EX-99.1 2 ea023243101ex99-1_better.htm BEFRA FOURTH QUARTER 2024 EARNINGS RELEASE

Exhibit 99.1

Message from the Chairman

I am pleased to share a comprehensive perspective on our many achievements in 2024 and outline our vision that will guide BeFra in the years to come.

2024 was a year filled with achievements. We maintained our growth momentum with double-digit revenue growth of 11.1% in the last quarter compared to the previous year. Jafra Mexico was a key driver of this success, achieving remarkable 22.2% growth in the same period. Also, noteworthy was the performance of Betterware Mexico, which, despite persistent market challenges, including a slowdown in durable-goods consumption trends in Mexico, delivered revenue results 1.5% above the same quarter last year. Thanks to a strong Q4, BeFra concluded 2024 with a 8.4% revenue growth compared to 2023, with both companies contributing growth; Jafra Mexico grew 13.0% while Betterware Mexico grew 4.6%. We faced temporary challenges in profitability, but despite those we generated $2,775M in EBITDA, which was 2.0% above 2023. This was primarily driven by Jafra Mexico with a 15.5% increase in EBITDA, partially offset by Betterware Mexico, where EBITDA declined 9.6%, due to temporary challenges in the international supply chain during the second half of the year. However, we see this as a temporary situation; and expect Betterware Mexico’s EBITDA to return to historical levels during 2025.

2025 will be a year of significant milestones for BeFra.

–

Betterware Mexico’s 30^th anniversary – this is a significant milestone that reflects a long history of constant growth. We achieved a remarkable 17.9% CAGR in revenue and of 19.4% CAGR for EBITDA for the last 23 years (2001 -2024, and 2000 the year when I acquired the company), with a notable 14.2% CAGR in revenue and of 8.8% CAGR in EBITDA for the years that followed the Covid-19 pandemic (2019-2024). We also substantially expanded our Associate base from 5K in 2001, to 675K in 2024, reaching an estimate of 8M Mexican households today. This success underscores our steadfast commitment to delight our customers and empower our entrepreneurs. And Betterware Mexico still has ample room to grow, with only a 4.0% estimated share of the household product market, meaning we are ready for the next years of growth.

–

5 years since our U.S. IPO – A period that has seen continued and even accelerated growth. Since our U.S. IPO, we multiplied BeFra’s revenue 4.6x, representing 35.5% CAGR (going from ~$3,000M in 2019 to ~$14,000M pesos in 2024). During that time, we multiplied our EBITDA by 3.3x, representing a 26.7% CAGR, despite significant disruptions in Betterware Mexico’s value chain. In addition, the value of BeFra’s assets has increased 2.4x, and we’ve consistently paid dividends totaling ~$4,800M. Much of this growth and value creation was driven primarily by Betterware Mexico’s organic growth, although complemented by the strategic acquisition of Jafra, which has not only strengthened our growth trajectory, but also diversified our portfolio and risk. At the same time, we have been able to leverage our expertise and business model to substantially grow Jafra.

–

3 years since the acquisition of Jafra – a move that brought a valuable brand and increased our category diversification. After 15 years of 0% growth, Jafra has thrived under our leadership. From 2021 to 2024, we multiplied Jafra’s sales by 1.4x and profitability by 1.6x, achieving 12.1% and 14.9% CAGRs respectively, while expanding its EBITDA margins from 13.0% to 20.7% for Jafra Mexico.

These milestones underscore the breadth and depth of our successful journey, reflecting our commitment to delivering long-term value creation and sustained growth across our brands.

Looking ahead, we continue our transformational path for BeFra. For Betterware Mexico, we will continue calibrating and optimizing our proven business model to enhance operational efficiency and scalability. For Jafra Mexico, we aim to continue employing this model, while we discover new learnings and avenues of growth in the large and vibrant beauty market in Mexico. For both, we will continue to explore Operational and Commercial Synergies that can drive our growth and profitability further. At the group level, we will continue focusing on executing successful international expansions, accelerating both brands in the United States and Latin America region, while exploring adjacent brands and categories that complement our portfolio, just as we did with Jafra. To sustain our momentum, we continue focusing on: innovation, business intelligence, and technology, anchored by a strong sense of purpose. These elements enable us to adapt and thrive in a constantly evolving world while remaining true to our core values.

