BeFra (NASDAQ: BWMX) lifts 2026 outlook after Tupperware deal and dividend
Rhea-AI Filing Summary
Betterware de México (BeFra) delivered strong Q2 2026 results, with consolidated net revenue of Ps. 4,161,352 thousand, up 16.8% year over year, and first-half revenue of Ps. 7,671,054 thousand, up 8.6%. EBITDA reached Ps. 780,439 thousand (18.8% margin), while net income rose 20.6% to Ps. 394,585 thousand and EPS increased to Ps. 10.0.
Tupperware, consolidated for one month, contributed 10.8% of revenue and nearly 16% of EBITDA, and management states pro forma trailing-twelve-month EPS is 36% higher than organic EPS. Betterware and Jafra revenues grew 3.6% and 4.5% respectively, and the group’s Stencil network expanded to an average 1.51 million.
Cash generation and balance sheet metrics remain solid. Q2 free cash flow was Ps. 578,021 thousand, 74% of EBITDA, and TTM FCF/EBITDA was 83.2%. On a pro forma basis that includes Tupperware’s full-year EBITDA, net debt to EBITDA is 1.6x. The board approved a Ps. 250,000,000 dividend (about US$0.3613 per share pre-tax), payable August 20, 2026, and raised 2026 net revenue growth guidance to 18–22% with an EBITDA margin of at least 19%.
Positive
- Strong top-line and earnings growth: Q2 2026 net revenue rose 16.8% to Ps. 4,161,352 thousand and net income increased 20.6% to Ps. 394,585 thousand, with EPS up 14.2% year over year.
- Accretive Tupperware acquisition: Tupperware contributed 10.8% of consolidated revenue and nearly 16% of EBITDA for one month, with pro forma trailing-twelve-month EPS 36% above organic EPS.
- Robust cash generation: Q2 free cash flow was Ps. 578,021 thousand, equal to 74.1% of EBITDA, and TTM FCF/EBITDA improved to 83.2%, supporting ongoing deleveraging capacity.
- Higher 2026 growth outlook and sustained dividends: Net revenue growth guidance increased from 4–8% to 18–22% with EBITDA margin of at least 19%, and a Ps. 250,000,000 quarterly dividend (~US$0.3613 per share pre-tax) marks the 26th consecutive quarterly payout.
Negative
- None.
Filing Explained
The July 20 meeting replaced two independent directors, while shareholders of record on August 6 are scheduled to receive the approved dividend.
As a Form 6-K, this filing reports completed July 20 shareholder resolutions: two independent directors were removed and two replacements were appointed, changing the board’s membership.
Form 6-K is a foreign private issuer’s interim report for material information published in its home market. The meeting also recorded that Trust 5616 ended, so the shares formerly held there are now directly owned by Campalier, S.A. de C.V.
The dividend resolution sets August 6 as the record date and August 20 as the payment date, with applicable taxes withheld; the payment is allocated according to each shareholder’s ownership.
Future reporting will separate BeFra’s performance by Betterware, Jafra, and Tupperware, while “Stencil” will replace separate associate and distributor counts, changing how operating comparisons are presented.
Key Figures
Key Terms
EBITDA financial
Free Cash Flow financial
Net Debt to EBITDA financial
ROIC financial
Stencil financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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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 July 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: July 23, 2026
1
Exhibit Index
| Exhibit No. | Description | |
| 99.1 | BeFra Second Quarter 2026 Earnings Release | |
| 99.2 | BeFra Second Quarter 2026 Earnings Call Presentation | |
| 99.3 | Minutes from the General Ordinary Shareholders’ Meeting held on July 20, 2026 | |
| 99.4 | BeFra Dividend Announcement, dated July 23, 2026 |
2
Exhibit 99.1
Q2 2026
Earnings Release
BeFra Reports Second Quarter 2026 Results
GUADALAJARA, Mexico, July 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 second 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
The second quarter marked another period of solid commercial execution for BeFra, with revenue growth across all our brands, while also representing one of the most significant milestones in the Company’s history through the successful incorporation of Tupperware’s operations in Latin America. Despite contributing only one month of results during the quarter, Tupperware made a strong contribution to BeFra’s revenue and profitability, reinforcing our confidence in the strategic rationale of the acquisition. As the reference brand in its category, with a leading position in Mexico and an immediate platform in Brazil, Tupperware strengthens our portfolio, expands our regional footprint, and reinforces our confidence in BeFra’s strategic growth pillars.
Beyond this milestone, we remained focused on executing our long-term strategy with discipline and consistency. Betterware continued building on its positive commercial momentum, with revenue increasing 3.6% during the quarter and 3.1% on a year-to-date basis, while continuing to expand its presence across Latin America. Jafra’s turnaround also continued to gain traction, as the commercial initiatives announced last quarter–including a renewed focus on innovation and consultant base expansion–translated into a return to sequential growth, with revenue increasing 4.5% QoQ. Tupperware also made a strong contribution to BeFra, representing 10.8% of consolidated revenue and nearly 16% of EBITDA despite contributing only one month of results during the quarter. Together, these results reflect the resilience of our business model, the successful execution of our long-term strategy, and our disciplined approach to creating sustainable long-term value for our shareholders.
Our balance sheet also remains in a strong position following the Tupperware acquisition. Net debt-to-EBITDA stood at 2.6x despite consolidating only one month of Tupperware’s EBITDA while assuming the full acquisition debt. On a pro forma basis, including Tupperware’s full-year EBITDA contribution, net debt-to-EBITDA is 1.6x, effectively maintaining the Company’s pre-acquisition leverage profile, reinforcing the profitability of the acquired business and our confidence in continuing our disciplined deleveraging strategy.
Andrés Campos Chevallier
President and CEO BeFra Group
2
Changes to ways of reporting
Following the Tupperware acquisition, the Company is evolving the way it manages and operates its portfolio. By aligning our organization around our brands, we will streamline processes, unlock synergies, and accelerate the adoption of best practices across the Group. Reflecting this evolution, financial reporting will now be presented as BeFra, Betterware, Jafra, and Tupperware. This updated structure provides a clearer view of each brand’s performance and better aligns external reporting with how management evaluates the business, enabling investors to more effectively assess the operating performance and strategic progress of each brand.
References to organic growth throughout this document exclude Tupperware and reflect the combined performance of Betterware and Jafra only. This provides investors with a like-for-like comparison with prior periods, allowing for a clearer assessment of the Group’s underlying operating performance.
The FCF-to-EBITDA ratio will now be presented at the consolidated BeFra level. This metric highlights the Group’s ability to consistently convert operating profitability into cash flow, providing investors with a clearer view of the business’s cash generation capabilities and overall financial quality.
Associate and distributor metrics will now be presented as a combined “Stencil” metric, reported on both an average and end-of-period basis, at the consolidated level and by brand. This change streamlines operational disclosure by focusing on the most relevant commercial network indicator, providing a clearer and more consistent view of commercial performance across the Group and its brands.
