BeFra Reports Fourth Quarter 2025 Results
GUADALAJARA, Mexico--( BUSINESS WIRE)--Betterware de México, S.A.P.I. de C.V. (NYSE:BWMX) ("BeFra" or the "Company"), announced today its consolidated financial results for the fourth quarter 2025. The figures presented in this report are expressed in nominal Mexican Pesos (Ps.) unless otherwise noted, presented and approved by the Board of Directors, prepared in accordance with IFRS, and may include minor differences due to rounding.
Message from the President and CEO
As we close the fourth quarter and full year 2025, we reflect on a year not marked by robust growth, but that highlighted the resilience of our business model, despite a year marked by macroeconomic volatility, socio-political uncertainty, and softer consumption trends across our core markets.
Although net sales increased only slightly for both the quarter and full year, the performance of our business units continued to recover after a difficult 1Q25. JF Mexico continues to grow, BW Mexico progressively recovered from a weak start to the year, JF US delivered its first “back to growth” quarter, and BW Latam continues to deliver strong QoQ growth, validating the portability of our brand to new Latam markets.
Profitability also recovered throughout the year, underpinned by disciplined expense management and despite extraordinary FX-related impacts to our Gross Margin in Q4, as well as growth investments in international expansion and related M&A fees. When excluding these effects, underlying profitability fundamentals (external and internal) of our business remain healthy and consistent.
Cash generation remained a core strength of the business, as we closed the year with an 83% EBITDA cash conversion, thanks to core profitability and still improving inventory control. This financial discipline has enabled us to further deleverage the balance sheet, continue returning cash to shareholders through consistent dividends, and provide significant balance sheet flexibility for future growth.
Finally, as we recently announced, the completion of the Tupperware Latam deal is set to advance our strategy of adding Great Brands that we can grow with BeFra’s proven model. Aside from being substantially accretive, the acquisition accelerates our ability to exploit many market opportunities throughout Latin America, including establishing a solid foothold in the Brazilian market. Tupperware’s operations will also enable us to strengthen our supply chain by nearshoring production, among other value-added benefits.
As we enter 2026, we do so from a position of strength, with improving commercial trends, strong underlying profitability, and an increasingly stronger balance sheet. The five pillars we have laid out for our 2025-2030 strategic expansion remain more relevant than ever and will enable us to consistently deliver value to shareholders and other stakeholders alike. Today more than ever, we feel confident on our ongoing belief that “The best is yet to come”.
Andrés Campos Chevallier
President and CEO BeFra Group
Q4 2025 Select Consolidated Financial Information
Q4
FY
Results in ‘000 MXN
2025
2024
2025
2024
Net Revenue
$3,825,539
$3,778,469
1.2%
$14,264,632
$14,100,758
1.2%
Gross Margin
65.0%
67.3%
-233 bps
66.6%
67.9%
-130 bps
EBITDA
$726,463
$510,323
42.4%
$2,662,689
$2,078,394
28.1%
EBITDA Margin
19.0%
13.5%
549 bps
18.7%
14.7%
397 bps
Adj. EBITDA
$726,463
$771,596
-5.8%
$2,662,689
$2,774,697
-4.0%
Adj. EBITDA Margin
19.0%
20.4%
-142 bps
18.7%
19.7%
-104 bps
Net Income
$249,851
$225,305
10.9%
$1,042,756
$711,728
46.5%
Adj. Net Income
$249,851
$436,664
-42.8%
$1,042,756
$1,219,280
-14.5%
EPS
6.70
6.04
10.9%
27.94
19.07
46.5%
Adj. EPS
6.70
11.70
-42.8%
27.94
32.66
-14.5%
Free Cash Flow
$1,132,307
$548,430
106.5%
$2,222,191
$1,783,901
24.6%
Net Debt / Adj. EBITDA
1.56
1.76
1.56
1.76
Interest Coverage
4.16
3.46
4.16
3.46
Associates
Avg. Base
1,132,220
1,196,417
-5.4%
1,126,867
1,179,058
-4.4%
EOP Base
1,125,605
1,180,458
-4.6%
1,125,605
1,180,458
-4.6%
Distributors
Avg. Base
62,665
62,727
-0.1%
62,756
64,654
-2.9%
EOP Base
61,206
63,339
-3.4%
61,206
63,339
-3.4%
Revenue: Consolidated net revenue increased 1.2% in the quarter, with JF Mexico continuing to grow, BW Mexico narrowing its decline, and JF US returning to growth for the first time. BeFra finished the year with growth that was at the low end of management’s expectations, but which has continued to strengthen on various fronts, despite a volatile year. Although the associate base closed the year slightly lower, this was offset by higher productivity levels achieved through a new VIP program and incentives.
