{"id":1012903,"date":"2026-10-22T18:28:59","date_gmt":"2026-10-22T22:28:59","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/befra-reports-third-quarter-2026-results\/"},"modified":"2026-10-22T18:28:59","modified_gmt":"2026-10-22T22:28:59","slug":"befra-reports-third-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/befra-reports-third-quarter-2026-results\/","title":{"rendered":"BeFra Reports Third Quarter 2026 Results"},"content":{"rendered":"

<\/p>\n

BeFra Reports Third Quarter 2026 Results<\/b><\/p>\n

GUADALAJARA, Mexico–(BUSINESS WIRE<\/a>)–
\nBetterware de M\u00e9xico, S.A.P.I. de C.V. (NYSE: BWMX) (“BeFra” or the “Company”), announced today its unaudited consolidated financial results for the third quarter ended September 30, 2026. The figures presented in this report are expressed in nominal Mexican Pesos (MXN) unless otherwise noted, presented and approved by the Board of Directors, prepared in accordance with IFRS, and may include minor differences due to rounding.<\/p>\n

Message from the President and CEO<\/b><\/p>\n

\nOur third quarter results marked a significant step in BeFra\u2019s evolution, expanding our scale, brand diversification, geographic reach, and overall financial strength.<\/p>\n

At group level<\/b>, revenue increased 43.1%<\/i><\/b> year over year, reaching an all-time high of $4,832 M MXN, reflecting Tupperware\u00b4s first full-quarter contribution and Betterware\u2019s strong 9.7% YoY growth (3rd<\/sup> straight quarter of YoY growth), and a slight shortfall at Jafra, with a 2.8% YoY revenue decline (which we are addressing head on, as we explain in its section).<\/p>\n

\nWith this result, profitability also scaled<\/i><\/b>, with EBITDA reaching $1,008 M MXN, representing an increase of 39.6% YoY, while net income increased 24.2% in the quarter (despite a temporary tax recognition that does not affect year-round results). In this line, and as you will notice, accumulated net income is growing at 34.5%<\/i><\/b> and combined earnings per share at 114%<\/i><\/b> in the first nine months, reflecting the highly accretive nature of the Tupperware Latam acquisition<\/i><\/b>.<\/p>\n

\nFinishing off, cash flow increased 91.3%<\/i><\/b> YoY, generating $1,059 M MXN of free cash flow in the quarter, we paid a $250M MXN dividend, paid down debt by $431 M MXN (decreasing combined Net Debt\/EBITDA from 1.80x pre-acquisition to 1.65x), and closed with a solid $522 M MXN cash position on our balance sheet.<\/p>\n

\nThese results stand behind the previously announced value of the Tupperware Latam acquisition for the group. They also endorse our long-term strategy of building a unique house of brands, potentialized by a modern person to person commercialization model that builds on the gig economy\u2019s positive secular trends. While organic revenue was temporarily affected by Jafra\u2019s slight shortfall (which we are confident in our ability to quickly correct), we are glad to see the overall value to our shareholders and stakeholders derived from our overall strategies, while we continue to work every corner to reach our group\u2019s full potential.<\/p>\n

Andr\u00e9s Campos Chevallier
\n
<\/b>President and CEO BeFra Group<\/b><\/p>\n

Q3 2026 Select Consolidated Financial Information<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Q3<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9M<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Results in \u2018000 MXN<\/i><\/b><\/p>\n<\/td>\n

\n

20261<\/sup><\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

20261<\/sup><\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Net Revenue<\/b><\/p>\n<\/td>\n

\n

\n$4,832,313<\/p>\n<\/td>\n

\n

\n$3,377,299<\/p>\n<\/td>\n

\n

\n43.1%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$12,503,366<\/p>\n<\/td>\n

\n

\n$10,439,093<\/p>\n<\/td>\n

\n

\n19.8%<\/p>\n<\/td>\n<\/tr>\n

\n

Gross Margin<\/b><\/p>\n<\/td>\n

\n

\n64.1%<\/p>\n<\/td>\n

\n

\n68.5%<\/p>\n<\/td>\n

\n

\n-438 bps<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n65.2%<\/p>\n<\/td>\n

\n

\n67.3%<\/p>\n<\/td>\n

\n

\n-213 bps<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA<\/b><\/p>\n<\/td>\n

\n

\n$1,008,375<\/p>\n<\/td>\n

\n

\n$722,149<\/p>\n<\/td>\n

\n

\n39.6%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$2,398,727<\/p>\n<\/td>\n

\n

\n$1,936,226<\/p>\n<\/td>\n

\n

\n23.9%<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA Margin<\/b><\/p>\n<\/td>\n

\n

\n20.9%<\/p>\n<\/td>\n

\n

\n21.4%<\/p>\n<\/td>\n

\n

\n-52 bps<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19.2%<\/p>\n<\/td>\n

\n

\n18.5%<\/p>\n<\/td>\n

\n

\n69 bps<\/p>\n<\/td>\n<\/tr>\n

\n

Net Income<\/b><\/p>\n<\/td>\n

\n

\n$390,300<\/p>\n<\/td>\n

\n

\n$314,205<\/p>\n<\/td>\n

\n

\n24.2%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,066,229<\/p>\n<\/td>\n

\n

\n$792,905<\/p>\n<\/td>\n

\n

\n34.5%<\/p>\n<\/td>\n<\/tr>\n

\n

Free Cash Flow<\/b><\/p>\n<\/td>\n

\n

\n$1,059,215<\/p>\n<\/td>\n

\n

\n$553,573<\/p>\n<\/td>\n

\n

\n91.3%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,871,000<\/p>\n<\/td>\n

\n

\n$1,089,884<\/p>\n<\/td>\n

\n

\n71.7%<\/p>\n<\/td>\n<\/tr>\n

\n

FCF\/EBITDA<\/b><\/p>\n<\/td>\n

\n

\n105.0%<\/p>\n<\/td>\n

\n

\n76.7%<\/p>\n<\/td>\n

\n

\n2839 bps<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n78.0%<\/p>\n<\/td>\n

\n

\n56.3%<\/p>\n<\/td>\n

\n

\n2172 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nEPS<\/p>\n<\/td>\n

\n

\n$9.9<\/p>\n<\/td>\n

\n

\n$8.4<\/p>\n<\/td>\n

\n

\n17.9%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$45.42<\/sup><\/p>\n<\/td>\n

\n

\n$21.2<\/p>\n<\/td>\n

\n

\n114.2%<\/p>\n<\/td>\n<\/tr>\n

\n

Net Debt \/EBITDA<\/b><\/p>\n<\/td>\n

\n

\n1.652<\/sup><\/p>\n<\/td>\n

\n

\n1.80<\/p>\n<\/td>\n

\n

\n-8.3%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1.652<\/sup><\/p>\n<\/td>\n

\n

\n1.80<\/p>\n<\/td>\n

\n

\n-8.3%<\/p>\n<\/td>\n<\/tr>\n

\n

1<\/sup>Includes Tupperware since acquisition<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

2<\/sup>Considers Tupperware combined<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
\n

Associates<\/b><\/p>\n<\/td>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\nAvg. Base<\/p>\n<\/td>\n

\n

\n1,456,034<\/p>\n<\/td>\n

\n

\n1,177,443<\/p>\n<\/td>\n

\n

\n23.7%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,469,546<\/p>\n<\/td>\n

\n

\n1,187,724<\/p>\n<\/td>\n

\n

\n23.7%<\/p>\n<\/td>\n<\/tr>\n

\n

\nEOP Base<\/p>\n<\/td>\n

\n

\n1,404,521<\/p>\n<\/td>\n

\n

\n1,162,571<\/p>\n<\/td>\n

\n

\n20.8%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,404,521<\/p>\n<\/td>\n

\n

\n1,162,571<\/p>\n<\/td>\n

\n

\n20.8%<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Revenue by Brand & Region<\/b><\/p>\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Brand<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Region<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Results in \u2018000 MXN<\/i><\/b><\/p>\n<\/td>\n

\n

3Q26<\/b><\/p>\n<\/td>\n

\n

3Q25<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Results in \u2018000 MXN<\/i><\/b><\/p>\n<\/td>\n

\n

3Q26<\/b><\/p>\n<\/td>\n

\n

3Q25<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Revenue<\/b><\/p>\n<\/td>\n

\n

Mix<\/b><\/p>\n<\/td>\n

\n

Revenue<\/b><\/p>\n<\/td>\n

\n

Mix<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Revenue<\/b><\/p>\n<\/td>\n

\n

Mix<\/b><\/p>\n<\/td>\n

\n

Revenue<\/b><\/p>\n<\/td>\n

\n

Mix<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Betterware3<\/sup><\/b><\/p>\n<\/td>\n

\n

\n$1,522,864<\/p>\n<\/td>\n

\n

\n31.5%<\/p>\n<\/td>\n

\n

\n$1,387,586<\/p>\n<\/td>\n

\n

\n41.1%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nMexico<\/p>\n<\/td>\n

\n

\n$4,226,338<\/p>\n<\/td>\n

\n

\n87.5%<\/p>\n<\/td>\n

\n

\n$3,123,763<\/p>\n<\/td>\n

\n

\n92.5%<\/p>\n<\/td>\n<\/tr>\n

\n

Jafra<\/b><\/p>\n<\/td>\n

\n

\n$1,933,606<\/p>\n<\/td>\n

\n

\n40.0%<\/p>\n<\/td>\n

\n

\n$1,989,713<\/p>\n<\/td>\n

\n

\n58.9%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nLatin America<\/p>\n<\/td>\n

\n

\n$399,545<\/p>\n<\/td>\n

\n

\n8.2%<\/p>\n<\/td>\n

\n

\n$16,002<\/p>\n<\/td>\n

\n

\n0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

Tupperware<\/b><\/p>\n<\/td>\n

\n

\n$1,375,843<\/p>\n<\/td>\n

\n

\n28.5%<\/p>\n<\/td>\n

\n

\n$-<\/p>\n<\/td>\n

\n

\n-%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nUnited States<\/p>\n<\/td>\n

\n

\n$206,430<\/p>\n<\/td>\n

\n

\n4.3%<\/p>\n<\/td>\n

\n

\n$237,534<\/p>\n<\/td>\n

\n

\n7.0%<\/p>\n<\/td>\n<\/tr>\n

\n

3<\/sup>Noteworthy, Betterware deducts distributor discounts from revenue; JF and TW do not, affecting comparability<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Highlights<\/b><\/p>\n

