Exhibit 99.1

 

 

 

Q3 2026

Earnings Release

 

 

 

 

 

BeFra Reports Third Quarter 2026 Results

 

GUADALAJARA, Mexico, October 22, 2026 -- Betterware de México, S.A.P.I. de C.V. (NYSE: BWMX) (“BeFra” or the “Company”), announced today its unaudited consolidated financial results for the third quarter ended September 30, 2026. The figures presented in this report are expressed in nominal Mexican Pesos (MXN) 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

 

Our third quarter results marked a significant step in BeFra’s evolution, expanding our scale, brand diversification, geographic reach, and overall financial strength.

 

At group level, revenue increased 43.1% year over year, reaching an all-time high of $4,832 M MXN, reflecting Tupperware´s first full-quarter contribution and Betterware’s strong 9.7% YoY growth (3rd straight quarter of YoY growth), and a slight shortfall at Jafra, with a 2.8% YoY revenue decline (which we are addressing head on, as we explain in its section).

 

With this result, profitability also scaled, with EBITDA reaching $1,008 M MXN, representing an increase of 39.6% YoY, while net income increased 24.2% in the quarter (despite a temporary tax recognition that does not affect year-round results). In this line, and as you will notice, accumulated net income is growing at 34.5% and combined earnings per share at 114% in the first nine months, reflecting the highly accretive nature of the Tupperware Latam acquisition.

 

Finishing off, cash flow increased 91.3% YoY, generating $1,059 M MXN of free cash flow in the quarter, we paid a $250M MXN dividend, paid down debt by $431 M MXN (decreasing combined Net Debt/EBITDA from 1.80x pre-acquisition to 1.65x), and closed with a solid $522 M MXN cash position on our balance sheet.

 

These results stand behind the previously announced value of the Tupperware Latam acquisition for the group. They also endorse our long-term strategy of building a unique house of brands, potentialized by a modern person to person commercialization model that builds on the gig economy’s positive secular trends. While organic revenue was temporarily affected by Jafra’s slight shortfall (which we are confident in our ability to quickly correct), we are glad to see the overall value to our shareholders and stakeholders derived from our overall strategies, while we continue to work every corner to reach our group’s full potential.

 

Andrés Campos Chevallier

President and CEO BeFra Group

 

2

 

Q3 2026 Select Consolidated Financial Information

 

   Q3   9M 
Results in ‘000 MXN  20261   2025   20261   2025 
Net Revenue  $4,832,313   $3,377,299    43.1%  $12,503,366   $10,439,093    19.8%
Gross Margin   64.1%   68.5%   -438 bps    65.2%   67.3%   -213 bps 
EBITDA  $1,008,375   $722,149    39.6%  $2,398,727   $1,936,226    23.9%
EBITDA Margin   20.9%   21.4%   -52 bps    19.2%   18.5%   69 bps 
Net Income  $390,300   $314,205    24.2%  $1,066,229   $792,905    34.5%
Free Cash Flow  $1,059,215   $553,573    91.3%  $1,871,000   $1,089,884    71.7%
FCF/EBITDA   105.0%   76.7%   2839 bps    78.0%   56.3%   2172 bps 
EPS  $9.9   $8.4    17.9%  $45.42   $21.2    114.2%
Net Debt /EBITDA   1.652    1.80    -8.3%   1.652    1.80    -8.3%

 

1Includes Tupperware since acquisition
2Considers Tupperware combined

 

Associates                        
Avg. Base   1,456,034    1,177,443    23.7%   1,469,546    1,187,724    23.7%
EOP Base   1,404,521    1,162,571    20.8%   1,404,521    1,162,571    20.8%

 

Revenue by Brand & Region

 

   Brand      Region 
   3Q26   3Q25      3Q26   3Q25 
Results in ‘000 MXN  Revenue   Mix   Revenue   Mix   Results in ‘000 MXN  Revenue   Mix   Revenue   Mix 
Betterware3  $1,522,864    31.5%  $1,387,586    41.1%  Mexico  $4,226,338    87.5%  $3,123,763    92.5%
Jafra  $1,933,606    40.0%  $1,989,713    58.9%  Latin America  $399,545    8.2%  $16,002    0.5%
Tupperware  $1,375,843    28.5%  $-    -%   United States  $206,430    4.3%  $237,534    7.0%

 

3Noteworthy, Betterware deducts distributor discounts from revenue; JF and TW do not, affecting comparability

 

Highlights

 

Revenue: Consolidated net revenue increased 43.1% year over year to $4,832 M MXN in the third quarter, reflecting Tupperware’s first full-quarter contribution. Notably, Tupperware Mexico’s direct-selling business increased 23.0% YOY, and the decline in Tupperware Brazil’s direct-selling moderated to 3.3%, compared with declines of between 10% and 15% before the acquisition. Average total associate base increased 23.7% following the integration of Tupperware’s network of independent sellers. Brand and geographic expansion also begins to represent a source of growth and resilience from diversification, as you can notice in our brand and region revenue breakdowns. Organic revenue grew 2.3%, driven by accelerating growth at Betterware, partially offset by Jafra’s 2.8% revenue decline. Commercial initiatives remain focused on maintaining Betterware and Tupperware’s growth trajectory while quickly taking actions to recover Jafra’s performance, so the group can reach its full potential.

