Betterware lifts 2026 revenue-growth outlook to 24%-26%
The approved MXN 250 million dividend is scheduled for November 19, 2026, for shareholders of record November 5.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Betterware de México (BWMX) reported third-quarter 2026 net revenue of MXN 4,832.313 million, up 43.1% year over year, with Tupperware contributing its first full quarter. EBITDA rose 39.6% to MXN 1,008.375 million and net income increased 24.2% to MXN 390.300 million; free cash flow grew 91.3% to MXN 1,059.215 million. Organic revenue increased 2.3%, while consolidated gross margin was 64.1%, down 438 basis points.
BeFra approved a MXN 250 million dividend, payable November 19, 2026, to shareholders of record November 5, 2026; the announced per-share amounts are approximately US$0.3424 before and approximately US$0.3082 after applicable tax withholdings. Net debt/EBITDA was 1.65x at quarter-end, compared with 1.80x a year earlier.
BeFra raised full-year 2026 revenue-growth guidance to 24.0%-26.0%, narrowed organic-growth guidance to 4.0%-5.0%, and expects a 19% EBITDA margin. Jafra's quarterly EBITDA fell 20.1%; Andrés Campos Chevallier was appointed interim Managing Director of Jafra Mexico, with the interim period expected to last approximately six to twelve months while a successor is identified.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 net revenue increased 43.1% to MXN 4,832.313 million.
- Moderate pointQ3 EBITDA increased 39.6% to MXN 1,008.375 million.
- Moderate pointQ3 net income increased 24.2% to MXN 390.300 million.
- Moderate pointQ3 free cash flow increased 91.3% to MXN 1,059.215 million.
Negative
- Moderate pointConsolidated gross margin was 64.1%, down 438 basis points year over year.
- Moderate pointJafra Q3 EBITDA fell 20.1% to MXN 327.245 million.
Filing Explained
The release says third-quarter free cash flow included a
Key Figures
Key Terms
EBITDA financial
Free Cash Flow financial
Organic Revenue financial
Net Debt to EBITDA financial
CUFIN financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were BWMX's Q3 2026 revenue and earnings?
How much is BWMX's dividend, and when will it be paid?
Who is leading BWMX's Jafra Mexico business on an interim basis?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 October 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 ☐
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: October 22, 2026
1
Exhibit Index
| Exhibit No. | Description | |
| 99.1 | BeFra Third Quarter 2026 Earnings Release | |
| 99.2 | BeFra Third Quarter 2026 Earnings Call Presentation | |
| 99.3 | Minutes from the General Ordinary Shareholders’ Meeting held on October 16, 2026 | |
| 99.4 | BeFra Dividend Announcement, dated October 22, 2026 |
2
Exhibit 99.1
Q3 2026
Earnings Release
BeFra Reports Third Quarter 2026 Results
GUADALAJARA, Mexico, October 22, 2026 -- Betterware de México, S.A.P.I. de C.V. (NYSE: BWMX) (“BeFra” or the “Company”), announced today its unaudited consolidated financial results for the third quarter ended September 30, 2026. The figures presented in this report are expressed in nominal Mexican Pesos (MXN) unless otherwise noted, presented and approved by the Board of Directors, prepared in accordance with IFRS, and may include minor differences due to rounding.
Message from the President and CEO
Our third quarter results marked a significant step in BeFra’s evolution, expanding our scale, brand diversification, geographic reach, and overall financial strength.
At group level, revenue increased 43.1% year over year, reaching an all-time high of $4,832 M MXN, reflecting Tupperware´s first full-quarter contribution and Betterware’s strong 9.7% YoY growth (3rd straight quarter of YoY growth), and a slight shortfall at Jafra, with a 2.8% YoY revenue decline (which we are addressing head on, as we explain in its section).
With this result, profitability also scaled, with EBITDA reaching $1,008 M MXN, representing an increase of 39.6% YoY, while net income increased 24.2% in the quarter (despite a temporary tax recognition that does not affect year-round results). In this line, and as you will notice, accumulated net income is growing at 34.5% and combined earnings per share at 114% in the first nine months, reflecting the highly accretive nature of the Tupperware Latam acquisition.
Finishing off, cash flow increased 91.3% YoY, generating $1,059 M MXN of free cash flow in the quarter, we paid a $250M MXN dividend, paid down debt by $431 M MXN (decreasing combined Net Debt/EBITDA from 1.80x pre-acquisition to 1.65x), and closed with a solid $522 M MXN cash position on our balance sheet.
These results stand behind the previously announced value of the Tupperware Latam acquisition for the group. They also endorse our long-term strategy of building a unique house of brands, potentialized by a modern person to person commercialization model that builds on the gig economy’s positive secular trends. While organic revenue was temporarily affected by Jafra’s slight shortfall (which we are confident in our ability to quickly correct), we are glad to see the overall value to our shareholders and stakeholders derived from our overall strategies, while we continue to work every corner to reach our group’s full potential.
Andrés Campos Chevallier
President and CEO BeFra Group
2
Q3 2026 Select Consolidated Financial Information
| Q3 | 9M | |||||||||||||||||||||||
| Results in ‘000 MXN | 20261 | 2025 | 20261 | 2025 | ||||||||||||||||||||
| Net Revenue | $ | 4,832,313 | $ | 3,377,299 | 43.1 | % | $ | 12,503,366 | $ | 10,439,093 | 19.8 | % | ||||||||||||
| Gross Margin | 64.1 | % | 68.5 | % | -438 bps | 65.2 | % | 67.3 | % | -213 bps | ||||||||||||||
| EBITDA | $ | 1,008,375 | $ | 722,149 | 39.6 | % | $ | 2,398,727 | $ | 1,936,226 | 23.9 | % | ||||||||||||
| EBITDA Margin | 20.9 | % | 21.4 | % | -52 bps | 19.2 | % | 18.5 | % | 69 bps | ||||||||||||||
| Net Income | $ | 390,300 | $ | 314,205 | 24.2 | % | $ | 1,066,229 | $ | 792,905 | 34.5 | % | ||||||||||||
| Free Cash Flow | $ | 1,059,215 | $ | 553,573 | 91.3 | % | $ | 1,871,000 | $ | 1,089,884 | 71.7 | % | ||||||||||||
| FCF/EBITDA | 105.0 | % | 76.7 | % | 2839 bps | 78.0 | % | 56.3 | % | 2172 bps | ||||||||||||||
| EPS | $ | 9.9 | $ | 8.4 | 17.9 | % | $ | 45.42 | $ | 21.2 | 114.2 | % | ||||||||||||
| Net Debt /EBITDA | 1.652 | 1.80 | -8.3 | % | 1.652 | 1.80 | -8.3 | % | ||||||||||||||||
| 1 | Includes Tupperware since acquisition |
| 2 | Considers Tupperware combined |
| Associates | ||||||||||||||||||||||||
| Avg. Base | 1,456,034 | 1,177,443 | 23.7 | % | 1,469,546 | 1,187,724 | 23.7 | % | ||||||||||||||||
| EOP Base | 1,404,521 | 1,162,571 | 20.8 | % | 1,404,521 | 1,162,571 | 20.8 | % | ||||||||||||||||
Revenue by Brand & Region
| Brand | Region | |||||||||||||||||||||||||||||||||
| 3Q26 | 3Q25 | 3Q26 | 3Q25 | |||||||||||||||||||||||||||||||
| Results in ‘000 MXN | Revenue | Mix | Revenue | Mix | Results in ‘000 MXN | Revenue | Mix | Revenue | Mix | |||||||||||||||||||||||||
| Betterware3 | $ | 1,522,864 | 31.5 | % | $ | 1,387,586 | 41.1 | % | Mexico | $ | 4,226,338 | 87.5 | % | $ | 3,123,763 | 92.5 | % | |||||||||||||||||
| Jafra | $ | 1,933,606 | 40.0 | % | $ | 1,989,713 | 58.9 | % | Latin America | $ | 399,545 | 8.2 | % | $ | 16,002 | 0.5 | % | |||||||||||||||||
| Tupperware | $ | 1,375,843 | 28.5 | % | $ | - | -% | United States | $ | 206,430 | 4.3 | % | $ | 237,534 | 7.0 | % | ||||||||||||||||||
| 3 | Noteworthy, Betterware deducts distributor discounts from revenue; JF and TW do not, affecting comparability |
Highlights
Revenue: Consolidated net revenue increased 43.1% year over year to $4,832 M MXN in the third quarter, reflecting Tupperware’s first full-quarter contribution. Notably, Tupperware Mexico’s direct-selling business increased 23.0% YOY, and the decline in Tupperware Brazil’s direct-selling moderated to 3.3%, compared with declines of between 10% and 15% before the acquisition. Average total associate base increased 23.7% following the integration of Tupperware’s network of independent sellers. Brand and geographic expansion also begins to represent a source of growth and resilience from diversification, as you can notice in our brand and region revenue breakdowns. Organic revenue grew 2.3%, driven by accelerating growth at Betterware, partially offset by Jafra’s 2.8% revenue decline. Commercial initiatives remain focused on maintaining Betterware and Tupperware’s growth trajectory while quickly taking actions to recover Jafra’s performance, so the group can reach its full potential.