As we report our Q4 and FY 2024 results, we are proud to highlight the progress we have made across different metrics, from revenue growth, to profitability, to shareholder returns, and the very positive impact on millions of entrepreneurs who trust our model and benefit from it. This year will not only be a celebration of our achievements, but also another important step in our sustained growth and strategic transformation.

Luis G. Campos

Chairman of the Board

Important notes on the financial statements:

In February 2025, BeFra’s management in conjunction with the external auditor (PwC) determined a restatement with no effect on net revenues, EBITDA or net income related to a financial statement misclassification. The underlying issue originated from Jafra Mexico, where certain production-related labor and indirect manufacturing costs were incorrectly classified as administrative and distribution expenses instead of cost of goods sold, affecting the fiscal year 2022 (starting from Q2 2022) and subsequent periods. While this misclassification impacted gross margin, it had no effect on net revenues, EBITDA or net income. The financial information presented herein and going forward reflects the corrected classification and previously issued financial statements and the related audit opinion from fiscal year-end 2022 and 2023 should not be relied upon. This misclassification is considered material, due to the amount that has been reclassified ($433.7M pesos in 2024), necessitating a restatement of previously issued financial statements, which we lay out in the final section by the end of this document.

The restated financial statements for the year ended December 31, 2023 will be issued in connection with the issuance of the 2024 financial statements.

As a result of the necessary restatement described above, an additional adjustment is being made to the financial statements for fiscal year 2023 and first three quarters of 2024. This adjustment is being carried out as a best practice, given that the amount is not material. Specifically, the net adjustment of $10.1M pesos involves additional expense in interest expense and depreciation associated to the lease accounting, offseted by the relating deferred income tax of Jafra Mexico’s offices in 2023. This amount was originally adjusted in 2024; however, since the 2023 financial records have been reopened, we are making this adjustment now to ensure the integrity and accuracy of the financial statements for both years.

It’s important to note that this quarter, we are reporting adjusted EBITDA, Net Income, and EPS to exclude the one-time impact that the sale of Jafra Mexico's real estate properties had on BeFra's 2024 consolidated financial results, additionally, we are adjusting for the impairment of the unsold property as of the end of fiscal year 2024, for which we received a purchase offer in December along with an updated valuation estimate. The impact resulted in a non-cash accounting loss of $696.0M pesos. The transaction prices reflected the current market value of the assets. Essentially, this accounting loss had no impact on BeFra's operational performance, further underscoring the relevance of Adjusted EBITDA, Net Income and EPS as key performance indicators.

Q4 2024 Select Consolidated Financial Information

	Q4								FY
Results in ‘000 MXN	2024			2023					2024			2023
Net Revenue	$	3,778,468		$	3,401,692		+11.1%		$	14,100,758		$	13,009,507		+8.4%
Gross Margin		67.3	%		66.2	%	+116	bps		67.9	%		67.2	%	+70	bps
EBITDA	$	510,323		$	819,484		-37.7	%	$	2,078,394		$	2,720,900		-23.6	%
EBITDA Margin		13.5	%		24.1	%	-1,058	bps		14.7	%		20.9	%	-618	bps
Adj. EBITDA	$	771,596		$	819,484		-5.8	%	$	2,774,697		$	2,720,900		+2.0%
Adj. EBITDA Margin		20.4	%		24.1	%	-367	bps		19.7	%		20.9	%	-124	bps
Net Income	$	225,305		$	395,191		-43.0	%	$	711,728		$	1,039,287		-31.5	%
Adj. Net Income	$	436,664		$	395,191		+10.5	%	$	1,219,280		$	1,039,287		+17.3	%
EPS	$	6.04		$	10.59		-43.0	%	$	19.07		$	27.85		-31.5	%
Adj. EPS	$	11.70		$	10.59		+10.5	%	$	32.66		$	27.85		+17.3	%
Free Cash Flow	$	533,555		$	657,121		-18.8	%	$	1,769,026		$	2,256,395		-21.6	%
Net Debt / Adj. EBITDA		1.76			1.83					1.76			1.83
Interest Coverage		3.46			2.83					3.46			2.83
Associates
Avg. Base		1,196,417			1,249,230		-4.2	%		1,179,058			1,225,595		-3.8	%
EOP Base		1,180,458			1,240,023		-4.8	%		1,180,458			1,240,023		-4.8	%
Distributors
Avg. Base		64,260			62,727		+2.4	%		64,654			61,833		+4.6	%
EOP Base		63,339			62,338		+1.6	%		63,339			62,338		+1.6	%

●

Net revenue grew 11.1% in Q4 2024, led by Jafra Mexico with a 22.2% increase in sales, driven by innovation, improved incentives, and a revamped catalog. Betterware Mexico revenue grew 1.5%, maintaining growth momentum, but impacted slightly by various external headwinds discussed on the business unit section. Full-year revenue rose 8.4%, with Jafra Mexico up 13.0%, Betterware Mexico up 4.6%, and Jafra US stable, all reflecting the strength of BeFra’s commercial model. BeFra’s full-year revenue was in the middle range of our previously communicated guidance range.

