{"id":954411,"date":"2026-04-23T16:35:30","date_gmt":"2026-04-23T20:35:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/befra-reports-first-quarter-2026-results\/"},"modified":"2026-04-23T16:35:30","modified_gmt":"2026-04-23T20:35:30","slug":"befra-reports-first-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/befra-reports-first-quarter-2026-results\/","title":{"rendered":"BeFra Reports First Quarter 2026 Results"},"content":{"rendered":"

<\/p>\n

BeFra Reports First 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 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.<\/p>\n

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

\nWe 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\u2019s business model in a still challenging macro environment and continued progress enhancing commercial and operational execution across our brand platform.<\/p>\n

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

Profitability <\/b>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<\/b> remained solid, supported by these profitability gains and our continued focus on working capital discipline.<\/p>\n

\nOur geographic expansion strategy<\/b> 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\u2019s fourth largest economy, during the first week of March, marking another important milestone in our regional growth strategy.<\/p>\n

\nThe acquisition of Tupperware\u2019s<\/b> 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.<\/p>\n

\nIn 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.<\/p>\n

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

Q1 2026 Select Consolidated Financial Information<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

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

\n

Q1<\/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

\u220626 vs 25<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$3,509,702<\/p>\n<\/td>\n

\n

\n$3,499,151<\/p>\n<\/td>\n

\n

\n0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n66.3%<\/p>\n<\/td>\n

\n

\n66.2%<\/p>\n<\/td>\n

\n

\n10 bps<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$609,913<\/p>\n<\/td>\n

\n

\n$535,263<\/p>\n<\/td>\n

\n

\n13.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n17.4%<\/p>\n<\/td>\n

\n

\n15.3%<\/p>\n<\/td>\n

\n

\n211 bps<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$281,361<\/p>\n<\/td>\n

\n

\n$150,728<\/p>\n<\/td>\n

\n

\n86.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$7.54<\/p>\n<\/td>\n

\n

\n$4.06<\/p>\n<\/td>\n

\n

\n85.7%<\/p>\n<\/td>\n<\/tr>\n

\n

\nFree Cash Flow<\/p>\n<\/td>\n

\n

\n$351,543<\/p>\n<\/td>\n

\n

\n-$55,841<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n1.50<\/p>\n<\/td>\n

\n

\n2.08<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n4.74<\/p>\n<\/td>\n

\n

\n3.20<\/p>\n<\/td>\n

\n

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

Associates<\/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<\/tr>\n

\n

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

\n

\n1,125,030<\/p>\n<\/td>\n

\n

\n1,138,418<\/p>\n<\/td>\n

\n

\n-1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n1,120,638<\/p>\n<\/td>\n

\n

\n1,122,047<\/p>\n<\/td>\n

\n

\n-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

Distributors<\/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<\/tr>\n

\n

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

\n

\n61,641<\/p>\n<\/td>\n

\n

\n61,856<\/p>\n<\/td>\n

\n

\n-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n62,837<\/p>\n<\/td>\n

\n

\n62,505<\/p>\n<\/td>\n

\n

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

Revenue<\/b>: Net revenue increased slightly during the quarter, reflecting early signs of recovery across BeFra\u2019s 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\u2019s 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.<\/p>\n

Profitability: <\/b>All business units delivered improved profitability during the quarter, reflecting the effectiveness of margin-focused initiatives across BeFra\u2019s brand platform. EBITDA increased 13.9% YoY, with margin expanding 211 bps YoY to 17.4%, in line with management\u2019s 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.<\/p>\n

Cash Flow: <\/b>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\u2019s balance sheet, with Net Debt-to-EBITDA improving to 1.50x from 2.08x in 1Q25 and 1.56x in 4Q25.<\/p>\n

2026 Focus:<\/b> 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.<\/p>\n

Financial Performance
\n
<\/b>Balance sheet at the end of Q1 2026.<\/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

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

\n\nAsset Light Business \u2013 Low fixed cost structure<\/b><\/td>\n<\/tr>\n
BeFra\u2019s cash flow continues to normalize toward the business\u2019 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.<\/td>\n\n\nBeFra\u2019s 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.<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n

Q1 2026<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

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

\n\n\n

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

\n

Q1 2026<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

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

Current Ratio<\/td>\n\n

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

\n

\n0.92<\/p>\n<\/td>\n

\n

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

\n\n\n

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

\n

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

\n

\n16.6%<\/p>\n<\/td>\n

\n

\n74 bps<\/p>\n<\/td>\n<\/tr>\n

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

\n57.6%<\/p>\n<\/td>\n

\n

\n-10.4%<\/p>\n<\/td>\n

\n

\n6800 bps<\/p>\n<\/td>\n

\n\n\n

\nVariable Cost Structure<\/p>\n<\/td>\n

\n

\n74.5%<\/p>\n<\/td>\n

\n

\n76.3%<\/p>\n<\/td>\n

\n

\n-180 bps<\/p>\n<\/td>\n<\/tr>\n

CCC (days)<\/td>\n\n

\n39<\/p>\n<\/td>\n

\n

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

\n

\n-32.8%<\/p>\n<\/td>\n

\n\n\n

\nFixed Cost Structure<\/p>\n<\/td>\n

\n

\n25.5%<\/p>\n<\/td>\n

\n

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

\n

\n180 bps<\/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\n

\nSG&A \/ Net Revenues<\/p>\n<\/td>\n

\n

\n46.7%<\/p>\n<\/td>\n

\n

\n48.9%<\/p>\n<\/td>\n

\n

\n-219 bps<\/p>\n<\/td>\n<\/tr>\n

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

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

\n\n\n

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

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\u2019s confidence in the business\u2019 ability to consistently generate long-term value.<\/td>\n\n\n\n

\nBeFra 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\u2019s solid debt service capacity and the resilience of the Company\u2019s 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.<\/p>\n<\/td>\n<\/tr>\n

