Betterware de Mexico P I de C : Q1 2026 6-K

Published: 2026-04-23 17:50:16 ET BWMX

Published on 04/23/2026 at 05:50 pm EDT

For the month of April 2026 Commission File Number: 001-39251

(Name of Registrant)

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

By: /s/ Luis Campos Name: Luis Campos Title: Board Chairman

Date: April 23, 2026

99.1 BeFra First Quarter 2026 Earnings Release

99.2 BeFra First Quarter 2026 Earnings Call Presentation

We began 2026 with a solid performance overall, as most of our business units delivered meaningful revenue growth and substantially improved profitability during the first quarter. Our most recent results reflect the strength of BeFra's business model in a still challenging macro environment and continued progress enhancing commercial and operational execution across our brand platform.

Our geographic expansion strategy continues to deliver encouraging results. Jafra US is showing clear signs of return to growth, supported by stronger commercial execution and improving field engagement that started last year. At the same time, our operations in the Andean and Central America region continue to grow rapidly, with particularly strong performance across existing markets. We are also pleased to have successfully launched operations in Colombia, the region's fourth largest economy, during the first week of March, marking another important milestone in our regional growth strategy.

The acquisition of Tupperware's Latin America operations will significantly accelerate our expansion by giving Befra immediate access to Brazil. We continue working closely with the relevant authorities, with final approvals expected in the second quarter of this year. In parallel, we are actively advancing our integration and value creation plans, developing a robust pipeline of growth initiatives across multiple fronts to fully capitalize on this opportunity once the transaction is completed. As a reminder, it is expected to be highly accretive to our fellow shareholders, with earnings accretion estimated at 40% per share in 2026.

In closing, while the operating environment remains dynamic and challenging, we remain confident in the strength of our five-pillar growth strategy, the resilience of our business model, and our ability to continue delivering sustainable growth and profitability. We are mindful of the recent events in the Middle East and their potential impact on our business. With that in mind we have been developing strategies to effectively offset any possible disruptions from them. As we move forward this year, we remain focused on disciplined execution, expansion, and long-term value creation.

Results in '000 MXN

Net Revenue $ 3,509,702 $ 3,499,151 0.3%

EBITDA $ 609,913 $ 535,263 13.9%

Gross Margin 66.3% 66.2% 10 bps

EBITDA Margin 17.4% 15.3% 211 bps

Net Income $ 281,361 $ 150,728 86.7%

Free Cash Flow $ 351,543 $ -55,841 N/A

EPS $ 7.54 $ 4.06 85.7%

Interest Coverage 4.74 3.20

Avg. Base 1,125,030 1,138,418 -1.2%

Distributors

EOP Base 1,120,638 1,122,047 -0.1%

Avg. Base 61,641 61,856 -0.3%

EOP Base 62,837 62,505 0.5%

351.5 million in cash flow was supported by continued discipline in working capital management and overall financial execution. Strong cash generation enabled further deleveraging of BeFra's balance sheet, with Net Debt-to-EBITDA improving to 1.50x from 2.08x in 1Q25 and 1.56x in 4Q25.

BeFra's cash flow continues to normalize toward the business' natural operating cycle, following the higher inventory levels and economic volatility in 1Q25. During the quarter, cash generation showed a clear improvement again, supported by stronger underlying profitability across business units and disciplined working capital management. This performance reinforces a stable liquidity position and a continued recovery in cash conversion.

Q1 2026

Q1 2025

∆

Current Ratio

0.93

0.92

1.1%

FCF / EBITDA

57.6%

-10.4%

6800 bps

CCC (days)

-32.8%

BeFra continues to deliver solid returns on investment, reflecting the strength and resilience of its business model. During the quarter there was a meaningful improvement in overall profitability and capital efficiency, supported by stronger operational execution across business units. These results reinforce management's confidence in the business' ability to consistently generate long-term value.