●

Gross Margin: Q4 gross margin improved by 116 bps, with Betterware Mexico expanding by 675 bps derived from better promotional performance, despite external cost increases. Jafra Mexico’s margin decreased 469 bps due to prior years synergies and cost reductions that positively impacted Q4 2023. Full-year gross margin increased 70 bps to 67.9%, driven by Jafra Mexico’s 129 bps gain stemming from a more favorable product mix, improved pricing strategy, and continued efficiency benefits from scale, while Betterware Mexico remained stable despite market pressures.

●

EBITDA: Q4 adjusted EBITDA declined 5.8%, mainly from a 17.3% drop in Jafra Mexico’s EBITDA derived from prior years synergies and costs optimization benefits that were reflected in Q4 2023, creating an unfavorable year-over-year comparison. Betterware Mexico’s EBITDA grew 31.8%, derived from better performance of promotional initiatives and expense control in Q4 2024, that created a favorable year-over-year comparison, partially offsetting this decline. Full-year EBITDA rose 2.0% but was slightly below guidance, given unexpected external cost pressures, and distribution expenses faced by Betterware Mexico, which will be reduced during 2025. EBITDA from Betterware’s international expansion impacted directly our growth compared to 2023, without these losses, consolidated EBITDA for 2024 would have increased by 5.6%.

●

Free Cash Flow: Free cash flow was ~69% of EBITDA, down 18.8% in Q4 and 21.6% for the year, due to a one-time supplier payment adjustment in 2023, where we moved supplier terms from ~30 days to ~120 days, which benefited substantially FCF that year. It is important to point out that in 2024, international expansion experienced a negative cash flow of $122.5M.

●

Adjusted EPS: Adjusted EPS grew by 10.5% in Q4 and 17.3% for the full year, driven by increased revenue and gross margin, lower interest expense, and a gain on derivative instruments.

For more details, please refer to the results of each business unit in the accompanying pages.

Continued Financial Strength and Performance

Strong balance sheet at the end of Q4 2024.

BeFra’s balance sheet continues strong in Q4 2024, providing financial flexibility to further reduce debt leverage, continue investing in growth and efficiency initiatives, and pay additional dividends.

Although some metrics were temporarily affected in Q4 24 vs Q4 23, because of lower EBITDA margin and slightly higher inventory, we believe our balance sheet remains strong and is poised to continue strengthening in the months ahead.

Our key financial metrics reflect our strength:

Cash Flow & Liquidity ratios

As shown below, BeFra’s cash flow generation remains strong, with almost 69% FCF to EBITDA, and lower cash conversion days in our cycle.

	Q4 2024			Q4 2023			∆
Current Ratio		1.09			1.04			+4.5%
FCF / Adj. EBITDA		69.1	%		80.2	%		-1,104 bps
CCC (days)		41			47			-6 days

CCC: Cash Conversion Cycle

Asset Light Business

BeFra’s asset light business model provides flexibility to adapt to challenging conditions. While SG&A increased temporarily (comments in each company’s sections), we have taken all measures to get back in line with our historical figures.

	Q4 2024			Q4 2023			∆ bps
Fixed Assets / Total Assets		17.2	%		26.2	%		-900
Variable Cost Structure		76.1	%		76.1	%		-6
Fixed Cost Structure		23.9	%		23.9	%		+6
SG&A / Net Revenues		49.5	%		40.7	%		+860

Return on Investment

Over the years, BeFra has consistently achieved exceptional returns. Despite a short-term EBITDA margin shortfall vs 2023, management is confident in being able to recover profitability, and increase it going forward.

	Q4 2024			Q4 2023			∆
Equity Turnover		12.13			8.89			+36.4%
ROE		61.2	%		71.0	%		-983 bps
ROTA		12.4	%		15.8	%		-343 bps
Dividend Yield		12.09	%		8.53	%		+356 bps

Leverage

BeFra’s current debt is primarily related to the acquisition of Jafra, and to the construction of the Betterware Campus. Management is committed to reducing it faster than initially planned.