Revenue:<\/b>Consolidated<\/i><\/b> net revenue increased 43.1% year over year to $4,832 M MXN in the third quarter, reflecting Tupperware\u2019s first full-quarter contribution. Notably, Tupperware Mexico\u2019s direct-selling business increased 23.0% YOY, and the decline in Tupperware Brazil\u2019s direct-selling moderated to 3.3%, compared with declines of between 10% and 15% before the acquisition. Average total associate base increased 23.7% following the integration of Tupperware\u2019s network of independent sellers. Brand and geographic expansion also begins to represent a source of growth and resilience from diversification, as you can notice in our brand and region revenue breakdowns. Organic<\/i><\/b> revenue grew 2.3%, driven by accelerating growth at Betterware, partially offset by Jafra\u2019s 2.8% revenue decline. Commercial initiatives remain focused on maintaining Betterware and Tupperware\u2019s growth trajectory while quickly taking actions to recover Jafra\u2019s performance, so the group can reach its full potential.<\/p>\n

Profitability:<\/b>Consolidated<\/i><\/b> EBITDA increased 39.6% year over year to $1,008 M MXN, reflecting Tupperware\u2019s contribution and continued profitability at Betterware, partially offset by lower EBITDA at Jafra. Consolidated gross margin was 64.1%, 438 basis points below the third quarter of 2025, primarily reflecting the incorporation of Tupperware, which operates with a lower gross margin but a higher EBITDA margin. Lower revenue and gross margin at Jafra, together with supply-chain and logistics pressures at Betterware, also weighed on organic profitability. Operating-expense discipline helped mitigate these pressures, supporting a consolidated EBITDA margin of 20.9% and an organic EBITDA<\/b> margin of 18.8%, in line with its three-year average for the third quarter. For the first nine months of 2026, consolidated EBITDA margin reached 19.2%, expanding 69 basis points year over year (even despite $43 M MXN non-recurring expenses related to the Tupperware acquisition). Excluding the effect of the 2026 acquisition expenses and an extraordinary $35M tax benefit recorded in 2025, comparable organic EBITDA for the first nine months grew 2.8%, outpacing organic revenue growth.<\/p>\n

\nNet income increased 24.2% year over year in the third quarter and 34.5% during the first nine months of 2026. Quarterly net income was affected by a higher effective tax rate compared with the prior year period, though we expect the effective tax rate to normalize in the mid-30s% for the full year 2026. It is noteworthy to stand out that combined EPS for the first nine months increased 114%, reflecting the highly accretive nature of the Tupperware Latam acquisition.<\/p>\n

Cash generation:<\/b> Free cash flow reached $1,059 M MXN, representing a strong conversion of 105% of EBITDA. Strong cash generation across the Group\u2019s three brands supported continued balance-sheet strengthening during the quarter. Noteworthy, this quarter included a balance reclassification related to the Tupperware acquisition that represented a $174 M MXN benefit.<\/p>\n

Financial Performance<\/b><\/p>\n

Balance sheet at the end of Q3 2026.<\/b><\/p>\n

\nPlease note that unless otherwise stated, ratios consider Combined TTM financial results from Tupperware. With the Company\u2019s balance sheet reflecting the Tupperware acquisition, comparisons with 2Q26 are also included.<\/p>\n

Return on Investment<\/b><\/p>\n

\nBeFra continued to generate strong returns following the Tupperware acquisition. ROIC remained at a strong level of almost 29%, despite being impacted by the increase in the Company\u2019s quarterly effective tax rate. ROE and ROTA improved both sequentially and year over year reflecting higher earnings across the Group and reinforcing BeFra\u2019s ability to earn attractive returns and create value for its stakeholders.<\/p>\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Q3 2026<\/b><\/p>\n<\/td>\n

\n

Q2 2026<\/b><\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n

\n

Q3 2025<\/b><\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity Turnover<\/p>\n<\/td>\n

\n

\n8.2<\/p>\n<\/td>\n

\n

\n8.6<\/p>\n<\/td>\n

\n

\n-4.9%<\/p>\n<\/td>\n

\n

\n11.0<\/p>\n<\/td>\n

\n

\n-25.4%<\/p>\n<\/td>\n<\/tr>\n

\n

\nROIC<\/p>\n<\/td>\n

\n

\n28.8%<\/p>\n<\/td>\n

\n

\n32.3%<\/p>\n<\/td>\n

\n

\n-350 bps<\/p>\n<\/td>\n

\n

\n23.7%<\/p>\n<\/td>\n

\n

\n510 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nROE<\/p>\n<\/td>\n

\n

\n92.8%<\/p>\n<\/td>\n

\n

\n69.2%<\/p>\n<\/td>\n

\n

\n2360 bps<\/p>\n<\/td>\n

\n

\n78.8%<\/p>\n<\/td>\n

\n

\n1400 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nROTA<\/p>\n<\/td>\n

\n

\n31.9%<\/p>\n<\/td>\n

\n

\n23.3%<\/p>\n<\/td>\n

\n

\n860 bps<\/p>\n<\/td>\n

\n

\n10.1%<\/p>\n<\/td>\n

\n

\n2180 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nDividend Payout1<\/sup><\/p>\n<\/td>\n

\n

\n51.3%<\/p>\n<\/td>\n

\n

\n41.6%<\/p>\n<\/td>\n

\n

\n970 bps<\/p>\n<\/td>\n

\n

\n50.9%<\/p>\n<\/td>\n

\n

\n40 bps<\/p>\n<\/td>\n<\/tr>\n

\n

1<\/sup>Calculated as dividends paid during the quarter divided by net operating profit after tax (NOPAT) for the same period.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Liquidity<\/b><\/p>\n

\nBeFra maintained a solid liquidity position during the quarter. Cash conversion strengthened, supported by a shorter cash conversion cycle, while the current ratio remained above the prior-year level.<\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Q3 2026<\/b><\/p>\n<\/td>\n

\n

Q2 2026<\/b><\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n

\n

Q3 2025<\/b><\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nCurrent Ratio<\/p>\n<\/td>\n

\n

\n0.99<\/p>\n<\/td>\n

\n

\n1.11<\/p>\n<\/td>\n

\n

\n-10.8%<\/p>\n<\/td>\n

\n

\n0.93<\/p>\n<\/td>\n

\n

\n6.5%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTTM FCF \/ TTM EBITDA2<\/sup><\/p>\n<\/td>\n

\n

\n93.6%<\/p>\n<\/td>\n

\n

\n83.2%<\/p>\n<\/td>\n

\n

\n1040 bps<\/p>\n<\/td>\n

\n

\n76.6%<\/p>\n<\/td>\n

\n

\n1700 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nCCC3<\/sup><\/p>\n<\/td>\n

\n

\n50<\/p>\n<\/td>\n

\n

\n53<\/p>\n<\/td>\n

\n

\n-5.7%<\/p>\n<\/td>\n

\n

\n78<\/p>\n<\/td>\n

\n

\n-35.9%<\/p>\n<\/td>\n<\/tr>\n

\n

2<\/sup>Includes Tupperware since acquisition<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

3<\/sup>Calculated for the 3-month period<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Leverage<\/b><\/p>\n

\nBeFra\u2019s strong cash generation and improved interest coverage supported further deleveraging during the quarter, extending the Company\u2019s proven track record of disciplined debt reduction following acquisitions.<\/p>\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Q3 2026<\/b><\/p>\n<\/td>\n

\n

Q2 2026<\/b><\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n

\n

Q3 2025<\/b><\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nDebt to EBITDA<\/p>\n<\/td>\n

\n

\n1.78<\/p>\n<\/td>\n

\n

\n1.80<\/p>\n<\/td>\n

\n

\n-1.1%<\/p>\n<\/td>\n

\n

\n1.93<\/p>\n<\/td>\n

\n

\n-7.8%<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Debt to EBITDA<\/p>\n<\/td>\n

\n

\n1.65<\/p>\n<\/td>\n

\n

\n1.68<\/p>\n<\/td>\n

\n

\n-1.8%<\/p>\n<\/td>\n

\n

\n1.80<\/p>\n<\/td>\n

\n

\n-8.3%<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest Coverage<\/p>\n<\/td>\n

\n

\n6.91<\/p>\n<\/td>\n

\n

\n5.25<\/p>\n<\/td>\n

\n

\n31.6%<\/p>\n<\/td>\n

\n

\n3.71<\/p>\n<\/td>\n

\n

\n86.3%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Asset Light Business \u2013 Low fixed cost structure<\/b><\/p>\n

\nBeFra maintained an asset-light operating model, with fixed assets representing 14.5% of total assets, below the prior-year level. BeFra continues to focus on operating discipline and SG&A efficiency across its expanded brand portfolio.<\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Q3 2026<\/b><\/p>\n<\/td>\n

\n

Q2 2026<\/b><\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n

\n

Q3 2025<\/b><\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nFixed Assets \/ Total Assets<\/p>\n<\/td>\n

\n

\n14.5%<\/p>\n<\/td>\n

\n

\n14.0%<\/p>\n<\/td>\n

\n

\n50 bps<\/p>\n<\/td>\n

\n

\n17.0%<\/p>\n<\/td>\n

\n

\n-250 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nTTM Variable Cost Structure2<\/sup><\/p>\n<\/td>\n

\n

\n70.4%<\/p>\n<\/td>\n

\n

\n71.8%<\/p>\n<\/td>\n

\n

\n-140 bps<\/p>\n<\/td>\n

\n

\n74.7%<\/p>\n<\/td>\n

\n

\n-430 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nTTM Fixed Cost Structure2<\/sup><\/p>\n<\/td>\n

\n

\n29.6%<\/p>\n<\/td>\n

\n

\n28.2%<\/p>\n<\/td>\n

\n

\n+140 bps<\/p>\n<\/td>\n

\n

\n25.3%<\/p>\n<\/td>\n

\n

\n430 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nTTM SG&A \/ Net Revenues<\/p>\n<\/td>\n

\n

\n41.7%<\/p>\n<\/td>\n

\n

\n36.0%<\/p>\n<\/td>\n

\n

\n570 bps<\/p>\n<\/td>\n

\n

\n45.2%<\/p>\n<\/td>\n

\n

\n-350 bps<\/p>\n<\/td>\n<\/tr>\n

\n

2<\/sup>Includes Tupperware since acquisition<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n

Notes to the ratios<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n*Q3 2026 financial ratios and performance metrics have been adjusted on a combined basis considering TTM Tupperware<\/p>\n<\/td>\n<\/tr>\n

\n

\n*Current Ratio = Total current assets \/ Total current liabilities<\/p>\n<\/td>\n<\/tr>\n

\n

\n*Cash Conversion Cycle (CCC) = DSO + DIO \u2013 DPO<\/p>\n<\/td>\n<\/tr>\n

\n

\n*ROIC = NOPAT TTM \/ Invested Capital<\/p>\n<\/td>\n<\/tr>\n

\n

\n*ROE = Net income TTM \/ Stockholders Equity<\/p>\n<\/td>\n<\/tr>\n

\n

\n*ROTA = Net Income TTM \/ (Cash + Accounts Receivable + Inventories + Fixed Assets)<\/p>\n<\/td>\n<\/tr>\n

