Gruma (GRUMA) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 1% to $1.651B, while volume fell 2.1%; operating income declined 5% to $218.6M and adjusted EBITDA fell 4.2% to $280.3M, at a 17.0% margin.

• U.S. weakness and lower consolidated volume were partly offset by stronger results in Central America, Asia & Oceania, and Europe.

• 3Q26 LTM net sales were $6,515M and adjusted EBITDA was $1,096M, with a 16.8% margin across 77 plants.

Financial highlights

• COGS increased 1.5% and SG&A rose 4.3%; gross margin was 39.0%, down 30 bps, and operating margin was 13.2%, down 90 bps.

• Majority net income declined 1% to $131.6M; EPS increased 4% to $0.40.

• 9M net sales rose 3% to $4.925B; adjusted EBITDA declined 5% to $818.7M and majority net income fell 11% to $350.9M.

• 3Q26 LTM adjusted EBITDA per ton was $254; 2022–26 net sales and adjusted EBITDA CAGRs were 3% and 7%, respectively.

Outlook and guidance

• U.S. EBITDA margin guidance was revised to a 250 bps decline from 200 bps; consolidated margin guidance was revised to a 120 bps decline from 160 bps, excluding the $9M insurance gain.

• Food service volume stabilization is expected in Q4, later than previously anticipated; U.S. margin pressure is expected to stabilize with food service volumes.

• ~70% of 2027 corn needs are covered, with the remainder in the spot market; other raw materials are hedged through Q1, though input-cost inflation may pressure margins.

• Next-year CapEx is expected at $200M, including Central America capacity and storage in Europe and Australia; U.S. mix priorities include healthier, value-added products and operating efficiencies.