Form: 6-K

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

April 23, 2026

Exhibit 99.1

 

BeFra Reports First Quarter 2026 Results

 

GUADALAJARA, Mexico, April 23, 2026 -- Betterware de México, S.A.P.I. de C.V. (NYSE:BWMX) (“BeFra” or the “Company”), announced today its consolidated financial results for the first 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

 

We began 2026 with a solid performance overall, as most of our business units delivered meaningful revenue growth and substantially improved profitability during the first quarter. Our most recent results reflect the strength of BeFra’s business model in a still challenging macro environment and continued progress enhancing commercial and operational execution across our brand platform.

 

Revenue growth remained modest during the quarter, increasing 0.3% year-over-year, as consumption trends gradually normalized. Although the global and regional environments continue to reflect considerable uncertainty, we are seeing a more stable backdrop compared to the heightened volatility experienced throughout 2025. In this context, our performance was supported by a solid recovery at Betterware, still improving trends at Jafra US, and by the contribution of our expansion efforts in Latin America. Revenue growth was partially offset by softer top line results at Jafra Mexico, where we expect growth to recover in 2Q, an unfavorable shorter quarter (one fewer week) for Betterware, as well as FX effects that impacted Jafra US in MXN terms.

 

Profitability showed strong improvement during the quarter, with EBITDA increasing 13.9% on substantial margin expansion. This drove ROIC to 27.0%, reflecting improved operating efficiencies and favorable margin dynamics across our business portfolio. Importantly, when excluding investments related to Tupperware transaction, EBITDA would have been 1pp higher, reflecting the underlying strength of our profitability. Operating cash flow remained solid, supported by these profitability gains and our continued focus on working capital discipline.

 

Our geographic expansion strategy continues to deliver encouraging results. Jafra US is showing clear signs of return to growth, supported by stronger commercial execution and improving field engagement that started last year. At the same time, our operations in the Andean and Central America region continue to grow rapidly, with particularly strong performance across existing markets. We are also pleased to have successfully launched operations in Colombia, the region’s fourth largest economy, during the first week of March, marking another important milestone in our regional growth strategy.

 

The acquisition of Tupperware’s Latin America operations will significantly accelerate our expansion by giving Befra immediate access to Brazil. We continue working closely with the relevant authorities, with final approvals expected in the second quarter of this year. In parallel, we are actively advancing our integration and value creation plans, developing a robust pipeline of growth initiatives across multiple fronts to fully capitalize on this opportunity once the transaction is completed. As a reminder, it is expected to be highly accretive to our fellow shareholders, with earnings accretion estimated at 40% per share in 2026.

 

In closing, while the operating environment remains dynamic and challenging, we remain confident in the strength of our five-pillar growth strategy, the resilience of our business model, and our ability to continue delivering sustainable growth and profitability. We are mindful of the recent events in the Middle East and their potential impact on our business. With that in mind we have been developing strategies to effectively offset any possible disruptions from them. As we move forward this year, we remain focused on disciplined execution, expansion, and long-term value creation.

 

Andrés Campos Chevallier

President and CEO BeFra Group

 

 

Q1 2026 Select Consolidated Financial Information

 

   Q1 
Results in ’000 MXN  2026   2025   ∆26 vs 25 
Net Revenue  $3,509,702   $3,499,151    0.3%
Gross Margin   66.3%   66.2%   10 bps 
EBITDA  $609,913   $535,263    13.9%
EBITDA Margin   17.4%   15.3%   211 bps 
Net Income  $281,361   $150,728    86.7%
EPS  $7.54   $4.06    85.7%
Free Cash Flow  $351,543   $-55,841   N/A 
Net Debt / EBITDA   1.50    2.08      
Interest Coverage   4.74    3.20      
Associates               
Avg. Base   1,125,030    1,138,418    -1.2%
EOP Base   1,120,638    1,122,047    -0.1%
Distributors               
Avg. Base   61,641    61,856    -0.3%
EOP Base   62,837    62,505    0.5%

 

Revenue: Net revenue increased slightly during the quarter, reflecting early signs of recovery across BeFra’s key business units. Betterware returned to growth, with its reported performance partially affected by one less week in the quarter. Jafra US also returned to growth, supported by improving commercial momentum and execution, with results in pesos affected by U.S. dollar depreciation. These positive trends were partially offset by a softer-than-expected quarter at Jafra Mexico, which is expected to progressively recover starting in Q2 as we change focus towards consultant base growth. Overall, the quarter’s results indicate improving growth momentum across key business units and a more diversified revenue base, positioning BeFra for solid top line growth for the rest of 2026.