 

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Profitability: Consolidated EBITDA increased 39.6% year over year to $1,008 M MXN, reflecting Tupperware’s contribution and continued profitability at Betterware, partially offset by lower EBITDA at Jafra. Consolidated gross margin was 64.1%, 438 basis points below the third quarter of 2025, primarily reflecting the incorporation of Tupperware, which operates with a lower gross margin but a higher EBITDA margin. Lower revenue and gross margin at Jafra, together with supply-chain and logistics pressures at Betterware, also weighed on organic profitability. Operating-expense discipline helped mitigate these pressures, supporting a consolidated EBITDA margin of 20.9% and an organic EBITDA margin of 18.8%, in line with its three-year average for the third quarter. For the first nine months of 2026, consolidated EBITDA margin reached 19.2%, expanding 69 basis points year over year (even despite $43 M MXN non-recurring expenses related to the Tupperware acquisition). Excluding the effect of the 2026 acquisition expenses and an extraordinary $35M tax benefit recorded in 2025, comparable organic EBITDA for the first nine months grew 2.8%, outpacing organic revenue growth.

 

Net income increased 24.2% year over year in the third quarter and 34.5% during the first nine months of 2026. Quarterly net income was affected by a higher effective tax rate compared with the prior year period, though we expect the effective tax rate to normalize in the mid-30s% for the full year 2026. It is noteworthy to stand out that combined EPS for the first nine months increased 114%, reflecting the highly accretive nature of the Tupperware Latam acquisition.

 

Cash generation: Free cash flow reached $1,059 M MXN, representing a strong conversion of 105% of EBITDA. Strong cash generation across the Group’s three brands supported continued balance-sheet strengthening during the quarter. Noteworthy, this quarter included a balance reclassification related to the Tupperware acquisition that represented a $174 M MXN benefit.

 

Financial Performance

 

Balance sheet at the end of Q3 2026.

 

Please note that unless otherwise stated, ratios consider Combined TTM financial results from Tupperware. With the Company’s balance sheet reflecting the Tupperware acquisition, comparisons with 2Q26 are also included.

 

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Return on Investment

 

BeFra continued to generate strong returns following the Tupperware acquisition. ROIC remained at a strong level of almost 29%, despite being impacted by the increase in the Company’s quarterly effective tax rate. ROE and ROTA improved both sequentially and year over year reflecting higher earnings across the Group and reinforcing BeFra’s ability to earn attractive returns and create value for its stakeholders.

 

   Q3 2026   Q2 2026   ∆   Q3 2025   ∆ 
Equity Turnover   8.2    8.6    -4.9%   11.0    -25.4%
ROIC   28.8%   32.3%   -350 bps    23.7%   510 bps 
ROE   92.8%   69.2%   2360 bps    78.8%   1400 bps 
ROTA   31.9%   23.3%   860 bps    10.1%   2180 bps 
Dividend Payout1   51.3%   41.6%   970 bps    50.9%   40 bps 

 

1Calculated as dividends paid during the quarter divided by net operating profit after tax (NOPAT) for the same period.

 

Liquidity

 

BeFra maintained a solid liquidity position during the quarter. Cash conversion strengthened, supported by a shorter cash conversion cycle, while the current ratio remained above the prior-year level.

 

   Q3 2026   Q2 2026   ∆   Q3 2025   ∆ 
Current Ratio   0.99    1.11    -10.8%   0.93    6.5%
TTM FCF / TTM EBITDA2   93.6%   83.2%   1040 bps    76.6%   1700 bps 
CCC3   50    53    -5.7%   78    -35.9%

 

2Includes Tupperware since acquisition
3Calculated for the 3-month period

 

Leverage

 

BeFra’s strong cash generation and improved interest coverage supported further deleveraging during the quarter, extending the Company’s proven track record of disciplined debt reduction following acquisitions.

 

   Q3 2026   Q2 2026   ∆   Q3 2025   ∆ 
Debt to EBITDA   1.78    1.80    -1.1%   1.93    -7.8%
Net Debt to EBITDA   1.65    1.68    -1.8%   1.80    -8.3%
Interest Coverage   6.91    5.25    31.6%   3.71    86.3%

 

5

 

Asset Light Business – Low fixed cost structure

 

BeFra maintained an asset-light operating model, with fixed assets representing 14.5% of total assets, below the prior-year level. BeFra continues to focus on operating discipline and SG&A efficiency across its expanded brand portfolio.

