Sigma Foods SAB

Good morning. Welcome to the Sigma Foods fourth quarter 2025 earnings conference call. All participants are currently in listen only mode. For the company's prepared remarks, we will open the call for a question and answer session. As a reminder, today's call is being recorded. A replay will be available on Sigma Foods investor relations website following the conclusion of today's event. I will now turn the call over to Hernan Lozano, Sigma's IRO.

Thank you operator. And good morning to everyone joining us today. Before we begin, please note that today's discussion will include forward-looking statements. These statements are based on currently available information, expectations, and assumptions, which are subject to risks and uncertainties. Actual results may differ materially. Sigma Foods undertakes no obligation to update forward-looking statements. It is my pleasure to participate in today's call together with Rodrigo Fernandez, Sigma's CEO, and Roberto Olivares, Sigma's CFO. Our agenda today is straightforward. Rodrigo will provide a strategic and operational overview. Roberto will then take you through the financial results and 2026 guidance. We will conclude with a Q&A session. With that, I will turn the call over to Rodrigo.

Thank you, Irman, and good morning to everyone. I'm pleased to join you today for my first earnings call. I also look forward to connecting with many of you in person through a range of forums as we step up the investor engagement agenda initiated last year. I want to begin by acknowledging the exceptional work of more than 47,000 members worldwide. Their execution, resilience, and commitment enable a strong finish to 2025 across regions and categories. Let me highlight a few consolidated performance points. First, our revenues surpassed $9 billion for the first time, reaching $9.3 billion in 2025. Second, we delivered on our EBITDA guidance of $1 billion, making 2025 the second consecutive billion-dollar year. And third, our balance sheet remains strong, supported by robust investment grade credit ratings. A key advantage continues to be Sigma's diversified business model across regions, channels, brands and categories, which helped us navigate dynamic market conditions. Looking at performance by region, Mexico delivered outstanding results driven by commercial effectiveness and robust execution. Retail channels remain the primary growth engine, consistent with trends throughout the year. Dairy-led category performance and value brands gain momentum across income segments. In Europe, our team executed exceptionally well as we navigated temporary capacity constraints stemming from the torrente flooding, particularly early in the year. We protected market presence and customer service levels by relocating production across our network and trusted partners. Importantly, underlying profitability in Europe continues a clear upward trajectory. Comparable EBITDA surpassed 100 million for the first time since 2021. We also advanced our strategic European agenda by restructuring the fresh meat business in Spain. We signed an agreement that further sharpens our focus on branded products and improves fork supply traceability. In the US, the year was marked by continued penetration of Hispanic brands in mainstream channels, driven primarily by rising performance in key national accounts. Market dynamics remained fluid as consumers adjusted shopping patterns across channels. In Latin America, profitability continues to recover gradually with sequential EBITDA improvements driven by operational normalization effects. While cost pressures persisted in some countries, we are encouraged by continued operational discipline. Shifting gears towards strategic priorities or purpose, Delicious Food for a Better Life sets that direction and our strategy turns into action. grounded in four core priorities. First, grow and defend the core. We will continue doing what Sigma does exceptionally well on a large scale, serving consumers with trusted brands, strong execution, and a multi-channel commerce presence. Second, developing new sources of revenue. This includes core adjacent innovations and disruptive opportunities to the growth business unit. which is already demonstrating strong scaling potential in initiatives such as high-profile snacking and direct-to-consumer concepts. Third, strengthening the organization. This pillar is about building the culture and capabilities that help each team member perform at their best. It also includes investing in systems, modernization, marketing, and consumer-centric innovation platforms like the studio. And fourth, exploring the future. We're looking ahead to longer-term opportunities in food science, responsible protein, and consumer well-being priorities that will shape SGMA's next era of growth. Looking ahead into 2026, we expect to grow crop-added volume supported by an improving raw material environment and solid execution. We also strive to expand margin dreamed primarily by stabilization in protein markets and continued profitability improvement in Europe. And we will deploy CAPEX high-return projects, capacity expansion in the Americas, and capacity recovery in Spain. In sum, we anticipate another year of solid performance. In this context, I am pleased to inform you that the Board of Directors approved our plan to propose, at our annual shareholders' meeting, 2026 cash dividends totaling $150 million, payable in twist elements. Dividends will continue to be a key component of our capital allocation strategy. With that, I will turn the call over to Roberto.