Revenue mix by brand and region has been added. This provides investors with a clearer view of each brand’s and region’s contribution to BeFra’s consolidated revenue, enhancing the understanding of the Group’s revenue composition and diversification.
Beginning this quarter and through year-end, both the original 2026 guidance and the updated post-acquisition guidance will be presented. This approach preserves visibility into the Company’s original growth expectations while clearly illustrating the incremental growth and financial contribution expected from the incorporation of Tupperware into BeFra’s portfolio.
A dedicated section has been added to present Tupperware’s pro forma financial information for FY25, 1Q26, and 2Q26. This provides investors with greater visibility into Tupperware’s standalone financial performance while also illustrating how BeFra’s financial performance would have looked had Tupperware been part of the Group throughout the presented periods.
The historical KOM and KFM section will no longer be presented. This change streamlines the presentation by placing greater emphasis on the most relevant operating and financial metrics, resulting in a clearer and more focused view of the Company’s current performance.
3
Q2 2026 Select Consolidated Financial Information
| Q2 | 6M | |||||||||||||||||||||||
| Results in ‘000 MXN | 20261 | 2025 | 20261 | 2025 | ||||||||||||||||||||
| Net Revenue | $ | 4,161,352 | $ | 3,562,643 | 16.8 | % | $ | 7,671,054 | $ | 7,061,794 | 8.6 | % | ||||||||||||
| Gross Margin | 65.5 | % | 67.1 | % | -161 bps | 65.9 | % | 66.7 | % | -85 bps | ||||||||||||||
| EBITDA | $ | 780,439 | $ | 678,812 | 15.0 | % | $ | 1,390,352 | $ | 1,214,077 | 14.5 | % | ||||||||||||
| EBITDA Margin | 18.8 | % | 19.1 | % | -30 bps | 18.1 | % | 17.2 | % | 94 bps | ||||||||||||||
| Net Income | $ | 394,585 | $ | 327,306 | 20.6 | % | $ | 675,929 | $ | 478,700 | 41.2 | % | ||||||||||||
| Free Cash Flow | $ | 578,021 | $ | 592,152 | -2.4 | % | $ | 929,564 | $ | 536,311 | 73.3 | % | ||||||||||||
| FCF/EBITDA | 74.1 | % | 87.2 | % | -1318 bps | 66.9 | % | 44.2 | % | 2269 bps | ||||||||||||||
| EPS2 | $ | 10.0 | $ | 8.8 | 14.2 | % | $ | 31.9 | $ | 15.8 | 101.3 | % | ||||||||||||
| Net Debt /EBITDA3 | 2.57 | 1.97 | 30.4 | % | 2.57 | 1.97 | 30.4 | % | ||||||||||||||||
| 1 | Quarter and YTD include Tupperware considering that the brand was acquired in June 2026 |
| 2 | Considers one month of Tupperware results |
| 3 | Does not consider Tupperware pro forma EBITDA, if considered, Net Debt/EBITDA of 1.62 |
| Stencil | ||||||||||||||||||||||||
| Avg. Base | 1,508,493 | 1,185,455 | 27.3 | % | 1,498,777 | 1,192,865 | 25.6 | % | ||||||||||||||||
| EOP Base | 1,516,596 | 1,192,168 | 27.2 | % | 1,517,596 | 1,192,168 | 27.3 | % |
Revenue by Brand & Region
Year-to-Date
| Brand | Region | |||||||||||||||||
| Results in ‘000 MXN | Revenue | Revenue Mix | Results in ‘000 MXN | Revenue | Revenue Mix | |||||||||||||
| Betterware | $ | 2,951,443 | 38.5 | % | Mexico | $ | 7,058,294 | 92.0 | % | |||||||||
| Jafra | $ | 4,268,637 | 55.6 | % | Latin America | $ | 178,679 | 2.3 | % | |||||||||
| Tupperware2 | $ | 450,974 | 5.9 | % | United States | $ | 434,081 | 5.7 | % | |||||||||
| 2 | Considered since acquisition close in June 2026 |
Highlights
Revenue: Net revenue increased 16.8% during the quarter, primarily reflecting the incorporation of Tupperware’s financial results following the acquisition, together with continued revenue growth across Betterware and Jafra. Betterware maintained its growth trajectory through its domestic market and supported by sustained international expansion, with Andino and Guatemala continuing to deliver double-digit growth. Jafra’s performance continued to strengthen, delivering sequential revenue growth and confirming the effectiveness of the initiatives implemented earlier this year. Tupperware also meaningfully expands BeFra’s direct-selling platform, adding more than 300,000 Stencil across Mexico and Brazil, further strengthening the scale and reach of the Group’s commercial network.
Profitability: EBITDA increased 15% YoY, with an EBITDA margin of 18.8%. Adjusting additionally for $16 M MXN regional expansion costs and $8 M MXN in Tupperware transaction-related expenses, EBITDA margin would have been approximately 19.3%, reflecting the strength of the underlying business and BeFra’s continued financial discipline. Organic net income decreased during the quarter, temporarily affected by these same regional expansion and Tupperware-related expenses. Excluding these effects, organic net income was broadly in line with the prior year. During the first half of the year, organic net income increased 19.1%, demonstrating the Company’s ability to consistently translate revenue growth into profitable growth. The integration of Tupperware is also expected to improve operating leverage, as corporate expenses are not expected to increase proportionally with the expansion of the business, providing an additional benefit over the medium to long term. Demonstrating the accretive nature of the acquisition, pro forma trailing twelve-month EPS is 36% higher than organic trailing twelve-month EPS.
Cash generation: Excluding the Tupperware transaction FCF for the quarter was $578 M MXN representing 74% of EBITDA, highlighting the strength of the business model and disciplined financial management.
4
Financial Performance
Balance sheet at the end of Q2 2026.
Note that presented ratios consider Pro forma TTM profitability from Tupperware.
Return on Investment
Following the Tupperware acquisition, BeFra continues to generate attractive returns. Improvements in ROIC, ROTA, and ROE demonstrate the Company’s ability to profitably deploy its expanded capital base.
| Q2 2026 | Q2 2025 | ∆ | ||||||||||
| Equity Turnover1 | 8.6 | 12.1 | -28.4 | % | ||||||||
| ROIC | 32.3 | % | 23.9 | % | 837 bps | |||||||
| ROE | 69.2 | % | 50.4 | % | 1882 bps | |||||||
| ROTA | 23.3 | % | 10.5 | % | 1280 bps | |||||||
| Dividend Payout2 | 41.6 | % | 45.5 | % | -392 bps | |||||||
| 1 | Ratio impacted by the increase in shareholders’ equity resulting from the Tupperware acquisition |
| 2 | Tupperware not included |
Liquidity
BeFra maintained a solid liquidity position during the quarter, with continued improvements in working capital efficiency supporting financial flexibility and future growth.
