UPDATED FOURTH QUARTER 2025 AND FULL YEAR FINANCIAL INFORMATION
Published on May 5, 2026
Exhibit 99.2
Appendix
Financial Statements
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Final Position
As of December 31, 2025
(In Thousands of Mexican Pesos)
| As updated | As presented | ∆ | ||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | 328,344 | 311,914 | 16,430 | |||||||||
| Trade accounts receivable, net | 1,181,447 | 1,197,877 | -16,430 | |||||||||
| Accounts receivable from related parties | 0 | 282 | -282 | |||||||||
| Account receivable “San Angel” | 78,862 | 78,862 | 0 | |||||||||
| Inventories | 1,997,197 | 2,045,654 | -48,457 | |||||||||
| Prepaid expenses | 91,678 | 111,005 | -19,327 | |||||||||
| Income tax recoverable | 120,557 | 84,149 | 36,408 | |||||||||
| Derivative financial instruments | 0 | 0 | 0 | |||||||||
| Non-current assets held for sale | 40,000 | 33,800 | 6,200 | |||||||||
| Other assets | 105,770 | 81,149 | 24,621 | |||||||||
| Total current assets | 3,943,855 | 3,944,692 | -837 | |||||||||
| Account receivable “San Angel” | 24,689 | 24,689 | 0 | |||||||||
| Property, plant and equipment, net | 1,716,951 | 1,716,951 | 0 | |||||||||
| Right of use assets, net | 336,588 | 336,588 | 0 | |||||||||
| Deferred income tax | 452,979 | 455,085 | -2,106 | |||||||||
| Intangible assets, net | 1,503,887 | 1,503,887 | 0 | |||||||||
| Goodwill | 1,599,718 | 1,599,718 | 0 | |||||||||
| Other assets | 14,241 | 14,414 | -173 | |||||||||
| Total non-current assets | 5,649,053 | 5,651,332 | -2,279 | |||||||||
| Total assets | 9,592,908 | 9,596,024 | -3,116 | |||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||
| Short-term debt and borrowings | 1,024,467 | 1,024,467 | 0 | |||||||||
| Accounts payable to suppliers | 1,793,744 | 1,799,883 | -6,139 | |||||||||
| Accrued expenses | 343,290 | 344,893 | -1,603 | |||||||||
| Provisions | 722,237 | 733,887 | -11,650 | |||||||||
| Value added tax payable | 93,917 | 93,917 | 0 | |||||||||
| Statutory employee profit sharing | 146,528 | 148,672 | -2,144 | |||||||||
| Lease liability | 134,730 | 134,730 | 0 | |||||||||
| Derivative financial instruments | 26,238 | 26,238 | 0 | |||||||||
| Total current liabilities | 4,285,151 | 4,306,687 | -21,536 | |||||||||
| Employee benefits | 147,991 | 147,991 | 0 | |||||||||
| Deferred income tax | 495,118 | 493,258 | 1,860 | |||||||||
| Lease liability | 221,975 | 221,975 | 0 | |||||||||
| Long term debt and borrowings | 3,083,187 | 3,083,187 | 0 | |||||||||
| Total non-current liabilities | 3,948,271 | 3,946,411 | 1,860 | |||||||||
| Total liabilities | 8,233,422 | 8,253,098 | -19,676 | |||||||||
| Stockholders’ Equity | ||||||||||||
| Capital stock | 321,312 | 321,312 | 0 | |||||||||
| Share premium account | -25,264 | -25,264 | 0 | |||||||||
| Retained earnings | 1,102,255 | 1,084,258 | 17,997 | |||||||||
| Other comprehensive income | -36,990 | -35,561 | -1,429 | |||||||||
| Non-controlling interest | -1,827 | -1,819 | -8 | |||||||||
| Total Stockholders’ Equity | 1,359,486 | 1,342,926 | 16,560 | |||||||||
| Total Liabilities and Stockholders’ Equity | 9,592,908 | 9,596,024 | -3,116 | |||||||||
 |
| 1 |
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
(In Thousands of Mexican Pesos)
| As updated | As presented | ∆ | ||||||||||
| Net revenue | 3,803,922 | 3,825,539 | -21,617 | |||||||||
| Cost of sales | 1,343,979 | 1,339,342 | 4,637 | |||||||||