 

   Q3 2026   Q2 2026   ∆   Q3 2025   ∆ 
Fixed Assets / Total Assets   14.5%   14.0%   50 bps    17.0%   -250 bps 
TTM Variable Cost Structure2   70.4%   71.8%   -140 bps    74.7%   -430 bps 
TTM Fixed Cost Structure2   29.6%   28.2%   +140 bps    25.3%   430 bps 
TTM SG&A / Net Revenues   41.7%   36.0%   570 bps    45.2%   -350 bps 

 

2Includes Tupperware since acquisition

 

Notes to the ratios

 

*Q3 2026 financial ratios and performance metrics have been adjusted on a combined basis considering TTM Tupperware
*Current Ratio = Total current assets / Total current liabilities
*Cash Conversion Cycle (CCC) = DSO + DIO – DPO
*ROIC = NOPAT TTM / Invested Capital
*ROE = Net income TTM / Stockholders Equity
*ROTA = Net Income TTM / (Cash + Accounts Receivable + Inventories + Fixed Assets)
*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 Payout = Paid Dividend Q / NOPAT Q
*EPS = Net Income / weighted average shares

 

Capital Allocation

 

Quarterly Dividends: Considering BeFra’s results to date, a dividend of MXN 250 million was approved at the October shareholders’ meeting, payable in the fourth quarter, equivalent to $0.3424 per share based on an exchange rate of MXN 18.4888 per USD. The dividend level, raised in 2Q26 following the Tupperware acquisition, increases the return to shareholders even after the additional shares issued in connection with the transaction. This would represent the 27th consecutive quarter of dividend payments since BeFra’s IPO.

 

2026 Guidance: Following Tupperware’s first full-quarter contribution and BeFra’s results through the first nine months of 2026, the Company raises its full-year net revenue growth guidance to a range of 24.0%-26.0%, while narrowing organic growth guidance range to 4.0%-5.0% with the year-end approaching. The Company expects a full-year EBITDA margin of 19%.

 

 

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Q3 2026 Financial Results by Brand

Betterware Brand

Key Financial and Operating Metrics

 

   Q3   9M 
Results in ‘000 MXN  2026   2025   2026   2025 
Net Revenue  $1,522,864   $1,387,586    9.7%  $4,474,307   $4,249,244    5.3%
Gross Margin   53.8%   57.1%   -334 bps    54.5%   55.8%   -130 bps 
EBITDA  $322,366   $312,669    3.1%  $912,667   $864,907    5.5%
EBITDA Margin   21.2%   22.5%   -134 bps    20.4%   20.4%   0 bps 

 

Associates                    
Avg. Base   704,217    718,916    -2.0%   709,004    701,618    1.1%
EOP Base   699,243    710,174    -1.5%   699,243    710,174    -1.5%

 

Highlights

 

Revenue: Betterware’s quarterly net revenue increased 9.7% year over year to $1,523 million MXN, led by 8.5% growth in Mexico and continued expansion in Guatemala and the Andean region. Growth in Mexico was driven by targeted commercial initiatives that increased associate productivity, more than offsetting a temporary contraction in the associate base amid World Cup-related shifts in consumer attention and a longer official summer holiday period. Improving consumption trends and effective commercial execution continue to strengthen Betterware’s sales momentum.

 

Profitability: Betterware generated EBITDA of $322 M MXN, an increase of 3.1% year over year, as operating-expense efficiencies partially offset gross-margin pressure from temporary elevated freight costs related to supply-chain disruptions in the Middle East, which impacted profitability by approximately 200 basis points. These supply-chain pressures are expected to ease in the coming quarters. Betterware is both the holding and operating company and therefore Tupperware transaction expenses for $43 M MXN are recorded in its books. Adjusting for these expenses year-to-date EBITDA growth sits at 9.9% with a 21.4% margin. This marked Betterware’s third consecutive quarter of growth, demonstrating Betterware’s return to a sustainable growth trajectory.

 

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Jafra Brand

 

Key Financial and Operating Metrics

 

   Q3   9M 
Results in ‘000 MXN  2026   2025   2026   2025 
Net Revenue  $1,933,606   $1,989,713    -2.8%  $6,202,242   $6,189,849    0.2%
Gross Margin   75.4%   76.4%   -99 bps    74.6%   75.1%   -48 bps 
EBITDA  $327,245   $409,480    -20.1%  $1,003,811   $1,071,319    -6.3%
EBITDA Margin   16.9%   20.6%   -366 bps    16.2%   17.3%   -113 bps 

 

Associates                    
Avg. Base   473,039    458,527    3.2%   481,763    486,106    -0.9%
EOP Base   452,574    452,397    0.0%   452,574    452,397    0.0%

 

Highlights

 

Revenue: Jafra generated third-quarter net revenue of $1,934 M MXN, a decrease of 2.8% year over year. Jafra Mexico was mainly affected by a more challenging summer holiday period and World Cup-related shifts in consumer attention. Unlike Betterware, Jafra was unable to offset these effects through higher productivity, primarily due to the need for more targeted promotions. Management is addressing this through stronger promotional planning and faster commercial execution. Commercial initiatives remain focused on improving consultant activation, reactivation and retention.

