BeFra Reports First Quarter 2026 Results

BeFra Reports First Quarter 2026 Results

GUADALAJARA, Mexico–(BUSINESS WIRE)–
Betterware de México, S.A.P.I. de C.V. (NYSE:BWMX) (“BeFra” or the “Company”), announced today its consolidated financial results for the first quarter 2026. The figures presented in this report are expressed in nominal Mexican Pesos (Ps.) unless otherwise noted, presented and approved by the Board of Directors, prepared in accordance with IFRS, and may include minor differences due to rounding.

Message from the President and CEO

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

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

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

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

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

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

Andrés Campos Chevallier

President and CEO BeFra Group

Q1 2026 Select Consolidated Financial Information

	Q1
*Results in ‘000 MXN*	2026	2025	∆26 vs 25
Net Revenue	$3,509,702	$3,499,151	0.3%
Gross Margin	66.3%	66.2%	10 bps
EBITDA	$609,913	$535,263	13.9%
EBITDA Margin	17.4%	15.3%	211 bps
Net Income	$281,361	$150,728	86.7%
EPS	$7.54	$4.06	85.7%
Free Cash Flow	$351,543	-$55,841	N/A
Net Debt / EBITDA	1.50	2.08
Interest Coverage	4.74	3.20

Associates
Avg. Base	1,125,030	1,138,418	-1.2%
EOP Base	1,120,638	1,122,047	-0.1%
Distributors
Avg. Base	61,641	61,856	-0.3%
EOP Base	62,837	62,505	0.5%

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

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

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

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

Financial Performance

Balance sheet at the end of Q1 2026.

Liquidity ratios
Asset Light Business – Low fixed cost structure

BeFra’s cash flow continues to normalize toward the business’ natural operating cycle, following the higher inventory levels and economic volatility in 1Q25. During the quarter, cash generation showed a clear improvement again, supported by stronger underlying profitability across business units and disciplined working capital management. This performance reinforces a stable liquidity position and a continued recovery in cash conversion. BeFra’s asset-light business model continues to be a key pillar of operational resilience. During the quarter, the cost structure remained stable and well-managed, reflecting continued discipline across operations. Management remains committed to an asset-light strategy and continues to identify opportunities to optimize SG&A and enhance operational efficiency.

Q1 2026

Q1 2025

∆

Q1 2026

Q1 2025

∆ bps

Current Ratio
0.93

0.92

1.1%

Fixed Assets / Total Assets

17.3%

16.6%

74 bps

FCF / EBITDA
57.6%

-10.4%

6800 bps

Variable Cost Structure

74.5%

76.3%

-180 bps

CCC (days)
39

58

-32.8%

Fixed Cost Structure

25.5%

23.7%

180 bps

SG&A / Net Revenues

46.7%

48.9%

-219 bps

Return on Investment

Leverage

BeFra continues to deliver solid returns on investment, reflecting the strength and resilience of its business model. During the quarter there was a meaningful improvement in overall profitability and capital efficiency, supported by stronger operational execution across business units. These results reinforce management’s confidence in the business’ ability to consistently generate long-term value.
BeFra remains firmly committed to its deleveraging strategy, supported by strong cash generation and disciplined financial management. During the quarter, leverage ratios improved meaningfully, with net debt to EBITDA decreasing to 1.5x, reflecting continued strengthening of the balance sheet. Interest coverage also improved to 4.74x, underscoring the company’s solid debt service capacity and the resilience of the Company’s capital structure. This strong financial position provides ample flexibility to take on the additional debt associated with the Tupperware acquisition, which has an implied 2025 leverage ratio of 1.9x Net Debt-to-EBITDA.