| Gross profit | 2,459,943 | 2,486,197 | -26,254 | |||||||||
| Administrative expenses | 559,965 | 580,152 | -20,187 | |||||||||
| Selling expenses | 1,103,068 | 1,088,186 | 14,882 | |||||||||
| Distribution expenses | 182,596 | 187,904 | -5,308 | |||||||||
| Total expenses | 1,845,629 | 1,856,242 | -10,613 | |||||||||
| Operating income | 614,314 | 629,955 | -15,641 | |||||||||
| Interest expense | -118,826 | -118,757 | -69 | |||||||||
| Interest income | 4,639 | 4,639 | 0 | |||||||||
| Foreign exchange gain, net | 6,908 | 6,908 | 0 | |||||||||
| Financing cost, net | -107,279 | -107,210 | -69 | |||||||||
| Income before income taxes | 507,035 | 522,745 | -15,710 | |||||||||
| Income taxes | 237,253 | 270,952 | -33,699 | |||||||||
| Net income including minority interest | 269,782 | 251,793 | 17,989 | |||||||||
| Non-controlling interest loss | -1,934 | -1,942 | 8 | |||||||||
| Net income | 267,848 | 249,851 | 17,997 | |||||||||
| Concept | As updated | As presented | ∆ | |||||||||
| Net income | 269,782 | 251,793 | 17,989 | |||||||||
| (+) Income taxes | 237,253 | 270,952 | -33,699 | |||||||||
| (+) Financing cost, net | 107,279 | 107,210 | 69 | |||||||||
| (+) Depreciation and amortization | 96,508 | 96,508 | 0 | |||||||||
| EBITDA | 710,822 | 726,463 | -15,641 | |||||||||
| EBITDA margin | 18.7 | % | 19.0 | % | -0.3 | % | ||||||
| EBITDA adjusted | 710,822 | 726,463 | -15,641 | |||||||||
| EBITDA margin adjusted | 18.7 | % | 19.0 | % | -0.3 | % | ||||||
| |
| 2 |
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
(In Thousands of Mexican Pesos)
| As updated | As presented | ∆ | ||||||||||
| Net revenue | 14,243,015 | 14,264,632 | -21,617 | |||||||||
| Cost of sales | 4,762,760 | 4,758,123 | 4,637 | |||||||||
| Gross profit | 9,480,255 | 9,506,509 | -26,254 | |||||||||
| Administrative expenses | 2,446,350 | 2,466,537 | -20,187 | |||||||||
| Selling expenses | 4,079,141 | 4,064,259 | 14,882 | |||||||||
| Distribution expenses | 697,251 | 702,559 | -5,308 | |||||||||
| Total expenses | 7,222,742 | 7,233,355 | -10,613 | |||||||||
| Operating income | 2,257,513 | 2,273,154 | -15,641 | |||||||||
| Interest expense | -541,045 | -540,976 | -69 | |||||||||
| Interest income | 34,090 | 34,090 | 0 | |||||||||
| Loss in valuation of financial derivative instruments | -108,846 | 0 | -108,846 | |||||||||
| Foreign exchange (loss) gain, net | 80,073 | -28,773 | 108,846 | |||||||||
| Financing cost, net | -535,728 | -535,659 | -69 | |||||||||
| Income before income taxes | 1,721,785 | 1,737,495 | -15,710 | |||||||||
| Income taxes | 660,981 | 694,680 | -33,699 | |||||||||
| Net income including minority interest | 1,060,804 | 1,042,815 | 17,989 | |||||||||
| Non-controlling interest loss | -51 | -59 | 8 | |||||||||
| Net income | 1,060,753 | 1,042,756 | 17,997 | |||||||||
| Concept | As updated | As presented | ∆ | |||||||||
| Net income | 1,060,804 | 1,042,815 | 17,989 | |||||||||
| (+) Income taxes | 660,981 | 694,680 | -33,699 | |||||||||
| (+) Financing cost, net | 535,728 | 535,659 | 69 | |||||||||
| (+) Depreciation and amortization | 389,535 | 389,535 | 0 | |||||||||
| EBITDA | 2,647,048 | 2,662,689 | -15,641 | |||||||||
| EBITDA margin | 18.6 | % | 18.7 | % | -0.1 | % | ||||||
| EBITDA adjusted | 2,647,048 | 2,662,689 | -15,641 | |||||||||
| EBITDA margin adjusted | 18.6 | % | 18.7 | % | -0.1 | % | ||||||
| |
| 3 |
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Cash Flows