Equity Turnover

9.61

13.33

-27.9%

ROIC

27.0%

22.4%

460 bps

ROE

80.4%

54.1%

2630 bps

ROTA

22.7%

9.8%

1290 bps

Dividend Payout

53.0%

74.3%

-2130 bps

Current Ratio = Total current assets / Total current liabilities

CCC(Cash Conversion Cycle) = DSO + DIO - DPO

ROIC = NOPAT TTM / Operating Assets

ROE = Net income TTM / Stockholders Equity

ROTA = Net Income TTM / (Cash + Accounts Receivable + Inventories + Fixed Assets)

Debt to EBITDA = Total Debt / EBITDA TTM

Net Debt to EBITDA = (Total Debt - Cash and cash equivalents) / EBITDA TTM

Interest Coverage = Interest expense TTM / Operating income TTM

Dividend Payout TTM = Dividend/NOPAT

BeFra's asset-light business model continues to be a key pillar of operational resilience. During the quarter, the cost structure remained stable and well-managed, reflecting continued discipline across operations. Management remains committed to an asset-light strategy and continues to identify opportunities to optimize SG&A and enhance operational efficiency.

Q1 2026

Q1 2025

∆ bps

Fixed Assets / Total Assets

17.3%

16.6%

74 bps

Variable Cost Structure

74.5%

76.3%

-180 bps

Fixed Cost Structure

25.5%

23.7%

180 bps

SG&A / Net Revenues

46.7%

48.9%

-219 bps

BeFra remains firmly committed to its deleveraging strategy, supported by strong cash generation and disciplined financial management. During the quarter, leverage ratios improved meaningfully, with net debt to EBITDA decreasing to 1.5x, reflecting continued strengthening of the balance sheet. Interest coverage also improved to 4.74x, underscoring the company's solid debt service capacity and the resilience of the Company's capital structure. This strong financial position provides ample flexibility to take on the additional debt associated with the Tupperware acquisition, which has an implied 2025 leverage ratio of 1.9x Net Debt-to-EBITDA.

Q1 2026

Q1 2025

∆%

Debt to EBITDA

1.61

2.21

-26.9%

Net Debt to EBITDA

1.50

2.08

-27.9%

Interest Coverage

4.74

3.20

48.1%

Capital Allocation

Net Revenue $14,800 - $15,400 $14,265 4.0% - 8.0%

Figures in millions Ps.

Management still expects an EBITDA margin of at least 19% in 2026.

Results in '000 MXN

Net Revenue $ 1,439,958 $ 1,403,065 2.6%

EBITDA $ 295,278 $ 261,493 12.9%

Gross Margin 55.0% 55.3% -30 bps

EBITDA Margin 20.5% 18.6% 187 bps

Free Cash Flow $ 99,300 $ -29,732 N/A

Avg. Base 663,599 645,359 2.8%

EOP Base 684,696 649,076 5.5%

Monthly Activity Rate 64.6% 65.5% -91 bps

Avg. Monthly Order $ 2,072 $ 2,152 -3.7%

Distributors

Avg. Base 41,249 41,202 0.1%

EOP Base 42,447 41,810 1.5%

Monthly Activity Rate 98.6% 97.9% 71 bps

Avg. Monthly Order $ 21,826 $ 22,534 -3.1%

Subsidiaries: Credilazos, Betterware USA, Betterware Guatemala, Betterware Andino.