3
Profitability: Consolidated EBITDA increased 39.6% year over year to $1,008 M MXN, reflecting Tupperware’s contribution and continued profitability at Betterware, partially offset by lower EBITDA at Jafra. Consolidated gross margin was 64.1%, 438 basis points below the third quarter of 2025, primarily reflecting the incorporation of Tupperware, which operates with a lower gross margin but a higher EBITDA margin. Lower revenue and gross margin at Jafra, together with supply-chain and logistics pressures at Betterware, also weighed on organic profitability. Operating-expense discipline helped mitigate these pressures, supporting a consolidated EBITDA margin of 20.9% and an organic EBITDA margin of 18.8%, in line with its three-year average for the third quarter. For the first nine months of 2026, consolidated EBITDA margin reached 19.2%, expanding 69 basis points year over year (even despite $43 M MXN non-recurring expenses related to the Tupperware acquisition). Excluding the effect of the 2026 acquisition expenses and an extraordinary $35M tax benefit recorded in 2025, comparable organic EBITDA for the first nine months grew 2.8%, outpacing organic revenue growth.
Net income increased 24.2% year over year in the third quarter and 34.5% during the first nine months of 2026. Quarterly net income was affected by a higher effective tax rate compared with the prior year period, though we expect the effective tax rate to normalize in the mid-30s% for the full year 2026. It is noteworthy to stand out that combined EPS for the first nine months increased 114%, reflecting the highly accretive nature of the Tupperware Latam acquisition.
Cash generation: Free cash flow reached $1,059 M MXN, representing a strong conversion of 105% of EBITDA. Strong cash generation across the Group’s three brands supported continued balance-sheet strengthening during the quarter. Noteworthy, this quarter included a balance reclassification related to the Tupperware acquisition that represented a $174 M MXN benefit.
Financial Performance
Balance sheet at the end of Q3 2026.
Please note that unless otherwise stated, ratios consider Combined TTM financial results from Tupperware. With the Company’s balance sheet reflecting the Tupperware acquisition, comparisons with 2Q26 are also included.
4
Return on Investment
BeFra continued to generate strong returns following the Tupperware acquisition. ROIC remained at a strong level of almost 29%, despite being impacted by the increase in the Company’s quarterly effective tax rate. ROE and ROTA improved both sequentially and year over year reflecting higher earnings across the Group and reinforcing BeFra’s ability to earn attractive returns and create value for its stakeholders.
| Q3 2026 | Q2 2026 | ∆ | Q3 2025 | ∆ | ||||||||||||||||
| Equity Turnover | 8.2 | 8.6 | -4.9 | % | 11.0 | -25.4 | % | |||||||||||||
| ROIC | 28.8 | % | 32.3 | % | -350 bps | 23.7 | % | 510 bps | ||||||||||||
| ROE | 92.8 | % | 69.2 | % | 2360 bps | 78.8 | % | 1400 bps | ||||||||||||
| ROTA | 31.9 | % | 23.3 | % | 860 bps | 10.1 | % | 2180 bps | ||||||||||||
| Dividend Payout1 | 51.3 | % | 41.6 | % | 970 bps | 50.9 | % | 40 bps | ||||||||||||
| 1 | Calculated as dividends paid during the quarter divided by net operating profit after tax (NOPAT) for the same period. |
Liquidity
BeFra maintained a solid liquidity position during the quarter. Cash conversion strengthened, supported by a shorter cash conversion cycle, while the current ratio remained above the prior-year level.
| Q3 2026 | Q2 2026 | ∆ | Q3 2025 | ∆ | ||||||||||||||||
| Current Ratio | 0.99 | 1.11 | -10.8 | % | 0.93 | 6.5 | % | |||||||||||||
| TTM FCF / TTM EBITDA2 | 93.6 | % | 83.2 | % | 1040 bps | 76.6 | % | 1700 bps | ||||||||||||
| CCC3 | 50 | 53 | -5.7 | % | 78 | -35.9 | % | |||||||||||||
| 2 | Includes Tupperware since acquisition |
| 3 | Calculated for the 3-month period |
Leverage
BeFra’s strong cash generation and improved interest coverage supported further deleveraging during the quarter, extending the Company’s proven track record of disciplined debt reduction following acquisitions.
| Q3 2026 | Q2 2026 | ∆ | Q3 2025 | ∆ | ||||||||||||||||
| Debt to EBITDA | 1.78 | 1.80 | -1.1 | % | 1.93 | -7.8 | % | |||||||||||||
| Net Debt to EBITDA | 1.65 | 1.68 | -1.8 | % | 1.80 | -8.3 | % | |||||||||||||
| Interest Coverage | 6.91 | 5.25 | 31.6 | % | 3.71 | 86.3 | % | |||||||||||||
5
Asset Light Business – Low fixed cost structure
BeFra maintained an asset-light operating model, with fixed assets representing 14.5% of total assets, below the prior-year level. BeFra continues to focus on operating discipline and SG&A efficiency across its expanded brand portfolio.
| Q3 2026 | Q2 2026 | ∆ | Q3 2025 | ∆ | ||||||||||||||||
| Fixed Assets / Total Assets | 14.5 | % | 14.0 | % | 50 bps | 17.0 | % | -250 bps | ||||||||||||
| TTM Variable Cost Structure2 | 70.4 | % | 71.8 | % | -140 bps | 74.7 | % | -430 bps | ||||||||||||
| TTM Fixed Cost Structure2 | 29.6 | % | 28.2 | % | +140 bps | 25.3 | % | 430 bps | ||||||||||||
| TTM SG&A / Net Revenues | 41.7 | % | 36.0 | % | 570 bps | 45.2 | % | -350 bps | ||||||||||||
| 2 | Includes Tupperware since acquisition |
Notes to the ratios
| * | Q3 2026 financial ratios and performance metrics have been adjusted on a combined basis considering TTM Tupperware |
| * | Current Ratio = Total current assets / Total current liabilities |
| * | Cash Conversion Cycle (CCC) = DSO + DIO – DPO |
| * | ROIC = NOPAT TTM / Invested Capital |
| * | 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 = Operating income TTM / Interest expense TTM |
| * | Dividend Payout = Paid Dividend Q / NOPAT Q |
| * | EPS = Net Income / weighted average shares |
Capital Allocation
Quarterly Dividends: Considering BeFra’s results to date, a dividend of MXN 250 million was approved at the October shareholders’ meeting, payable in the fourth quarter, equivalent to $0.3424 per share based on an exchange rate of MXN 18.4888 per USD. The dividend level, raised in 2Q26 following the Tupperware acquisition, increases the return to shareholders even after the additional shares issued in connection with the transaction. This would represent the 27th consecutive quarter of dividend payments since BeFra’s IPO.