 

Profitability: All business units delivered improved profitability during the quarter, reflecting the effectiveness of margin-focused initiatives across BeFra’s brand platform. EBITDA increased 13.9% YoY, with margin expanding 211 bps YoY to 17.4%, in line with management’s expectations and supported by disciplined cost management and improved operating efficiency. Excluding non-recurring expenses related to the Tupperware Latam transaction, EBITDA margin would have been 18.4%, highlighting the strength of the underlying business. Net income normalized, growing 86.7% YoY. The Tupperware transaction, together with Betterware Ecuador and Colombia, is expected to accelerate and strengthen Group profitability.

 

Cash Flow: Operating cash flow normalized during the quarter, with a cash conversion rate of 58%, in line with internal expectations and reflecting an abnormal 1Q25. Ps. 351.5 million in cash flow was supported by continued discipline in working capital management and overall financial execution. Strong cash generation enabled further deleveraging of BeFra’s balance sheet, with Net Debt-to-EBITDA improving to 1.50x from 2.08x in 1Q25 and 1.56x in 4Q25.

 

2026 Focus: As BeFra enters the second quarter of 2026 with solid growth momentum at Betterware Mexico and Jafra US, a key priority is activating a new phase of growth at Jafra Mexico, through a renewed focus on consultant base expansion and product innovation. And with regulatory approval of the Tupperware transaction expected during the second quarter, management will also focus on executing a turnaround strategy for its operations and iconic brand, in addition to effectively integrating them into the BeFra group.

 

2

 

Financial Performance

Balance sheet at the end of Q1 2026.

 

Liquidity ratios

 

BeFra’s cash flow continues to normalize toward the business’ natural operating cycle, following the higher inventory levels and economic volatility in 1Q25. During the quarter, cash generation showed a clear improvement again, supported by stronger underlying profitability across business units and disciplined working capital management. This performance reinforces a stable liquidity position and a continued recovery in cash conversion.

 

   Q1 2026   Q1 2025    
Current Ratio   0.93    0.92    1.1%
FCF / EBITDA   57.6%   -10.4%   6800 bps 
CCC (days)   39    58    -32.8%

 

Return on Investment

 

BeFra continues to deliver solid returns on investment, reflecting the strength and resilience of its business model. During the quarter there was a meaningful improvement in overall profitability and capital efficiency, supported by stronger operational execution across business units. These results reinforce management’s confidence in the business’ ability to consistently generate long-term value.

 

   Q1 2026   Q1 2025    
Equity Turnover   9.61    13.33    -27.9%
ROIC   27.0%   22.4%   460 bps 
ROE   80.4%   54.1%   2630 bps 
ROTA   22.7%   9.8%   1290 bps 
Dividend Payout   53.0%   74.3%   -2130 bps 

 

*Current Ratio = Total current assets / Total current liabilities
*CCC(Cash Conversion Cycle) = DSO + DIO – DPO
*ROIC = NOPAT TTM / Operating Assets
*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 = Interest expense TTM / Operating income TTM
*Dividend Payout TTM = Dividend/NOPAT

 

Asset Light Business – Low fixed cost structure

 

BeFra’s asset-light business model continues to be a key pillar of operational resilience. During the quarter, the cost structure remained stable and well-managed, reflecting continued discipline across operations. Management remains committed to an asset-light strategy and continues to identify opportunities to optimize SG&A and enhance operational efficiency.

 

   Q1 2026   Q1 2025   ∆ bps  
Fixed Assets / Total Assets   17.3%   16.6%  74 bps  
Variable Cost Structure   74.5%   76.3%  -180 bps  
Fixed Cost Structure   25.5%   23.7%  180 bps  
SG&A / Net Revenues   46.7%   48.9%  -219 bps  

 

3

 

Leverage

 

BeFra remains firmly committed to its deleveraging strategy, supported by strong cash generation and disciplined financial management. During the quarter, leverage ratios improved meaningfully, with net debt to EBITDA decreasing to 1.5x, reflecting continued strengthening of the balance sheet. Interest coverage also improved to 4.74x, underscoring the company’s solid debt service capacity and the resilience of the Company’s capital structure. This strong financial position provides ample flexibility to take on the additional debt associated with the Tupperware acquisition, which has an implied 2025 leverage ratio of 1.9x Net Debt-to-EBITDA.

