Profitability Outlook

Gross margins fell 51 basis points YoY, reflecting the lower‑margin mix, yet operating leverage improved by 47 basis points as operating expenses as a percentage of net sales were trimmed. The company’s net debt to adjusted EBITDA ratio reached 1.0× at quarter end, signalling a stronger balance sheet. In terms of guidance, INGM projects Q1 2026 net sales of $12.45 billion to $12.80 billion, a 2.8 % YoY increase, with gross profit expected between $840 million and $895 million and sequential margin improvement.