\n

\n*Debt to EBITDA = Total Debt \/ EBITDA TTM<\/p>\n<\/td>\n<\/tr>\n

\n

\n*Net Debt to EBITDA = (Total Debt – Cash and cash equivalents) \/ EBITDA TTM<\/p>\n<\/td>\n<\/tr>\n

\n

\n*Interest Coverage = Operating income TTM \/ Interest expense TTM<\/p>\n<\/td>\n<\/tr>\n

\n

\n*Dividend Payout = Paid Dividend Q \/ NOPAT Q<\/p>\n<\/td>\n<\/tr>\n

\n

\n*EPS = Net Income \/ weighted average shares<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Capital Allocation<\/b><\/p>\n

Quarterly Dividends:<\/b> Considering BeFra\u2019s results to date, a dividend of MXN 250 million was approved at the October shareholders\u2019 meeting, payable in the fourth quarter, equivalent to $0.3424 per share based on an exchange rate of MXN 18.4888 per USD. The dividend level, raised in 2Q26 following the Tupperware acquisition, increases the return to shareholders even after the additional shares issued in connection with the transaction. This would represent the 27th consecutive quarter of dividend payments since BeFra’s IPO.<\/p>\n

2026 Guidance:<\/b> Following Tupperware\u2019s first full-quarter contribution and BeFra\u2019s results through the first nine months of 2026, the Company raises its full-year net revenue growth guidance to a range of 24.0%-26.0%, while narrowing organic growth guidance range to 4.0%-5.0% with the year-end approaching. The Company expects a full-year EBITDA margin of 19%.<\/p>\n\n\n\n\n
\n\u00a0<\/td>\n<\/tr>\n
\n

Organic<\/b><\/p>\n

\nBetterware + Jafra<\/p>\n

Net revenue growth<\/b><\/p>\n

4-5%<\/b><\/p>\n

\nPrior 4-8%<\/p>\n<\/td>\n

\n

Post-acquisition<\/b><\/p>\n

\nIncluding Tupperware<\/p>\n

Net revenue growth<\/b><\/p>\n

24-26%<\/b><\/p>\n

\nPrior 18-22%<\/p>\n

Full Year EBITDA margin<\/b><\/p>\n

19%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Q3 2026 Financial Results by Brand<\/b><\/p>\n

Betterware Brand<\/b><\/p>\n

Key Financial and Operating Metrics<\/b><\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Q3<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9M<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Results in \u2018000 MXN<\/i><\/b><\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Net Revenue<\/b><\/p>\n<\/td>\n

\n

\n$1,522,864<\/p>\n<\/td>\n

\n

\n$1,387,586<\/p>\n<\/td>\n

\n

\n9.7%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$4,474,307<\/p>\n<\/td>\n

\n

\n$4,249,244<\/p>\n<\/td>\n

\n

\n5.3%<\/p>\n<\/td>\n<\/tr>\n

\n

Gross Margin<\/b><\/p>\n<\/td>\n

\n

\n53.8%<\/p>\n<\/td>\n

\n

\n57.1%<\/p>\n<\/td>\n

\n

\n-334 bps<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n54.5%<\/p>\n<\/td>\n

\n

\n55.8%<\/p>\n<\/td>\n

\n

\n-130 bps<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA<\/b><\/p>\n<\/td>\n

\n

\n$322,366<\/p>\n<\/td>\n

\n

\n$312,669<\/p>\n<\/td>\n

\n

\n3.1%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$912,667<\/p>\n<\/td>\n

\n

\n$864,907<\/p>\n<\/td>\n

\n

\n5.5%<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA Margin<\/b><\/p>\n<\/td>\n

\n

\n21.2%<\/p>\n<\/td>\n

\n

\n22.5%<\/p>\n<\/td>\n

\n

\n-134 bps<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n20.4%<\/p>\n<\/td>\n

\n

\n20.4%<\/p>\n<\/td>\n

\n

\n0 bps<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
\n

Associates<\/b><\/p>\n<\/td>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\nAvg. Base<\/p>\n<\/td>\n

\n

\n704,217<\/p>\n<\/td>\n

\n

\n718,916<\/p>\n<\/td>\n

\n

\n-2.0%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n709,004<\/p>\n<\/td>\n

\n

\n701,618<\/p>\n<\/td>\n

\n

\n1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

\nEOP Base<\/p>\n<\/td>\n

\n

\n699,243<\/p>\n<\/td>\n

\n

\n710,174<\/p>\n<\/td>\n

\n

\n-1.5%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n699,243<\/p>\n<\/td>\n

\n

\n710,174<\/p>\n<\/td>\n

\n

\n-1.5%<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Highlights<\/span><\/b><\/p>\n

Revenue:<\/b> Betterware\u2019s quarterly net revenue increased 9.7% year over year to $1,523 million MXN, led by 8.5% growth in Mexico and continued expansion in Guatemala and the Andean region. Growth in Mexico was driven by targeted commercial initiatives that increased associate productivity, more than offsetting a temporary contraction in the associate base amid World Cup-related shifts in consumer attention and a longer official summer holiday period. Improving consumption trends and effective commercial execution continue to strengthen Betterware\u2019s sales momentum.<\/p>\n

Profitability: <\/b>Betterware generated EBITDA of $322 M MXN, an increase of 3.1% year over year, as operating-expense efficiencies partially offset gross-margin pressure from temporary elevated freight costs related to supply-chain disruptions in the Middle East, which impacted profitability by approximately 200 basis points. These supply-chain pressures are expected to ease in the coming quarters. Betterware is both the holding and operating company and therefore Tupperware transaction expenses for $43 M MXN are recorded in its books. Adjusting for these expenses year-to-date EBITDA growth sits at 9.9% with a 21.4% margin. This marked Betterware\u2019s third consecutive quarter of growth, demonstrating Betterware\u2019s return to a sustainable growth trajectory.<\/p>\n

Jafra Brand<\/b><\/p>\n

Key Financial and Operating Metrics<\/b><\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Q3<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9M<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Results in \u2018000 MXN<\/i><\/b><\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Net Revenue<\/b><\/p>\n<\/td>\n

\n

\n$1,933,606<\/p>\n<\/td>\n

\n

\n$1,989,713<\/p>\n<\/td>\n

\n

\n-2.8%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$6,202,242<\/p>\n<\/td>\n

\n

\n$6,189,849<\/p>\n<\/td>\n

\n

\n0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

Gross Margin<\/b><\/p>\n<\/td>\n

\n

\n75.4%<\/p>\n<\/td>\n

\n

\n76.4%<\/p>\n<\/td>\n

\n

\n-99 bps<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n74.6%<\/p>\n<\/td>\n

\n

\n75.1%<\/p>\n<\/td>\n

\n

\n-48 bps<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA<\/b><\/p>\n<\/td>\n

\n

\n$327,245<\/p>\n<\/td>\n

\n

\n$409,480<\/p>\n<\/td>\n

\n

\n-20.1%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,003,811<\/p>\n<\/td>\n

\n

\n$1,071,319<\/p>\n<\/td>\n

\n

\n-6.3%<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA Margin<\/b><\/p>\n<\/td>\n

\n

\n16.9%<\/p>\n<\/td>\n

\n

\n20.6%<\/p>\n<\/td>\n

\n

\n-366 bps<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16.2%<\/p>\n<\/td>\n

\n

\n17.3%<\/p>\n<\/td>\n

\n

\n-113 bps<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
Associates<\/b><\/td>\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\nAvg. Base<\/p>\n<\/td>\n

\n

\n473,039<\/p>\n<\/td>\n

\n

\n458,527<\/p>\n<\/td>\n

\n

\n3.2%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n481,763<\/p>\n<\/td>\n

\n

\n486,106<\/p>\n<\/td>\n

\n

\n-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

\nEOP Base<\/p>\n<\/td>\n

\n

\n452,574<\/p>\n<\/td>\n

\n

\n452,397<\/p>\n<\/td>\n

\n

\n0.0%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n452,574<\/p>\n<\/td>\n

\n

\n452,397<\/p>\n<\/td>\n

\n

\n0.0%<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Highlights<\/span><\/b><\/p>\n

Revenue: <\/b>Jafra generated third-quarter net revenue of $1,934 M MXN, a decrease of 2.8% year over year. Jafra Mexico was mainly affected by a more challenging summer holiday period and World Cup-related shifts in consumer attention. Unlike Betterware, Jafra was unable to offset these effects through higher productivity, primarily due to the need for more targeted promotions. Management is addressing this through stronger promotional planning and faster commercial execution. Commercial initiatives remain focused on improving consultant activation, reactivation and retention.<\/p>\n

\nJafra has achieved significant top-line and bottom-line growth since the BeFra acquisition. However, following several quarters of inconsistent growth, derived from certain misalignments to our model focus and slower rollout of our second wave of model alignment needs, BeFra has appointed Andr\u00e9s Campos as interim Managing Director of Jafra Mexico. The leadership transition is intended to reinforce alignment with the Group\u2019s commercial model and strengthen execution. With these changes underway, the Company expects Jafra to return to growth in the coming quarters. During this period, Andr\u00e9s Campos will also support the identification and appointment of a successor. The interim period is expected to last approximately six to twelve months.<\/p>\n

Profitability: <\/b>Third-quarter EBITDA of $327 M MXN represents a decrease of 20.1% year over year, with an EBITDA margin of 16.9%, compared with 20.6% in the third quarter of 2025. The third-quarter margin was above the year-to-date margin of 16.2% and close to the 17.3% margin reported during the first nine months of 2025. The year-over-year comparison reflects an exceptional third quarter of 2025, when EBITDA margin was above Jafra\u2019s three-year average of 17.9%. 3Q25 had an extraordinary fiscal benefit of $34 M MXN that if excluded, 3Q26 EBITDA margin falls 2.0% vs a 2.8% decline in revenue. Demonstrating stable profitability within the brand. Notably, Jafra U.S. delivered another consecutive EBITDA-positive quarter under its leaner expense structure, easing pressure on the business while it seeks to regain consistent growth.<\/p>\n

Tupperware Latam Brand<\/b><\/p>\n

Key Financial and Operating Metrics<\/b><\/p>\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Q3<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Since Acquisition2<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Results in \u2018000 MXN<\/i><\/b><\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

20251<\/sup><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

20251<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Net Revenue<\/b><\/p>\n<\/td>\n

\n

\n$1,375,843<\/p>\n<\/td>\n

\n

\n$1,476,276<\/p>\n<\/td>\n

\n

\n-6.8%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,826,817<\/p>\n<\/td>\n

