Betterware De Mexico, S.a.p.i. De C.v. · NYSE:BWMX
Betterware De Mexico, S.a.p.i. De C.v — Q4 2025 Earnings Presentation
28 slides from Betterware De Mexico, S.a.p.i. De C.v's earnings presentation, Feb 26, 2026
Slide 1: 4Q25 Earnings Call
4Q25 Earnings Call February 26, 2026
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward - Looking Statements Matters discussed in this presentation may constitute forward - looking statements . Forward - looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions a
Slide 3: Presenters
Andrés Campos Rodrigo Muñoz President & CEO, PRESENTERS CFO, BeFra BeFra |3
Slide 4: 4Q25 Selected Highlights
4Q25 SELECTED HIGHLIGHTS Net Revenue Slight Revenue growth despite continued sluggish on consumer +1.2% spending EBITDA EBITDA Margin EBITDA margin remains strong, although its YoY decrease was driven - 5.8% & - 142 bps by temporary gross margin impacts 19.0% Adjusted net income remained solid; with
Slide 5: Full Year 2025 Selected Highlights
Full Year SELECTED HIGHLIGHTS 2025 Net Revenue Revenue growth despite a difficult 1st quarter and slow +1.2% consumption in main markets EBITDA EBITDA Margin - 3.8% & EBITDA decline mainly due to abnormal contraction in Q1 - 100 bps 18.7% Adj. Net Income Adjusted net income remained solid; however,
Slide 6: Unique Growth Profile and Profitability
Unique Growth Profile and Profitability Net Revenue - Million MXN EBITDA - Million MXN Margin evolution reflects the growing contributions of Betterware MX Jafra, offset by strategic investments to support Jafra MX expansion initiatives Jafra US 14,101 14,265 27.6% 29.0% ~30% 13,010 26.7% CAGR 953 2
Slide 7: Strategic Pillars – 2025 to 2030
Strategic Pillars – 2025 to 2030 Pages / 1 2 3 4 5 1 2 3 4 5 Strengthen Mexico Regional Expansion New Brands or Digital Maintain financial Leadership Categories Transformation discipline and control Consolidate our position Continue growing in the Remain focused on Maintain financial as market leade
Slide 8: Strategic Pillars – 2025 to 2030
Strategic Pillars – 2025 to 2030 Pag es / 1 2 3 4 5 1 2 3 4 5 Strengthen Mexico Regional Expansion New Brands or Digital Maintain financial Leadership Categories Transformation discipline and control Consolidate our position Continue growing in the Remain focused on Maintain financial as market lead
Slide 9: Mexico & Subs
Mexico & Subs Revenue EBITDA (Million MXN) (Million MXN) The year reflected consumption volatility in Mexico; however, Performance was affected by temporary FX related impacts on 4Q was the strongest quarter, showing signs of return to growth inventory valuation and losses from derivative positions
Slide 10: Mexico & Subs: Achievements and 2026 Initiatives
Pa ge s/ Mexico & Subs ACHIEVEMENTS 2025 2026 SELECTED STRATEGIC INITIATIVES Revamp innovation levers, expanding licensing 1 Revamped core categories while expanding new categories like home wellness 1 beyond Disney, strengthening fast consumption products, and launching world cup special edition li
Slide 11: Mexico
Mexico Revenue Adjusted EBITDA (Million MXN) (Million MXN) • Despite a challenging consumption environment, the beauty • Adjusted EBITDA recovered from a weak first quarter and market remained resilient achieving record high sales in the returned to full - year growth quarter • Margin remained withi
Slide 12: Mexico: Achievements and 2026 Initiatives
Pa ge s/ Mexico ACHIEVEMENTS 2025 2026 SELECTED STRATEGIC INITIATIVES Re - design of our most prominent core lines like Refocus on innovation, expanding Disney 1 royal jelly, royal body, double nature and Navigo, among others 1 licensing, launching new skincare lines, and entering Haircare in 2H26 L
Slide 13: Strategic Pillars – 2025 to 2030
Strategic Pillars – 2025 to 2030 Pag es / 1 2 3 4 5 1 2 3 4 5 Strengthen Mexico Regional Expansion New Brands or Digital Maintain financial Leadership Categories Transformation discipline and control Consolidate our position Continue growing in the Remain focused on Maintain financial as market lead
Slide 14: US - USD
US - USD Revenue EBITDA (Million USD) (Million USD ) • Maintained growth momentum throughout the year, • Following tighter cost control, the business closed the achieving the first YoY growth quarter and year with a profitable quarter strengthening the business growth trajectory • Excluding legal ex
Slide 15: US: Achievements 2025 and 2026 Initiatives