Profitability: EBITDA for the quarter remained strong, with a 19.0% margin, although decreasing 5.8% YoY due to temporary Gross Margin impacts in both the Betterware and Jafra Mexico businesses, as explained in their respective sections below. The margin decrease during 2025 was mainly due to an unusually weak first quarter, but there was a progressive recovery throughout the remainder of the year. It is also relevant to note that Adjusted Net Income for the year decreased 14.5%, although the YoY comparison was affected by an almost Ps. 200 million positive “mark to market” non-cash accounting effect of derivative positions in 2024; as a reminder, BeFra switched to derivative accounting in 2025, which accounted for derivatives under COGS in 2025. Without that change, FY Adjusted Net Income would have grown 2.2%.
Cash generation: BeFra continued to deliver strong Free Cash Flow in both the quarter and year, with more than 83% of EBITDA converted to cash for the year, boosted by a reduction of excess inventory that represented Ps. 459 million in cash. This adds to BeFra’s historical ability to generate strong free cashflow despite volatile markets, and marks an important year in which the Company approaches optimal inventory levels. Going forward, cashflow is expected to normalize to a historical 60-65% of EBITDA levels.
Value Creation: As a result of the year, and despite the effects of 1Q25 on profitability, shareholder return ratios are strengthening, with ROIC trending back toward 25% and ROTA approaching 20%.
Financial Performance
Balance sheet at the end of Q4 2025.
Liquidity ratios
Asset Light Business – Low fixed cost structure
As previously noted, BeFra’s cash flow is normalizing toward the company’s underlying operating cash cycle following the one-off items and macro volatility experienced in 1Q25. Importantly, cash generation showed a tangible improvement toward the end of the year, reinforcing the resilience of the business model.
Q4 2025
Q4 2024
∆
Q4 2025
Q4 2024
∆ bps
Current Ratio
0.92
1.09
-15.6%
Fixed Assets / Total Assets
17.9%
17.2%
71 bps
TTM FCF / Adj. EBITDA
83.3%
64.3%
1,897 bps
TTM Variable Cost Structure
74.0%
76.5%
-250 bps
CCC (days)
56
41
+15 days
TTM Fixed Cost Structure
26.0%
23.5%
250 bps
TTM SG&A / Net Revenues
45.8%
47.5%
-174 bps
Return on Investment
Debt Leverage
BeFra has consistently delivered solid returns on invested capital. After a challenging first quarter, results recovered throughout the year, supported by improved execution and profitability, and the Company closed the fourth quarter with meaningful improvements in overall returns and operating efficiency. While some metrics still reflect the impact of 1Q25, management views this as temporary and remains confident in the long-term value creation of BeFra’s business model.
eFra’s current leverage profile reflects a disciplined and deliberate capital structure strategy focused on maintaining financial flexibility and balance sheet strength. Throughout the year, the Company remained firmly committed to its deleveraging roadmap, supported by solid cash generation and prudent financial management.
During the fourth quarter, BeFra settled its outstanding bond. As a result, leverage levels continued to improve, reaching a Net Debt-to-EBITDA ratio of 1.56x.
It is also important to highlight that the Company’s mainly variable interest rate debt structure should be positively impacted by declining interest rates in Mexico.
Q4 2025
Q4 2024
∆
Q4 2025
Q4 2024
∆%
Equity Turnover
10.62
12.13
-12.4%
1.67
1.86
-10.2%
ROIC
24.8%
26.6%
-180 bps
1.56
1.76
-11.4%
ROE
77.6%
61.2%
1,640 bps
4.16
3.46
20.2%
ROTA
19.8%
12.4%
740 bps
Dividend/EBITDA
31.9%
36.0%
-410 bps
*Current Ratio = Total current assets / Total current liabilities
*CCC (Cash Conversion Cycle) = DSO + DIO – DPO
*Equity Turnover = Net Revenues TTM / Equity
*ROIC = NOPAT TTM / Operating Assets
*ROE = Net income TTM / Stockholders Equity
*ROTA = Net Income TTM / (Cash + Accounts Receivable + Inventories + Fixed Assets)
*Calculation of Dividend Yield Using the Closing Price on December 31, 2025, which was $14.21
*Debt to EBITDA = Total Debt / EBITDA TTM
* Net Debt to EBITDA = (Total Debt - Cash and cash equivalents) / EBITDA TTM
*Interest Coverage = Operating income TTM / Interest expense TTM
*Dividend/EBITDA = Dividend payout TTM / EBITDA TTM
Capital Allocation
Quarterly Dividends: Considering BeFra’s results to date, the board of directors remains committed to enhancing shareholder value through quarterly dividends. Accordingly, it has proposed another Ps. 200 million dividend to be paid in Q1 2026, pending approval at the Ordinary General Shareholders’ Meeting. This would represent the 24th consecutive quarter paying dividends since BeFra’s IPO.
2025 Guidance: BeFra met its revised revenue guidance of 1–5% at the low end of this range, while EBITDA came in below guidance, primarily reflecting the aforementioned one-time gross margin accounting effects that are not expected to occur again in 2026. Notably, BeFra exceeded its internal Free Cash Flow and debt reduction targets, which further strengthened its financial position and supports future growth and returns.