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

Q1 2026<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

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

\n\n\n\n

Q1 2026<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

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

Equity Turnover<\/td>\n\n

\n9.61<\/p>\n<\/td>\n

\n

\n13.33<\/p>\n<\/td>\n

\n

\n-27.9%<\/p>\n<\/td>\n

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

\n1.61<\/p>\n<\/td>\n

\n

\n2.21<\/p>\n<\/td>\n

\n

\n-26.9%<\/p>\n<\/td>\n<\/tr>\n

ROIC<\/td>\n\n

\n27.0%<\/p>\n<\/td>\n

\n

\n22.4%<\/p>\n<\/td>\n

\n

\n460 bps<\/p>\n<\/td>\n

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

\n1.50<\/p>\n<\/td>\n

\n

\n2.08<\/p>\n<\/td>\n

\n

\n-27.9%<\/p>\n<\/td>\n<\/tr>\n

ROE<\/td>\n\n

\n80.4%<\/p>\n<\/td>\n

\n

\n54.1%<\/p>\n<\/td>\n

\n

\n2630 bps<\/p>\n<\/td>\n

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

\n4.74<\/p>\n<\/td>\n

\n

\n3.20<\/p>\n<\/td>\n

\n

\n48.1%<\/p>\n<\/td>\n<\/tr>\n

ROTA<\/td>\n\n

\n22.7%<\/p>\n<\/td>\n

\n

\n9.8%<\/p>\n<\/td>\n

\n

\n1290 bps<\/p>\n<\/td>\n

\n\n\n\n\n<\/tr>\n
Dividend Payout<\/td>\n\n

\n53.0%<\/p>\n<\/td>\n

\n

\n74.3%<\/p>\n<\/td>\n

\n

\n-2130 bps<\/p>\n<\/td>\n

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

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

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

\n*ROIC = NOPAT TTM \/ Operating Assets<\/p>\n

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

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

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

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

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

\n*Dividend Payout TTM = Dividend\/NOPAT<\/p>\n<\/td>\n

\n\n\n\n\n<\/tr>\n<\/table>\n

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

Quarterly Dividends:<\/b> In light of BeFra\u2019s 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\u2019 Meeting. This would mark the 25th consecutive quarter of dividend payments since becoming public.<\/p>\n

2026 Guidance and Long-Term Growth Prospects: <\/b>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\u2019s confidence in the resilience of the Company\u2019s business model as well as the ability to continue delivering on BeFra\u2019s long-term objectives. Our current guidance does not reflect the Tupperware transaction and will be revised once the transaction is finalized.<\/p>\n\n\n\n\n
\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n$14,800 – $15,400<\/p>\n<\/td>\n

\n

\n$14,265<\/p>\n<\/td>\n

\n

\n4.0% – 8.0%<\/p>\n<\/td>\n<\/tr>\n

\n

* Figures in millions Ps.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nManagement still expects an EBITDA margin of at least 19% in 2026.<\/p>\n

Q1 2026 Financial Results by Business
\n
<\/b>Betterware Mexico & Subsidiaries
\n
<\/b>Key Financial and Operating Metrics<\/b><\/p>\n\n\n\n\n\n\n\n\n
\n

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

\n

Q1<\/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\u220626 vs 25<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$1,439,958<\/p>\n<\/td>\n

\n

\n$1,403,065<\/p>\n<\/td>\n

\n

\n2.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n55.0%<\/p>\n<\/td>\n

\n

\n55.3%<\/p>\n<\/td>\n

\n

\n-30 bps<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$295,278<\/p>\n<\/td>\n

\n

\n$261,493<\/p>\n<\/td>\n

\n

\n12.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n20.5%<\/p>\n<\/td>\n

\n

\n18.6%<\/p>\n<\/td>\n

\n

\n187 bps<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$99,300<\/p>\n<\/td>\n

\n

\n-$29,732<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Associates<\/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<\/tr>\n

\n

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

\n

\n663,599<\/p>\n<\/td>\n

\n

\n645,359<\/p>\n<\/td>\n

\n

\n2.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n684,696<\/p>\n<\/td>\n

\n

\n649,076<\/p>\n<\/td>\n

\n

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

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n64.6%<\/p>\n<\/td>\n

\n

\n65.5%<\/p>\n<\/td>\n

\n

\n-91 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order<\/p>\n<\/td>\n

\n

\n$2,072<\/p>\n<\/td>\n

\n

\n$2,152<\/p>\n<\/td>\n

\n

\n-3.7%<\/p>\n<\/td>\n<\/tr>\n

\n

Distributors<\/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<\/tr>\n

\n

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

\n

\n41,249<\/p>\n<\/td>\n

\n

\n41,202<\/p>\n<\/td>\n

\n

\n0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n42,447<\/p>\n<\/td>\n

\n

\n41,810<\/p>\n<\/td>\n

\n

\n1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n98.6%<\/p>\n<\/td>\n

\n

\n97.9%<\/p>\n<\/td>\n

\n

\n71 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order<\/p>\n<\/td>\n

\n

\n$21,826<\/p>\n<\/td>\n

\n

\n$22,534<\/p>\n<\/td>\n

\n

\n-3.1%<\/p>\n<\/td>\n<\/tr>\n

\n

\n* Subsidiaries: Credilazos, Betterware USA, Betterware Guatemala, Betterware Andino.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Highlights
\n
<\/span><\/b>Revenue<\/b>: 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\u2019s 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.<\/p>\n

Profitability: <\/b>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.<\/p>\n

Cash Flow:<\/b> 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.<\/p>\n

2026 Focus:<\/b> 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.<\/p>\n

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

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

\n

Q1<\/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\u220626 vs 25<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$1,858,104<\/p>\n<\/td>\n

\n

\n$1,869,818<\/p>\n<\/td>\n

\n

\n-0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n74.0%<\/p>\n<\/td>\n

\n

\n73.5%<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n$315,494<\/p>\n<\/td>\n

\n

\n$286,707<\/p>\n<\/td>\n

\n

\n10.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n15.3%<\/p>\n<\/td>\n

\n

\n165 bps<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n282,165<\/p>\n<\/td>\n

\n

\n-$27,974<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
\n

Associates<\/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<\/tr>\n

\n

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

\n

\n435,887<\/p>\n<\/td>\n

\n

\n468,356<\/p>\n<\/td>\n

\n

\n-6.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n409,204<\/p>\n<\/td>\n

\n

\n446,998<\/p>\n<\/td>\n

\n

\n-8.5%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n47.6%<\/p>\n<\/td>\n

\n

\n50.5%<\/p>\n<\/td>\n

\n

\n-290 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order<\/p>\n<\/td>\n

\n

\n$2,464<\/p>\n<\/td>\n

\n

\n$2,419<\/p>\n<\/td>\n

\n

\n1.9%<\/p>\n<\/td>\n<\/tr>\n

\n

Distributors<\/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<\/tr>\n

\n

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

\n

\n19,029<\/p>\n<\/td>\n

\n

\n19,150<\/p>\n<\/td>\n

\n

\n-0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n19,087<\/p>\n<\/td>\n

\n

\n19,202<\/p>\n<\/td>\n

\n

\n-0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n95.0%<\/p>\n<\/td>\n

\n

\n95.1%<\/p>\n<\/td>\n

\n

\n-10 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order<\/p>\n<\/td>\n

\n

\n$2,539<\/p>\n<\/td>\n

\n

\n$2,744<\/p>\n<\/td>\n

\n

\n-7.5%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Highlights
\n
<\/span><\/b>Revenue:<\/b> 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.<\/p>\n