2026 Guidance: Following Tupperware’s first full-quarter contribution and BeFra’s results through the first nine months of 2026, the Company raises its full-year net revenue growth guidance to a range of 24.0%-26.0%, while narrowing organic growth guidance range to 4.0%-5.0% with the year-end approaching. The Company expects a full-year EBITDA margin of 19%.
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6
Q3 2026 Financial Results by Brand
Betterware Brand
Key Financial and Operating Metrics
| Q3 | 9M | |||||||||||||||||||||||
| Results in ‘000 MXN | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net Revenue | $ | 1,522,864 | $ | 1,387,586 | 9.7 | % | $ | 4,474,307 | $ | 4,249,244 | 5.3 | % | ||||||||||||
| Gross Margin | 53.8 | % | 57.1 | % | -334 bps | 54.5 | % | 55.8 | % | -130 bps | ||||||||||||||
| EBITDA | $ | 322,366 | $ | 312,669 | 3.1 | % | $ | 912,667 | $ | 864,907 | 5.5 | % | ||||||||||||
| EBITDA Margin | 21.2 | % | 22.5 | % | -134 bps | 20.4 | % | 20.4 | % | 0 bps | ||||||||||||||
| Associates | ||||||||||||||||||||||||
| Avg. Base | 704,217 | 718,916 | -2.0 | % | 709,004 | 701,618 | 1.1 | % | ||||||||||||||||
| EOP Base | 699,243 | 710,174 | -1.5 | % | 699,243 | 710,174 | -1.5 | % | ||||||||||||||||
Highlights
Revenue: Betterware’s quarterly net revenue increased 9.7% year over year to $1,523 million MXN, led by 8.5% growth in Mexico and continued expansion in Guatemala and the Andean region. Growth in Mexico was driven by targeted commercial initiatives that increased associate productivity, more than offsetting a temporary contraction in the associate base amid World Cup-related shifts in consumer attention and a longer official summer holiday period. Improving consumption trends and effective commercial execution continue to strengthen Betterware’s sales momentum.
Profitability: Betterware generated EBITDA of $322 M MXN, an increase of 3.1% year over year, as operating-expense efficiencies partially offset gross-margin pressure from temporary elevated freight costs related to supply-chain disruptions in the Middle East, which impacted profitability by approximately 200 basis points. These supply-chain pressures are expected to ease in the coming quarters. Betterware is both the holding and operating company and therefore Tupperware transaction expenses for $43 M MXN are recorded in its books. Adjusting for these expenses year-to-date EBITDA growth sits at 9.9% with a 21.4% margin. This marked Betterware’s third consecutive quarter of growth, demonstrating Betterware’s return to a sustainable growth trajectory.
7
Jafra Brand
Key Financial and Operating Metrics
| Q3 | 9M | |||||||||||||||||||||||
| Results in ‘000 MXN | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net Revenue | $ | 1,933,606 | $ | 1,989,713 | -2.8 | % | $ | 6,202,242 | $ | 6,189,849 | 0.2 | % | ||||||||||||
| Gross Margin | 75.4 | % | 76.4 | % | -99 bps | 74.6 | % | 75.1 | % | -48 bps | ||||||||||||||
| EBITDA | $ | 327,245 | $ | 409,480 | -20.1 | % | $ | 1,003,811 | $ | 1,071,319 | -6.3 | % | ||||||||||||
| EBITDA Margin | 16.9 | % | 20.6 | % | -366 bps | 16.2 | % | 17.3 | % | -113 bps | ||||||||||||||
| Associates | ||||||||||||||||||||||||
| Avg. Base | 473,039 | 458,527 | 3.2 | % | 481,763 | 486,106 | -0.9 | % | ||||||||||||||||
| EOP Base | 452,574 | 452,397 | 0.0 | % | 452,574 | 452,397 | 0.0 | % | ||||||||||||||||
Highlights
Revenue: Jafra generated third-quarter net revenue of $1,934 M MXN, a decrease of 2.8% year over year. Jafra Mexico was mainly affected by a more challenging summer holiday period and World Cup-related shifts in consumer attention. Unlike Betterware, Jafra was unable to offset these effects through higher productivity, primarily due to the need for more targeted promotions. Management is addressing this through stronger promotional planning and faster commercial execution. Commercial initiatives remain focused on improving consultant activation, reactivation and retention.
Jafra has achieved significant top-line and bottom-line growth since the BeFra acquisition. However, following several quarters of inconsistent growth, derived from certain misalignments to our model focus and slower rollout of our second wave of model alignment needs, BeFra has appointed Andrés Campos as interim Managing Director of Jafra Mexico. The leadership transition is intended to reinforce alignment with the Group’s commercial model and strengthen execution. With these changes underway, the Company expects Jafra to return to growth in the coming quarters. During this period, Andrés Campos will also support the identification and appointment of a successor. The interim period is expected to last approximately six to twelve months.
Profitability: Third-quarter EBITDA of $327 M MXN represents a decrease of 20.1% year over year, with an EBITDA margin of 16.9%, compared with 20.6% in the third quarter of 2025. The third-quarter margin was above the year-to-date margin of 16.2% and close to the 17.3% margin reported during the first nine months of 2025. The year-over-year comparison reflects an exceptional third quarter of 2025, when EBITDA margin was above Jafra’s three-year average of 17.9%. 3Q25 had an extraordinary fiscal benefit of $34 M MXN that if excluded, 3Q26 EBITDA margin falls 2.0% vs a 2.8% decline in revenue. Demonstrating stable profitability within the brand. Notably, Jafra U.S. delivered another consecutive EBITDA-positive quarter under its leaner expense structure, easing pressure on the business while it seeks to regain consistent growth.
8
Tupperware Latam Brand
Key Financial and Operating Metrics
| Q3 | Since Acquisition2 | |||||||||||||||||||||||
| Results in ‘000 MXN | 2026 | 20251 | 2026 | 20251 | ||||||||||||||||||||
| Net Revenue | $ | 1,375,843 | $ | 1,476,276 | -6.8 | % | $ | 1,826,817 | $ | 1,942,741 | -6.0 | % | ||||||||||||
| Gross Margin | 59.7 | % | 58.6 | % | 103 bps | 59.3 | % | 59.6 | % | -36 bps | ||||||||||||||
| EBITDA | $ | 358,764 | $ | 458,624 | -21.8 | % | $ | 482,249 | $ | 606,569 | -20.5 | % | ||||||||||||
| EBITDA Margin | 26.1 | % | 31.1 | % | -500 bps | 26.4 | % | 31.2 | % | -483 bps | ||||||||||||||
| 1 | 2025 figures are combined |
| 2 | Considered since acquisition close on June 2026 |
Core Direct Selling Channel
| Q3 | Since Acquisition2 | |||||||||||||||||||||||
| Results in ‘000 MXN | 2026 | 20251 | 2026 | 20251 | ||||||||||||||||||||
| Net Revenue | $ | 1,375,843 | $ | 1,476,276 | -6.8 | % | $ | 1,826,817 | $ | 1,942,741 | -6.0 | % | ||||||||||||
| Less: B2B sales | $ | - | $ | 111,752 | $ | - | $ | 183,656 | ||||||||||||||||
| Less: Argentina & US sales | $ | 23,430 | $ | 178,023 | $ | 39,276 | $ | 213,284 | ||||||||||||||||
| Net Revenue – Direct Selling | $ | 1,352,413 | $ | 1,186,501 | 14.0 | % | $ | 1,787,541 | $ | 1,545,801 | 15.6 | % | ||||||||||||
| Associates | ||||
| Avg. Base | 278,778 | |||
| EOP Base | 252,704 | |||
Highlights
Revenue: Tupperware generated net revenue of $1,375 M MXN in its first full quarter of consolidation, contributing 28.5% of BeFra’s consolidated revenue. Commercial execution, network productivity and catalogue improvements supported momentum in Mexico, while sales declines in Brazil moderated. As shown in the table above, excluding sales outside the direct-selling channel, Tupperware’s core direct-selling revenue increased 14.0% year over year, led by Mexico. Total brand revenue declined 6.8% year over year on a combined basis, reflecting extraordinary prior-year sales through non-direct channels that were discontinued following the acquisition. This effect is not expected in the next quarter, as in 4Q25 retail sales were not significant.
