Betterware de México third quarter revenue beats estimates as Tupperware integration fuels 43% growth

Betterware de México (BeFra) reported record third-quarter consolidated revenue of $4.83B MXN, a 43.1% increase year-over-year, primarily driven by the first full-quarter contribution from the Tupperware Latam acquisition and 9.7% growth in the core Betterware brand. While top-line results outperformed expectations, net income of $390.3M MXN and EPS of $9.9 MXN fell short of analyst estimates when converted to USD, partially due to a higher effective tax rate and a 2.8% revenue decline in the Jafra segment. The company successfully utilized strong cash generation to reduce leverage, improving its Net Debt/EBITDA ratio to 1.65x.

Key Highlights

• Consolidated revenue reached an all-time high of $4,832M MXN, beating analyst estimates by approximately 14% on a currency-adjusted basis.
• Free cash flow surged 91.3% year-over-year to $1,059M MXN, achieving a 105% conversion of EBITDA and supporting a $250M MXN dividend declaration.
• Tupperware Latam integration proved highly accretive, contributing 28.5% of total revenue and showing signs of direct-selling stabilization in Brazil and growth in Mexico.