BeFra Reports Second Quarter 2026 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 second quarter 2026. 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

The second quarter marked another period of solid commercial execution for BeFra, with revenue growth across all our brands, while also representing one of the most significant milestones in the Company's history through the successful incorporation of Tupperware’s operations in Latin America. Despite contributing only one month of results during the quarter, Tupperware made a strong contribution to BeFra's revenue and profitability, reinforcing our confidence in the strategic rationale of the acquisition. As the reference brand in its category, with a leading position in Mexico and an immediate platform in Brazil, Tupperware strengthens our portfolio, expands our regional footprint, and reinforces our confidence in BeFra’s strategic growth pillars.

Beyond this milestone, we remained focused on executing our long-term strategy with discipline and consistency. Betterware continued building on its positive commercial momentum, with revenue increasing 3.6% during the quarter and 3.1% on a year-to-date basis, while continuing to expand its presence across Latin America. Jafra's turnaround also continued to gain traction, as the commercial initiatives announced last quarter—including a renewed focus on innovation and consultant base expansion—translated into a return to sequential growth, with revenue increasing 4.5% QoQ. Tupperware also made a strong contribution to BeFra, representing 10.8% of consolidated revenue and nearly 16% of EBITDA despite contributing only one month of results during the quarter. Together, these results reflect the resilience of our business model, the successful execution of our long-term strategy, and our disciplined approach to creating sustainable long-term value for our shareholders.

Our balance sheet also remains in a strong position following the Tupperware acquisition. Net debt-to-EBITDA stood at 2.6x despite consolidating only one month of Tupperware's EBITDA while assuming the full acquisition debt. On a pro forma basis, including Tupperware's full-year EBITDA contribution, net debt-to-EBITDA is 1.6x, effectively maintaining the Company's pre-acquisition leverage profile, reinforcing the profitability of the acquired business and our confidence in continuing our disciplined deleveraging strategy.

Andrés Campos Chevallier
President and CEO BeFra Group

Changes to ways of reporting

Following the Tupperware acquisition, the Company is evolving the way it manages and operates its portfolio. By aligning our organization around our brands, we will streamline processes, unlock synergies, and accelerate the adoption of best practices across the Group. Reflecting this evolution, financial reporting will now be presented as BeFra, Betterware, Jafra, and Tupperware. This updated structure provides a clearer view of each brand's performance and better aligns external reporting with how management evaluates the business, enabling investors to more effectively assess the operating performance and strategic progress of each brand.

References to organic growth throughout this document exclude Tupperware and reflect the combined performance of Betterware and Jafra only. This provides investors with a like-for-like comparison with prior periods, allowing for a clearer assessment of the Group’s underlying operating performance.

The FCF-to-EBITDA ratio will now be presented at the consolidated BeFra level. This metric highlights the Group’s ability to consistently convert operating profitability into cash flow, providing investors with a clearer view of the business’s cash generation capabilities and overall financial quality.

Associate and distributor metrics will now be presented as a combined "Stencil" metric, reported on both an average and end-of-period basis, at the consolidated level and by brand. This change streamlines operational disclosure by focusing on the most relevant commercial network indicator, providing a clearer and more consistent view of commercial performance across the Group and its brands.

Revenue mix by brand and region has been added. This provides investors with a clearer view of each brand’s and region’s contribution to BeFra’s consolidated revenue, enhancing the understanding of the Group’s revenue composition and diversification.

Beginning this quarter and through year-end, both the original 2026 guidance and the updated post-acquisition guidance will be presented. This approach preserves visibility into the Company's original growth expectations while clearly illustrating the incremental growth and financial contribution expected from the incorporation of Tupperware into BeFra's portfolio.

A dedicated section has been added to present Tupperware’s pro forma financial information for FY25, 1Q26, and 2Q26. This provides investors with greater visibility into Tupperware’s standalone financial performance while also illustrating how BeFra’s financial performance would have looked had Tupperware been part of the Group throughout the presented periods.

