25 1Q26 2Q26 3Q26 2.5 2.6 2.7 2.4 4Q25 1Q26 2Q26 3Q26 ‘BBB’ Outlook Stable ‘BBB’ Outlook Stable ‘Baa3’ Outlook Stable
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Lower Net Debt primarily reflecting strong EBITDA generation and a Net Working Capital recovery 2,910 2,737 139 70 47 2Q26 -303 EBITDA -72 Net Working Capital Capex Net Financial Expenses Taxes 0 Dividends -55 Other 3Q26 Change in Net Debt Δ QoQ (US $ Millions)
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13 Brand Equity • Mexico – Yoplait®: finalist for the “Brand development efficiency platform” for food by the Effie Awards Latin America 2026 – Sigma Foodservice: recognized with the “Marketer of the Year – International Distributor” award in the annual Certified Angus Beef® - Beef Bash 2026 – NocheBuena®: shortlisted at the Pentawards 2026 for the packaging design, in the Food / Gourmet Foods category. • Europe – Campofrío® & Campofrío Frescos®: recognized as a “Preferred Partner” by LIDL, reflecting a relationship built on trust, collaboration, and consistent execution – The Mad Butcher® Salami Bites: received the highest distinction from Great Taste Awards, the 3-Star Great Taste Award • US – La Chona® Chipotle Cream: 1st place in the World Dairy Expo Championship - Dairy Product • Latam – FUD®: awarded Gold in “Food” and Silver in “Current Marketing” at the 2026 Effie Awards Costa Rica Dividends • Paid second dividend installment of approximately US $75 million (US $0.0135 per share) on October 6, 2026 • Total dividend of approximately US $150 million distributed in 2026, represented a 26% increase compared to 2025 Growth Business Unit • ®: won “Marketer of the Year – International Retailer Specialty Store” award in the Beef Bash 2026 • Successfully launched the 7th edition of ®, strengthening Sigma’s innovation pipeline by connecting with emerging technologies and startups in Health through Foods, Responsible Proteins, and Operational Excellence. • Continued scaling disruptive businesses to unlock new long-term growth platforms. Key year-to-date milestones include: – Snacking platform revenue increased +47% year-on-year – Direct-to-consumer initiatives increased sales by +41% year-on-year Recent Developments
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Guidance Update - Comparable EBITDA Comparable EBITDA 2026 (US $ Million) 1,001 1,100 1,140 2025 Original Guidance Revised Guidance +14% +4%
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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 0.0 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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19 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 the Company’s 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: – 3Q26: no figures presented related to Alpek – 2Q26: no figures presented related to Alpek – 3Q25: no figures presented related to Alpek – 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