BWMX · Betterware de México, S.A.P.I. de C.V.

The filing presents updated Q4 and full-year 2025 consolidated financial results for Betterware de México, reflecting restatements across multiple line items. The $21.6M reduction in net revenue versus prior presentation stems from adjustments to revenue recognition and intercompany reconciliations, not organic performance shifts. Gross margin declined 0.3 percentage points to 64.7% in Q4, primarily due to a 3.9-point drop in Jafra Mexico’s gross margin — offset partially by a 1.9-point improvement at Jafra US and stable performance at Jafra Mexico on a full-year basis. EBITDA fell $15.6M to $710.8M (in '000 MXN), consistent with operating income changes, while net income rose $18.0M due to a $33.7M reduction in income tax expense — indicating a favorable tax settlement or revised liability assessment. Segment-level analysis reveals structural divergence: Betterware Mexico & Subs saw EBITDA fall $28.4M amid margin compression, whereas Jafra US turned EBITDA positive ($14.1M vs. $10.2M) and improved EBITDA margin by 1.6 percentage points. Free cash flow decreased $92.3M year-over-year, driven by higher inventory purchases (+$48.5M) and reduced proceeds from property disposals (-$108.1M), though offset by improved trade receivables collection (+$16.4M). The balance sheet shows modest net debt/EBITDA of 1.56x and stable interest coverage at 4.16x, suggesting no near-term liquidity stress. No forward guidance is disclosed in Exhibit 99.1 or 99.2.