2026 Guidance: For 2026, BeFra is well positioned for a strong year in terms of revenue and cash generation, as momentum was building up as 2025 came to a close. This guidance does not reflect the operations and future contributions of the pending acquisition of Tupperware Latam, which we expect to complete during the second quarter of the year. Once the transaction closes, the Company will update its 2026 guidance.
2026
2025
Var %
Net Revenue
$14,800 - $15,400
$14,265
4.0% - 8.0%
* Figures in millions Ps.
In terms of EBITDA, we expect our margin to be at least 19%, with the potential to expand.
Q4 2025 Financial Results by Business
Betterware Mexico & Subs
Key Financial and Operating Metrics
Q4
FY
Results in ‘000 MXN
2025
2024
2025
2024
Net Revenue
$1,474,205
$1,494,855
-1.4%
$5,723,449
$5,991,834
-4.5%
Gross Margin
52.6%
57.2%
-462 bps
55.0%
57.1%
-209 bps
EBITDA
$263,529
$330,075
-20.2%
$1,128,436
$1,296,538
-13.0%
EBITDA Margin
17.9%
22.1%
-420 bps
19.7%
21.6%
-189 bps
Free Cash Flow
$383,800
-$55,396
792.8%
$746,411
$381,777
95.6%
Associates
Avg. Base
667,086
693,666
-3.8%
661,517
704,433
-6.1%
EOP Base
654,680
674,654
-3.0%
654,680
674,654
-3.0%
Monthly Activity Rate
65.2%
64.8%
41 bps
65.0%
66.3%
-133 bps
Avg. Monthly Order
1,971
$2,158
-8.7%
1,967
$2,068
-4.9%
Distributors
Avg. Base
42,156
43,585
-3.3%
42,115
44,016
-4.3%
EOP Base
40,723
42,608
-4.4%
40,723
42,608
-4.4%
Monthly Activity Rate
98.3%
96.7%
160 bps
98.3%
97.8%
52 bps
Avg. Monthly Order
20,690
$22,945
-9.8%
$20,419
$22,432
-9.0%
Highlights
Revenue: While Betterware’s annual net revenue declined year over year, primarily reflecting the weak start to the year that included softer national consumption levels, its trend improved sequentially as the year progressed, with the gradual recovery continuing in 2026. It is important to point out that 2025 was the first year since COVID to achieve net growth in the associate base between 1Q to 4Q, signaling a sustained recovery trend. Management believes that this recent traction was a result of revamping Betterware’s core product categories, like home organization, together with improved technology, more cutting-edge incentives, and more disciplined field management.
Profitability: The fourth quarter EBITDA margin contracted 420 bps YoY, mainly affected by a Gross Margin contraction that was affected by temporary FX-related impacts on inventory valuation (-310 bps) and losses from derivative positions (-140 bps), due to a stronger-than-expected peso. These items pressured reported Gross Margin and EBITDA in the period and affected YoY comparability; however, Betterware’s underlying operating margin remains solid, and margins are expected to normalize in the coming quarters. It is important to note that Betterware’s expansion in Latin America is still affecting EBITDA, impacting it by -Ps. 17.8 million in Q4 and -Ps. 43.5 million during 2025. When excluding the investments in geographic expansion and the Tupperware transactions fees, Betterware’s EBITDA margin for the year would have been 21.2%. It is also important to point out that recently announced import tariffs applied to Chinese manufactured products in Mexico had a limited effect on the business, impacting Gross Margin by only 0.6%. Nevertheless, management is proactively implementing initiatives across sourcing, design, and pricing efficiencies to protect margins and minimize any impact of future tariffs.
Cash generation and operations: Strong free cash flow generation was driven by steady profitability and disciplined working capital management derived from a structural optimization of Betterware’s inventory. Excess inventory was reduced by more than 50% during the year, releasing over Ps. 270 million in cash and positioning the business with a leaner inventory base and improved operating efficiency going forward.
BW Latam expansion: International subsidiaries continued to contribute positively, with Andean and Central American operations outperforming expectations and further diversifying the revenue mix. While the total weight of these operations was only 0.6% of revenues in the quarter, both operations continue to grow at a fast pace, with Guatemala achieving 81% YoY growth and Ecuador achieving 55% growth versus the prior quarter.
2026 Focus: Betterware exited 2025 with improving commercial momentum, a healthier balance sheet, and a more efficient operating structure. Management remains focused on innovation, digital enablement of the sales force, lower inventory levels, as well as continued regional expansion to support sustainable and profitable growth.