Jafra Mexico

Key Financial and Operating Metrics

Results in '000 MXN

2026

2025

∆26 vs 25

Net Revenue

$ 1,858,104

$ 1,869,818

-0.6%

Gross Margin

74.0%

73.5%

50 bps

EBITDA

$ 315,494

$ 286,707

10.0%

EBITDA Margin

17.0%

15.3%

165 bps

Free Cash Flow

Associates

282,165

$ -27,974

N/A

Avg. Base

435,887

468,356

-6.9%

EOP Base

409,204

446,998

-8.5%

Monthly Activity Rate

47.6%

50.5%

-290 bps

Avg. Monthly Order

Distributors

$ 2,464

$ 2,419

1.9%

Avg. Base

19,029

19,150

-0.6%

EOP Base

19,087

19,202

-0.6%

Monthly Activity Rate

95.0%

95.1%

-10 bps

Avg. Monthly Order

$ 2,539

$ 2,744

-7.5%

Highlights

Results in '000 MXN

Net Revenue $ 211,640 $ 226,268 -6.5%

EBITDA $ -859 $ -12,934 N/A

Gross Margin 75.0% 73.9% 110 bps

EBITDA Margin -0.4% -5.7% 531 bps

Free Cash Flow $ -29,922 $ 1,865 N/A

Results in '000 USD

Net Revenue $ 12,033 $ 11,077 8.6%

EBITDA $ -56 $ -633 N/A

Gross Margin 75.0% 73.9% 110 bps

EBITDA Margin -0.5% -5.7% 520 bps

Free Cash Flow $ -1,702 $ 91 N/A

Avg. Base 25,544 24,703 3.4%

EOP Base 26,738 25,973 2.9%

Monthly Activity Rate 50.8% 45.9% 490 bps

Avg. Monthly Order $ 219 $ 243 -9.9%

Distributors

Avg. Base 1,363 1,504 -9.4%

EOP Base 1,303 1,493 -12.7%

Monthly Activity Rate 95.4% 89.3% 610 bps

Avg. Monthly Order $ 186 $ 228 -18.4%

Cash and cash equivalents 311,762 344,073

Trade accounts receivable, net 1,190,866 1,176,138

Accounts receivable from related parties 0 18

Account receivable "San Angel" 80,770 120,158

Inventories 2,072,173 2,529,057

Prepaid expenses 221,605 169,064

Income tax recoverable 164,921 309,263

Derivative financial instruments 18,262 28,667

Non-current assets held for sale 40,000 40,000

Other assets 95,811 94,709

Total current assets 4,196,170 4,811,147

Account receivable "San Angel" 25,291 105,458

Property, plant and equipment, net 1,691,109 1,766,045

Right of use assets, net 305,471 282,858

Deferred income tax 452,582 525,086

Intangible assets, net 1,490,332 1,549,649

Goodwill 1,599,718 1,599,718

Other assets 13,445 14,389

Total non-current assets 5,577,948 5,843,203

Total assets 9,774,118 10,654,350

Short-term debt and borrowings 1,145,034 1,818,486

Accounts payable to suppliers 2,057,297 2,012,268

Accrued expenses 350,882 362,857

Provisions 648,300 735,894

Value added tax payable 26,060 41,160

Trade accounts payable to related parties 0 0

Statutory employee profit sharing 181,329 174,291

Lease liability 125,095 94,806

Derivative financial instruments 0 0

Employee benefits 150,024 131,852

Deferred income tax 486,451 495,118

Lease liability 196,377 214,400

Long term debt and borrowings 2,923,772 3,522,769

Total non-current liabilities 3,756,624 4,364,139

Total liabilities 8,290,621 9,603,901

Stockholders' Equity

Capital stock 321,312 321,312

Share premium account -25,264 -25,264

Retained earnings 1,184,072 794,278

Other comprehensive income 5,186 -37,489

Non-controlling interest -1,809 -2,388

Total Stockholders' Equity 1,483,497 1,050,449

Q1 2026

Q1 2025

∆%

Net revenue

3,509,702

3,499,151

0.3%

Cost of sales

1,183,601

1,183,324

0.0%

Gross profit

2,326,101

2,315,827

0.4%

Administrative expenses

647,086

691,825

-6.5%

Selling expenses

991,217

1,020,998

-2.9%

Distribution expenses

168,596

169,099

-0.3%

Total expenses

1,806,899

1,881,922

-4.0%

Other expenses - Sale of fixed assets

N/A

Operating income

519,202

433,905

19.7%

Interest expense

-99,706

-146,036

N/A

Interest income

11,673

16,071

-27.4%

Loss in valuation of financial derivative instruments

-66,410

N/A

Foreign exchange loss, net

-12,115

42,181

N/A

Financing cost, net

-100,148

-154,194

N/A

Income before income taxes

419,054

279,711

49.8%

Income taxes

137,693

128,983

6.8%

Net income including minority interest

281,361

150,728

86.7%

Non-controlling interest (loss) gain

-17

666

-102.6%

Net income

Concept

281,344

Q1 2026

151,394

Q1 2025

85.8%

∆%

Net income

281,361

150,728

86.7%

(+) Income taxes

137,693

128,983

6.8%

(+) Financing cost, net

100,148

154,194

-35.1%

(+) Depreciation and amortization

90,711

101,360

-10.5%

EBITDA

609,913

535,265

13.9%

EBITDA margin

17.4%

15.3%

Betterware de México, S.A.P.I. de C.V.

