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Betterware (BWMX) investor relations material
Betterware Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Net revenue grew 1.4% year-over-year in Q3 2025, with EBITDA up 22% and margin expanding 362 basis points to 21.4%.
Profitability and cash flow improved across all business units, despite soft consumer demand in Mexico and the U.S.
Jafra Mexico led growth with a 7.9% revenue increase and 31% EBITDA growth, while Betterware Mexico's revenue declined 5.3% but profitability improved.
Jafra US stabilized after previous declines, achieving its best month in three years and 30% year-over-year revenue growth in September.
International expansion continued, with Betterware Ecuador and Guatemala showing strong growth and plans to launch in Colombia in early 2026.
Financial highlights
Q3 2025 net revenue: $3,377M MXN (+1.4% YoY); EBITDA: $722M MXN (+22% YoY); net income: $314M MXN (+71% YoY).
Gross margin expanded to 68.5% (+158 bps YoY); EBITDA margin rose to 21.4% (+362 bps YoY).
Free cash flow reached $554M MXN (+32.6% YoY), representing 77% conversion of EBITDA.
Net debt/EBITDA improved to 1.80x from 1.97x in Q2 2025, with a target of 1.6x by year-end.
Board approved MXN 200 million dividend, marking the 23rd consecutive quarterly dividend.
Outlook and guidance
Management expects full-year 2025 revenue and EBITDA growth in the 1–5% range.
Inventory targeted to close 2025 at MXN 2,100 million, down from MXN 2,500 million at the start of the year.
Plans to launch Betterware in Colombia in early 2026 to expand Latin American presence.
Strategic focus on five pillars: Mexican market leadership, regional expansion, new brands/categories, digital transformation, and financial discipline.
Ecuador operations projected to reach $80M revenue by FY 2026, with 21% month-over-month growth.
Betterware sales declined. How will they drive future volume recovery?
Jafra Mexico's Q3 gross margin was high. Is this sustainable?
What are the initial focus areas for the new digital team?
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Next Betterware earnings date
Q4 202527 Feb, 2026
Next Betterware earnings date
Q4 202527 Feb, 2026
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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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