Sigma Foods SAB

Good morning and welcome to the Sigma Foods first quarter 2026 earnings conference call. All participants are currently in listen-only mode. After 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. The replay will be available on Sigma Foods Investor Relations website later today. I will now turn the call over to Hernan Lozano, Sigma Foods IRO. Thank you, Operator.

and good morning to everyone joining us today. Further details regarding our first quarter results can be found in our press release and earnings presentation that were distributed yesterday. Both documents are available in the Investor Relations section of our website. Before we begin, please note that today's discussion will include forward-looking statements. These statements are based on current expectations and assumptions that are subject to risk and uncertainties. Actual results may differ materially. Sigma Foods undertakes no obligation to update these statements. It is my pleasure to participate in today's call together with Rodrigo Fernandez, Chief Executive Officer, and Roberto Olivares, Chief Financial Officer. Our agenda today is straightforward. Rodrigo will begin with a strategic and operational overview of the quarter. Roberto will then review our financial performance in more detail. and we will conclude with a Q&A session. With that, I'll turn the call over to Rodrigo.

Thank you, Hernan, and good morning, everyone. 2026 started on a strong note, with record first quarter volume and revenues, as well as the second highest comparable EBITDA for the period. Results were supported by disciplined execution, early signs of improvement in certain raw materials, and stronger currencies benefiting our operations outside the U.S. Sigma operates from a position of financial strength. Our investment-grade balance sheet has no material debt obligations over the next two years as we proactively refinance those maturities through successful issuance of a local NOX during the first quarter. From a capital allocation perspective, we recently held our first annual ordinary shareholders meeting at Sigma Foods. where shareholders approved total cash dividends of $150 million for 2026. This reflects our strong cash generation, which supports our balanced approach to drive growth while returning capital to our stakeholders. Disciplined investment in high-return strategic projects is fundamental to continue growing our core. Let me highlight several key developments on this front. In Mexico, we continue expanding jewelry capacity to meet strong demand. Our jewelry team has done an outstanding job, recently climbing to the number one position of this product theory nationwide. In the United States, we are advancing the expansion of our cheese operations in California, supporting the continued growth of our Hispanic brands as they gain traction in mainstream channels. In Europe, we are encouraged by the steady improvement in profitability and the progress of our capacity recovery in Spain. The expansion of La Ureba facility is almost complete, and our new package needs plants in Valencia is on track to start operations in 2027. Both projects are key to restoring lost capacity and further strengthening our competitive position through efficiencies. Turning briefly to the global microenvironment, Conditions remain fluid given the broad effects of the ongoing conflict in Iran. The recent spike in oil prices increases uncertainty and pressure for consumers across many markets. We are actively managing to mitigate short-term headwinds related to energy, plastic packaging, and transportation, among others. At the same time, we are encouraged by positive external developments around meet broad material costs and foreign exchange trends. Combined with the diversification and scale of our operations, these factors provide flexibility as well as we navigate the current environment. Overall, the balance of external headwinds and tailwinds remains supportive of our 2026 guidance, which remains unchanged. With that, I will now turn the call over to Roberto for a more detailed review of our first quarter financial results.