Gruma Sab De Cv Unsp/Adr (GMKKY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to GRUMA's second quarter 2026 earnings conference call. During today's call, all parties will be in a listen-only mode. Following the speaker's remarks, the conference will be open for questions. If you have a question, please press star 1 on your telephone keypad. Please press star 0 for any operator assistance. For participants using speaker equipment, it may be necessary to pick up your handset before making your selection. I would now like to turn the conference over to Mr. Adolfo Fritz. Thank you. Good morning and welcome to our second quarter 2026 conference call. We're pleased to be here and thankful for the opportunity to share our results with you. With me today, as always, are Mr. Raul Carrasos Morales, Plumas CFO, and Jorge Arancel Martinez, Plumas Corporate Finance VP. To start, we'll take a few minutes to share the fundamentals and results for the quarter, and then we'll open it up to any questions you may have. During the second quarter, performance was very solid and promising, not to a T of business and subsidiaries outside of the U.S. In Asia and Oceania, we significantly benefited from the revamped activity in Malaysia, our solid performance in China with an improving operating leverage combined with greater retail concentration in Australia. In Europe, our operation has exceeded our initial expectations with a wet acceptance of value-added products as we continue to grow our retail distribution footprint throughout the continent. In the U.S., our main subsidiary, the overall trend we've been seeing in the tortilla category continued, primarily spurred by price sensitivity and weak consumer sentiment. It was nearly failed to the food service channel, which was the main driver of...