| Q2 2026 | Q2 2025 | ∆ | ||||||||||
| Current Ratio | 1.11 | 0.93 | 19.0 | % | ||||||||
| TTM FCF / TTM EBITDA3 | 83.2 | % | 79.9 | % | 333 bps | |||||||
| CCC | 53 | 70 | -24.7 | % | ||||||||
| 3 | Ratio considers only BW & JF |
Leverage
Leverage ratios reflect Tupperware’s results on a pro forma trailing twelve-month basis to provide a meaningful comparison following the acquisition. BeFra has a proven track record of disciplined deleveraging, having successfully reduced leverage following the Jafra acquisition. Excluding debt assumed as part of the Tupperware acquisition, the Company repaid $508 M MXN of debt during the quarter, reflecting its continued commitment to deleveraging. Supported by strong cash generation and interest coverage, BeFra remains well positioned to continue its disciplined deleveraging strategy.
| Q2 2026 | Q2 2025 | ∆ | ||||||||||
| Debt to EBITDA4 | 1.74 | 2.12 | -17.9 | % | ||||||||
| Net Debt to EBITDA4 | 1.62 | 1.97 | -17.8 | % | ||||||||
| Interest Coverage5 | 5.25 | 3.32 | 58.2 | % | ||||||||
| 4 | Considers Tupperware’s Pro Forma TTM EBITDA |
| 5 | Assumes interest expense from the Tupperware acquisition as if incurred over the last 12 months |
Asset Light Business - Low fixed cost structure
BeFra’s asset-light operating model remains a fundamental source of resilience for the business. Additionally, the Company remains focused on identifying further opportunities to optimize SG&A.
| Q2 2026 | Q2 2025 | ∆ | ||||||||||
| Fixed Assets / Total Assets | 14.0 | % | 16.8 | % | -280 bps | |||||||
| TTM Variable Cost Structure | 73.2 | % | 73.9 | % | -71 bps | |||||||
| TTM Fixed Cost Structure | 26.8 | % | 26.1 | % | 71 bps | |||||||
| TTM SG&A / Net Revenues | 36.0 | % | 45.6 | % | -960 bps | |||||||
Notes to the ratios
| * | Q2 2026 financial ratios and performance metrics have been adjusted on a pro forma basis considering TTM Tupperware |
| * | 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 = Paid Dividend Q / NOPAT Q |
5
Capital Allocation
Quarterly Dividends: Considering BeFra’s results to date, the Board of Directors remains committed to enhancing shareholder value through quarterly dividends. Accordingly, it has proposed a $250 M MXN dividend to be paid in Q3 2026, which has been approved at the Ordinary Shareholders’ Meeting. The increase reflects the additional shares issued in connection with the Tupperware acquisition and not only preserves value on a per-share basis, but also enhances the overall value returned to shareholders. This would represent the 26th consecutive quarter of dividend payments since BeFra’s IPO.
2026 Guidance: 2026 guidance has been updated, taking into account Tupperware’s acquisition
Previous Guidance
| MXN Millions | Var % | |
| Net Revenue | 4.0% - 8.0% |
Management expects an EBITDA margin of at least 19% in 2026.
Post-acquisition Guidance
| MXN Millions | 2026 | |
| Net Revenue | 18.0% - 22.0% |
Management expects an EBITDA margin of at least 19% in 2026.
6
Q2 2026 Financial Results by Brand
Betterware
(Includes Betterware Mexico & International Subsidiaries)
Key Financial and Operating Metrics
| Q2 | 6M | |||||||||||||||||||||||
| Results in ‘000 MXN | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net Revenue | $ | 1,511,485 | $ | 1,458,593 | 3.6 | % | $ | 2,951,443 | $ | 2,861,658 | 3.1 | % | ||||||||||||
| Gross Margin | 54.8 | % | 55.2 | % | -43 bps | 54.9 | % | 55.2 | % | -32 bps | ||||||||||||||
| EBITDA | $ | 295,023 | $ | 290,745 | 1.5 | % | $ | 590,301 | $ | 552,238 | 6.9 | % | ||||||||||||
| EBITDA Margin | 19.5 | % | 19.9 | % | -42 bps | 20.0 | % | 19.3 | % | 71 bps | ||||||||||||||
| Stencil | ||||||||||||||||||||||||
| Avg. Base | 716,423 | 699,379 | 2.4 | % | 710,867 | 692,970 | 2.6 | % | ||||||||||||||||
| EOP Base | 711,586 | 713,641 | -0.3 | % | 711,586 | 713,641 | -0.3 | % | ||||||||||||||||
Highlights
Revenue: Betterware continued to deliver revenue growth during the quarter, supported by the sustained expansion of its stencil base through effective commercial strategies and promotional initiatives. Betterware Mexico grew 3% during the quarter, with double-digit revenue growth across most regions of the country, partially offset by weaker performance in the northern region due to exchange rate effects on consumption in Mexico. Betterware’s international business continued to deliver exceptional growth, with net revenue increasing 500% in Andino and more than 50% in Guatemala QoQ. Betterware’s end-of-period stencil was temporarily affected by timing differences during the quarter. Despite this, productivity remained strong, supporting continued confidence in the expansion of both the stencil base and revenue.
Profitability: EBITDA increased 1.5% QoQ, with an EBITDA margin of 19.5%. Without considering expansion costs, EBITDA margin for the quarter would have been ~21%, demonstrating the strength of the business. Higher commercial investments and temporary logistics headwinds, as the Company proactively strengthened supply chain resilience in response to geopolitical tensions surrounding the Strait of Hormuz, temporarily offset profitability. Year-to-date, EBITDA and EBITDA margin remain broadly in line with the prior year.
7
Jafra
(Includes Jafra Mexico & US)
Key Financial and Operating Metrics
| Q2 | 6M | |||||||||||||||||||||||
| Results in ‘000 MXN | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net Revenue | $ | 2,198,892 | $ | 2,104,050 | 4.5 | % | $ | 4,268,636 | $ | 4,200,136 | 1.6 | % | ||||||||||||
| Gross Margin | 74.4 | % | 75.4 | % | -107 bps | 74.2 | % | 74.5 | % | -22 bps | ||||||||||||||
| EBITDA | $ | 361,931 | $ | 388,067 | -6.7 | % | $ | 676,566 | $ | 661,839 | 2.2 | % | ||||||||||||
| EBITDA Margin | 16.5 | % | 18.4 | % | -199 bps | 15.8 | % | 15.8 | % | 10 bps | ||||||||||||||
| Stencil | ||||||||||||||||||||||||
| Avg. Base | 490,070 | 486,076 | 0.8 | % | 485,910 | 499,895 | -2.8 | % | ||||||||||||||||
| EOP Base | 503,010 | 478,527 | 5.1 | % | 504,010 | 478,527 | 5.3 | % | ||||||||||||||||
Beginning this quarter, Jafra’s results are presented on a combined basis, with revenue and profitability reflecting the performance of both Jafra Mexico and Jafra U.S. as a single brand.
Highlights
Revenue: Jafra successfully returned to growth during the quarter, delivering QoQ revenue growth of 4.5%. The turnaround reflects the effectiveness of the corrective promotional actions, which contributed to renewed growth in the Associate and Distributor base, driving the expansion of the Stencil. Fragrance and Body Care led broad-based category growth.
