What is Betterware's latest dividend and current dividend yield?

What is Betterware's gross profit margin?

What factors drove the changes in Betterware's revenue and profit?

What were the key takeaways from Betterware’s earnings call?

What is the revenue and EPS growth rate for Betterware year over year?

What were the key takeaways from Betterware's earnings call?

What is the market's earnings forecast for Betterware next quarter?

What guidance did Betterware's management provide for the next earnings period?

- **Revenue Resilience**: 1.2% YoY growth to MXN 14.3 billion (30% CAGR since 2018), with free cash flow doubling YoY.
- **Debt Reduction**: MXN 700 million debt reduction, lowering leverage to 1.56x from 1.75x.
- **Tupperware Acquisition**: MXN 250 million deal for Latin America, targeting Brazil expansion and 40% EPS accretion.
- **Jafra Momentum**: Q4 record sales, 2026 plans include Disney/Mattel licensing and U.S. growth.
- **Consumer Outlook**: 2026 targeting 4-8% growth vs. 1.2% 2025, driven by stable consumption and innovation.

**【CEO Opening Remarks】**
- Q4 2025 revenue grew 1.2% YoY, with EBITDA margin at 19% despite temporary gross margin impacts. Full-year revenue rose 1.2% to MXN 14.3 billion (30% CAGR since 2018). Free cash flow doubled YoY, driven by inventory optimization releasing MXN 459 million in cash. Debt reduced by MXN 700 million, lowering leverage from 1.75x to 1.56x.

**【Strategic Pillars】**
1. **Mexico Leadership**: Betterware Mexico achieved its strongest quarterly sales in 2025, with EBITDA margin ~22% excluding FX impacts. Jafra Mexico delivered record Q4 sales, with EBITDA recovering from Q1 weakness.
2. **Regional Expansion**: Jafra U.S. saw first YoY growth in Q4, with Ecuador associates up 7x since launch. Colombia operations to begin March 2026.
3. **New Brands/Categories**: Acquired Tupperware Latin America for MXN 250 million, targeting Brazil expansion and cross-synergies with Betterware.
4. **Digital Transformation**: Launching new CRM systems for Betterware and Jafra, plus payment innovations like Broxel partnerships.
5. **Financial Discipline**: Maintained 32% dividend payout ratio vs. EBITDA, with 24 consecutive quarters of dividend payments.

**【CFO Financial Commentary】**
- Q4 EBITDA margin 19%, full-year 18.7% (impacted by Q1 contraction). Free cash flow up 106% YoY in Q4, 24.6% full-year growth. Dividends aligned with 32% EBITDA payout ratio. Total debt reduced MXN 700 million, net debt/EBITDA 1.56x.

**【Q&A Highlights】**
- **Mexican Consumer**: Stable 2026 outlook with improving interest rates and inflation. 2025 was "abnormally low growth" at 1.2%, targeting 4-8% 2026.
- **Inventory Management**: Reduced from MXN 2.5 billion to 2.0 billion, near optimal levels. Future cash flow growth tied to top-line expansion.
- **Jafra Growth**: Q4 record sales driven by productivity-focused consultant strategy. 2026 plans include Disney/Mattel licensing, subscription models, and U.S. Tupperware launches.
- **Tupperware Synergies**: Integrate manufacturing with Betterware, target Brazil expansion. 40% EPS accretion expected from acquisition.


Betterware de México, S.A.P.I. de C.V. (BWMX) Q4 2025 Earnings Call Transcript

- **Resilient Growth**: 1.4% revenue growth, 22% EBITDA expansion, 77% cash flow conversion despite macro challenges.
- **Strategic Expansion**: Latin America launches (Ecuador, Guatemala, Colombia) exceed expectations, Jafra U.S. stabilizes post-acquisition.
- **Digital Innovation**: AI-driven sales transformation and 100% owned regional expansion model.
- **Financial Strength**: Debt reduced to 1.8x, targeting 1.6x; inventory optimized to MXN 2.1B-2.2B.