Consolidated Statements of Cash Flows

For the three-months ended March 31, 2026 and 2025 (In Thousands of Mexican Pesos)

Q1 2026

Q1 2025

Cash flows from operating activities:

Profit for the period

281,361

150,728

Adjustments for:

Income tax expense recognized in profit of the year

137,693

128,983

Depreciation and amortization of non-current assets

90,711

101,360

Interest income recognized in profit or loss

-11,673

-16,071

Interest expense recognized in profit or loss

99,706

146,036

Loss (gain) in valuation of financial derivative instruments

66,410

Gain on disposal of equipment

-629

-1,663

Currency effect

-2,450

357

Movements in not- controlling interest

Movements in working capital:

Trade accounts receivable

-9,419

-43,045

Trade accounts receivable from related parties

232

Trade account receivable "San Angel"

-13,994

Inventory, net

-74,636

-23,964

Prepaid expenses and other assets

-138,066

-26,358

Accounts payable to suppliers and accrued expenses

290,486

-172,194

Provisions

-73,646

-13,024

Value added tax payable

-67,857

-30,032

Statutory employee profit sharing

34,801

35,036

Trade accounts payable to related parties

-1,237

Income taxes paid

-190,296

-333,998

Employee benefits

2,033

3,540

Net cash generated by (used in) operating activities

368,119

-42,898

Cash flows from investing activities:

Investment in subsidaries

Payments for property, plant and equipment, net

-17,253

-13,574

Proceeds from disposal of property, plant and equipment, net

677

631

Commission for the sale of properties

Interest received

9,163

16,071

Net cash (used in) generated by investing activities

-7,413

3,128

Cash flows from financing activities:

Repayment of borrowings

-2,750,100

-1,000,800

Proceeds from borrowings

2,746,600

1,546,800

Interest paid

-128,507

-165,627

Lease payment

-45,670

-43,574

Dividends paid

-199,611

-249,514

Net cash (used in) generated by financing activities

-377,288

87,285

Net (decrease) increase in cash and cash equivalents

-16,582

47,515

Cash and cash equivalents at the beginning of the period

328,344

296,558

Cash and cash equivalents at the end of the period

311,762

344,073

Key Operating Metrics

Betterware Mexico

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Associates

Avg. Base

693,666

645,359

657,317

675,696

667,086

663,599

EOP Base

674,654

649,076

670,349

667,501

654,680

684,696

Monthly Activity Rate

Avg. Monthly Order

64.8%

$ 2,158

65.5%

$ 2,152

65.6%

$ 2,153

63.3%

$ 2,043

65.2%

$ 1,971

64.6%

$ 2,072

Monthly Growth Rate

14.3%

18.7%

16.6%

16.1%

17.3%

16.6%

Monthly Churn Rate

15.6%

19.5%

15.6%

16.3%

18.0%

15.2%

Distributors

Avg. Base

EOP Base

43,585

42,608

41,202

41,810

42,062

43,292

43,220

42,673

42,156

40,723

41,249

42,447

Monthly Activity Rate

96.7%

97.9%

98.8%

97.9%

98.3%

98.6%

Avg. Monthly Order

$ 22,945

$ 22,534

$ 22,347

$ 20,752

$ 20,690

$ 21,826

Monthly Growth Rate

8.7%

9.8%

10.7%

9.6%

9.2%

9.9%

Monthly Churn Rate

10.3%

11.2%

9.4%

10.1%

10.8%

8.5%

Jafra Mexico

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Associates

Avg. Base

476,211

468,356

438,041

411,670

438,864

435,887

EOP Base

480,532

446,998

429,472

405,599

444,244

409,204

Monthly Activity Rate

49.9%

50.5%

49.8%

49.4%

50.1%

47.6%

Avg. Monthly Order

$ 2,439

$ 2,419

$ 2,495

$ 2,552

$ 2,702

$ 2,464

Monthly Growth Rate

13.2%

10.1%

10.0%

13.0%

10.5%

Monthly Churn Rate

8.6%

12.5%

11.3%

12.0%

10.1%

13.4%

Distributors

Avg. Base

18,889

19,150

19,036

18,950

19,006

19,029

EOP Base

19,093

19,202

18,966

18,964

19,063

19,087

Monthly Activity Rate

94.6%

95.1%

94.1%

93.7%

94.0%

95.0%

Avg. Monthly Order

$ 2,758

$ 2,744

$ 2,855

$ 3,023

$ 3,166

$ 2,539

Monthly Growth Rate

1.8%

1.2%

0.6%

1.2%

1.3%

Monthly Churn Rate

1.1%

1.0%

1.3%

1.2%

Jafra US

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Associates

Avg. Base

26,540

24,703

27,191

26,303

26,270

25,544

EOP Base

25,272

25,973

28,188

26,450

26,681

26,738

Monthly Activity Rate

44.5%

45.9%

49.2%

51.3%

48.9%

50.8%

Avg. Monthly Order (USD)

