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 currency translation.

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

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

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

• 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 net leverage ratio to trend lower, approaching the 2.5x long-term target by year-end.

• Anticipate further improvement in U.S. year-over-year volume trends in the second half.

• European business expected to deliver double-digit growth for the year, with seasonality favoring the second half.