Earnings release
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Q 3 202 6 Earnings Release
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2 BeFra Reports Third Quarter 2026 Results GUADALAJARA, Mexico, October 2 2 , 2026 -- Betterware de México, S.A.P.I. de C.V. ( NYSE: BWMX ) ("BeFra" or the "Company"), announced today its unaudited consolidated financial results for the third quarter ended September 30, 2026. The figures presented in this report are expressed in nominal Mexican Pesos ( MXN ) unless otherwise noted, presented and approved by the Board of Directors, prepared in accordance with IFRS, and may include minor differences due to rounding. Message from the President and CEO Our third quarter results marked a significant step in BeFra’s evolution, expanding our scale, brand diversification, geographic reach, and overall financial strength. At group level , revenue increased 43.1% year over year, reaching an all - time high of $4 , 8 32 M MXN, reflecting Tupperware´s first full - quarter contribution and Betterware’s strong 9.7% YoY growth (3 rd straight quarter of YoY growth), and a slight shortfall at Jafra, with a 2.8% YoY revenue decline (which we are addressing head on, as we explain in its section). With this result, profitability also scaled , with EBITDA reaching $1 ,008 M MXN, representing an increase of 39.6% YoY, while net income increased 24. 2 % in the quarter (despite a temporary tax recognition that does not affect year - round results). In this line, and as you will notice, accumulated net income is growing at 34.5 % and combined earnings per share at 1 14 % in the first nine months , reflecting the highly accretive nature of the Tupperware Latam acquisition . Finishing off, cash flow increased 91.3% YoY, generating $1 ,059 M MXN of free cash flow in the quarter, we paid a $250M MXN dividend, paid down debt by $431 M MXN (decreasing combined Net Debt/EBITDA from 1.80x pre - acquisition to 1. 65 x), and closed with a solid $522 M MXN cash position on our balance sheet. These results stand behind the previously announced value of the Tupperware Latam acquisition for the group. They also endorse our long - term strategy of building a unique house of brands, potentialized by a modern person to person commercialization model that builds on the gig economy’s positive secular trends. While organic revenue was temporarily affected by Jafra’s slight shortfall (which we are confident in our ability to quickly correct), we are glad to see the overall value to our shareholders and s takeholders derived from our overall strategies, while we continue to work every corner to reach our group’s full potential. Andrés Campos Chevallier President and CEO BeFra Group
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3 Q 3 202 6 Select Consolidated Financial Information Q3 9M Results in ‘000 MXN 2026 1 2025 2026 1 2025 Net Revenue $4,832,313 $3,377,299 43.1% $12,503,366 $10,439,093 19.8% Gross Margin 64.1% 68.5% - 438 bps 65.2% 67.3% - 213 bps EBITDA $1,008,375 $722,149 39.6% $2,398,727 $1,936,226 23.9% EBITDA Margin 20.9% 21.4% - 52 bps 19.2% 18.5% 69 bps Net Income $390,3 00 $314,205 24.2% $1,066,2 29 $792,905 34.5% Free Cash Flow $1,059,215 $553,573 91.3% $1,871,000 $1,089,884 71.7% FCF/EBITDA 105.0% 76.7% 2839 bps 78.0% 56.3% 2172 bps EPS $9.9 $8.4 17. 9 % $ 4 5.4 2 $21.2 1 14.2 % Net Debt /EBITDA 1. 65 2 1.80 - 8.3 % 1. 65 2 1.80 - 8.3 % 1 Includes Tupperware since acquisition 2 Considers Tupperware combined Associates Avg. Base 1,456,034 1,177,443 23.7% 1,469,546 1,187,724 23.7% EOP Base 1,404,521 1,162,571 20.8% 1,404,521 1,162,571 20.8% Revenue by Brand & Region Brand Region Results in ‘000 MXN 3Q26 3Q25 Results in ‘000 MXN 3Q26 3Q25 Revenue Mix Revenue Mix Revenue Mix Revenue Mix Betterware 3 $1,522,864 31.5% $1,387,586 41.1% Mexico $4,226,338 87.5% $3,123,763 92.5% Jafra $1,933,606 40.0% $1,989,713 58.9% Latin America $399,545 8. 