$ 248

$ 243

$ 225

$ 228

$ 222

$ 219

Monthly Growth Rate

10.0%

12.8%

13.2%

11.4%

10.1%

12.6%

Monthly Churn Rate

14.7%

11.8%

9.7%

14.0%

9.7%

12.4%

Distributors

Avg. Base

1,786

1,504

1,808

1,604

1,503

1,363

EOP Base

1,638

1,493

1,901

1,384

1,420

1,303

Monthly Activity Rate

85.5%

89.3%

89.8%

92.6%

95.1%

95.4%

Avg. Monthly Order (USD)

$ 219

$ 228

$ 206

$ 201

$ 197

$ 186

Monthly Growth Rate

2.7%

4.0%

8.5%

3.8%

7.0%

4.2%

Monthly Churn Rate

5.0%

6.9%

0.0%

12.8%

5.8%

7.0%

Key Financial Metrics

Consolidated

Results in '000 MXN

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Net Revenue

$ 3,330,394

$ 3,778,468

$ 3,499,151

$ 3,562,643

$ 3,377,299

$ 3,825,539

$ 3,509,702

Gross Margin

66.9%

67.3%

66.2%

67.1%

68.5%

65.0%

66.3%

EBITDA

$ 591,575

$ 771,596

$ 535,265

$ 678,812

$ 722,149

$ 726,463

$ 609,913

EBITDA Margin

17.8%

20.4%

15.3%

19.1%

21.4%

19.0%

17.4%

Net Income

$ -112,537

$ 225,305

$ 150,728

$ 327,306

$ 314,205

$ 249,851

$ 281,361

Free Cash Flow

$ 417,379

$ 548,430

$ -55,841

$ 592,152

$ 553,573

1,132,307

351,543

Results in '000 MXN

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Net Revenue

$ 1,465,577

$ 1,494,855

$ 1,403,065

$ 1,458,593

$ 1,387,586

$ 1,474,205

$ 1,439,958

Gross Margin

54.8%

57.2%

55.3%

55.2%

57.1%

52.6%

55.0%

EBITDA

$ 279,889

$ 330,075

$ 261,493

$ 290,745

$ 312,669

$ 263,529

$ 295,278

EBITDA Margin

19.1%

22.1%

18.6%

19.9%

22.5%

17.9%

20.5%

Jafra Mexico

Results in '000 MXN

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Net Revenue

$ 1,623,697

$ 2,038,993

$ 1,869,818

$ 1,853,832

$ 1,752,179

2,112,869

$ 1,858,104

Gross Margin

76.8%

74.1%

73.5%

75.3%

76.3%

72.2%

74.0%

EBITDA

$ 318,149

$ 440,630

$ 286,706

$ 393,360

$ 417,760

$ 452,697

$ 315,494

EBITDA Margin

19.6%

21.6%

15.3%

21.2%

23.8%

21.4%

17.0%

Jafra US

Results in '000 MXN

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Net Revenue

$ 241,881

$ 241,120

$ 244,620

$ 226,268

$ 250,218

$ 237,534

$ 238,465

Gross Margin

73.6%

73.3%

73.1%

73.9%

76.0%

77.0%

77.4%

EBITDA

-6,463

891

$ -12,934

-5,293

-8,280

10,237

-859

EBITDA Margin

3.0%

-2.7%

0.4%

-5.7%

-2.1%

-3.5%

4.3%

This announcement includes certain references to EBITDA, EBITDA Margin, Net Debt:

EBITDA and EBITDA Margin are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company may differ materially from similarly titled measures reported by other companies.

