SIGMA reports EBITDA of US $220 million in 1Q25, on track to reach full-year Guidance of US $1 billion
ALFA|SIGMA reported strong Q1 2025 financial results with EBITDA reaching US $220 million, positioning the company on track to meet its full-year guidance of US $1 billion. The quarter marked significant corporate milestones, including the completion of Alpek spin-off and an S&P credit rating upgrade to 'BBB'.
Key financial highlights include:
- Second-highest first quarter Revenue and EBITDA performance
- Record first quarter Volume in Mexico and Latin America
- Total revenue of US $2.091 billion
- Net Debt of US $2.596 billion with Net Debt/EBITDA ratio of 2.6x
Notable challenges included a 3% volume decline in Europe due to Torrente plant flooding, resulting in 42% lower EBITDA in that region. The company expects insurance reimbursements for damages and business interruption before year-end. Shareholders approved an US $83 million cash dividend and a Board reconfiguration to align with the company's new consumer sector focus.
ALFA|SIGMA ha riportato solidi risultati finanziari nel primo trimestre 2025, con un EBITDA che ha raggiunto i 220 milioni di dollari USA, posizionando l'azienda sulla buona strada per raggiungere la guidance annuale di 1 miliardo di dollari USA. Il trimestre ha segnato importanti traguardi aziendali, tra cui il completamento dello spin-off di Alpek e l'upgrade del rating creditizio S&P a 'BBB'.
I principali dati finanziari includono:
- Seconda migliore performance di ricavi ed EBITDA nel primo trimestre
- Volume record nel primo trimestre in Messico e America Latina
- Ricavi totali per 2,091 miliardi di dollari USA
- Debito netto di 2,596 miliardi di dollari USA con un rapporto Debito netto/EBITDA di 2,6x
Tra le sfide più rilevanti, una diminuzione del 3% dei volumi in Europa a causa dell’alluvione dello stabilimento di Torrente, che ha comportato un calo del 42% dell’EBITDA in quella regione. L’azienda prevede rimborsi assicurativi per danni e interruzione dell’attività entro la fine dell’anno. Gli azionisti hanno approvato un dividendo in contanti di 83 milioni di dollari USA e una riorganizzazione del Consiglio di Amministrazione per allinearlo al nuovo focus del settore consumer dell’azienda.
ALFA|SIGMA reportó sólidos resultados financieros en el primer trimestre de 2025, con un EBITDA que alcanzó los 220 millones de dólares estadounidenses, posicionando a la empresa en camino de cumplir su guía anual de 1.000 millones de dólares. El trimestre marcó hitos corporativos significativos, incluyendo la finalización de la escisión de Alpek y una mejora en la calificación crediticia de S&P a 'BBB'.
Aspectos financieros clave incluyen:
- Segundo mejor desempeño en ingresos y EBITDA del primer trimestre
- Volumen récord en el primer trimestre en México y América Latina
- Ingresos totales de 2.091 millones de dólares estadounidenses
- Deuda neta de 2.596 millones de dólares con una ratio Deuda neta/EBITDA de 2,6x
Los desafíos notables incluyeron una disminución del 3% en volumen en Europa debido a las inundaciones en la planta de Torrente, lo que resultó en una caída del 42% del EBITDA en esa región. La empresa espera reembolsos de seguros por daños e interrupción del negocio antes de fin de año. Los accionistas aprobaron un dividendo en efectivo de 83 millones de dólares y una reconfiguración del Consejo para alinearlo con el nuevo enfoque del sector consumidor de la empresa.
ALFA|SIGMA는 2025년 1분기 강력한 재무 실적을 보고했으며, EBITDA는 2억 2천만 미국 달러에 달해 연간 목표인 10억 달러 달성을 향해 순조롭게 나아가고 있습니다. 이번 분기는 Alpek 분할 완료와 S&P 신용 등급 'BBB' 상향 조정 등 중요한 기업 이정표를 기록했습니다.
주요 재무 하이라이트는 다음과 같습니다:
- 1분기 매출 및 EBITDA 성과 중 두 번째로 높은 기록
- 멕시코 및 라틴 아메리카에서 1분기 사상 최대 물량 달성
- 총 매출 20억 9,100만 미국 달러
- 순부채 25억 9,600만 미국 달러, 순부채/EBITDA 비율 2.6배
주요 도전 과제로는 Torrente 공장 홍수로 인해 유럽에서 물량이 3% 감소하여 해당 지역 EBITDA가 42% 감소한 점이 있습니다. 회사는 연말까지 손해 및 영업 중단에 대한 보험금 환급을 기대하고 있습니다. 주주들은 8,300만 달러 현금 배당과 회사의 새로운 소비재 부문 집중에 맞춘 이사회 재구성을 승인했습니다.
