Betterware de MĂ©xico, S.A.P.I. de C.V. (NYSE: BWMX), known as BeFra, today announced its consolidated financial results for the second quarter of 2026. All figures are expressed in nominal Mexican pesos unless otherwise noted. The results follow International Financial Reporting Standards (IFRS) and were approved by the Board of Directors.
The second quarter delivered solid commercial execution for BeFra. Revenue grew across all brands. The period also marked one of the most significant milestones in the company’s history with the successful incorporation of Tupperware’s operations in Latin America.
Tupperware contributed only one month of results during the quarter. Even so, it made a strong contribution to BeFra’s revenue and profitability. This outcome reinforces confidence in the strategic rationale of the acquisition. As the reference brand in its category, Tupperware holds a leading position in Mexico and provides an immediate platform in Brazil. The addition strengthens BeFra’s portfolio, expands its regional footprint, and supports the company’s strategic growth pillars.Betterware continued its positive commercial momentum. Revenue increased 3.6% during the quarter and 3.1% on a year-to-date basis. The brand also expanded its presence across Latin America.
Jafra’s turnaround gained further traction. Commercial initiatives announced last quarter, including a renewed focus on innovation and consultant base expansion, led to sequential growth. Revenue rose 4.5% quarter-over-quarter.
Tupperware represented 10.8% of consolidated revenue and nearly 16% of EBITDA despite contributing only one month of results. These combined results reflect the resilience of BeFra’s business model, successful execution of its long-term strategy, and a disciplined approach to creating sustainable value for shareholders.
The balance sheet remains strong following the Tupperware acquisition. Net debt-to-EBITDA stood at 2.6x after consolidating only one month of Tupperware’s EBITDA while assuming the full acquisition debt. On a pro forma basis that includes Tupperware’s full-year EBITDA contribution, the ratio is 1.6x. This effectively maintains the company’s pre-acquisition leverage profile and supports continued disciplined deleveraging.
Andrés Campos Chevallier, President and CEO, BeFra Group
Following the Tupperware acquisition, BeFra is evolving how it manages and reports its portfolio. The organization is now aligned around its brands to streamline processes, unlock synergies, and accelerate the adoption of best practices.
Financial reporting will now be presented as BeFra, Betterware, Jafra, and Tupperware. This structure provides a clearer view of each brand’s performance and better aligns external reporting with how management evaluates the business.
References to organic growth exclude Tupperware and reflect the combined performance of Betterware and Jafra only. This approach offers investors a like-for-like comparison with prior periods.
The free cash flow-to-EBITDA ratio will now be presented at the consolidated BeFra level. The metric highlights the Group’s ability to convert operating profitability into cash flow.
Associate and distributor metrics will be presented as a combined “Stencil” metric. It will be reported on both an average and end-of-period basis at the consolidated level and by brand.
Revenue mix by brand and region has been added. This provides clearer insight into each brand’s and region’s contribution to consolidated revenue.
Beginning this quarter and through year-end, both the original 2026 guidance and the updated post-acquisition guidance will be presented. A dedicated section also includes Tupperware’s pro forma financial information for full-year 2025, first quarter 2026, and second quarter 2026.
The historical KOM and KFM section will no longer be presented. This change places greater emphasis on the most relevant operating and financial metrics.
BeFra (NYSE: BWMX) is one of the leading branded consumer products platforms in Mexico and Latin America. It brings together three iconic brands: Betterware, a leader in innovative home solutions; Jafra, a leading beauty and personal care company with operations 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 America. The company leverages proprietary direct-selling platforms, world-class manufacturing capabilities, and a longstanding culture of operational excellence.
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