	Q4 2024		Q4 2023		∆%
Debt to EBITDA		1.86		2.03		-8.2	%
Net Debt to EBITDA		1.76		1.83		-3.9	%
Interest Coverage		3.46		2.83		+22.6	%

Equity Turnover = Net Revenues TTM / Equity

ROTA = Net Income TTM / (Cash + Accounts Receivable + Inventories + Fixed Assets)

Calculation of Dividend Yield Using the Closing Price on December 31, 2024, which was $11.18.

Capital Allocation

Strategic Focus on Balance Sheet: BeFra’s balance sheet remains a priority. As of December 31, 2024, Net Debt-to-EBITDA was 1.76x, a slight decrease from 1.83x at the end of Q4 2023.

Quarterly Dividends and Shareholder Value: In light of BeFra’s results to date, management remains committed to enhancing shareholder value through quarterly dividends. The board of directors has proposed a $250M Pesos dividend for Q4 2024 pending approval at the Ordinary General Shareholders’ Meeting on March 7, 2025. This would mark the twentieth consecutive quarterly dividend payment since the Company went public in March 2020. During this time, a total of more than $5,000M Pesos in dividends has been paid. Future dividends are expected to meet the amount proposed for Q4, and will be contingent on BeFra’s financial performance and its ongoing debt repayment plan.

2025 Guidance and Long-Term Growth Prospects

Looking ahead, BeFra is well-positioned for a strong year in net revenue and EBITDA. Management expects to achieve mid-to-high single-digit growth in both net revenue and EBITDA in 2025.

	2025		2024		Var %
Net Revenue		$14,900 - $ 15,300	$	14,101		≈6.0% - 9.0%
EBITDA		$2,900 - $ 3,000	$	2,775		≈6.0% - 9.0%

Figures in millions Pesos.

Q4 2024 Financial Results by Business

Betterware Mexico

Key Financial and Operating Metrics

	Q4								FY
*Results in ‘000 MXN*	2024			2023					2024			2023
Net Revenue	$	1,494,855		$	1,472,480		+1.5	%	$	5,991,834		$	5,726,608		+4.6	%
Gross Margin		57.2	%		50.4	%	+675	bps		57.1	%		57.3	%	-21	bps
EBITDA	$	330,075		$	250,342		+31.8	%	$	1,296,538		$	1,434,501		-9.6	%
EBITDA Margin		22.1	%		17.0	%	+508	bps		21.6	%		25.0	%	-341	bps
Associates
Avg. Base		693,666			756,250		-8.3	%		704,433			757,653		-7.0	%
EOP Base		674,654			741,170		-9.0	%		674,654			741,170		-9.0	%
Monthly Activity Rate		64.8	%		66.0	%	-116	bps		66.3	%		66.5	%	-20	bps
Avg. Monthly Order	$	2,158		$	1,959		+10.2	%	$	2,068		$	1,857		+11.4	%
Distributors
Avg. Base		43,585			42,369		2.9	%		44,016			41,193		6.9	%
EOP Base		42,608			41,825		1.9	%		42,608			41,825		1.9	%
Monthly Activity Rate		96.7	%		98.1	%	-138	bps		97.8	%		98.2	%	-35	bps
Avg. Monthly Order	$	22,945		$	23,518		-2.4	%	$	22,432		$	23,116		-3.0	%

●

Returning to Growth in 2024. Betterware Mexico returned to growth with a 4.6% sales increase following two years of decline. H1 saw 7.0% revenue growth, but 2H slowed to 2.3% due to external pressures (peso depreciation, rising product import duties, surging freight costs), and Q2 stockouts of key products that temporarily demotivated the salesforce.

●

Salesforce Productivity Improvement: Associate average order size increased 11.4% YoY, but this recovery has not yet translated into expansion of the Associate base. However, the base remained more stable compared to previous years, indicating forthcoming progress. Moving forward, leveraging distributor growth (+6.9% YoY) and enhancing recruitment strategies will be crucial for driving sustained volume and productivity gains in 2025. This, together with new commercial strategies for 2025, should yield more stable growth in 2025.

●

Gross margin improvement. Gross margin expanded by 675 basis points in Q4, due to better performance of promotional initiatives and expense control in Q4 2024 that created a favorable YoY comparison. For the full year the gross margin was maintained close to 2023 levels, with only a 21 bps decline, and despite pressures related to the sharp depreciation of the Mexican Peso (-22.7%), freight costs that surged from $1,550 per container in February to almost $6,000 in August, (a full-year average of $3,100); and changes in product import duties, which increased from 17.0% to 33.0% for approximately 144 SKUs, or 16.5% of total sales.

