Gruma reported third-quarter 2026 results on Oct. 21. Net sales rose 1% to US$1,650.6 million, which the company attributed mainly to a stronger Mexican peso and a better sales mix. Sales volume fell 2% to 1,072 thousand metric tons, driven mainly by the U.S. foodservice channel and lower volumes at most subsidiaries. Operating income fell 5% to US$218.6 million, and adjusted EBITDA fell 4% to US$280.3 million, with the margin down to 17.0% from 17.9%. Majority net income dipped 1% to US$131.6 million.
The U.S. business took the biggest hit. Gruma USA, which makes corn flour and tortillas, sold 372 thousand metric tons, down 4% from 388 thousand, and net sales fell 4% to US$838.1 million. Operating income dropped 22% to US$111.1 million, and adjusted EBITDA fell 19% to US$149.7 million, with the margin down to 17.9% from 21.1%. Gruma blamed lower foodservice volumes and a marginal decline in retail amid cautious consumer sentiment tied to inflation. It said retail was comparatively more resilient, supported by private label and value-added products. Cost of sales fell 1% on efficiencies, while higher logistics and marketing costs kept SG&A flat at US$243.6 million.
Most other units did better. Gruma's Mexican corn flour business, GIMSA, sold 2% less, at 531 thousand tons, because of lower activity in government programs, but its adjusted EBITDA rose 4% to US$55.5 million. In Europe, volume fell 6% to 100 thousand tons on weaker corn milling, while the tortilla business grew by a single-digit rate and adjusted EBITDA rose 2% to US$20.3 million. Adjusted EBITDA rose 22% in Asia and Oceania and 47% in Central America, where the figure includes an insurance gain.
Capital spending was US$68 million in the quarter. Gruma listed machinery and upgrades at GIMSA, replacement of operating equipment in the U.S., investments to help scale tortilla production in Mexico, and added capacity in Europe. The release does not name sites. Separately, a Chihuahua state decree limits Gruma's planned Delicias plant site to tortillas, tostadas, chips and baked goods, with output mainly for the U.S., according to the local mayor. Gruma's debt fell 3% from June to US$2.1 billion, and net debt to adjusted EBITDA declined to 1.3 times.
Soft U.S. foodservice demand also weighed on Gruma's second-quarter results, and the company said the third quarter looked much like the first half of the year. Gruma's conference call on the results is set for Oct. 22 at 12:30 p.m. Eastern. Read the full release for segment detail.
GRUMA Mission Foods