BeFra believes that these non-IFRS financial measures are useful to investors because (i) BeFra uses these measures to analyze its financial results internally and believes they represent a measure of operating profitability and (ii) these measures will serve investors to understand and evaluate BeFra's EBITDA and EBITDA BU and provide more tools for their analysis as it makes BeFra's results comparable to industry peers that also prepare these measures.

Starting Q2 2024, the Company will report sales force under the same name for all business units, Distributors (previously stated as Leaders in Jafra) and Associates (previously stated as Consultants for Jafra). It is important to note that the metrics are calculated with the same method as previous quarters and the reference name change has no adverse effect on the results of the operating metrics reported by the Company.

Founded in 1995, Betterware de Mexico is the leading direct-to-consumer company in Mexico focused on offering innovative products that solve specific needs related to household organization, practicality, space-saving, and hygiene. Through the acquisition of JAFRA on April 7, 2022, the Company now offers a leading brand of direct-to-consumer in the Beauty market in Mexico and the United States where it offers Fragrances, Color & Cosmetics, Skin Care, and Toiletries. The combined company possesses an asset-light business model with low capital expenditure requirements and a track record of strong profitability, double digit rates of revenue growth and free cash flow generation. Today, the Company distributes its products in Mexico and in the United States of America.

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will", "estimate", "continue", "anticipate", "intend", "expect", "should", "would", "plan", "predict", "potential", "seem", "seek," "future," "outlook", and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The reader should understand that the results obtained may differ from the projections contained in this document and that many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward looking statements. For this reason, the Company assumes no responsibility for any indirect factors or elements beyond its control that might occur inside Mexico or abroad and which might affect the outcome of these projections and encourages you to review the 'Cautionary Statement' and the 'Risk Factor' sections of our annual report on Form 20-F for the year ended December 31, 2020 and any of the Company's other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences

The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date hereof. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Further information on risks and uncertainties that may affect the Company's operations and financial performance, and the forward statements contained herein, is available in the Company's filings with the SEC. All forward-looking statements are qualified in their entirety by this cautionary statement.

Management will hold a conference call with investors on April 23rd, 2026, at 3:30 pm Mexico City Time / 5:30 pm Eastern Time (ET). For anyone who wishes to join live, the dial-in information is:

BeFra IR [email protected]

+52 (33) 3836 0500 Ext. 2011

Investor Relations Ivan Peill [email protected]

Cautionary Statement Regarding Forward - Looking Statements Matters discussed in this presentation may constitute forward - looking statements . Forward - looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts . The words "believe," "anticipate," "intends," "estimate," "potential," "may," "should," "expect," "pending," and similar expressions identify forward - looking statements . The forward - looking statements in this presentation are based upon various assumptions . Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations . BeFra | 2

PRESENTERS Andrés Campos President & CEO, BeFra Raúl del Villar CFO, BeFra BeFra | 3

Net Revenue +0.3% EBITDA +13.9% EBITDA Margin +211 bps 17.4% 1Q26 Free Cash Flow $352 M Slight Revenue growth reflecting early signs of recovery across key business units Significant EBITDA increase supported by disciplined cost management and improved operating efficiency Net Income +85.8% Net income relevant increase, in line with our expectations and reflecting the absence of extraordinary impacts experienced in 1Q25 as well as reduced leverage and lower interest rates & Cash flow generation normalized during the quarter, with a cash conversion rate of 58% BeFra | 4 SELECTED HIGHLIGHTS

2,317 3,085 7,260 8.4% 36.5% 55.1% 7.2% 48.8% 44.0% 6.6% 50.9% 42.4% 6.7% 53.2% 39.7% 2018 2019 2020 2021 2022 2023 2024 2025 10,040 11,508 13,010 14,100 14,264 2,317 3,085 7,260 8.4 % 91.6% 6.8 % 93.2% 6.6% 93.3% 6.7% 92.9% 2018 2019 2020 2021 2022 2023 2024 2025 10,040 11,508 13,010 14,100 14,264 Revenue Distribution Business Unit (Million MXN) Region (Million MXN) Betterware BW Latam Jafra MX Jafra US Mexico US Latam 0.4% 0.4% 6.5% 1Q25 6.0% 53.4% 53.0% 40.0% 40.3% 1Q26 3,499 3,510 6.5% 93.4% 1Q25 6.0% 93.3% BeFra | 5 1Q26 3,499 3,510 0.1% 0.7% 0.7% 0.1%

