Betterware de México (BWMX) revises 2025 results following audit
Rhea-AI Filing Summary
Betterware de México is updating its previously released fourth-quarter and full-year 2025 figures to align with its completed audit. For 2025, net revenue is now MXN 14,243,015k, about MXN 21,617k lower than the preliminary amount. Full-year EBITDA is updated to MXN 2,647,048k, MXN 15,641k below the earlier figure, while net income rises to MXN 1,060,753k, MXN 17,997k higher than first reported. Free cash flow for 2025 is revised to MXN 2,129,883k, MXN 92,308k below the prior estimate. The company also clarifies that its April 2026 first-quarter release already used the updated year-end 2025 cash balance. Adjustments flow through the consolidated financial statements, including small changes to assets, liabilities, and equity, with audited Form 20-F numbers now the definitive reference.
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Key Figures
Key Terms
EBITDA financial
Free Cash Flow financial
Net Debt / EBITDA financial
Non-controlling interest financial
Derivative financial instruments financial
EBITDA margin financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20546
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2026
Commission File Number: 001-39251
BETTERWARE DE MÉXICO, S.A.P.I. DE C.V.
(Name of Registrant)
Cruce Carretera Gdl-Ameca Huaxtla Km 5
El Arenal, Jalisco, 45350, México
+52 (33) 3836-0500
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
Betterware de México, S.A.P.I. de C.V. (NYSE:BWMX) (“BeFra” or the “Company”) hereby advises that certain preliminary financial information included in its earnings release dated February 26, 2026 and filed with the Company’s report on Form 6-K on February 26, 2026 (the “Earnings 6-K”), relating to the fourth quarter and full year ended December 31, 2025, has been updated in connection with the completion of the audit of the Company’s consolidated financial statements for the year ended December 31, 2025.
Such updates include audit adjustments, year-end closing entries, and certain reclassifications identified during the finalization of the Company’s audited financial statements.
Accordingly, the audited consolidated financial statements and related financial information included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 30, 2026 (the “Form 20-F”) should be considered the definitive and final reported financial information of the Company for the periods presented. The Company also hereby clarifies that the initial cash balance presented in the earnings release dated April 23, 2026, and filed with the Company’s report on Form 6-K on April 23, 2026, relating to the first quarter ended March 31, 2026, reflected the updated fourth quarter 2025 cash balance.
Set forth in Exhibit 99.1 hereto is selected financial line items as previously reported in the Earnings 6-K and as reflected in the audited consolidated financial statements included in the Form 20-F. Set forth in Exhibit 99.2 hereto is the consolidated financial information of the Company as previously reported in the Earnings 6-K and as reflected in the audited consolidated financial statements included in the Form 20-F.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BETTERWARE DE MÉXICO, S.A.P.I. DE C.V. | ||
| By: | /s/ Luis Campos | |
| Name: | Luis Campos | |
| Title: | Board Chairman | |
Date: May 5, 2026
2
Exhibit Index
| Exhibit No. | Description | |
| 99.1 | Updated Fourth Quarter 2025 and Full Year Selected Financial Results | |
| 99.2 | Updated Fourth Quarter 2025 and Full Year Financial Information |
3
Exhibit 99.1
Q4 2025 Select Consolidated Financial Information
| Q4 | 2025 | |||||||||||||||||||||||
| Results in ‘000 MXN | As updated | As presented | ∆ | As updated | As presented | ∆ | ||||||||||||||||||
| Net Revenue | $ | 3,803,922 | $ | 3,825,539 | $ | -21,617 | $ | 14,243,015 | $ | 14,264,632 | $ | -21,617 | ||||||||||||
| Gross Margin | 64.7 | % | 65.0 | % | -0.3 | % | 66.6 | % | 66.6 | % | 0.0 | % | ||||||||||||
