Betterware De Mexico Sapi De · Q3 2025 earnings

Briefing

BeFra Q3 2025: revenue up 1.4% to MXN 3.38B as Jafra offsets soft Betterware Mexico demand

Betterware de México (BeFra) reported Q3 2025 consolidated net revenue of MXN 3.38 billion, up 1.4% year over year despite subdued Mexican consumer spending. Adjusted EBITDA rose 22% to MXN 722 million with margin expanding to 21.4%, while adjusted net income jumped 71% to MXN 314 million and adjusted EPS reached MXN 8.42. Free cash flow increased 32.6% to MXN 554 million, representing 77% EBITDA conversion, and net debt to EBITDA improved to 1.80x from 1.97x in Q2. Jafra Mexico drove top-line growth with 7.9% revenue increase while Betterware Mexico declined 5.3% on weaker discretionary demand.

• Consolidated net revenue rose 1.4% YoY to MXN 3.38B; Jafra Mexico grew 7.9% while Betterware Mexico fell 5.3% on soft home-goods demand.
• Adjusted EBITDA increased 22% to MXN 722M with margin at 21.4%; adjusted net income rose 71% to MXN 314M and adjusted EPS was MXN 8.42.
• Free cash flow of MXN 554M was up 32.6% YoY with 77% EBITDA conversion; net debt/EBITDA improved to 1.80x from 1.97x in Q2.
• Jafra US posted flat USD revenue but September net revenue grew 30% YoY — its best month in three years — on Shopify+ and incentive plan rollout.
• Management guides 2025 revenue of MXN 14.9–15.3B and EBITDA of MXN 2.9–3.0B, implying roughly 6–9% full-year growth.

Headline financials

Revenue & EPS history

BeFra expects 2025 consolidated net revenue of MXN 14.9–15.3 billion and EBITDA of MXN 2.9–3.0 billion, roughly 6–9% growth versus 2024, with momentum building into Q4 after a challenging Q1.