 

   Q1 2026   Q1 2025   ∆% 
Debt to EBITDA   1.61    2.21    -26.9%
Net Debt to EBITDA   1.50    2.08    -27.9%
Interest Coverage   4.74    3.20    48.1%

 

Capital Allocation

 

Quarterly Dividends: In light of BeFra’s results to date, management remains committed to enhancing shareholder value through quarterly dividends. Accordingly, it is proposed to maintain a Ps. 200M dividend for Q1 2026 that represents 58% of NOPAT and is subject to approval at the Ordinary General Shareholders’ Meeting. This would mark the 25th consecutive quarter of dividend payments since becoming public.

 

2026 Guidance and Long-Term Growth Prospects: While operational performance remained solid during the first quarter of 2026, revenue growth was modest at 0.3%. However, profitability improved meaningfully, with EBITDA margin expanding 211 bps compared to the same period last year. This reflects various initiatives to strengthen margins and operational efficiency and reinforces management’s confidence in the resilience of the Company’s business model as well as the ability to continue delivering on BeFra’s long-term objectives. Our current guidance does not reflect the Tupperware transaction and will be revised once the transaction is finalized.

 

   2026   2025   Var % 
Net Revenue  $14,800 - $15,400   $14,265    4.0% - 8.0%  

 

*Figures in millions Ps.

 

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

 

4

 

Q1 2026 Financial Results by Business

Betterware Mexico & Subsidiaries

Key Financial and Operating Metrics

 

   Q1 
Results in ’000 MXN   2026    2025   26 vs 25 
Net Revenue  $1,439,958   $1,403,065   2.6%
Gross Margin   55.0%   55.3%  -30 bps 
EBITDA  $295,278   $261,493   12.9%
EBITDA Margin   20.5%   18.6%  187 bps 
Free Cash Flow  $99,300   $-29,732  N/A 
Associates              
Avg. Base   663,599    645,359   2.8%
EOP Base   684,696    649,076   5.5%
Monthly Activity Rate   64.6%   65.5%  -91 bps 
Avg. Monthly Order  $2,072   $2,152   -3.7%
Distributors              
Avg. Base   41,249    41,202   0.1%
EOP Base   42,447    41,810   1.5%
Monthly Activity Rate   98.6%   97.9%  71 bps 
Avg. Monthly Order  $21,826   $22,534   -3.1%

 

*Subsidiaries: Credilazos, Betterware USA, Betterware Guatemala, Betterware Andino.

 

Highlights

 

Revenue: Betterware delivered a solid performance in the quarter, with the associate base growing 2.8% YoY, marking a key inflection point as the base resumes its expansion and begins to rebuild momentum. This recovery supported revenue growth of 2.6% YoY, with underlying trends remaining positive and EOP associate base 5.5% above last year’s level. It is also important to note that 1Q26 had one fewer week than 1Q25, average weekly revenue grew 3.3% in Betterware Mexico. Although Betterware Latam still represents less than 1% of total revenue, the region continues to grow at double-digit rates.

 

Profitability: The business delivered a strong profitable quarter, with EBITDA increasing 12.9% YoY, mainly the result of the margin expanding 187 bps to 20.5%, driven by disciplined cost management and solid operational execution in line with internal expectations. Gross margin remained broadly stable, as improvements in product mix offset by revaluation of unit inventory related to FX changes and higher freight costs. The shorter quarter also had a slight impact on reported growth.

 

Cash Flow: Cash flow generation showed significant improvement during the quarter. This performance was primarily driven by a normalization of working capital, as the business was no longer impacted by excess inventory, following the successful execution of targeted inventory reduction and optimization strategies.

 

2026 Focus: Betterware kicks off the year with net revenue growth and a well-established expansion strategy. In the quarter ahead, BW will seek to consolidate its position across Latin American markets and to replicate its proven business model as it enters the Colombian market.