2 % $16,002 0.5% Tupperware $1,375,843 28.5% $ - - % United States $206,430 4.3% $237,534 7.0% 3 Noteworthy, Betterware deducts distributor discounts from revenue; JF and TW do not, affecting comparability Highlights Revenue: Consolidated net revenue increased 43.1% year over year to $4,832 M MXN in the third quarter, reflecting Tupperware’s first full - quarter contribution. Notably, Tupperware Mexico’s direct - selling business increased 23.0% YOY, and the decline in Tupperware Brazil’s direct - selling moderated to 3.3%, compared with declines of between 10% and 15% before the acquisition. Average total associate base increased 23.7% following the integration of Tupperware’s network of independent sellers. Brand and geographic expansion also begin s to represent a source of growth and resilience from diversification, as you can notice in our brand and region revenue breakdowns. Organic revenue grew 2.3%, driven by accelerating growth at Betterware, partially offset by Jafra’s 2.8% revenue decline. Commercial initiatives remain focused on maintaining Betterware and Tupperware’s growth trajectory while quickly taking actions to recover Ja fra’s performance, so the group can reach its full potential. Profitability: Consolidated EBITDA increased 39.6% year over year to $1,008 M MXN, reflecting Tupperware’s contribution and continued profitability at Betterware, partially offset by lower EBITDA at Jafra. Consolidated gross margin was 64.1%, 438 ba sis points below the third quarter of 2025, primarily reflecting the incorporation o f Tupperware, which operates with a lower gross margin but a higher EBITDA margin. Lower revenue and gross margin at Jafra, together with supply - chain and logistics pressures at Betterware, also weighed on organic profitability . Operating - expense discipline helped mitigate these pressures, supporting a consolidated EBITDA margin of 20.9% and an organic EBITDA margin of 18.8%, in line with its three - year average for the third quarter . For the first nine months of 2026, consolidated EBITDA margin reached 19.2%, expanding 69 basis points year over year (even despite $43 M MXN non - recurring expenses related to the Tupperware acquisition ) . Excluding the effect of the 2026 acquisition expenses and an extraordinary $35M tax benefit recorded in 2025 , comparable organic EBITDA for the first nine months grew 2.8%, outpacing organic revenue growth. Net income increased 24.2% year over year in the third quarter and 34.5% during the first nine months of 2026. Quarterly net income was affected by a higher effective tax rate compared with the prior year period , though w e expect the effective tax rate to normalize in the mid - 30s% for the full year 2026 . It is noteworthy to stand out that combined EPS for the first nine months increased 1 14 %, reflecting the highly accretive nature of the Tupperware Latam acquisition. Cash generation: Free cash flow reached $1,059 M MXN, representing a strong conversion of 105% of EBITDA . Strong cash generation across the Group’s three brands supported continued balance - sheet strengthening during the quarter. Noteworthy, this quarter included a balance reclassification related to the Tupperware acquisition that represented a $174 M MXN benefit.
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4 Financial Performance Balance sheet at the end of Q 3 2026. Please note that unless otherwise stated , ratios consider Combined TTM financial results from Tupperware. With the Company’s balance sheet reflecting the Tupperware acquisition, comparisons with 2Q26 are also included. Return on Investment BeFra continued to generate strong returns following the Tupperware acquisition. ROIC remained at a strong level of almost 29%, despite being impacted by the increase in the Company’s quarterly effective tax rate. ROE and ROTA improved both sequentially and year over year reflecting higher earnings across the Group and reinforcing BeFra’s ability to earn attractive returns and create value for its stakeholders. Q3 2026 Q 2 2026 ∆ Q3 2025 ∆ Equity Turnover 8.2 8.6 - 4.9% 11.0 - 25.4% ROIC 28.8% 32.3% - 350 bps 23.7% 510 bps ROE 92.8% 69.2% 2360 bps 78.8% 1400 bps ROTA 31.9% 23.3% 860 bps 10.1% 2180 bps Dividend Payout 1 51.3% 41.6% 970 bps 50.9% 40 bps 1 Calculated as dividends paid during the quarter divided by net operating profit after tax (NOPAT) for the same period. Liquidity BeFra maintained a solid liquidity position during the quarter. Cash conversion strengthened, supported by a shorter cash conversion cycle, while the current ratio remained above the prior - year level. Q 3 2026 Q2 2026 ∆ Q3 2025 ∆ Current Ratio 0.99 1.11 - 10.8% 0.93 6. 5 % TTM FCF / TTM EBITDA 2 93.6% 83.2% 1040 bps 76.6% 1700 bps CCC 3 50 53 - 5.7 % 78 - 35.9 % 2 Includes Tupperware since acquisition 3 Calculated for the 3 - month period Leverage BeFra’s strong cash generation and improved interest coverage supported further deleveraging during the quarter, extending the Company’s proven track record of disciplined debt reduction following acquisitions . Q 3 2026 Q 2 2026 ∆ Q3 2025 ∆ Debt to EBITDA 1. 