The historical KOM and KFM section will no longer be presented. This change streamlines the presentation by placing greater emphasis on the most relevant operating and financial metrics, resulting in a clearer and more focused view of the Company’s current performance.

Q2 2026 Select Consolidated Financial Information

Revenue by Brand & Region

Year-to-Date

Highlights

Revenue: Net revenue increased 16.8% during the quarter, primarily reflecting the incorporation of Tupperware's financial results following the acquisition, together with continued revenue growth across Betterware and Jafra. Betterware maintained its growth trajectory through its domestic market and supported by sustained international expansion, with Andino and Guatemala continuing to deliver double-digit growth. Jafra's performance continued to strengthen, delivering sequential revenue growth and confirming the effectiveness of the initiatives implemented earlier this year. Tupperware also meaningfully expands BeFra's direct-selling platform, adding more than 300,000 Stencil across Mexico and Brazil, further strengthening the scale and reach of the Group's commercial network.

Profitability: EBITDA increased 15% YoY, with an EBITDA margin of 18.8%. Adjusting additionally for $16 M MXN regional expansion costs and $8 M MXN in Tupperware transaction-related expenses, EBITDA margin would have been approximately 19.3%, reflecting the strength of the underlying business and BeFra’s continued financial discipline. Organic net income decreased during the quarter, temporarily affected by these same regional expansion and Tupperware-related expenses. Excluding these effects, organic net income was broadly in line with the prior year. During the first half of the year, organic net income increased 19.1%, demonstrating the Company’s ability to consistently translate revenue growth into profitable growth. The integration of Tupperware is also expected to improve operating leverage, as corporate expenses are not expected to increase proportionally with the expansion of the business, providing an additional benefit over the medium to long term. Demonstrating the accretive nature of the acquisition, pro forma trailing twelve-month EPS is 36% higher than organic trailing twelve-month EPS.

Cash generation: Excluding the Tupperware transaction FCF for the quarter was $578 M MXN representing 74% of EBITDA, highlighting the strength of the business model and disciplined financial management.

Financial Performance

Balance sheet at the end of Q2 2026.

Note that presented ratios consider Pro forma TTM profitability from Tupperware.

Return on Investment
Following the Tupperware acquisition, BeFra continues to generate attractive returns. Improvements in ROIC, ROTA, and ROE demonstrate the Company's ability to profitably deploy its expanded capital base.

Liquidity
BeFra maintained a solid liquidity position during the quarter, with continued improvements in working capital efficiency supporting financial flexibility and future growth.

Leverage
Leverage ratios reflect Tupperware's results on a pro forma trailing twelve-month basis to provide a meaningful comparison following the acquisition. BeFra has a proven track record of disciplined deleveraging, having successfully reduced leverage following the Jafra acquisition. Excluding debt assumed as part of the Tupperware acquisition, the Company repaid $508 M MXN of debt during the quarter, reflecting its continued commitment to deleveraging. Supported by strong cash generation and interest coverage, BeFra remains well positioned to continue its disciplined deleveraging strategy.

Asset Light Business – Low fixed cost structure
BeFra’s asset-light operating model remains a fundamental source of resilience for the business. Additionally, the Company remains focused on identifying further opportunities to optimize SG&A.

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 a $250 M MXN dividend to be paid in Q3 2026, which has been approved at the Ordinary Shareholders' Meeting. The increase reflects the additional shares issued in connection with the Tupperware acquisition and not only preserves value on a per-share basis, but also enhances the overall value returned to shareholders. This would represent the 26th consecutive quarter of dividend payments since BeFra's IPO.

2026 Guidance: 2026 guidance has been updated, taking into account Tupperware’s acquisition

Previous Guidance

Management expects an EBITDA margin of at least 19% in 2026.

Post-acquisition Guidance

Management expects an EBITDA margin of at least 19% in 2026.

