GUADALAJARA, Mexico--(BUSINESS WIRE)--October 23, 2025--
Betterware de México, S.A.P.I. de C.V. $(BWMX)$ ("BeFra" or the "Company"), announced today its consolidated financial results for the third quarter 2025. 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
BeFra delivered solid results for the third quarter of 2025. Revenue continued to increase, expanding by 1.4% YoY, despite still subdued consumption trends in Mexico. At the same time, we significantly strengthened third quarter profitability and operating cashflow, with EBITDA increasing by 22%, EPS by 71%, and Free Cash Flow by 32.6%, the latter representing 77% conversion of EBITDA. This also enabled us to further lower BeFra's net debt-to-EBITDA QoQ from 1.97 to 1.8x, which underscores our continued focus on financial discipline while we pursue stronger growth.
As noted, BeFra faced soft consumption trends in our home market, resulting in a 5.3% decrease in Betterware Mexico's revenue, although sales increased 7.9% at Jafra during the quarter. While it has been more difficult to grow in such an unexpectedly challenging market - particularly with Betterware's focus on discretionary goods - both of our core businesses nevertheless continued to strengthen their profitability; Betterware Mexico achieved an 11.7% increase in EBITDA, despite expansion investments in Guatemala and Ecuador, while Jafra Mexico achieved an exceptional 31% increase.
On the international side, we continue to make promising progress. Jafra US delivered flat year-over-year performance in USD terms, after two quarters of decreases, as our revamped compensation plan, redesigned catalog, and the adoption of our Shopify+ platform all kicked in to accelerate growth. In September, the business achieved its best month in three years, posting 30% year-over-year growth.
Further south, although still not material to our consolidated results, Betterware Ecuador continued surpassing expectations, reaching more than 5,900 associates by the end of third quarter. In September, net revenue reflected a strong run rate, with sustained compounded growth of approximately 20% month over month. The Betterware brand has exceeded our expectations in Ecuador, validating the potential of our expansion model for Andean markets. Building on this success, we plan to launch Betterware Colombia in the first quarter of 2026. In Guatemala, we achieved a 32% YoY net revenue increase for the third quarter. These results have begun contributing to improved performance of Betterware and its subsidiaries overall.
In closing, despite weaker-than-anticipated consumer trends in Mexico - our primary market today - and overall macro instability, we remain committed to our long-term "Great Brands, One Essence" strategy, led by our popular Betterware and Jafra brands and person-to -person model. Our brands continue outperforming the home goods and beauty markets in Mexico and abroad, while we deliver strong profitability and cashflow, as well as maintain financial discipline. Although we have made meaningful progress in revenue and profitability relative to an even more challenging first quarter, we expect full-year growth in both metrics to remain in the low single-digit range.
As we enter the final quarter of 2025, our focus remains on closing the year positively and regaining momentum going into 2026.
Andrés Campos Chevallier
President and CEO BeFra Group
Note on the financial statements: All 2024 figures include the adjustments disclosed in our Q3 and Q4 2024 earnings releases. These refer to (i) a non-cash effect related to the sale of non-operative asset, which led to the disclosure of Adjusted EBITDA, Net Income, and EPS for Q3 2024; and (ii) a correction in the classification of certain production-related costs within Jafra Mexico's financial statements, with no impact on revenues, EBITDA, or net income. For further details, please refer to those earnings releases available on BeFra's Investor Relations website.
Q3 2025 Select Consolidated Financial Information
Q3 9M
--------- ------------------------------ ---------------------------------
Results
in '000
MXN 2025 2024 2025 2024
--------- ---------- ------------------ ----------- --------------------
Net
Revenue $3,377,299 $3,330,394 1.4% $10,439,093 $10,322,290 1.1%
--------- ---------- ---------- ------ ----------- ----------- -------
Gross 158
Margin 68.5% 66.9% bps 67.3% 68.2% -92 bps
--------- ---------- ---------- ------ ----------- ----------- -------
EBITDA $722,149 $156,546 361.3% $1,936,226 $1,568,071 23.5%
--------- ---------- ---------- ------ ----------- ----------- -------
EBITDA 1,668
Margin 21.4% 4.7% bps 18.5% 15.2% 336 bps
--------- ---------- ---------- ------ ----------- ----------- -------
Adj.
EBITDA $722,149 $591,576 22.1% $1,936,226 $2,003,101 -3.3%
--------- ---------- ---------- ------ ----------- ----------- -------
Adj.
EBITDA 362
Margin 21.4% 17.8% bps 18.5% 19.4% -86 bps
--------- ---------- ---------- ------ ----------- ----------- -------
Net
Income 314,205 -$112,561 379.1% $792,905 $486,423 63.0%
--------- ---------- ---------- ------ ----------- ----------- -------
Adj. Net
Income $314,205 $183,584 71.2% $792,905 $782,568 1.3%
--------- ---------- ---------- ------ ----------- ----------- -------
EPS 8.42 -3.02 379.1% 21.24 13.03 63.0%
--------- ---------- ---------- ------ ----------- ----------- -------
Adj. EPS 8.42 4.92 71.2% 21.24 20.97 1.3%
--------- ---------- ---------- ------ ----------- ----------- -------
Free Cash
Flow $553,573 $417,379 32.6% $1,089,884 $1,235,471 -11.8%
--------- ---------- ---------- ------ ----------- ----------- -------
Net Debt
/
EBITDA 1.80 1.76 1.80 1.76
--------- ---------- ---------- ------ ----------- ----------- -------
Interest
Coverage 3.71 3.52 3.71 3.52
--------- ---------- ---------- ------ ----------- ----------- -------
Associates
------------- --------- --------- ----- --------- -----
Avg. Base 1,113,669 1,127,767 -1.2% 1,124,878 1,173,222 -4.1%
------------- --------- --------- ----- --------- --------- -----
EOP Base 1,099,550 1,151,069 -4.7% 1,099,550 1,151,069 -4.7%
------------- --------- --------- ----- --------- --------- -----
Distributors
------------- --------- --------- ----- --------- --------- -----
Avg. Base 63,774 65,236 -2.3% 62,845 64,785 -3.0%
------------- --------- --------- ----- --------- --------- -----
EOP Base 63,021 64,433 -2.2% 63,021 64,435 -2.2%
------------- --------- --------- ----- --------- --------- -----
Revenue Growth Maintained: Consolidated net revenue increased 1.4% YoY. While the quarter experienced softer consumer demand for home goods in Mexico, overall group revenue maintained its growth trajectory, thanks to top-line growth at Jafra Mexico.