 

5

 

Jafra Mexico

Key Financial and Operating Metrics

 

   Q1 
Results in ’000 MXN  2026   2025   ∆26 vs 25 
Net Revenue  $1,858,104   $1,869,818    -0.6%
Gross Margin   74.0%   73.5%   50 bps 
EBITDA  $315,494   $286,707    10.0%
EBITDA Margin   17.0%   15.3%   165 bps 
Free Cash Flow   282,165   $-27,974   N/A 
Associates               
Avg. Base   435,887    468,356    -6.9%
EOP Base   409,204    446,998    -8.5%
Monthly Activity Rate   47.6%   50.5%   -290 bps 
Avg. Monthly Order  $2,464   $2,419    1.9%
Distributors               
Avg. Base   19,029    19,150    -0.6%
EOP Base   19,087    19,202    -0.6%
Monthly Activity Rate   95.0%   95.1%   -10 bps 
Avg. Monthly Order  $2,539   $2,744    -7.5%

 

Highlights

 

Revenue: Net revenue decreased 0.6% YoY, reflecting a temporary stagnation in growth following the capture of short-term efficiency gains post-transaction. During the period, Jafra Mexico prioritized improving productivity of its existing consultant base, with less emphasis on expanding the base through recruitment initiatives. Additionally, product strategies were focused on renovating existing product lines rather than introducing new innovations, which temporarily weighed on top-line performance. The business unit already pivoted back toward expansion of the consultant base during Q1, while innovation initiatives are ramping up in Q2, both of which are expected to restore sales growth with Q2 revenue anticipated to be in line with our estimates.

 

Profitability: The business delivered a solid improvement in profitability compared to 1Q25, reflecting stronger cost management and the absence of extraordinary expenses. The 10% increase in EBITDA and 165 bps expansion of margin also reflect the positive impact of expense restructuring initiatives implemented last year and which are now materializing.

 

Cash Flow: Cash flow generation normalized during the quarter, in line with expectations and reflecting the absence of the extraordinary effects seen in 1Q25.

 

2026 Focus: Jafra Mexico continues to be one of BeFra’s strongest cash generation engines, underpinned by solid commercial execution and disciplined cost management. In 2Q26, the business unit will transition to the second phase of its commercial strategy, shifting from brand renovation to innovation while also prioritizing expansion of the consultant base. During the quarter, we shifted focus to prioritize consultant base growth through targeted initiatives and promotions, which we expect to begin contributing results in 2Q.

 

6

 

Jafra US

Key Financial and Operating Metrics

 

   Q1 
Results in ’000 MXN  2026   2025   ∆26 vs 25 
Net Revenue  $211,640   $226,268    -6.5%
Gross Margin   75.0%   73.9%   110 bps 
EBITDA  $-859  $-12,934   N/A 
EBITDA Margin   -0.4%   -5.7%   531 bps 
Free Cash Flow  $-29,922  $1,865    N/A 

 

   Q1 
Results in ’000 USD  2026   2025   ∆26 vs 25 
Net Revenue  $12,033   $11,077    8.6%
Gross Margin   75.0%   73.9%   110 bps 
EBITDA  $-56  $-633   N/A 
EBITDA Margin   -0.5%   -5.7%   520 bps 
Free Cash Flow  $-1,702  $91    N/A 
Associates               
Avg. Base   25,544    24,703    3.4%
EOP Base   26,738    25,973    2.9%
Monthly Activity Rate   50.8%   45.9%   490 bps 
Avg. Monthly Order  $219   $243    -9.9%
Distributors               
Avg. Base   1,363    1,504    -9.4%
EOP Base   1,303    1,493    -12.7%
Monthly Activity Rate   95.4%   89.3%   610 bps 
Avg. Monthly Order  $186   $228    -18.4%

 

Highlights

 

Revenue: Net revenue in USD increased 8.6% YoY, driven primarily by strong growth in consultant activity and an increase in the average associate base. This reflects improved field engagement and a more active salesforce, which translated into higher order volumes. Overall, the business continues to make solid progress in building a larger, more productive, and engaged consultant base.

 

Profitability: Gross margin expanded 110 bps YoY, driven by an improved promotional strategy and tighter management of consultant discounts. EBITDA margin improved significantly, from -5.7% in last year’s comparable quarter to -0.5% in 1Q26, supported by stronger revenue and the benefits of cost reductions following restructuring initiatives in 2025. Excluding extraordinary legal expenses incurred during the quarter, Jafra US would have delivered an EBITDA margin of 2.6%, effectively turning profitable and signaling a clear path toward sustainable earnings growth.