Profitability: Profitability was impacted during the quarter by gross margin investments, partially offsetting the benefits of higher sales volumes. Year-to-date, however, EBITDA and EBITDA margin remain in line with the prior year. The Company continues to execute cost-efficiency initiatives aimed at aligning Jafra’s expense structure with the rest of the Group. While Jafra Mexico continued to benefit from higher sales volumes, Jafra U.S. delivered another quarter of meaningful improvement, achieving a positive EBITDA margin of 3.9% and more than doubling its profitability quarter over quarter.
8
Tupperware
(Includes Tupperware Mexico & Brazil)
Key Financial and Operating Metrics
| June | ||||||||||||
| Results in ‘000 MXN | 2026 | 2025* | ||||||||||
| Net Revenue | $ | 450,974 | $ | 445,029 | 1.3 | % | ||||||
| Gross Margin | 58.2 | % | 64.9 | % | -676 bps | |||||||
| EBITDA | $ | 123,485 | $ | 140,446 | -12.1 | % | ||||||
| EBITDA Margin | 27.4 | % | 31.6 | % | -418 bps | |||||||
| * | June 2025 is pro forma |
| Stencil | June 2026 | |||
| EOP. Base | 302,000 | |||
Figures from acquisition close in June 2026
Highlights
Revenue: Tupperware delivered a strong first contribution to BeFra’s results, validating the strategic rationale of the acquisition. In Mexico, extraordinary B2B sales were recorded between June and September 2025, together with sales to Tupperware U.S., affecting year-over-year comparability. Excluding these effects, Tupperware Mexico’s direct-selling business grew more than 30% versus June 2025, demonstrating the strength of the brand’s underlying commercial operation. In Brazil, the pace of revenue decline improved significantly, decreasing to less than 7% in June 2026 after several quarters of double-digit declines and despite the discontinuation of sales to Argentina, which contributed to revenue in June 2025. As the reference brand in its category, with a leading position in Mexico and an immediate platform in Brazil, Tupperware further strengthens BeFra’s portfolio and expands regional growth opportunities. Management has also begun implementing commercial and operational initiatives aimed at restoring the brand to its historical performance levels, reinforcing confidence in its long-term growth potential.
Profitability: Tupperware made an immediate and meaningful contribution to BeFra’s profitability, reflecting the attractive margin profile of the business. Despite contributing only one month of results, the brand represented a significant portion of consolidated EBITDA and Net Income. As integration progresses and the business continues to gain commercial momentum, Tupperware is well positioned to become an increasingly important driver of the Group’s profitability.
Consolidated – Pro Forma
2025
| Results in ‘000 MXN | BeFra1 | Tupperware | BeFra + TW Pro Forma | |||||||||
| Net Revenue | $ | 14,243,015 | $ | 5,094,603 | $ | 19,337,618 | ||||||
| Gross Margin | 66.6 | % | 62.9 | % | 65.6 | % | ||||||
| EBITDA | $ | 2,647,048 | $ | 1,402,662 | $ | 4,049,710 | ||||||
| EBITDA Margin | 18.6 | % | 27.5 | % | 20.9 | % | ||||||
1H 2026
| Results in ’000 MXN | BeFra2 | Tupperware3 | BeFra + TW Pro Forma | |||||||||
| Net Revenue | $ | 7,671,054 | $ | 1,819,298 | $ | 9,490,352 | ||||||
| Gross Margin | 65.9 | % | 58.5 | % | 64.5 | % | ||||||
| EBITDA | $ | 1,390,352 | $ | 515,635 | $ | 1,905,987 | ||||||
| EBITDA Margin | 18.1 | % | 28.3 | % | 20.1 | % | ||||||
| 1 | As updated, after audit changes |
| 2 | Reported 2Q26 includes TW since acquired in June |
| 3 | Tupperware since before being acquired, considers January through May pro forma |
| * | Tupperware historical financial information is presented for illustrative purposes, BeFra controls & reports Tupperware started June 2026 |
9
Appendix
Financial Statements
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Financial Position
As of June 30, 2026 and 2025
(In Thousand Mexican Pesos)
| Q2 2026 | Q2 2025 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | 521,072 | 391,784 | ||||||
| Trade accounts receivable, net | 1,485,347 | 1,120,971 | ||||||
| Accounts receivable from related parties | 18 | 0 | ||||||
| Account receivable “San Angel” | 47,823 | 113,006 | ||||||
| Inventories | 2,675,076 | 2,364,160 | ||||||
| Prepaid expenses | 449,412 | 191,257 | ||||||
| Income tax recoverable | 179,153 | 276,361 | ||||||
| Value added tax receivable | 22,181 | 0 | ||||||
| Derivative financial instruments | 4,699 | 0 | ||||||
| Non-current assets held for sale | 40,000 | 40,000 | ||||||
| Other assets | 137,959 | 147,098 | ||||||
| Total current assets | 5,562,740 | 4,644,637 | ||||||
| Account receivable “San Angel” | 0 | 47,544 | ||||||
| Property, plant and equipment, net | 2,081,863 | 1,742,377 | ||||||
| Right of use assets, net | 353,141 | 276,076 | ||||||
| Deferred income tax | 652,158 | 525,086 | ||||||
| Intangible assets, net | 4,530,881 | 1,530,431 | ||||||
| Goodwill | 1,599,718 | 1,599,718 | ||||||
| Recoverable Taxes | 36,727 | 0 | ||||||
| Other assets | 58,822 | 14,448 | ||||||
| Total non-current assets | 9,313,310 | 5,735,680 | ||||||
| Total assets | 14,876,050 | 10,380,317 | ||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Short-term debt and borrowings | 886,742 | 1,759,317 | ||||||
| Accounts payable to suppliers | 2,322,732 | 1,824,911 | ||||||
| Accrued expenses | 591,088 | 363,831 | ||||||
| Provisions | 950,345 | 765,142 | ||||||
| Value added tax payable | 0 | 60,710 | ||||||
| Statutory employee profit sharing | 121,978 | 67,118 | ||||||
| Lease liability | 153,072 | 98,234 | ||||||
| Derivative financial instruments | 0 | 33,400 | ||||||
| Total current liabilities | 5,025,957 | 4,972,663 | ||||||
| Employee benefits | 332,539 | 137,124 | ||||||
| Deferred income tax | 511,922 | 495,118 | ||||||
| Lease liability | 218,279 | 199,864 | ||||||
| Long term debt and borrowings | 6,513,403 | 3,401,437 | ||||||
| Total non-current liabilities | 7,576,143 | 4,233,543 | ||||||
| Total liabilities | 12,602,100 | 9,206,206 | ||||||
| Stockholders’ Equity | ||||||||
| Capital stock | 928,580 | 321,312 | ||||||
| Share premium account | -25,264 | -25,264 | ||||||
