Betterware (BWMX) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 performance, with revenue up 16.8% year-over-year to $4.16B MXN, driven by organic growth and the successful integration of Tupperware, which contributed immediately to revenue and profitability.

• All brands—Betterware, Jafra, and Tupperware—delivered revenue growth, with Jafra returning to sequential growth and Tupperware expanding the consultant base by over 300,000.

• Maintained a robust balance sheet post-acquisition, with net debt-to-EBITDA at 2.6x (1.6x pro forma), supporting ongoing deleveraging.

• Continued 26 consecutive quarters of dividend payments since IPO, with quarterly dividend increased to MXN 250 million.

Financial highlights

• EBITDA for Q2 2026 reached MXN 780 million, a 15% increase year-over-year, with margin at 17.8–18.8%.

• Net income rose 20.6% year-over-year to MXN 676 million in Q2 2026.

• Free cash flow for Q2 2026 was MXN 554–578 million, with FCF-to-EBITDA ratio at 74–77%.

• EPS TTM reached MXN 31.9, including Tupperware pro forma.

• Pro forma net debt to trailing 12-month EBITDA at 1.6x, unchanged from pre-acquisition.

Outlook and guidance

• Updated 2026 guidance projects net revenue growth of 18–22% post-Tupperware acquisition, with an expected EBITDA margin of at least 19%.

• Focus remains on consolidating market leadership in Mexico, expanding in the US and Latin America, and investing in digital transformation and brand innovation.

• Gross margin expected to normalize between Q3 and Q4.