 

Jafra has achieved significant top-line and bottom-line growth since the BeFra acquisition. However, following several quarters of inconsistent growth, derived from certain misalignments to our model focus and slower rollout of our second wave of model alignment needs, BeFra has appointed Andrés Campos as interim Managing Director of Jafra Mexico. The leadership transition is intended to reinforce alignment with the Group’s commercial model and strengthen execution. With these changes underway, the Company expects Jafra to return to growth in the coming quarters. During this period, Andrés Campos will also support the identification and appointment of a successor. The interim period is expected to last approximately six to twelve months.

 

Profitability: Third-quarter EBITDA of $327 M MXN represents a decrease of 20.1% year over year, with an EBITDA margin of 16.9%, compared with 20.6% in the third quarter of 2025. The third-quarter margin was above the year-to-date margin of 16.2% and close to the 17.3% margin reported during the first nine months of 2025. The year-over-year comparison reflects an exceptional third quarter of 2025, when EBITDA margin was above Jafra’s three-year average of 17.9%. 3Q25 had an extraordinary fiscal benefit of $34 M MXN that if excluded, 3Q26 EBITDA margin falls 2.0% vs a 2.8% decline in revenue. Demonstrating stable profitability within the brand. Notably, Jafra U.S. delivered another consecutive EBITDA-positive quarter under its leaner expense structure, easing pressure on the business while it seeks to regain consistent growth.

 

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Tupperware Latam Brand

 

Key Financial and Operating Metrics

 

   Q3   Since Acquisition2 
Results in ‘000 MXN  2026   20251   2026   20251 
Net Revenue  $1,375,843   $1,476,276    -6.8%  $1,826,817   $1,942,741    -6.0%
Gross Margin   59.7%   58.6%   103 bps    59.3%   59.6%   -36 bps 
EBITDA  $358,764   $458,624    -21.8%  $482,249   $606,569    -20.5%
EBITDA Margin   26.1%   31.1%   -500 bps    26.4%   31.2%   -483 bps 

 

12025 figures are combined
2Considered since acquisition close on June 2026

 

Core Direct Selling Channel

 

   Q3   Since Acquisition2 
Results in ‘000 MXN  2026   20251   2026   20251 
Net Revenue  $1,375,843   $1,476,276    -6.8%  $1,826,817   $1,942,741    -6.0%
Less: B2B sales  $-   $111,752        $-   $183,656      
Less: Argentina & US sales  $23,430   $178,023        $39,276   $213,284      
Net Revenue – Direct Selling  $1,352,413   $1,186,501    14.0%  $1,787,541   $1,545,801    15.6%

 

Associates    
Avg. Base   278,778 
EOP Base   252,704 

 

Highlights

 

Revenue: Tupperware generated net revenue of $1,375 M MXN in its first full quarter of consolidation, contributing 28.5% of BeFra’s consolidated revenue. Commercial execution, network productivity and catalogue improvements supported momentum in Mexico, while sales declines in Brazil moderated. As shown in the table above, excluding sales outside the direct-selling channel, Tupperware’s core direct-selling revenue increased 14.0% year over year, led by Mexico. Total brand revenue declined 6.8% year over year on a combined basis, reflecting extraordinary prior-year sales through non-direct channels that were discontinued following the acquisition. This effect is not expected in the next quarter, as in 4Q25 retail sales were not significant.

 

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Profitability: Tupperware generated EBITDA of $359 M MXN, contributing 35.6% of BeFra’s consolidated EBITDA, with an EBITDA margin of 26.1%. In 3Q25, Tupperware Latam recorded significant sales outside the direct-selling channel, resulting in greater fixed cost absorption. Investments related to the brand’s ongoing revitalization, together with cost-absorption pressures, weighed on profitability, nonetheless the reported 26.1% 3Q26 EBITDA margin is in line with the mid-twenties level expected going forward. Tupperware’s earnings contribution strengthens the Group’s capacity to generate cash and repay acquisition-related debt, supporting its deleveraging objectives.