9
Profitability: Tupperware generated EBITDA of $359 M MXN, contributing 35.6% of BeFra’s consolidated EBITDA, with an EBITDA margin of 26.1%. In 3Q25, Tupperware Latam recorded significant sales outside the direct-selling channel, resulting in greater fixed cost absorption. Investments related to the brand’s ongoing revitalization, together with cost-absorption pressures, weighed on profitability, nonetheless the reported 26.1% 3Q26 EBITDA margin is in line with the mid-twenties level expected going forward. Tupperware’s earnings contribution strengthens the Group’s capacity to generate cash and repay acquisition-related debt, supporting its deleveraging objectives.
Use of Non-IFRS Financial Measures and Operating Metrics
We have provided in this press release financial information that has not been prepared in accordance with IFRS, including EBITDA, EBITDA margin, Free cash flow, Total debt, Net debt, Organic revenue, Organic EBITDA, Organic EBITDA margin, Organic growth, NOPAT and Net revenue, as well as our operating metrics, Total associates, Average associate base and EOP associate base. We use these non-IFRS financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to IFRS measures, in evaluating our ongoing operational performance. We believe that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-IFRS financial measures to investors.
The measures defined in this section are not recognized under IFRS and should not be considered in isolation or as substitutes for IFRS financial measures. The Company’s calculations may differ from similarly titled measures reported by other companies.
Combined: refers to financial information of Tupperware Latam prior to the acquisition.
“Combined” financial measures presented throughout this document include the historical financial results of Tupperware’s operations in Mexico and Brazil. Accordingly, these measures are not directly comparable to, and will not reconcile with, the pro forma financial information included in the Company’s most recent Form F-3. Prior to the acquisition, the acquired entities did not encompass the entirety of Tupperware LATAM’s business.
The Q2 and Q3 2026 Debt-to-EBITDA and Net Debt-to-EBITDA ratios have been updated to incorporate Tupperware’s combined financial results, reflecting refinements to the review of its pre-acquisition financial information.
Interest Coverage: Calculated using the combined interest expense of BeFra and Tupperware.
The Q2 2026 TTM Variable Cost Structure and TTM Fixed Cost Structure ratios presented herein have been updated following a subsequent review and may therefore differ slightly from those previously reported.
10
EBITDA: Profit for the period before depreciation of property, plant and equipment and right-of-use assets, amortization of intangible assets, financing cost, net, and income taxes. A reconciliation of profit for the period to EBITDA is included in the Appendix.
EBITDA Margin: EBITDA divided by net revenue.
Free Cash Flow or FCF: Net cash generated by operating activities less cash payments for purchases of property, plant and equipment and intangible assets, plus proceeds from disposals of property, plant and equipment.
FCF/EBITDA or Cash Conversion: FCF divided by EBITDA for the same period.
Total Debt: Short-term debt and borrowings, long-term debt and borrowings, and current and non-current lease liabilities.
Net Debt: Total Debt less cash and cash equivalents.
Organic Revenue: Net revenue of Betterware and Jafra, excluding Tupperware Latam.
Organic EBITDA: EBITDA of Betterware and Jafra, excluding Tupperware Latam.
Organic EBITDA Margin: Organic EBITDA divided by Organic Revenue.
Organic Growth: The change in Organic Revenue or Organic EBITDA compared with BeFra’s consolidated net revenue or EBITDA for the corresponding prior-year period.
Comparable Organic EBITDA: excludes the effects of the Tupperware acquisition expenses and an extraordinary tax benefit recorded in 2025.
Combined Figures: Figures that include Tupperware Latam’s pre-acquisition results as if the acquisition had occurred at the beginning of the applicable period based on Tupperware’s audited and unaudited financial statements for such periods. These unaudited figures are presented for comparative purposes and do not necessarily represent the results that would have been achieved had the acquisition occurred earlier.
NOPAT: Operating income less the corresponding tax expense calculated using the effective income tax rate for the applicable period.
11
Tupperware Net Revenue – Direct Selling: Tupperware’s net revenue excluding B2B sales and sales in Argentina and the United States.
TTM: The four most recently completed fiscal quarters.
We do not provide a reconciliation of our forward-looking non-IFRS financial measures to the most directly comparable GAAP measures because certain items needed to prepare the reconciliation cannot be reasonably predicted at this time without unreasonable effort. These items may be material to the relevant IFRS measure and could cause actual IFRS results to differ materially from the forward-looking non-IFRS measures.
Operating Metrics
Beginning in the third quarter of 2026, the Company reports “Associates” as the aggregate commercial field population described below. This terminology replaces “Stencil.”
Betterware
Associates: Combined Associates and Distributors.
Avg. Base: Weekly average number of Associates.
EOP Base: Number of Associates at the end of the period.
Jafra
Associates: Combined Associates and Distributors.
Avg. Base: Monthly average number of Associates.
EOP Base: Number of Associates at the end of the period.
Tupperware
Associates: Combined Associates, Distributors, Unit Managers and Leaders.
Avg. Base: Weekly average number of Associates.
EOP Base: Number of Associates at the end of the period.
12
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “plan”, and similar expressions identify forward-looking statements, although not all such statements contain these words. Forward-looking statements in this release include, without limitation, statements concerning 2026 guidance, future growth and business plans, interim leadership transition duration, Tupperware’s continued integration and expected contribution to BeFra’s performance, operating efficiencies, cash generation, deleveraging and proposed dividends.
These statements reflect management’s current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These include changes in economic and political conditions, consumer demand, government policies and regulations, international trade conditions, supply chains, exchange rates and interest rates, as well as risks associated with executing growth plans and realizing anticipated acquisition benefits. Additional information concerning these and other risks is available in the Company’s most recent Annual Report on Form 20-F and subsequent filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update or revise these statements, except as required by law. All forward-looking statements are qualified in their entirety by this cautionary statement.
Q3 2026 Conference Call
Management will hold a conference call with investors on October 22, 2026, at 3:30 pm Mexico City Time / 5:30 pm Eastern Time (ET). The dial-in information is:
Toll Free: 1-877-451-6152
Toll/International: 1-201-389-0879
Conference ID: 13763048
Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1777966&tp_key=38b58322dd
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: 13763048
BeFra IR
iroffice@better.com.mx
+52 1 33 4274 5904
InspIR:
Barbara Cano/Ivan Peill
barbara@inspirgroup.com
ivan@inspirgroup.com
About BeFra
BeFra (NYSE: BWMX) is one of the leading branded consumer products platforms in Mexico and Latin America, bringing together three iconic brands: Betterware, a leader in innovative home solutions; Jafra, a leading beauty and personal care company with operations in Mexico and the United States; and Tupperware, a leading brand in food storage and drinkware. Through these brands, BeFra operates across Mexico, Brazil, the United States, and an expanding footprint throughout Latin America, leveraging proprietary direct-selling platforms, world-class manufacturing capabilities, and a longstanding culture of operational excellence.