Q1 2026

Q1 2025

∆

Q1 2026

Q1 2025

∆%

Equity Turnover
9.61

13.33

-27.9%
Debt to EBITDA
1.61

2.21

-26.9%

ROIC
27.0%

22.4%

460 bps
Net Debt to EBITDA
1.50

2.08

-27.9%

ROE
80.4%

54.1%

2630 bps
Interest Coverage
4.74

3.20

48.1%

ROTA
22.7%

9.8%

1290 bps

Dividend Payout
53.0%

74.3%

-2130 bps

*Current Ratio = Total current assets / Total current liabilities

*CCC (Cash Conversion Cycle) = DSO + DIO – DPO

*ROIC = NOPAT TTM / Operating Assets

*ROE = Net income TTM / Stockholders Equity

*ROTA = Net Income TTM / (Cash + Accounts Receivable + Inventories + Fixed Assets)

*Debt to EBITDA = Total Debt / EBITDA TTM

*Net Debt to EBITDA = (Total Debt – Cash and cash equivalents) / EBITDA TTM

*Interest Coverage = Interest expense TTM / Operating income TTM

*Dividend Payout TTM = Dividend/NOPAT

Capital Allocation

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

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

2026

2025

Var %

Net Revenue

$14,800 – $15,400

$14,265

4.0% – 8.0%

* Figures in millions Ps.

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

Q1 2026 Financial Results by Business

Betterware Mexico & Subsidiaries

Key Financial and Operating Metrics

Q1

Results in ‘000 MXN

2026

2025

∆26 vs 25

Net Revenue

$1,439,958

$1,403,065

2.6%

Gross Margin

55.0%

55.3%

-30 bps

EBITDA

$295,278

$261,493

12.9%

EBITDA Margin

20.5%

18.6%

187 bps

Free Cash Flow

$99,300

-$29,732

N/A

Associates

Avg. Base

663,599

645,359

2.8%

EOP Base

684,696

649,076

5.5%

Monthly Activity Rate

64.6%

65.5%

-91 bps

Avg. Monthly Order

$2,072

$2,152

-3.7%

Distributors

Avg. Base

41,249

41,202

0.1%

EOP Base

42,447

41,810

1.5%

Monthly Activity Rate

98.6%

97.9%

71 bps

Avg. Monthly Order

$21,826

$22,534

-3.1%

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

Highlights

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

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

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

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

Jafra Mexico

Key Financial and Operating Metrics

Q1

Results in ‘000 MXN

2026

2025

∆26 vs 25

Net Revenue

$1,858,104

$1,869,818

-0.6%

Gross Margin

74.0%

73.5%

50 bps

EBITDA

$315,494

$286,707

10.0%

EBITDA Margin

17.0%

15.3%

165 bps

Free Cash Flow

282,165

-$27,974

N/A

Associates

Avg. Base

435,887

468,356

-6.9%

EOP Base

409,204

446,998

-8.5%

Monthly Activity Rate

47.6%

50.5%

-290 bps

Avg. Monthly Order

$2,464

$2,419

1.9%

Distributors

Avg. Base

19,029

19,150

-0.6%

EOP Base

19,087

19,202

-0.6%

Monthly Activity Rate

95.0%

95.1%

-10 bps

Avg. Monthly Order

$2,539

$2,744

-7.5%

Highlights

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

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

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

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

Jafra US

Key Financial and Operating Metrics

Q1

Results in ‘000 MXN

2026

2025

∆26 vs 25

Net Revenue

$211,640

$226,268

-6.5%

Gross Margin

75.0%

73.9%

110 bps

EBITDA

-$859

-$12,934

N/A

EBITDA Margin

-0.4%

-5.7%

531 bps

Free Cash Flow

-$29,922

$1,865

N/A

Q1

Results in ‘000 USD

2026

2025

∆26 vs 25

Net Revenue

$12,033

$11,077

8.6%

Gross Margin

75.0%

73.9%

110 bps

EBITDA

-$56

-$633

N/A

EBITDA Margin

-0.5%

-5.7%

520 bps

Free Cash Flow

-$1,702

$91

N/A

Associates

Avg. Base

25,544

24,703

3.4%

EOP Base

26,738

25,973

2.9%

Monthly Activity Rate

50.8%

45.9%

490 bps

Avg. Monthly Order

$219

$243

-9.9%

Distributors

Avg. Base

1,363

1,504

-9.4%

EOP Base

1,303

1,493

-12.7%

Monthly Activity Rate

95.4%

89.3%

610 bps

Avg. Monthly Order

$186

$228

-18.4%

Highlights

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

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

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

Appendix

Financial Statements

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

Consolidated Statements of Final Position

As of March 31, 2026 and 2025

(In Thousands of Mexican Pesos)