Profitability:<\/b> 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.<\/p>\n

Cash Flow: <\/b>Cash flow generation normalized during the quarter, in line with expectations and reflecting the absence of the extraordinary effects seen in 1Q25.<\/p>\n

2026 Focus:<\/b> Jafra Mexico continues to be one of BeFra\u2019s 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.<\/p>\n

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

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

\n

Q1<\/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\u220626 vs 25<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$211,640<\/p>\n<\/td>\n

\n

\n$226,268<\/p>\n<\/td>\n

\n

\n-6.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n75.0%<\/p>\n<\/td>\n

\n

\n73.9%<\/p>\n<\/td>\n

\n

\n110 bps<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-$859<\/p>\n<\/td>\n

\n

\n-$12,934<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-0.4%<\/p>\n<\/td>\n

\n

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

\n

\n531 bps<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-$29,922<\/p>\n<\/td>\n

\n

\n$1,865<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

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

\n

Q1<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

\n\u220626 vs 25<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$12,033<\/p>\n<\/td>\n

\n

\n$11,077<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n75.0%<\/p>\n<\/td>\n

\n

\n73.9%<\/p>\n<\/td>\n

\n

\n110 bps<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-$56<\/p>\n<\/td>\n

\n

\n-$633<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-0.5%<\/p>\n<\/td>\n

\n

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

\n

\n520 bps<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-$1,702<\/p>\n<\/td>\n

\n

\n$91<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
\n

Associates<\/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<\/tr>\n

\n

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

\n

\n25,544<\/p>\n<\/td>\n

\n

\n24,703<\/p>\n<\/td>\n

\n

\n3.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n26,738<\/p>\n<\/td>\n

\n

\n25,973<\/p>\n<\/td>\n

\n

\n2.9%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n50.8%<\/p>\n<\/td>\n

\n

\n45.9%<\/p>\n<\/td>\n

\n

\n490 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order<\/p>\n<\/td>\n

\n

\n$219<\/p>\n<\/td>\n

\n

\n$243<\/p>\n<\/td>\n

\n

\n-9.9%<\/p>\n<\/td>\n<\/tr>\n

\n

Distributors<\/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<\/tr>\n

\n

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

\n

\n1,363<\/p>\n<\/td>\n

\n

\n1,504<\/p>\n<\/td>\n

\n

\n-9.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n1,303<\/p>\n<\/td>\n

\n

\n1,493<\/p>\n<\/td>\n

\n

\n-12.7%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n95.4%<\/p>\n<\/td>\n

\n

\n89.3%<\/p>\n<\/td>\n

\n

\n610 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order<\/p>\n<\/td>\n

\n

\n$186<\/p>\n<\/td>\n

\n

\n$228<\/p>\n<\/td>\n

\n

\n-18.4%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Highlights
\n
<\/span><\/b>Revenue: <\/b>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.<\/p>\n

Profitability:<\/span><\/b> 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\u2019s 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.<\/p>\n

2026 Focus:<\/b> 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.<\/p>\n

Appendix
\n
<\/b>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

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

\n

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

\n

As of March 31, 2026 and 2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n311,762<\/p>\n<\/td>\n

\n

\n344,073<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n1,190,866<\/p>\n<\/td>\n

\n

\n1,176,138<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

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

\n

\n80,770<\/p>\n<\/td>\n

\n

\n120,158<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n2,072,173<\/p>\n<\/td>\n

\n

\n2,529,057<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n221,605<\/p>\n<\/td>\n

\n

\n169,064<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n164,921<\/p>\n<\/td>\n

\n

\n309,263<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n18,262<\/p>\n<\/td>\n

\n

\n28,667<\/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

\n95,811<\/p>\n<\/td>\n

\n

\n94,709<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n4,196,170<\/p>\n<\/td>\n

\n

\n4,811,147<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n25,291<\/p>\n<\/td>\n

\n

\n105,458<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n1,691,109<\/p>\n<\/td>\n

\n

\n1,766,045<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n305,471<\/p>\n<\/td>\n

\n

\n282,858<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n452,582<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n1,490,332<\/p>\n<\/td>\n

\n

\n1,549,649<\/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

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

\n

\n13,445<\/p>\n<\/td>\n

\n

\n14,389<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n5,577,948<\/p>\n<\/td>\n

\n

\n5,843,203<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n9,774,118<\/p>\n<\/td>\n

\n

\n10,654,350<\/p>\n<\/td>\n<\/tr>\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

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

\n1,145,034<\/p>\n<\/td>\n

\n

\n1,818,486<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n2,057,297<\/p>\n<\/td>\n

\n

\n2,012,268<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n350,882<\/p>\n<\/td>\n

\n

\n362,857<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n648,300<\/p>\n<\/td>\n

\n

\n735,894<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n26,060<\/p>\n<\/td>\n

\n

\n41,160<\/p>\n<\/td>\n<\/tr>\n

\n

\nTrade accounts payable to related parties<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n181,329<\/p>\n<\/td>\n

\n

\n174,291<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n125,095<\/p>\n<\/td>\n

\n

\n94,806<\/p>\n<\/td>\n<\/tr>\n

\n

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

0<\/td>\n\n

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

\n

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

\n

\n4,533,997<\/p>\n<\/td>\n

\n

\n5,239,762<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n150,024<\/p>\n<\/td>\n

\n

\n131,852<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n486,451<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n196,377<\/p>\n<\/td>\n

\n

\n214,400<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n2,923,772<\/p>\n<\/td>\n

\n

\n3,522,769<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n3,756,624<\/p>\n<\/td>\n

\n

\n4,364,139<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n8,290,621<\/p>\n<\/td>\n

\n

\n9,603,901<\/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

\n321,312<\/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

\n1,184,072<\/p>\n<\/td>\n

\n

\n794,278<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n5,186<\/p>\n<\/td>\n

\n

\n-37,489<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-1,809<\/p>\n<\/td>\n

\n

\n-2,388<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n1,483,497<\/p>\n<\/td>\n

\n

\n1,050,449<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n9,774,118<\/p>\n<\/td>\n

\n

10,654,350<\/b><\/p>\n<\/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

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-months ended March 31, 2026 and 2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

Q1 2026<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

\n3,509,702<\/p>\n<\/td>\n

\n

\n3,499,151<\/p>\n<\/td>\n

\n

\n0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n1,183,601<\/p>\n<\/td>\n

\n

\n1,183,324<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n2,326,101<\/p>\n<\/td>\n

\n

\n2,315,827<\/p>\n<\/td>\n

\n

\n0.4%<\/p>\n<\/td>\n<\/tr>\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

\n647,086<\/p>\n<\/td>\n

\n

\n691,825<\/p>\n<\/td>\n

\n

\n-6.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n991,217<\/p>\n<\/td>\n

