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Dec 31, 2025
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Betterware Q4 2025 Earnings Report
Betterware de México reported its fourth quarter 2025 financial results, showing slight revenue growth and a recovery in profitability despite macroeconomic volatility.
Key Takeaways
Betterware (BeFra) achieved a 1.2% year-over-year increase in consolidated net revenue for Q4 2025, reaching Ps. 3,825.5 million. While gross margins faced temporary pressure from FX-related impacts, the company saw a strong recovery in EBITDA and net income compared to the previous year. Cash generation remained a standout strength with an 83% EBITDA-to-cash conversion, and the company announced the completion of the Tupperware Latam acquisition to drive future growth.
Consolidated net revenue increased 1.2% YoY to Ps. 3,825.5 million, driven by growth in Jafra Mexico and a return to growth for Jafra US.
EBITDA grew 42.4% YoY to Ps. 726.5 million, with an EBITDA margin of 19.0%, reflecting disciplined expense management.
Free Cash Flow reached Ps. 1,132.3 million in Q4, significantly higher than the previous year due to improved inventory control.
The acquisition of Tupperware Latam was completed, positioning the company for significant expansion in Brazil and other Latin American markets.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, BeFra expects strong revenue and cash generation growth, excluding the impact of the Tupperware Latam acquisition which will be updated later.
Positive Outlook
- Projected 2026 Net Revenue between Ps. 14,800M and Ps. 15,400M.
- Expected EBITDA margin of at least 19% with potential to expand.
- Tupperware Latam acquisition expected to be substantially accretive.
- Improving commercial trends and momentum building at the end of 2025.
- Stronger balance sheet following the settlement of outstanding bonds.
Challenges Ahead
- 2025 revenue met guidance only at the low end of the range.
- Macroeconomic volatility and socio-political uncertainty remain risks.
- Softer consumption trends observed in core markets during 2025.
- Temporary FX-related impacts pressured gross margins in Q4.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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