Jafra Mexico
Key Financial and Operating Metrics
Q4
FY
Results in ‘000 MXN
2025
2024
2025
2024
Net Revenue
$2,112,869
$2,038,993
3.6%
$7,588,698
$7,183,823
5.6%
Gross Margin
72.2%
74.1%
-190 bps
74.2%
76.3%
-202 bps
EBITDA
$452,697
$179,357
152.4%
$1,550,523
$790,073
96.3%
EBITDA Margin
21.4%
8.8%
1,263 bps
20.4%
11.0%
943 bps
Adj. EBITDA
$452,697
$440,630
2.7%
$1,550,523
$1,486,377
4.3%
Adj. EBITDA Margin
21.4%
21.6%
-18 bps
20.4%
20.7%
-27 bps
Free Cash Flow
$731,368
$599,086
22.1%
$1,419,531
$1,378,492
3.0%
Associates
Avg. Base
438,864
476,211
-7.8%
439,233
445,323
-1.4%
EOP Base
444,244
480,532
-7.6%
444,244
480,532
-7.6%
Monthly Activity Rate
50.1%
49.9%
16 bps
50.0%
51.5%
-153 bps
Avg. Monthly Order
$2,702
$2,439
10.8%
$2,542
$2,327
9.2%
Distributors
Avg. Base
19,006
18,889
0.6%
19,036
18,885
0.8%
EOP Base
19,063
19,093
-0.2%
19,063
19,093
-0.2%
Monthly Activity Rate
94.0%
94.6%
-62 bps
94.2%
94.3%
-9 bps
Avg. Monthly Order
$3,166
$2,758
14.8%
$2,947
$2,635
11.8%
Highlights
Revenue: Net revenue increased YoY and QoQ, with the fourth quarter being the best in Jafra’s history. This performance reflects continued solid commercial execution and was achieved despite a challenging consumption environment. Growth was also driven by higher average order value and improved consultant productivity, while the field base experienced a slight contraction, due to special productivity incentives that were implemented throughout the year. Jafra Mexico will continue working toward re-balancing growth between productivity and base expansion. Brand renovation initiatives across over 70% of Jafra’s main product lines, together with continued innovation, and improved field management, also helped maintain the growth trend at Jafra Mexico.
Profitability: Adjusted EBITDA margin remained stable for the quarter and for the year, which helped Jafra Mexico convert revenue growth into improved profitability. The business has deliberately invested some gross margin points into growing underperforming beauty categories, such as skincare and body care. Fourth-quarter gross margin contracted by 190 bps, a decrease mostly driven by a 130 bps impact from a full-year accounting reclassification of promotional expenses to a line above net revenue. However, the reclassification did not affect overall EBITDA performance in the quarter.
Cash generation and operations: Cash flow remained solid, increasing over 3% YoY and 22% QoQ, achieved by tight expense management and lower capital deployment during the period. A continued focus on working capital discipline and improved demand planning helped maintain lean inventory levels and further strengthen liquidity and balance sheet flexibility.
2026 Focus: Jafra Mexico continues to be one of the Group’s most resilient growth engines, despite beauty market headwinds. Brand strength, innovation cadence, and consistent field engagement are what position the business for sustainable growth and margin stabilization. Management remains focused on further strengthening the brand, improving merchandise planning, product innovation, and rolling out enhanced technology.
Jafra US
Key Financial and Operating Metrics
Q4
FY
Results in ‘000 MXN
2025
2024
2025
2024
Net Revenue
$238,465
$244,620
-2.5%
$952,485
$925,101
3.0%
Gross Margin
77.4%
73.1%
434 bps
76.1%
73.5%
261 bps
EBITDA
$10,237
$891
1048.9%
-$16,270
-$8,217
98.0%
EBITDA Margin
4.3%
0.4%
390 bps
-1.7%
-0.9%
-81 bps
Free Cash Flow
$17,139
$4,739
261.7%
$56,249
$23,632
138.0%
Q4
FY
Results in ‘000 USD
2025
2024
2025
2024
Net Revenue
$12,996
$12,190
6.6%
$49,624
$50,615
-2.0%
Gross Margin
77.4%
73.1%
434 bps
76.1%
73.5%
261 bps
EBITDA
$556
$44
1164.1%
-$790
-$458
-72.4%
EBITDA Margin
4.3%
0.4%
388 bps
-1.6%
-0.9%
-69 bps
Associates
Avg. Base
26,270
26,540
-1.0%
26,117
29,302
-10.9%
EOP Base
26,681
25,272
5.6%
26,681
25,272
5.6%
Monthly Activity Rate
48.9%
44.5%
440 bps
48.9%
43.6%
530 bps
Avg. Monthly Order
$222
$248
-10.5%
$230
$234
-1.7%
Distributors
Avg. Base
1,503
1,786
-15.8%
1,605
1,754
-8.5%
EOP Base
1,420
1,638
-13.3%
1,420
1,638
-13.3%
Monthly Activity Rate
95.1%
85.5%
960 bps
91.7%
87.8%
390 bps
Avg. Monthly Order
$197
$219
-10.0%
$208
$225
-7.6%
Highlights
Revenue: Net revenue increased QoQ, reflecting early benefits from the commercial turnaround strategy and improved field engagement. Growth was supported by stronger consultant productivity and a sequentially growing consultant base. It is important to highlight that Q4 was the businesses first quarter of YoY growth in USD, another encouraging sign of a sustainable turnaround and transition to a new phase of growth.
