Exhibit 99.2
Appendix
Financial Statements
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Final Position
As of December 31, 2025
(In Thousands of Mexican Pesos)
| As updated | As presented | ∆ | ||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | 328,344 | 311,914 | 16,430 | |||||||||
| Trade accounts receivable, net | 1,181,447 | 1,197,877 | -16,430 | |||||||||
| Accounts receivable from related parties | 0 | 282 | -282 | |||||||||
| Account receivable “San Angel” | 78,862 | 78,862 | 0 | |||||||||
| Inventories | 1,997,197 | 2,045,654 | -48,457 | |||||||||
| Prepaid expenses | 91,678 | 111,005 | -19,327 | |||||||||
| Income tax recoverable | 120,557 | 84,149 | 36,408 | |||||||||
| Derivative financial instruments | 0 | 0 | 0 | |||||||||
| Non-current assets held for sale | 40,000 | 33,800 | 6,200 | |||||||||
| Other assets | 105,770 | 81,149 | 24,621 | |||||||||
| Total current assets | 3,943,855 | 3,944,692 | -837 | |||||||||
| Account receivable “San Angel” | 24,689 | 24,689 | 0 | |||||||||
| Property, plant and equipment, net | 1,716,951 | 1,716,951 | 0 | |||||||||
| Right of use assets, net | 336,588 | 336,588 | 0 | |||||||||
| Deferred income tax | 452,979 | 455,085 | -2,106 | |||||||||
| Intangible assets, net | 1,503,887 | 1,503,887 | 0 | |||||||||
| Goodwill | 1,599,718 | 1,599,718 | 0 | |||||||||
| Other assets | 14,241 | 14,414 | -173 | |||||||||
| Total non-current assets | 5,649,053 | 5,651,332 | -2,279 | |||||||||
| Total assets | 9,592,908 | 9,596,024 | -3,116 | |||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||
| Short-term debt and borrowings | 1,024,467 | 1,024,467 | 0 | |||||||||
| Accounts payable to suppliers | 1,793,744 | 1,799,883 | -6,139 | |||||||||
| Accrued expenses | 343,290 | 344,893 | -1,603 | |||||||||
| Provisions | 722,237 | 733,887 | -11,650 | |||||||||
| Value added tax payable | 93,917 | 93,917 | 0 | |||||||||
| Statutory employee profit sharing | 146,528 | 148,672 | -2,144 | |||||||||
| Lease liability | 134,730 | 134,730 | 0 | |||||||||
| Derivative financial instruments | 26,238 | 26,238 | 0 | |||||||||
| Total current liabilities | 4,285,151 | 4,306,687 | -21,536 | |||||||||
| Employee benefits | 147,991 | 147,991 | 0 | |||||||||
| Deferred income tax | 495,118 | 493,258 | 1,860 | |||||||||
| Lease liability | 221,975 | 221,975 | 0 | |||||||||
| Long term debt and borrowings | 3,083,187 | 3,083,187 | 0 | |||||||||
| Total non-current liabilities | 3,948,271 | 3,946,411 | 1,860 | |||||||||
| Total liabilities | 8,233,422 | 8,253,098 | -19,676 | |||||||||
| Stockholders’ Equity | ||||||||||||
| Capital stock | 321,312 | 321,312 | 0 | |||||||||
| Share premium account | -25,264 | -25,264 | 0 | |||||||||
| Retained earnings | 1,102,255 | 1,084,258 | 17,997 | |||||||||
| Other comprehensive income | -36,990 | -35,561 | -1,429 | |||||||||
| Non-controlling interest | -1,827 | -1,819 | -8 | |||||||||
| Total Stockholders’ Equity | 1,359,486 | 1,342,926 | 16,560 | |||||||||
| Total Liabilities and Stockholders’ Equity | 9,592,908 | 9,596,024 | -3,116 | |||||||||
 |
| 1 |
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
(In Thousands of Mexican Pesos)
| As updated | As presented | ∆ | ||||||||||
| Net revenue | 3,803,922 | 3,825,539 | -21,617 | |||||||||
| Cost of sales | 1,343,979 | 1,339,342 | 4,637 | |||||||||
| Gross profit | 2,459,943 | 2,486,197 | -26,254 | |||||||||