\n

\n$1,942,741<\/p>\n<\/td>\n

\n

\n-6.0%<\/p>\n<\/td>\n<\/tr>\n

\n

Gross Margin<\/b><\/p>\n<\/td>\n

\n

\n59.7%<\/p>\n<\/td>\n

\n

\n58.6%<\/p>\n<\/td>\n

\n

\n103 bps<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n59.3%<\/p>\n<\/td>\n

\n

\n59.6%<\/p>\n<\/td>\n

\n

\n-36 bps<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA<\/b><\/p>\n<\/td>\n

\n

\n$358,764<\/p>\n<\/td>\n

\n

\n$458,624<\/p>\n<\/td>\n

\n

\n-21.8%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$482,249<\/p>\n<\/td>\n

\n

\n$606,569<\/p>\n<\/td>\n

\n

\n-20.5%<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA Margin<\/b><\/p>\n<\/td>\n

\n

\n26.1%<\/p>\n<\/td>\n

\n

\n31.1%<\/p>\n<\/td>\n

\n

\n-500 bps<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26.4%<\/p>\n<\/td>\n

\n

\n31.2%<\/p>\n<\/td>\n

\n

\n-483 bps<\/p>\n<\/td>\n<\/tr>\n

\n

1<\/sup>2025 figures are combined<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

2<\/sup>Considered since acquisition close on June 2026<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Core Direct Selling Channel <\/span><\/b><\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n

Q3<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Since Acquisition2<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Results in \u2018000 MXN<\/i><\/b><\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

20251<\/sup><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

20251<\/sup><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net Revenue<\/b><\/p>\n<\/td>\n

\n

\n$1,375,843<\/p>\n<\/td>\n

\n

\n$1,476,276<\/p>\n<\/td>\n

\n

\n-6.8%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,826,817<\/p>\n<\/td>\n

\n

\n$1,942,741<\/p>\n<\/td>\n

\n

\n-6.0%<\/p>\n<\/td>\n<\/tr>\n

\n

Less: B2B sales<\/i><\/b><\/p>\n<\/td>\n

\n

\n$-<\/p>\n<\/td>\n

\n

\n$111,752<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$-<\/p>\n<\/td>\n

\n

\n$183,656<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Less: Argentina & US sales<\/i><\/b><\/p>\n<\/td>\n

\n

\n$23,430<\/p>\n<\/td>\n

\n

\n$178,023<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$39,276<\/p>\n<\/td>\n

\n

\n$213,284<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net Revenue \u2013 Direct Selling<\/b><\/p>\n<\/td>\n

\n

\n$1,352,413<\/p>\n<\/td>\n

\n

\n$1,186,501<\/p>\n<\/td>\n

\n

14.0%<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,787,541<\/p>\n<\/td>\n

\n

\n$1,545,801<\/p>\n<\/td>\n

\n

15.6%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

Associates<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Base<\/p>\n<\/td>\n

\n

\n278,778<\/p>\n<\/td>\n<\/tr>\n

\n

\nEOP Base<\/p>\n<\/td>\n

\n

\n252,704<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Highlights<\/span><\/b><\/p>\n

Revenue: <\/b>Tupperware generated net revenue of $1,375 M MXN in its first full quarter of consolidation, contributing 28.5% of BeFra\u2019s consolidated revenue. Commercial execution, network productivity and catalogue improvements supported momentum in Mexico, while sales declines in Brazil moderated. As shown in the table above, excluding sales outside the direct-selling channel, Tupperware\u2019s core direct-selling revenue increased 14.0% year over year, led by Mexico. Total brand revenue declined 6.8% year over year on a combined basis, reflecting extraordinary prior-year sales through non-direct channels that were discontinued following the acquisition. This effect is not expected in the next quarter, as in 4Q25 retail sales were not significant.<\/p>\n

Profitability: <\/b>Tupperware generated EBITDA of $359 M MXN, contributing 35.6% of BeFra\u2019s consolidated EBITDA, with an EBITDA margin of 26.1%. In 3Q25, Tupperware Latam recorded significant sales outside the direct-selling channel, resulting in greater fixed cost absorption. Investments related to the brand\u2019s ongoing revitalization, together with cost-absorption pressures, weighed on profitability, nonetheless the reported 26.1% 3Q26 EBITDA margin is in line with the mid-twenties level expected going forward. Tupperware\u2019s earnings contribution strengthens the Group\u2019s capacity to generate cash and repay acquisition-related debt, supporting its deleveraging objectives.<\/p>\n

Use of Non-IFRS Financial Measures and Operating Metrics<\/b><\/p>\n

We have provided in this press release financial information that has not been prepared in accordance with IFRS, including EBITDA, EBITDA margin, Free cash flow, Total debt, Net debt, Organic revenue, Organic EBITDA, Organic EBITDA margin, Organic growth, NOPAT and Net revenue, as well as our operating metrics, Total associates, Average associate base and EOP associate base. We use these non-IFRS financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to IFRS measures, in evaluating our ongoing operational performance. We believe that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-IFRS financial measures to investors.<\/b><\/p>\n

The measures defined in this section are not recognized under IFRS and should not be considered in isolation or as substitutes for IFRS financial measures. The Company\u2019s calculations may differ from similarly titled measures reported by other companies.<\/b><\/p>\n

\nCombined: refers to financial information of Tupperware Latam prior to the acquisition.<\/p>\n

\n\u201cCombined\u201d financial measures presented throughout this document include the historical financial results of Tupperware\u2019s operations in Mexico and Brazil. Accordingly, these measures are not directly comparable to, and will not reconcile with, the pro forma financial information included in the Company\u2019s most recent Form F-3. Prior to the acquisition, the acquired entities did not encompass the entirety of Tupperware LATAM\u2019s business.<\/p>\n

\nThe Q2 and Q3 2026 Debt-to-EBITDA and Net Debt-to-EBITDA ratios have been updated to incorporate Tupperware\u2019s combined financial results, reflecting refinements to the review of its pre-acquisition financial information.<\/p>\n

\nInterest Coverage: Calculated using the combined interest expense of BeFra and Tupperware.<\/p>\n

\nThe Q2 2026 TTM Variable Cost Structure and TTM Fixed Cost Structure ratios presented herein have been updated following a subsequent review and may therefore differ slightly from those previously reported.<\/p>\n

\nEBITDA: Profit for the period before depreciation of property, plant and equipment and right-of-use assets, amortization of intangible assets, financing cost, net, and income taxes. A reconciliation of profit for the period to EBITDA is included in the Appendix.<\/p>\n

\nEBITDA Margin: EBITDA divided by net revenue.<\/p>\n

\nFree Cash Flow or FCF: Net cash generated by operating activities less cash payments for purchases of property, plant and equipment and intangible assets, plus proceeds from disposals of property, plant and equipment.<\/p>\n

\nFCF\/EBITDA or Cash Conversion: FCF divided by EBITDA for the same period.<\/p>\n

\nTotal Debt: Short-term debt and borrowings, long-term debt and borrowings, and current and non-current lease liabilities.<\/p>\n

\nNet Debt: Total Debt less cash and cash equivalents.<\/p>\n

\nOrganic Revenue: Net revenue of Betterware and Jafra, excluding Tupperware Latam.<\/p>\n

\nOrganic EBITDA: EBITDA of Betterware and Jafra, excluding Tupperware Latam.<\/p>\n

\nOrganic EBITDA Margin: Organic EBITDA divided by Organic Revenue.<\/p>\n

\nOrganic Growth: The change in Organic Revenue or Organic EBITDA compared with BeFra\u2019s consolidated net revenue or EBITDA for the corresponding prior-year period.<\/p>\n

\nComparable Organic EBITDA: excludes the effects of the Tupperware acquisition expenses and an extraordinary tax benefit recorded in 2025.<\/p>\n

\nCombined Figures: Figures that include Tupperware Latam\u2019s pre-acquisition results as if the acquisition had occurred at the beginning of the applicable period based on Tupperware\u2019s audited and unaudited financial statements for such periods. These unaudited figures are presented for comparative purposes and do not necessarily represent the results that would have been achieved had the acquisition occurred earlier.<\/p>\n

\nNOPAT: Operating income less the corresponding tax expense calculated using the effective income tax rate for the applicable period.<\/p>\n

\nTupperware Net Revenue \u2013 Direct Selling: Tupperware\u2019s net revenue excluding B2B sales and sales in Argentina and the United States.<\/p>\n

\nTTM: The four most recently completed fiscal quarters.<\/p>\n

\nWe do not provide a reconciliation of our forward-looking non-IFRS financial measures to the most directly comparable GAAP measures because certain items needed to prepare the reconciliation cannot be reasonably predicted at this time without unreasonable effort. These items may be material to the relevant IFRS measure and could cause actual IFRS results to differ materially from the forward-looking non-IFRS measures.<\/p>\n

Operating Metrics
\n
<\/b>Beginning in the third quarter of 2026, the Company reports \u201cAssociates\u201d as the aggregate commercial field population described below. This terminology replaces \u201cStencil.\u201d<\/p>\n

Betterware
\n
<\/b>Associates: Combined Associates and Distributors.
\n
Avg. Base: Weekly average number of Associates.
\n
EOP Base: Number of Associates at the end of the period.<\/p>\n

Jafra
\n
<\/b>Associates: Combined Associates and Distributors.
\n
Avg. Base: Monthly average number of Associates.
\n
EOP Base: Number of Associates at the end of the period.<\/p>\n

Tupperware
\n
<\/b>Associates: Combined Associates, Distributors, Unit Managers and Leaders.
\n
Avg. Base: Weekly average number of Associates.
\n
EOP Base: Number of Associates at the end of the period.<\/p>\n

Forward-Looking Statements<\/b><\/p>\n\n\n
\n

This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Words such as \u201cbelieve\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cestimate\u201d, \u201ccontinue\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cexpect\u201d, \u201cshould\u201d, \u201cplan\u201d, and similar expressions identify forward-looking statements, although not all such statements contain these words. Forward-looking statements in this release include, without limitation, statements concerning 2026 guidance, future growth and business plans, interim leadership transition duration, Tupperware\u2019s continued integration and expected contribution to BeFra\u2019s performance, operating efficiencies, cash generation, deleveraging and proposed dividends.<\/i><\/p>\n

\n\u00a0<\/p>\n

These statements reflect management\u2019s current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These include changes in economic and political conditions, consumer demand, government policies and regulations, international trade conditions, supply chains, exchange rates and interest rates, as well as risks associated with executing growth plans and realizing anticipated acquisition benefits. Additional information concerning these and other risks is available in the Company\u2019s most recent Annual Report on Form 20-F and subsequent filings with the Securities and Exchange Commission.<\/i><\/p>\n