 

2026 Focus: Jafra US is building momentum as it transitions from stabilization to growth, supported by a more efficient cost structure and improving commercial execution. Going forward, the business is focused on executing its strategic priorities, with a particular emphasis on strengthening product innovation and enhancing its sampling strategy to drive product adoption and higher field engagement.

 

7

 

Appendix

Financial Statements

 

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

Consolidated Statements of Final Position

As of March 31, 2026 and 2025

(In Thousands of Mexican Pesos)

 

   Mar 2026   Mar 2025 
Assets        
Cash and cash equivalents   311,762    344,073 
Trade accounts receivable, net   1,190,866    1,176,138 
Accounts receivable from related parties   0    18 
Account receivable “San Angel”   80,770    120,158 
Inventories   2,072,173    2,529,057 
Prepaid expenses   221,605    169,064 
Income tax recoverable   164,921    309,263 
Derivative financial instruments   18,262    28,667 
Non-current assets held for sale   40,000    40,000 
Other assets   95,811    94,709 
Total current assets   4,196,170    4,811,147 
Account receivable “San Angel”   25,291    105,458 
Property, plant and equipment, net   1,691,109    1,766,045 
Right of use assets, net   305,471    282,858 
Deferred income tax   452,582    525,086 
Intangible assets, net   1,490,332    1,549,649 
Goodwill   1,599,718    1,599,718 
Other assets   13,445    14,389 
Total non-current assets   5,577,948    5,843,203 
Total assets   9,774,118    10,654,350 
           
Liabilities and Stockholders’ Equity          
Short-term debt and borrowings   1,145,034    1,818,486 
Accounts payable to suppliers   2,057,297    2,012,268 
Accrued expenses   350,882    362,857 
Provisions   648,300    735,894 
Value added tax payable   26,060    41,160 
Trade accounts payable to related parties   0    0 
Statutory employee profit sharing   181,329    174,291 
Lease liability   125,095    94,806 
Derivative financial instruments   0    0 
Total current liabilities   4,533,997    5,239,762 
Employee benefits   150,024    131,852 
Deferred income tax   486,451    495,118 
Lease liability   196,377    214,400 
Long term debt and borrowings   2,923,772    3,522,769 
Total non-current liabilities   3,756,624    4,364,139 
Total liabilities   8,290,621    9,603,901 
Stockholders’ Equity          
Capital stock   321,312    321,312 
Share premium account   -25,264    -25,264 
Retained earnings   1,184,072    794,278 
Other comprehensive income   5,186    -37,489 
Non-controlling interest   -1,809    -2,388 
Total Stockholders’ Equity   1,483,497    1,050,449 
Total Liabilities and Stockholders’ Equity   9,774,118    10,654,350 

 

8

 

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 March 31, 2026 and 2025

(In Thousands of Mexican Pesos)

 

   Q1 2026   Q1 2025   ∆% 
Net revenue   3,509,702    3,499,151    0.3%
Cost of sales   1,183,601    1,183,324    0.0%
Gross profit   2,326,101    2,315,827    0.4%
                
Administrative expenses   647,086    691,825    -6.5%
Selling expenses   991,217    1,020,998    -2.9%
Distribution expenses   168,596    169,099    -0.3%
Total expenses   1,806,899    1,881,922    -4.0%
                
Other expenses - Sale of fixed assets   0    0    N/A 
                
Operating income   519,202    433,905    19.7%
                
Interest expense   -99,706    -146,036    N/A 
Interest income   11,673    16,071    -27.4%
Loss in valuation of financial derivative instruments   0    -66,410    N/A 
Foreign exchange loss, net   -12,115    42,181    N/A 
Financing cost, net   -100,148    -154,194    N/A 
                
Income before income taxes   419,054    279,711    49.8%
                
Income taxes   137,693    128,983    6.8%
                
Net income including minority interest   281,361    150,728    86.7%
Non-controlling interest (loss) gain   -17    666    -102.6%
Net income   281,344    151,394    85.8%

 

Concept   Q1 2026    Q1 2025    ∆% 
Net income   281,361    150,728    86.7%
(+) Income taxes   137,693    128,983    6.8%
(+) Financing cost, net   100,148    154,194    -35.1%
(+) Depreciation and amortization   90,711    101,360    -10.5%
EBITDA   609,913    535,265    13.9%
EBITDA margin   17.4%   15.3%     

