Betterware de México Q1 EBITDA Rises 13.9%, Free Cash Flow Hits Ps.351.5 Million
Betterware de México reported Q1 2026 net revenue of Ps.3.51 billion, up 0.3% year-over-year, and EBITDA of Ps.609.9 million, up 13.9%, lifting margin 211 bps to 17.4%. Free cash flow hit Ps.351.5 million versus Ps.-55.8 million, Net Debt/EBITDA fell to 1.50x, and Tupperware LatAm deal will deliver 40% EPS accretion.
1. Financial Results
BeFra’s consolidated net revenue reached Ps.3,509.7 million in Q1 2026, a 0.3% year-over-year rise driven by recovery at Betterware and Jafra US, partially offset by one fewer week at Betterware and softer Jafra Mexico sales due to foreign exchange headwinds.
2. Profitability Improvement
EBITDA increased 13.9% YoY to Ps.609.9 million with margin expansion of 211 basis points to 17.4%, lifting ROIC to 27.0%. Excluding one-time Tupperware LatAm transaction costs, EBITDA margin would have been 18.4%, underscoring underlying operational efficiency.
3. Cash Flow and Leverage
Operating cash flow supported a free cash flow of Ps.351.5 million versus Ps.-55.8 million in Q1 2025, reflecting working capital discipline. Net Debt/EBITDA improved to 1.50x from 2.08x, while interest coverage rose to 4.74 times.
4. Expansion and Acquisition
Regional expansion continued with Jafra US returning to growth and rapid performance in Andean and Central America, including a March launch in Colombia. The pending Tupperware Latin America acquisition, expected in Q2, will grant immediate Brazil access and drive 40% EPS accretion in 2026.