\n\u00a0<\/p>\n

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update or revise these statements, except as required by law. All forward-looking statements are qualified in their entirety by this cautionary statement.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Q3 2026 Conference Call
\n
<\/b>Management will hold a conference call with investors on October22, 2026, at 3:30 pm Mexico City Time \/ 5:30 pm Eastern Time (ET). The dial-in information is:
\n
Toll Free:<\/b> 1-877-451-6152
\n
Toll\/International<\/b>: 1-201-389-0879
\n
Conference ID<\/b>: 13763048
\n
Webcast Link: <\/b>https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1777966&tp_key=38b58322dd
\n<\/b><\/a>
<\/b>If you wish to listen to the replay of the conference call, please see instructions below:
\n
Toll Free<\/b>: 1-844-512-2921
\n
Toll\/International<\/b>: 1-412-317-6671
\n
Replay Pin Number<\/b>: 13763048<\/p>\n

About BeFra<\/b><\/p>\n

\nBeFra (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.<\/p>\n

Financial Statements<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Betterware de M\u00e9xico, S.A.P.I. de C.V.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Statements of Financial Position<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

As of September 30, 2026 and 2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(In Thousand Mexican Pesos)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Q3 2026<\/b><\/p>\n<\/td>\n

\n

Q3 2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Assets<\/b><\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nCash and cash equivalents<\/p>\n<\/td>\n

\n

\n522,177<\/p>\n<\/td>\n

\n

\n333,522<\/p>\n<\/td>\n<\/tr>\n

\n

\nTrade accounts receivable, net<\/p>\n<\/td>\n

\n

\n1,549,039<\/p>\n<\/td>\n

\n

\n1,191,536<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts receivable from related parties<\/p>\n<\/td>\n

\n

\n24<\/p>\n<\/td>\n

\n

\n18<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccount receivable “San Angel”<\/p>\n<\/td>\n

\n

\n48,981<\/p>\n<\/td>\n

\n

\n115,760<\/p>\n<\/td>\n<\/tr>\n

\n

\nInventories<\/p>\n<\/td>\n

\n

\n2,863,571<\/p>\n<\/td>\n

\n

\n2,300,381<\/p>\n<\/td>\n<\/tr>\n

\n

\nPrepaid expenses<\/p>\n<\/td>\n

\n

\n254,078<\/p>\n<\/td>\n

\n

\n174,063<\/p>\n<\/td>\n<\/tr>\n

\n

\nValue added tax receivable<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax recoverable<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n120,461<\/p>\n<\/td>\n<\/tr>\n

\n

\nDerivative financial instruments<\/p>\n<\/td>\n

\n

\n10,863<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-current assets held for sale<\/p>\n<\/td>\n

\n

\n40,000<\/p>\n<\/td>\n

\n

\n40,000<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther assets<\/p>\n<\/td>\n

\n

\n129,234<\/p>\n<\/td>\n

\n

\n118,183<\/p>\n<\/td>\n<\/tr>\n

\n

Total current assets<\/b><\/p>\n<\/td>\n

\n

\n5,417,967<\/p>\n<\/td>\n

\n

\n4,393,924<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccount receivable “San Angel”<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n48,703<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty, plant and equipment, net<\/p>\n<\/td>\n

\n

\n2,147,694<\/p>\n<\/td>\n

\n

\n1,713,003<\/p>\n<\/td>\n<\/tr>\n

\n

\nRight of use assets, net<\/p>\n<\/td>\n

\n

\n352,910<\/p>\n<\/td>\n

\n

\n291,221<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred income tax<\/p>\n<\/td>\n

\n

\n694,648<\/p>\n<\/td>\n

\n

\n525,086<\/p>\n<\/td>\n<\/tr>\n

\n

\nIntangible assets, net<\/p>\n<\/td>\n

\n

\n4,522,676<\/p>\n<\/td>\n

\n

\n1,513,648<\/p>\n<\/td>\n<\/tr>\n

\n

\nGoodwill<\/p>\n<\/td>\n

\n

\n1,599,718<\/p>\n<\/td>\n

\n

\n1,599,718<\/p>\n<\/td>\n<\/tr>\n

\n

\nRecoverable Taxes<\/p>\n<\/td>\n

\n

\n42,072<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther assets<\/p>\n<\/td>\n

\n

\n58,442<\/p>\n<\/td>\n

\n

\n14,257<\/p>\n<\/td>\n<\/tr>\n

\n

Total non-current assets<\/b><\/p>\n<\/td>\n

\n

\n9,418,160<\/p>\n<\/td>\n

\n

\n5,705,636<\/p>\n<\/td>\n<\/tr>\n

\n

Total assets<\/b><\/p>\n<\/td>\n

\n

\n14,836,127<\/p>\n<\/td>\n

\n

\n10,099,560<\/p>\n<\/td>\n<\/tr>\n

\n

Liabilities and Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nShort-term debt and borrowings<\/p>\n<\/td>\n

\n

\n1,059,066<\/p>\n<\/td>\n

\n

\n1,661,924<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts payable to suppliers<\/p>\n<\/td>\n

\n

\n2,393,618<\/p>\n<\/td>\n

\n

\n1,730,717<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued expenses<\/p>\n<\/td>\n

\n

\n620,153<\/p>\n<\/td>\n

\n

\n368,196<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvisions<\/p>\n<\/td>\n

\n

\n934,898<\/p>\n<\/td>\n

\n

\n668,882<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax payable<\/p>\n<\/td>\n

\n

\n56,779<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n<\/tr>\n

\n

\nValue added tax payable<\/p>\n<\/td>\n

\n

\n70,439<\/p>\n<\/td>\n

\n

\n54,662<\/p>\n<\/td>\n<\/tr>\n

\n

\nStatutory employee profit sharing<\/p>\n<\/td>\n

\n

\n158,332<\/p>\n<\/td>\n

\n

\n97,875<\/p>\n<\/td>\n<\/tr>\n

\n

\nLease liability<\/p>\n<\/td>\n

\n

\n169,716<\/p>\n<\/td>\n

\n

\n118,746<\/p>\n<\/td>\n<\/tr>\n

\n

\nDerivative financial instruments<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n33,563<\/p>\n<\/td>\n<\/tr>\n

\n

Total current liabilities<\/b><\/p>\n<\/td>\n

\n

\n5,463,001<\/p>\n<\/td>\n

\n

\n4,734,565<\/p>\n<\/td>\n<\/tr>\n

\n

\nEmployee benefits<\/p>\n<\/td>\n

\n

\n304,216<\/p>\n<\/td>\n

\n

\n142,485<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred income tax<\/p>\n<\/td>\n

\n

\n518,823<\/p>\n<\/td>\n

\n

\n495,118<\/p>\n<\/td>\n<\/tr>\n

\n

\nLease liability<\/p>\n<\/td>\n

\n

\n201,036<\/p>\n<\/td>\n

\n

\n193,055<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Liabilities<\/p>\n<\/td>\n

\n

\n2,093<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLong term debt and borrowings<\/p>\n<\/td>\n

\n

\n5,910,562<\/p>\n<\/td>\n

\n

\n3,242,407<\/p>\n<\/td>\n<\/tr>\n

\n

Total non-current liabilities<\/b><\/p>\n<\/td>\n

\n

\n6,936,730<\/p>\n<\/td>\n

\n

\n4,073,065<\/p>\n<\/td>\n<\/tr>\n

\n

Total liabilities<\/b><\/p>\n<\/td>\n

\n

\n12,399,731<\/p>\n<\/td>\n

\n

\n8,807,630<\/p>\n<\/td>\n<\/tr>\n

\n

Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCapital stock<\/p>\n<\/td>\n

\n

\n928,580<\/p>\n<\/td>\n

\n

\n321,312<\/p>\n<\/td>\n<\/tr>\n

\n

\nShare premium account<\/p>\n<\/td>\n

\n

\n-25,264<\/p>\n<\/td>\n

\n

\n-25,264<\/p>\n<\/td>\n<\/tr>\n

\n

\nRetained earnings<\/p>\n<\/td>\n

\n

\n1,526,625<\/p>\n<\/td>\n

\n

\n1,036,602<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther comprehensive income<\/p>\n<\/td>\n

\n

\n8,222<\/p>\n<\/td>\n

\n

\n-37,187<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-controlling interest<\/p>\n<\/td>\n

\n

\n-1,767<\/p>\n<\/td>\n

\n

\n-3,533<\/p>\n<\/td>\n<\/tr>\n

\n

Total Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n

\n

\n2,436,396<\/p>\n<\/td>\n

\n

\n1,291,930<\/p>\n<\/td>\n<\/tr>\n

\n

Total Liabilities and Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n

\n

\n14,836,127<\/p>\n<\/td>\n

\n

\n10,099,560<\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Betterware de M\u00e9xico, S.A.P.I. de C.V.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Statements of Profit or Loss and Other Comprehensive Income<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

For the three and nine months ended September 30, 2026 and 2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(In Thousand Mexican Pesos)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Q3 2026<\/b><\/p>\n<\/td>\n

\n

Q3 2025<\/b><\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n

\n

9M 26<\/b><\/p>\n<\/td>\n

\n

\n9M 25<\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet revenue<\/p>\n<\/td>\n

\n

\n4,832,314<\/p>\n<\/td>\n

\n

\n3,377,299<\/p>\n<\/td>\n

\n

\n43.1%<\/p>\n<\/td>\n

\n

\n12,503,368<\/p>\n<\/td>\n

\n

\n10,439,093<\/p>\n<\/td>\n

\n

\n19.8%<\/p>\n<\/td>\n<\/tr>\n

\n

\nCost of sales<\/p>\n<\/td>\n

\n

\n1,734,933<\/p>\n<\/td>\n

\n

\n1,064,701<\/p>\n<\/td>\n

\n

\n63.0%<\/p>\n<\/td>\n

\n

\n4,354,453<\/p>\n<\/td>\n

\n

\n3,418,781<\/p>\n<\/td>\n

\n

\n27.4%<\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit<\/b><\/p>\n<\/td>\n

\n

\n3,097,381<\/p>\n<\/td>\n

\n

\n2,312,598<\/p>\n<\/td>\n

\n

\n33.9%<\/p>\n<\/td>\n

\n

\n8,148,915<\/p>\n<\/td>\n

\n

\n7,020,312<\/p>\n<\/td>\n

\n

\n16.1%<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdministrative expenses<\/p>\n<\/td>\n

