# GRUMA’s U.S. Adjusted EBITDA Falls 19% as Food-Service Demand Remains Weak

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/38854
Published: 2026-10-23T09:06:54.000Z
Updated: 2026-10-23T09:06:54.000Z
Section: Business

> Consolidated sales rose 1% to $1.65 billion, while adjusted EBITDA fell 4% as volume declined.

GRUMA, S.A.B. de C.V. saw U.S. adjusted EBITDA fall 19% in the third quarter. Food-service demand remained weak, volume declined, and the margin narrowed.

Across its business, net sales advanced 1% to $1.65 billion in the quarter ended Sept. 30, 2026, while volume declined 2% to 1.072 million metric tons. Currency translation and sales mix helped lift revenue. Adjusted EBITDA came to $280.3 million, down 4%; operating income decreased 5% to $218.6 million, and majority net income slipped 1% to $131.6 million.

In the U.S., volume contracted 4% to 372,000 metric tons, and sales were down 4% at $838.1 million. Adjusted EBITDA was $149.7 million. Its margin narrowed to 17.9% from 21.1% a year earlier. Food-service demand remained weak, while retail was comparatively more stable.

GRUMA’s consolidated operating margin declined to 13.2% from 14.1%, and its adjusted EBITDA margin eased to 17% from 17.9%. Cost of sales rose 2% to about $1.008 billion. Selling, general and administrative expenses increased 4% to $434.5 million, with labor, packaging, overhead, fuel, energy and distribution among the higher costs.

Some regional businesses posted gains in adjusted EBITDA. GIMSA in Mexico increased 4%, Europe rose 2%, and Asia and Oceania grew 22%. Central America recorded a 47% increase to $30.6 million; that quarter’s result included an extraordinary insurance gain.

Debt totaled $2.052 billion at quarter-end, 3% lower than on June 30. The net debt-to-adjusted-EBITDA ratio was 1.34, compared with 1.47 at the end of the prior quarter.

GRUMA makes tortillas and corn flour, with operations across the United States, Mexico, Central America, Europe, Asia and Oceania. Non-Mexican operations accounted for 70% of consolidated figures in the third quarter. The results were released Oct. 21.