| Retained earnings | 1,380,110 | 921,973 | ||||||
| Other comprehensive income | -7,686 | -40,922 | ||||||
| Non-controlling interest | -1,790 | -2,988 | ||||||
| Total Stockholders’ Equity | 2,273,950 | 1,174,111 | ||||||
| Total Liabilities and Stockholders’ Equity | 14,876,050 | 10,380,317 | ||||||
10
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
As of June 30, 2026 and 2025
(In Thousand Mexican Pesos)
| Q2 2026 | Q2 2025 | ∆ | 6M 26 | 6M 25 | ∆ | |||||||||||||||||||
| Net revenue | 4,161,352 | 3,562,643 | 16.8 | % | 7,671,054 | 7,061,794 | 8.6 | % | ||||||||||||||||
| Cost of sales | 1,435,919 | 1,170,756 | 22.6 | % | 2,619,520 | 2,354,080 | 11.3 | % | ||||||||||||||||
| Gross profit | 2,725,433 | 2,391,887 | 13.9 | % | 5,051,534 | 4,707,714 | 7.3 | % | ||||||||||||||||
| Administrative expenses | 709,679 | 630,013 | 12.6 | % | 1,356,765 | 1,321,838 | 2.6 | % | ||||||||||||||||
| Selling expenses | 1,123,873 | 993,382 | 13.1 | % | 2,115,090 | 2,014,380 | 5.0 | % | ||||||||||||||||
| Distribution expenses | 210,595 | 186,274 | 13.1 | % | 379,191 | 355,373 | 6.7 | % | ||||||||||||||||
| Total expenses | 2,044,147 | 1,809,669 | 13.0 | % | 3,851,046 | 3,691,591 | 4.3 | % | ||||||||||||||||
| Operating income | 681,286 | 582,218 | 17.0 | % | 1,200,488 | 1,016,123 | 18.1 | % | ||||||||||||||||
| Interest expense | -121,563 | -144,276 | -15.7 | % | -221,269 | -290,312 | -23.8 | % | ||||||||||||||||
| Interest income | 4,475 | 7,907 | -43.4 | % | 16,148 | 23,978 | -32.7 | % | ||||||||||||||||
| Unrealized gain (loss) in valuation of financial derivative instruments | 0 | -42,436 | -100.0 | % | 0 | -108,846 | -100.0 | % | ||||||||||||||||
| Foreign exchange loss, net | -1,295 | 29,946 | -104.3 | % | -13,410 | 72,127 | -118.6 | % | ||||||||||||||||
| Financing cost, net | -118,383 | -148,859 | -20.5 | % | -218,531 | -303,053 | -27.9 | % | ||||||||||||||||
| Income before income taxes | 562,903 | 433,359 | 29.9 | % | 981,957 | 713,070 | 37.7 | % | ||||||||||||||||
| Income taxes | 168,298 | 106,690 | 57.7 | % | 305,991 | 235,673 | 29.8 | % | ||||||||||||||||
| Net income including minority interest | 394,605 | 326,669 | 20.8 | % | 675,966 | 477,397 | 41.6 | % | ||||||||||||||||
| Non-controlling interest gain (loss) | -20 | 637 | -103.1 | % | -37 | 1,303 | -102.8 | % | ||||||||||||||||
| Net income | 394,585 | 327,306 | 20.6 | % | 675,929 | 478,700 | 41.2 | % | ||||||||||||||||
| Concept | Q2 2026 | Q2 2025 | ∆ | 6M 26 | 6M 25 | ∆ | ||||||||||||||||||
| Net income | 394,605 | 326,669 | 20.8 | % | 675,966 | 477,397 | 41.6 | % | ||||||||||||||||
| (+) Income taxes | 168,298 | 106,690 | 57.7 | % | 305,991 | 235,673 | 29.8 | % | ||||||||||||||||
| (+) Financing cost, net | 118,383 | 148,859 | -20.5 | % | 218,531 | 303,053 | -27.9 | % | ||||||||||||||||
| (+) Depreciation and amortization | 99,153 | 96,594 | 2.6 | % | 189,864 | 197,954 | -4.1 | % | ||||||||||||||||
| EBITDA | 780,439 | 678,812 | 15.0 | % | 1,390,352 | 1,214,077 | 14.5 | % | ||||||||||||||||
| EBITDA margin | 18.8 | % | 19.1 | % | 18.1 | % | 17.2 | % | ||||||||||||||||
11
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Cash Flows
As of June 30, 2026 and 2025
(In Thousand Mexican Pesos)
| Q2 2026 | Q2 2025 | ∆ | 6M 26 | 6M 25 | ∆ | |||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||||||
| Profit for the period | 394,605 | 326,669 | 20.8 | % | 675,966 | 477,397 | 41.6 | % | ||||||||||||||||
| Adjustments for: | ||||||||||||||||||||||||
| Income tax expense recognized in profit of the year | 168,298 | 106,690 | 57.7 | % | 305,991 | 235,673 | 29.8 | % | ||||||||||||||||
| Depreciation and amortization of non-current assets | 99,153 | 96,594 | 2.6 | % | 189,864 | 197,954 | -4.1 | % | ||||||||||||||||
| Interest income recognized in profit or loss | -4,475 | -7,907 | -16,148 | -23,978 | ||||||||||||||||||||
| Interest expense recognized in profit or loss | 121,563 | 144,276 | -15.7 | % | 221,269 | 290,312 | -23.8 | % | ||||||||||||||||
| Gain (loss) on disposal of equipment | -375 | -5,318 | -1,004 | -6,981 | ||||||||||||||||||||
| Unrealized loss (gain) in valuation of financial derivative instruments | 0 | 42,436 | -100.0 | % | 0 | 108,846 | -100.0 | % | ||||||||||||||||
| Movements in not- controlling interest | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Translation currency effect | 818 | 16,197 | -94.9 | % | -1,632 | 16,554 | -109.9 | % | ||||||||||||||||
| Defined benefit Cost | 3,474 | 0 | 100.0 | % | 3,474 | 0 | 100.0 | % | ||||||||||||||||
| Movements in working capital: | ||||||||||||||||||||||||
| Trade accounts receivable | -3,089 | 55,167 | -105.6 | % | -12,508 | 12,122 | -203.2 | % | ||||||||||||||||
| Trade accounts receivable from related parties | 83,830 | 18 | 465622.2 | % | 83,830 | 250 | 33432.0 | % | ||||||||||||||||
| Trade account receivable “San Angel” | 0 | 65,066 | -100.0 | % | 0 | 51,072 | -100.0 | % | ||||||||||||||||
| Inventory, net | -49,219 | 164,897 | -129.8 | % | -123,855 | 140,933 | -187.9 | % | ||||||||||||||||
| Prepaid expenses and other assets | -118,466 | -75,311 | -256,532 | -101,669 | ||||||||||||||||||||
| Accounts payable to suppliers and accrued expenses | 100,745 | -188,646 | 391,231 | -360,840 | ||||||||||||||||||||
| Provisions | 86,963 | 29,248 | 197.3 | % | 13,317 | 16,224 | -17.9 | % | ||||||||||||||||
| Value added tax payable | 24,854 | 19,550 | 27.1 | % | -43,003 | -10,482 | 310.3 | % | ||||||||||||||||
| Trade accounts payable to related parties | -91,953 | 0 | -100.0 | % | -91,953 | -1,237 | ||||||||||||||||||
| Statutory employee profit sharing | -69,662 | -107,173 | -34,861 | -72,137 | ||||||||||||||||||||
| Income taxes paid | -139,045 | -70,023 | -329,341 | -404,021 | ||||||||||||||||||||
| Employee benefits | 5,124 | 5,272 | -2.8 | % | 7,157 | 8,812 | -18.8 | % | ||||||||||||||||
| Net cash generated by operating activities | 613,143 | 617,702 | -0.7 | % | 981,262 | 574,804 | 70.7 | % | ||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||||||
| Payment for investment in subsidiaries | -183,477 | 0 | 100.0 | % | -183,477 | 0 | 100.0 | % | ||||||||||||||||
| Restricted cash by Escrow | -13,344 | 0 | 100.0 | % | -13,344 | 0 | 100.0 | % | ||||||||||||||||
