Sigma Foods SAB de CV (SIGMAFA.MX)

Research evidence excerpt

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15 Sep 2026 07:33:06 ET │ 17 pages

Sigma Foods SAB de CV

(SIGMAFA.MX)

US NielsenIQ Data September 5th

CITI'S TAKE

The latest 4-wks Nielsen read (through Sep 5) showed Sigma sales growth

underperforming the industry, with sales down -6.1%YoY (vs -5.0%YoY

industry), with supportive pricing of +1.5% (vs -0.3% industry) partially

offsetting volumes weakness of -7.5% (vs -4.7% industry). In the last 12wks, Sigma Foods’ market share remained pressured (-6bpsYoY), dragged

by processed meat (-37psYoY share loss), which continued to overshadow

the solid performance of remaining categories (prepared foods +67bpsYoY,

cheese +30bpsYoY, and lunchmeat +2bpsYoY). Sigma’s promotional

intensity in the last 12-wks contracted -4.8p.p.YoY, further narrowing the

gap to industry levels (-1.7p.p. gap to industry vs -2.1p.p. in the last read).

Processed Meat: Pressured Volumes and Pricing. Processed Meat (48% of US

sales) volumes went down -9.1%YoY in the past 4-wks (vs -5.9%YoY industry), while

pricing remained weak at -3.5% (vs -3.4% industry), dragging sales down -12.3% (vs

-9.1% industry). Sigma sales growth underperformed the industry by -460bps over

the last 12-wks, driving market share down -37bpsYoY.

n

Buy

Price (14 Sep 26 14:00)

P$18.34

Target price

P$21.00

Expected share price return

14.5%

Expected dividend yield

3.8%

Expected total return

18.3%

Market Cap

P$101,869M

US$5,944M

Price Performance

(RIC: SIGMAFA.MX, BB: SIGMAFA MF)

Lunchmeat: Supportive Pricing, Weak Volumes. Lunchmeat (32% of US sales)

sales growth slightly underperformed the industry in the last 4-wks (-4.0% vs -3.3%

industry), as persistent volume weakness (-8.3% vs -4.8% industry) offset a

supportive pricing (+4.7% vs +1.6% industry). Sigma sales growth outperformed the

industry by +50bps in last 12-wks, with market share slightly up in the period

(+2bpsYoY).

Cheese: Positive Volumes. Cheese (13% of US sales) sales kept outperforming at

+5.0%YoY (vs -2.4%YoY industry) in the last 4-wks, reflecting solid volumes of

+4.4% (vs -3.0% industry) and muted pricing (+0.6% vs +0.6% industry). Sigma

outperformed the category sales growth in the last 12-wks by +980bps, translating

…