Mar 2026

Mar 2025

Assets

Cash and cash equivalents

311,762

344,073

Trade accounts receivable, net

1,190,866

1,176,138

Accounts receivable from related parties

0

18

Account receivable “San Angel”

80,770

120,158

Inventories

2,072,173

2,529,057

Prepaid expenses

221,605

169,064

Income tax recoverable

164,921

309,263

Derivative financial instruments

18,262

28,667

Non-current assets held for sale

40,000

40,000

Other assets

95,811

94,709

Total current assets

4,196,170

4,811,147

Account receivable “San Angel”

25,291

105,458

Property, plant and equipment, net

1,691,109

1,766,045

Right of use assets, net

305,471

282,858

Deferred income tax

452,582

525,086

Intangible assets, net

1,490,332

1,549,649

Goodwill

1,599,718

1,599,718

Other assets

13,445

14,389

Total non-current assets

5,577,948

5,843,203

Total assets

9,774,118

10,654,350

Liabilities and Stockholders’ Equity

Short-term debt and borrowings

1,145,034

1,818,486

Accounts payable to suppliers

2,057,297

2,012,268

Accrued expenses

350,882

362,857

Provisions

648,300

735,894

Value added tax payable

26,060

41,160

Trade accounts payable to related parties

0

0

Statutory employee profit sharing

181,329

174,291

Lease liability

125,095

94,806

Derivative financial instruments
0
0

Total current liabilities

4,533,997

5,239,762

Employee benefits

150,024

131,852

Deferred income tax

486,451

495,118

Lease liability

196,377

214,400

Long term debt and borrowings

2,923,772

3,522,769

Total non-current liabilities

3,756,624

4,364,139

Total liabilities

8,290,621

9,603,901

Stockholders’ Equity

Capital stock

321,312

321,312

Share premium account

-25,264

-25,264

Retained earnings

1,184,072

794,278

Other comprehensive income

5,186

-37,489

Non-controlling interest

-1,809

-2,388

Total Stockholders’ Equity

1,483,497

1,050,449

Total Liabilities and Stockholders’ Equity

9,774,118

10,654,350

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

Consolidated Statements of Profit or Loss and Other Comprehensive Income

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

(In Thousands of Mexican Pesos)

Q1 2026

Q1 2025

∆%

Net revenue

3,509,702

3,499,151

0.3%

Cost of sales

1,183,601

1,183,324

0.0%

Gross profit

2,326,101

2,315,827

0.4%

Administrative expenses

647,086

691,825

-6.5%

Selling expenses

991,217

1,020,998

-2.9%

Distribution expenses

168,596

169,099

-0.3%

Total expenses

1,806,899

1,881,922

-4.0%

Other expenses – Sale of fixed assets

0

0

N/A

Operating income

519,202

433,905

19.7%

Interest expense

-99,706

-146,036

N/A

Interest income

11,673

16,071

-27.4%

Loss in valuation of financial derivative instruments

0

-66,410

N/A

Foreign exchange loss, net

-12,115

42,181

N/A

Financing cost, net

-100,148

-154,194

N/A

Income before income taxes

419,054

279,711

49.8%

Income taxes

137,693

128,983

6.8%

Net income including minority interest

281,361

150,728

86.7%

Non-controlling interest (loss) gain

-17

666

-102.6%

Net income

281,344

151,394

85.8%

Concept

Q1 2026

Q1 2025

∆%

Net income

281,361

150,728

86.7%

(+) Income taxes

137,693

128,983

6.8%

(+) Financing cost, net

100,148

154,194

-35.1%

(+) Depreciation and amortization

90,711

101,360

-10.5%

EBITDA

609,913

535,265

13.9%

EBITDA margin

17.4%

15.3%

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

Consolidated Statements of Cash Flows

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

(In Thousands of Mexican Pesos)

Q1 2026

Q1 2025

Cash flows from operating activities:

Profit for the period

281,361

150,728

Adjustments for:

Income tax expense recognized in profit of the year

137,693

128,983

Depreciation and amortization of non-current assets

90,711

101,360

Interest income recognized in profit or loss

-11,673

-16,071

Interest expense recognized in profit or loss

99,706

146,036

Loss (gain) in valuation of financial derivative instruments

0

66,410

Gain on disposal of equipment

-629

-1,663

Currency effect

-2,450

357

Movements in not- controlling interest

0

0

Movements in working capital:

Trade accounts receivable

-9,419

-43,045

Trade accounts receivable from related parties

0

232

Trade account receivable “San Angel”

0

-13,994

Inventory, net

-74,636

-23,964

Prepaid expenses and other assets

-138,066

-26,358

Accounts payable to suppliers and accrued expenses

290,486

-172,194

Provisions

-73,646

-13,024

Value added tax payable

-67,857

-30,032

Statutory employee profit sharing
34,801
35,036

Trade accounts payable to related parties
0
-1,237

Income taxes paid

-190,296

-333,998

Employee benefits

2,033

3,540

Net cash generated by (used in) operating activities

368,119

-42,898

Cash flows from investing activities:

Investment in subsidiaries
0
0

Payments for property, plant and equipment, net
-17,253
-13,574

Proceeds from disposal of property, plant and equipment, net
677
631

Commission for the sale of properties

0

0

Interest received

9,163

16,071

Net cash (used in) generated by investing activities

-7,413

3,128

Cash flows from financing activities:

Repayment of borrowings

-2,750,100

-1,000,800

Proceeds from borrowings

2,746,600

1,546,800

Interest paid

-128,507

-165,627

Lease payment

-45,670

-43,574

Dividends paid

-199,611

-249,514

Net cash (used in) generated by financing activities

-377,288

87,285

Net (decrease) increase in cash and cash equivalents

-16,582

47,515

Cash and cash equivalents at the beginning of the period

328,344

296,558

Cash and cash equivalents at the end of the period

311,762

344,073

Key Operating Metrics

Betterware Mexico

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Associates

Avg. Base

693,666

645,359

657,317

675,696

667,086

663,599

EOP Base

674,654

649,076

670,349

667,501

654,680

684,696

Monthly Activity Rate

64.8%

65.5%

65.6%

63.3%

65.2%

64.6%

Avg. Monthly Order

$2,158

$2,152

$2,153

$2,043

$1,971

$2,072

Monthly Growth Rate

14.3%

18.7%

16.6%

16.1%

17.3%

16.6%

Monthly Churn Rate

15.6%

19.5%

15.6%

16.3%

18.0%

15.2%

Distributors

Avg. Base

43,585

41,202

42,062

43,220

42,156

41,249

EOP Base

42,608

41,810

43,292

42,673

40,723

42,447

Monthly Activity Rate

96.7%

97.9%

98.8%

97.9%

98.3%

98.6%

Avg. Monthly Order

$22,945

$22,534

$22,347

$20,752

$20,690

$21,826

Monthly Growth Rate

8.7%

9.8%

10.7%

9.6%

9.2%

9.9%

Monthly Churn Rate

10.3%

11.2%

9.4%

10.1%

10.8%

8.5%

Jafra Mexico

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Associates

Avg. Base

476,211

468,356

438,041

411,670

438,864

435,887

EOP Base

480,532

446,998

429,472

405,599

444,244

409,204

Monthly Activity Rate

49.9%

50.5%

49.8%

49.4%

50.1%

47.6%

Avg. Monthly Order

$2,439

$2,419

$2,495

$2,552

$2,702

$2,464

Monthly Growth Rate

13.2%

10.1%

10.1%

10.0%

13.0%

10.5%

Monthly Churn Rate

8.6%

12.5%

11.3%

12.0%

10.1%

13.4%

Distributors

Avg. Base

18,889

19,150

19,036

18,950

19,006

19,029

EOP Base

19,093

19,202

18,966

18,964

19,063

19,087

Monthly Activity Rate

94.6%

95.1%

94.1%

93.7%

94.0%

95.0%

Avg. Monthly Order

$2,758

$2,744

$2,855

$3,023

$3,166

$2,539

Monthly Growth Rate

1.8%

1.2%

0.6%

1.2%

1.3%

1.3%

Monthly Churn Rate

1.1%

1.0%

1.0%

1.3%

1.2%

1.2%

Jafra US

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Associates

Avg. Base

26,540

24,703

27,191

26,303

26,270

25,544

EOP Base

25,272

25,973

28,188

26,450

26,681

26,738

Monthly Activity Rate

44.5%

45.9%

49.2%

51.3%

48.9%

50.8%

Avg. Monthly Order (USD)