Profitability Remains Strong: Consolidated EBITDA increased 22% YoY, with the margin expanding both sequentially and YoY, reflecting an ongoing focus on strengthening profitability across all business units.
Strong Free Cash Flow Generation: BeFra continued generating strong positive Free Cash Flow during the quarter, with a 32.6% increase YoY and converting 77% of EBITDA, supported by disciplined working capital management and normalized payment cycles. The company remains on track to maintain its historical annual cash flow conversion rate of 60%.
Net Income Growth: net income increased 71% YoY, mainly reflecting a combination of factors: higher operating income, lower income tax expense, lower financial costs, and the absence of non-recurring FX and deferred tax effects that had impacted last year's results
For more details, please refer to Financial Results by Business, beginning on page 5.
Financial Performance
Balance sheet at the end of Q3 2025.
Asset Light Business -- Low fixed cost
structure BeFra's asset-light business
model continues to be a key pillar of
business resilience. The decrease in
Liquidity ratios BeFra's cash flow is fixed assets was due to the strategic
returning to the normal operating cash cycle sale of Jafra Mexico's real estate
of the business after the non-recurring assets, consistent with the Company's
events and economic volatility seen in Q1. asset-light approach. With regard to
It is expected that cash generation will other fixed costs, BeFra continues
continue to improve in the upcoming seeking ways to further reduce SG&A
quarters. expenses.
Q3 Q3 Q3 Q3
2025 2024 2025 2024 bps
------------- ------ ------ ------------- ------------- ----- ----- -----------
Fixed
Assets /
Current Total
Ratio 0.93x 1.07x -13.1% Assets 17.0% 19.5% -252 bps
FCF / Variable
Adj. Cost
EBITDA 76.6% 70.6% +322 bps Structure 74.7% 75.1% -60 bps
Fixed
CCC Cost
(days) 78 41 +37 days Structure 25.3% 24.7% 60 bps
SG&A /
Net
*CCC: Cash Conversion Cycle Revenues 45.2% 47.4% -223 bps
Debt Leverage BeFra's current level of
debt primarily reflects two key
Return on Investment Throughout its history, strategic initiatives: the acquisition
BeFra has consistently delivered solid of the Jafra beauty products business in
returns on investment. Despite a challenging 2022 and the investment in the new
first quarter, there were clear signs of Betterware Campus, which opened in 2021.
recovery in both Q2 and Q3, supported by The Company remains firmly committed to
stronger commercial and operational its debt reduction strategy During the
execution as well as improved profitability third quarter, we settled a $500M bond
across key business units. While (MXN), which will be fully covered with
year-to-date profitability indicators still internal resources by the end of the
reflect the impact of Q1, this is seen as a year, further demonstrating BeFra's
short-term deviation, and the company strong cash generation and disciplined
remains confident in the long-term financial management. Net Debt to EBITDA
value-creation capacity of its business improved from 1.97x in Q2 2025 to 1.80x
model. in Q3 2025.
Q3 Q3 Q3 Q3
2025 2024 2025 2024 %
------------- ------ ------ ------------- ------------- ----- ----- -----------
Equity Debt to
Turnover 11.00x 11.63x -5.4% EBITDA 1.93x 1.87x +3.2%
Net Debt
to
ROE 78.8% 74.7% +410 bps EBITDA 1.80x 1.76x +2.3%
Interest
ROTA 10.1% 8.1% +203 bps Coverage 3.71x 3.52x +5.4%
Dividend
Yield 8.48% 11.91% -343 bps
*Equity Turnover = Net Revenues TTM / Equity
*ROE = Net income TTM / Stockholders Equity
*ROTA = Net Income TTM / (Cash + Accounts
Receivable + Inventories + Fixed Assets)
*Calculation of Dividend Yield Using the
Closing Price on September 30, 2025, which
was $13.45
Capital Allocation
Quarterly Dividends: Considering BeFra's results to date, the company remains committed to enhancing shareholder value through quarterly dividends. The board of directors had proposed maintaining a Ps. 200M dividend for Q3 2025, which was approved by the Ordinary General Shareholders' Meeting held on October 21(st) , 2025.
2025 Guidance and Long-Term Growth Prospects: Despite a challenging start to the year during the first quarter, which has impacted BeFra's YTD performance, the Company has been gaining momentum quarter after quarter across all business units and expects a solid close to the year in the fourth quarter. Accordingly, management anticipates closing 2025 with revenue and EBITDA growth of between 1% and 5% and remains confident in sustaining this positive momentum going forward.
2025 2024 Var %
------------------------- ------------------- -------- --------------------
Net Revenue $ 14,900 - $ 15,300 $ 14,101 .APPROX. 6.0% - 9.0%
------------------------- ------------------- -------- --------------------
EBITDA $ 2,900 - $ 3,000 $ 2,775 .APPROX. 6.0% - 9.0%
------------------------- ------------------- -------- --------------------
* Figures in millions
Pesos.
Q3 2025 Financial Results by Business
Betterware Mexico
Key Financial and Operating Metrics
Q3 9M
---------- ------------------------------- -------------------------------
Results in
'000 MXN 2025 2024 2025 2024
---------- ---------- ------------------- ---------- -------------------
Net
Revenue $1,387,586 $1,465,577 -5.3% $4,249,244 $4,496,979 -5.51%
---------- ---------- ---------- ------- ---------- ---------- -------
Gross -127
Margin 57.1% 54.8% 238 bps 55.8% 57.1% bps
---------- ---------- ---------- ------- ---------- ---------- -------
EBITDA $312,669 $279,889 11.7% $864,907 $966,463 -10.5%
---------- ---------- ---------- ------- ---------- ---------- -------
EBITDA -114
Margin 22.5% 19.1% 344 bps 20.4% 21.5% bps
---------- ---------- ---------- ------- ---------- ---------- -------
Associates
-------------------- ------- ------- -------- ------- ------- --------
Avg. Base 675,696 694,277 -2.7% 659,457 708,022 -6.9%
-------------------- ------- ------- -------- ------- ------- --------
EOP Base 667,501 700,893 -4.8% 667,501 700,893 -4.8%
-------------------- ------- ------- -------- ------- ------- --------
Monthly Activity
Rate 63.3% 66.3% -295 bps 64.8% 66.8% -198 bps
-------------------- ------- ------- -------- ------- ------- --------
Avg. Monthly Order $2,043 $2,034 0.4% $2,116 $2,038 3.8%
-------------------- ------- ------- -------- ------- ------- --------
Distributors
-------------------- ------- ------- -------- ------- ------- --------
Avg. Base 43,220 44,639 -3.2% 42,161 44,159 -4.5%
-------------------- ------- ------- -------- ------- ------- --------
EOP Base 42,673 43,939 -2.9% 42,673 43,939 -2.9%
-------------------- ------- ------- -------- ------- ------- --------
Monthly Activity
Rate 97.9% 98.0% -6 bps 98.2% 98.2% 3 bps
-------------------- ------- ------- -------- ------- ------- --------
Avg. Monthly Order $20,752 $21,531 -3.6% $21,878 $22,261 -1.7%
-------------------- ------- ------- -------- ------- ------- --------
Highlights
-- Revenue Declines on Lower Consumer Demand: Betterware Mexico reported a
5.3% YoY revenue decline. Although Q2 and Q3 showed improvement after a
weak start to the year, market softness persisted, particularly in Q3, as
vacation spending and the back-to-school season limited demand for
discretionary products, contributing to overall consumption weakness.