Revenue 3,499 3,510 1Q (Million MXN) • Revenue performance was supported by Betterware strengthening, improving trends at Jafra US (offset by FX), and LatAm expansion, partially offset by slightly lower sales at Jafra Mexico . Overall, the quarter reinforced a solid and diversified revenue base . +0.3% 2025 2026 1,138 1,125 1Q - 1.2% BeFra | 6 Associate Base (Avg. Associate '000) Betterware's associate base is returning to a growth trajectory, while Jafra - having previously prioritized productivity - is now shifting its focus toward sustained and scalable associate growth .

151 281 Net Income (Million MXN) Net income nearly doubled, reflecting a return to normalized profit levels following extraordinary expenses in 1Q25. +86.7% 535 610 +13.9% 2025 2026 15.3% 17.4% EBITDA (Million MXN) • EBITDA performance reflects profitability improvement across all business units, driven by margin expansion supported by disciplined cost management, enhanced operational efficiency, and favorable portfolio dynamics . +211bps EBITDA Margin 1Q 1Q BeFra | 7 EBITDA

Free Cash Flow Cash flow generation normalized during the quarter, with a cash conversion rate of 58 % , in line with expectations and reflecting the absence of extraordinary impacts seen in 1 Q 25 . 360 458 417 548 - 56 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 592 554 1,132 352 48% 70% 71% 71% - 10% 87% 77% 155% 58% Dividends 25 consecutive quarters of paying dividends since IPO, maintaining a 33% TTM Dividend - to - EBITDA ratio. 2020 2021 2022 2023 2024 2025 2026 830 950 649 998 850 400 32.8% 31.9% 36.0% 23.8% 41.0% 52.2% 39.4% %EBITDA Dividends Paid (Millions MXN) 1,400 2025 LTM 2,222 2,630 +18.3% 83% 96% FCF - to - EBITDA FCF (Millions MXN) To be paid 200

6.4 5.5 5.2 4.5 4.4 2022 2023 2024 2025 1Q26 2.4 1.8 1.8 1.6 1.5 Financial Performance Leverage ROTA Return on Investment 26.2% 73.8% 2022 26.2% 73.8% 2023 17.2% 82.5% 2024 17.9% 82.1% 2025 17.3% 82.7% 1Q26 12.7 15.8 12.4 20.4 22.7 11.3 11.1 10.5 9.6 9.8 23.8 27.8 19.1 28.5 31.9 2022 2023 2024 2025 1Q26 $EPS 18.9 26.6 26.6 25.3 27.0 ROIC% (Billion MXN) (Billion MXN) (MXN) Other Assets Fixed Assets *EPS in 1Q26 = Net Income TTM / Shares outstanding *ROTA & ROIC use NOPAT TTM for 1Q26 Net Debt/EBITDA TTM Total Debt BeFra | 9 Total Assets ROTA%

Strengthen Mexico Leadership Consolidate our position as New Brands or Categories Remain focused on Regional Expansion Continue growing in the USA and keep expanding in Latin 1 2 3 Digital Transformation Evolve our business model 4 Maintain financial discipline and control Maintain financial 5 Strategic Pillars - 2025 to 2030 discipline, demonstrate the strength of our business model, and strengthen financial planning American markets market leader in Mexico exploring new categories in Mexico and beyond towards a digital P2P solution BeFra | 10

Mexico & Subsidiaries Revenue (Million Mxn) 1,403 1,440 1Q +2.6% 2025 2026 • Associate base returned to growth, marking a key inflection point and supporting revenue expansion . Subsidiaries continue to deliver strong growth . Average weekly revenue increased by 3 . 3 % , although the quarter was affected by one less week vs 1 Q 25 . Betterware LatAm continues to grow at an accelerated pace and now represents 1 . 7 % of Betterware's total revenue . EBITDA (Million MXN) 261 295 +12.9% 18.6% 20.5% • Strong and profitable quarter, with margin expansion driven by disciplined cost management and solid execution, while gross margin remained stable despite external pressures . +190bps EBITDA Margin 1Q BeFra | 12 EBITDA ∆ 1Q26 1Q25 Associate 2.8% 664k 645k Avg. 5.5% 685k 649k EOP

