Betterware (BWMX) Investor presentation summary

Acquisition summary

• Acquisition of 100% of Tupperware's LatAm businesses for $250 million, including operations in Mexico and Brazil, and two production facilities.

• Perpetual, royalty-free, exclusive license for the Tupperware brand in LatAm, with Argentina effective from September 2026.

• Funded by $215 million in debt and $35 million in shares, with a post-acquisition Net Debt/EBITDA of 1.9x for 2025E.

• Implied acquisition multiples: 3.1x EV/EBITDA and 5.6x P/E for 2025E, with immediate EPS accretion of ~40%.

• Target closing in 1H2026, subject to regulatory approvals in Mexico.

Overview of Tupperware LatAm

• Operates with 147 distributors and over 200,000 independent sales representatives.

• Vertically integrated with two production plants, high EBITDA margins (30%), and strong free cash flow conversion (47% for 2025E).

• Debt-free balance sheet and minimal working capital requirements.

• Sales in 2025E projected at $278 million, down from $404 million in 2022, indicating significant recovery potential.

• Regional leader in kitchen and food preservation, with a resilient business model and experienced leadership.

Strategic rationale

• Significant untapped growth potential in Latin America, especially in Brazil, with opportunities for market expansion and cross-brand synergies.

• Manufacturing footprint in Mexico and Brazil offers excess capacity (35-40%) and cost optimization.

• Leadership team has deep experience with Tupperware, ensuring smooth integration and innovation.

• Proven track record of value creation through prior acquisitions, such as JAFRA, with strong revenue and EBITDA growth.

• Transaction expected to be immediately accretive, boosting consolidated EPS by ~40% in 2025E.