$248

$243

$225

$228

$222

$219

Monthly Growth Rate

10.0%

12.8%

13.2%

11.4%

10.1%

12.6%

Monthly Churn Rate

14.7%

11.8%

9.7%

14.0%

9.7%

12.4%

Distributors

Avg. Base

1,786

1,504

1,808

1,604

1,503

1,363

EOP Base

1,638

1,493

1,901

1,384

1,420

1,303

Monthly Activity Rate

85.5%

89.3%

89.8%

92.6%

95.1%

95.4%

Avg. Monthly Order (USD)

$219

$228

$206

$201

$197

$186

Monthly Growth Rate

2.7%

4.0%

8.5%

3.8%

7.0%

4.2%

Monthly Churn Rate

5.0%

6.9%

0.0%

12.8%

5.8%

7.0%

Key Financial Metrics

Consolidated

Results in ‘000 MXN

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Net Revenue

$3,330,394

$3,778,468

$3,499,151

$3,562,643

$3,377,299

$3,825,539

$3,509,702

Gross Margin

66.9%

67.3%

66.2%

67.1%

68.5%

65.0%

66.3%

EBITDA

$591,575

$771,596

$535,265

$678,812

$722,149

$726,463

$609,913

EBITDA Margin

17.8%

20.4%

15.3%

19.1%

21.4%

19.0%

17.4%

Net Income

-$112,537

$225,305

$150,728

$327,306

$314,205

$249,851

$281,361

Free Cash Flow

$417,379

$548,430

-$55,841

$592,152

$553,573

1,132,307

351,543

Betterware Mexico and Subsidiaries

Results in ‘000 MXN

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Net Revenue

$1,465,577

$1,494,855

$1,403,065

$1,458,593

$1,387,586

$1,474,205

$1,439,958

Gross Margin

54.8%

57.2%

55.3%

55.2%

57.1%

52.6%

55.0%

EBITDA

$279,889

$330,075

$261,493

$290,745

$312,669

$263,529

$295,278

EBITDA Margin

19.1%

22.1%

18.6%

19.9%

22.5%

17.9%

20.5%

Jafra Mexico

Results in ‘000 MXN

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Net Revenue

$1,623,697

$2,038,993

$1,869,818

$1,853,832

$1,752,179

2,112,869

$1,858,104

Gross Margin

76.8%

74.1%

73.5%

75.3%

76.3%

72.2%

74.0%

EBITDA

$318,149

$440,630

$286,706

$393,360

$417,760

$452,697

$315,494

EBITDA Margin

19.6%

21.6%

15.3%

21.2%

23.8%

21.4%

17.0%

Jafra US

Results in ‘000 MXN

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Net Revenue

$241,881

$241,120

$244,620

$226,268

$250,218

$237,534

$238,465

Gross Margin

73.6%

73.3%

73.1%

73.9%

76.0%

77.0%

77.4%

EBITDA

-$6,463

$891

-$12,934

-$5,293

-$8,280

$10,237

-$859

EBITDA Margin

3.0%

-2.7%

0.4%

-5.7%

-2.1%

-3.5%

4.3%

Use of Non-IFRS Financial Measures

This announcement includes certain references to EBITDA, EBITDA Margin, Net Debt:

EBITDA: defined as profit for the year adding back the depreciation of property, plant, and equipment and right of use assets, amortization of intangible assets, financing cost, net and total income taxes.

EBITDA Margin: is calculated by dividing EBITDA by net revenue.

EBITDA and EBITDA Margin are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company may differ materially from similarly titled measures reported by other companies.