●

EBITDA growth in the fourth quarter. Q4 EBITDA grew 31.8% YoY, due to aforementioned explanation of the growth in gross margin.

●

EBITDA margin contracted from 25.0% in 2023 to 21.6% in 2024, mainly due to a temporary increases in corporate and logistics expenses related to the additional inventory during the second half of the year. These additional expenses are to be eliminated during 2025 and are ready to recover our EBITDA margins throughout the year. It is also important to state that during 2024, we experienced a negative EBITDA of ~$101M in our international expansion operations, without which, Betterware Mexico’s EBITDA for the year would have been ~$1,400M, a year-over-year decrease of 2.5% instead of 9.6%

2025 Priorities

Consumer Vertical:

●

Portfolio Reconfiguration: Price increases in 2024, driven by external cost pressures, hindered revenue growth and reduced market competitiveness. Although freight prices have been decreasing, exchange rates and product import duties are expected to remain high for the foreseeable future. Accordingly, the company intends to: (1) rebalance Betterware Mexico’s portfolio to improve price accessibility, and (2) revise product cost structures with suppliers to decrease costs where possible for each product.

●

Continued innovation impact: A strong innovation pipeline has been configured for 2025, strengthening Betterware Mexico’s core portfolio, and increasing new category expansion.

●

Improve communication: Betterware Mexico continues strengthening its social network management to augment and complement its catalog’s reach, including the potential launch of new digital tools such as live shopping.

Sales Force Vertical:

●

Enhance our incentives program: Although Associate productivity has strengthened, incentive programs are being enhanced to promote growth in the Associate base.

●

Technology enhancement: New features in Betterware Mexico’s proprietary B+ app, which are designed to enhance the experience of Associates and Distributors.

●

New Training App (LMS): A new Learning Management System (LMS), will be launched. It is intended to improve online training of Associates and Distributors.

International Expansion

●

Betterware US. Since its April 2024 launch, the company has been working toward pinpointing the optimal path to sales force and revenue growth. The focus of 2025 will be on strengthening recruitment programs to accelerate growth.

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Betterware Latin America. Initially planned for Peru, expansion will now begin in Ecuador to capitalize the availability of growth opportunity assessments we carried out during 2024. The team is ready to start operations in June 2025, which will be our first move to the Andean region (Peru, Ecuador, Colombia).

Jafra Mexico

Key Financial and Operating Metrics

	Q4								FY
Results in ‘000 MXN	2024			2023					2024			2023
Net Revenue	$	2,038,993		$	1,668,956		+22.2	%	$	7,183,823		$	6,354,952		+13.0	%
Gross Margin		74.1	%		78.8	%	-469	bps		76.2	%		74.9	%	+131	bps
EBITDA	$	179,357		$	532,780		-66.3	%	$	790,073		$	1,288,381		-38.7	%
EBITDA Margin		8.8	%		31.9	%	-2,313	bps		11.0	%		20.3	%	-928	bps
EBITDA Adj	$	440,630		$	532,780		-17.3	%	$	1,486,377		$	1,288,381		+15.4%
EBITDA Margin Adj		21.6	%		31.9	%	-1,031	bps		20.7	%		20.3	%	+42	bps
Associates
Avg. Base		476,211			461,712		+3.1	%		445,323			438,238		+1.6	%
EOP Base		480,532			467,736		+2.7	%		480,532			467,736		+2.7	%
Monthly Activity Rate		49.9	%		52.9	%	-300	bps		51.5	%		52.0	%	-55	bps
Avg. Monthly Order	$	2,439		$	2,181		+11.8	%	$	2,327		$	2,106		+10.5	%
Distributors
Avg. Base		18,889			18,576		+1.7	%		18,885			18,753		+0.7	%
EOP Base		19,093			18,720		+2.0	%		19,093			18,720		+2.0	%
Monthly Activity Rate		94.6	%		95.3	%	-73	bps		94.3	%		94.4	%	-17	bps
Avg. Monthly Order	$	2,758		$	2,624		+5.1	%	$	2,635		$	2,396		+10.0	%

Highlights

●

Q4 2024 delivered a 22.2% year-over-year revenue increase—the strongest quarterly growth of the year— as a result of top brand innovations, sales force incentives, an effective pricing strategy, as well as an improved consultant journey that boosted both associate productivity (+11.8% YoY) and the number of active associates (+3.0% YoY).