-- Profitability Improvement: Despite lower revenues, gross margin rose
from 54.8% to 57.1% YoY, reflecting the success of a
profitability-focused growth strategy. EBITDA growth was 11.7% YoY, after
investments in geographic expansion, which totaled $16.7M pesos in the
quarter and $61.9M pesos year to date.
-- Sales Force Dynamics Stable: The independent sales force showed a
year-over-year decline of 3.2% in Distributors and 2.7% in Associates.
However, results throughout 2025 indicate stability from year-end 2024 to
Q3 2025, thanks to net growth achieved in Q2 and stability in Q3.
-- Operational Discipline and Continued Inventory Reduction: Inventories
were reduced by 17%, or approximately $240M YoY, and decreased 5% QoQ,
reflecting strong execution in inventory optimization and working capital
efficiency, which contributed to healthy cash generation during the
quarter.
Q4 2025 Priorities
-- Product Mix and Pricing: While consumer demand in Mexico remains soft,
Betterware Mexico has lined up a stronger holiday season portfolio than
last year, which is expected to help strengthen growth in the fourth
quarter. At the same time, the Company intends to strike the right
balance between revenue growth and profitability by reducing the mix of
promotional items, to strengthen gross margin and revenues.
-- Catalog Design Improvements: Refresh key visuals and better highlight
the innovative benefits of Betterware's products, emphasizing key
differentiators versus competing household products.
Jafra Mexico
Key Financial and Operating Metrics
Q3 9M
---------- ------------------------------- -------------------------------
Results in
'000 MXN 2025 2024 2025 2024
---------- ---------- ------------------- ---------- -------------------
Net
Revenue $1,752,179 $1,623,697 7.9% $5,475,829 $5,144,830 6.4%
---------- ---------- ---------- ------- ---------- ---------- -------
Gross -211
Margin 76.3% 76.8% -54 bps 75.0% 77.1% bps
---------- ---------- ---------- ------- ---------- ---------- -------
EBITDA $417,760 -$116,882 -457.4% $1,097,826 $610,716 79.8%
---------- ---------- ---------- ------- ---------- ---------- -------
EBITDA 3,104
Margin 23.8% -7.2% bps 20.0% 11.9% 818 bps
---------- ---------- ---------- ------- ---------- ---------- -------
Adj.
EBITDA $417,760 $318,148 31.3% $1,097,826 $1,045,746 5.0%
---------- ---------- ---------- ------- ---------- ---------- -------
Adj.
EBITDA
Margin 23.8% 19.6% 425 bps 20.0% 20.3% -28 bps
---------- ---------- ---------- ------- ---------- ---------- -------
Associates
-------------------- ------- ------- -------- ------- ------- --------
Avg. Base 411,670 403,340 2.1% 439,356 435,027 1.0%
-------------------- ------- ------- -------- ------- ------- --------
EOP Base 405,599 421,073 -3.7% 405,599 421,073 -3.7%
-------------------- ------- ------- -------- ------- ------- --------
Monthly Activity
Rate 49.4% 51.6% -216 bps 49.9% 52.0% -205 bps
-------------------- ------- ------- -------- ------- ------- --------
Avg. Monthly Order $2,552 $2,347 8.7% $2,489 $2,290 8.7%
-------------------- ------- ------- -------- ------- ------- --------
Distributors
-------------------- ------- ------- -------- ------- ------- --------
Avg. Base 18,950 18,823 0.7% 19,045 18,883 0.8%
-------------------- ------- ------- -------- ------- ------- --------
EOP Base 18,964 18,722 1.3% 18,964 18,722 1.3%
-------------------- ------- ------- -------- ------- ------- --------
Monthly Activity
Rate 93.7% 93.2% 46 bps 94.3% 94.2% 11 bps
-------------------- ------- ------- -------- ------- ------- --------
Avg. Monthly Order $3,023 $2,694 12.2% $2,874 $2,594 10.8%
-------------------- ------- ------- -------- ------- ------- --------
Highlights
-- Continued Strong Revenue Growth: Jafra Mexico delivered 7.9% YoY
revenue growth, supported by strong commercial execution and targeted
initiatives that kept the sales force active despite the typically slow
summer season. Revenue growth was led by the renewal of Jafra's Royal
Body care line, the launch of a new men's fragrance, Magnetique, and the
continued strong performance of the rebranded Royal Jelly skincare line.
-- Sales Force and Productivity Increases: The Associates base grew 2.1%
and Distributors increased 0.7%, while average order value rose 11% year
over year, reflecting stronger engagement and higher-quality sales.
-- Increasing Profitability. EBITDA increased 31.3% YoY, driven by a
strong gross margin in the quarter, supported by a more favorable product
mix, a tailored pricing strategy, and strict expense control.
Q4 2025 Priorities
-- Seasonal Promotions: Launch of holiday season promotions featuring key
products, enabling the creation of attractive consumer bundles and
competitive price offers.
-- Product Renovations & Innovation: Continue advancing rebranding
strategy for key products, seasonal sets and packages in the Fragrance,
Skin Care and Body Care categories. By the end of the year, Jafra Mexico
will have renovated more than 80% of its product lines, and by the end of
1H'26 it will have finished 100% of product line renovations under the
brand renewal strategy.