ALFA|SIGMA a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un EBITDA atteignant 220 millions de dollars US, plaçant l'entreprise sur la bonne voie pour atteindre ses objectifs annuels d'un milliard de dollars US. Le trimestre a marqué des étapes importantes, notamment la finalisation de la scission d'Alpek et une amélioration de la notation de crédit S&P à 'BBB'.
Les points financiers clés incluent :
- Deuxième meilleure performance en chiffre d'affaires et EBITDA au premier trimestre
- Volume record au premier trimestre au Mexique et en Amérique latine
- Chiffre d'affaires total de 2,091 milliards de dollars US
- Dette nette de 2,596 milliards de dollars US avec un ratio Dette nette/EBITDA de 2,6x
Parmi les défis notables, une baisse de 3 % des volumes en Europe due à une inondation de l’usine de Torrente, entraînant une baisse de 42 % de l’EBITDA dans cette région. L’entreprise prévoit des remboursements d’assurance pour les dommages et l’interruption d’activité avant la fin de l’année. Les actionnaires ont approuvé un dividende en espèces de 83 millions de dollars US ainsi qu’une reconfiguration du conseil d’administration pour l’aligner sur le nouveau focus de l’entreprise dans le secteur des consommateurs.
ALFA|SIGMA meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem EBITDA von 220 Millionen US-Dollar, womit das Unternehmen auf Kurs ist, seine Jahresprognose von 1 Milliarde US-Dollar zu erreichen. Das Quartal brachte bedeutende Meilensteine, darunter den Abschluss der Abspaltung von Alpek und eine Aufwertung des S&P-Kreditratings auf 'BBB'.
Wesentliche finanzielle Highlights umfassen:
- Zweitbeste Umsatz- und EBITDA-Performance im ersten Quartal
- Rekordvolumen im ersten Quartal in Mexiko und Lateinamerika
- Gesamtumsatz von 2,091 Milliarden US-Dollar
- Nettoverbindlichkeiten von 2,596 Milliarden US-Dollar mit einem Nettoverbindlichkeiten/EBITDA-Verhältnis von 2,6x
Erhebliche Herausforderungen waren ein 3%iger Volumenrückgang in Europa aufgrund einer Überschwemmung im Werk Torrente, was zu einem 42% niedrigeren EBITDA in dieser Region führte. Das Unternehmen erwartet bis Jahresende Versicherungsentschädigungen für Schäden und Betriebsunterbrechungen. Die Aktionäre genehmigten eine Bardividende von 83 Millionen US-Dollar und eine Umstrukturierung des Vorstands, um sich auf den neuen Fokus des Unternehmens im Verbrauchersektor auszurichten.
- Credit rating upgrade to BBB by S&P
- Record first quarter volume in Mexico and Latin America
- Second-highest Q1 Revenue and EBITDA performance
- Expected insurance reimbursement for Torrente plant flooding
- Successful completion of Alpek spin-off transformation
- European operations EBITDA down 42% due to Torrente plant flooding
- Overall volume down 1% year-over-year
- Net Debt increased 5% quarter-over-quarter to US $2.596 billion
- Interest coverage ratio declined to 3.3x from 3.7x year-over-year
Insights
SIGMA's Q1 EBITDA on guidance track despite 17% YoY decline; transformation benefits emerging amid operational challenges.
SIGMA delivered $220 million in EBITDA for Q1 2025, marking its second-highest first quarter despite a
Regional performance showed significant variations. Mexico achieved record first-quarter volume with EBITDA of
The company's financial position remains relatively stable with net debt at
ALFA completes transformation into Alfa|SIGMA, unlocking value recognition as a pure-play global food business.
The strategic transformation of ALFA into Alfa|SIGMA represents a watershed moment for the company, completing its evolution into a dedicated global branded food business. The earlier-than-expected distribution of Controladora Alpek shares on April 7, 2025, marks the final step in a comprehensive restructuring designed to enhance market value recognition through business unit separation. This transformation is already yielding tangible benefits, with S&P upgrading Alfa|SIGMA's credit rating to 'BBB' from 'BBB-'.
Most significantly, the market appears to be responding positively to this strategic pivot, with the company noting that "the historic valuation gap against global food peers has narrowed," suggesting improved value recognition in the consumer sector. Management's decision to reconfigure the Board of Directors—combining members from both ALFA's Board and Sigma's Advisory Board—demonstrates commitment to aligning governance with the company's new consumer-focused identity.