| Purchase of intangible assets | -3,036,338 | 0 | 100.0 | % | -3,036,338 | 0 | 100.0 | % | ||||||||||||||||
| Payments for property, plant and equipment, net | -213,554 | -29,334 | -230,807 | -42,908 | ||||||||||||||||||||
| Proceeds from disposal of property, plant and equipment, net | 4,927 | 3,784 | 30.2 | % | 5,604 | 4,415 | 26.9 | % | ||||||||||||||||
| Proceeds from disposal of buildings | 55,728 | 0 | 100.0 | % | 55,728 | 0 | 100.0 | % | ||||||||||||||||
| Interest received | 6,985 | 7,907 | -11.7 | % | 16,148 | 23,978 | -32.7 | % | ||||||||||||||||
| Net cash used in investing activities | -3,379,073 | -17,643 | -3,386,486 | -14,515 | ||||||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||||||
| Repayment of borrowings | -2,800,450 | -1,114,636 | -5,550,550 | -2,115,436 | ||||||||||||||||||||
| Proceeds from borrowings | 6,097,450 | 903,636 | 574.8 | % | 8,844,050 | 2,450,436 | 260.9 | % | ||||||||||||||||
| Interest paid | -77,487 | -106,494 | -205,994 | -272,121 | ||||||||||||||||||||
| Cost of emission | -1,793 | 0 | -1,793 | 0 | ||||||||||||||||||||
| Lease payment | -43,961 | -35,243 | -89,631 | -78,817 | ||||||||||||||||||||
| Dividends paid | -198,519 | -199,611 | -398,130 | -449,125 | ||||||||||||||||||||
| Net cash used in financing activities | 2,975,240 | -552,348 | 2,597,952 | -465,063 | ||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 209,310 | 47,711 | 338.7 | % | 192,728 | 95,226 | 102.4 | % | ||||||||||||||||
| Cash and cash equivalents at the beginning of the period | 311,762 | 344,073 | -9.4 | % | 328,344 | 296,558 | 10.7 | % | ||||||||||||||||
| Cash and cash equivalents at the end of the period | 521,072 | 391,784 | 33.0 | % | 521,072 | 391,784 | 33.0 | % | ||||||||||||||||
Use of Non-IFRS Financial Measures
This announcement includes certain references to EBITDA, EBITDA Margin, Net Debt:
EBITDA: defined as profit for the year adding back the depreciation of property, plant, and equipment and right of use assets, amortization of intangible assets, financing cost, net and total income taxes.
EBITDA Margin: is calculated by dividing EBITDA by net revenue.
EBITDA and EBITDA Margin are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company may differ materially from similarly titled measures reported by other companies.
BeFra believes that these non-IFRS financial measures are useful to investors because (i) BeFra uses these measures to analyze its financial results internally and believes they represent a measure of operating profitability and (ii) these measures will serve investors to understand and evaluate BeFra’s EBITDA and provide more tools for their analysis as it makes BeFra’s results comparable to industry peers that also prepare these measures.
12
Definitions: Operating Metrics
Starting Q2 2026, the Company will report “Stencil” as the aggregate of Associates and Distributors for each brand. This presentation replaces the separate disclosure of these metrics and is intended to provide a unified measure of each brand’s commercial field organization.
Betterware
Stencil: Combined Associates and Distributors.
Avg. Base: Weekly average Stencil.
EOP Base: End-of-period Stencil.
Jafra
Stencil: Combined Associates and Distributors.
Avg. Base: Monthly average Stencil.
EOP Base: End-of-period Stencil.
Tupperware
Stencil: Combined Associates, Distributors, Unit Managers and Leaders.
Avg. Base: Weekly average Stencil.
EOP Base: End-of-period Stencil.
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
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.
Q2 2026 Conference Call
Management will hold a conference call with investors on July 23rd, 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: 13761313
Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1768042&tp_key=e6da367bd5
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: 13761313
BeFra IR
iroffice@better.com.mx
+52 33 4274 5904
InspIR:
Barbara Cano/Ivan Peill
ivan@inspirgroup.com
barbara@inspirgroup.com
14
Exhibit 99.2
2Q26 Earnings Call July 23, 2026
Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe," "anticipate," "intends," "estimate," "potential," "may," "should," "expect," "pending," and similar expressions identify forward-looking statements. The forward-looking statements in this presentation are based upon various assumptions. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations. BeFra | 2
PRESENTERS Andrés Campos President & CEO, BeFra Raúl del Villar CFO, BeFra BeFra | 3
+5.7% +16.8% +8.6% 2025 Organic +TW Jun26 1,200 1,187 1Q 1,185 1,207 2Q 1,508 +TW +1.7% +25.0% Organic = BW + JF 3,499 3,510 1Q 3,563 3,710 4,161 2Q 7,062 7,220 7,671 1H +0.3% +4.1% +2.2% Revenue (Million MXN) Stencil Base (Average '000)
BeFra | 5 59.1% 40.9% 2Q25 10.8% 52.8% 36.3% 2Q26 59.5% 40.5% 1H25 5.9% 55.6% 38.5% 1H26 3,563 4,161 7,062 7,671 +16.8% +8.6% 7.0% 92.8% 2Q25 3.7% 91.0% 2Q26 6.7% 92.9% 1H25 5.7% 92.0% 1H26 3,563 4,161 7,062 7,671 +16.8% +8.6% Revenue Distribution By Brand Unit By Region (Million MXN) Betterware Jafra Tupperware Mexico US Latam (Million MXN) 0.4% 2.3% Organic = BW + JF 0.1% 5.3% +4.1% Organic +4.1% Organic +2.2% Organic +2.2% Organic
-30 bps 327 289 395 2Q 479 570 676 1H -11.8% +19.1% BeFra | 6 679 657 780 2Q 1,214 1,267 1,390 1H -3.2% +4.3% 2025 Organic +TW Jun26 19.1% 17.8% 18.8% 17.2% 17.5% 18.1% -130 bps +30 bps +14.5% +90 bps Includes TW Includes TW +15.0% Includes TW Includes TW +20.6% +41.2% EBITDA (Million MXN) Net Income (Million MXN)
Dividends 26 consecutive quarters of paying dividends since IPO 2020 2021 2022 2023 2024 2025 2026 830 1,400 950 649 998 850 650 %EBITDA 39.4% 52.2% 41.0% 23.8% 36.0% 31.9% 28.8% Dividends Paid (Millions MXN) Free Cash Flow 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 -56 592 554 1,132 352 578 -10% 87% 77% 155% 58% 74% (Millions MXN) 80% 89% FCF-to-EBITDA Free Cash Flow 2025 LTM 2,130 2,523 250 To be paid