Profitability: The business returned to profitability during the year, marking an important milestone in the turnaround. While results were partially affected by legal expenses incurred prior to BeFra’s ownership, underlying performance improved meaningfully as operating efficiencies, tighter cost controls, and better fixed-cost absorption supported margin recovery. If not for the legal expenses, EBITDA for the year would have been $869K USD, with an EBITDA margin of 1.8%.
Cash generation & operations: Despite lower EBITDA levels versus the prior year, free cash flow improved significantly, driven by disciplined expense management and leaner working capital.
2026 Focus: Jafra US is transitioning from stabilization to growth, supported by a leaner operating structure and improving commercial fundamentals, providing a stronger foundation for sustainable growth in profitability.
Appendix
Financial Statements
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Final Position
As of December 31, 2025 and 2024
(In Thousands of Mexican Pesos)
Dec 2025
Dec 2024
Assets
Cash and cash equivalents
311,914
296,558
Trade accounts receivable, net
1,197,877
1,133,093
Accounts receivable from related parties
282
250
Account receivable "San Angel"
78,862
121,082
Inventories
2,045,654
2,505,093
Prepaid expenses
111,005
87,682
Income tax recoverable
84,149
98,265
Derivative financial instruments
0
108,846
Non-current assets held for sale
33,800
40,000
Other assets
81,149
147,329
Total current assets
3,944,692
4,538,198
Account receivable "San Angel"
24,689
90,540
Property, plant and equipment, net
1,716,951
1,801,475
Right of use assets, net
336,588
314,023
Deferred income tax
455,085
525,086
Intangible assets, net
1,503,887
1,570,223
Goodwill
1,599,718
1,599,718
Other assets
14,414
14,504
Total non-current assets
5,651,332
5,915,569
Total assets
9,596,024
10,453,767
Liabilities and Stockholders’ Equity
Short-term debt and borrowings
1,024,467
1,156,084
Accounts payable to suppliers
1,799,883
2,156,715
Accrued expenses
344,893
380,835
Provisions
733,887
748,918
Value added tax payable
93,917
71,192
Trade accounts payable to related parties
0
1,237
Statutory employee profit sharing
148,672
139,255
Lease liability
134,730
110,252
Derivative financial instruments
26,238
Total current liabilities
4,306,687
4,764,488
Employee benefits
147,991
128,312
Deferred income tax
493,258
495,117
Lease liability
221,975
234,343
Long term debt and borrowings
3,083,187
3,668,859
Total non-current liabilities
3,946,411
4,526,631
Total liabilities
8,253,098
9,291,119
Stockholders’ Equity
Capital stock
321,312
321,312
Share premium account
-25,264
-25,264
Retained earnings
1,084,258
892,398
Other comprehensive income
-35,561
-24,076
Non-controlling interest
-1,819
-1,722
Total Stockholders’ Equity
1,342,926
1,162,648
Total Liabilities and Stockholders’ Equity
9,596,024
10,453,767
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the three-months ended December 31, 2025 and 2024
(In Thousands of Mexican Pesos)
Q4 2025
Q4 2024
∆%
Net revenue
3,825,539
3,778,468
1.2%
Cost of sales
1,339,342
1,234,902
8.5%
Gross profit
2,486,197
2,543,566
-2.3%
Administrative expenses
580,152
779,834
-25.6%
Selling expenses
1,088,186
1,090,460
-0.2%
Distribution expenses
187,904
174,219
7.9%
Total expenses
1,856,242
2,044,513
-9.2%
Other expenses - Sale of fixed assets
0
94,692
Operating income
629,955
404,361
54.1%
Interest expense
-118,757
-155,811
23.8%
Interest income
4,639
9,264
-49.9%
Unrealized gain (loss) in valuation of financial derivative instruments
0
3,377
Foreign exchange loss, net
6,908
43,534
-84.1%
Financing cost, net
-107,210
-99,636
7.6%
Income before income taxes
522,745
304,725
71.5%
Income taxes
270,952
79,674
240.1%
Net income including minority interest
251,793
225,051
11.9%
Non-controlling interest gain (loss)
-1,942
254
-864.6%
Net income
249,851
225,305
10.9%
Concept
Q4 2025
Q4 2024
∆%
Net income
251,793
225,051
11.9%
(+) Income taxes
270,952
79,674
240.1%
(+) Financing cost, net
107,210
99,636
7.6%
(+) Depreciation and amortization
96,508
105,962
-8.9%
EBITDA
726,463
510,323
42.4%
EBITDA margin
19.0%
13.5%
(+) Other expenses - Sale of fixed assets
0
94,692
(+) Impairment of fixed assets
0
166,581
-96.3%
EBITDA adjusted
726,463
771,596
-5.8%
EBITDA margin adjusted
19.0%
20.4%
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the twelve-months ended December 31, 2025 and 2024
(In Thousands of Mexican Pesos)
FY 2025
FY 2024
∆%
Net revenue
14,264,632
14,100,758
1.2%
Cost of sales
4,758,123
4,520,223
5.3%
Gross profit
9,506,509
9,580,535
-0.8%
Administrative expenses
2,466,537
2,702,876
-8.7%
Selling expenses
4,064,259
3,997,917
1.7%
Distribution expenses
702,559
663,812
5.8%
Total expenses
7,233,355
7,364,605
-1.8%
Other expenses - Sale of fixed assets
0
529,722
Operating income
2,273,154
1,686,208
34.8%
Interest expense
-540,976
-639,705
-15.4%
Interest income
34,090
22,818
49.4%
Unrealized loss in valuation of financial derivative instruments
0
156,766
Foreign exchange gain (loss), net
-28,773
-45,305
-36.5%
Financing cost, net
-535,659
-505,426
6.0%
Income before income taxes
1,737,495
1,180,782
47.1%
Income taxes
694,680
469,260
48.0%
Net income including minority interest
1,042,815
711,522
46.6%
Non-controlling interest gain (loss)
-59
206
-128.6%
Net income
1,042,756
711,728
46.5%
Concept
FY 2025
FY 2024
∆%
Net income
1,042,815
711,522
46.6%
(+) Income taxes
694,680
469,260
48.0%
(+) Financing cost, net
535,659
505,426
6.0%
(+) Depreciation and amortization
389,535
392,186
-0.7%
EBITDA
2,662,689
2,078,394
28.1%
EBITDA margin
18.7%
14.7%
(+) Other expenses - Sale of fixed assets
0
529,722
(+) Impairment of fixed assets
0
166,581
EBITDA adjusted
2,662,689
2,774,697
-4.0%
EBITDA margin adjusted
18.7%
19.7%
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Cash Flows
For the twelve-months ended December 31, 2025 and 2024
(In Thousands of Mexican Pesos)
FY 2025
FY 2024
Cash flows from operating activities:
Profit for the period
1,042,815
711,522
Adjustments for:
Income tax expense recognized in profit of the year
694,680
469,260
Depreciation and amortization of non-current assets
389,535
392,186
Impairment of fix asset
6,200
166,581
Interest income recognized in profit or loss
-34,090
-22,818
Interest expense recognized in profit or loss
540,976
639,705
Gain of property, plant, equipment sale
-8,615
528,730
Unrealized loss (gain) in valuation of financial derivative instruments
108,846
-156,766
Currency effect
26,964
-16,711
Movements in not- controlling interest
-156
117
Other gains and losses
-15,372
0
Movements in working capital:
Trade accounts receivable
-64,784
-60,638
Trade accounts receivable from related parties
-32
-146
Trade account receivable "San Angel"
108,071
0
Inventory, net
462,656
-470,959
Prepaid expenses and other assets
40,845
122,003
Accounts payable to suppliers and accrued expenses
-396,925
419,023
Provisions
-15,031
-55,830
Value added tax payable
22,725
-47,169
Statutory employee profit sharing
9,417
6,400
Trade accounts payable to related parties
-1,237
1,237
Income taxes paid
-608,062
-819,247
Employee benefits
19,679
-9,350
Net cash generated by operating activities
2,329,105
1,797,130
Cash flows from investing activities:
Payment of 30% by Guatemala shares
-896
0
Payments for property, plant and equipment, net
-114,374
-181,503
Proceeds from disposal of property, plant and equipment, net
7,460
168,274
Commission for the sale of properties
0
-10,055
Interest received
34,090
22,818
Net cash used in investing activities
-73,720
-466
Cash flows from financing activities:
Repayment of borrowings
-6,257,700
-3,319,600
Proceeds from borrowings
5,540,700
3,027,100
Interest paid
-502,458
-603,391
Lease payment
-170,571
-155,361
Dividends paid
-850,000
-998,054
Net cash used in financing activities
-2,240,029
-2,049,836
Net increase (decrease) in cash and cash equivalents
15,356
-253,172
Cash and cash equivalents at the beginning of the period
296,558
549,730
Cash and cash equivalents at the end of the period
311,914
296,558
Key Operating Metrics
Betterware Mexico
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Associates
Avg. Base
694,277
693,666
645,359
657,317
675,696
667,086
EOP Base
700,893