Q2 2026 Financial Results by Brand

Betterware
(Includes Betterware Mexico & International Subsidiaries)
Key Financial and Operating Metrics

Highlights
Revenue: Betterware continued to deliver revenue growth during the quarter, supported by the sustained expansion of its stencil base through effective commercial strategies and promotional initiatives. Betterware Mexico grew 3% during the quarter, with double-digit revenue growth across most regions of the country, partially offset by weaker performance in the northern region due to exchange rate effects on consumption in Mexico. Betterware's international business continued to deliver exceptional growth, with net revenue increasing 500% in Andino and more than 50% in Guatemala QoQ. Betterware's end-of-period stencil was temporarily affected by timing differences during the quarter. Despite this, productivity remained strong, supporting continued confidence in the expansion of both the stencil base and revenue.

Profitability: EBITDA increased 1.5% QoQ, with an EBITDA margin of 19.5%. Without considering expansion costs, EBITDA margin for the quarter would have been ~21%, demonstrating the strength of the business. Higher commercial investments and temporary logistics headwinds, as the Company proactively strengthened supply chain resilience in response to geopolitical tensions surrounding the Strait of Hormuz, temporarily offset profitability. Year-to-date, EBITDA and EBITDA margin remain broadly in line with the prior year.

Jafra
(Includes Jafra Mexico & US)
Key Financial and Operating Metrics

Beginning this quarter, Jafra's results are presented on a combined basis, with revenue and profitability reflecting the performance of both Jafra Mexico and Jafra U.S. as a single brand.

Highlights
Revenue: Jafra successfully returned to growth during the quarter, delivering QoQ revenue growth of 4.5%. The turnaround reflects the effectiveness of the corrective promotional actions, which contributed to renewed growth in the Associate and Distributor base, driving the expansion of the Stencil. Fragrance and Body Care led broad-based category growth.

Profitability: Profitability was impacted during the quarter by gross margin investments, partially offsetting the benefits of higher sales volumes. Year-to-date, however, EBITDA and EBITDA margin remain in line with the prior year. The Company continues to execute cost-efficiency initiatives aimed at aligning Jafra's expense structure with the rest of the Group. While Jafra Mexico continued to benefit from higher sales volumes, Jafra U.S. delivered another quarter of meaningful improvement, achieving a positive EBITDA margin of 3.9% and more than doubling its profitability quarter over quarter.

Tupperware
(Includes Tupperware Mexico & Brazil)
Key Financial and Operating Metrics

Highlights
Revenue: Tupperware delivered a strong first contribution to BeFra's results, validating the strategic rationale of the acquisition. In Mexico, extraordinary B2B sales were recorded between June and September 2025, together with sales to Tupperware U.S., affecting year-over-year comparability. Excluding these effects, Tupperware Mexico's direct-selling business grew more than 30% versus June 2025, demonstrating the strength of the brand's underlying commercial operation. In Brazil, the pace of revenue decline improved significantly, decreasing to less than 7% in June 2026 after several quarters of double-digit declines and despite the discontinuation of sales to Argentina, which contributed to revenue in June 2025. As the reference brand in its category, with a leading position in Mexico and an immediate platform in Brazil, Tupperware further strengthens BeFra's portfolio and expands regional growth opportunities. Management has also begun implementing commercial and operational initiatives aimed at restoring the brand to its historical performance levels, reinforcing confidence in its long-term growth potential.

Profitability: Tupperware made an immediate and meaningful contribution to BeFra's profitability, reflecting the attractive margin profile of the business. Despite contributing only one month of results, the brand represented a significant portion of consolidated EBITDA and Net Income. As integration progresses and the business continues to gain commercial momentum, Tupperware is well positioned to become an increasingly important driver of the Group's profitability.

Consolidated – Pro Forma

Appendix
Financial Statements

BeFra IR
iroffice@better.com.mx
+52 33 4274 5904

InspIR:
Barbara Cano/Ivan Peill
ivan@inspirgroup.com
barbara@inspirgroup.com