13
Financial Statements
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Financial Position
As of September 30, 2026 and 2025
(In Thousand Mexican Pesos)
| Q3 2026 | Q3 2025 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | 522,177 | 333,522 | ||||||
| Trade accounts receivable, net | 1,549,039 | 1,191,536 | ||||||
| Accounts receivable from related parties | 24 | 18 | ||||||
| Account receivable “San Angel” | 48,981 | 115,760 | ||||||
| Inventories | 2,863,571 | 2,300,381 | ||||||
| Prepaid expenses | 254,078 | 174,063 | ||||||
| Value added tax receivable | 0 | 0 | ||||||
| Income tax recoverable | 0 | 120,461 | ||||||
| Derivative financial instruments | 10,863 | 0 | ||||||
| Non-current assets held for sale | 40,000 | 40,000 | ||||||
| Other assets | 129,234 | 118,183 | ||||||
| Total current assets | 5,417,967 | 4,393,924 | ||||||
| Account receivable “San Angel” | 0 | 48,703 | ||||||
| Property, plant and equipment, net | 2,147,694 | 1,713,003 | ||||||
| Right of use assets, net | 352,910 | 291,221 | ||||||
| Deferred income tax | 694,648 | 525,086 | ||||||
| Intangible assets, net | 4,522,676 | 1,513,648 | ||||||
| Goodwill | 1,599,718 | 1,599,718 | ||||||
| Recoverable Taxes | 42,072 | 0 | ||||||
| Other assets | 58,442 | 14,257 | ||||||
| Total non-current assets | 9,418,160 | 5,705,636 | ||||||
| Total assets | 14,836,127 | 10,099,560 | ||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Short-term debt and borrowings | 1,059,066 | 1,661,924 | ||||||
| Accounts payable to suppliers | 2,393,618 | 1,730,717 | ||||||
| Accrued expenses | 620,153 | 368,196 | ||||||
| Provisions | 934,898 | 668,882 | ||||||
| Income tax payable | 56,779 | 0 | ||||||
| Value added tax payable | 70,439 | 54,662 | ||||||
| Statutory employee profit sharing | 158,332 | 97,875 | ||||||
| Lease liability | 169,716 | 118,746 | ||||||
| Derivative financial instruments | 0 | 33,563 | ||||||
| Total current liabilities | 5,463,001 | 4,734,565 | ||||||
| Employee benefits | 304,216 | 142,485 | ||||||
| Deferred income tax | 518,823 | 495,118 | ||||||
| Lease liability | 201,036 | 193,055 | ||||||
| Other Liabilities | 2,093 | |||||||
| Long term debt and borrowings | 5,910,562 | 3,242,407 | ||||||
| Total non-current liabilities | 6,936,730 | 4,073,065 | ||||||
| Total liabilities | 12,399,731 | 8,807,630 | ||||||
| Stockholders’ Equity | ||||||||
| Capital stock | 928,580 | 321,312 | ||||||
| Share premium account | -25,264 | -25,264 | ||||||
| Retained earnings | 1,526,625 | 1,036,602 | ||||||
| Other comprehensive income | 8,222 | -37,187 | ||||||
| Non-controlling interest | -1,767 | -3,533 | ||||||
| Total Stockholders’ Equity | 2,436,396 | 1,291,930 | ||||||
| Total Liabilities and Stockholders’ Equity | 14,836,127 | 10,099,560 | ||||||
14
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the three and nine months ended September 30, 2026 and 2025
(In Thousand Mexican Pesos)
| Q3 2026 | Q3 2025 | ∆ | 9M 26 | 9M 25 | ∆ | |||||||||||||||||||
| Net revenue | 4,832,314 | 3,377,299 | 43.1 | % | 12,503,368 | 10,439,093 | 19.8 | % | ||||||||||||||||
| Cost of sales | 1,734,933 | 1,064,701 | 63.0 | % | 4,354,453 | 3,418,781 | 27.4 | % | ||||||||||||||||
| Gross profit | 3,097,381 | 2,312,598 | 33.9 | % | 8,148,915 | 7,020,312 | 16.1 | % | ||||||||||||||||
| Administrative expenses | 834,725 | 564,547 | 47.9 | % | 2,189,945 | 1,886,385 | 16.1 | % | ||||||||||||||||
| Selling expenses | 1,129,768 | 961,693 | 17.5 | % | 3,246,403 | 2,976,073 | 9.1 | % | ||||||||||||||||
| Distribution expenses | 253,500 | 159,282 | 59.2 | % | 632,691 | 514,655 | 22.9 | % | ||||||||||||||||
| Total expenses | 2,217,993 | 1,685,522 | 31.6 | % | 6,069,039 | 5,377,113 | 12.9 | % | ||||||||||||||||
| Operating income | 879,388 | 627,076 | 40.2 | % | 2,079,876 | 1,643,199 | 26.6 | % | ||||||||||||||||
| Interest expense | -168,301 | -131,907 | 27.6 | % | -389,570 | -422,219 | -7.7 | % | ||||||||||||||||
| Interest income | 7,059 | 5,473 | 29.0 | % | 23,207 | 29,451 | -21.2 | % | ||||||||||||||||
| Unrealized gain (loss) in valuation of financial derivative instruments | 0 | 0 | 0 | -108,846 | ||||||||||||||||||||
| Foreign exchange loss, net | 1,808 | 1,038 | 74.2 | % | -11,602 | 73,165 | -115.9 | % | ||||||||||||||||
| Financing cost, net | -159,434 | -125,396 | 27.1 | % | -377,965 | -428,449 | -11.8 | % | ||||||||||||||||
| Income before income taxes | 719,954 | 501,680 | 43.5 | % | 1,701,911 | 1,214,750 | 40.1 | % | ||||||||||||||||
| Income taxes | 329,631 | 188,055 | 75.3 | % | 635,622 | 423,728 | 50.0 | % | ||||||||||||||||
| Net income including minority interest | 390,323 | 313,625 | 24.5 | % | 1,066,289 | 791,022 | 34.8 | % | ||||||||||||||||
| Non-controlling interest gain (loss) | -23 | 580 | -104.0 | % | -60 | 1,883 | -103.2 | % | ||||||||||||||||
| Net income | 390,300 | 314,205 | 24.2 | % | 1,066,229 | 792,905 | 34.5 | % | ||||||||||||||||
| Concept | Q3 2026 | Q3 2025 | ∆ | 9M 26 | 9M 25 | ∆ | ||||||||||||||||||
| Net income | 390,323 | 313,625 | 24.5 | % | 1,066,289 | 791,022 | 34.8 | % | ||||||||||||||||
| (+) Income taxes | 329,631 | 188,055 | 75.3 | % | 635,622 | 423,728 | 50.0 | % | ||||||||||||||||
| (+) Financing cost, net | 159,434 | 125,396 | 27.1 | % | 377,965 | 428,449 | -11.8 | % | ||||||||||||||||
| (+) Depreciation and amortization | 128,987 | 95,073 | 35.7 | % | 318,851 | 293,027 | 8.8 | % | ||||||||||||||||
| EBITDA | 1,008,375 | 722,149 | 39.6 | % | 2,398,727 | 1,936,226 | 23.9 | % | ||||||||||||||||
| EBITDA margin | 20.9 | % | 21.4 | % | 19.2 | % | 18.5 | % | ||||||||||||||||
15
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Cash Flows
For the three and nine months ended September 30, 2026 and 2025
(In Thousand Mexican Pesos)
| Q3 2026 | Q3 2025 | ∆ | 9M 26 | 9M 25 | ∆ | |||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||||||
| Profit for the period | 390,323 | 313,625 | 24.5 | % | 1,066,289 | 791,022 | 34.8 | % | ||||||||||||||||
| Adjustments for: | ||||||||||||||||||||||||
| Income tax expense recognized in profit of the year | 329,631 | 188,055 | 75.3 | % | 635,622 | 423,728 | 50.0 | % | ||||||||||||||||
| Depreciation and amortization of non-current assets | 128,987 | 95,073 | 35.7 | % | 318,851 | 293,027 | 8.8 | % | ||||||||||||||||
| Interest income recognized in profit or loss | -7,059 | -5,473 | -23,207 | -29,451 | ||||||||||||||||||||
