Betterware (BWMX) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 43.1% YoY to MXN 4,832 million with Tupperware’s first full-quarter contribution; organic revenue grew 2.3%.

• EBITDA increased 39.6% to MXN 1,008 million and net income rose 24.2% to MXN 390 million; Betterware growth partly offset Jafra’s decline.

• Strong cash generation supported debt reduction and a MXN 250 million dividend; FY26 reported growth guidance increased while organic guidance narrowed.

Financial highlights

• Q3 revenue was MXN 4,832 million, up 43.1% YoY; 9M revenue reached MXN 12,503 million, up 19.8%.

• Q3 organic EBITDA was MXN 650 million, down 10.0% YoY; EBITDA including Tupperware was MXN 1,008 million, up 39.6%.

• Q3 organic net income was MXN 207 million, down 34.2%; net income including Tupperware was MXN 390 million, up 24.2%.

• Q3 free cash flow was MXN 1,059 million, equal to 105% of EBITDA; 9M free cash flow totaled MXN 1,871 million, up 71.7%.

• Q3 EPS was MXN 9.9, up 17.9%; combined 9M EPS was MXN 45.42, up 114.2%.

Outlook and guidance

• FY26 organic net revenue growth guidance narrowed to 4%-5% from 4%-8%; post-acquisition growth guidance rose to 24%-26% from 18%-22%.

• FY26 EBITDA margin guidance is 19%; the full-year effective tax rate is expected to normalize in the mid-30s%.

• Betterware expects elevated freight pressures from Middle East supply-chain disruption to ease in coming quarters.

• Jafra is expected to return to growth in coming quarters; Jafra Plus app launch is planned for early next year.