Jafra US
Key Financial and Operating Metrics
Q3 9M
------------------ --------------------------- ---------------------------
Results in '000
MXN 2025 2024 2025 2024
------------------ -------- ----------------- -------- -----------------
Net Revenue $237,534 $241,120 -1.5% $714,020 $680,481 4.9%
------------------ -------- -------- ------- -------- -------- -------
Gross Margin 77.0% 73.3% 370 bps 75.7% 73.6% 202 bps
------------------ -------- -------- ------- -------- -------- -------
EBITDA -$8,280 -$6,462 28.1% -$26,507 -$9,108 191.0%
------------------ -------- -------- ------- -------- -------- -------
EBITDA Margin -3.5% -2.7% 81 bps -3.7% -1.3% 237 bps
------------------ -------- -------- ------- -------- -------- -------
Q3 9M
------------------ --------------------------- ---------------------------
Results in '000
USD 2025 2024 2025 2024
------------------ -------- ----------------- -------- -----------------
Net Revenue $12,745 $12,748 0.0% $36,627 $38,425 -4.68%
------------------ -------- -------- ------- -------- -------- -------
Gross Margin 77.0% 73.6% 334 bps 75.7% 73.6% 202 bps
------------------ -------- -------- ------- -------- -------- -------
EBITDA -$442 -$342 29.4% -$1,346 -$503 167.9%
------------------ -------- -------- ------- -------- -------- -------
EBITDA Margin -3.5% -2.7% 79 bps -3.7% -1.3% 237 bps
------------------ -------- -------- ------- -------- -------- -------
Associates
---------------------- ------ ------ ------- ------ ------ -------
Avg. Base 26,303 30,150 -12.8% 26,066 30,173 -13.6%
---------------------- ------ ------ ------- ------ ------ -------
EOP Base 26,450 29,103 -9.1% 26,450 29,103 -9.1%
---------------------- ------ ------ ------- ------ ------ -------
Monthly Activity Rate 51.3% 41.6% 973 bps 48.8% 43.6% 521 bps
---------------------- ------ ------ ------- ------ ------ -------
Avg. Monthly Order $228 $233 -2.1% $232 $229 1.3%
---------------------- ------ ------ ------- ------ ------ -------
Distributors
---------------------- ------ ------ ------- ------ ------ -------
Avg. Base 1,604 1,774 -9.6% 1,639 1,743 -5.9%
---------------------- ------ ------ ------- ------ ------ -------
EOP Base 1,384 1,772 -22.0% 1,384 1,772 -22.0%
---------------------- ------ ------ ------- ------ ------ -------
Monthly Activity Rate 92.6% 87.5% 512 bps 90.6% 88.5% 208 bps
---------------------- ------ ------ ------- ------ ------ -------
Avg. Monthly Order $201 $233 -13.7% $211 $226 -6.6%
---------------------- ------ ------ ------- ------ ------ -------
Highlights
-- Revenue Recovery and Strong Execution: While net sales were practically
unchanged YoY, the sales trend has begun to improve. It is important to
note that September marked Jafra U.S.'s best monthly performance in three
years, reaching $5.5 million USD and reflecting a 30% increase in net
revenue compared to September 2024. This growth reflects the success of
the redesigned catalog, the continued ramp-up of the Shopify+ platform,
and a new incentive plan that has been well received by consultants since
its May launch, strengthening engagement and visibility.
-- Profitability Improvement: Gross margin increased 334 bps YoY to 77%.
Although the business still posted an EBITDA loss, the improvement in
both sales and margins confirms that Jafra U.S. is progressing toward
sustainable profitability. Accumulated EBITDA through third quarter 2025
included approximately $27 million pesos in one-time extraordinary legal
settlement fees related to labor claims made prior to Jafra's 2022
acquisition. When excluding these fees, operating EBITDA was positive
during this period, demonstrating that the underlying performance of the
business is on the right track toward profitability.
Q4 2025 Priorities
-- Continue leveraging the two strongest growth initiatives, the new
incentive plan and Shopify+ platform.
-- Strengthen merchandising techniques: Enhance merchandising initiatives
to boost revenue, such as the new Leadership Retreat qualification -- 400
consultants qualified versus 150 expected.
-- Improve our ease of doing business: Deploy easier and more effective
onboarding plans for new consultants and leaders.
Appendix
Financial Statements
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Final Position
As of September 30, 2025 and 2024
(In Thousands of Mexican Pesos)
---------------------------------------------------------------------
Sep 2025 Sep 2024
--------------------------------------------- ---------- ----------
Assets
--------------------------------------------- ---------- ----------
Cash and cash equivalents 333,522 316,378
--------------------------------------------- ---------- ----------
Trade accounts receivable, net 1,191,536 1,200,117
--------------------------------------------- ---------- ----------
Accounts receivable from related parties 18 2,407
--------------------------------------------- ---------- ----------
Account receivable "San Angel" 115,760
--------------------------------------------- ---------- ----------
Inventories 2,300,381 2,504,370
--------------------------------------------- ---------- ----------
Prepaid expenses 174,063 100,303
--------------------------------------------- ---------- ----------
Income tax recoverable 120,461 67,701
--------------------------------------------- ---------- ----------
Derivative financial instruments 0 105,469
--------------------------------------------- ---------- ----------
Non-current assets held for sale 40,000 0
--------------------------------------------- ---------- ----------
Other assets 118,183 421,875
--------------------------------------------- ---------- ----------
Total current assets 4,393,924 4,718,620
--------------------------------------------- ---------- ----------
Account receivable "San Angel" 48,703 0
--------------------------------------------- ---------- ----------
Property, plant and equipment, net 1,713,003 2,121,418
--------------------------------------------- ---------- ----------
Right of use assets, net 291,221 291,960
--------------------------------------------- ---------- ----------
Deferred income tax 525,086 524,876
--------------------------------------------- ---------- ----------
Intangible assets, net 1,513,648 1,590,916
--------------------------------------------- ---------- ----------
Goodwill 1,599,718 1,599,718
--------------------------------------------- ---------- ----------
Other assets 14,257 14,387
--------------------------------------------- ---------- ----------
Total non-current assets 5,705,636 6,143,275
--------------------------------------------- ---------- ----------
Total assets 10,099,560 10,861,895
--------------------------------------------- ---------- ----------
Liabilities and Stockholders' Equity
--------------------------------------------- ---------- ----------
Short-term debt and borrowings 1,661,924 618,279
--------------------------------------------- ---------- ----------
Accounts payable to suppliers 1,730,717 2,372,520
--------------------------------------------- ---------- ----------
Accrued expenses 368,196 410,253
--------------------------------------------- ---------- ----------
Provisions 668,882 778,992
--------------------------------------------- ---------- ----------
Value added tax payable 54,662 44,614
--------------------------------------------- ---------- ----------
