1Q26 HIGHLIGHTS
Sigma Foods
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
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 10% YoY, down 1% in Euros due to lower average prices resulting from a temporary change in sales mix driven by the Fresh Meats business
1Q26 EBITDA of US $25 million represents the highest first-quarter figure since 2021
United States
Hispanic brands continued growing penetration in mainstream channels, partially offsetting soft packaged meats category performance
1Q26 EBITDA decreased 13% YoY and increased 2% versus 4Q25, in line with the anticipated results for this period
Latam
Year-on-year growth in Volume (+2%), Revenues (+6%), and EBITDA (+10%)
Third consecutive quarter with sequential EBITDA improvement
Message from the CEO
"We entered 2026 with strong momentum delivering record first-quarter Volume and Revenues, as well as the second-highest Comparable EBITDA. Overall performance tracked in line with our full-year Guidance driven by disciplined execution and favorable foreign-exchange dynamics.
From a regional perspective, Mexico maintained consistent growth in Volume, Revenues and EBITDA, driven by solid contributions from Retail channels and the Dairy category. Moreover, Sigma Europe delivered its highest first‑quarter EBITDA since 2021, reaffirming a sustainable improvement in profitability resulting from our multi-year turnaround efforts.
In the U.S., lower year‑on‑year results reflect the anticipated first-quarter performance in our National Brands segment, which was partially offset by increased penetration of our Hispanic brands in mainstream channels. Sigma U.S. EBITDA has held steady since 3Q25 and is expected to increase sequentially next quarter, driven by seasonality and better price-cost alignment. Lastly, Latam benefited from ongoing operational initiatives, achieving higher Volume, Revenues, and EBITDA year-on-year.
We continue investing in enhancing our production capabilities to improve efficiency and strengthen service levels across key markets. Capacity-expansion projects advanced in the Americas, including new Yogurt production lines in Mexico, and the expansion of our cheese operations in the U.S. In Europe, our capacity recovery efforts continue to move forward as planned, advancing the greenfield plant in Valencia and the expansion in La Bureba.
Maintaining a strong, investment‑grade balance sheet remains central to our capital allocation strategy. During the quarter, we refinanced our 2027 maturities through a successful Local Notes issuance in the Mexican capital markets, strengthening our diversified funding structure and extending our maturity profile.
At the same time, we are firmly committed to delivering attractive shareholder returns. The approval of US $150 million total cash dividends for 2026 highlights Sigma Foods' strong cash generation and balanced approach to capital deployment.
Year-to-date, it has been encouraging to see an earlier-than-anticipated decline in turkey breast prices and better-than-expected foreign exchange rates. Combined with the strong underlying position of our business, these factors provide flexibility as we navigate a fluid macro environment that is increasingly weighing on consumers worldwide. Looking ahead, we will continue actively managing emerging headwinds by leveraging our scale, diversification, and consumer-centric innovation. First quarter results and current trends give us confidence in our 2026 Guidance.
I would like to thank our teams for their continued commitment and solid execution as we remain focused on reaching our full-year targets and building a stronger Sigma Foods for the long run."
Advancing with purpose,Rodrigo Fernández
SELECTED FINANCIAL INFORMATION (US $ MILLION)
1Q26
4Q25
1Q25
(%)QoQ
(%)YoY
Volume (k Tons)
451
458
446
(2)
1
Mexico
249
253
245
(1)
2
Europe
92