6.4 5.5 5.2 4.5 4.4 7.8 2022 2023 2024 2025 1Q26 2Q26 2.4 1.8 1.8 1.6 1.5 2.6 BeFra | 8 Leverage Asset-light Return on Investment 26.2% 73.8% 2022 26.2% 73.8% 2023 17.2% 82.5% 2024 17.9% 82.1% 2025 17.3% 82.7% 1Q26 14.0% 86.0% 2Q26 12.7 15.8 12.4 19.8 22.6 23.3 11.3 11.1 10.5 9.6 9.8 23.4 27.9 19.1 28.4 31.9 31.9 2022 2023 2024 2025 1Q26 2Q26 $EPS TTM 18.9 26.6 26.6 25.5 27.1 32.3 (Billions MXN) (Billions MXN) (MXN) Other Assets Fixed Assets Total Assets ROTA% ROIC% Financial Performance FY 14.9 Total Debt Net Debt/EBITDA 2Q26 Ratios include Tupperware Proforma TTM unless otherwise stated 1.6 Proforma 4.0 Pre-TW * * *Considers only one month of Tupperware
Strengthen Mexico Leadership New Brands or Categories Regional Expansion 1 2 3 Digital Transformation 4 Financial Discipline and Control 5 Strategic Pillars – 2025 to 2030 Consolidate our position as market leader in Mexico Continue growing in the USA and keep expanding in Latin American markets Remain focused on exploring new categories in Mexico and beyond Evolve our business model towards a digital P2P solution Maintain financial discipline, demonstrate the strength of our business model, and strengthen financial planning BeFra | 9
Strengthen Mexico Leadership New Brands or Categories Regional Expansion 1 2 3 Digital Transformation 4 Financial Discipline and Control 5 Strategic Pillars – 2025 to 2030 Consolidate our position as market leader in Mexico Continue growing in the USA and keep expanding in Latin American markets Remain focused on exploring new categories in Mexico and beyond Evolve our business model towards a digital P2P solution Maintain financial discipline, demonstrate the strength of our business model, and strengthen financial planning BeFra | 10
BeFra | 11 Revenue (Million MXN) EPS Accretion +29.3% June 2025 Tupperware Proforma 96 349 Jun 25 451 Jun 26 +1.3% Other Revenue Direct Selling Direct Selling (MXN) 29.2 39.9 TTM EPS +36.6% Organic TW pro forma
Q&A
Thank you. INVESTOR RELATIONS befra.com ir@better.com.mx
Exhibit 99.3
BETTERWARE DE MÉXICO, S.A.P.I. DE C.V.
ORDINARY GENERAL SHAREHOLDERS’ MEETING
July 20, 2026
In Guadalajara, Jalisco, at 10:00 a.m. on July 20, 2026, at the registered office of Betterware de México, S.A.P.I. de C.V. (the “Company”), the Company’s shareholders met to hold an Ordinary General Shareholders’ Meeting (the “Meeting”), to which they were duly called in accordance with the provisions of the Company’s bylaws pursuant to the call notice published in the Electronic System for Publications of Commercial Companies of the Ministry of Economy on July 2, 2026, a copy of which is attached to the minutes of the Meeting as Exhibit A.
Pursuant to Articles Eighteen and Thirty-Four of the Company’s bylaws, Mr. Luis Germán Campos Orozco acted as chairman of the Meeting, in his capacity of Executive Chairman of the Board of Directors of the Company (the “Chairman”), and Mr. José Raz Guzmán Castro acted as secretary of the Meeting, in his capacity of the secretary of the Board of Directors of the Company (the “Secretary”), in accordance with Article Thirty-Four of the Company’s bylaws.
The Chairman appointed Messrs. Regina Ruiz Canales and Eugenio Ballesteros as tellers (the “Tellers”), who, after accepting their appointments, examined the documents evidencing shareholder status or the corresponding proxy letters, which are attached in a single file to the minutes of the Meeting as Exhibit B, and prepared the attendance list attached hereto as Exhibit C, certifying that 20,202,735 (Twenty million two hundred two thousand seven hundred thirty-five) 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 hereto as Exhibit C which represent 51.17% (fifty-one point seventeen percent) of the Company’s subscribed and paid-in capital stock.
Based on the certification of the Tellers and pursuant to Article 189 of the General Law of Commercial Companies and Article 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. | Proposal, discussion and, if applicable, approval of the reelection, election or removal of the members of the Board of Directors of the Company. |
| 3. | Appointment of special delegates to formalize the resolutions adopted at the Meeting. |
Once the agenda had been read to the shareholders, they proceeded to address the matters thereunder as follows:
[Minutes of the Ordinary Shareholders’ Meeting of Betterware de México, S.A.P.I. de C.V. held on July, 20, 2026 at 10:00 hours]
| 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 the shareholders that it is advisable to distribute profits to the shareholders of the Company through the payment of a dividend, on account of the accumulated net taxable profits, in the amount of MXN$250,000,000.00 (Two Hundred Fifty Million Pesos 00/100, Mexican currency).
Thereafter, the Chairman of the Meeting explained to the shareholders that, if the payment of the dividend is approved, proposes that the payment of said dividend be made no later than August 20, 2026, at an exchange rate of MXN$17.5242 M.N., (Seventeen pesos and five thousand two hundred forty-two ten-thousandths National Currency Mexican currency) per United States dollar, legal currency of the United States of America, pursuant to the notice to be delivered by the Company’s management to the New York Stock Exchange (NYSE) in accordance with applicable regulations, against the Accumulated Net Tax Profit account, withholding from each shareholder the applicable taxes in accordance with the tax legislation in force, by wire transfer to the account designated by each shareholder.
Subsequently, the Chairman of the Meeting reminded the shareholders of the Company that, pursuant to the ordinary general shareholders’ meeting of the Company held on April 30, 2026, the payment of a dividend in the amount of MXN$200,000,000.00 (Two Hundred Million Pesos 00/100, Mexican currency) was approved, provided that (a) such amount was distributed on account of the profits generated and remaining, as reflected in the audited financial statements for fiscal year 2025, as such figure was restated in the 2025 consolidated financial statements; and (b) such amount was reflected in the information filed by the Company on Form 6-K with the U.S. Securities and Exchange Commission on May 1, 2026, in accordance with the provisions of the Securities Exchange Act of 1934 of the United States of America under Rules 13a-16 and 15d-16.