| Administrative expenses | 559,965 | 580,152 | -20,187 | |||||||||
| Selling expenses | 1,103,068 | 1,088,186 | 14,882 | |||||||||
| Distribution expenses | 182,596 | 187,904 | -5,308 | |||||||||
| Total expenses | 1,845,629 | 1,856,242 | -10,613 | |||||||||
| Operating income | 614,314 | 629,955 | -15,641 | |||||||||
| Interest expense | -118,826 | -118,757 | -69 | |||||||||
| Interest income | 4,639 | 4,639 | 0 | |||||||||
| Foreign exchange gain, net | 6,908 | 6,908 | 0 | |||||||||
| Financing cost, net | -107,279 | -107,210 | -69 | |||||||||
| Income before income taxes | 507,035 | 522,745 | -15,710 | |||||||||
| Income taxes | 237,253 | 270,952 | -33,699 | |||||||||
| Net income including minority interest | 269,782 | 251,793 | 17,989 | |||||||||
| Non-controlling interest loss | -1,934 | -1,942 | 8 | |||||||||
| Net income | 267,848 | 249,851 | 17,997 | |||||||||
| Concept | As updated | As presented | ∆ | |||||||||
| Net income | 269,782 | 251,793 | 17,989 | |||||||||
| (+) Income taxes | 237,253 | 270,952 | -33,699 | |||||||||
| (+) Financing cost, net | 107,279 | 107,210 | 69 | |||||||||
| (+) Depreciation and amortization | 96,508 | 96,508 | 0 | |||||||||
| EBITDA | 710,822 | 726,463 | -15,641 | |||||||||
| EBITDA margin | 18.7 | % | 19.0 | % | -0.3 | % | ||||||
| EBITDA adjusted | 710,822 | 726,463 | -15,641 | |||||||||
| EBITDA margin adjusted | 18.7 | % | 19.0 | % | -0.3 | % | ||||||
| |
| 2 |
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
(In Thousands of Mexican Pesos)
| As updated | As presented | ∆ | ||||||||||
| Net revenue | 14,243,015 | 14,264,632 | -21,617 | |||||||||
| Cost of sales | 4,762,760 | 4,758,123 | 4,637 | |||||||||
| Gross profit | 9,480,255 | 9,506,509 | -26,254 | |||||||||
| Administrative expenses | 2,446,350 | 2,466,537 | -20,187 | |||||||||
| Selling expenses | 4,079,141 | 4,064,259 | 14,882 | |||||||||
| Distribution expenses | 697,251 | 702,559 | -5,308 | |||||||||
| Total expenses | 7,222,742 | 7,233,355 | -10,613 | |||||||||
| Operating income | 2,257,513 | 2,273,154 | -15,641 | |||||||||
| Interest expense | -541,045 | -540,976 | -69 | |||||||||
| Interest income | 34,090 | 34,090 | 0 | |||||||||
| Loss in valuation of financial derivative instruments | -108,846 | 0 | -108,846 | |||||||||
| Foreign exchange (loss) gain, net | 80,073 | -28,773 | 108,846 | |||||||||
| Financing cost, net | -535,728 | -535,659 | -69 | |||||||||
| Income before income taxes | 1,721,785 | 1,737,495 | -15,710 | |||||||||
| Income taxes | 660,981 | 694,680 | -33,699 | |||||||||
| Net income including minority interest | 1,060,804 | 1,042,815 | 17,989 | |||||||||
| Non-controlling interest loss | -51 | -59 | 8 | |||||||||
| Net income | 1,060,753 | 1,042,756 | 17,997 | |||||||||
| Concept | As updated | As presented | ∆ | |||||||||
| Net income | 1,060,804 | 1,042,815 | 17,989 | |||||||||
| (+) Income taxes | 660,981 | 694,680 | -33,699 | |||||||||
| (+) Financing cost, net | 535,728 | 535,659 | 69 | |||||||||
| (+) Depreciation and amortization | 389,535 | 389,535 | 0 | |||||||||
| EBITDA | 2,647,048 | 2,662,689 | -15,641 | |||||||||
| EBITDA margin | 18.6 | % | 18.7 | % | -0.1 | % | ||||||
| EBITDA adjusted | 2,647,048 | 2,662,689 | -15,641 | |||||||||
| EBITDA margin adjusted | 18.6 | % | 18.7 | % | -0.1 | % | ||||||
| |
| 3 |
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Cash Flows