 

Use of Non-IFRS Financial Measures and Operating Metrics

 

We have provided in this press release financial information that has not been prepared in accordance with IFRS, including EBITDA, EBITDA margin, Free cash flow, Total debt, Net debt, Organic revenue, Organic EBITDA, Organic EBITDA margin, Organic growth, NOPAT and Net revenue, as well as our operating metrics, Total associates, Average associate base and EOP associate base. We use these non-IFRS financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to IFRS measures, in evaluating our ongoing operational performance. We believe that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-IFRS financial measures to investors.

 

The measures defined in this section are not recognized under IFRS and should not be considered in isolation or as substitutes for IFRS financial measures. The Company’s calculations may differ from similarly titled measures reported by other companies.

 

Combined: refers to financial information of Tupperware Latam prior to the acquisition.

 

“Combined” financial measures presented throughout this document include the historical financial results of Tupperware’s operations in Mexico and Brazil. Accordingly, these measures are not directly comparable to, and will not reconcile with, the pro forma financial information included in the Company’s most recent Form F-3. Prior to the acquisition, the acquired entities did not encompass the entirety of Tupperware LATAM’s business.

 

The Q2 and Q3 2026 Debt-to-EBITDA and Net Debt-to-EBITDA ratios have been updated to incorporate Tupperware’s combined financial results, reflecting refinements to the review of its pre-acquisition financial information.

 

Interest Coverage: Calculated using the combined interest expense of BeFra and Tupperware.

 

The Q2 2026 TTM Variable Cost Structure and TTM Fixed Cost Structure ratios presented herein have been updated following a subsequent review and may therefore differ slightly from those previously reported.

 

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EBITDA: Profit for the period before depreciation of property, plant and equipment and right-of-use assets, amortization of intangible assets, financing cost, net, and income taxes. A reconciliation of profit for the period to EBITDA is included in the Appendix.

 

EBITDA Margin: EBITDA divided by net revenue.

 

Free Cash Flow or FCF: Net cash generated by operating activities less cash payments for purchases of property, plant and equipment and intangible assets, plus proceeds from disposals of property, plant and equipment.

 

FCF/EBITDA or Cash Conversion: FCF divided by EBITDA for the same period.

 

Total Debt: Short-term debt and borrowings, long-term debt and borrowings, and current and non-current lease liabilities.

 

Net Debt: Total Debt less cash and cash equivalents.

 

Organic Revenue: Net revenue of Betterware and Jafra, excluding Tupperware Latam.

 

Organic EBITDA: EBITDA of Betterware and Jafra, excluding Tupperware Latam.

 

Organic EBITDA Margin: Organic EBITDA divided by Organic Revenue.

 

Organic Growth: The change in Organic Revenue or Organic EBITDA compared with BeFra’s consolidated net revenue or EBITDA for the corresponding prior-year period.

 

Comparable Organic EBITDA: excludes the effects of the Tupperware acquisition expenses and an extraordinary tax benefit recorded in 2025.

 

Combined Figures: Figures that include Tupperware Latam’s pre-acquisition results as if the acquisition had occurred at the beginning of the applicable period based on Tupperware’s audited and unaudited financial statements for such periods. These unaudited figures are presented for comparative purposes and do not necessarily represent the results that would have been achieved had the acquisition occurred earlier.

 

NOPAT: Operating income less the corresponding tax expense calculated using the effective income tax rate for the applicable period.

 

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Tupperware Net Revenue – Direct Selling: Tupperware’s net revenue excluding B2B sales and sales in Argentina and the United States.

 

TTM: The four most recently completed fiscal quarters.

 

We do not provide a reconciliation of our forward-looking non-IFRS financial measures to the most directly comparable GAAP measures because certain items needed to prepare the reconciliation cannot be reasonably predicted at this time without unreasonable effort. These items may be material to the relevant IFRS measure and could cause actual IFRS results to differ materially from the forward-looking non-IFRS measures.

 

Operating Metrics

 

Beginning in the third quarter of 2026, the Company reports “Associates” as the aggregate commercial field population described below. This terminology replaces “Stencil.”

 

Betterware

 

Associates: Combined Associates and Distributors.

 

Avg. Base: Weekly average number of Associates.

 

EOP Base: Number of Associates at the end of the period.

 

Jafra

 

Associates: Combined Associates and Distributors.

 

Avg. Base: Monthly average number of Associates.

 

EOP Base: Number of Associates at the end of the period.

 

Tupperware

 

Associates: Combined Associates, Distributors, Unit Managers and Leaders.

 

Avg. Base: Weekly average number of Associates.

 

EOP Base: Number of Associates at the end of the period.

 

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Forward-Looking Statements

 

This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “plan”, and similar expressions identify forward-looking statements, although not all such statements contain these words. Forward-looking statements in this release include, without limitation, statements concerning 2026 guidance, future growth and business plans, interim leadership transition duration, Tupperware’s continued integration and expected contribution to BeFra’s performance, operating efficiencies, cash generation, deleveraging and proposed dividends.