BeFra believes that these non-IFRS financial measures are useful to investors because (i) BeFra uses these measures to analyze its financial results internally and believes they represent a measure of operating profitability and (ii) these measures will serve investors to understand and evaluate BeFra’s EBITDA and EBITDA BU and provide more tools for their analysis as it makes BeFra’s results comparable to industry peers that also prepare these measures.

Definitions: Operating Metrics

Starting Q2 2024, the Company will report sales force under the same name for all business units, Distributors (previously stated as Leaders in Jafra) and Associates (previously stated as Consultants for Jafra). It is important to note that the metrics are calculated with the same method as previous quarters and the reference name change has no adverse effect on the results of the operating metrics reported by the Company.

Betterware (Associates and Distributors)

Avg. Base: Weekly average Associate/Distributor base

EOP Base: Associate/Distributor base at the end of the period

Weekly Churn Rate: Average weekly data. Total Associates/Distributors lost during the period divided by the beginning of the period Associate/Distributor base.

Weekly Activity Rate: Average weekly data. Active Associates/Distributors divided by ending Associate/Distributor base.

Avg. Weekly Order: Average weekly data. Total Revenue divided by number of active Associates/Distributors

Jafra (Associates and Distributors)

Avg. Base: Monthly average Associate/Distributor base

EOP Base: Associate/Distributor base at the end of the period

Monthly Churn Rate (Associates): Average monthly data. Total Associates lost during the period divided by the number of active Associates 4 months prior. An Associate is terminated only after 4 months of inactivity.

Monthly Churn Rate (Distributors): Average monthly data. Total Distributors lost during the period divided by end of period Distributors’ base.

Monthly Activity Rate: Average monthly data. Active Associate/Distributor divided by the end of period Associate/Distributor base.

Avg. Monthly Order (Associates): Average monthly data. Total Catalog Revenue divided by number of Associates orders.

Avg. Monthly Order (Distributors): Average monthly data. Total Distributors Revenue divided by number of Distributors orders.

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

Founded in 1995, Betterware de Mexico is the leading direct-to-consumer company in Mexico focused on offering innovative products that solve specific needs related to household organization, practicality, space-saving, and hygiene. Through the acquisition of JAFRA on April 7, 2022, the Company now offers a leading brand of direct-to-consumer in the Beauty market in Mexico and the United States where it offers Fragrances, Color & Cosmetics, Skin Care, and Toiletries. The combined company possesses an asset-light business model with low capital expenditure requirements and a track record of strong profitability, double digit rates of revenue growth and free cash flow generation. Today, the Company distributes its products in Mexico and in the United States of America.

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan”, “predict”, “potential”, “seem”, “seek,” “future,” “outlook”, and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The reader should understand that the results obtained may differ from the projections contained in this document and that many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward looking statements. For this reason, the Company assumes no responsibility for any indirect factors or elements beyond its control that might occur inside Mexico or abroad and which might affect the outcome of these projections and encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2020 and any of the Company’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences

The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date hereof. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Further information on risks and uncertainties that may affect the Company’s operations and financial performance, and the forward statements contained herein, is available in the Company’s filings with the SEC. All forward-looking statements are qualified in their entirety by this cautionary statement.

Q1 2026 Conference Call

Management will hold a conference call with investors on April 23^rd, 2026, at 3:30 pm Mexico City Time / 5:30 pm Eastern Time (ET). For anyone who wishes to join live, the dial-in information is:

Toll Free: 1-877-451-6152

Toll/International: 1-201-389-0879

Conference ID: 13759384

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

If you wish to listen to the replay of the conference call, please see instructions below:

Toll Free: 1-844-512-2921

Toll/International: 1-412-317-6671

Replay Pin Number: 13759384

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423605530/en/

Company:

BeFra IR

[email protected]

+52 (33) 3836 0500 Ext. 2011

InspIR:

Investor Relations

Ivan Peill

[email protected]

KEYWORDS: Latin America Mexico Central America

INDUSTRY KEYWORDS: Catalog Home Goods Online Retail Cosmetics Retail

MEDIA:

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