Sigma Foods (SIGMAF) Q2 2026 earnings summary

Executive summary

• Achieved record second-quarter volume, revenues, and comparable EBITDA, with strong performance across all regions, especially Mexico and Latam.

• Advanced strategic priorities, including manufacturing investments, the acquisition of Roger Wood Foods in the U.S., and progress on Sigma Europe's Capacity Recovery Plan.

• Paid first dividend installment of $76 million and executed share buybacks, reflecting disciplined capital allocation.

• Year-to-date comparable EBITDA reached $548 million, on track for $1.1 billion annual guidance.

• Increased analyst coverage and continued focus on long-term growth platforms.

Financial highlights

• 2Q26 revenues rose 6% year-over-year to $2.435 billion, driven by higher average prices, volume, and favorable FX.

• Comparable EBITDA grew 17% year-over-year to $288 million, with margin improving to 11.8%.

• Net financial cost rose to $123 million, mainly due to lower FX gains and refinancing into peso-denominated debt.

• Net income reached $95 million, up from $17 million in 2Q25, which was impacted by discontinued operations.

• Accumulated 1H26 revenues up 10% year-over-year to $4.806 billion.

Outlook and guidance

• On track to achieve 2026 EBITDA guidance of $1.1 billion, supported by a diversified business model and consistent execution.

• Expect U.S. volume trends to improve in the second half, supported by new listings and a lower comparable base.

• Anticipate continued positive trends in Mexico and Europe, with seasonality favoring stronger results in the second half for Europe.