**【CEO Summary Section】**
- **Revenue and Profitability Growth**: Q3 2025 revenue grew 1.4% YoY, EBITDA increased 22% to 21.4%, with margin expanding 362 basis points. Free cash flow conversion remained strong at 77% of EBITDA.
- **Strategic Pillars**: 
  1. **Mexican Market Leadership**: Betterware Mexico optimized pricing, reduced inventory by 17%, and launched innovations like the Barbie Katrina collaboration. Jafra Mexico revenue rose 8% YoY, EBITDA margin reached 24%.
  2. **Regional Expansion**: Jafra U.S. stabilized after declines, Ecuador and Guatemala operations exceeded expectations (20% MoM growth). Colombia launch planned for Q1 2026.
  3. **Digital Transformation**: New AI-driven digital team led by Maria Fernanda Hill to enhance person-to-person selling with generative AI.
  4. **Financial Discipline**: Net leverage ratio reduced to 1.8x, targeting 1.6x by year-end. Debt decreased from MXN 6.7B to MXN 5.2B.

**【CFO Financial Commentary】**
- **Net Revenue**: 1.4% YoY growth despite soft consumer trends.
- **Adjusted Net Income**: Increased 71% YoY due to lower interest rates and tax benefits.
- **Free Cash Flow**: Grew 32.6% YoY), targeting 60% of EBITDA annually. Dividends resumed at 30-40% of EBITDA post-pandemic.
- **Debt Management**: Total debt reduced to MXN 5.2B, with inventory target of MXN 2.1B-2.2B by year-end.

**【Q&A Highlights】**
- **Inventory Strategy**: Targeting MXN 2.1B inventory by year-end, freeing cash for expansion. Strong peso (MXN 18.5-19/USD) and lower freight costs enable aggressive pricing to drive demand.
- **Jafra Expansion**: 100% owned Latin American launches (Colombia) with local management. Skin care products (e.g., dark spot remover) driving faster growth than fragrances.
- **Consumer Trends**: Mexican consumer volatility (Q1 soft, Q2 recovery, Q3 decline). BeFra focuses on profitability and market share despite sluggish demand.
- **Technology Investment**: Generative AI and digital platforms (Shopify Plus) to modernize sales channels and compete in live shopping trends.


Betterware de México, S.A.P.I. de C.V. (BWMX) Q3 2025 Earnings Call Transcript

- **Revenue Resilience**: 5.1% YoY growth, driven by pricing strategies and associate expansion (1.13 million associates).
- **Profitability Recovery**: EBITDA up 3.5% YoY to MXN 679 million, free cash flow MXN 592 million.
- **Strategic Growth**: Jafra US rebound (15.6% QoQ), Betterware Ecuador launch, and Colombian market assessment.
- **Margin Outlook**: Targeting 23-24% EBITDA margin via cost efficiencies and mix optimization.
- **Financial Strength**: 22nd consecutive dividend proposed, debt leverage improving to 1.97x.

**【CEO Opening Remarks】**
- Consolidated revenue grew 5.1% YoY and 1.8% QoQ, driven by all business units. EBITDA rebounded strongly, and free cash flow reached MXN 592 million.
- Associate base expanded to 1.13 million (0.5% QoQ growth), with growth across all business units.

**【CEO Business Unit Details】**
- **Betterware Mexico**: 4% QoQ revenue growth, reversing a 9.8% YoY decline. Strategies included pricing adjustments, associate incentives (3.3% QoQ growth), product innovation (seasonal solutions), and app functionality improvements. EBITDA margin of 19.9%.
- **Jafra Mexico**: 10.9% YoY revenue growth, EBITDA margin 21.2%. Driven by rebranding (fragrance and skin care), associate productivity (9% ticket growth), and pricing adjustments.
- **Jafra US**: 15.6% QoQ rebound, 8.5% QoQ associate growth. New compensation plan, U.S.-specific innovations (e.g., Around the World fragrances), and catalog redesign planned for Q3.
- **Geographic Expansion**: Launched Betterware Ecuador (2,500 associates) and revived growth in Guatemala. Exploring Colombian market entry for 2026.