78 1. 80 - 1.1 % 1.93 - 7.8 % Net Debt to EBITDA 1. 65 1. 68 - 1.8 % 1.80 - 8.3 % Interest Coverage 6.91 5.25 31.6 % 3.71 86.3 % Asset Light Business – Low fixed cost structure BeFra maintained an asset - light operating model, with fixed assets representing 14. 5 % of total assets, below the prior - year level. BeFra continues to focus on operating discipline and SG&A efficiency across its expanded brand portfolio. Q 3 2026 Q2 2026 ∆ Q3 2025 ∆ Fixed Assets / Total Assets 14. 5 % 14.0% 5 0 bps 17.0% - 250 bps TTM Variable Cost Structure 2 70.4 % 7 1.8 % - 140 bps 74.7% - 430 bps TTM Fixed Cost Structure 2 29.6 % 2 8.2 % + 140 bps 25.3% 430 bps TTM SG&A / Net Revenues 41.7% 36.0% 570 bps 45.2% - 350 bps 2 I ncludes Tupperware since acquisition Notes to the ratios *Q 3 2026 financial ratios and performance metrics have been adjusted on a combined basis considering TTM Tupperware *Current Ratio = Total current assets / Total current liabilities *Cash Conversion Cycle (CCC) = DSO + DIO – DPO *ROIC = NOPAT TTM / Invested Capital *ROE = Net income TTM / Stockholders Equity *ROTA = Net Income TTM / (Cash + Accounts Receivable + Inventories + Fixed Assets) *Debt to EBITDA = Total Debt / EBITDA TTM *Net Debt to EBITDA = (Total Debt - Cash and cash equivalents) / EBITDA TTM *Interest Coverage = Operating income TTM / Interest expense TTM *Dividend Payout = Paid Dividend Q / NOPAT Q *EPS = Net Income / weighted average shares
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5 Capital Allocation Quarterly Dividends: Considering BeFra’s results to date, a dividend of MXN 250 million was approved at the October shareholders’ meeting, payable in the fourth quarter, equivalent to $0.3424 per share based on an exchange rate of MXN 18.4888 per USD. The dividend level, raised in 2Q26 following the Tupperware acquisition, increases the return to shareholders even after the additional shares issued in connection with the transaction. This would represent the 27 th consecutive quarter of dividend payments since BeFra's IPO . 2026 Guidance: Following Tupperware’s first full - quarter contribution and BeFra’s results through the first nine months of 2026, the Company raises its full - year net revenue growth guidance to a range of 24.0% - 26.0%, while narrowing organic growth guidance range to 4.0% - 5 .0 % with the year - end approaching . The Company expects a full - year EBITDA margin of 19%. Organic Betterware + Jafra Net revenue growth 4-5% Prior 4-8% Post-acquisition Including Tupperware Net revenue growth 24-26% Prior 18-22% Full Year EBITDA margin 19%
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6 Q 3 20 2 6 Financial Results by B rand Betterware Brand Key Financial and Operating Metrics Q3 9M Results in ‘000 MXN 2026 2025 2026 2025 Net Revenue $1,522,864 $1,387,586 9.7% $4,474,307 $4,249,244 5.3% Gross Margin 53.8% 57.1% - 334 bps 54.5% 55.8% - 130 bps EBITDA $322,366 $312,669 3.1% $912,667 $864,907 5.5% EBITDA Margin 21.2% 22.5% - 134 bps 20.4% 20.4% 0 bps Associates Avg. Base 704,217 718,916 - 2.0% 709,004 701,618 1.1% EOP Base 699,243 710,174 - 1.5% 699,243 710,174 - 1.5% Highlights Revenue: Betterware’s quarterly net revenue increased 9.7% year over year to $1 ,523 million MXN, led by 8.5% growth in Mexico and continued expansion in Guatemala and the Andean region. Growth in Mexico was driven by targeted commercial initiatives that increased associate productivity, more than offsetting a temporary contraction in the associate base amid World Cup - related shifts in consumer attention and a longer official summer holida y period. Improving consumption trends and effective commercial execution continue to strengthen Betterware’s sales momentum. Profitability: Betterware generated EBITDA of $322 M MXN, an increase of 3.1% year over year, as operating - expense efficiencies partially offset gross - margin pressure from temporary elevated freight costs related to supply - chain disruptions in the Middle East, which impacted profitability by approximately 200 basis points. These supply - chain pressures are expected to ease in the coming quarters . Betterware is both the holding and operating company and therefor e Tupperware transaction expenses for $43 M MXN are recorded in its books . A djusting for these e xpenses year - to - date EBITDA grow th sits at 9.9% with a 21.4% margin . This marked Betterware’s third consecutive quarter of growth, demonstrating Betterware’s return to a sustainable growth trajectory.