\n

\n834,725<\/p>\n<\/td>\n

\n

\n564,547<\/p>\n<\/td>\n

\n

\n47.9%<\/p>\n<\/td>\n

\n

\n2,189,945<\/p>\n<\/td>\n

\n

\n1,886,385<\/p>\n<\/td>\n

\n

\n16.1%<\/p>\n<\/td>\n<\/tr>\n

\n

\nSelling expenses<\/p>\n<\/td>\n

\n

\n1,129,768<\/p>\n<\/td>\n

\n

\n961,693<\/p>\n<\/td>\n

\n

\n17.5%<\/p>\n<\/td>\n

\n

\n3,246,403<\/p>\n<\/td>\n

\n

\n2,976,073<\/p>\n<\/td>\n

\n

\n9.1%<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistribution expenses<\/p>\n<\/td>\n

\n

\n253,500<\/p>\n<\/td>\n

\n

\n159,282<\/p>\n<\/td>\n

\n

\n59.2%<\/p>\n<\/td>\n

\n

\n632,691<\/p>\n<\/td>\n

\n

\n514,655<\/p>\n<\/td>\n

\n

\n22.9%<\/p>\n<\/td>\n<\/tr>\n

\n

Total expenses<\/b><\/p>\n<\/td>\n

\n

\n2,217,993<\/p>\n<\/td>\n

\n

\n1,685,522<\/p>\n<\/td>\n

\n

\n31.6%<\/p>\n<\/td>\n

\n

\n6,069,039<\/p>\n<\/td>\n

\n

\n5,377,113<\/p>\n<\/td>\n

\n

\n12.9%<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating income<\/b><\/p>\n<\/td>\n

\n

\n879,388<\/p>\n<\/td>\n

\n

\n627,076<\/p>\n<\/td>\n

\n

\n40.2%<\/p>\n<\/td>\n

\n

\n2,079,876<\/p>\n<\/td>\n

\n

\n1,643,199<\/p>\n<\/td>\n

\n

\n26.6%<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense<\/p>\n<\/td>\n

\n

\n-168,301<\/p>\n<\/td>\n

\n

\n-131,907<\/p>\n<\/td>\n

\n

\n27.6%<\/p>\n<\/td>\n

\n

\n-389,570<\/p>\n<\/td>\n

\n

\n-422,219<\/p>\n<\/td>\n

\n

\n-7.7%<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest income<\/p>\n<\/td>\n

\n

\n7,059<\/p>\n<\/td>\n

\n

\n5,473<\/p>\n<\/td>\n

\n

\n29.0%<\/p>\n<\/td>\n

\n

\n23,207<\/p>\n<\/td>\n

\n

\n29,451<\/p>\n<\/td>\n

\n

\n-21.2%<\/p>\n<\/td>\n<\/tr>\n

\n

\nUnrealized gain (loss) in valuation of financial derivative instruments<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n-108,846<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nForeign exchange loss, net<\/p>\n<\/td>\n

\n

\n1,808<\/p>\n<\/td>\n

\n

\n1,038<\/p>\n<\/td>\n

\n

\n74.2%<\/p>\n<\/td>\n

\n

\n-11,602<\/p>\n<\/td>\n

\n

\n73,165<\/p>\n<\/td>\n

\n

\n-115.9%<\/p>\n<\/td>\n<\/tr>\n

\n

Financing cost, net<\/b><\/p>\n<\/td>\n

\n

\n-159,434<\/p>\n<\/td>\n

\n

\n-125,396<\/p>\n<\/td>\n

\n

\n27.1%<\/p>\n<\/td>\n

\n

\n-377,965<\/p>\n<\/td>\n

\n

\n-428,449<\/p>\n<\/td>\n

\n

\n-11.8%<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Income before income taxes<\/b><\/p>\n<\/td>\n

\n

\n719,954<\/p>\n<\/td>\n

\n

\n501,680<\/p>\n<\/td>\n

\n

\n43.5%<\/p>\n<\/td>\n

\n

\n1,701,911<\/p>\n<\/td>\n

\n

\n1,214,750<\/p>\n<\/td>\n

\n

\n40.1%<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome taxes<\/p>\n<\/td>\n

\n

\n329,631<\/p>\n<\/td>\n

\n

\n188,055<\/p>\n<\/td>\n

\n

\n75.3%<\/p>\n<\/td>\n

\n

\n635,622<\/p>\n<\/td>\n

\n

\n423,728<\/p>\n<\/td>\n

\n

\n50.0%<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net income including minority interest<\/b><\/p>\n<\/td>\n

\n

\n390,323<\/p>\n<\/td>\n

\n

\n313,625<\/p>\n<\/td>\n

\n

\n24.5%<\/p>\n<\/td>\n

\n

\n1,066,289<\/p>\n<\/td>\n

\n

\n791,022<\/p>\n<\/td>\n

\n

\n34.8%<\/p>\n<\/td>\n<\/tr>\n

\n

Non-controlling interest gain (loss)<\/b><\/p>\n<\/td>\n

\n

\n-23<\/p>\n<\/td>\n

\n

\n580<\/p>\n<\/td>\n

\n

\n-104.0%<\/p>\n<\/td>\n

\n

\n-60<\/p>\n<\/td>\n

\n

\n1,883<\/p>\n<\/td>\n

\n

\n-103.2%<\/p>\n<\/td>\n<\/tr>\n

\n

Net income<\/b><\/p>\n<\/td>\n

\n

\n390,300<\/p>\n<\/td>\n

\n

\n314,205<\/p>\n<\/td>\n

\n

\n24.2%<\/p>\n<\/td>\n

\n

\n1,066,229<\/p>\n<\/td>\n

\n

\n792,905<\/p>\n<\/td>\n

\n

\n34.5%<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Concept<\/b><\/p>\n<\/td>\n

\n

\nQ3 2026<\/p>\n<\/td>\n

\n

\nQ3 2025<\/p>\n<\/td>\n

\n

\n\u2206<\/p>\n<\/td>\n

\n

\n9M 26<\/p>\n<\/td>\n

\n

\n9M 25<\/p>\n<\/td>\n

\n

\n\u2206<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income<\/p>\n<\/td>\n

\n

\n390,323<\/p>\n<\/td>\n

\n

\n313,625<\/p>\n<\/td>\n

\n

\n24.5%<\/p>\n<\/td>\n

\n

\n1,066,289<\/p>\n<\/td>\n

\n

\n791,022<\/p>\n<\/td>\n

\n

\n34.8%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(+) Income taxes<\/p>\n<\/td>\n

\n

\n329,631<\/p>\n<\/td>\n

\n

\n188,055<\/p>\n<\/td>\n

\n

\n75.3%<\/p>\n<\/td>\n

\n

\n635,622<\/p>\n<\/td>\n

\n

\n423,728<\/p>\n<\/td>\n

\n

\n50.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(+) Financing cost, net<\/p>\n<\/td>\n

\n

\n159,434<\/p>\n<\/td>\n

\n

\n125,396<\/p>\n<\/td>\n

\n

\n27.1%<\/p>\n<\/td>\n

\n

\n377,965<\/p>\n<\/td>\n

\n

\n428,449<\/p>\n<\/td>\n

\n

\n-11.8%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(+) Depreciation and amortization<\/p>\n<\/td>\n

\n

\n128,987<\/p>\n<\/td>\n

\n

\n95,073<\/p>\n<\/td>\n

\n

\n35.7%<\/p>\n<\/td>\n

\n

\n318,851<\/p>\n<\/td>\n

\n

\n293,027<\/p>\n<\/td>\n

\n

\n8.8%<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA<\/b><\/p>\n<\/td>\n

\n

\n1,008,375<\/p>\n<\/td>\n

\n

\n722,149<\/p>\n<\/td>\n

\n

\n39.6%<\/p>\n<\/td>\n

\n

\n2,398,727<\/p>\n<\/td>\n

\n

\n1,936,226<\/p>\n<\/td>\n

\n

\n23.9%<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA margin<\/b><\/p>\n<\/td>\n

\n

\n20.9%<\/p>\n<\/td>\n

\n

\n21.4%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19.2%<\/p>\n<\/td>\n

\n

\n18.5%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Betterware de M\u00e9xico, S.A.P.I. de C.V.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Statements of Cash Flows<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

For the three and nine months ended September 30, 2026 and 2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(In Thousand Mexican Pesos)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

Q3 2026<\/b><\/p>\n<\/td>\n

\n

Q3 2025<\/b><\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n

\n

9M 26<\/b><\/p>\n<\/td>\n

\n

\n9M 25<\/p>\n<\/td>\n

\n

\u2206<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Cash flows from operating activities:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProfit for the period<\/p>\n<\/td>\n

\n

\n390,323<\/p>\n<\/td>\n

\n

\n313,625<\/p>\n<\/td>\n

\n

\n24.5%<\/p>\n<\/td>\n

\n

\n1,066,289<\/p>\n<\/td>\n

\n

\n791,022<\/p>\n<\/td>\n

\n

\n34.8%<\/p>\n<\/td>\n<\/tr>\n

\n

Adjustments for:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense recognized in profit of the year<\/p>\n<\/td>\n

\n

\n329,631<\/p>\n<\/td>\n

\n

\n188,055<\/p>\n<\/td>\n

\n

\n75.3%<\/p>\n<\/td>\n

\n

\n635,622<\/p>\n<\/td>\n

\n

\n423,728<\/p>\n<\/td>\n

\n

\n50.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization of non-current assets<\/p>\n<\/td>\n

\n

\n128,987<\/p>\n<\/td>\n

\n

\n95,073<\/p>\n<\/td>\n

\n

\n35.7%<\/p>\n<\/td>\n

\n

\n318,851<\/p>\n<\/td>\n

\n

\n293,027<\/p>\n<\/td>\n

\n

\n8.8%<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest income recognized in profit or loss<\/p>\n<\/td>\n

\n

\n-7,059<\/p>\n<\/td>\n

\n

\n-5,473<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-23,207<\/p>\n<\/td>\n

\n

\n-29,451<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense recognized in profit or loss<\/p>\n<\/td>\n

\n

\n168,301<\/p>\n<\/td>\n

\n

\n131,907<\/p>\n<\/td>\n

\n

\n27.6%<\/p>\n<\/td>\n

\n

\n389,570<\/p>\n<\/td>\n

\n

\n422,219<\/p>\n<\/td>\n

\n

\n-7.7%<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain (loss) on disposal of equipment<\/p>\n<\/td>\n

\n

\n-805<\/p>\n<\/td>\n

\n

\n-1,166<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-1,809<\/p>\n<\/td>\n

\n

\n-8,147<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nUnrealized loss (gain) in valuation of financial derivative instruments<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n32<\/p>\n<\/td>\n

\n

\n-100.0%<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n108,878<\/p>\n<\/td>\n

\n

\n-100.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMovements in not- controlling interest<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n34<\/p>\n<\/td>\n