The declaration of a
1Q25 HIGHLIGHTS
Alfa|SIGMA | • Alfa|SIGMA completed its transformation following the earlier-than-expected distribution of Controladora Alpek shares to ALFA Shareholders • S&P upgraded Alfa|SIGMA credit ratings to 'BBB', citing improved leverage and a simplified business structure resulting from the Alpek spin-off • Shareholders approved a reconfiguration of the Board of Directors and declared a cash dividend totaling US • Rebranding efforts are underway, including preparations to change the corporate name of ALFA, S.A.B. de C.V to Sigma-related name, aligned with the new post-transformation identity |
SIGMA | • 1Q25 results are on track to meet full-year Guidance • Second-highest first quarter Revenue and EBITDA • Resilient Volume amid revenue management to offset higher costs and foreign exchange rate fluctuations • S&P upgraded Sigma credit ratings to 'BBB' reflecting the agency's expectation of steady operating and financial performance. |
• Record first quarter Volume • Second-highest first quarter Revenue and EBITDA | |
• Volume down • 1Q25 EBITDA down • Sigma expects insurance reimbursements, before year-end, for all damages and business interruption caused by flash floods in | |
• Second-highest first quarter Volume, Revenue and EBITDA | |
Latam | • Record first quarter Volume and Revenue, as well as second-highest 1Q EBITDA |
Message from ALFA's Chairman & CEO
"The start of the year has been transcendental as the corporate transformation of Alfa|SIGMA is now complete. Following careful planning and methodical execution, our team successfully delivered on the strategic goal to separate all business units and enable a more targeted recognition of market value.
Alpek was the last company to be transferred directly to each ALFA Shareholder. We are pleased that the process leading to the first day of trading of Controladora Alpek on April 7, 2025, advanced faster than expected.
In turn, Alfa|SIGMA has effectively become a dedicated, global branded food business with the purpose of providing consumers "Delicious Food for a Better Life".
The positive response from financial market participants has been encouraging. The historic valuation gap against global food peers has narrowed, following a trend we expect to continue as the recognition of Alfa|SIGMA in the consumer sector advances.
Credit ratings also improved as a result of our profound transformation. Most recently, S&P raised Alfa|SIGMA's rating to 'BBB', up from 'BBB-', highlighting the Company's improved leverage post spin-off and simplified business structure.
On March 25, 2025, Alfa|SIGMA held its Annual Shareholders' meeting. In addition to declaring a cash dividend totaling
Next, we are moving forward to rebrand Alfa|SIGMA. Among other considerations, this involves calling an Extraordinary Shareholders' Meeting to propose changing the name of ALFA, S.A.B. de C.V. for a Sigma-related name which more accurately reflects our new identity. We expect to complete this process before year-end.
In addition to the exciting developments on the transformational front, Sigma's financial results are on track to reach full-year Guidance supported by resilient volume and solid currency-neutral performance in the first quarter.
Alfa|SIGMA offers a unique combination of transformation upside and food industry stability that is especially valuable under the current economic climate."
Best regards,
Álvaro Fernández
Important notes on changes to Alfa|SIGMA's
Consolidated Financial Statements
Controladora Alpek
ALFA's shareholders approved to spin-off ALFA's share ownership of Alpek into a new, listed entity called "Controladora Alpek" on October 24, 2024. In accordance with International Financial Reporting Standards (IFRS), Alpek meets the definition of a "Discontinued Operation" for purposes of ALFA's Consolidated Financial Statements. "Discontinued Operations" are the net results of an entity that is either being held for disposal or which has already been disposed of.
The changes in ALFA's Consolidated Financial Statements are as follows:
- The Consolidated Statement of Financial Position presents Alpek's assets as "Current Assets from Discontinued Operations" and its liabilities as "Current Liabilities from Discontinued Operations" beginning in 3Q24. Prior periods are not restated.
- The Consolidated Statement of Income presents Alpek's net revenues and expenses as a single line item "Profit (loss) from Discontinued Operations" as follows:
- 1Q25: accumulated figures for the three months ended March 31, 2025
- 4Q24: accumulated figures for the three months ended December 31, 2024
- 1Q24: accumulated figures for the three months ended March 31, 2024
- 2025: accumulated figures for the three months ended March 31, 2025
- 2024: accumulated figures for the three months ended March 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:
- 1Q25: no figures presented related to Alpek
- 4Q24: no figures presented related to Alpek
- 1Q24: accumulated figures for the three months ended March 31, 2024
- The Change in Net Debt also presents Alpek's Net Debt balance as "Net Debt from Discontinued Operations" at the close of 3Q24. Prior periods are not restated and following periods do not present Alpek's Net Debt balance.