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7 J afra Brand Key Financial and Operating Metrics Q3 9M Results in ‘000 MXN 2026 2025 2026 2025 Net Revenue $1,933,606 $1,989,713 - 2.8% $6,202,242 $6,189,849 0.2% Gross Margin 75.4% 76.4% - 99 bps 74.6% 75.1% - 48 bps EBITDA $327,245 $409,480 - 20.1% $1,003,811 $1,071,319 - 6.3% EBITDA Margin 16.9% 20.6% - 366 bps 16.2% 17.3% - 113 bps Associates Avg. Base 473,039 458,527 3.2% 481,763 486,106 - 0.9% EOP Base 452,574 452,397 0.0% 452,574 452,397 0.0% Highlights Revenue: Jafra generated third - quarter net revenue of $1,934 M MXN, a decrease of 2.8% year over year. Jafra Mexico was mainly affected by a more challenging summer holiday period and World Cup - related shifts in consumer attention. Unlike Betterware, Jafra was unable to offset these effects through higher productivity, primarily due to the need for more tar geted promotions. Management is addressing this through stronger promotional planning and faster commercial execution. Commercial initiatives remain focused on improving consultant activation, reactivation and retention. Jafra has achieved significant top - line and bottom - line growth since the BeFra acquisition. However , following several quarters of inconsistent growth, derived from certain misalignments to our model focus and slower rollout of our second wave of model alignment needs, BeFra has appointed Andrés Campos as interim Managing Director of Jafra Mexico. The leadership transition is intended to reinforce alignment with the Group’s commercial model and strengthen execution. With these changes underway, the Company expects Jafra to return to growth in the coming quarters. During this period, Andrés Campos will also support the identification and appointment of a successor. The interim period is expected to last approximately six to twelve months. Profitability: T hird - quarter EBITDA of $327 M MXN represents a decrease of 20.1% year over year, with an EBITDA margin of 16.9%, compared with 20.6% in the third quarter of 2025. The third - quarter margin was above the year - to - date margin of 16.2% and close to the 17.3% margin reported during the first nine months of 2025. T he year - over - year comparison reflects an exceptional third quarter of 2025, when EBITDA margin was above Jafra’s three - year average of 17.9%. 3Q25 had an extraordinary fiscal benefit of $34 M MXN that if excluded, 3Q26 EBITDA margin falls 2.0% vs a 2.8% decline in revenue. Demonstrating stable profitability within the brand . Notably, Jafra U.S. delivered another consecutive EBITDA - positive quarter under its leaner expense structure, easing pressure on the business while it seeks to regain consistent growth.
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8 Tupperware Latam Brand Key Financial and Operating Metrics Q3 Since Acqui sition 2 Results in ‘000 MXN 2026 2025 1 2026 2025 1 Net Revenue $1,375,843 $1,476,276 - 6.8% $1,826,817 $1,942,741 - 6.0% Gross Margin 59.7% 58.6% 103 bps 59.3% 59.6% - 36 bps EBITDA $358,764 $458,624 - 21.8% $482,249 $606,569 - 20.5% EBITDA Margin 26.1% 31.1% - 500 bps 26.4% 31.2% - 483 bps 1 2025 figures are combined 2 Considered since acquisition close on June 2026 Core Direct Selling Channel Highlights Revenue: Tupperware generated net revenue of $1 ,375 M MXN in its first full quarter of consolidation, contributing 28.5% of BeFra’s consolidated revenue. Commercial execution, network productivity and catalogue improvements supported momentum in Mexico, while sales declines in Brazil moderated. As s hown i n the table above , e xcluding sales outside the direct - selling channel, Tupperware’s core direct - selling revenue increased 14.0% year over year, led by Mexico. Total brand revenue declined 6.8% year over year on a combined basis, reflecting extraordinary prior - year sales through non - direct channels that were discontinued following the acquisition . T his effect is not expected in the next quarter, as in 4Q25 retail sales were not significant. Profitability: Tupperware generated EBITDA of $359 M MXN, contributing 35.6% of BeFra’s consolidated EBITDA, with an EBITDA margin of 26.1%. In 3Q25 , Tupperware Latam recorded significant sales outside the direct - selling channel, resulting in greater fixed cost absorption . Investments related to the brand’s ongoing revitalization, together with cost - absorption pressures, weighed on profitability, nonetheless the reported 26.1% 3Q26 EBITDA margin is in line with the mid - twenties level expected going forward. Tupperware’s earnings contribution strengthens the Group’s capacity to generate cash and repay acquisition - related debt, supporting its deleveraging objectives. Q3 Since Acqui sition 2 Results in ‘000 MXN 2026 2025 1 2026 2025 1 Net Revenue $1,375,843 $1,476,276 - 6.8% $1,826,817 $1,942,741 - 6.0% Less: B2B sales $ - $111,752 $ - $183,656 Less: Argentina & US sales $23,430 $178,023 $39,276 $213,284 Net Revenue – Direct Selling $1,352,413 $1,186,501 14.0% $1,787,541 $1,545,801 15.6% Associates Avg. Base 278,778 EOP Base 252,704
