Betterware (BWMX) Q4 2025 earnings summary

Executive summary

• Achieved 1.2% year-over-year revenue growth in Q4 and full year 2025, demonstrating resilience amid macroeconomic volatility and soft consumption trends.

• Free cash flow more than doubled versus prior year, driven by profitability, inventory optimization, and disciplined expense management.

• Strengthened balance sheet with significant debt reduction, improved leverage ratios, and strong cash generation.

• Advanced regional expansion, digital transformation, and prepared for the acquisition of Tupperware's Latin American business.

• Entered 2026 with improving momentum, segment recovery, and a clear roadmap for long-term growth.

Financial highlights

• Q4 2025 net revenue rose 1.2% YoY to Ps. 3,825.5 million; full year net revenue up 1.2% to Ps. 14,264.6 million.

• Q4 EBITDA margin at 19.0%; full year EBITDA margin at 18.7%, impacted by Q1 contraction and temporary gross margin effects.

• Free cash flow for FY 2025 was Ps. 2,222.2 million, up 24.6% YoY, with over 83% of EBITDA converted to cash.

• Net debt to EBITDA improved to 1.56x at year-end 2025, with total debt reduced by MXN 700 million.

• 24th consecutive quarter of dividend payments, with a 32% dividend to EBITDA ratio.

Outlook and guidance

• 2026 revenue growth guidance set at 4%-8%, with EBITDA margin expected at least 19%.

• Guidance excludes contributions from the pending Tupperware Latam acquisition, which will be updated post-closing.

• Strategic pillars include consolidating Mexico leadership, regional expansion, new brands, digital transformation, and financial discipline.

• Continued focus on innovation, technology upgrades, and geographic expansion, including new market entries in Latin America.