| Interest expense recognized in profit or loss | 168,301 | 131,907 | 27.6 | % | 389,570 | 422,219 | -7.7 | % | ||||||||||||||||
| Gain (loss) on disposal of equipment | -805 | -1,166 | -1,809 | -8,147 | ||||||||||||||||||||
| Unrealized loss (gain) in valuation of financial derivative instruments | 0 | 32 | -100.0 | % | 0 | 108,878 | -100.0 | % | ||||||||||||||||
| Movements in not- controlling interest | 0 | 34 | -100.0 | % | 0 | 72 | -100.0 | % | ||||||||||||||||
| Translation currency effect | -25,798 | 3,866 | -767.3 | % | -27,430 | 20,420 | -234.3 | % | ||||||||||||||||
| Defined benefit Cost | -27,940 | 0 | 100.0 | % | -24,466 | 0 | ||||||||||||||||||
| Movements in working capital: | ||||||||||||||||||||||||
| Trade accounts receivable | -50,367 | -70,565 | -62,875 | -58,443 | ||||||||||||||||||||
| Trade accounts receivable from related parties | -4,776 | -18 | 79,054 | 232 | 33975.0 | % | ||||||||||||||||||
| Trade account receivable “San Angel” | 0 | -3,913 | -100.0 | % | 0 | 47,159 | -100.0 | % | ||||||||||||||||
| Inventory, net | -155,381 | 63,779 | -343.6 | % | -279,236 | 204,712 | -236.4 | % | ||||||||||||||||
| Prepaid expenses and other assets | 222,464 | 43,693 | 409.2 | % | -34,068 | -58,014 | ||||||||||||||||||
| Accounts payable to suppliers and accrued expenses | 97,684 | -80,660 | 488,915 | -441,500 | ||||||||||||||||||||
| Provisions | -15,447 | -96,260 | -2,130 | -80,036 | ||||||||||||||||||||
| Value added tax payable | 55,632 | -6,048 | 12,629 | -16,530 | ||||||||||||||||||||
| Trade accounts payable to related parties | 4,496 | 0 | 100.0 | % | -87,457 | -1,237 | ||||||||||||||||||
| Other Liabilities | 2,093 | 0 | 100.0 | % | 2,093 | 0 | 100.0 | % | ||||||||||||||||
| Statutory employee profit sharing | 31,457 | 30,757 | 2.3 | % | -3,404 | -41,380 | ||||||||||||||||||
| Income taxes paid | -179,358 | -41,457 | -508,699 | -445,478 | ||||||||||||||||||||
| Employee benefits | -7,477 | 5,361 | -239.5 | % | -320 | 14,173 | -102.3 | % | ||||||||||||||||
| Net cash generated by operating activities | 956,660 | 570,622 | 67.7 | % | 1,937,922 | 1,145,426 | 69.2 | % | ||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||||||
| Payment for investment in subsidiaries | -3,223,187 | 0 | 100.0 | % | -3,406,664 | 0 | ||||||||||||||||||
| Restricted cash by Escrow | 13,344 | 0 | 100.0 | % | 0 | 0 | ||||||||||||||||||
| Purchase of intangible assets | 3,036,338 | 0 | 100.0 | % | 0 | 0 | ||||||||||||||||||
| Payments for property, plant and equipment, net | 90,658 | -18,859 | -140,149 | -61,767 | ||||||||||||||||||||
| Proceeds from disposal of property, plant and equipment, net | 13,055 | 1,810 | 621.3 | % | 18,659 | 6,225 | 199.7 | % | ||||||||||||||||
| Proceeds from disposal of buildings | -1,158 | 0 | 100.0 | % | 54,570 | 0 | 100.0 | % | ||||||||||||||||
| Interest received | 7,059 | 5,473 | 29.0 | % | 23,207 | 29,451 | -21.2 | % | ||||||||||||||||
| Net cash used in investing activities | -63,891 | -11,576 | -3,450,377 | -26,091 | ||||||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||||||
| Repayment of borrowings | -2,628,700 | -1,799,264 | -8,179,250 | -3,914,700 | ||||||||||||||||||||
| Proceeds from borrowings | 2,326,700 | 1,580,764 | 47.2 | % | 11,170,750 | 4,031,200 | 177.1 | % | ||||||||||||||||
| Costs emission | -97,068 | 0 | 100.0 | % | -98,861 | 0 | 100.0 | % | ||||||||||||||||
| Interest paid | -190,806 | -159,262 | -396,800 | -431,383 | ||||||||||||||||||||
| Lease payment | -57,449 | -39,970 | -147,080 | -118,787 | ||||||||||||||||||||
| Dividends paid | -244,341 | -199,576 | -642,471 | -648,701 | ||||||||||||||||||||
| Net cash used in financing activities | -891,664 | -617,308 | 1,706,288 | -1,082,371 | ||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 1,105 | -58,262 | 193,833 | 36,964 | 424.4 | % | ||||||||||||||||||
| Cash and cash equivalents at the beginning of the period | 521,072 | 391,784 | 33.0 | % | 328,344 | 296,558 | 10.7 | % | ||||||||||||||||
| Cash and cash equivalents at the end of the period | 522,177 | 333,522 | 56.6 | % | 522,177 | 333,522 | 56.6 | % | ||||||||||||||||
16
Appendix
IFRS to Non-IFRS Reconciliation
FCF
| ‘000 | 9M26 | 9M25 | ||||||
| Net cash generated by operating activities | 1,937,922 | 1,098,267 | ||||||
| Less: Payments for property, plant and equipment, net | (140,149 | ) | (61,767 | ) | ||||
| Add: Proceeds from disposal of property, plant and equipment, net | 18,659 | 6,225 | ||||||
| Add: Proceeds from disposal of buildings | 54,570 | 47,159 | ||||||
| Free Cash Flow | 1,871,002 | 1,089,884 | ||||||
NOPAT
| ‘000 | 3Q26 | 3Q25 | ||||||
| Operating Income | 879,388 | 627,076 | ||||||
| Income Taxes | 329,631 | 188,055 | ||||||
| Income before income taxes | 719,954 | 501,680 | ||||||
| NOPAT | 476,760 | 392,016 | ||||||
| * | Formula = Operating Income*[1- (Income Taxes / Income before income taxes)] |
Net Debt
| ‘000 | 3Q26 | 3Q25 | ||||||
| Add: Short-Term Debt | 1,228,782 | 1,780,670 | ||||||
| Add: Long-Term Debt | 6,111,598 | 3,435,462 | ||||||
| Total Debt | 7,340,380 | 5,216,132 | ||||||
| Less: Cash & Equivalents | 522,177 | 333,522 | ||||||
| Net Debt | 6,818,203 | 4,882,610 | ||||||
EBITDA
| ‘000 | 3Q26 | 3Q25 | 9M26 | 9M25 | ||||||||||||
| Net income (including minority interest) | 390,323 | 313,625 | 1,066,289 | 791,022 | ||||||||||||
| Add: Income taxes | 329,631 | 188,055 | 635,622 | 423,728 | ||||||||||||
| Add: Financing cost, net | 159,434 | 125,396 | 377,965 | 428,449 | ||||||||||||
| Add: Depreciation and amortization | 128,987 | 95,073 | 318,851 | 293,027 | ||||||||||||
| EBITDA | 1,008,375 | 722,149 | 2,398,727 | 1,936,226 | ||||||||||||
17
Organic Revenue
| ‘000 | 3Q26 | 3Q25 | 9M26 | 9M25 | ||||||||||||
| Add: Betterware Brand Revenue | 1,522,864 | 1,387,586 | 4,474,307 | 4,249,244 | ||||||||||||
| Add: Jafra Brand Revenue | 1,933,606 | 1,989,713 | 6,202,242 | 6,189,849 | ||||||||||||
| Organic Revenue | 3,456,470 | 3,377,299 | 10,676,549 | 10,439,093 | ||||||||||||
| Add: Tupperware Latam Brand Revenue | 1,375,843 | - | 1,826,817 | - | ||||||||||||
| Total Revenue | 4,832,313 | 3,377,299 | 12,503,366 | 10,439,093 | ||||||||||||
| * | Tupperware 9M revenue considers since the acquisition in June 2026 |
Organic EBITDA
| ‘000 | 3Q26 | 3Q25 | 9M26 | 9M25 | ||||||||||||
| Add: Betterware Brand EBITDA | 322,372 | 312,669 | 912,667 | 864,907 | ||||||||||||
| Add: Jafra Brand EBITDA | 327,245 | 409,480 | 1,003,811 | 1,071,319 | ||||||||||||