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9 Use of Non - IFRS Financial Measures and Operating Metrics We have provided in this press release financial information that has not been prepared in accordance with IFRS, including EBITDA, EBITDA margin, Free cash flow, Total debt, Net debt, Organic revenue, Organic EBITDA, Organic EBITDA margin, Organic growth, NOPAT and Net revenue , as well as our operating metric s, Total associates, Average associate base and EOP associate base . We use these non - IFRS financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to IFRS measures, in evaluating our ongoing operational performance. We believe that the use of these non - IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industr y, many of which present similar non - IFRS financial measures to investors. The measures defined in this section are not recognized under IFRS and should not be considered in isolation or as substitute s for IFRS financial measures. The Company’s calculations may differ from similarly titled measures reported by other companies. Combined: refers to financial information of Tupperware Latam prior to the acquisition. “Combined” financial measures presented throughout this document include the historical financial results of Tupperware’s ope rations in Mexico and Brazil. Accordingly, these measures are not directly comparable to, and will not reconcile with, the pro form a financial information included in the Company’s most recent Form F - 3 . Prior to the acquisition, the acquired entities did not encompass the entirety of Tupperware LATAM’s business. The Q2 and Q3 2026 Debt - to - EBITDA and Net Debt - to - EBITDA ratios have been updated to incorporate Tupperware’s combined financial results, reflecting refinements to the review of its pre - acquisition financial information. Interest Coverage: Calculated using the combined interest expense of BeFra and Tupperware. The Q2 2026 TTM Variable Cost Structure and TTM Fixed Cost Structure ratios presented herein have been updated following a su bsequent review and may therefore differ slightly from those previously reported. EBITDA: Profit for the period before depreciation of property, plant and equipment and right - of - use assets, amortization of intangible assets, financing cost, net, and income taxes. A reconciliation of profit for the period to EBITDA is included in the App endix. EBITDA Margin: EBITDA divided by net revenue. Free Cash Flow or FCF: Net cash generated by operating activities less cash payments for purchases of property, plant and equ ipment and intangible assets, plus proceeds from disposals of property, plant and equipment. FCF/EBITDA or Cash Conversion: FCF divided by EBITDA for the same period. Total Debt: Short - term debt and borrowings, long - term debt and borrowings, and current and non - current lease liabilities. Net Debt: Total Debt less cash and cash equivalents. Organic Revenue: N et revenue of Betterware and Jafra, excluding Tupperware Latam. Organic EBITDA: EBITDA of Betterware and Jafra, excluding Tupperware Latam. Organic EBITDA Margin: Organic EBITDA divided by Organic Revenue. Organic Growth: The change in Organic Revenue or Organic EBITDA compared with BeFra’s consolidated net revenue or EBITDA for the corresponding prior - year period. Comparable Organic EBITDA : exclud es the effect s of the Tupperware acquisition expenses and an extraordinary tax benefit recorded in 2025. Combined Figures: Figures that include Tupperware Latam’s pre - acquisition results as if the acquisition had occurred at the beginning of the applicable period based on Tupperware’s audited and unaudited financial statements for such periods. These unaudite d figures are presented for comparative purposes and do not necessarily represent the results that would have been achieved had the acquisition occurred earlier. NOPAT: Operating income less the corresponding tax expense calculated using the effective income tax rate for the applicable period. Tupperware Net Revenue – Direct Selling: Tupperware’s net revenue excluding B2B sales and sales in Argentina and the United States. TTM: The four most recently complete d fiscal quarters. We do not provide a reconciliation of our forward - looking non - IFRS financial measures to the most directly comparable GAAP measures because certain items needed to prepare the reconciliation cannot be reasonably predicted at this time without unreasonable effort. These items may be material to the relevant IFRS measure and could cause actual IFRS results to differ materially from the forward - looking non - IFRS measures. Operating Metrics Beginning in the third quarter of 2026, the Company reports “Associates” as the aggregate commercial field population describ ed below. This terminology replaces “Stencil.” Betterware Associates: Combined Associates and Distributors. Avg. Base: Weekly average number of Associates. EOP Base: Number of Associates at the end of the period. Jafra Associates: Combined Associates and Distributors. Avg. Base: Monthly average number of Associates. EOP Base: Number of Associates at the end of the period. Tupperware Associates: Combined Associates, Distributors, Unit Managers and Leaders. Avg. Base: Weekly average number of Associates. EOP Base: Number of Associates at the end of the period.