 

These statements reflect management’s current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These include changes in economic and political conditions, consumer demand, government policies and regulations, international trade conditions, supply chains, exchange rates and interest rates, as well as risks associated with executing growth plans and realizing anticipated acquisition benefits. Additional information concerning these and other risks is available in the Company’s most recent Annual Report on Form 20-F and subsequent filings with the Securities and Exchange Commission.

 

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update or revise these statements, except as required by law. All forward-looking statements are qualified in their entirety by this cautionary statement.

 

Q3 2026 Conference Call

 

Management will hold a conference call with investors on October 22, 2026, at 3:30 pm Mexico City Time / 5:30 pm Eastern Time (ET). The dial-in information is:

 

Toll Free: 1-877-451-6152

 

Toll/International: 1-201-389-0879

 

Conference ID: 13763048

 

Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1777966&tp_key=38b58322dd

 

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: 13763048

 

BeFra IR

 

iroffice@better.com.mx

+52 1 33 4274 5904

 

InspIR:

 

Barbara Cano/Ivan Peill

barbara@inspirgroup.com

ivan@inspirgroup.com

 

About BeFra

 

BeFra (NYSE: BWMX) is one of the leading branded consumer products platforms in Mexico and Latin America, bringing together three iconic brands: Betterware, a leader in innovative home solutions; Jafra, a leading beauty and personal care company with operations in Mexico and the United States; and Tupperware, a leading brand in food storage and drinkware. Through these brands, BeFra operates across Mexico, Brazil, the United States, and an expanding footprint throughout Latin America, leveraging proprietary direct-selling platforms, world-class manufacturing capabilities, and a longstanding culture of operational excellence.

 

13

 

Financial Statements

 

Betterware de México, S.A.P.I. de C.V.

Consolidated Statements of Financial Position

As of September 30, 2026 and 2025

(In Thousand Mexican Pesos)

 

   Q3 2026   Q3 2025 
Assets        
Cash and cash equivalents   522,177    333,522 
Trade accounts receivable, net   1,549,039    1,191,536 
Accounts receivable from related parties   24    18 
Account receivable “San Angel”   48,981    115,760 
Inventories   2,863,571    2,300,381 
Prepaid expenses   254,078    174,063 
Value added tax receivable   0    0 
Income tax recoverable   0    120,461 
Derivative financial instruments   10,863    0 
Non-current assets held for sale   40,000    40,000 
Other assets   129,234    118,183 
Total current assets   5,417,967    4,393,924 
Account receivable “San Angel”   0    48,703 
Property, plant and equipment, net   2,147,694    1,713,003 
Right of use assets, net   352,910    291,221 
Deferred income tax   694,648    525,086 
Intangible assets, net   4,522,676    1,513,648 
Goodwill   1,599,718    1,599,718 
Recoverable Taxes   42,072    0 
Other assets   58,442    14,257 
Total non-current assets   9,418,160    5,705,636 
Total assets   14,836,127    10,099,560 
Liabilities and Stockholders’ Equity          
Short-term debt and borrowings   1,059,066    1,661,924 
Accounts payable to suppliers   2,393,618    1,730,717 
Accrued expenses   620,153    368,196 
Provisions   934,898    668,882 
Income tax payable   56,779    0 
Value added tax payable   70,439    54,662 
Statutory employee profit sharing   158,332    97,875 
Lease liability   169,716    118,746 
Derivative financial instruments   0    33,563 
Total current liabilities   5,463,001    4,734,565 
Employee benefits   304,216    142,485 
Deferred income tax   518,823    495,118 
Lease liability   201,036    193,055 
Other Liabilities   2,093      
Long term debt and borrowings   5,910,562    3,242,407 
Total non-current liabilities   6,936,730    4,073,065 
Total liabilities   12,399,731    8,807,630 
Stockholders’ Equity          
Capital stock   928,580    321,312 
Share premium account   -25,264    -25,264 
Retained earnings   1,526,625    1,036,602 
Other comprehensive income   8,222    -37,187 
Non-controlling interest   -1,767    -3,533 
Total Stockholders’ Equity   2,436,396    1,291,930 
Total Liabilities and Stockholders’ Equity   14,836,127    10,099,560 

 

14

 

Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other Comprehensive Income

For the three and nine months ended September 30, 2026 and 2025
(In Thousand Mexican Pesos)

 

   Q3 2026   Q3 2025   ∆   9M 26   9M 25   ∆ 
Net revenue   4,832,314    3,377,299    43.1%   12,503,368    10,439,093    19.8%
Cost of sales   1,734,933    1,064,701    63.0%   4,354,453    3,418,781    27.4%
Gross profit   3,097,381    2,312,598    33.9%   8,148,915    7,020,312    16.1%
                               