| Organic EBITDA | 649,617 | 722,149 | 1,916,478 | 1,936,226 | ||||||||||||
| Add: Tupperware Latam Brand EBITDA | 358,764 | - | 482,249 | - | ||||||||||||
| Total EBITDA | 1,008,381 | 722,149 | 2,398,727 | 1,936,226 | ||||||||||||
| * | Tupperware 9M EBITDA considers since the acquisition in June 2026 |
Basic EPS
| ‘000 | 3Q26 | 3Q25 | 9M26 | 9M25 | ||||||||||||
| Net Income | 390,300 | 314,205 | 1,066,229 | 792,905 | ||||||||||||
| Weighted average shares outstanding | 39,485 | 37,317 | 38,237 | 37,317 | ||||||||||||
| Basic EPS | 9.9 | 8.4 | 27.9 | 21.2 | ||||||||||||
| TW net income combined | - | - | 668,098 | - | ||||||||||||
| Basic EPS Combined | 9.9 | 8.4 | 45.4 | 21.2 | ||||||||||||
| * | Basic EPS Formula = Net income / weighted average shares |
| * | Basic EPS Combined Formula = [(Net income + TW net income combined) / weighted average shares] |
18
Exhibit 99.2
3Q26 Earnings Call October 22, 2026
Cautionary Statement Regarding Forward-Looking Statements This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Words such as "believe", "may", "will", "estimate", "continue", "anticipate", "intend", "expect", "should", "plan", and similar expressions identify forward-looking statements, although not all such statements contain these words. Forward-looking statements in this release include, without limitation, statements concerning 2026 guidance, future growth and business plans, interim leadership transition duration, Tupperware's continued integration and expected contribution to BeFra's performance, operating efficiencies, cash generation, deleveraging and proposed dividends. These statements reflect management's current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These include changes in economic and political conditions, consumer demand, government policies and regulations, international trade conditions, supply chains, exchange rates and interest rates, as well as risks associated with executing growth plans and realizing anticipated acquisition benefits. Additional information concerning these and other risks is available in the Company's most recent Annual Report on Form 20-F and subsequent filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update or revise these statements, except as required by law. All forward-looking statements are qualified in their entirety by this cautionary statement. BeFra | 2
PRESENTERS Andrés Campos President & CEO, BeFra Raúl del Villar CFO, BeFra BeFra | 3
Organic = BW + JF Revenue (Million MXN) Associate Base (Average '000) 3,377 3,456 4,832 3Q 10,439 10,677 12,503 9M +2.3% +43.1% +2.3% +19.8% 2025 Organic +TW 1,177 1,177 1,456 3Q 0.0% +23.7% BeFra | 4
7.0% 92.5% 3Q25 8.2% 4.3% 87.5% 3Q26 3,377 4,832 58.9% 41.1% 3Q25 28.5% 40.0% 31.5% 3Q26 3,377 4,832 Revenue Distribution By Brand Unit By Region (Million MXN) (Million MXN) 0.5% Betterware Jafra Tupperware Mexico US Latam International 12.5% BeFra | 5
EBITDA (Million MXN) Net Income (Million MXN) 722 650 1,008 3Q 1,936 1,916 2,399 9M -10.0% -1.0% 2025 Organic +TW Organic = BW + JF 314 207 390 3Q 793 777 1,066 9M -34.2% -2.0% 21.4% 18.8% 20.9% +39.6% +23.9% 18.5% 18.0% 19.2% EBITDA Margin +24.2% +34.5% BeFra | 6
3 brands, diversification strength, unlocking full potential! Mexico +8.5% revenue YoY Latam Continued Growth Mexico back on growth mode Latam, second growth engine Sales −2.8% revenue YoY Jafra U.S. Back on track in coming quarters Direct selling +14% Revenue YoY Reported -6.8% *Tupperware 3Q25 shown combined. This impact will not carry into next quarter, as there were no significant retail sales in 4Q25. Consecutive Profitability 803 3Q25 988 3Q26 +23.0% 112 3Q25 108 3Q26 -3.3% (Million MXN) (Million BRL) Direct Selling Business BeFra | 7
Guidance Revised Upwards Organic Betterware + Jafra Net revenue growth 4–5% Prior 4–8% Updated 4–5% 0% 2% 4% 6% 8% 10% Narrowed within the original 4–8% range. Post-acquisition Including Tupperware Net revenue growth 24-26% Full Year EBITDA margin 19% Prior 18–22% Updated 24–26% 10% 15% 20% 25% 30% Raised revenue growth; conservative on EBITDA margin. Organic guidance excludes Tupperware; post-acquisition guidance includes Tupperware from its June 2026 acquisition BeFra | 8
Dividends 27 consecutive quarters of paying dividends since IPO 200 3Q25 200 4Q25 200 1Q26 250 2Q26 250 3Q26 Dividends Paid (Million MXN) Earnings per share First nine months $21.2 $45.4 9M25 9M26 114% *Tupperware combined * More EPS & Higher Dividends To be paid Please refer to Appendix of the earnings document for the EPS calculation BeFra | 9
Strong deleveraging, strong cash, strong WOCA 2Q26 & 3Q26 are Tupperware combined Net Debt / EBITDA Net Debt / EBITDA TTM 1.65x 1.80x 1.56x 1.50x 1.68x 1.65x 3Q25 4Q25 1Q26 2Q26 3Q26 Cash Conversion Cycle DSO + DIO – DPO, in days 50 days vs 78 days in 3Q25 78 56 39 53 50 3Q25 4Q25 1Q26 2Q26 3Q26 Interest Coverage Operating income TTM / Interest expense TTM 6.91x 3.71x 4.16x 4.74x 5.25x 6.91x 3Q25 4Q25 1Q26 2Q26 3Q26 Free cash Flow 3Q25 3Q26 554 1,059 (Million MXN) FCF to EBITDA 77% 105% Ending 9M2025 Ending 9M2026 1,090 1,871 FCF to EBITDA 56% 78% Organic Tupperware BeFra | 10
A successful quarter. The best is yet to come. Betterware Jafra Tupperware Latam
Q&A
Thank you. INVESTOR RELATIONS befra.com iroffice@better.com.mx
Exhibit 99.3
BETTERWARE DE MÉXICO, S.A.P.I. DE C.V.
ORDINARY GENERAL MEETING OF SHAREHOLDERS
October 16, 2026
In Guadalajara, Jalisco, at 10:00 a.m. on October 16, 2026, at the corporate domicile of Betterware de México, S.A.P.I. de C.V. (the “Company”), the shareholders of the Company met for the purpose of holding an Ordinary General Meeting of Shareholders (the “Meeting”), to which they were duly called in accordance with the Company’s bylaws pursuant to the notice published in the Electronic Publications System for Commercial Companies of the Ministry of Economy on September 29, 2026, a copy of which is attached to the minutes of the Meeting as Exhibit A.
In accordance with Clauses Eighteen and Thirty-Four of the Company’s bylaws, Mr. Luis Germán Campos Orozco, in his capacity as Executive Chairman of the Company’s Board of Directors, acted as chairman of the Meeting (the “Chairman”), and Mr. José Raz Guzmán Castro, in his capacity as secretary of the Company’s Board of Directors, acted as secretary of the Meeting (the “Secretary”), in accordance with Clause Thirty-Four of the Company’s bylaws.