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10 Forward - Looking Statements Q 3 202 6 Conference Call Management will hold a conference call with investors on October 22 , 202 6 , at 3 :30 pm Mexico City Time / 5:30 pm Eastern Time (ET ). T he dial - in information is: Toll Free: 1 - 877 - 451 - 6152 Toll/International : 1 - 201 - 389 - 0879 Conference ID : 13763048 Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1777966&tp_key=38b58322dd 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 : 13763048 BeFra IR iroffice@better.com.mx +52 1 33 4274 5904 InspIR: Barbara Cano/Ivan Peill barbara@inspirgroup.com ivan@inspirgroup.com About BeFra BeFra (NYSE: BWMX) is one of the leading branded consumer products platforms in Mexico and Latin America, bringing together t hree iconic brands: Betterware, a leader in innovative home solutions; Jafra, a leading beauty and personal care company with opera tions in Mexico and the United States; and Tupperware, a leading brand in food storage and drinkware. Through these brands, BeFra operates across Mexico, Brazil, the United States, and an expanding footprint throughout Latin Am erica, leveraging proprietary direct - selling platforms, world - class manufacturing capabilities, and a longstanding culture of operational excellence. This release contains forward - looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward - looking statements relate to expectations or forecasts of future events. Words such as “believe”, “may”, “will”, “estimate”, “continu e”, “anticipate”, “intend”, “expect”, “should”, “plan”, and similar expressions identify forward - looking stat ements, although not all such statements contain these words. Forward - looking statements in this release include, without limitation, statements concerning 2026 guidance, future growth and business plans , interim leadership transition duration, Tupperware’ s continued integration and expected contribution to BeFra’s performance, operating efficiencies, cash generation, deleveraging and proposed dividends. These statements reflect management’s current expectations and assumptions and involve risks and uncertainties that could cau se actual results to differ materially from those expressed or implied. These include changes in economic and political conditions, consumer demand, government policies and regulations, international trade conditions, supply chains, exchange rates and interest rates, as well as risks associate d with executing growth plans and realizing anticipated acquisition benefits. Additional info rmation concerning these and other risks is available in the Company’s most recent Annual Report on Form 20 - F and subsequent filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward - looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update or revise these statements, except as required by law. All forward - looking stat ements are qualified in their entirety by this cautionary statement.
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11 Financial Statements Betterware de México, S.A.P.I. de C.V. Consolidated Statements of Financial Position As of September 30, 2026 and 2025 (In Thousand Mexican Pesos) Q3 2026 Q3 2025 Assets Cash and cash equivalents 522,177 333,522 Trade accounts receivable, net 1,549,039 1,191,536 Accounts receivable from related parties 24 18 Account receivable "San Angel" 48,981 115,760 Inventories 2,863,571 2,300,381 Prepaid expenses 254,078 174,063 Value added tax receivable 0 0 Income tax recoverable 0 120,461 Derivative financial instruments 10,863 0 Non - current assets held for sale 40,000 40,000 Other assets 129,234 118,183 Total current assets 5,417,967 4,393,924 Account receivable "San Angel" 0 48,703 Property, plant and equipment, net 2,147,694 1,713,003 Right of use assets, net 352,910 291,221 Deferred income tax 694,648 525,086 Intangible assets, net 4,522,676 1,513,648 Goodwill 1,599,718 1,599,718 Recoverable Taxes 42,072 0 Other assets 58,442 14,257 Total non - current assets 9,418,160 5,705,636 Total assets 14,836,127 10,099,560 Liabilities and Stockholders’ Equity Short - term debt and borrowings 1,059,066 1,661,924 Accounts payable to suppliers 2,393,618 1,730,717 Accrued expenses 620,153 368,196 Provisions 934,898 668,882 Income tax