Administrative expenses   834,725    564,547    47.9%   2,189,945    1,886,385    16.1%
Selling expenses   1,129,768    961,693    17.5%   3,246,403    2,976,073    9.1%
Distribution expenses   253,500    159,282    59.2%   632,691    514,655    22.9%
Total expenses   2,217,993    1,685,522    31.6%   6,069,039    5,377,113    12.9%
                               
Operating income   879,388    627,076    40.2%   2,079,876    1,643,199    26.6%
                               
Interest expense   -168,301    -131,907    27.6%   -389,570    -422,219    -7.7%
Interest income   7,059    5,473    29.0%   23,207    29,451    -21.2%
Unrealized gain (loss) in valuation of financial derivative instruments   0    0         0    -108,846      
Foreign exchange loss, net   1,808    1,038    74.2%   -11,602    73,165    -115.9%
Financing cost, net   -159,434    -125,396    27.1%   -377,965    -428,449    -11.8%
                               
Income before income taxes   719,954    501,680    43.5%   1,701,911    1,214,750    40.1%
                               
Income taxes   329,631    188,055    75.3%   635,622    423,728    50.0%
                               
Net income including minority interest   390,323    313,625    24.5%   1,066,289    791,022    34.8%
Non-controlling interest gain (loss)   -23    580    -104.0%   -60    1,883    -103.2%
Net income   390,300    314,205    24.2%   1,066,229    792,905    34.5%

 

Concept  Q3 2026   Q3 2025   ∆   9M 26   9M 25   ∆ 
Net income   390,323    313,625    24.5%   1,066,289    791,022    34.8%
(+) Income taxes   329,631    188,055    75.3%   635,622    423,728    50.0%
(+) Financing cost, net   159,434    125,396    27.1%   377,965    428,449    -11.8%
(+) Depreciation and amortization   128,987    95,073    35.7%   318,851    293,027    8.8%
EBITDA   1,008,375    722,149    39.6%   2,398,727    1,936,226    23.9%
EBITDA margin   20.9%   21.4%        19.2%   18.5%     

 

15

 

Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Cash Flows
For the three and nine months ended September 30, 2026 and 2025
(In Thousand Mexican Pesos)

 

   Q3 2026   Q3 2025   ∆   9M 26   9M 25   ∆ 
Cash flows from operating activities:                        
Profit for the period   390,323    313,625    24.5%   1,066,289    791,022    34.8%
Adjustments for:                              
Income tax expense recognized in profit of the year   329,631    188,055    75.3%   635,622    423,728    50.0%
Depreciation and amortization of non-current assets   128,987    95,073    35.7%   318,851    293,027    8.8%
Interest income recognized in profit or loss   -7,059    -5,473         -23,207    -29,451      
Interest expense recognized in profit or loss   168,301    131,907    27.6%   389,570    422,219    -7.7%
Gain (loss) on disposal of equipment   -805    -1,166         -1,809    -8,147      
Unrealized loss (gain) in valuation of financial derivative instruments   0    32    -100.0%   0    108,878    -100.0%
Movements in not- controlling interest   0    34    -100.0%   0    72    -100.0%
Translation currency effect   -25,798    3,866    -767.3%   -27,430    20,420    -234.3%
Defined benefit Cost   -27,940    0    100.0%   -24,466    0      
Movements in working capital:                              
Trade accounts receivable   -50,367    -70,565         -62,875    -58,443      
Trade accounts receivable from related parties   -4,776    -18         79,054    232    33975.0%
Trade account receivable “San Angel”   0    -3,913    -100.0%   0    47,159    -100.0%
Inventory, net   -155,381    63,779    -343.6%   -279,236    204,712    -236.4%
Prepaid expenses and other assets   222,464    43,693    409.2%   -34,068    -58,014      
Accounts payable to suppliers and accrued expenses   97,684    -80,660         488,915    -441,500      
Provisions   -15,447    -96,260         -2,130    -80,036      
Value added tax payable   55,632    -6,048         12,629    -16,530      
Trade accounts payable to related parties   4,496    0    100.0%   -87,457    -1,237      
Other Liabilities   2,093    0    100.0%   2,093    0    100.0%
Statutory employee profit sharing   31,457    30,757    2.3%   -3,404    -41,380      
Income taxes paid   -179,358    -41,457         -508,699    -445,478      
Employee benefits   -7,477    5,361    -239.5%   -320    14,173    -102.3%
Net cash generated by operating activities   956,660    570,622    67.7%   1,937,922    1,145,426    69.2%
Cash flows from investing activities:                              
Payment for investment in subsidiaries   -3,223,187    0    100.0%   -3,406,664    0      
Restricted cash by Escrow   13,344    0    100.0%   0    0      
Purchase of intangible assets   3,036,338    0    100.0%   0    0      
Payments for property, plant and equipment, net   90,658    -18,859         -140,149    -61,767      
Proceeds from disposal of property, plant and equipment, net   13,055    1,810    621.3%   18,659    6,225    199.7%
Proceeds from disposal of buildings   -1,158    0    100.0%   54,570    0    100.0%
Interest received   7,059    5,473    29.0%   23,207    29,451    -21.2%
Net cash used in investing activities   -63,891    -11,576         -3,450,377    -26,091      
Cash flows from financing activities:                              
Repayment of borrowings   -2,628,700    -1,799,264         -8,179,250    -3,914,700      
Proceeds from borrowings   2,326,700    1,580,764    47.2%   11,170,750    4,031,200    177.1%
Costs emission   -97,068    0    100.0%   -98,861    0    100.0%
Interest paid   -190,806    -159,262         -396,800    -431,383      
Lease payment   -57,449    -39,970         -147,080    -118,787      
Dividends paid   -244,341    -199,576         -642,471    -648,701      
Net cash used in financing activities   -891,664    -617,308         1,706,288    -1,082,371      
Net increase (decrease) in cash and cash equivalents   1,105    -58,262         193,833    36,964    424.4%
Cash and cash equivalents at the beginning of the period   521,072    391,784    33.0%   328,344    296,558    10.7%
Cash and cash equivalents at the end of the period   522,177    333,522    56.6%   522,177    333,522    56.6%