\n

\n1,020,998<\/p>\n<\/td>\n

\n

\n-2.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n168,596<\/p>\n<\/td>\n

\n

\n169,099<\/p>\n<\/td>\n

\n

\n-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

1,806,899<\/b><\/p>\n<\/td>\n

\n

1,881,922<\/b><\/p>\n<\/td>\n

\n

-4.0%<\/b><\/p>\n<\/td>\n<\/tr>\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

\nOther expenses – Sale of fixed assets<\/p>\n<\/td>\n

\n

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

\n

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

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\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

\n519,202<\/p>\n<\/td>\n

\n

\n433,905<\/p>\n<\/td>\n

\n

\n19.7%<\/p>\n<\/td>\n<\/tr>\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-99,706<\/p>\n<\/td>\n

\n

\n-146,036<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n11,673<\/p>\n<\/td>\n

\n

\n16,071<\/p>\n<\/td>\n

\n

\n-27.4%<\/p>\n<\/td>\n<\/tr>\n

\n

\nLoss in valuation of financial derivative instruments<\/p>\n<\/td>\n

\n

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

\n

\n-66,410<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\n

\n

\nForeign exchange loss, net<\/p>\n<\/td>\n

\n

\n-12,115<\/p>\n<\/td>\n

\n

\n42,181<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\n

\n

Financing cost, net<\/b><\/p>\n<\/td>\n

\n

\n-100,148<\/p>\n<\/td>\n

\n

\n-154,194<\/p>\n<\/td>\n

\n

\nN\/A<\/p>\n<\/td>\n<\/tr>\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

\n419,054<\/p>\n<\/td>\n

\n

\n279,711<\/p>\n<\/td>\n

\n

\n49.8%<\/p>\n<\/td>\n<\/tr>\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

\n137,693<\/p>\n<\/td>\n

\n

\n128,983<\/p>\n<\/td>\n

\n

\n6.8%<\/p>\n<\/td>\n<\/tr>\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

\n281,361<\/p>\n<\/td>\n

\n

\n150,728<\/p>\n<\/td>\n

\n

\n86.7%<\/p>\n<\/td>\n<\/tr>\n

\n

Non-controlling interest (loss) gain<\/b><\/p>\n<\/td>\n

\n

\n-17<\/p>\n<\/td>\n

\n

\n666<\/p>\n<\/td>\n

\n

\n-102.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n281,344<\/p>\n<\/td>\n

\n

\n151,394<\/p>\n<\/td>\n

\n

\n85.8%<\/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<\/tr>\n

\n

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

\n

Q1 2026<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

\n281,361<\/p>\n<\/td>\n

\n

\n150,728<\/p>\n<\/td>\n

\n

\n86.7%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(+) Income taxes<\/p>\n<\/td>\n

\n

\n137,693<\/p>\n<\/td>\n

\n

\n128,983<\/p>\n<\/td>\n

\n

\n6.8%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(+) Financing cost, net<\/p>\n<\/td>\n

\n

\n100,148<\/p>\n<\/td>\n

\n

\n154,194<\/p>\n<\/td>\n

\n

\n-35.1%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(+) Depreciation and amortization<\/p>\n<\/td>\n

\n

\n90,711<\/p>\n<\/td>\n

\n

\n101,360<\/p>\n<\/td>\n

\n

\n-10.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

609,913<\/b><\/p>\n<\/td>\n

\n

535,265<\/b><\/p>\n<\/td>\n

\n

13.9%<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

17.4%<\/b><\/p>\n<\/td>\n

\n

15.3%<\/b><\/p>\n<\/td>\n

\n

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

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-months ended March 31, 2026 and 2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

Q1 2026<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/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<\/tr>\n

\n

\nProfit for the period<\/p>\n<\/td>\n

\n

\n281,361<\/p>\n<\/td>\n

\n

\n150,728<\/p>\n<\/td>\n<\/tr>\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

Adjustments for:<\/b><\/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

\n137,693<\/p>\n<\/td>\n

\n

\n128,983<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization of non-current assets<\/p>\n<\/td>\n

\n

\n90,711<\/p>\n<\/td>\n

\n

\n101,360<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest income recognized in profit or loss<\/p>\n<\/td>\n

\n

\n-11,673<\/p>\n<\/td>\n

\n

\n-16,071<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense recognized in profit or loss<\/p>\n<\/td>\n

\n

\n99,706<\/p>\n<\/td>\n

\n

\n146,036<\/p>\n<\/td>\n<\/tr>\n

\n

\nLoss (gain) in valuation of financial derivative instruments<\/p>\n<\/td>\n

\n

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

\n

\n66,410<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on disposal of equipment<\/p>\n<\/td>\n

\n

\n-629<\/p>\n<\/td>\n

\n

\n-1,663<\/p>\n<\/td>\n<\/tr>\n

\n

\nCurrency effect<\/p>\n<\/td>\n

\n

\n-2,450<\/p>\n<\/td>\n

\n

\n357<\/p>\n<\/td>\n<\/tr>\n

\n

\nMovements in not- controlling interest<\/p>\n<\/td>\n

\n

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

\n

\n0<\/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<\/tr>\n

\n

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

\n

\n-9,419<\/p>\n<\/td>\n

\n

\n-43,045<\/p>\n<\/td>\n<\/tr>\n

\n

\nTrade accounts receivable from related parties<\/p>\n<\/td>\n

\n

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

\n

\n232<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n-13,994<\/p>\n<\/td>\n<\/tr>\n

\n

\nInventory, net<\/p>\n<\/td>\n

\n

\n-74,636<\/p>\n<\/td>\n

\n

\n-23,964<\/p>\n<\/td>\n<\/tr>\n

\n

\nPrepaid expenses and other assets<\/p>\n<\/td>\n

\n

\n-138,066<\/p>\n<\/td>\n

\n

\n-26,358<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts payable to suppliers and accrued expenses<\/p>\n<\/td>\n

\n

\n290,486<\/p>\n<\/td>\n

\n

\n-172,194<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-73,646<\/p>\n<\/td>\n

\n

\n-13,024<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-67,857<\/p>\n<\/td>\n

\n

\n-30,032<\/p>\n<\/td>\n<\/tr>\n

\n

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

34,801<\/td>\n\n

\n35,036<\/p>\n<\/td>\n<\/tr>\n

\n

\nTrade accounts payable to related parties<\/p>\n<\/td>\n

0<\/td>\n\n

\n-1,237<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome taxes paid<\/p>\n<\/td>\n

\n

\n-190,296<\/p>\n<\/td>\n

\n

\n-333,998<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n2,033<\/p>\n<\/td>\n