Statutory employee profit sharing 97,875 86,885
--------------------------------------------- ---------- ----------
Lease liability 118,746 109,873
--------------------------------------------- ---------- ----------
Derivative financial instruments 33,563 0
--------------------------------------------- ---------- ----------
Total current liabilities 4,734,565 4,421,416
--------------------------------------------- ---------- ----------
Employee benefits 142,485 139,701
--------------------------------------------- ---------- ----------
Deferred income tax 495,118 572,301
--------------------------------------------- ---------- ----------
Lease liability 193,055 214,098
--------------------------------------------- ---------- ----------
Long term debt and borrowings 3,242,407 4,334,713
--------------------------------------------- ---------- ----------
Total non-current liabilities 4,073,065 5,260,813
Total liabilities 8,807,630 9,682,229
--------------------------------------------- ---------- ----------
Stockholders' Equity
--------------------------------------------- ---------- ----------
Capital stock 321,312 321,312
--------------------------------------------- ---------- ----------
Share premium account -25,264 -25,264
--------------------------------------------- ---------- ----------
Retained earnings 1,036,602 916,606
--------------------------------------------- ---------- ----------
Other comprehensive income -37,187 -31,508
--------------------------------------------- ---------- ----------
Non-controlling interest -3,533 -1,480
--------------------------------------------- ---------- ----------
Total Stockholders' Equity 1,291,930 1,179,666
--------------------------------------------- ---------- ----------
Total Liabilities and Stockholders' Equity 10,099,560 10,861,895
--------------------------------------------- ---------- ----------
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the three-months ended September 30, 2025 and 2024
(In Thousands of Mexican Pesos)
------------------------------------------------------------------------------
Q3 2025 Q3 2024 %
---------------------------------------------- --------- --------- --------
Net revenue 3,377,299 3,330,394 1.4%
---------------------------------------------- --------- --------- --------
Cost of sales 1,064,701 1,103,468 -3.5%
---------------------------------------------- --------- --------- --------
Gross profit 2,312,598 2,226,926 3.8%
---------------------------------------------- --------- --------- --------
Administrative expenses 564,547 649,765 -13.1%
---------------------------------------------- --------- --------- --------
Selling expenses 961,693 928,707 3.6%
---------------------------------------------- --------- --------- --------
Distribution expenses 159,282 152,281 4.6%
---------------------------------------------- --------- --------- --------
Total expenses 1,685,522 1,730,753 -2.6%
---------------------------------------------- --------- --------- --------
Other expenses - Sale of fixed assets 0 435,030 NA
---------------------------------------------- --------- --------- --------
Operating income 627,076 61,143 925.6%
---------------------------------------------- --------- --------- --------
Interest expense -131,907 -159,087 -17.1%
---------------------------------------------- --------- --------- --------
Interest income 5,473 2,751 98.9%
---------------------------------------------- --------- --------- --------
Unrealized loss in valuation of financial
derivative instruments 0 82,876 -100.0%
---------------------------------------------- --------- --------- --------
Foreign exchange loss, net 1,038 -27,586 -103.8%
---------------------------------------------- --------- --------- --------
Financing cost, net -125,396 -101,046 24.1%
---------------------------------------------- --------- --------- --------
Income before income taxes 501,680 -39,903 -1357.2%
---------------------------------------------- --------- --------- --------
Income taxes 188,055 72,634 158.9%
---------------------------------------------- --------- --------- --------
Net income including minority interest 313,625 -112,537 -378.7%
---------------------------------------------- --------- --------- --------
Non-controlling interest loss 580 -24 -2516.7%
---------------------------------------------- --------- --------- --------
Net income 314,205 -112,561 -379.1%
---------------------------------------------- --------- --------- --------
Concept Q3 2025 Q3 2024 %
---------------------------------------------- --------- --------- --------
Net income 313,625 -112,537 -378.7%
---------------------------------------------- --------- --------- --------
(+) Income taxes 188,055 72,634 158.9%
---------------------------------------------- --------- --------- --------
(+) Financing cost, net 125,396 101,046 24.1%
---------------------------------------------- --------- --------- --------
(+) Depreciation and amortization 95,073 95,402 -0.3%
---------------------------------------------- --------- --------- --------
EBITDA 722,149 156,545 361.3%
---------------------------------------------- --------- --------- --------
EBITDA margin 21.38% 4.70%
---------------------------------------------- --------- --------- --------
(+) Other expenses - Sale of fixed assets 435,030 -100.0%
---------------------------------------------- --------- --------- --------
(+) Impairment of fixed assets 0
---------------------------------------------- --------- --------- --------
EBITDA adjusted 722,149 591,575 22.1%
---------------------------------------------- --------- --------- --------
EBITDA margin adjusted 21.38% 17.76%
---------------------------------------------- --------- --------- --------
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the nine-months ended September 30, 2025 and 2024
(In Thousands of Mexican Pesos)
------------------------------------------------------------------------------
9M 2025 9M 2024 %
-------------------------------------------- ---------- ---------- -------
Net revenue 10,439,093 10,322,290 1.1%
-------------------------------------------- ---------- ---------- --------
Cost of sales 3,418,781 3,285,321 4.1%
-------------------------------------------- ---------- ---------- --------
Gross profit 7,020,312 7,036,969 -0.2%
-------------------------------------------- ---------- ---------- --------
Administrative expenses 1,886,385 1,923,042 -1.9%
-------------------------------------------- ---------- ---------- --------
Selling expenses 2,976,073 2,907,457 2.4%
-------------------------------------------- ---------- ---------- --------
Distribution expenses 514,655 489,593 5.1%
-------------------------------------------- ---------- ---------- --------
Total expenses 5,377,113 5,320,092 1.1%
-------------------------------------------- ---------- ---------- --------
Other expenses - Sale of fixed assets 0 435,030 NA
-------------------------------------------- ---------- ---------- --------
Operating income 1,643,199 1,281,847 28.2%
-------------------------------------------- ---------- ---------- --------
Interest expense -422,219 -483,894 -12.7%
-------------------------------------------- ---------- ---------- --------
Interest income 29,451 13,554 117.3%
-------------------------------------------- ---------- ---------- --------