674,654
649,076
670,349
667,501
654,680
Monthly Activity Rate
66.3%
64.8%
65.5%
65.6%
63.3%
65.2%
Avg. Monthly Order
$2,034
$2,158
$2,152
$2,153
$2,043
$1,971
Monthly Growth Rate
15.7%
14.3%
18.7%
16.6%
16.1%
17.3%
Monthly Churn Rate
15.6%
15.6%
19.5%
15.6%
16.3%
18.0%
Distributors
Avg. Base
44,639
43,585
41,202
42,062
43,220
42,156
EOP Base
43,939
42,608
41,810
43,292
42,673
40,723
Monthly Activity Rate
98.0%
96.7%
97.9%
98.8%
97.9%
98.3%
Avg. Monthly Order
$21,531
$22,945
$22,534
$22,347
$20,752
$20,690
Monthly Growth Rate
10.4%
8.7%
9.8%
10.7%
9.6%
9.2%
Monthly Churn Rate
11.2%
10.3%
11.2%
9.4%
10.1%
10.8%
Jafra Mexico
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Associates
Avg. Base
403,340
476,211
468,356
438,041
411,670
438,864
EOP Base
421,073
480,532
446,998
429,472
405,599
444,244
Monthly Activity Rate
51.6%
49.9%
50.5%
49.8%
49.4%
50.1%
Avg. Monthly Order
$2,347
$2,439
$2,419
$2,495
$2,552
$2,702
Monthly Growth Rate
12.0%
13.2%
10.1%
10.1%
10.0%
13.0%
Monthly Churn Rate
11.9%
8.6%
12.5%
11.3%
12.0%
10.1%
Distributors
Avg. Base
18,823
18,889
19,150
19,036
18,950
19,006
EOP Base
18,722
19,093
19,202
18,966
18,964
19,063
Monthly Activity Rate
93.2%
94.6%
95.1%
94.1%
93.7%
94.0%
Avg. Monthly Order
$2,694
$2,758
$2,744
$2,855
$3,023
$3,166
Monthly Growth Rate
0.9%
1.8%
1.2%
0.6%
1.2%
1.3%
Monthly Churn Rate
1.5%
1.1%
1.0%
1.0%
1.3%
1.2%
Jafra US
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Associates
Avg. Base
30,149
26,540
24,703
27,191
26,303
26,270
EOP Base
29,101
25,272
25,973
28,188
26,450
26,681
Monthly Activity Rate
41.6%
44.5%
45.9%
49.2%
51.3%
48.9%
Avg. Monthly Order (USD)
$233
$248
$243
$225
$228
$222
Monthly Growth Rate
11.2%
10.0%
12.8%
13.2%
11.4%
10.1%
Monthly Churn Rate
13.7%
14.7%
11.8%
9.7%
14.0%
9.7%
Distributors
Avg. Base
1,774
1,786
1,504
1,808
1,604
1,503
EOP Base
1,774
1,638
1,493
1,901
1,384
1,420
Monthly Activity Rate
87.5%
85.5%
89.3%
89.8%
92.6%
95.1%
Avg. Monthly Order (USD)
$233
$219
$228
$206
$201
$197
Monthly Growth Rate
5.8%
2.7%
4.0%
8.5%
3.8%
7.0%
Monthly Churn Rate
5.7%
5.0%
6.9%
0.0%
12.8%
5.8%
Key Financial Metrics
Consolidated
Results in ‘000 MXN
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Net Revenue
$3,389,393
$3,330,394
$3,778,468
$3,499,151
$3,562,643
$3,377,299
$3,825,539
Gross Margin
67.8%
66.9%
67.3%
66.2%
67.1%
68.5%
65.0%
EBITDA
$656,136
$591,575
$771,596
$535,265
$678,812
$722,149
$726,463
EBITDA Margin
19.4%
17.8%
20.4%
15.3%
19.1%
21.4%
19.0%
Net Income
$303,745
-$112,537
$225,305
$151,394
$327,306
$314,205
$249,851
Free Cash Flow
$485,437
$417,379
$548,379
-$55,841
$592,152
$553,573
1,132,307
Betterware Mexico
Results in ‘000 MXN
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Net Revenue
$1,476,375
$1,465,577
$1,494,855
$1,403,065
$1,458,593
$1,387,586
$1,474,205
Gross Margin
56.4%
54.8%
57.2%
55.3%
55.2%
57.1%
52.6%
EBITDA
$304,467
$279,889
$330,075
$261,493
$290,745
$312,669
$263,529
EBITDA Margin
20.6%
19.1%
22.1%
18.6%
19.9%
22.5%
17.9%
Jafra Mexico
Results in ‘000 MXN
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Net Revenue
$1,671,137
$1,623,697
$2,038,993
$1,869,818
$1,853,832
$1,752,179
2,112,869
Gross Margin
77.0%
76.8%
74.1%
73.5%
75.3%
76.3%
72.2%
EBITDA
$344,478
$318,146
$440,630
$286,706
$393,360
$417,760
$452,697
EBITDA Margin
20.6%
19.6%
21.6%
15.3%
21.2%
23.8%
21.4%
Jafra US
Results in ‘000 MXN
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Net Revenue
$241,881
$241,120
$244,620
$226,268
$250,218
$237,534
$238,465
Gross Margin
73.6%
73.3%
73.1%
73.9%
76.0%
77%
77.4%
EBITDA
$7,192
-$6,463
$891
-$12,934
-$5,293
-$8,280
$10,237
EBITDA Margin
3.0%
-2.7%
0.4%
-5.7%
-2.1%
-3.5%
4.3%
Note on the financial statements: All 2024 figures include the adjustments disclosed in our Q3 and Q4 2024 earnings releases. These refer to (i) a non-cash effect related to the sale of non-operative asset, which led to the disclosure of Adjusted EBITDA, Net Income, and EPS for Q3 2024; and (ii) a correction in the classification of certain production-related costs within Jafra Mexico’s financial statements, with no impact on revenues, EBITDA, or net income.