\n

\n3,540<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash generated by (used in) operating activities<\/b><\/p>\n<\/td>\n

\n

\n368,119<\/p>\n<\/td>\n

\n

\n-42,898<\/p>\n<\/td>\n<\/tr>\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

Cash flows from investing activities:<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

\nInvestment in subsidiaries<\/p>\n<\/td>\n

0<\/td>\n\n

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

\n

\nPayments for property, plant and equipment, net<\/p>\n<\/td>\n

-17,253<\/td>\n\n

\n-13,574<\/p>\n<\/td>\n<\/tr>\n

\n

\nProceeds from disposal of property, plant and equipment, net<\/p>\n<\/td>\n

677<\/td>\n\n

\n631<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommission for the sale of properties<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n9,163<\/p>\n<\/td>\n

\n

\n16,071<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash (used in) generated by investing activities<\/b><\/p>\n<\/td>\n

\n

\n-7,413<\/p>\n<\/td>\n

\n

\n3,128<\/p>\n<\/td>\n<\/tr>\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

Cash flows from financing activities:<\/b><\/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-2,750,100<\/p>\n<\/td>\n

\n

\n-1,000,800<\/p>\n<\/td>\n<\/tr>\n

\n

\nProceeds from borrowings<\/p>\n<\/td>\n

\n

\n2,746,600<\/p>\n<\/td>\n

\n

\n1,546,800<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-128,507<\/p>\n<\/td>\n

\n

\n-165,627<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-45,670<\/p>\n<\/td>\n

\n

\n-43,574<\/p>\n<\/td>\n<\/tr>\n

\n

\nDividends paid<\/p>\n<\/td>\n

\n

\n-199,611<\/p>\n<\/td>\n

\n

\n-249,514<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash (used in) generated by financing activities<\/b><\/p>\n<\/td>\n

\n

\n-377,288<\/p>\n<\/td>\n

\n

\n87,285<\/p>\n<\/td>\n<\/tr>\n

\n

Net (decrease) <\/b>increase in cash and cash equivalents<\/b><\/p>\n<\/td>\n

\n

\n-16,582<\/p>\n<\/td>\n

\n

\n47,515<\/p>\n<\/td>\n<\/tr>\n

\n

Cash and cash equivalents at the beginning of the period<\/b><\/p>\n<\/td>\n

\n

\n328,344<\/p>\n<\/td>\n

\n

\n296,558<\/p>\n<\/td>\n<\/tr>\n

\n

Cash and cash equivalents at the end of the period<\/b><\/p>\n<\/td>\n

\n

\n311,762<\/p>\n<\/td>\n

\n

\n344,073<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

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

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

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

\n

Q4 2024<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

Q2 2025<\/b><\/p>\n<\/td>\n

\n

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

\n

Q4 2025<\/b><\/p>\n<\/td>\n

\n

Q1 2026<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Associates<\/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

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

\n

\n693,666<\/p>\n<\/td>\n

\n

\n645,359<\/p>\n<\/td>\n

\n

\n657,317<\/p>\n<\/td>\n

\n

\n675,696<\/p>\n<\/td>\n

\n

\n667,086<\/p>\n<\/td>\n

\n

\n663,599<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n674,654<\/p>\n<\/td>\n

\n

\n649,076<\/p>\n<\/td>\n

\n

\n670,349<\/p>\n<\/td>\n

\n

\n667,501<\/p>\n<\/td>\n

\n

\n654,680<\/p>\n<\/td>\n

\n

\n684,696<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n64.8%<\/p>\n<\/td>\n

\n

\n65.5%<\/p>\n<\/td>\n

\n

\n65.6%<\/p>\n<\/td>\n

\n

\n63.3%<\/p>\n<\/td>\n

\n

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

\n

\n64.6%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order<\/p>\n<\/td>\n

\n

\n$2,158<\/p>\n<\/td>\n

\n

\n$2,152<\/p>\n<\/td>\n

\n

\n$2,153<\/p>\n<\/td>\n

\n

\n$2,043<\/p>\n<\/td>\n

\n

\n$1,971<\/p>\n<\/td>\n

\n

\n$2,072<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Growth Rate<\/p>\n<\/td>\n

\n

\n14.3%<\/p>\n<\/td>\n

\n

\n18.7%<\/p>\n<\/td>\n

\n

\n16.6%<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n16.6%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Churn Rate<\/p>\n<\/td>\n

\n

\n15.6%<\/p>\n<\/td>\n

\n

\n19.5%<\/p>\n<\/td>\n

\n

\n15.6%<\/p>\n<\/td>\n

\n

\n16.3%<\/p>\n<\/td>\n

\n

\n18.0%<\/p>\n<\/td>\n

\n

\n15.2%<\/p>\n<\/td>\n<\/tr>\n

\n

Distributors<\/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

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

\n

\n43,585<\/p>\n<\/td>\n

\n

\n41,202<\/p>\n<\/td>\n

\n

\n42,062<\/p>\n<\/td>\n

\n

\n43,220<\/p>\n<\/td>\n

\n

\n42,156<\/p>\n<\/td>\n

\n

\n41,249<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n42,608<\/p>\n<\/td>\n

\n

\n41,810<\/p>\n<\/td>\n

\n

\n43,292<\/p>\n<\/td>\n

\n

\n42,673<\/p>\n<\/td>\n

\n

\n40,723<\/p>\n<\/td>\n

\n

\n42,447<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n96.7%<\/p>\n<\/td>\n

\n

\n97.9%<\/p>\n<\/td>\n

\n

\n98.8%<\/p>\n<\/td>\n

\n

\n97.9%<\/p>\n<\/td>\n

\n

\n98.3%<\/p>\n<\/td>\n

\n

\n98.6%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order<\/p>\n<\/td>\n

\n

\n$22,945<\/p>\n<\/td>\n

\n

\n$22,534<\/p>\n<\/td>\n

\n

\n$22,347<\/p>\n<\/td>\n

\n

\n$20,752<\/p>\n<\/td>\n

\n

\n$20,690<\/p>\n<\/td>\n

\n

\n$21,826<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Growth Rate<\/p>\n<\/td>\n

\n

\n8.7%<\/p>\n<\/td>\n

\n

\n9.8%<\/p>\n<\/td>\n

\n

\n10.7%<\/p>\n<\/td>\n

\n

\n9.6%<\/p>\n<\/td>\n

\n

\n9.2%<\/p>\n<\/td>\n

\n

\n9.9%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Churn Rate<\/p>\n<\/td>\n