**【CFO Financial Commentary】**
- Consolidated EBITDA: MXN 679 million (3.5% YoY growth), margin 19.1%. Free cash flow conversion: 44.2% YoY, 87% QoQ.
- **Betterware Mexico**: Gross margin 55.2% (down 127bps YoY due to pricing), EBITDA margin supported by SG&A efficiency.
- **Jafra Mexico**: Gross margin 75.3% (down 167bps YoY), EBITDA up 14.2% YoY. Jafra US EBITDA loss narrowed, targeting breakeven by year-end.
- Debt leverage: 1.97x (down from 2.08x Q1), proposing MXN 200 million dividend.

**【Q&A Highlights】**
- **Growth Attribution**: CEO attributes 60% to internal strategies (pricing, product, incentives) vs. 40% to macro stabilization.
- **Full-Year Guidance Drivers**: Stable macro, associate growth (Betterware Mexico, Jafra Mexico, Jafra US), and cost efficiencies.
- **EBITDA Margin Improvement**: Expect 23-24% via peso strength, lower freight, and promotional mix shift. Expense efficiency initiatives ongoing.
- **Inventory Management**: Inventory reduced MXN 200 million YoY, targeting normalization by year-end.
- **30th Anniversary Impact**: Reinforces associate trust, aligns with growth strategies, and enhances brand loyalty.

Betterware de México, S.A.P.I. de C.V. (BWMX) Q2 2025 Earnings Call Transcript

- **Q1 Challenges:** 2.9% revenue decline driven by macroeconomic headwinds, including 20% peso depreciation and U.S.-China trade tensions.
- **Financial Resilience:** 15.3% EBITDA margin maintained despite 29.1% YoY decline, with strong cash flow management.
- **Strategic Adjustments:** Pausing Betterware U.S. expansion to save $2-3M, while Jafra Mexico focuses on margin recovery through product mix & innovation.
- **Growth Outlook:** 6-9% full-year guidance maintained, contingent on macroeconomic stabilization and internal cost control.


**【CEO Opening Remarks】**
- Q1 2025 revenue declined 2.9% YoY due to macroeconomic challenges in Mexico, U.S., and China, including peso depreciation (20% YoY) and escalating tariffs.
- Key challenges: softened consumer demand in discretionary categories, 9.8% drop in Betterware Mexico sales, and margin compression across both brands.
- Strengths: low fixed costs, resilient direct sales model, diversified portfolio (household & beauty), and agile operations.

**【CFO Financial Highlights】**
- Gross margin contracted 353bps YoY, driven by peso depreciation, higher COGS, and promotional investments.
- EBITDA fell 29.1% YoY to 15.3% margin, with Betterware Mexico EBITDA down 31.6% and Jafra Mexico down 25.2%.
- Free cash flow negative due to higher inventory (brand renewal) and tax payments, but expected normalization in Q2.
- Maintained net debt/EBITDA ratio at 2.08x, proposing Ps. 200M dividend to preserve cash for growth.

**【CEO Strategic Initiatives】**
- **Betterware Mexico:**
  - Price optimization to balance affordability & margins.
  - Increased promotions to maintain sales force engagement.
  - Data-driven sales force coaching & innovation pipeline.
  - Exploring alternative sourcing in Mexico/S.E. Asia.
- **Jafra Mexico:**
  - Product mix rebalancing with strategic price adjustments.
  - Brand renovation & new product launches.
  - Process improvements to attract younger distributors.
  - Leveraging in-house manufacturing for cost efficiency.

**【Q&A Key Takeaways】**
- **Inventory Management:** Jafra’s one-time inventory build for brand renewal will decline in Q2.
- **China Supply Chain:** Container costs declining, but uncertain if manufacturers will pass savings to suppliers.
- **FX Impact:** Q1 was toughest YoY comparison; stabilized rates may ease margin pressure in H2.
- **U.S. Expansion Pause:** Halting Betterware U.S. investment to save $2-3M, while Jafra U.S. growth continues.
- **Guidance:** Maintain 6-9% net revenue/EBITDA growth for 2025, contingent on macro stabilization.