Key 2026 STRATEGIC INITIATIVES 1 2 3 4 Expand licensing beyond Disney and strengthen mix of frequency - consumption products Redesign catalog Enhance associate services, with direct delivery and a new "Better Fan" plan 5 Launch new payment system in partnership with Mexico & Subs New B+ app features and a Salesforce CRM launch SELECT DEVELOPMENTS Pilot testing new segmentation program, expected to launch Q3 New catalog design coming soon Broxel in pilot testing and under analysis; New CRM (Salesforce) coming Q2; Developing new B+ features Strong performance of new Better Klin Tabs line preparing to scale - up in2H26 Broxel BeFra | 13

Mexico Revenue (Million Mxn) 1,870 1,858 1Q - 0.6% 2025 2026 • Temporary stagnation in growth as focus shifted to productivity and monetization of the existing consultant base, which positions the business for a renewed growth phase . EBITDA (Million MXN) 287 315 +10.0% 15.3% 17.0% • Profitability improved driven by enhanced cost efficiency, which reflects the impact of prior restructuring initiatives and lower extraordinary expenses compared to 2025 . +165bps EBITDA Margin 1Q BeFra | 14 EBITDA ∆ 1Q26 1Q25 Associate - 6.9% 436k 468k Avg. - 8.5% 409k 447k EOP

1 2 3 4 Refocus innovation, expand Disney licensing, introduce new Skincare lines, and launch Haircare line Strengthen "sample trial" initiatives, enabling consultants to provide a real product experience New subscription initiatives to drive retention and overall experience satisfaction 5 Launched J+ platform and new CRM Segment Associate incentives to better cater to different needs Mexico Key 2026 STRATEGIC INITIATIVES SELECT DEVELOPMENTS New segmentation in Q3 New products like the Stitch sun block Sensory sampling implemented Subscription plan launched in March Expect to launch CRM in 2Q and J+ in 3Q BeFra | 15

Strengthen Mexico Leadership Consolidate our position as market leader in Mexico New Brands or Categories Remain focused on exploring new categories in Mexico and beyond Regional Expansion Continue growing in the USA and keep expanding in Latin American markets 1 2 3 Digital Transformation Evolve our business model towards a digital P2P solution 4 Maintain financial discipline and control Maintain financial discipline, demonstrate the strength of our business model, and strengthen financial planning 5 Strategic Pillars - 2025 to 2030 BeFra | 16

US - USD 11.1 12.0 1Q Revenue (Million USD) • Revenue growth driven by increased consultant activity and a more engaged, expanding salesforce, supporting increased order volumes . +8.6% 2025 2026 EBITDA - 0.6 - 0.1 0.3 1Q - 5.7% - 0.5% 2.6% (Million USD) • Margin expansion and lower losses, driven by improved commercial strategy and cost discipline ; excluding legal expenses, the business reached profitability with a 2 . 6 % margin . We expect legal expenses to significantly decrease by 2027 . +520bps BeFra | 17 EBITDA Margin EBITDA Excluding legal Expense Excluding legal Expense ∆ 1Q26 1Q25 Associate 3.4% 26k 25k Avg. 2.9% 27k 26k EOP

We welcome Colombia to the Betterware family, further strengthening our presence in the Andean region and driving scalable and sustainable growth. Colombia reached over 1,000 associates at the end of 1Q26 Colombia BeFra | 18

Revenue (Million USD) Base reached nearly 14k associates, up more than 20% QoQ. 0.2 1.4 1Q +557.4% Latin America Base reached 2.2k associates, up approximately 10% QoQ and 46% YoY. 2025 2026 BeFra | 19 Colombia launched in March with accelerating growth to date. ∆ 1Q26 1Q25 Associate 869% 15k 1.5k Avg. 864% 16k 1.7k EOP

LEVERAGE OUR DATA GROW OUR CLIENTS' BUSINESS Our Digital Transformation Pillars BeFra | 22 DIGITAL CORE Accelerate growth through a phygital platform that maximizes every P2P interaction Activate the Digital P2P Model Increase their e - commerce and digital presence Continuous improvement of our selling platforms (B+ and J+) Initiatives CRM (Salesforce) AI Committee B+ Analytics

Disclaimer

Betterware de Mexico SAPI de CV published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:48 UTC.