 

9

 


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

Consolidated Statements of Cash Flows

For the three-months ended March 31, 2026 and 2025

(In Thousands of Mexican Pesos)

 

   Q1 2026   Q1 2025 
Cash flows from operating activities:        
Profit for the period   281,361    150,728 
           
Adjustments for:          
Income tax expense recognized in profit of the year   137,693    128,983 
Depreciation and amortization of non-current assets   90,711    101,360 
Interest income recognized in profit or loss   -11,673    -16,071 
Interest expense recognized in profit or loss   99,706    146,036 
Loss (gain) in valuation of financial derivative instruments   0    66,410 
Gain on disposal of equipment   -629    -1,663 
Currency effect   -2,450    357 
Movements in not- controlling interest   0    0 
Movements in working capital:          
Trade accounts receivable   -9,419    -43,045 
Trade accounts receivable from related parties   0    232 
Trade account receivable “San Angel”   0    -13,994 
Inventory, net   -74,636    -23,964 
Prepaid expenses and other assets   -138,066    -26,358 
Accounts payable to suppliers and accrued expenses   290,486    -172,194 
Provisions   -73,646    -13,024 
Value added tax payable   -67,857    -30,032 
Statutory employee profit sharing   34,801    35,036 
Trade accounts payable to related parties   0    -1,237 
Income taxes paid   -190,296    -333,998 
Employee benefits   2,033    3,540 
Net cash generated by (used in) operating activities   368,119    -42,898 
           
Cash flows from investing activities:          
Investment in subsidaries   0    0 
Payments for property, plant and equipment, net   -17,253    -13,574 
Proceeds from disposal of property, plant and equipment, net   677    631 
Commission for the sale of properties   0    0 
Interest received   9,163    16,071 
Net cash (used in) generated by investing activities   -7,413    3,128 
           
Cash flows from financing activities:          
Repayment of borrowings   -2,750,100    -1,000,800 
Proceeds from borrowings   2,746,600    1,546,800 
Interest paid   -128,507    -165,627 
Lease payment   -45,670    -43,574 
Dividends paid   -199,611    -249,514 
Net cash (used in) generated by financing activities   -377,288    87,285 
Net (decrease) increase in cash and cash equivalents   -16,582    47,515 
Cash and cash equivalents at the beginning of the period   328,344    296,558 
Cash and cash equivalents at the end of the period   311,762    344,073 

 

10

 

Key Operating Metrics

 

Betterware Mexico

 

   Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026 
Associates                        
Avg. Base   693,666    645,359    657,317    675,696    667,086    663,599 
EOP Base   674,654    649,076    670,349    667,501    654,680    684,696 
Monthly Activity Rate   64.8%   65.5%   65.6%   63.3%   65.2%   64.6%
Avg. Monthly Order  $2,158   $2,152   $2,153   $2,043   $1,971   $2,072 
Monthly Growth Rate   14.3%   18.7%   16.6%   16.1%   17.3%   16.6%
Monthly Churn Rate   15.6%   19.5%   15.6%   16.3%   18.0%   15.2%
Distributors                              
Avg. Base   43,585    41,202    42,062    43,220    42,156    41,249 
EOP Base   42,608    41,810    43,292    42,673    40,723    42,447 
Monthly Activity Rate   96.7%   97.9%   98.8%   97.9%   98.3%   98.6%
Avg. Monthly Order  $22,945   $22,534   $22,347   $20,752   $20,690   $21,826 
Monthly Growth Rate   8.7%   9.8%   10.7%   9.6%   9.2%   9.9%
Monthly Churn Rate   10.3%   11.2%   9.4%   10.1%   10.8%   8.5%

 

Jafra Mexico

 

   Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026 
Associates                        
Avg. Base   476,211    468,356    438,041    411,670    438,864    435,887 
EOP Base   480,532    446,998    429,472    405,599    444,244    409,204 
Monthly Activity Rate   49.9%   50.5%   49.8%   49.4%   50.1%   47.6%
Avg. Monthly Order  $2,439   $2,419   $2,495   $2,552   $2,702   $2,464 
Monthly Growth Rate   13.2%   10.1%   10.1%   10.0%   13.0%   10.5%
Monthly Churn Rate   8.6%   12.5%   11.3%   12.0%   10.1%   13.4%
Distributors                              
Avg. Base   18,889    19,150    19,036    18,950    19,006    19,029 
EOP Base   19,093    19,202    18,966    18,964    19,063    19,087 
Monthly Activity Rate   94.6%   95.1%   94.1%   93.7%   94.0%   95.0%
Avg. Monthly Order  $2,758   $2,744   $2,855   $3,023   $3,166   $2,539 
Monthly Growth Rate   1.8%   1.2%   0.6%   1.2%   1.3%   1.3%
Monthly Churn Rate   1.1%   1.0%   1.0%   1.3%   1.2%   1.2%