 

 

16

 

Appendix

IFRS to Non-IFRS Reconciliation

 

FCF

 

‘000  9M26   9M25 
Net cash generated by operating activities   1,937,922    1,098,267 
Less: Payments for property, plant and equipment, net   (140,149)   (61,767)
Add: Proceeds from disposal of property, plant and equipment, net   18,659    6,225 
Add: Proceeds from disposal of buildings   54,570    47,159 
Free Cash Flow   1,871,002    1,089,884 

 

NOPAT

 

‘000  3Q26   3Q25 
Operating Income   879,388    627,076 
Income Taxes   329,631    188,055 
Income before income taxes   719,954    501,680 
NOPAT   476,760    392,016 

 

*Formula = Operating Income*[1- (Income Taxes / Income before income taxes)]

 

Net Debt

 

‘000  3Q26   3Q25 
Add: Short-Term Debt   1,228,782    1,780,670 
Add: Long-Term Debt   6,111,598    3,435,462 
Total Debt   7,340,380    5,216,132 
Less: Cash & Equivalents   522,177    333,522 
Net Debt   6,818,203    4,882,610 

 

EBITDA

 

‘000  3Q26   3Q25   9M26   9M25 
Net income (including minority interest)   390,323    313,625    1,066,289    791,022 
Add: Income taxes   329,631    188,055    635,622    423,728 
Add: Financing cost, net   159,434    125,396    377,965    428,449 
Add: Depreciation and amortization   128,987    95,073    318,851    293,027 
EBITDA   1,008,375    722,149    2,398,727    1,936,226 

 

17

 

Organic Revenue

 

‘000  3Q26   3Q25   9M26   9M25 
Add: Betterware Brand Revenue   1,522,864    1,387,586    4,474,307    4,249,244 
Add: Jafra Brand Revenue   1,933,606    1,989,713    6,202,242    6,189,849 
Organic Revenue   3,456,470    3,377,299    10,676,549    10,439,093 
Add: Tupperware Latam Brand Revenue   1,375,843    -    1,826,817    - 
Total Revenue   4,832,313    3,377,299    12,503,366    10,439,093 

 

*Tupperware 9M revenue considers since the acquisition in June 2026

 

Organic EBITDA

 

‘000  3Q26   3Q25   9M26   9M25 
Add: Betterware Brand EBITDA   322,372    312,669    912,667    864,907 
Add: Jafra Brand EBITDA   327,245    409,480    1,003,811    1,071,319 
Organic EBITDA   649,617    722,149    1,916,478    1,936,226 
Add: Tupperware Latam Brand EBITDA   358,764    -    482,249    - 
Total EBITDA   1,008,381    722,149    2,398,727    1,936,226 

 

*Tupperware 9M EBITDA considers since the acquisition in June 2026

 

Basic EPS

 

‘000  3Q26   3Q25   9M26   9M25 
Net Income   390,300    314,205    1,066,229    792,905 
Weighted average shares outstanding   39,485    37,317    38,237    37,317 
Basic EPS   9.9    8.4    27.9    21.2 
TW net income combined   -    -    668,098    - 
Basic EPS Combined   9.9    8.4    45.4    21.2 

 

*Basic EPS Formula = Net income / weighted average shares
*Basic EPS Combined Formula = [(Net income + TW net income combined) / weighted average shares]

 

18