“GRUMA’S EBITDA GROWS 26% IN Q124, 82% FROM ITS OPERATIONS OUTSIDE MEXICO”.

• Net sales and EBITDA in Q124 stood at USD 1.647,3 billion and USD 264.4 million, respectively.
  
  
• Net sales from operations outside Mexico represented 71% of Gruma’s consolidated figures and an EBITDA of 82%.
  
  
• During the first quarter of 2024, the company invested USD 53 million, which it allocated primarily to its subsidiaries in the United States and Mexico.
  
  
• The company’s debt in Q124 stood at USD 1.902 billion, with a Net Debt-to-EBITDA ratio of 1.34x.
  
  

Mexico City, April 17, 2024. –Gruma reported its First Quarter 2024 results today. The Nuevo León multinational reported a 4% growth in Net Sales, a 26% increase in EBITDA, and a 46% growth in Net Profits compared to the same period in 2023.

Global demand and taste for Gruma’s products continue to grow and drive the company’s results. In the United States, Mission’s global healthy Better for You line maintains its solid growth rate in consumer tastes.

Results by Region

Gruma began 2024 with a solid growth trend, thanks to its operations outside Mexico and permanent innovation with the creation and launch of new tortilla presentations, primarily in the United States.

In the United States,the company’s largest market worldwide, Net Sales grew 2%, and EBITDA rose 15% in Q124 compared to Q123. These results were due to growing tortilla consumption trends, its varied uses among Hispanic and Anglo-Saxon consumers, and the ongoing recovery of the corn flour business secured through new customers and consumers.

In its European subsidiary, thanks to the demand and taste for Mission products and a significant commercial effort to expand tortilla distribution across the region, the company’s sales volume grew 8% in Q124, with EBITDA up 63%.

Regarding the Asia and Oceania region, high demand for products in China and Malaysia drove Gruma’s sales volume growth up 5%, with a 2% increase in sales in the reported quarter. EBITDA in this subsidiary was up 42%, with an EBITDA margin of 14.9%.

On the other hand, Gruma in Central America maintained its strong momentum in the distribution of more profitable products, reporting a 7% increase in sales compared to the first quarter of 2023, with EBITDA rising 29%.

Thus, in the first quarter of 2024, net sales from Gruma’s operations outside Mexico represented 71% of its consolidated figures, with EBITDA representing 82%.

The company began 2024 with a solid foundation in the markets it serves, implementing innovative strategies to enhance its profitability and produce healthy foods tailored to the tastes and habits of consumers in the regions of the world where it is present.

Financial Results Q124 vs Q123

At the end of the first quarter of the year, the company’s Sales Volumes tood at 1,075,000 metric tons.

The company’s Net Sales grew 4% compared to the same period in 2023, going from USD 1.585.6 billion to USD 1.647.3 billion. In the first quarter of 2024, Gruma sales in operations outside Mexico represented 71% of the company’s consolidated figures.

The multinational’s Operating Profit in the quarter mentioned above stood at USD 206 million, 31% higher than in the same period in 2023 when it stood at USD 157.8 million. Operating margin expanded by 250 basis points from 10.0% to 12.5% in Q124.

The multinational’s EBITDA at the end of the first quarter of the year stood at USD 264.4 million, 26% higher than the EBITDA reported in the same quarter of 2023, when it stood at USD 210.6 million. The EBITDA margin was 16.0% in Q124. EBITDA from operations outside Mexico represented 82% of the company’s consolidated figures.

Gruma’s Net Profit in the first quarter of 2024 was USD 111.0 million, 46% higher than the same quarter of 2023 when it was USD 75.8 million.

Gruma’s debt in Q124 remained stable at USD 1.902 billion due to lower working capital needs and debt amortization in previous quarters, leading to a net debt-to-EBITDA ratio of 1.34x.

During the period mentioned above of the year, Gruma, the Mexican company that is the world leader in the production of corn flour, tortillas and wraps,invested USD 53 million in capital projects primarily allocated as follows:

1. General updates and maintenance in all its subsidiaries, particularly in GIMSA Mexico.
2. Replacement of operations equipment in the U.S.

__ __ __