Use of Non-IFRS Financial Measures
This announcement includes certain references to EBITDA, EBITDA Margin, Net Debt:
EBITDA: defined as profit for the year adding back the depreciation of property, plant, and equipment and right of use assets, amortization of intangible assets, financing cost, net and total income taxes.
EBITDA Margin: is calculated by dividing EBITDA by net revenue.
EBITDA and EBITDA Margin are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies.
BeFra believes that these non-IFRS financial measures are useful to investors because (i) BeFra uses these measures to analyze its financial results internally and believes they represent a measure of operating profitability and (ii) these measures will serve investors to understand and evaluate BeFra’s EBITDA and provide more tools for their analysis as it makes BeFra’s results comparable to industry peers that also prepare these measures.
Definitions: Operating Metrics
Starting Q2 2024, the Company will report salesforce under the same name for all business units, Distributors (previously stated as Leaders in Jafra) and Associates (previously stated as Consultants for Jafra). It is important to note that the metrics are calculated with the same method as previous quarters and the reference name change has no adverse effect on the results of the operating metrics reported by the Company.
Betterware (Associates and Distributors)
Avg. Base: Weekly average Associate/Distributor base
EOP Base: Associate/Distributor base at the end of the period
Weekly Churn Rate: Average weekly data. Total Associates/Distributors lost during the period divided by the beginning of the period Associate/Distributor base.
Weekly Activity Rate: Average weekly data. Active Associates/Distributors divided by ending Associate/Distributor base.
Avg. Weekly Order: Average weekly data. Total Revenue divided by number of active Associates/Distributors
Jafra (Associates and Distributors)
Avg. Base: Monthly average Associate/Distributor base
EOP Base: Associate/Distributor base at the end of the period
Monthly Churn Rate (Associates): Average monthly data. Total Associates lost during the period divided by the number of active Associates 4 months prior. An Associate is terminated only after 4 months of inactivity.
Monthly Churn Rate (Distributors): Average monthly data. Total Distributors lost during the period divided by end of period Distributors’ base.
Monthly Activity Rate: Average monthly data. Active Associate/Distributor divided by the end of period Associate/Distributor base.
Avg. Monthly Order (Associates): Average monthly data. Total Catalog Revenue divided by number of Associates orders.
Avg. Monthly Order (Distributors): Average monthly data. Total Distributors Revenue divided by number of Distributors orders.
About Betterware de México, S.A.P.I. de C.V.
Founded in 1995, Betterware de Mexico is the leading direct-to-consumer company in Mexico focused on offering innovative products that solve specific needs related to household organization, practicality, space-saving, and hygiene. Through the acquisition of JAFRA on April 7, 2022, the Company now offers a leading brand of direct-to-consumer in the Beauty market in Mexico and the United States where it offers Fragrances, Color & Cosmetics, Skin Care, and Toiletries. The combined company possesses an asset-light business model with low capital expenditure requirements and a track record of strong profitability, double digit rates of revenue growth and free cash flow generation. Today, the Company distributes its products in Mexico and in the United States of America.
Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan”, “predict”, “potential”, “seem”, “seek,” “future,” “outlook”, and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The reader should understand that the results obtained may differ from the projections contained in this document and that many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward looking statements. For this reason, the Company assumes no responsibility for any indirect factors or elements beyond its control that might occur inside Mexico or abroad and which might affect the outcome of these projections and encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2020 and any of the Company’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences
The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date hereof. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Further information on risks and uncertainties that may affect the Company’s operations and financial performance, and the forward statements contained herein, is available in the Company’s filings with the SEC. All forward-looking statements are qualified in their entirety by this cautionary statement.
Q4 2025 Conference Call
Management will hold a conference call with investors on February 26 th, 2026, at 3:30 pm Mexico City Time / 5:30 pm Eastern Time (EST). For anyone who wishes to join live, the dial-in information is:
Toll Free: 1-877-451-6152
Toll/International: 1-201-389-0879
Conference ID: 13758910
Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1753566&tp_key=841f6549cf
If you wish to listen to the replay of the conference call, please see instructions below:
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13758910