\n

\n10.3%<\/p>\n<\/td>\n

\n

\n11.2%<\/p>\n<\/td>\n

\n

\n9.4%<\/p>\n<\/td>\n

\n

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

\n

\n10.8%<\/p>\n<\/td>\n

\n

\n8.5%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

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

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

\n

Q4 2024<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

Q2 2025<\/b><\/p>\n<\/td>\n

\n

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

\n

Q4 2025<\/b><\/p>\n<\/td>\n

\n

Q1 2026<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Associates<\/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

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

\n

\n476,211<\/p>\n<\/td>\n

\n

\n468,356<\/p>\n<\/td>\n

\n

\n438,041<\/p>\n<\/td>\n

\n

\n411,670<\/p>\n<\/td>\n

\n

\n438,864<\/p>\n<\/td>\n

\n

\n435,887<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n480,532<\/p>\n<\/td>\n

\n

\n446,998<\/p>\n<\/td>\n

\n

\n429,472<\/p>\n<\/td>\n

\n

\n405,599<\/p>\n<\/td>\n

\n

\n444,244<\/p>\n<\/td>\n

\n

\n409,204<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n49.9%<\/p>\n<\/td>\n

\n

\n50.5%<\/p>\n<\/td>\n

\n

\n49.8%<\/p>\n<\/td>\n

\n

\n49.4%<\/p>\n<\/td>\n

\n

\n50.1%<\/p>\n<\/td>\n

\n

\n47.6%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order<\/p>\n<\/td>\n

\n

\n$2,439<\/p>\n<\/td>\n

\n

\n$2,419<\/p>\n<\/td>\n

\n

\n$2,495<\/p>\n<\/td>\n

\n

\n$2,552<\/p>\n<\/td>\n

\n

\n$2,702<\/p>\n<\/td>\n

\n

\n$2,464<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Growth Rate<\/p>\n<\/td>\n

\n

\n13.2%<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n10.0%<\/p>\n<\/td>\n

\n

\n13.0%<\/p>\n<\/td>\n

\n

\n10.5%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Churn Rate<\/p>\n<\/td>\n

\n

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

\n

\n12.5%<\/p>\n<\/td>\n

\n

\n11.3%<\/p>\n<\/td>\n

\n

\n12.0%<\/p>\n<\/td>\n

\n

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

\n

\n13.4%<\/p>\n<\/td>\n<\/tr>\n

\n

Distributors<\/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

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

\n

\n18,889<\/p>\n<\/td>\n

\n

\n19,150<\/p>\n<\/td>\n

\n

\n19,036<\/p>\n<\/td>\n

\n

\n18,950<\/p>\n<\/td>\n

\n

\n19,006<\/p>\n<\/td>\n

\n

\n19,029<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n19,093<\/p>\n<\/td>\n

\n

\n19,202<\/p>\n<\/td>\n

\n

\n18,966<\/p>\n<\/td>\n

\n

\n18,964<\/p>\n<\/td>\n

\n

\n19,063<\/p>\n<\/td>\n

\n

\n19,087<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n94.6%<\/p>\n<\/td>\n

\n

\n95.1%<\/p>\n<\/td>\n

\n

\n94.1%<\/p>\n<\/td>\n

\n

\n93.7%<\/p>\n<\/td>\n

\n

\n94.0%<\/p>\n<\/td>\n

\n

\n95.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order<\/p>\n<\/td>\n

\n

\n$2,758<\/p>\n<\/td>\n

\n

\n$2,744<\/p>\n<\/td>\n

\n

\n$2,855<\/p>\n<\/td>\n

\n

\n$3,023<\/p>\n<\/td>\n

\n

\n$3,166<\/p>\n<\/td>\n

\n

\n$2,539<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Growth Rate<\/p>\n<\/td>\n

\n

\n1.8%<\/p>\n<\/td>\n

\n

\n1.2%<\/p>\n<\/td>\n

\n

\n0.6%<\/p>\n<\/td>\n

\n

\n1.2%<\/p>\n<\/td>\n

\n

\n1.3%<\/p>\n<\/td>\n

\n

\n1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Churn Rate<\/p>\n<\/td>\n

\n

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

\n

\n1.0%<\/p>\n<\/td>\n

\n

\n1.0%<\/p>\n<\/td>\n

\n

\n1.3%<\/p>\n<\/td>\n

\n

\n1.2%<\/p>\n<\/td>\n

\n

\n1.2%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

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

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

\n

Q4 2024<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

Q2 2025<\/b><\/p>\n<\/td>\n

\n

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

\n

Q4 2025<\/b><\/p>\n<\/td>\n

\n

Q1 2026<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Associates<\/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

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

\n

\n26,540<\/p>\n<\/td>\n

\n

\n24,703<\/p>\n<\/td>\n

\n

\n27,191<\/p>\n<\/td>\n

\n

\n26,303<\/p>\n<\/td>\n

\n

\n26,270<\/p>\n<\/td>\n

\n

\n25,544<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n25,272<\/p>\n<\/td>\n

\n

\n25,973<\/p>\n<\/td>\n

\n

\n28,188<\/p>\n<\/td>\n

\n

\n26,450<\/p>\n<\/td>\n

\n

\n26,681<\/p>\n<\/td>\n

\n

\n26,738<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n44.5%<\/p>\n<\/td>\n

\n

\n45.9%<\/p>\n<\/td>\n

\n

\n49.2%<\/p>\n<\/td>\n

\n

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

\n

\n48.9%<\/p>\n<\/td>\n

\n

\n50.8%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order (USD)<\/p>\n<\/td>\n

\n

\n$248<\/p>\n<\/td>\n

\n

\n$243<\/p>\n<\/td>\n

\n

\n$225<\/p>\n<\/td>\n

\n

\n$228<\/p>\n<\/td>\n

\n

\n$222<\/p>\n<\/td>\n

\n

\n$219<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Growth Rate<\/p>\n<\/td>\n

\n

\n10.0%<\/p>\n<\/td>\n

\n

\n12.8%<\/p>\n<\/td>\n

\n

\n13.2%<\/p>\n<\/td>\n

\n

\n11.4%<\/p>\n<\/td>\n

\n

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

\n

\n12.6%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Churn Rate<\/p>\n<\/td>\n

\n

\n14.7%<\/p>\n<\/td>\n

\n

\n11.8%<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n12.4%<\/p>\n<\/td>\n<\/tr>\n

\n

Distributors<\/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

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

\n

\n1,786<\/p>\n<\/td>\n

\n

\n1,504<\/p>\n<\/td>\n

\n

\n1,808<\/p>\n<\/td>\n

\n

\n1,604<\/p>\n<\/td>\n

\n

\n1,503<\/p>\n<\/td>\n

\n

\n1,363<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n1,638<\/p>\n<\/td>\n

\n

\n1,493<\/p>\n<\/td>\n

\n

\n1,901<\/p>\n<\/td>\n

\n

\n1,384<\/p>\n<\/td>\n

\n

\n1,420<\/p>\n<\/td>\n

\n

\n1,303<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Activity Rate<\/p>\n<\/td>\n