Unrealized loss in valuation of financial
derivative instruments -108,846 153,389 -171.0%
-------------------------------------------- ---------- ---------- --------
Foreign exchange loss, net 73,165 -88,839 -182.4%
-------------------------------------------- ---------- ---------- --------
Financing cost, net -428,449 -405,790 5.6%
-------------------------------------------- ---------- ---------- --------
Income before income taxes 1,214,750 876,057 38.7%
-------------------------------------------- ---------- ---------- --------
Income taxes 423,728 389,586 8.8%
-------------------------------------------- ---------- ---------- --------
Net income including minority interest 791,022 486,471 62.6%
-------------------------------------------- ---------- ---------- --------
Non-controlling interest loss 1,883 -48 -4022.9%
-------------------------------------------- ---------- ---------- --------
Net income 792,905 486,423 63.0%
-------------------------------------------- ---------- ---------- --------
Concept 9M 2025 9M 2024 %
-------------------------------------------- ---------- ---------- -------
Net income 791,022 486,471 62.6%
-------------------------------------------- ---------- ---------- --------
(+) Income taxes 423,728 389,586 8.8%
-------------------------------------------- ---------- ---------- --------
(+) Financing cost, net 428,449 405,790 5.6%
-------------------------------------------- ---------- ---------- --------
(+) Depreciation and amortization 293,027 286,224 2.4%
-------------------------------------------- ---------- ---------- --------
EBITDA 1,936,226 1,568,071 23.5%
-------------------------------------------- ---------- ---------- --------
EBITDA margin 18.55% 15.19%
-------------------------------------------- ---------- ---------- --------
(+) Other expenses - Sale of fixed assets 0 435,030 -100.0%
-------------------------------------------- ---------- ---------- --------
(+) Impairment of fixed assets 0 0
-------------------------------------------- ---------- ---------- --------
EBITDA adjusted 1,936,226 2,003,101 -3.3%
-------------------------------------------- ---------- ---------- --------
EBITDA margin adjusted 18.55% 19.41%
-------------------------------------------- ---------- ---------- --------
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Cash Flows
For the nine-months ended September 30, 2025 and 2024
(In Thousands of Mexican Pesos)
------------------------------------------------------------------------------
Q3 2025 Q3 2024
------------------------------------------------------ ---------- ----------
Cash flows from operating activities:
------------------------------------------------------ ---------- ----------
Profit for the period 791,022 486,471
------------------------------------------------------ ---------- ----------
Adjustments for:
------------------------------------------------------ ---------- ----------
Income tax expense recognized in profit of the year 423,728 389,586
------------------------------------------------------ ---------- ----------
Depreciation and amortization of non-current assets 293,027 286,224
------------------------------------------------------ ---------- ----------
Interest income recognized in profit or loss -29,451 -13,554
------------------------------------------------------ ---------- ----------
Interest expense recognized in profit or loss 422,219 483,894
------------------------------------------------------ ---------- ----------
Unrealized loss (gain) in valuation of financial
derivative instruments 108,846 -153,389
------------------------------------------------------ ---------- ----------
Share-based payment expense -8,894
------------------------------------------------------ ---------- ----------
Gain on disposal of equipment -8,147 699,176
------------------------------------------------------ ---------- ----------
Currency effect 20,420 -17,021
------------------------------------------------------ ---------- ----------
Movements in not- controlling interest 72 103
------------------------------------------------------ ---------- ----------
Movements in working capital:
------------------------------------------------------ ---------- ----------
Trade accounts receivable -58,443 -127,662
------------------------------------------------------ ---------- ----------
Trade accounts receivable from related parties 232 -2303
------------------------------------------------------ ---------- ----------
Trade account receivable "San Angel" 47,159
------------------------------------------------------ ---------- ----------
Inventory, net 204,712 -470,236
------------------------------------------------------ ---------- ----------
Prepaid expenses and other assets -57,982 -170,656
------------------------------------------------------ ---------- ----------
Accounts payable to suppliers and accrued expenses -441,500 668,348
------------------------------------------------------ ---------- ----------
Provisions -80,036 -25,756
------------------------------------------------------ ---------- ----------
Value added tax payable -16,530 -73,747
------------------------------------------------------ ---------- ----------
Statutory employee profit sharing -41,380 -45,970
------------------------------------------------------ ---------- ----------
Trade accounts payable to related parties -1,237 20
------------------------------------------------------ ---------- ----------
Income taxes paid -445,478 -633,554
------------------------------------------------------ ---------- ----------
Employee benefits 14,173 12,551
------------------------------------------------------ ---------- ----------
Net cash generated by operating activities 1,145,426 1,283,631
------------------------------------------------------ ---------- ----------
Cash flows from investing activities:
------------------------------------------------------ ---------- ----------
Payments for property, plant and equipment, net -61,767 -174,996
------------------------------------------------------ ---------- ----------
Proceeds from disposal of property, plant and
equipment, net 6,225 126,836
------------------------------------------------------ ---------- ----------
Interest received 29,451 13,554
------------------------------------------------------ ---------- ----------
Net cash used in investing activities -26,091 -34,606
------------------------------------------------------ ---------- ----------
Cash flows from financing activities:
------------------------------------------------------ ---------- ----------
Repayment of borrowings -3,914,700 -2,071,500
------------------------------------------------------ ---------- ----------
Proceeds from borrowings 4,031,200 1,945,000
------------------------------------------------------ ---------- ----------
Interest paid -431,383 -497,796
------------------------------------------------------ ---------- ----------
Lease payment -118,787 -109,541
------------------------------------------------------ ---------- ----------
Dividends paid -648,701 -748,540
------------------------------------------------------ ---------- ----------
Net cash used in financing activities -1,082,371 -1,482,377
------------------------------------------------------ ---------- ----------