The Chairman appointed Regina Ruiz Canales and Eugenio Ballesteros Wise as scrutineers (the “Scrutineers”), who, after accepting their appointments, reviewed the documents evidencing shareholder status or the corresponding proxies, which are attached together to the minutes of the Meeting as Exhibit B, and prepared the attendance list attached to these minutes as Exhibit C, certifying that 20,358,497 (Twenty million three hundred fifty-eight thousand four hundred ninety-seven) shares out of the 39,485,053 (Thirty-nine million four hundred eighty-five thousand fifty-three) subscribed and paid-in shares of the Company’s capital stock were represented, in accordance with the attendance list attached to these minutes as Exhibit C, representing 51.56% (fifty-one point fifty-six percent) of the Company’s subscribed and paid-in capital stock.
Based on the certification of the Scrutineers and pursuant to Article 189 of the General Law of Commercial Companies and Clause Thirty-Six of the Company’s bylaws, the Chairman declared the Meeting legally convened and proceeded to read the following:
AGENDA
| 1. | Proposal, discussion and, if applicable, approval of the payment of dividends. |
| 2. | Appointment of special delegates to formalize the resolutions adopted at the Meeting. |
After the agenda was read to the shareholders, they proceeded to address the matters as follows:
| 1. | Proposal, discussion and, if applicable, approval of the payment of dividends. |
In connection with the first item on the agenda, the Chairman of the Meeting informed those present that the audited financial statements approved by the shareholders for the fiscal year ended December 31, 2025 reflect sufficient accumulated earnings to permit the distribution of a dividend to the Company’s shareholders in the amount of MXN$250,000,000.00 (Two hundred fifty million pesos 00/100, Mexican currency), and it was proposed that such dividend be paid in proportion to each shareholder’s equity interest in the Company.
Thereafter, the Chairman of the Meeting explained to the shareholders that, if the dividend payment is approved, it is proposed that such dividend be paid no later than November 26, 2026, at an exchange rate of MXN$18.4888 (Eighteen pesos 4888/10000, Mexican currency) per United States dollar, legal tender of the United States of America, in accordance with the notice to be delivered by the Company’s management to the New York Stock Exchange (“NYSE”) pursuant to applicable regulations. The Chairman stated that the dividend payment would be made from the Net Tax Profit Account (“CUFIN”), withholding from each shareholder the applicable taxes under current tax law, by wire transfer to the account designated by each shareholder.
After discussion of the foregoing, the represented shareholders adopted the following:
RESOLUTIONS
IT IS HEREBY RESOLVED, to declare the payment of a dividend to the shareholders in the aggregate amount of MXN$250,000,000.00 (Two hundred fifty million pesos 00/100, Mexican currency), payable in Mexican pesos in proportion to their respective equity interests in the Company’s capital stock, against the Company’s CUFIN as of December 31, 2025, at an exchange rate of MXN$18.4888 (Eighteen pesos 4888/10000, Mexican currency) per United States dollar, legal tender of the United States of America.
Shareholders registered as holders of shares of the Company as of the record date specified in the notice to be delivered by the Company’s management to the New York Stock Exchange (NYSE) pursuant to applicable regulations shall be entitled to receive the dividend, which shall be paid no later than November 26, 2026, by wire transfer to the account designated by each shareholder and subject to withholding of applicable taxes under current tax law. The Company’s management is further instructed and authorized to: (i) before publication of the press release announcing approval of the dividend, deliver to the NYSE the corresponding dividend notice, including the record date and payment date, pursuant to applicable regulations; (ii) file the dividend announcement with the United States Securities and Exchange Commission on Form 6-K; and (iii) carry out the public disclosure and any other acts, notices, publications and filings necessary or advisable to comply with applicable regulations and effect payment of the dividend on the terms approved by this Meeting.
IT IS HEREBY RESOLVED, to acknowledge that, by virtue of the dividends declared during 2026, including the dividend declared at this Meeting and the accumulated amount of the legal reserve, the Company’s accumulated net tax profits as of this date amount to MXN$460,300,000.00 (Four hundred sixty million three hundred thousand pesos 00/100, Mexican currency), and the Company’s CUFIN as of this date amounts to MXN$5,361,500,000.00 (Five billion three hundred sixty-one million five hundred thousand pesos 00/100, Mexican currency).
| 2. | Appointment of special delegates to implement and formalize the resolutions adopted at the Meeting. |
Finally, the Chairman of the Meeting submitted the last item on the agenda for discussion, in order to appoint special delegates to implement and formalize the resolutions adopted at the Meeting.
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In view of the foregoing, the shareholders discussed the proposal and unanimously adopted the following:
RESOLUTION
RESOLVED, to authorize Luis Germán Campos Orozco, Andrés Campos Chevallier, José Raz Guzmán Castro, Arturo Pérez Estrada, Luis Cortés Panameño, Adriana Garcia-Cuellar Wood, Humberto Molina González, Fernando Alamilla Torres, Eugenio Ballesteros Wise, Mauricio Garibaldi Bustamante and/or Andrés Gallastegui Rodríguez, each acting individually, to: (i) appear before the notary public of their choice to formalize, in whole or in part, the contents of these resolutions; (ii) if necessary, register their contents with the applicable Public Registry of Commerce; (iii) transcribe the text of these resolutions into the corresponding corporate minute book; (iv) request certified copies of the public instrument; and/or (v) generally carry out any and all acts they deem necessary to complete and formalize any of the resolutions approved herein.
It is hereby recorded that, from the beginning through the conclusion of this Meeting, the shareholders listed in the Meeting’s Attendance List were present.
The following are attached as exhibits to these minutes of the Meeting:
Exhibit A Notice of the Meeting published in the Electronic Publications System for Commercial Companies.
Exhibit B Documents evidencing shareholder status or the corresponding proxies.
Exhibit C Attendance List of the Meeting.
There being no further business to discuss, the agenda was declared concluded and the Meeting was adjourned at 11:30 a.m., after a brief recess to prepare these minutes, which were read and approved by all those present and signed by the Chairman and Secretary of the Meeting.
| /s/ Luis Germán Campos Orozco | /s/ José Raz Guzmán Castro | |
| Luis Germán Campos Orozco | José Raz Guzmán Castro | |
| Chairman | Secretary |
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Exhibit 99.4
BeFra Announces US$0.34 Per Share Quarterly Dividend Payable on November 19, 2026
Guadalajara, Jalisco, Mexico; October 22, 2026 — Betterware de México, S.A.P.I. de C.V. (NYSE: BWMX) (“BeFra” or the “Company”), announces that the payment of an aggregate dividend of MX $250,000,000 was approved at its shareholders meeting held on October 16, 2026. This amount represents approximately US$ 0.3424 per share before applicable tax withholdings, or approximately US $0.3082 per share after applicable tax withholdings. The dividend is payable on November 19, 2026, to shareholders of record as of November 5, 2026.
Company:
BeFra IR
iroffice@better.com.mx
+52 1 33 4274 5904
InspIR:
Barbara Cano/Ivan Peill
barbara@inspirgroup.com
ivan@inspirgroup.com
About BeFra
BeFra (NYSE: BWMX) is one of the leading branded consumer products platforms in Mexico and Latin America, bringing together three iconic brands: Betterware, a leader in innovative home solutions; Jafra, a leading beauty and personal care company with operations in Mexico and the United States; and Tupperware, a leading brand in food storage and drinkware. Through these brands, BeFra operates across Mexico, Brazil, the United States, and an expanding footprint throughout Latin America, leveraging proprietary direct-selling platforms, world-class manufacturing capabilities, and a longstanding culture of operational excellence.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect the Company’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including those described in the Company’s most recent Annual Report on Form 20-F and subsequent SEC filings. Forward-looking statements speak only as of the date they are made, and the Company assumes no obligation to update them, except as required by law.