Finally, the Chairman informed those present that, upon the termination of Trust 5616 entered into with Banco Invex, S.A., Institución de Banca Múltiple, Invex Grupo Financiero (the “Trust 5616”), the Company’s shares that had been deposited in Trust 5616 were returned to the trustor and shareholder, Campalier, S.A. de C.V. He therefore requests that this termination be noted in connection with the distribution of dividends to be resolved by this Meeting.
After discussion of the foregoing, the represented shareholders adopted the following:
RESOLUTIONS
RESOLVED, to declare the payment of a dividend to the shareholders in a total amount of MXN$250,000,000.00 (Two Hundred Fifty Million Pesos 00/100, Mexican currency), payable in Pesos, Mexican currency, in proportion to their shareholder ownership of the capital stock of the Company, on account of the accumulated net taxable profits of the Company, at an exchange rate of MXN$17.5242 M.N., (Seventeen pesos and five thousand two hundred forty-two ten-thousandths Mexican currency) per United States dollar, legal currency of the United States of America, pursuant to the notice to be delivered by the Company’s management to the New York Stock Exchange (NYSE) in accordance with applicable regulations, and to be paid no later than August 20, 2026, against the accumulated Net Tax Profit account, withholding from each shareholder the applicable taxes in accordance with the tax legislation in force.
[Minutes of the Ordinary Shareholders’ Meeting of Betterware de México, S.A.P.I. de C.V. held on July, 20, 2026 at 10:00 hours]
2
RESOLVED, to take note that, based on 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 taxable profits as of this date has the total amount of MXN$453,033,000.00 (Four Hundred Fifty-Three Million Thirty-Three Thousand Pesos 00/100, Mexican currency).
RESOLVED, to take note of the termination of Trust 5616 with Banco Invex, S.A., Institución de Banca Múltiple, Invex Grupo Financiero (the “Trust 5616”), and therefore the shares that were held in Trust 5616 are now directly owned by the shareholder Campalier, S.A. de C.V.
| 2. | Proposal, discussion and, if applicable, approval of the reelection, election or removal of the members of the Board of Directors of the Company. |
In connection with the second item on the agenda, the Chairman of the Meeting informed the shareholders represented thereat of the advisability of removing and appointing certain members of the Board of Directors of the Company.
After discussion of the foregoing, the represented shareholders adopted the following:
RESOLUTIONS
RESOLVED, to remove Silvia Lucia Dávila Kreimerman and Martín Máximo Werner Wainfeld as independent directors of the Board of Directors of the Company.
RESOLVED, to appoint Juan José Pajón and Arquímedes Celis Ordaz as independent directors of the Board of Directors of the Company, who, being aware of their possible appointment, accepted to fully discharge such duties in the Company.
RESOLVED, to approve the reelection of the remaining members of the Board of Directors of the Company, noting that the composition of the Board of Directors of the Company complies with the applicable provisions of the Company’s bylaws.
RESOLVED, to take note that José Raz Guzmán Castro, in addition to being Secretary of the Board of Directors, also serves as a member of the Board of Directors.
[Minutes of the Ordinary Shareholders’ Meeting of Betterware de México, S.A.P.I. de C.V. held on July, 20, 2026 at 10:00 hours]
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In view of the foregoing, the Board of Directors of the Company is composed, effective as of this date, as follows, provided that no alternates are appointed at this time with respect to its members:
| Board of Directors of the Company | |||||
| Name | Position | Alternate | |||
| Luis Germán Campos Orozco | Chairman | - | |||
| Andrés Campos Chevallier | Director | - | |||
| Santiago Campos Chevallier | Director | - | |||
| Juan José Pajón | Independent Director | - | |||
| Diego Gaxiola Cuevas | Independent Director | - | |||
| Federico Clariond Domene | Independent Director | - | |||
| Salvador Alva Gómez | Independent Director | - | |||
| José de Jesús Valdez Simancas | Independent Director | - | |||
| Arquímedes Celis Ordaz | Independent Director | - | |||
| José Raz Guzmán Castro | Secretary and member of the Board of Directors of the Company | - | |||
| 3. | Appointment of special delegates to give effect to and formalize the resolutions adopted at the Meeting. |
Finally, the Chairman of the Meeting submitted for discussion the last item on the agenda, in order to appoint special delegates to carry out and formalize the resolutions adopted at the Meeting.
In view of the foregoing, the shareholders discussed the proposal and, by unanimous vote, adopted the following:
RESOLUTION
RESOLVED, to authorize Luis Germán Campos Orozco, Andrés Campos Chevallier, José Raz Guzmán Castro, Karla Ivette Chávez Mireles, Itzel Mendoza Sánchez, 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, so that any of them may, acting individually, (i) appear before the notary public or public broker of their choice to formalize, in whole or in part, the contents of these resolutions into a public instrument; (ii) if necessary, register the contents thereof with the corresponding Public Registry of Commerce; (iii) transcribe the text of these resolutions into the corresponding corporate minutes book; (iv) request certified copies of the public instrument; and/or (v) in general, carry out any and all acts they deem necessary to complete and formalize any of the resolutions approved herein.
[Minutes of the Ordinary Shareholders’ Meeting of Betterware de México, S.A.P.I. de C.V. held on July, 20, 2026 at 10:00 hours]
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It is hereby recorded that, from the beginning until the adjournment of this Meeting, the shareholders mentioned in the Attendance List of the Meeting were present.
The following are attached as exhibits to these minutes of the Meeting:
Exhibit A Call notice for the Meeting published in the Electronic System for Publications of Commercial Companies.
Exhibit B Documents evidencing shareholder status or the corresponding proxy letters.
Exhibit C Attendance List of the Meeting.
There being no further matters to discuss, the agenda was deemed exhausted 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 |
* * *
[Minutes of the Ordinary Shareholders’ Meeting of Betterware de México, S.A.P.I. de C.V. held on July, 20, 2026 at 10:00 hours]
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Exhibit 99.4
BeFra Announces US$0.36 Per Share Quarterly Dividend Payable on August 20, 2026
Guadalajara, Jalisco, Mexico; July 23, 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 $250,000,000 was approved at its shareholders meeting held on July 20, 2026. This amount represents approximately US$ 0.3613 per share before applicable tax withholdings, or approximately US $0.3252 per share after applicable tax withholdings. The dividend is payable on August 20, 2026, to shareholders of record as of August 6, 2026.
Company:
BeFra IR
iroffice@better.com.mx
+52 33 4274 5904
InspIR:
Barbara Cano/Ivan Peill
ivan@inspirgroup.com
barbara@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
Matters discussed in this press release may constitute forward-looking statements. Forward- looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words “believe,” “anticipate,” “intends,” “estimate,” “potential,” “may,” “should,” “expect” “pending” and similar expressions identify forward- looking statements. The forward-looking statements in this press release are based upon various assumptions. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations.