Gruma (GRUMA) Q2 2025 earnings summary

Executive summary

• Global leader in corn flour and tortilla production with $6.3B in sales and 75 plants worldwide as of 2Q25 LTM.

• Strong brand awareness and #1 or #2 market positions across major regions.

• Health-oriented product innovation drives low double-digit sales growth in new categories.

• Adapted to U.S. market uncertainty, maintaining resilient retail tortilla sales and positive food service trends.

• Asia & Oceania saw outstanding growth, especially from China, Australia, and Malaysia.

Financial highlights

• Net sales reached $6,576M and EBITDA $1,146M for 2Q25 LTM.

• EBITDA per ton increased to $264.7, reflecting improved profitability.

• Dividend payments and share buybacks continue, with $2,051M pesos in dividends and $172.1M in repurchases YTD 2025.

• EBITDA up 1% to $289.7M; EBITDA margin up 90 bps to 18.1%.

• Cost of sales decreased 6% to $970.1M; gross margin improved to 39.4%.

Outlook and guidance

• Margin improvement expected from higher-margin SKUs, healthier alternatives, and operational efficiencies.

• GIMSA anticipates growth from transition to nixtamalized corn flour and stable demand.

• U.S. volume and sales contraction expected to correct in the second half as consumer confidence improves.

• Central America volumes and revenues should revert to growth post-capacity investments.

• European and Asian markets present further growth opportunities, especially in tortillas and flatbreads.