Net increase (decrease) in cash and cash
equivalents 36,964 -233,352
------------------------------------------------------ ---------- ----------
Cash and cash equivalents at the beginning of the
period 296,558 549,730
------------------------------------------------------ ---------- ----------
Cash and cash equivalents at the end of the period 333,522 316,378
------------------------------------------------------ ---------- ----------
Key Operating Metrics
Betterware Mexico
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
---------------------- ------- ------- ------- ------- ------- -------
Associates
---------------------- ------- ------- ------- ------- ------- -------
Avg. Base 713,144 694,277 693,666 645,359 657,317 675,696
---------------------- ------- ------- ------- ------- ------- -------
EOP Base 699,033 700,893 674,654 649,076 670,349 667,501
---------------------- ------- ------- ------- ------- ------- -------
Monthly Activity Rate 66.4% 66.3% 64.8% 65.5% 65.6% 63.3%
---------------------- ------- ------- ------- ------- ------- -------
Avg. Monthly Order $2,027 $2,034 $2,158 $2,152 $2,153 $2,043
---------------------- ------- ------- ------- ------- ------- -------
Monthly Growth Rate 13.8% 15.7% 14.3% 18.7% 16.6% 16.1%
---------------------- ------- ------- ------- ------- ------- -------
Monthly Churn Rate 15.0% 15.6% 15.6% 19.5% 15.6% 16.3%
---------------------- ------- ------- ------- ------- ------- -------
Distributors
---------------------- ------- ------- ------- ------- ------- -------
Avg. Base 44,953 44,639 43,585 41,202 42,062 43,220
---------------------- ------- ------- ------- ------- ------- -------
EOP Base 45,009 43,939 42,608 41,810 43,292 42,673
---------------------- ------- ------- ------- ------- ------- -------
Monthly Activity Rate 98.0% 98.0% 96.7% 97.9% 98.8% 97.9%
---------------------- ------- ------- ------- ------- ------- -------
Avg. Monthly Order $21,669 $21,531 $22,945 $22,534 $22,347 $20,752
---------------------- ------- ------- ------- ------- ------- -------
Monthly Growth Rate 11.4% 10.4% 8.7% 9.8% 10.7% 9.6%
---------------------- ------- ------- ------- ------- ------- -------
Monthly Churn Rate 11.0% 11.2% 10.3% 11.2% 9.4% 10.1%
---------------------- ------- ------- ------- ------- ------- -------
Jafra Mexico
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
---------------------- ------- ------- ------- ------- ------- -------
Associates
---------------------- ------- ------- ------- ------- ------- -------
Avg. Base 432,450 403,340 476,211 468,356 438,041 411,670
---------------------- ------- ------- ------- ------- ------- -------
EOP Base 419,931 421,073 480,532 446,998 429,472 405,599
---------------------- ------- ------- ------- ------- ------- -------
Monthly Activity Rate 50.50% 51.6% 49.9% 50.5% 49.8% 49.4%
---------------------- ------- ------- ------- ------- ------- -------
Avg. Monthly Order $2,284 $2,347 $2,439 $2,419 $2,495 $2,552
---------------------- ------- ------- ------- ------- ------- -------
Monthly Growth Rate 8.4% 12.0% 13.2% 10.1% 10.1% 10.0%
---------------------- ------- ------- ------- ------- ------- -------
Monthly Churn Rate 10.8% 11.9% 8.6% 12.5% 11.3% 12.0%
---------------------- ------- ------- ------- ------- ------- -------
Distributors
---------------------- ------- ------- ------- ------- ------- -------
Avg. Base 19,073 18,823 18,889 19,150 19,036 18,950
---------------------- ------- ------- ------- ------- ------- -------
EOP Base 19,035 18,722 19,093 19,202 18,966 18,964
---------------------- ------- ------- ------- ------- ------- -------
Monthly Activity Rate 93.10% 93.2% 94.6% 95.1% 94.1% 93.7%
---------------------- ------- ------- ------- ------- ------- -------
Avg. Monthly Order $2,693 $2,694 $2,758 $2,744 $2,855 $3,023
---------------------- ------- ------- ------- ------- ------- -------
Monthly Growth Rate 0.7% 0.9% 1.8% 1.2% 0.6% 1.2%
---------------------- ------- ------- ------- ------- ------- -------
Monthly Churn Rate 0.8% 1.5% 1.1% 1.0% 1.0% 1.3%
---------------------- ------- ------- ------- ------- ------- -------
Jafra US
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
------------------------ ------- ------- ------- ------- ------- -------
Associates
------------------------ ------- ------- ------- ------- ------- -------
Avg. Base 31,013 30,150 26,540 24,703 27,191 26,303
------------------------ ------- ------- ------- ------- ------- -------
EOP Base 31,474 29,103 25,272 25,973 28,188 26,450
------------------------ ------- ------- ------- ------- ------- -------
Monthly Activity Rate 45.9% 41.6% 44.5% 45.9% 49.2% 51.3%
------------------------ ------- ------- ------- ------- ------- -------
Avg. Monthly Order $(USD)$ $232 $233 $248 $243 $225 $228
------------------------ ------- ------- ------- ------- ------- -------
Monthly Growth Rate 14.4% 11.2% 10.0% 12.8% 13.2% 11.4%
------------------------ ------- ------- ------- ------- ------- -------
Monthly Churn Rate 11.9% 13.7% 14.7% 11.8% 9.7% 14.0%
------------------------ ------- ------- ------- ------- ------- -------
Distributors
------------------------ ------- ------- ------- ------- ------- -------
Avg. Base 1,726 1,774 1,786 1,504 1,808 1,604
------------------------ ------- ------- ------- ------- ------- -------
EOP Base 1,766 1,772 1,638 1,493 1,901 1,384
------------------------ ------- ------- ------- ------- ------- -------
Monthly Activity Rate 89.8% 87.5% 85.5% 89.3% 89.8% 92.6%
------------------------ ------- ------- ------- ------- ------- -------
Avg. Monthly Order (USD) $229 $233 $219 $228 $206 $201
------------------------ ------- ------- ------- ------- ------- ------- Monthly Growth Rate 8.5% 5.8% 2.7% 4.0% 8.5% 3.8% ------------------------ ------- ------- ------- ------- ------- ------- Monthly Churn Rate 6.7% 5.7% 5.0% 6.9% 0.0% 12.8% ------------------------ ------- ------- ------- ------- ------- -------
Key Financial Metrics
Consolidated
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
-------- ---------- ---------- ---------- ---------- ---------- ----------
Net
Revenue $3,389,393 $3,330,394 $3,778,468 $3,499,151 $3,562,643 $3,377,299
-------- ---------- ---------- ---------- ---------- ---------- ----------
Gross
Margin 67.8% 66.9% 67.3% 66.2% 67.1% 68.50%
-------- ---------- ---------- ---------- ---------- ---------- ----------
EBITDA $656,136 $591,575 $771,596 $535,265 $678,812 $722,149
-------- ---------- ---------- ---------- ---------- ---------- ----------
EBITDA
Margin 19.4% 17.8% 20.4% 15.3% 19.1% 21.40%
-------- ---------- ---------- ---------- ---------- ---------- ----------
Net
Income $303,745 $183,608 $270,083 $150,728 $327,306 $314,205
-------- ---------- ---------- ---------- ---------- ---------- ----------
Free
Cash
Flow $458,437 $417,379 $548,430 -$55,841 $592,152 $553,573
-------- ---------- ---------- ---------- ---------- ---------- ----------
Betterware Mexico
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
-------- ---------- ---------- ---------- ---------- ---------- ----------
Net
Revenue $1,476,375 $1,465,577 $1,494,855 $1,403,065 $1,458,593 $1,387,586
-------- ---------- ---------- ---------- ---------- ---------- ----------
Gross
Margin 56.4% 54.8% 57.2% 55.3% 55.2% 57.1%
-------- ---------- ---------- ---------- ---------- ---------- ----------
