BeFra Revenue Jumps 43.1% in Third Quarter With First Full Tupperware Contribution
Key Facts
BeFra reported a 43.1% year-on-year increase in revenue in the third quarter of 2026 to a record of about 4,832 million Mexican pesos, according to its official earnings release. The period marked the first full quarterly contribution from Tupperware's operations following the acquisition. Organic revenue growth, which excludes Tupperware, was limited to 2.3%, with improvement at Betterware partly offsetting weakness at Jafra. By comparison, the group posted revenue of 4,161.352 million pesos in the second quarter of 2026. Revenue in the corresponding period of 2025 was about 3,562.643 million pesos, according to the second-quarter earnings release. Year-on-year growth at that time was 16.8%, before the third-quarter jump driven by Tupperware's full quarterly contribution.
Basic earnings per share reached 9.9 Mexican pesos in the third quarter of 2026, according to the group's release. That compares with basic earnings of 8.4 pesos per share in the third quarter of 2025. Net profit grew 24.2% year on year over the same period. The company said the increase came despite a higher effective tax rate during the quarter. Group earnings before interest, taxes, depreciation and amortization totaled about 1,008 million Mexican pesos in the third quarter, alongside increases in revenue and basic earnings per share.
The group's gross margin, however, fell to 64.1% in the third quarter, according to the earnings release. BeFra attributed the decline primarily to the inclusion of Tupperware's operations, which have a lower gross margin. Jafra's earnings before interest, taxes, depreciation and amortization also fell 20.1% from the same period a year earlier. At Betterware, the company said higher shipping costs weighed on profitability by about 200 basis points during the quarter. The group linked the increase in shipping costs to supply disruptions in the Middle East, alongside other pressures reflected in its brands' results during the period.
Free cash flow in the third quarter totaled about 1,059 million Mexican pesos, according to the official results. Cash flows included a benefit of 174 million pesos from the reclassification of a balance related to the Tupperware acquisition. In the second quarter of 2026, free cash flow was 578.021 million pesos, according to that period's release. The company compared that figure at the time with free cash flow of 592.152 million pesos in the second quarter of 2025. That represented a year-on-year decline of 2.4% in the preceding quarter, before the higher third-quarter figure, which included the deal-related reclassification benefit.
Tupperware's addition followed BeFra's acquisition of the brand's Latin American operations during 2026 for total consideration of $250 million, according to the deal completion announcement. The consideration included cash funded through debt, alongside the issuance of new BeFra shares. The deal included Tupperware's operations, particularly in Mexico and Brazil. It also gave the group rights to use the brand across Latin America. In the acquisition completion announcement, the company described those rights as a "perpetual, exclusive, royalty-free license to the Tupperware brand throughout the entire Latin American region."
In its updated outlook for 2026, BeFra raised its expected group revenue growth range, including Tupperware, to 24–26%. The previous annual revenue growth range was 18–22%, according to the earnings release. At the same time, the group narrowed its annual organic revenue growth forecast, which excludes Tupperware's operations. The new organic growth range is 4–5%, compared with a previous forecast of 4–8%. The company thus maintained the lower end of its organic growth forecast and reduced the upper end while raising its revenue outlook range including the acquired operations.
For upcoming dates related to earnings and shareholders, the company set November 5, 2026 as the date when the earnings call audio replay will cease to be available. In a separate dividend announcement, BeFra declared a cash dividend equivalent to about $0.3424 per share. That amount is before withholding tax, according to the official announcement issued in October 2026. The dividend is payable to shareholders of record on November 5, 2026. The company set November 19, 2026 as the payment date for eligible shareholders.