payable 56,779 0 Value added tax payable 70,439 54,662 Statutory employee profit sharing 158,332 97,875 Lease liability 169,716 118,746 Derivative financial instruments 0 33,563 Total current liabilities 5,463,001 4,734,565 Employee benefits 304,216 142,485 Deferred income tax 518,823 495,118 Lease liability 201,036 193,055 Other Liabilities 2,093 Long term debt and borrowings 5,910,562 3,242,407 Total non - current liabilities 6,936,730 4,073,065 Total liabilities 12,399,731 8,807,630 Stockholders’ Equity Capital stock 928,580 321,312 Share premium account - 25,264 - 25,264 Retained earnings 1,526,625 1,036,602 Other comprehensive income 8,222 - 37,187 Non - controlling interest - 1,767 - 3,533 Total Stockholders’ Equity 2,436,396 1,291,930 Total Liabilities and Stockholders’ Equity 14,836,127 10,099,560
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12 Betterware de México, S.A.P.I. de C.V. Consolidated Statements of Profit or Loss and Other Comprehensive Income For the three and nine months ended September 30, 2026 and 2025 (In Thousand Mexican Pesos) Q3 2026 Q3 2025 ∆ 9M 26 9M 25 ∆ Net revenue 4,832,314 3,377,299 43.1% 12,503,368 10,439,093 19.8% Cost of sales 1,734,933 1,064,701 63.0% 4,354,453 3,418,781 27.4% Gross profit 3,097,381 2,312,598 33.9% 8,148,915 7,020,312 16.1% Administrative expenses 834,725 564,547 47.9% 2,189,945 1,886,385 16.1% Selling expenses 1,129,768 961,693 17.5% 3,246,403 2,976,073 9.1% Distribution expenses 253,500 159,282 59.2% 632,691 514,655 22.9% Total expenses 2,217,993 1,685,522 31.6% 6,069,039 5,377,113 12.9% Operating income 879,388 627,076 40.2% 2,079,876 1,643,199 26.6% Interest expense - 168,301 - 131,907 27.6% - 389,570 - 422,219 - 7.7% Interest income 7,059 5,473 29.0% 23,207 29,451 - 21.2% Unrealized gain (loss) in valuation of financial derivative instruments 0 0 0 - 108,846 Foreign exchange loss, net 1,808 1,038 74.2% - 11,602 73,165 - 115.9% Financing cost, net - 159,434 - 125,396 27.1% - 377,965 - 428,449 - 11.8% Income before income taxes 719,954 501,680 43.5% 1,701,911 1,214,750 40.1% Income taxes 329,631 188,055 75.3% 635,622 423,728 50.0% Net income including minority interest 390,323 313,625 24.5% 1,066,289 791,022 34.8% Non - controlling interest gain (loss) - 23 580 - 104.0% - 60 1,883 - 103.2% Net income 390,300 314,205 24.2% 1,066,229 792,905 34.5% Concept Q3 2026 Q3 2025 ∆ 9M 26 9M 25 ∆ Net income 390,323 313,625 24.5% 1,066,289 791,022 34.8% (+) Income taxes 329,631 188,055 75.3% 635,622 423,728 50.0% (+) Financing cost, net 1 59,434 125,396 27.1% 377,965 428,449 - 11.8% (+) Depreciation and amortization 128,987 95,073 35.7% 318,851 293,027 8.8% EBITDA 1,008,375 722,149 39.6% 2,398,727 1,936,226 23.9% EBITDA margin 20.9% 21.4% 19.2% 18.5%
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13 Betterware de México, S.A.P.I. de C.V. Consolidated Statements of Cash Flows For the three and nine months ended September 30, 2026 and 2025 (In Thousand Mexican Pesos) Q3 2026 Q3 2025 ∆ 9M 26 9M 25 ∆ Cash flows from operating activities: Profit for the period 390,323 313,625 24.5% 1,066,289 791,022 34.8% Adjustments for: Income tax expense recognized in profit of the year 329,631 188,055 75.3% 635,622 423,728 50.0% Depreciation and amortization of non - current assets 128,987 95,073 35.7% 318,851 293,027 8.8% Interest income recognized in profit or loss - 7,059 - 5,473 - 23,207 - 29,451 Interest expense recognized in profit or loss 168,301 131,907 27.6% 389,570 422,219 - 7.7% Gain (loss) on disposal of equipment - 805 - 1,166 - 1,809 - 8,147 Unrealized loss (gain) in valuation of financial derivative instruments 0 32 - 100.0% 0 108,878 - 100.0% Movements in not - controlling interest 0 34 - 100.0% 0 72 - 100.0% Translation currency effect - 25,798 3,866 - 767.3% - 27,430 20,420 - 234.3% Defined benefit Cost - 27,940 0 100.0% - 24,466 0 Movements in working capital: Trade accounts receivable - 50,367 - 70,565 - 62,875 - 58,443 Trade accounts receivable from related parties - 4,776 - 18 79,054 232 33975.0% Trade account receivable "San Angel" 0 - 3,913 - 100.0% 0 47,159 - 100.0% Inventory, net - 155,381 63,779 - 343.6% - 279,236 204,712 - 236.4% Prepaid expenses and other assets 222,464 43,693 409.2% - 34,068 - 58,014 Accounts payable to suppliers and accrued expenses 