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.

• EBITDA margin remained strong at 19% for Q4 and 18.7% for the year, though impacted by Q1 contraction, FX effects, and temporary gross margin impacts.

• Free cash flow surged, with over 83% of EBITDA converted to cash and year-over-year increases driven by inventory optimization.

• Strategic pillars advanced: leadership in Mexico, regional expansion, new brands/categories, digital transformation, and financial discipline.

• Completion of the Tupperware Latam acquisition for $250 million is expected in Q2 2026, anticipated to be accretive and expand presence in Brazil.

Financial highlights

• Q4 and full-year 2025 net revenue grew 1.2% year-over-year; Q4 EBITDA margin at 19%, full-year at 18.7%.

• Free cash flow increased 24.6% for the year, with 83% EBITDA conversion.

• Net debt to EBITDA improved to 1.56x at year-end 2025.

• 24 consecutive quarters of dividend payments, with a 32% dividend-to-EBITDA ratio.

• Q4 net income increased 10.9% YoY to Ps. 249.9 million; FY net income up 46.5% to Ps. 1,042.8 million.

Outlook and guidance

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

• Guidance excludes Tupperware Latam acquisition, which will be updated post-closing.

• Anticipate normalized cash flow generation, with growth driven by top-line and profitability.

• Strategic pillars for 2025–2030 include consolidating Mexico leadership, regional expansion, new brands, digital transformation, and financial discipline.