\n

\n-100.0%<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n72<\/p>\n<\/td>\n

\n

\n-100.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTranslation currency effect<\/p>\n<\/td>\n

\n

\n-25,798<\/p>\n<\/td>\n

\n

\n3,866<\/p>\n<\/td>\n

\n

\n-767.3%<\/p>\n<\/td>\n

\n

\n-27,430<\/p>\n<\/td>\n

\n

\n20,420<\/p>\n<\/td>\n

\n

\n-234.3%<\/p>\n<\/td>\n<\/tr>\n

\n

\nDefined benefit Cost<\/p>\n<\/td>\n

\n

\n-27,940<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n

\n

\n-24,466<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Movements in working capital:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTrade accounts receivable<\/p>\n<\/td>\n

\n

\n-50,367<\/p>\n<\/td>\n

\n

\n-70,565<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-62,875<\/p>\n<\/td>\n

\n

\n-58,443<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTrade accounts receivable from related parties<\/p>\n<\/td>\n

\n

\n-4,776<\/p>\n<\/td>\n

\n

\n-18<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n79,054<\/p>\n<\/td>\n

\n

\n232<\/p>\n<\/td>\n

\n

\n33975.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTrade account receivable “San Angel”<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n-3,913<\/p>\n<\/td>\n

\n

\n-100.0%<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n47,159<\/p>\n<\/td>\n

\n

\n-100.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nInventory, net<\/p>\n<\/td>\n

\n

\n-155,381<\/p>\n<\/td>\n

\n

\n63,779<\/p>\n<\/td>\n

\n

\n-343.6%<\/p>\n<\/td>\n

\n

\n-279,236<\/p>\n<\/td>\n

\n

\n204,712<\/p>\n<\/td>\n

\n

\n-236.4%<\/p>\n<\/td>\n<\/tr>\n

\n

\nPrepaid expenses and other assets<\/p>\n<\/td>\n

\n

\n222,464<\/p>\n<\/td>\n

\n

\n43,693<\/p>\n<\/td>\n

\n

\n409.2%<\/p>\n<\/td>\n

\n

\n-34,068<\/p>\n<\/td>\n

\n

\n-58,014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts payable to suppliers and accrued expenses<\/p>\n<\/td>\n

\n

\n97,684<\/p>\n<\/td>\n

\n

\n-80,660<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n488,915<\/p>\n<\/td>\n

\n

\n-441,500<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvisions<\/p>\n<\/td>\n

\n

\n-15,447<\/p>\n<\/td>\n

\n

\n-96,260<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-2,130<\/p>\n<\/td>\n

\n

\n-80,036<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nValue added tax payable<\/p>\n<\/td>\n

\n

\n55,632<\/p>\n<\/td>\n

\n

\n-6,048<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12,629<\/p>\n<\/td>\n

\n

\n-16,530<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTrade accounts payable to related parties<\/p>\n<\/td>\n

\n

\n4,496<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n

\n

\n-87,457<\/p>\n<\/td>\n

\n

\n-1,237<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Liabilities<\/p>\n<\/td>\n

\n

\n2,093<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n

\n

\n2,093<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nStatutory employee profit sharing<\/p>\n<\/td>\n

\n

\n31,457<\/p>\n<\/td>\n

\n

\n30,757<\/p>\n<\/td>\n

\n

\n2.3%<\/p>\n<\/td>\n

\n

\n-3,404<\/p>\n<\/td>\n

\n

\n-41,380<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome taxes paid<\/p>\n<\/td>\n

\n

\n-179,358<\/p>\n<\/td>\n

\n

\n-41,457<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-508,699<\/p>\n<\/td>\n

\n

\n-445,478<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEmployee benefits<\/p>\n<\/td>\n

\n

\n-7,477<\/p>\n<\/td>\n

\n

\n5,361<\/p>\n<\/td>\n

\n

\n-239.5%<\/p>\n<\/td>\n

\n

\n-320<\/p>\n<\/td>\n

\n

\n14,173<\/p>\n<\/td>\n

\n

\n-102.3%<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash generated by operating activities<\/b><\/p>\n<\/td>\n

\n

\n956,660<\/p>\n<\/td>\n

\n

\n570,622<\/p>\n<\/td>\n

\n

\n67.7%<\/p>\n<\/td>\n

\n

\n1,937,922<\/p>\n<\/td>\n

\n

\n1,145,426<\/p>\n<\/td>\n

\n

\n69.2%<\/p>\n<\/td>\n<\/tr>\n

\n

Cash flows from investing activities:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPayment for investment in subsidiaries<\/p>\n<\/td>\n

\n

\n-3,223,187<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n

\n

\n-3,406,664<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestricted cash by Escrow<\/p>\n<\/td>\n

\n

\n13,344<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPurchase of intangible assets<\/p>\n<\/td>\n

\n

\n3,036,338<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPayments for property, plant and equipment, net<\/p>\n<\/td>\n

\n

\n90,658<\/p>\n<\/td>\n

\n

\n-18,859<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-140,149<\/p>\n<\/td>\n

\n

\n-61,767<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProceeds from disposal of property, plant and equipment, net<\/p>\n<\/td>\n

\n

\n13,055<\/p>\n<\/td>\n

\n

\n1,810<\/p>\n<\/td>\n

\n

\n621.3%<\/p>\n<\/td>\n

\n

\n18,659<\/p>\n<\/td>\n

\n

\n6,225<\/p>\n<\/td>\n

\n

\n199.7%<\/p>\n<\/td>\n<\/tr>\n

\n

\nProceeds from disposal of buildings<\/p>\n<\/td>\n

\n

\n-1,158<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n

\n

\n54,570<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest received<\/p>\n<\/td>\n

\n

\n7,059<\/p>\n<\/td>\n

\n

\n5,473<\/p>\n<\/td>\n

\n

\n29.0%<\/p>\n<\/td>\n

\n

\n23,207<\/p>\n<\/td>\n

\n

\n29,451<\/p>\n<\/td>\n

\n

\n-21.2%<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash used in investing activities<\/b><\/p>\n<\/td>\n

\n

\n-63,891<\/p>\n<\/td>\n

\n

\n-11,576<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-3,450,377<\/p>\n<\/td>\n

\n

\n-26,091<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Cash flows from financing activities:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRepayment of borrowings<\/p>\n<\/td>\n

\n

\n-2,628,700<\/p>\n<\/td>\n

\n

\n-1,799,264<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-8,179,250<\/p>\n<\/td>\n

\n

\n-3,914,700<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProceeds from borrowings<\/p>\n<\/td>\n

\n

\n2,326,700<\/p>\n<\/td>\n

\n

\n1,580,764<\/p>\n<\/td>\n

\n

\n47.2%<\/p>\n<\/td>\n

\n

\n11,170,750<\/p>\n<\/td>\n

\n

\n4,031,200<\/p>\n<\/td>\n

\n

\n177.1%<\/p>\n<\/td>\n<\/tr>\n

\n

\nCosts emission<\/p>\n<\/td>\n

\n

\n-97,068<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n

\n

\n-98,861<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n100.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest paid<\/p>\n<\/td>\n

\n

\n-190,806<\/p>\n<\/td>\n

\n

\n-159,262<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-396,800<\/p>\n<\/td>\n

\n

\n-431,383<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLease payment<\/p>\n<\/td>\n

\n

\n-57,449<\/p>\n<\/td>\n

\n

\n-39,970<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-147,080<\/p>\n<\/td>\n

\n

\n-118,787<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDividends paid<\/p>\n<\/td>\n

\n

\n-244,341<\/p>\n<\/td>\n

\n

\n-199,576<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n-642,471<\/p>\n<\/td>\n

\n

\n-648,701<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet cash used in financing activities<\/p>\n<\/td>\n

\n

\n-891,664<\/p>\n<\/td>\n

\n

\n-617,308<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,706,288<\/p>\n<\/td>\n

\n

\n-1,082,371<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet increase (decrease) in cash and cash equivalents<\/p>\n<\/td>\n

\n

\n1,105<\/p>\n<\/td>\n

\n

\n-58,262<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n193,833<\/p>\n<\/td>\n

\n

\n36,964<\/p>\n<\/td>\n

\n

\n424.4%<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents at the beginning of the period<\/p>\n<\/td>\n

\n

\n521,072<\/p>\n<\/td>\n

\n

\n391,784<\/p>\n<\/td>\n

\n

\n33.0%<\/p>\n<\/td>\n

\n

\n328,344<\/p>\n<\/td>\n

\n

\n296,558<\/p>\n<\/td>\n

\n

\n10.7%<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents at the end of the period<\/p>\n<\/td>\n

\n

\n522,177<\/p>\n<\/td>\n

\n

\n333,522<\/p>\n<\/td>\n

\n

\n56.6%<\/p>\n<\/td>\n

\n

\n522,177<\/p>\n<\/td>\n

\n

\n333,522<\/p>\n<\/td>\n

\n

\n56.6%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Appendix<\/b><\/p>\n

IFRS to Non-IFRS Reconciliation<\/b><\/p>\n\n\n\n\n\n\n\n\n
\n

\nFCF<\/p>\n<\/td>\n<\/tr>\n

\n

‘000<\/i><\/p>\n<\/td>\n

\n

\n9M26<\/p>\n<\/td>\n

\n

\n9M25<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash generated by operating activities<\/b><\/p>\n<\/td>\n

\n

\n1,937,922<\/p>\n<\/td>\n

\n

\n1,098,267<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Payments for property, plant and equipment, net<\/p>\n<\/td>\n

\n

\n(140,149)<\/p>\n<\/td>\n

\n

\n(61,767)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Proceeds from disposal of property, plant and equipment, net<\/p>\n<\/td>\n

\n

\n18,659<\/p>\n<\/td>\n

\n

\n6,225<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Proceeds from disposal of buildings<\/p>\n<\/td>\n

\n

\n54,570<\/p>\n<\/td>\n

\n

\n47,159<\/p>\n<\/td>\n<\/tr>\n

\n

Free Cash Flow<\/b><\/p>\n<\/td>\n

\n

\n1,871,002<\/p>\n<\/td>\n

\n

\n1,089,884<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

\nNOPAT<\/p>\n<\/td>\n<\/tr>\n

\n

‘000<\/i><\/p>\n<\/td>\n

\n

\n3Q26<\/p>\n<\/td>\n

\n

\n3Q25<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Income<\/b><\/p>\n<\/td>\n

\n

\n879,388<\/p>\n<\/td>\n

\n

\n627,076<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome Taxes<\/p>\n<\/td>\n

\n

\n329,631<\/p>\n<\/td>\n

\n

\n188,055<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome before income taxes<\/p>\n<\/td>\n