 

Jafra US

 

   Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026 
Associates                        
Avg. Base   26,540    24,703    27,191    26,303    26,270    25,544 
EOP Base   25,272    25,973    28,188    26,450    26,681    26,738 
Monthly Activity Rate   44.5%   45.9%   49.2%   51.3%   48.9%   50.8%
Avg. Monthly Order (USD)  $248   $243   $225   $228   $222   $219 
Monthly Growth Rate   10.0%   12.8%   13.2%   11.4%   10.1%   12.6%
Monthly Churn Rate   14.7%   11.8%   9.7%   14.0%   9.7%   12.4%
Distributors                              
Avg. Base   1,786    1,504    1,808    1,604    1,503    1,363 
EOP Base   1,638    1,493    1,901    1,384    1,420    1,303 
Monthly Activity Rate   85.5%   89.3%   89.8%   92.6%   95.1%   95.4%
Avg. Monthly Order (USD)  $219   $228   $206   $201   $197   $186 
Monthly Growth Rate   2.7%   4.0%   8.5%   3.8%   7.0%   4.2%
Monthly Churn Rate   5.0%   6.9%   0.0%   12.8%   5.8%   7.0%

 

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Key Financial Metrics

 

Consolidated

 

Results in ’000 MXN  Q3 2024   Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026 
Net Revenue  $3,330,394   $3,778,468   $3,499,151   $3,562,643   $3,377,299   $3,825,539   $3,509,702 
Gross Margin   66.9%   67.3%   66.2%   67.1%   68.5%   65.0%   66.3%
EBITDA  $591,575   $771,596   $535,265   $678,812   $722,149   $726,463   $609,913 
EBITDA Margin   17.8%   20.4%   15.3%   19.1%   21.4%   19.0%   17.4%
Net Income  $-112,537  $225,305   $150,728   $327,306   $314,205   $249,851   $281,361 
Free Cash Flow  $417,379   $548,430   $-55,841  $592,152   $553,573    1,132,307    351,543 

 

Betterware Mexico and Subsidiaries

 

Results in ’000 MXN  Q3 2024   Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026 
Net Revenue  $1,465,577   $1,494,855   $1,403,065   $1,458,593   $1,387,586   $1,474,205   $1,439,958 
Gross Margin   54.8%   57.2%   55.3%   55.2%   57.1%   52.6%   55.0%
EBITDA  $279,889   $330,075   $261,493   $290,745   $312,669   $263,529   $295,278 
EBITDA Margin   19.1%   22.1%   18.6%   19.9%   22.5%   17.9%   20.5%

 

Jafra Mexico

 

Results in ’000 MXN  Q3 2024   Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026 
Net Revenue  $1,623,697   $2,038,993   $1,869,818   $1,853,832   $1,752,179    2,112,869   $1,858,104 
Gross Margin   76.8%   74.1%   73.5%   75.3%   76.3%   72.2%   74.0%
EBITDA  $318,149   $440,630   $286,706   $393,360   $417,760   $452,697   $315,494 
EBITDA Margin   19.6%   21.6%   15.3%   21.2%   23.8%   21.4%   17.0%

 

Jafra US

 

Results in ’000 MXN  Q3 2024   Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026 
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%   77.0%   77.4%
EBITDA  $-6,463  $891   $-12,934  $-5,293  $-8,280  $10,237   $-859
EBITDA Margin   3.0%   -2.7%   0.4%   -5.7%   -2.1%   -3.5%   4.3%

 

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 EBITDA BU 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 sales force 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.

 

Q1 2026 Conference Call

 

Management will hold a conference call with investors on April 23rd, 2026, at 3:30 pm Mexico City Time / 5:30 pm Eastern Time (ET). 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: 13759384

Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1756571&tp_key=3835ed2404

 

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: 13759384

 

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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