Betterware de México, S.A.P.I. de C.V. (BWMX)-24 Apr 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: Q4 2024 revenue up 11.1% YoY, driven by Jafra Mexico (+22.2%) and Betterware Mexico (+1.5%). Full-year EBITDA +2% despite supply chain headwinds.
- **2025 Outlook**: Target 6-9% growth in revenue and EBITDA, with net debt/EBITDA ratio to drop to 1.5x.
- **Strategic Focus**: Mexico market expansion (4% household goods share), U.S. stabilization, and Ecuador launch in Q2 2025.
- **Inventory Strategy**: Normalize inventory to MXN2.0B in 2025 from Q4 2024 level of MXN2.5B.

**【Luis Campos - Executive Chairman Summary】**
- **Q4 2024 Highlights**: Consolidated revenue grew 11.1% YoY, driven by Jafra Mexico (+22.2%) and Betterware Mexico (+1.5%). Full-year revenue rose 8.4%.
- **Challenges**: EBITDA margin contraction due to supply chain disruptions (MXN depreciation, import duties), partially offset by Jafra Mexico's EBITDA growth (+15.4%).
- **2025 Milestones**: 
  1. Betterware Mexico's 30th anniversary with 4% market share in household products.
  2. 5-year IPO anniversary with revenue multiplied 4.6x and EBITDA 3.3x since 2020.
  3. Jafra Mexico's 3-year success post-acquisition (sales +40%, EBITDA margin +770bps to 20.7%).

**【Alejandro Ulloa - CFO Financial Review】**
- **Q4 2024 Financials**: 
  - Gross Margin: 67.3% (+116bps YoY), driven by Betterware Mexico's 675bps expansion.
  - EBITDA: MXN2.8B (+2% YoY), below low-end guidance due to supply chain costs.
  - Free Cash Flow: MXN1.2B (-21.6% YoY) due to one-time 2023 supplier payments.
- **2025 Outlook**: Mid- to high-single-digit growth (6-9%) for revenue and EBITDA. Target net debt/EBITDA ratio of 1.5x.
- **Dividends**: Q4 MXN250M dividend proposed, maintaining 20th consecutive payout since IPO.

**【Andres Campos - CEO Strategic Vision】**
- **Mexico Market Expansion**: 
  - Betterware Mexico: 25% home penetration, targeting 4% market share in household goods.
  - Jafra Mexico: 4% beauty market share, aiming to become #1 direct sales beauty brand.
- **International Growth**: 
  - U.S.: Stabilizing Jafra U.S. amid political risks; launching Betterware U.S. with early recruitment success.
  - Latin America: Ecuador launch in Q2 2025, followed by Peru and Colombia.
- **Operational Excellence**: 
  - Digitizing sales force tools (Jafra Plus, Betterware Plus app).
  - Simplifying sales incentives and modernizing product lines.
- **Sustainability**: Integrating 3Ps (People, Planet, Profit) into core operations.

**【Q&A Highlights】**
- **Inventory Management**: 
  - Q4 2024 inventory rose to MXN2.5B due to supply chain disruptions; normalized level expected at MXN2.0B in 2025.
  - Focus on agile production and inventory optimization to mitigate costs.

Actual	0.6313	0.6663	0.2795	0.4944	0.2975	0.0084	0.2881	0.2855	0.4049	0.3029	0.6417	0.4767	0.4394	0.2456	0.5612	0.1982	0.4675	0.4593	0.3719
Forecast	0.6081	0.7586	0.6673	0.5162	0.4869	0.3998	0.1087	0.2467	0.3649	0.3827	0.2844	0.5823	0.4904	0.3164	0.5341	0.4364	0.3537	0.4282	0.4671
Surprise	+3.82%	-12.17%	-58.11%	-4.22%	-38.90%	-97.90%	+165.04%	+15.73%	+10.96%	-20.85%	+125.63%	-18.13%	-10.40%	-22.38%	+5.07%	-54.58%	+32.17%	+7.26%	-20.38%

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BWMX

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BWMX Q4 2025 Earnings

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