97,684 - 80,660 488,915 - 441,500 Provisions - 15,447 - 96,260 - 2,130 - 80,036 Value added tax payable 55,632 - 6,048 12,629 - 16,530 Trade accounts payable to related parties 4,496 0 100.0% - 87,457 - 1,237 Other Liabilities 2,093 0 100.0% 2,093 0 100.0% Statutory employee profit sharing 31,457 30,757 2.3% - 3,404 - 41,380 Income taxes paid - 179,358 - 41,457 - 508,699 - 445,478 Employee benefits - 7,477 5,361 - 239.5% - 320 14,173 - 102.3% Net cash generated by operating activities 956,660 570,622 67.7% 1,937,922 1,145,426 69.2% Cash flows from investing activities: Payment for investment in subsidiaries - 3,223,187 0 100.0% - 3,406,664 0 Restricted cash by Escrow 13,344 0 100.0% 0 0 Purchase of intangible assets 3,036,338 0 100.0% 0 0 Payments for property, plant and equipment, net 90,658 - 18,859 - 140,149 - 61,767 Proceeds from disposal of property, plant and equipment, net 13,055 1,810 621.3% 18,659 6,225 199.7% Proceeds from disposal of buildings - 1,158 0 100.0% 54,570 0 100.0% Interest received 7,059 5,473 29.0% 23,207 29,451 - 21.2% Net cash used in investing activities - 63,891 - 11,576 - 3,450,377 - 26,091 Cash flows from financing activities: Repayment of borrowings - 2,628,700 - 1,799,264 - 8,179,250 - 3,914,700 Proceeds from borrowings 2,326,700 1,580,764 47.2% 11,170,750 4,031,200 177.1% Costs emission - 97,068 0 100.0% - 98,861 0 100.0% Interest paid - 190,806 - 159,262 - 396,800 - 431,383 Lease payment - 57,449 - 39,970 - 147,080 - 118,787 Dividends paid - 244,341 - 199,576 - 642,471 - 648,701 Net cash used in financing activities - 891,664 - 617,308 1,706,288 - 1,082,371 Net increase (decrease) in cash and cash equivalents 1,105 - 58,262 193,833 36,964 424.4% Cash and cash equivalents at the beginning of the period 521,072 391,784 33.0% 328,344 296,558 10.7% Cash and cash equivalents at the end of the period 522,177 333,522 56.6% 522,177 333,522 56.6%
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14 Appendix IFRS to Non - IFRS Reconciliation FCF '000 9M26 9M25 Net cash generated by operating activities 1,937,922 1,098,267 Less: Payments for property, plant and equipment, net (140,149) (61,767) Add: Proceeds from disposal of property, plant and equipment, net 18,659 6,225 Add: Proceeds from disposal of buildings 54,570 47,159 Free Cash Flow 1,871,002 1,089,884 NOPAT '000 3Q26 3Q25 Operating Income 879,388 627,076 Income Taxes 329,631 188,055 Income before income taxes 719,954 501,680 NOPAT 476,760 392,016 *Formula = Operating Income*[1 - ( Income Taxes / Income before income taxes)] Net Debt '000 3Q26 3Q25 Add: Short-Term Debt 1,228,782 1,780,670 Add: Long-Term Debt 6,111,598 3,435,462 Total Debt 7,340,380 5,216,132 Less: Cash & Equivalents 522,177 333,522 Net Debt 6,818,203 4,882,610 EBITDA '000 3Q26 3Q25 9M26 9M25 Net income (including minority interest) 390,323 313,625 1,066,289 791,022 Add: Income taxes 329,631 188,055 635,622 423,728 Add: Financing cost, net 159,434 125,396 377,965 428,449 Add: Depreciation and amortization 128,987 95,073 318,851 293,027 EBITDA 1,008,375 722,149 2,398,727 1,936,226 Organic Revenue '000 3Q26 3Q25 9M26 9M25 Add: Betterware Brand Revenue 1,522,864 1,387,586 4,474,307 4,249,244 Add: Jafra Brand Revenue 1,933,606 1,989,713 6,202,242 6,189,849 Organic Revenue 3,456,470 3,377,299 10,676,549 10,439,093 Add: Tupperware Latam Brand Revenue 1,375,843 - 1,826,817 - Total Revenue 4,832,313 3,377,299 12,503,366 10,439,093 *Tupperware 9M revenue considers since the acquisition in June 2026 Organic EBITDA '000 3Q26 3Q25 9M26 9M25 Add: Betterware Brand EBITDA 322,372 312,669 912,667 864,907 Add: Jafra Brand EBITDA 327,245 409,480 1,003,811 1,071,319 Organic EBITDA 649,617 722,149 1,916,478 1,936,226 Add: Tupperware Latam Brand EBITDA 358,764 - 482,249 - Total EBITDA 1,008,381 722,149 2,398,727 1,936,226 *Tupperware 9M EBITDA considers since the acquisition in June 2026 Basic EPS '000 3Q26 3Q25 9M26 9M25 Net Income 390,300 314,205 1,066,229 792,905 Weighted average shares outstanding 39,485 37,317 38,237 37,317 Basic EPS 9.9 8.4 27.9 21.2 TW net income combined - - 668,098 - Basic EPS Combined 9.9 8.4 45.4 21.2 *Basic EPS Formula = Net income / weighted average shares *Basic EPS Combined Formula = [(Net income + TW net income combined) / weighted average shares]