\n

\n85.5%<\/p>\n<\/td>\n

\n

\n89.3%<\/p>\n<\/td>\n

\n

\n89.8%<\/p>\n<\/td>\n

\n

\n92.6%<\/p>\n<\/td>\n

\n

\n95.1%<\/p>\n<\/td>\n

\n

\n95.4%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvg. Monthly Order (USD)<\/p>\n<\/td>\n

\n

\n$219<\/p>\n<\/td>\n

\n

\n$228<\/p>\n<\/td>\n

\n

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

\n

\n$201<\/p>\n<\/td>\n

\n

\n$197<\/p>\n<\/td>\n

\n

\n$186<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Growth Rate<\/p>\n<\/td>\n

\n

\n2.7%<\/p>\n<\/td>\n

\n

\n4.0%<\/p>\n<\/td>\n

\n

\n8.5%<\/p>\n<\/td>\n

\n

\n3.8%<\/p>\n<\/td>\n

\n

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

\n

\n4.2%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMonthly Churn Rate<\/p>\n<\/td>\n

\n

\n5.0%<\/p>\n<\/td>\n

\n

\n6.9%<\/p>\n<\/td>\n

\n

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

\n

\n12.8%<\/p>\n<\/td>\n

\n

\n5.8%<\/p>\n<\/td>\n

\n

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

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

Consolidated<\/b><\/p>\n\n\n\n\n\n\n\n\n
\n

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

\n

Q3 2024<\/b><\/p>\n<\/td>\n

\n

Q4 2024<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

Q2 2025<\/b><\/p>\n<\/td>\n

\n

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

\n

Q4 2025<\/b><\/p>\n<\/td>\n

\n

Q1 2026<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$3,330,394<\/p>\n<\/td>\n

\n

\n$3,778,468<\/p>\n<\/td>\n

\n

\n$3,499,151<\/p>\n<\/td>\n

\n

\n$3,562,643<\/p>\n<\/td>\n

\n

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

\n

\n$3,825,539<\/p>\n<\/td>\n

\n

\n$3,509,702<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n66.9%<\/p>\n<\/td>\n

\n

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

\n

\n66.2%<\/p>\n<\/td>\n

\n

\n67.1%<\/p>\n<\/td>\n

\n

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

\n

\n65.0%<\/p>\n<\/td>\n

\n

\n66.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$591,575<\/p>\n<\/td>\n

\n

\n$771,596<\/p>\n<\/td>\n

\n

\n$535,265<\/p>\n<\/td>\n

\n

\n$678,812<\/p>\n<\/td>\n

\n

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

\n

\n$726,463<\/p>\n<\/td>\n

\n

\n$609,913<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n17.8%<\/p>\n<\/td>\n

\n

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

\n

\n15.3%<\/p>\n<\/td>\n

\n

\n19.1%<\/p>\n<\/td>\n

\n

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

\n

\n19.0%<\/p>\n<\/td>\n

\n

\n17.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-$112,537<\/p>\n<\/td>\n

\n

\n$225,305<\/p>\n<\/td>\n

\n

\n$150,728<\/p>\n<\/td>\n

\n

\n$327,306<\/p>\n<\/td>\n

\n

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

\n

\n$249,851<\/p>\n<\/td>\n

\n

\n$281,361<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$417,379<\/p>\n<\/td>\n

\n

\n$548,430<\/p>\n<\/td>\n

\n

\n-$55,841<\/p>\n<\/td>\n

\n

\n$592,152<\/p>\n<\/td>\n

\n

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

\n

\n1,132,307<\/p>\n<\/td>\n

\n

\n351,543<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Betterware Mexico and Subsidiaries<\/b><\/p>\n\n\n\n\n\n\n
\n

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

\n

Q3 2024<\/b><\/p>\n<\/td>\n

\n

Q4 2024<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

Q2 2025<\/b><\/p>\n<\/td>\n

\n

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

\n

Q4 2025<\/b><\/p>\n<\/td>\n

\n

Q1 2026<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$1,465,577<\/p>\n<\/td>\n

\n

\n$1,494,855<\/p>\n<\/td>\n

\n

\n$1,403,065<\/p>\n<\/td>\n

\n

\n$1,458,593<\/p>\n<\/td>\n

\n

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

\n

\n$1,474,205<\/p>\n<\/td>\n

\n

\n$1,439,958<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n54.8%<\/p>\n<\/td>\n

\n

\n57.2%<\/p>\n<\/td>\n

\n

\n55.3%<\/p>\n<\/td>\n

\n

\n55.2%<\/p>\n<\/td>\n

\n

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

\n

\n52.6%<\/p>\n<\/td>\n

\n

\n55.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$279,889<\/p>\n<\/td>\n

\n

\n$330,075<\/p>\n<\/td>\n

\n

\n$261,493<\/p>\n<\/td>\n

\n

\n$290,745<\/p>\n<\/td>\n

\n

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

\n

\n$263,529<\/p>\n<\/td>\n

\n

\n$295,278<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n19.1%<\/p>\n<\/td>\n

\n

\n22.1%<\/p>\n<\/td>\n

\n

\n18.6%<\/p>\n<\/td>\n

\n

\n19.9%<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n20.5%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

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

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

\n

Q3 2024<\/b><\/p>\n<\/td>\n

\n

Q4 2024<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

Q2 2025<\/b><\/p>\n<\/td>\n

\n

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

\n

Q4 2025<\/b><\/p>\n<\/td>\n

\n

Q1 2026<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$1,623,697<\/p>\n<\/td>\n

\n

\n$2,038,993<\/p>\n<\/td>\n

\n

\n$1,869,818<\/p>\n<\/td>\n

\n

\n$1,853,832<\/p>\n<\/td>\n

\n

\n$1,752,179<\/p>\n<\/td>\n

\n

\n2,112,869<\/p>\n<\/td>\n

\n

\n$1,858,104<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n76.8%<\/p>\n<\/td>\n

\n

\n74.1%<\/p>\n<\/td>\n

\n

\n73.5%<\/p>\n<\/td>\n

\n

\n75.3%<\/p>\n<\/td>\n

\n

\n76.3%<\/p>\n<\/td>\n

\n

\n72.2%<\/p>\n<\/td>\n

\n

\n74.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$318,149<\/p>\n<\/td>\n

\n

\n$440,630<\/p>\n<\/td>\n

\n

\n$286,706<\/p>\n<\/td>\n

\n

\n$393,360<\/p>\n<\/td>\n

\n

\n$417,760<\/p>\n<\/td>\n

\n

\n$452,697<\/p>\n<\/td>\n

\n

\n$315,494<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n19.6%<\/p>\n<\/td>\n