For the twelve-months ended December 31, 2025
(In Thousands of Mexican Pesos)
| As updated | As presented | ∆ | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Profit for the period | 1,060,804 | 1,042,815 | 17,989 | |||||||||
| Adjustments for: | ||||||||||||
| Income tax expense recognized in profit of the year | 660,981 | 694,680 | -33,699 | |||||||||
| Depreciation and amortization of non-current assets | 389,535 | 389,535 | 0 | |||||||||
| Impairment of fix asset | 0 | 6,200 | -6,200 | |||||||||
| Interest income recognized in profit or loss | -34,090 | -34,090 | 0 | |||||||||
| Interest expense recognized in profit or loss | 541,045 | 540,976 | 69 | |||||||||
| Gain of property, plant, equipment sale | -8,474 | -8,615 | 141 | |||||||||
| Loss in valuation of financial derivative instruments | 108,846 | 108,846 | 0 | |||||||||
| Currency effect | 26,936 | 26,964 | -28 | |||||||||
| Movements in not- controlling interest | 0 | -156 | 156 | |||||||||
| Other gains and losses | 0 | -15,372 | 15,372 | |||||||||
| Movements in working capital: | ||||||||||||
| Trade accounts receivable | -48,354 | -64,784 | 16,430 | |||||||||
| Trade accounts receivable from related parties | 250 | -32 | 282 | |||||||||
| Trade account receivable “San Angel” | 0 | 108,071 | -108,071 | |||||||||
| Inventory, net | 511,113 | 462,656 | 48,457 | |||||||||
| Prepaid expenses and other assets | 65,100 | 40,845 | 24,255 | |||||||||
| Accounts payable to suppliers and accrued expenses | -423,470 | -396,925 | -26,545 | |||||||||
| Provisions | -26,681 | -15,031 | -11,650 | |||||||||
| Value added tax payable | 22,725 | 22,725 | 0 | |||||||||
| Statutory employee profit sharing | 7,273 | 9,417 | -2,144 | |||||||||
| Trade accounts payable to related parties | -1,237 | -1,237 | 0 | |||||||||
| Income taxes paid | -608,062 | -608,062 | 0 | |||||||||
| Employee benefits | -7,513 | 19,679 | -27,192 | |||||||||
| Net cash generated by operating activities | 2,236,727 | 2,329,105 | -92,378 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Acquisition of non-controlling interest of Guatemala | 0 | -896 | 896 | |||||||||
| Payments for property, plant and equipment, net | -114,475 | -114,374 | -101 | |||||||||
| Proceeds from disposal of property, plant and equipment, net | 7,631 | 7,460 | 171 | |||||||||
| Proceeds from disposal of buildings | 108,071 | 0 | 108,071 | |||||||||
| Interest received | 34,090 | 34,090 | 0 | |||||||||
| Net cash (used in) generated by investing activities | 35,317 | -73,720 | 109,037 | |||||||||
| Cash flows from financing activities: | ||||||||||||
| Repayment of borrowings | -6,257,700 | -6,257,700 | 0 | |||||||||
| Proceeds from borrowings | 5,540,700 | 5,540,700 | 0 | |||||||||
| Interest paid | -502,458 | -502,458 | 0 | |||||||||
| Lease payment | -169,904 | -170,571 | 667 | |||||||||
| Acquisition of non-controlling interest of Guatemala | -896 | 0 | -896 | |||||||||
| Dividends paid | -850,000 | -850,000 | 0 | |||||||||
| Net cash used in financing activities | -2,240,258 | -2,240,029 | -229 | |||||||||
| Net increase in cash and cash equivalents | 31,786 | 15,356 | 16,430 | |||||||||
| Cash and cash equivalents at the beginning of the period | 296,558 | 296,558 | 0 | |||||||||
| Cash and cash equivalents at the end of the period | 328,344 | 311,914 | 16,430 | |||||||||
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| 4 |