\n

\n719,954<\/p>\n<\/td>\n

\n

\n501,680<\/p>\n<\/td>\n<\/tr>\n

\n

NOPAT<\/b><\/p>\n<\/td>\n

\n

\n476,760<\/p>\n<\/td>\n

\n

\n392,016<\/p>\n<\/td>\n<\/tr>\n

\n

*Formula = Operating Income*[1- (Income Taxes \/ Income before income taxes)]<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

\nNet Debt<\/p>\n<\/td>\n<\/tr>\n

\n

‘000<\/i><\/p>\n<\/td>\n

\n

\n3Q26<\/p>\n<\/td>\n

\n

\n3Q25<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Short-Term Debt<\/p>\n<\/td>\n

\n

\n1,228,782<\/p>\n<\/td>\n

\n

\n1,780,670<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Long-Term Debt<\/p>\n<\/td>\n

\n

\n6,111,598<\/p>\n<\/td>\n

\n

\n3,435,462<\/p>\n<\/td>\n<\/tr>\n

\n

Total Debt<\/b><\/p>\n<\/td>\n

\n

\n7,340,380<\/p>\n<\/td>\n

\n

\n5,216,132<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Cash & Equivalents<\/p>\n<\/td>\n

\n

\n522,177<\/p>\n<\/td>\n

\n

\n333,522<\/p>\n<\/td>\n<\/tr>\n

\n

Net Debt<\/b><\/p>\n<\/td>\n

\n

\n6,818,203<\/p>\n<\/td>\n

\n

\n4,882,610<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

\nEBITDA<\/p>\n<\/td>\n<\/tr>\n

\n

‘000<\/i><\/p>\n<\/td>\n

\n

\n3Q26<\/p>\n<\/td>\n

\n

\n3Q25<\/p>\n<\/td>\n

\n

\n9M26<\/p>\n<\/td>\n

\n

\n9M25<\/p>\n<\/td>\n<\/tr>\n

\n

Net income (including minority interest)<\/b><\/p>\n<\/td>\n

\n

\n390,323<\/p>\n<\/td>\n

\n

\n313,625<\/p>\n<\/td>\n

\n

\n1,066,289<\/p>\n<\/td>\n

\n

\n791,022<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Income taxes<\/p>\n<\/td>\n

\n

\n329,631<\/p>\n<\/td>\n

\n

\n188,055<\/p>\n<\/td>\n

\n

\n635,622<\/p>\n<\/td>\n

\n

\n423,728<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Financing cost, net<\/p>\n<\/td>\n

\n

\n159,434<\/p>\n<\/td>\n

\n

\n125,396<\/p>\n<\/td>\n

\n

\n377,965<\/p>\n<\/td>\n

\n

\n428,449<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Depreciation and amortization<\/p>\n<\/td>\n

\n

\n128,987<\/p>\n<\/td>\n

\n

\n95,073<\/p>\n<\/td>\n

\n

\n318,851<\/p>\n<\/td>\n

\n

\n293,027<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA<\/b><\/p>\n<\/td>\n

\n

\n1,008,375<\/p>\n<\/td>\n

\n

\n722,149<\/p>\n<\/td>\n

\n

\n2,398,727<\/p>\n<\/td>\n

\n

\n1,936,226<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
\n

\nOrganic Revenue<\/p>\n<\/td>\n<\/tr>\n

\n

‘000<\/i><\/p>\n<\/td>\n

\n

\n3Q26<\/p>\n<\/td>\n

\n

\n3Q25<\/p>\n<\/td>\n

\n

\n9M26<\/p>\n<\/td>\n

\n

\n9M25<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Betterware Brand Revenue<\/p>\n<\/td>\n

\n

\n1,522,864<\/p>\n<\/td>\n

\n

\n1,387,586<\/p>\n<\/td>\n

\n

\n4,474,307<\/p>\n<\/td>\n

\n

\n4,249,244<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Jafra Brand Revenue<\/p>\n<\/td>\n

\n

\n1,933,606<\/p>\n<\/td>\n

\n

\n1,989,713<\/p>\n<\/td>\n

\n

\n6,202,242<\/p>\n<\/td>\n

\n

\n6,189,849<\/p>\n<\/td>\n<\/tr>\n

\n

Organic Revenue<\/b><\/p>\n<\/td>\n

\n

\n3,456,470<\/p>\n<\/td>\n

\n

\n3,377,299<\/p>\n<\/td>\n

\n

\n10,676,549<\/p>\n<\/td>\n

\n

\n10,439,093<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Tupperware Latam Brand Revenue<\/p>\n<\/td>\n

\n

\n1,375,843<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n1,826,817<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n<\/tr>\n

\n

Total Revenue<\/b><\/p>\n<\/td>\n

\n

\n4,832,313<\/p>\n<\/td>\n

\n

\n3,377,299<\/p>\n<\/td>\n

\n

\n12,503,366<\/p>\n<\/td>\n

\n

\n10,439,093<\/p>\n<\/td>\n<\/tr>\n

\n

*Tupperware 9M revenue considers since the acquisition in June 2026<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
\n

\nOrganic EBITDA<\/p>\n<\/td>\n<\/tr>\n

\n

‘000<\/i><\/p>\n<\/td>\n

\n

\n3Q26<\/p>\n<\/td>\n

\n

\n3Q25<\/p>\n<\/td>\n

\n

\n9M26<\/p>\n<\/td>\n

\n

\n9M25<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Betterware Brand EBITDA<\/p>\n<\/td>\n

\n

\n322,372<\/p>\n<\/td>\n

\n

\n312,669<\/p>\n<\/td>\n

\n

\n912,667<\/p>\n<\/td>\n

\n

\n864,907<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Jafra Brand EBITDA<\/p>\n<\/td>\n

\n

\n327,245<\/p>\n<\/td>\n

\n

\n409,480<\/p>\n<\/td>\n

\n

\n1,003,811<\/p>\n<\/td>\n

\n

\n1,071,319<\/p>\n<\/td>\n<\/tr>\n

\n

Organic EBITDA<\/b><\/p>\n<\/td>\n

\n

\n649,617<\/p>\n<\/td>\n

\n

\n722,149<\/p>\n<\/td>\n

\n

\n1,916,478<\/p>\n<\/td>\n

\n

\n1,936,226<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Tupperware Latam Brand EBITDA<\/p>\n<\/td>\n

\n

\n358,764<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n482,249<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n<\/tr>\n

\n

Total EBITDA<\/b><\/p>\n<\/td>\n

\n

\n1,008,381<\/p>\n<\/td>\n

\n

\n722,149<\/p>\n<\/td>\n

\n

\n2,398,727<\/p>\n<\/td>\n

\n

\n1,936,226<\/p>\n<\/td>\n<\/tr>\n

\n

*Tupperware 9M EBITDA considers since the acquisition in June 2026<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
\n

\nBasic EPS<\/p>\n<\/td>\n<\/tr>\n

\n

‘000<\/i><\/p>\n<\/td>\n

\n

\n3Q26<\/p>\n<\/td>\n

\n

\n3Q25<\/p>\n<\/td>\n

\n

\n9M26<\/p>\n<\/td>\n

\n

\n9M25<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Income<\/p>\n<\/td>\n

\n

\n390,300<\/p>\n<\/td>\n

\n

\n314,205<\/p>\n<\/td>\n

\n

\n1,066,229<\/p>\n<\/td>\n

\n

\n792,905<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average shares outstanding<\/p>\n<\/td>\n

\n

\n39,485<\/p>\n<\/td>\n

\n

\n37,317<\/p>\n<\/td>\n

\n

\n38,237<\/p>\n<\/td>\n

\n

\n37,317<\/p>\n<\/td>\n<\/tr>\n

\n

Basic EPS<\/b><\/p>\n<\/td>\n

\n

\n9.9<\/p>\n<\/td>\n

\n

\n8.4<\/p>\n<\/td>\n

\n

\n27.9<\/p>\n<\/td>\n

\n

\n21.2<\/p>\n<\/td>\n<\/tr>\n

\n

\nTW net income combined<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n668,098<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n<\/tr>\n

\n

Basic EPS Combined<\/b><\/p>\n<\/td>\n

\n

\n9.9<\/p>\n<\/td>\n

\n

\n8.4<\/p>\n<\/td>\n

\n

\n45.4<\/p>\n<\/td>\n

\n

\n21.2<\/p>\n<\/td>\n<\/tr>\n

\n

*Basic EPS Formula = Net income \/ weighted average shares<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

*Basic EPS Combined Formula = [(Net income + TW net income combined) \/ weighted average shares]<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20261022350192\/en\/<\/a><\/span><\/p>\n

BeFra IR
\n<\/b>
iroffice@better.com.mx
\n<\/a>
+52 1 33 4274 5904<\/p>\n

InspIR:
\n<\/b>
Barbara Cano\/Ivan Peill
\n
barbara@inspirgroup.com
\n<\/a>
ivan@inspirgroup.com<\/a><\/p>\n

KEYWORDS:<\/b> Latin America Mexico Central America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Catalog Home Goods Online Retail Cosmetics Retail<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

BeFra Reports Third Quarter 2026 Results GUADALAJARA, Mexico–(BUSINESS WIRE)– Betterware de M\u00e9xico, S.A.P.I. de C.V. (NYSE: BWMX) (“BeFra” or the “Company”), announced today its unaudited consolidated financial results for the third quarter ended September 30, 2026. The figures presented in this report are expressed in nominal Mexican Pesos (MXN) unless otherwise noted, presented and approved by the Board of Directors, prepared in accordance with IFRS, and may include minor differences due to rounding. Message from the President and CEO Our third quarter results marked a significant step in BeFra\u2019s evolution, expanding our scale, brand diversification, geographic reach, and overall financial strength. At group level, revenue increased 43.1% year over year, reaching an all-time high of $4,832 M MXN, reflecting Tupperware\u00b4s … <\/p>\n

Continue reading “BeFra Reports Third Quarter 2026 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1012903","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBeFra Reports Third Quarter 2026 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/befra-reports-third-quarter-2026-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BeFra Reports Third Quarter 2026 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"BeFra Reports Third Quarter 2026 Results GUADALAJARA, Mexico–(BUSINESS WIRE)– Betterware de M\u00e9xico, S.A.P.I. de C.V. (NYSE: BWMX) (“BeFra” or the “Company”), announced today its unaudited consolidated financial results for the third quarter ended September 30, 2026. The figures presented in this report are expressed in nominal Mexican Pesos (MXN) unless otherwise noted, presented and approved by the Board of Directors, prepared in accordance with IFRS, and may include minor differences due to rounding. Message from the President and CEO Our third quarter results marked a significant step in BeFra\u2019s evolution, expanding our scale, brand diversification, geographic reach, and overall financial strength. 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