Betterware de México reported fourth‑quarter 2025 revenue of Ps. 3.83 billion, a 1.2% year‑over‑year increase that fell slightly short of the consensus estimate of Ps. 3.95‑3.97 billion. The modest growth was driven by a rebound in Jafra US and Jafra Mexico, while revenue in Betterware Mexico narrowed its decline rather than rebounding.
The company’s EBITDA rose to Ps. 726.5 million, maintaining a 19.0% margin that matched the prior quarter. Adjusted EBITDA, however, fell 5.8% year‑over‑year, reflecting higher foreign‑exchange costs and investment in international expansion. This decline contrasts with some reports of a 42.4% YoY increase, underscoring volatility in the metric.
Free cash flow surged to Ps. 1.132 billion, a 106% year‑over‑year jump driven by strong operating cash generation and disciplined working‑capital management. The double‑digit growth supports the company’s deleveraging path and dividend policy.
Net debt to adjusted EBITDA fell to 1.56×, a further reduction from 1.70× in Q4 2024, underscoring continued balance‑sheet strengthening.
Earnings per share were Ps. 6.70 (≈$6.37), missing the consensus estimate of Ps. 7.50 (≈$7.13) by 12%. The miss stemmed from higher‑than‑expected FX‑related margin compression and one‑time M&A fees associated with the Tupperware Latin America acquisition.
A quarterly dividend of Ps. 200 million was approved, marking the 23rd consecutive dividend payment and reinforcing the company’s commitment to shareholder returns.
The President and CEO noted that “net sales increased only slightly for both the quarter and full year, the performance of our business units continued to recover after a difficult 1Q25.” He added that “profitability also recovered throughout the year, underpinned by disciplined expense management and despite extraordinary FX‑related impacts to our Gross Margin in Q4, as well as growth investments in international expansion and related M&A fees.”
For 2026, management guided full‑year revenue of Ps. 14.8–15.4 billion, a 4–8% increase from 2025, and maintained an EBITDA margin target of at least 19%. The guidance reflects confidence in the Tupperware acquisition’s accretive impact and the company’s ability to sustain cash generation while pursuing growth.
Investors reacted negatively, with the stock falling 6.4% in after‑market trading, largely due to the EPS miss and margin compression, despite the company’s strong cash flow and deleveraging trajectory.
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