4Q25 HIGHLIGHTS
Sigma Foods
Legal entity name changed to Sigma Foods (previously ALFA), as approved by Shareholders
Ticker "SIGMAF A" replaced "ALFA A"; launched new logo and SigmaFoods.com website
2026 Guidance on page 19. Comparable EBITDA increase estimated between 5% and 10%
2026 cash Dividend proposal will be presented at the Sigma Foods Annual Shareholders' Meeting. US $150 million total, in two installments
SIGMA
Comparable 2025 EBITDA of US $1.008 billion, in line with Guidance
Record Quarterly Revenues and EBITDA
Mexico
Delivered all-time high quarterly Revenues, supported by selective price actions and volume growth
Retail channels and dairy category drove Volume gains
4Q25 EBITDA up 40% YoY with ~200 bps EBITDA margin expansion reflecting strong execution and a favorable comparison versus 4Q24
Europe
Quarterly Revenues up 11% YoY; local currency Revenues up 2% supported by 1% Volume growth
4Q25 EBITDA, up 31% YoY driven by insurance reimbursements, solid operating execution, and favorable FX
Signed agreement to restructure the Fresh Meats business to improve branded-product focus, profitability, and pork supply traceability
United States
Continued growing penetration of Hispanic brands in mainstream channels, partially offsetting lower Volume in National brands
Achieved record 4Q EBITDA supported by selective price actions and improved operating performance
Latam
Record quarterly Revenue, increased by 2% year over year, driven by higher average Prices
4Q25 EBITDA down 12% YoY reflecting higher costs and transitory operational challenges; second consecutive quarter with sequential improvements (+9% vs. 3Q25)
Message from Sigma Foods' Chairman & CEO
"2025 was a defining year that affirmed our position as a pure-play branded food company. Shareholder approval of the legal entity name change to Sigma Foods marked an important milestone toward fully aligning our corporate identity—name, ticker, logo, and related elements—with our operations. In parallel, Sigma Foods streamlined legacy corporate functions and assets throughout the year.
Strong operating performance combined with our profound transformation has translated into broad-based gains across key capital markets metrics. Benefits include a stronger investment-grade credit profile, sustained share price appreciation, and a narrowing valuation gap relative to global branded-food peers.
Through disciplined and agile execution, Sigma achieved its 2025 EBITDA guidance and sustained double-digit ROIC (return on invested capital) in a dynamic macro environment. Importantly, Sigma expects 2026 to be its third consecutive year with EBITDA surpassing US $1 billion.
We are excited about the future of Sigma Foods, extending a growth trajectory centered on consumers worldwide, enhancing brand equity, innovating with speed, and compounding value through operational excellence."
Best regards,Álvaro Fernández
Message from SIGMA's CEO
"Strong sequential momentum accelerated into year-end, delivering record quarterly EBITDA and meeting our US$1 billion full-year guidance. Our world-class scale, strong brand equity, and a diversified business model, channels, categories, and supply chain— were fundamental to navigating this year's demanding environment.
2025 Revenues surpassed US$9 billion for the first time, and record Volume held steady year-over-year. Throughout 2025, our teams effectively combined targeted price actions and operating efficiencies to offset elevated turkey costs while protecting Volume amid soft consumer confidence.
Fourth‑quarter stabilization in turkey‑breast prices and early signs of improving production are encouraging as we focus on resuming core volume growth in 2026.
By region, Mexico and Europe delivered an outstanding fourth quarter, with year-over-year gains in Volume, Revenues and EBITDA. In the U.S., our Hispanic brands continued to gain penetration in mainstream channels, and EBITDA margin expanded year-over-year and quarter-on-quarter. Moreover, Latam extended sequential EBITDA improvement from 3Q into 4Q.
Our European agenda also advanced in the fourth quarter through a comprehensive agreement to restructure our Fresh Meats business in Spain, designed to improve profitability, sharpen our focus on branded products and reinforce our pork supply traceability.
Throughout 2025, Capital Expenditures (Capex) of US $361 million were deployed, primarily to planned strategic projects that expand production and distribution capacity. We also continued to build consumer-centered capabilities and ventures that will power long-term growth.
Grill House®, our direct‑to‑consumer grilling concept, advanced toward U.S. expansion and maintains steady growth in Mexico; Snack'in For You® scaled its high‑protein snacking offering; and The Studio—our Sigma‑IDEO design hub—moved rapidly from insight to prototypes and formal innovation commitments to strengthen core brands.
We enter 2026 with positive momentum to grow EBITDA in all regions, supported by strong execution and a more stable raw-material cost environment. As part of our 2026 plan, we will continue investing in capacity expansions in Mexico and the U.S., advance Europe's capacity recovery, and boost consumer-centered capabilities.
I want to thank our team for their commitment and resilience. We remain united by a clear purpose and energized by the opportunities ahead. Our business is well‑positioned to deliver growth, enhance profitability, and continue building a stronger, more innovative foundation for the long term."
Advancing with purpose,Rodrigo Fernández
Important notes on changes to Sigma Food'sConsolidated Financial Statements
On October 24, 2024, Sigma Foods' 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 Foods shareholders on April 4, 2025.
In accordance with International Financial Reporting Standards (IFRS), Alpek met the definition of a Discontinued Operation for purposes of Sigma Foods' Consolidated Financial Statements. Discontinued Operations represent the net results of a component of the Group that has either been disposed of or is classified as held for disposal.
The changes in Sigma Foods' 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"
"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:
4Q25: no figures presented related to Alpek
3Q25: no figures presented related to Alpek
4Q24: accumulated figures for the three months ended December 31, 2024
2025: accumulated figures for the three months and three days ended April 3, 2025
2024: accumulated figures for the twelve months ended December 31, 2024
The Change in Net Debt presents Alpek's net inflows and outflows as a single line item "Decrease (Increase) in Net Debt from Discontinued Operations" as follows:
4Q25: no figures presented related to Alpek
3Q25: no figures presented related to Alpek
4Q24: accumulated figures for the three months ended December 31, 2024
2025: no figures presented related to Alpek
2024: accumulated figures for the nine months ended September 30, 2024
Additionally, 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 ...
