Betterware de México, S.A.P.I. de C.V. de Mexico, also known as BeFra, announced its financial results for the fourth quarter and full year 2025. Fourth quarter consolidated net revenue grew 1.2% to $222 million. Gross margin during the quarter improved 65% year-over-year with an EBITDA margin of 19%. Adjusted EBITDA during the quarter was $42 million.
Net revenue for the full-year 2025 reached $827.9 million, a 1.2% year-over-year improvement, with a gross margin of 66.6% and an EBITDA margin of 18.7%. Adjusted EBITDA for 2025 was $154 million. The company attributed the EBITDA margin decrease in 2025 to an unusually weak first quarter followed by progressive recovery throughout the remainder of the year.
More than 83% of EBITDA converted to cash for 2025, demonstrating a strong free cash flow during both the fourth quarter and full year. The company stated it has an historical ability to generate strong free cashflow despite volatile markets, and that 2025 marked an important year in which it approaches optimal inventory levels.
“As we close the fourth quarter and full year 2025, we reflect on a year not marked by robust growth, but that highlighted the resilience of our business model, despite a year marked by macroeconomic volatility, socio-political uncertainty and softer consumption trends across our core markets,” said Andrés Campos Chevallier, BeFra Group President and CEO. “Cash generation remained a core strength of the business, as we closed the year with an 83% EBITDA cash conversion, thanks to core profitability and still improving inventory control. This financial discipline has enabled us to further deleverage the balance sheet, continue returning cash to shareholders through consistent dividends and provide significant balance sheet flexibility for future growth.”
The company described the completion of its Tupperware Latam deal as “substantially accretive,” stating that it will accelerate its ability “to exploit many market opportunities throughout Latin America, including establishing a solid foothold in the Brazilian market.”
“As we enter 2026, we do so from a position of strength, with improving commercial trends, strong underlying profitability and an increasingly stronger balance sheet,” Campos said. “The five pillars we have laid out for our 2025-2030 strategic expansion remain more relevant than ever and will enable us to consistently deliver value to shareholders and other stakeholders alike. Today more than ever, we feel confident [in] our ongoing belief that ‘The best is yet to come.’”