Pa ge s/ US ACHIEVEMENTS 2025 2026 SELECTED STRATEGIC INITIATIVES Re focus on innovation in all categories, 1 Re - design of our most prominent core lines like royal jelly, royal body, double 1 after a year of renovation in 2025 Disney licensed products in the US and launch nature and Navigo, among
Slide 16: Geographic Expansion
Direct Selling Central America Markets Total market size $770M 5.7 0.8 0.6 Geographic Expansion 2.3 0.9 • Replicate business model 8.0 • Andean + Central America Andean Region 2.1 $6.1B TAM Total market size $5.3 Bn . Expansion into Ecuador • Penetrate new markets enables us to expand to organically
Slide 17: Ecuador Guatemala
Ecuador Guatemala • +11,500 associates and +730 distributors • Total sales up almost 50% since beginning of the year • More than 7x associates since May • The number of associates has increased by approximately 35% since the start of the year • Colombia operations launch scheduled for March 2nd Ecua
Slide 18: Strategic Pillars – 2025 to 2030
Strategic Pillars – 2025 to 2030 Pag es / 1 2 3 4 5 1 2 3 4 5 Strengthen Mexico Regional Expansion New Brands or Digital Maintain financial Leadership Categories Transformation discipline and control Consolidate our position Continue growing in the Remain focused on Maintain financial as market lead
Slide 19: Transaction Summary
Food Containers and Drinkware Transaction Summary ▪ Acquiring 100% of LatAm businesses , including : Running operations in Mexico and Mexico Brazil, with respective production plants, as well as perpetual royalty free license of all Latam Revenue – USD mm Brazil ▪ Value of US $250 million , consisti
Slide 20: What's next
Food Containers and Drinkware What's next Long Term Mid Term Short Term Fully integrate Return to growth in current markets Tupperware into BeFra Transaction approval from Expand into new regions Leverage Tupperware’s Antitrust Agency Brazil operation Expected during Leverage Tupperware’s 2Q 2026 ma
Slide 21: Strategic Pillars – 2025 to 2030
Strategic Pillars – 2025 to 2030 Pag es / 1 2 3 4 5 1 2 3 4 5 Strengthen Mexico Regional Expansion New Brands or Digital Maintain financial Leadership Categories Transformation discipline and control Consolidate our position Continue growing in the Remain focused on Maintain financial as market lead
Slide 22: Digital Transformation Initiatives
4 Digital Transformation Accelerate growth through a phygital platform maximizing every P2P interaction Our Digital Transformation Pillars GROW OUR DISTRIBUTORS DIGITIZE OUR LEVERAGE OUR AND ASSOCIATES BUSINESS CORE DATA Platform enhancements Customer Service for ease of doing Leverage Digital Autom
Slide 23: Strategic Pillars – 2025 to 2030
Strategic Pillars – 2025 to 2030 Pag es / 1 2 3 4 5 1 2 3 4 5 Strengthen Mexico Regional Expansion New Brands or Digital Maintain financial Leadership Categories Transformation discipline and control Consolidate our position Continue growing in the Remain focused on Maintain financial as market lead
Slide 24: Adjusted EBITDA Adjusted Net Income
Adjusted EBITDA Adjusted Net Income (Million Mxn) (Million Mxn) • 19.0% quarterly margin despite temporary GM impacts that • Adjusted net income YoY comparison was affected affected QoQ comparison by an almost $200M positive “mark to market” effect • FY EBITDA margin at 18.7%, mainly impacted by Q1
Slide 25: Free Cash Flow Dividends
Free Cash Flow Dividends FCF increased 106% YoY in 4Q25, closing the year with a 24th consecutive quarters of paying dividends since IPO, 24.6% increase, mainly driven by inventory reduction at maintaining a 32% TTM Dividend - to- EBITDA ratio despite BWMX totaling MXN 459M volatile market consumpti
Slide 26: Total Debt through the years
Total Debt through the years Strong Capability on Paying Debt We continue to deleverage our Jafra acquisition at a disciplined pace: • Net Debt/EBITDA went from 3.07 in 2022 to 1.56 in 3 years • Total of $700M of debt paid in 2025 6.7 6.7 6.4 6.0 3.07 5.8 5.7 5.7 2.81 5.5 5.4 5.4 5.5 5.3 5.2 5.2 2.4
Slide 27: Strategic Pillars – 2025 to 2030
Strategic Pillars – 2025 to 2030 Pag es / 1 2 3 4 5 1 2 3 4 5 Strengthen Mexico Regional Expansion New Brands or Digital Maintain financial Leadership Categories Transformation discipline and control Consolidate our position Continue growing in the Remain focused on Maintain financial as market lead
Slide 28: Thank you.
Thank you. INVESTOR RELATIONS befra.com ir@better.com.mx
Betterware de Mexico, S.A.P.I. de C.V. — Q4 2025 Earnings Presentation on 6ix