SAN PEDRO GARZA GARCÍA, N.L. Mexico, April 23, 2024 /PRNewswire/ -- ALFA, S.A.B. de C.V. (BMV:ALFAA) ("ALFA") announced today its unaudited results for the first quarter of 2024 ("1Q24"). All figures have been prepared in accordance with International Financial Reporting Standards ("IFRS"). 1Q24 HIGHLIGHTS ALFA •  Álvaro Fernández Garza appointed Chairman of the Board of Directors, in   addition to his position as CEO of ALFA •  Alejandra Palacios Prieto appointed Independent Member of the Board of   Directors, with her mandate beginning on May 15, 2024 •  Paid US $48 million cash dividend as approved at Annual Shareholders'   meeting •  1Q24 Comparable EBITDA of US $411 million, up 4% year-on-year,   supported by volume growth at Sigma and Alpek Sigma •  Twelfth consecutive quarter of year-on-year sales growth supported by   record first quarter volume of 449 ktons, up 5% versus 1Q23 •  Record quarterly EBITDA of US $264 million, up 38% year-on-year led by   Mexico, U.S. and Europe •  Sustained improvement in Net Debt to EBITDA ratio; 2.2 times driven by   strong EBITDA generation (US $965 million last twelve months) Alpek •  Álvaro Fernández Garza appointed Chairman of the Board of Directors •  1Q24 volume up 4% year-on-year and 9% higher quarter-on-quarter,   mainly driven by the Polyester segment •  Comparable EBITDA of US $154 million, on track to reach full-year   Guidance of US $600 million •  Net Debt up 5% versus 4Q23 driven by investment in Net Working Capital   amid rising feedstock prices; reaffirm commitment to reduce net leverage   ratio of 3.7 times towards 2.5 times by year-end Message from ALFA's Chairman & CEO "With enthusiasm, I assumed the additional role as Chairman of the Board during the first quarter. I greatly appreciate our Shareholders' support for entrusting me with this important responsibility. We stand at a special time as ALFA celebrates its 50th Anniversary and focuses on completing its transformation. Over the past half-century, our Company has built a legacy that transcends both industry and community. It is a privilege to continue working with ALFA's Board and the entire team to fulfill our transformational vision which is based on independent Business Units. In terms of consolidated results, 1Q24 represents a better-than-expected start to the year, highlighted by double-digit EBITDA growth as our two key businesses benefitted from solid demand. Alpek reported higher 1Q24 volume driven by its Polyester segment. In addition, Asian reference polyester margins posted a slight sequential improvement even as feedstock prices rose versus 4Q23. Moreover, Alpek is on track with the implementation of its comprehensive plan to capture efficiencies across administrative functions and production facilities. First quarter Comparable EBITDA of US $154 million is in line with our petrochemical business' full-year guidance. Sigma reported its 12th consecutive quarter of year-on-year increase in Revenues and achieved an all-time high quarterly EBITDA of US $264 million. Robust growth across all regions contributed to this good performance. Record volume, a stronger Mexican Peso and favorable poultry prices were among the main drivers in 1Q24. Preferred brands are a crucial force behind Sigma's results by region. It is exciting to see Sigma further strengthening its portfolio by adding three of its dairy brands to the select group generating annual sales higher than US $100 million. La Chona®, Los Altos® and Nochebuena® recently surpassed this meaningful sales milestone, increasing the total number of 'Hundred-Million-Dollar' brands to 14 from 11. Another noteworthy Sigma development was the successful placement of Ps $10,000 million (approx. US $600 million) in local notes, also known as Certificados Bursátiles. The issuance was oversubscribed by 2.7 times and marks Sigma's return to the Mexican debt market after more than 15 years. Sigma is already working to place a new issuance under the same program during the second quarter to refinance a larger portion of its outstanding debt and extend its maturity profile. Sigma's robust financial position is fundamental to complete ALFA's transformation process. Moreover, Alpek is prepared to advance as an independent entity, given that the planned separation would not have any financial or operational impact on our petrochemical business. Debt reduction is a key element of ALFA's final transformation phase. Consolidated debt at the close of 1Q24 was US $5.094 billion, comprised of US $1.807 billion at Alpek and US $3.287 billion aggregate debt at ALFA and Sigma. The aggregate debt outside of Alpek needs to be reduced to maintain a healthy leverage supported by Sigma's EBITDA generation.