Sigma Foods (SIGMAF) Q2 2025 earnings summary

Executive summary

• Completed transformation to a pure-play packaged/branded food business, finalizing the Alpek spin-off and reclassifying as Consumer Staples under GICS as of April 2025.

• Achieved record quarterly revenues in 2Q25, with strong operating momentum and positive share price revaluation.

• Corporate rebranding and ticker change preparations are underway, with an extraordinary shareholders meeting planned.

Financial highlights

• 2Q25 revenues reached US$2.297 billion, up 1% year-over-year; currency-neutral growth was 7%.

• 2Q25 EBITDA was US$305 million, including up to US$77 million in non-recurring insurance gains; comparable EBITDA was US$246 million, down 10% year-over-year.

• Year-to-date EBITDA reached US$576 million, up 10% year-over-year, benefiting from US$110 million in non-recurring items.

• U.S. achieved record quarterly volume and revenues, with EBITDA up 1% year-over-year.

• Europe’s EBITDA included a non-recurring gain of EUR 68 million from insurance reimbursements for flood damages.

Outlook and guidance

• Year-to-date comparable EBITDA is on track with full-year guidance despite higher-than-expected protein input costs.

• Focus remains on sustaining positive trends into the second half of 2025, with expectations for stronger margins in Mexico if FX remains favorable.

• Europe expected to see margin improvement in 2026 and normalized margins of 7-8% by 2027 as new plant projects are completed.

• Strategic focus on executing rebranding, engaging investors, and delivering on financial commitments.