The Q3 beat is entirely acquisition-driven (Tupperware), while organic growth remains tepid at 2.3% with Jafra declining. The raised guidance range (24-26%) is achievable if Tupperware contribution holds, but the organic EBITDA decline (-10%) and Jafra's ongoing weakness are real headwinds. Watch the Q4 for Jafra's turnaround progress and whether Tupperware's direct-selling momentum sustains without the one-time retail sales boost.
Price Chart
Executive Summary
BeFra (BWMX) reported Q3 2026 results with consolidated net revenue up 43.1% YoY to MXN $4,832M, driven by Tupperware's first full-quarter contribution. Organic revenue (Betterware + Jafra) grew only 2.3% YoY, as Jafra declined 2.8% and Betterware grew 9.7%. Consolidated EBITDA rose 39.6% to MXN $1,008M, but organic EBITDA fell 10.0% YoY. The company raised full-year revenue guidance to 24-26% (post-acquisition) and narrowed organic growth guidance to 4-5%. A MXN $250M dividend was approved, and net debt/EBITDA improved to 1.65x.
Key Facts
- Consolidated net revenue MXN $4,832M, +43.1% YoY (Tupperware first full quarter)
- Organic revenue (Betterware + Jafra) MXN $3,456M, +2.3% YoY
- Betterware revenue MXN $1,523M, +9.7% YoY; Jafra revenue MXN $1,934M, -2.8% YoY
- Consolidated EBITDA MXN $1,008M, +39.6% YoY; organic EBITDA MXN $650M, -10.0% YoY
- Consolidated EBITDA margin 20.9% vs 21.4% YoY; organic EBITDA margin 18.8%
- Net income MXN $390M, +24.2% YoY; basic EPS MXN $9.9 vs $8.4 YoY
- Free cash flow MXN $1,059M, +91.3% YoY; FCF/EBITDA conversion 105%
- Net debt/EBITDA improved to 1.65x from 1.80x pre-acquisition
- Full-year 2026 guidance raised: revenue growth 24-26% (raised from prior 18-22%), organic growth narrowed to 4-5% (from 4-8%), EBITDA margin 19%
- Dividend of MXN $250M approved (~$0.3424 per share, payable Nov 19, 2026
- Jafra CEO Andrés Campos appointed as interim Managing Director of Jafra Mexico (6-12 month interim period)
- Tupperware direct-selling revenue +14% YoY on a combined basis; total brand revenue -6.8% YoY on combined basis
Financial Impact
Consolidated revenue +43.1% YoY to MXN $4,832M; organic revenue +2.3% YoY; EBITDA +39.6% to MXN $1,008M; net income +24.2% to MXN $390M; free cash flow +91.3% to MXN $1,059M
Risk Factors
- Jafra brand revenue declined 2.8% YoY with EBITDA down 20.1%, requiring a 6-12 month turnaround
- Organic EBITDA fell 10% YoY despite 2.3% organic revenue growth, indicating margin compression
- Tupperware's reported revenue declined 6.8% YoY on a combined basis; the 14% direct-selling growth may not fully offset discontinued non-direct channels
- Gross margin compressed 438 bps to 64.1% due to Tupperware mix and supply-chain costs
- Higher effective tax rate impacted net income; full-year rate expected in mid-30s%
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-111757 |
| Document: ea030869501ex99-3.htm | 0001213900-26-111757 |
| Document: ea030869501ex99-2.htm | 0001213900-26-111757 |
| Document: ea0308695-6k_betterware.htm | 0001213900-26-111757 |
| Document: ea030869501ex99-4.htm | 0001213900-26-111757 |
| Document: 0001213900-26-111757-index-headers.html | 0001213900-26-111757 |
| Document: 0001213900-26-111757-index.html | 0001213900-26-111757 |
| Document: 0001213900-26-111757.txt | 0001213900-26-111757 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | $15.59 $16.75 | ▲ +7.44% | ▲ +6.73% | $16.75 (+7.44%) |
Sep 17, 2026 5w ago | Insider Cluster | $17.31 $16.69 | ▼ −3.58% | ▼ −5.13% | $16.75 (−3.24%) |
Aug 25, 2026 9w ago | EFFECT | $16.28 $16.15 | ▼ −0.80% | ▼ −0.82% | $16.75 (+2.89%) |
Aug 10, 2026 11w ago | Insider Buy | $16.30 $16.35 | ▲ +0.31% | ▲ +0.06% | $16.75 (+2.76%) |
Aug 4, 2026 11w ago | Insider Buy | $17.20 $16.69 | ▼ −2.97% | ▼ −2.81% | $16.75 (−2.62%) |
Jul 29, 2026 12w ago | Insider Buy | $17.59 $17.02 | ▼ −3.24% | ▼ −3.96% | $16.75 (−4.78%) |
US Market Status
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