| EBITDA | $ | 710,822 | $ | 726,463 | $ | -15,641 | $ | 2,647,048 | $ | 2,662,689 | $ | -15,641 | ||||||||||||
| EBITDA Margin | 18.7 | % | 19.0 | % | -0.3 | % | 18.6 | % | 18.7 | % | -0.1 | % | ||||||||||||
| Net Income | $ | 267,848 | $ | 249,851 | $ | 17,997 | $ | 1,060,753 | $ | 1,042,756 | $ | 17,997 | ||||||||||||
| Adj. Net Income | $ | 267,848 | $ | 249,851 | $ | 17,997 | $ | 1,060,753 | $ | 1,042,756 | $ | 17,997 | ||||||||||||
| EPS | 6.70 | 27.94 | ||||||||||||||||||||||
| Free Cash Flow | $ | 1,039,999 | $ | 1,132,307 | $ | -92,308 | $ | 2,129,883 | $ | 2,222,191 | $ | -92,308 | ||||||||||||
| Net Debt / EBITDA | 1.56 | 1.56 | ||||||||||||||||||||||
| Interest Coverage | 4.16 | 4.16 | ||||||||||||||||||||||
Q4 2025 Updated Financial Results by Business
Betterware Mexico & Subs
Key Financial and Operating Metrics
| Q4 | 2025 | |||||||||||||||||||||||
| Results in ‘000 MXN | As updated | As presented | ∆ | As updated | As presented | ∆ | ||||||||||||||||||
| Net Revenue | $ | 1,439,415 | $ | 1,474,205 | $ | -34,790 | $ | 5,688,659 | $ | 5,723,449 | $ | -34,790 | ||||||||||||
| Gross Margin | 48.7 | % | 52.6 | % | -3.9 | % | 54.0 | % | 55.0 | % | -1.0 | % | ||||||||||||
| EBITDA | $ | 235,129 | $ | 263,529 | $ | -28,400 | $ | 1,100,036 | $ | 1,128,436 | $ | -28,400 | ||||||||||||
| EBITDA Margin | 16.3 | % | 17.9 | % | -1.6 | % | 19.3 | % | 19.7 | % | -0.4 | % | ||||||||||||
| Free Cash Flow | $ | 383,583 | $ | 383,800 | $ | -217 | $ | 746,194 | $ | 746,411 | $ | -217 | ||||||||||||
Jafra Mexico
Key Financial and Operating Metrics
| Q4 | 2025 | |||||||||||||||||||||||
| Results in ‘000 MXN | As updated | As presented | ∆ | As updated | As presented | ∆ | ||||||||||||||||||
| Net Revenue | $ | 2,126,042 | $ | 2,112,869 | $ | 13,173 | $ | 7,601,871 | $ | 7,588,698 | $ | 13,173 | ||||||||||||
| Gross Margin | 74.1 | % | 72.2 | % | 1.9 | % | 74.7 | % | 74.2 | % | 0.5 | % | ||||||||||||
| EBITDA | $ | 461,565 | $ | 452,697 | $ | 8,868 | $ | 1,559,391 | $ | 1,550,523 | $ | 8,868 | ||||||||||||
| EBITDA Margin | 21.7 | % | 21.4 | % | 0.3 | % | 20.5 | % | 20.4 | % | 0.1 | % | ||||||||||||
| Free Cash Flow | $ | 622,847 | $ | 731,368 | $ | -108,521 | $ | 1,311,010 | $ | 1,419,531 | $ | -108,521 | ||||||||||||
Jafra US
Key Financial and Operating Metrics
| Q4 | 2025 | |||||||||||||||||||||||
| Results in ‘000 MXN | As updated | As presented | ∆ | As updated | As presented | ∆ | ||||||||||||||||||
| Net Revenue | $ | 238,465 | $ | 238,465 | $ | 0 | $ | 952,485 | $ | 952,485 | $ | 0 | ||||||||||||
| Gross Margin | 77.4 | % | 77.4 | % | 0.0 | % | 76.1 | % | 76.1 | % | 0.0 | % | ||||||||||||
| EBITDA | $ | 14,128 | $ | 10,237 | $ | 3,891 | $ | -12,379 | $ | -16,270 | $ | 3,891 | ||||||||||||
| EBITDA Margin | 5.9 | % | 4.3 | % | 1.6 | % | -1.3 | % | -1.7 | % | 0.4 | % | ||||||||||||
| Free Cash Flow | $ | 33,569 | $ | 17,139 | $ | 16,430 | $ | 72,679 | $ | 56,249 | $ | 16,430 | ||||||||||||
| Q4 | 2025 | |||||||||||||||||||||||
| Results in ‘000 USD | As updated | As presented | ∆ | As updated | As presented | ∆ | ||||||||||||||||||
| Net Revenue | $ | 12,996 | $ | 12,996 | $ | 0 | $ | 49,624 | $ | 49,624 | $ | 0 | ||||||||||||
| Gross Margin | 77.4 | % | 77.4 | % | 0.0 | % | 76.1 | % | 76.1 | % | 0.0 | % | ||||||||||||
| EBITDA | $ | 771 | $ | 556 | $ | 215 | $ | -575 | $ | -790 | $ | 215 | ||||||||||||
| EBITDA Margin | 5.93 | % | 4.3 | % | 1.6 | % | -1.2 | % | -1.6 | % | 0.4 | % | ||||||||||||
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 | |||||||||
 |
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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 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 | % | ||||||
| |
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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
(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 | % | ||||||
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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
(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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