SELECTED FINANCIAL INFORMATION (US $ MILLION)
(%) 1Q25 vs. | |||||
1Q25 | 4Q24 | 1Q24 | 4Q24 | 1Q24 | |
Volume SIGMA (kTons) | 446 | 454 | 449 | (2) | (1) |
| 245 | 247 | 243 | (1) | 1 |
| 89 | 95 | 91 | (6) | (3) |
| 85 | 82 | 88 | 3 | (3) |
Latam | 27 | 29 | 26 | (7) | 3 |
Revenue Alfa|SIGMA | 2,091 | 2,197 | 2,204 | (5) | (5) |
SIGMA | 2,064 | 2,166 | 2,170 | (5) | (5) |
| 1,008 | 1,027 | 1,078 | (2) | (6) |
| 508 | 585 | 546 | (13) | (7) |
| 396 | 388 | 398 | 2 | 0 |
Latam | 153 | 165 | 149 | (7) | 3 |
EBITDA Alfa|SIGMA 1 | 271 | 177 | 254 | 53 | 7 |
SIGMA | 220 | 222 | 264 | (1) | (17) |
| 146 | 123 | 176 | 19 | (17) |
| 8 | 40 | 14 | (80) | (43) |
| 53 | 43 | 59 | 22 | (10) |
Latam | 13 | 16 | 16 | (18) | (17) |
Comparable EBITDA Alfa|SIGMA 2 | 220 | 211 | 257 | 4 | (14) |
SIGMA | 220 | 214 | 264 | 3 | (17) |
Majority Net Income Alfa|SIGMA 3 | 178 | (311) | 60 | 157 | 197 |
SIGMA | 66 | 12 | 68 | ||
CAPEX & Acquisitions Alfa|SIGMA 4 | 47 | 121 | 41 | (61) | 15 |
SIGMA | 47 | 124 | 38 | (62) | 24 |
Net Debt Alfa|SIGMA 5 | 2,596 | 2,471 | 5,094 | 5 | (49) |
SIGMA | 1,975 | 1,821 | 2,084 | (8) | 5 |
Net Debt/EBITDA Alfa|SIGMA 6 | 2.6 | 2.5 | 3.5 | ||
SIGMA | 2.0 | 1.7 | 2.2 | ||
Interest Coverage Alfa|SIGMA 7 | 3.3 | 3.3 | 3.7 | ||
SIGMA | 4.6 | 5.0 | 5.9 | ||
1 EBITDA = Operating Income + depreciation and amortization + impairment of assets. |
2 Comparable EBITDA = Operating Income + depreciation and amortization + impairment of assets + extraordinary items. |
3 Majority Net Income includes Majority Net Income from Discontinued Operations (Alpek). |
4 Excludes divestments and Discontinued Operations (Alpek). |
5 Net Debt adjusted for Discontinued Operations (excluding Alpek) at the beginning of 3Q24; previous periods unchanged. |
6 Times. LTM= Last 12 months. |
7 Times. LTM= Last 12 months. Interest Coverage= EBITDA/Net Financial Expenses with Discontinued Operations for all periods. |
1Q25 EARNINGS CALL INFORMATION
Date: Thursday, April 24, 2025
Time: 2:00 p.m. EDT (NY) / 12:00 p.m. CST (CDMX)
Registration: https://us02web.zoom.us/webinar/register/WN_bMTFbXkwSYKyY_goQKXPBw
Replay: https://www.alfa.com.mx/en/events/
About Alfa|SIGMA
Alfa|SIGMA has simplified its corporate structure to concentrate on Sigma, a leading multinational food company that focuses on the production, marketing, and distribution of quality foods through recognized brands in
Disclaimer
This document contains forward-looking information based on numerous variables, expectations and assumptions that are inherently uncertain. They involve judgments with respect to, among other things, future economic, competitive and financial market conditions and future business decisions, all of which are difficult or impossible to predict accurately. Accordingly, future results are likely to vary from those set forth in this document. You should not place undue reliance on forward-looking information. All forward-looking information is made as of the date of this document, based on information available to us as of such date, and we assume no obligation to update any forward-looking information. Copyright© 2025 ALFA, S.A.B. de C.V. All rights reserved.
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SOURCE ALFA, S.A.B. de C.V.
FAQ
What is ALFA|SIGMA's Q1 2025 EBITDA and how does it compare to guidance?
How did the Torrente plant flooding impact ALFA|SIGMA's European operations in Q1 2025?
What was ALFA|SIGMA's dividend payout for Q1 2025?
What is ALFA|SIGMA's current credit rating following the Alpek spin-off?