For the twelve-months ended December 31, 2025
(In Thousands of Mexican Pesos)
| As updated | As presented | ∆ | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Profit for the period | 1,060,804 | 1,042,815 | 17,989 | |||||||||
| Adjustments for: | ||||||||||||
| Income tax expense recognized in profit of the year | 660,981 | 694,680 | -33,699 | |||||||||
| Depreciation and amortization of non-current assets | 389,535 | 389,535 | 0 | |||||||||
| Impairment of fix asset | 0 | 6,200 | -6,200 | |||||||||
| Interest income recognized in profit or loss | -34,090 | -34,090 | 0 | |||||||||
| Interest expense recognized in profit or loss | 541,045 | 540,976 | 69 | |||||||||
| Gain of property, plant, equipment sale | -8,474 | -8,615 | 141 | |||||||||
| Loss in valuation of financial derivative instruments | 108,846 | 108,846 | 0 | |||||||||
| Currency effect | 26,936 | 26,964 | -28 | |||||||||
| Movements in not- controlling interest | 0 | -156 | 156 | |||||||||
| Other gains and losses | 0 | -15,372 | 15,372 | |||||||||
| Movements in working capital: | ||||||||||||
| Trade accounts receivable | -48,354 | -64,784 | 16,430 | |||||||||
| Trade accounts receivable from related parties | 250 | -32 | 282 | |||||||||
| Trade account receivable “San Angel” | 0 | 108,071 | -108,071 | |||||||||
| Inventory, net | 511,113 | 462,656 | 48,457 | |||||||||
| Prepaid expenses and other assets | 65,100 | 40,845 | 24,255 | |||||||||
| Accounts payable to suppliers and accrued expenses | -423,470 | -396,925 | -26,545 | |||||||||
| Provisions | -26,681 | -15,031 | -11,650 | |||||||||
| Value added tax payable | 22,725 | 22,725 | 0 | |||||||||
| Statutory employee profit sharing | 7,273 | 9,417 | -2,144 | |||||||||
| Trade accounts payable to related parties | -1,237 | -1,237 | 0 | |||||||||
| Income taxes paid | -608,062 | -608,062 | 0 | |||||||||
| Employee benefits | -7,513 | 19,679 | -27,192 | |||||||||
| Net cash generated by operating activities | 2,236,727 | 2,329,105 | -92,378 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Acquisition of non-controlling interest of Guatemala | 0 | -896 | 896 | |||||||||
| Payments for property, plant and equipment, net | -114,475 | -114,374 | -101 | |||||||||
| Proceeds from disposal of property, plant and equipment, net | 7,631 | 7,460 | 171 | |||||||||
| Proceeds from disposal of buildings | 108,071 | 0 | 108,071 | |||||||||
| Interest received | 34,090 | 34,090 | 0 | |||||||||
| Net cash (used in) generated by investing activities | 35,317 | -73,720 | 109,037 | |||||||||
| Cash flows from financing activities: | ||||||||||||
| Repayment of borrowings | -6,257,700 | -6,257,700 | 0 | |||||||||
| Proceeds from borrowings | 5,540,700 | 5,540,700 | 0 | |||||||||
| Interest paid | -502,458 | -502,458 | 0 | |||||||||
| Lease payment | -169,904 | -170,571 | 667 | |||||||||
| Acquisition of non-controlling interest of Guatemala | -896 | 0 | -896 | |||||||||
| Dividends paid | -850,000 | -850,000 | 0 | |||||||||
| Net cash used in financing activities | -2,240,258 | -2,240,029 | -229 | |||||||||
| Net increase in cash and cash equivalents | 31,786 | 15,356 | 16,430 | |||||||||
| Cash and cash equivalents at the beginning of the period | 296,558 | 296,558 | 0 | |||||||||
| Cash and cash equivalents at the end of the period | 328,344 | 311,914 | 16,430 | |||||||||
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| 4 |