\n

\n21.6%<\/p>\n<\/td>\n

\n

\n15.3%<\/p>\n<\/td>\n

\n

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

\n

\n23.8%<\/p>\n<\/td>\n

\n

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

\n

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

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

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

\n

Q3 2024<\/b><\/p>\n<\/td>\n

\n

Q4 2024<\/b><\/p>\n<\/td>\n

\n

Q1 2025<\/b><\/p>\n<\/td>\n

\n

Q2 2025<\/b><\/p>\n<\/td>\n

\n

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

\n

Q4 2025<\/b><\/p>\n<\/td>\n

\n

Q1 2026<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$241,881<\/p>\n<\/td>\n

\n

\n$241,120<\/p>\n<\/td>\n

\n

\n$244,620<\/p>\n<\/td>\n

\n

\n$226,268<\/p>\n<\/td>\n

\n

\n$250,218<\/p>\n<\/td>\n

\n

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

\n

\n$238,465<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n73.6%<\/p>\n<\/td>\n

\n

\n73.3%<\/p>\n<\/td>\n

\n

\n73.1%<\/p>\n<\/td>\n

\n

\n73.9%<\/p>\n<\/td>\n

\n

\n76.0%<\/p>\n<\/td>\n

\n

\n77.0%<\/p>\n<\/td>\n

\n

\n77.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n-$6,463<\/p>\n<\/td>\n

\n

\n$891<\/p>\n<\/td>\n

\n

\n-$12,934<\/p>\n<\/td>\n

\n

\n-$5,293<\/p>\n<\/td>\n

\n

\n-$8,280<\/p>\n<\/td>\n

\n

\n$10,237<\/p>\n<\/td>\n

\n

\n-$859<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n3.0%<\/p>\n<\/td>\n

\n

\n-2.7%<\/p>\n<\/td>\n

\n

\n0.4%<\/p>\n<\/td>\n

\n

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

\n

\n-2.1%<\/p>\n<\/td>\n

\n

\n-3.5%<\/p>\n<\/td>\n

\n

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

Use of Non-IFRS Financial Measures
\n
<\/b>This announcement includes certain references to EBITDA, EBITDA Margin, Net Debt:
\n
EBITDA:<\/b> 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.
\n
EBITDA Margin:<\/b> is calculated by dividing EBITDA by net revenue.
\n
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.
\n
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\u2019s EBITDA and EBITDA BU and provide more tools for their analysis as it makes BeFra\u2019s results comparable to industry peers that also prepare these measures.<\/p>\n

Definitions: Operating Metrics<\/b><\/p>\n

\nStarting 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.<\/p>\n

Betterware (Associates and Distributors)
\n
<\/b>Avg. Base:<\/b> Weekly average Associate\/Distributor base
\n
EOP Base:<\/b> Associate\/Distributor base at the end of the period
\n
Weekly Churn Rate:<\/b> Average weekly data. Total Associates\/Distributors lost during the period divided by the beginning of the period Associate\/Distributor base.
\n
Weekly Activity Rate:<\/b> Average weekly data. Active Associates\/Distributors divided by ending Associate\/Distributor base.
\n
Avg. Weekly Order:<\/b> Average weekly data. Total Revenue divided by number of active Associates\/Distributors<\/p>\n

Jafra (Associates and Distributors)
\n
<\/b>Avg. Base:<\/b> Monthly average Associate\/Distributor base
\n
EOP Base:<\/b> Associate\/Distributor base at the end of the period
\n
Monthly Churn Rate (Associates):<\/b> 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.
\n
Monthly Churn Rate (Distributors):<\/b> Average monthly data. Total Distributors lost during the period divided by end of period Distributors\u2019 base.
\n
Monthly Activity Rate:<\/b> Average monthly data. Active Associate\/Distributor divided by the end of period Associate\/Distributor base.
\n
Avg. Monthly Order (Associates):<\/b> Average monthly data. Total Catalog Revenue divided by number of Associates orders.
\n
Avg. Monthly Order (Distributors):<\/b> Average monthly data. Total Distributors Revenue divided by number of Distributors orders.<\/p>\n

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

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

\u00a0<\/i><\/p>\n

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 \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill\u201d, \u201cestimate\u201d, \u201ccontinue\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cexpect\u201d, \u201cshould\u201d, \u201cwould\u201d, \u201cplan\u201d, \u201cpredict\u201d, \u201cpotential\u201d, \u201cseem\u201d, \u201cseek,\u201d \u201cfuture,\u201d \u201coutlook\u201d, 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 \u2018Cautionary Statement\u2019 and the \u2018Risk Factor\u2019 sections of our annual report on Form 20-F for the year ended December 31, 2020 and any of the Company\u2019s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences<\/i><\/p>\n

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\u2019s operations and financial performance, and the forward statements contained herein, is available in the Company\u2019s filings with the SEC. All forward-looking statements are qualified in their entirety by this cautionary statement.<\/i><\/p>\n

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

Q1 2026 Conference Call
\n
<\/b>Management will hold a conference call with investors on April 23rd<\/sup>, 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:
\n
Toll Free:<\/b> 1-877-451-6152
\n
Toll\/International<\/b>: 1-201-389-0879
\n
Conference ID<\/b>: 13759384
\n
Webcast Link: <\/b>https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1756571&tp_key=3835ed2404
\n<\/a>
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>: 13759384<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260423605530\/en\/<\/a><\/span><\/p>\n

Company:
\n<\/b>
BeFra IR
\n
ir@better.com.mx
\n<\/a>
+52 (33) 3836 0500 Ext. 2011<\/p>\n

InspIR:
\n<\/b>
Investor Relations
\n
Ivan Peill
\n
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 First 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 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\u2019s business model in a still challenging macro environment and continued progress … <\/p>\n

Continue reading “BeFra Reports First 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-954411","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBeFra Reports First 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-first-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 First Quarter 2026 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"BeFra Reports First 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 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\u2019s business model in a still challenging macro environment and continued progress … Continue reading "BeFra Reports First Quarter 2026 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/befra-reports-first-quarter-2026-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-23T20:35:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20260423605530r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"21 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/befra-reports-first-quarter-2026-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/befra-reports-first-quarter-2026-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"BeFra Reports First Quarter 2026 Results\",\"datePublished\":\"2026-04-23T20:35:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/befra-reports-first-quarter-2026-results\\\/\"},\"wordCount\":4331,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/befra-reports-first-quarter-2026-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20260423605530r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/befra-reports-first-quarter-2026-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/befra-reports-first-quarter-2026-results\\\/\",\"name\":\"BeFra Reports First Quarter 2026 Results - 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(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. 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