BeFra Reports Third 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 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 (3^rd 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

Q3 2026 Select Consolidated Financial Information

Revenue by Brand & Region

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.

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.

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.

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.

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.

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.

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%.

Q3 2026 Financial Results by Brand

Betterware Brand

Key Financial and Operating Metrics

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.

Jafra Brand

Key Financial and Operating Metrics

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.

Tupperware Latam Brand

Key Financial and Operating Metrics

Core Direct Selling Channel

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.

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.

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.

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.

Forward-Looking Statements

BeFra IR
iroffice@better.com.mx
+52 1 33 4274 5904

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