Form: 6-K

Report of foreign issuer [Rules 13a-16 and 15d-16]

February 26, 2026

Exhibit 99.1

 

 

 

Q4 2025

 

Earnings Release

 

 

 

 

 

BeFra Reports Fourth Quarter 2025 Results

 

GUADALAJARA, Mexico – 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

 

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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%.

 

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Financial Performance

Balance sheet at the end of Q4 2025.

 

Liquidity ratios

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    
Current Ratio   0.92    1.09    -15.6%
TTM FCF / Adj. EBITDA   83.3%   64.3%   1,897 bps 
CCC (days)   56    41    +15 days 

 

Return on Investment

 

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.

 

   Q4 2025   Q4 2024    
Equity Turnover   10.62    12.13    -12.4%
ROIC   24.8%   26.6%   -180 bps 
ROE   77.6%   61.2%   1,640 bps 
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

 

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.

 

   Q4 2025   Q4 2024   ∆ bps 
Fixed Assets / Total Assets   17.9%   17.2%   71 bps 
TTM Variable Cost Structure   74.0%   76.5%   -250 bps 
TTM Fixed Cost Structure   26.0%   23.5%   250 bps 
TTM SG&A / Net Revenues   45.8%   47.5%   -174 bps 

 

4

 

 

 

Debt Leverage

 

BeFra’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   ∆% 
Debt to EBITDA   1.67    1.86    -10.2%
Net Debt to EBITDA   1.56    1.76    -11.4%
Interest Coverage   4.16    3.46    20.2%

 

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.

 

5

 

 

 

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.

 

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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.

 

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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.

 

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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 

 

9

 

 

 

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%     

 

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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%     

 

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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 

 

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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%

 

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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.

 

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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.

 

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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 26th, 2026, at 4:30 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

 

Contacts.

 

Company:

 

BeFra IR 

ir@better.com.mx 

+52 (33) 3836 0500 Ext. 2011

 

InspIR:

 

Investor Relations 

Ivan Peill

ivan@inspirgroup.com

 

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