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Betterware (BWMX) investor relations material
Betterware Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Consolidated revenue grew 5.1% year over year in Q2 2025, with EBITDA up 3.5% and net income up 7.7%, marking a strong recovery after a challenging Q1.
Free cash flow increased, with Q2 conversion at 87% of EBITDA and a 29.2% year-over-year surge, offsetting Q1 constraints.
Growth was driven by Jafra Mexico (+10.9% YoY), sequential rebounds in Betterware Mexico and Jafra US, and international expansion, including a successful Ecuador launch.
Strategic pricing, product innovation, and technology enhancements contributed to improved performance.
Both brands in Mexico outpaced their respective markets by 3–5 times in 2024.
Financial highlights
Q2 2025 net revenue: $3,563M MXN (+5.1% YoY); EBITDA: $679M MXN (+3.5% YoY), margin at 19.1%; net income: $327.3M MXN (+7.7% YoY); EPS: $8.77 (+7.7% YoY).
Gross margin at 67.1%, nearly flat year-over-year; EBITDA margin at 19.1%.
Free cash flow for Q2: $592M MXN (+29.2% YoY), conversion at 87% of EBITDA; H1 2025 FCF: $537M MXN (down 34.4% YoY).
Net debt/EBITDA at 1.97x, improved from Q1 but above Q2 2024 due to short-term debt.
Dividend yield: 12.66% (up 196 bps YoY); interest coverage: 3.32x.
Outlook and guidance
Full-year 2025 guidance reaffirmed: net revenue $14,900–$15,300M MXN and EBITDA $2,900–$3,000M MXN (6–9% growth).
Growth expected from stable macro environment, associate base expansion, and internal strategies.
Margin improvement anticipated from stronger peso, lower freight costs, and higher-margin product mix.
Focus on expense efficiencies, productivity, and asset-light strategy to support EBITDA margin recovery and leverage reduction.
Cautiously optimistic for H2 2025, with commercial strategies to drive growth and cash flow.
Assess impact of pricing on Betterware's margins.
Elaborate on Jafra US's compensation revamp.
Discuss inventory productivity goals for 2026.
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Next Betterware earnings date
Q3 202523 Oct, 2025
Next Betterware earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
Betterware de Mexico, S.A.B. de C.V., develops and markets products for home, beauty, pets, kitchen, personal care and food products through an independent sales force in Mexico. The company provides homeware, kitchenware, and housewares products. It also provides cleaning, storage and organization, home decor, laundry and garment care, pet care, healthcare, personal care, and baby products; as well as kitchenware, dining ware and tabletop products. Betterware de Mexico sells its products direct-to-consumer through catalog orders placed with sales representatives. Betterware de Mexico sells its products directly to consumers through catalogs and in-home presentations.
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