EBITDA $304,467 $279,889 $330,075 $261,493 $290,745 $312,669
-------- ---------- ---------- ---------- ---------- ---------- ----------
EBITDA
Margin 20.6% 19.1% 22.1% 18.6% 19.9% 22.5%
-------- ---------- ---------- ---------- ---------- ---------- ----------
Jafra Mexico
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
-------- ---------- ---------- ---------- ---------- ---------- ----------
Net
Revenue $1,671,137 $1,623,697 $2,038,993 $1,869,818 $1,853,832 $1,752,179
-------- ---------- ---------- ---------- ---------- ---------- ----------
Gross
Margin 77.0% 76.8% 74.1% 73.5% 75.3% 76.3%
-------- ---------- ---------- ---------- ---------- ---------- ----------
EBITDA $344,478 $318,146 $440,630 $286,706 $393,360 $417,760
-------- ---------- ---------- ---------- ---------- ---------- ----------
EBITDA
Margin 20.6% 19.6% 21.6% 15.3% 21.2% 23.8%
-------- ---------- ---------- ---------- ---------- ---------- ----------
Jafra US
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
-------------- -------- -------- -------- -------- -------- --------
Net Revenue $241,881 $241,120 $244,620 $226,268 $250,218 $237,534
-------------- -------- -------- -------- -------- -------- --------
Gross Margin 73.6% 73.30% 73.1% 73.9% 76.0% 77%
-------------- -------- -------- -------- -------- -------- --------
EBITDA $7,192 -$6,462 $891 -$12,934 -$5,293 -$8,280
-------------- -------- -------- -------- -------- -------- --------
EBITDA Margin 3.0% -2.70% 0.4% -5.7% -2.1% -3.5%
-------------- -------- -------- -------- -------- -------- --------
Use of Non-IFRS Financial Measures
This announcement includes certain references to EBITDA, EBITDA Margin, Net Debt:
EBITDA: defined as profit for the year adding back the depreciation of property, plant, and equipment and right of use assets, amortization of intangible assets, financing cost, net and total income taxes.
EBITDA Margin: is calculated by dividing EBITDA by net revenue.
EBITDA and EBITDA Margin are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies.
BeFra believes that these non-IFRS financial measures are useful to investors because (i) BeFra uses these measures to analyze its financial results internally and believes they represent a measure of operating profitability and (ii) these measures will serve investors to understand and evaluate BeFra's EBITDA and provide more tools for their analysis as it makes BeFra's results comparable to industry peers that also prepare these measures.
Definitions: Operating Metrics
Starting Q2 2024, the Company will report salesforce under the same name for all business units, Distributors (previously stated as Leaders in Jafra) and Associates (previously stated as Consultants for Jafra). It is important to note that the metrics are calculated with the same method as previous quarters and the reference name change has no adverse effect on the results of the operating metrics reported by the Company.
Betterware (Associates and Distributors)
Avg. Base: Weekly average Associate/Distributor base
EOP Base: Associate/Distributor base at the end of the period
Weekly Churn Rate: Average weekly data. Total Associates/Distributors lost during the period divided by the beginning of the period Associate/Distributor base.
Weekly Activity Rate: Average weekly data. Active Associates/Distributors divided by ending Associate/Distributor base.
Avg. Weekly Order: Average weekly data. Total Revenue divided by number of active Associates/Distributors
Jafra (Associates and Distributors)
Avg. Base: Monthly average Associate/Distributor base
EOP Base: Associate/Distributor base at the end of the period
Monthly Churn Rate (Associates): Average monthly data. Total Associates lost during the period divided by the number of active Associates 4 months prior. An Associate is terminated only after 4 months of inactivity.
Monthly Churn Rate (Distributors): Average monthly data. Total Distributors lost during the period divided by end of period Distributors' base.
Monthly Activity Rate: Average monthly data. Active Associate/Distributor divided by the end of period Associate/Distributor base.
Avg. Monthly Order (Associates): Average monthly data. Total Catalog Revenue divided by number of Associates orders.
Avg. Monthly Order (Distributors): Average monthly data. Total Distributors Revenue divided by number of Distributors orders.
About Betterware de México, S.A.P.I. de C.V.
Founded in 1995, Betterware de Mexico is the leading direct-to-consumer company in Mexico focused on offering innovative products that solve specific needs related to household organization, practicality, space-saving, and hygiene. Through the acquisition of JAFRA on April 7, 2022, the Company now offers a leading brand of direct-to-consumer in the Beauty market in Mexico and the United States where it offers Fragrances, Color & Cosmetics, Skin Care, and Toiletries. The combined company possesses an asset-light business model with low capital expenditure requirements and a track record of strong profitability, double digit rates of revenue growth and free cash flow generation. Today, the Company distributes its products in Mexico and in the United States of America.
Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will", "estimate", "continue", "anticipate", "intend", "expect", "should", "would", "plan", "predict", "potential", "seem", "seek," "future," "outlook", and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The reader should understand that the results obtained may differ from the projections contained in this document and that many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward looking statements. For this reason, the Company assumes no responsibility for any indirect factors or elements beyond its control that might occur inside Mexico or abroad and which might affect the outcome of these projections and encourages you to review the 'Cautionary Statement' and the 'Risk Factor' sections of our annual report on Form 20-F for the year ended December 31, 2020 and any of the Company's other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date hereof. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Further information on risks and uncertainties that may affect the Company's operations and financial
performance, and the forward statements contained herein, is available in the Company's filings with the SEC. All forward-looking statements are qualified in their entirety by this cautionary statement.
Q3 2025 Conference Call
Management will hold a conference call with investors on October 23(rd) , 2025, at 3:30 pm Mexico City Time / 5:30 pm Eastern Time (EST). For anyone who wishes to join live, the dial-in information is:
Toll Free: 1-877-451-6152
Toll/International: 1-201-389-0879
Conference ID: 13756176
Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1736819&tp_key=22999cab18
If you wish to listen to the replay of the conference call, please see instructions below:
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13756176
View source version on businesswire.com: https://www.businesswire.com/news/home/20251023355046/en/
CONTACT: Company:
BeFra IR
ir@better.com.mx
+52 (33) 3836 0500 Ext. 2011
InspIR:
Investor Relations
Ivan Peill
ivan@inspirgroup.com
(END) Dow Jones Newswires
October 23, 2025 16:15 ET (20:15 GMT)
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