●

Sustained strong double-digit growth for the third consecutive year. Net revenues increased by 13.0% in 2024, reaching a historically high milestone of $7,000M pesos in revenue, driven by strong product innovation; a differentiated pricing strategy; an extensive re-design of Jafra Mexico’s catalog that was re-launched in October; a revamped incentive program; and enhancement focused on ease of doing business.

●

Year-on-year increase in the end-of-period associate base: This base expanded 2.7%, ending the year close to 500K Associates, which is the next targeted milestone.

●

Gross margin for Q4 2024 was 74.1%, a decrease of 469 basis points compared to the same period last year. This decrease is primarily attributable to prior years synergies and cost reductions that positively impacted Q4 2023, and are now distributed throughout the whole year in 2024. For the full year, Jafra Mexico’s strong 131 bps increase to 76.3%, surpassed expectations due to a more favorable product mix, differentiated pricing strategy, and continued efficiency benefits from scale.

●

Adjusted EBITDA growth of 15.4% for 2024, despite accounting benefits derived from the reversal of provisions, as well as previous years synergies and cost reductions which created an unfavorable YoY comparison in the Q4. Growth was driven by an expansion in gross margin resulting from higher volume, productivity improvements in manufacturing, lower raw material costs, and a more favorable product mix.

2025 Priorities

Consumer Vertical:

●

Brand Refresh: Jafra Mexico’s top brands will receive a modern and vibrant design update, strengthening their market presence and potential revenue impact.

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Product Innovation: Innovation drove 19.0% of total net revenues in 2024, with strong contributions from the Biolab skincare line (~10.0% of category revenue) as well as the Color Passion and Double Nature collections (both with 40%+ year-over-year revenue growth). For 2025 a strong pipeline of innovation across categories is being developed.

●

Pricing and Competitive Strategy: Building on strong 2024 performance, Jafra Mexico continues to refine its pricing strategy to strike the right balance between competitiveness, affordability, and profitability.

●

Catalog: Following the October 2024 catalog relaunch, the catalog’s offering will increase (more SKU’s and more content) in Q2 2025.

Sales Force Vertical:

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Digital Marketplaces: Jafra Mexico plans to launch a new Shopify+ powered website, to help its sales force transition to a stronger digital marketplace, unlocking new growth opportunities and expanding consumer reach.

●

Sales Force Tools: A planned launch of a new J+ app, which is based on the same technology as B+, to enhance the experience of Associates and Distributors, and make Jafra more attractive to younger audiences in Mexico.

●

Enhance incentive program: Similar to Betterware’s, Jafra Mexico’s incentive program is being refined to make it more attractive to new and existing Associates and Distributors.

Jafra US

Key Financial and Operating Metrics

	Q4								FY
Results in ‘000 MXN	2024			2023					2024			2023
Net Revenue	$	244,620		$	260,256		-6.0	%	$	925,101		$	927,947		-0.3	%
Gross Margin		73.1	%		74.4	%	-134	bps		73.5	%		75.7	%	-222	bps
EBITDA	$	891		$	36,361		-97.5	%	$	-8,217		$	-638		-1,188.0	%
EBITDA Margin		0.4	%		14.0	%	-1,361	bps		-0.9	%		-0.1	%	-82	bps

	Q4								FY
Results in ‘000 USD	2024			2023					2024			2023
Net Revenue	$	12,190		$	14,802		-17.6	%	$	50,615		$	52,002		-2.7	%
Gross Margin		73.1	%		74.4	%	-134	bps		73.5	%		75.7	%	-218	bps
EBITDA	$	44		$	2,068		-97.9	%	$	-458		$	-36		-1,181.4	%
EBITDA Margin		0.4	%		14.0	%	-1,361	bps		-0.9	%		-0.1	%	-84	bps

Associates
Avg. Base		26,540			31,268		-15.1	%		29,302			29,704		-1.4	%
EOP Base		25,272			31,117		-18.8	%		25,272			31,117		-18.8	%
Monthly Activity Rate		44.5	%		43.8	%	+67	bps		43.6	%		42.8	%	+85	bps
Avg. Monthly Order	$	248		$	231		+7.7	%	$	234		$	231		+1.2%
Distributors
Avg. Base		1,786			1,782		+0.2	%		1,754			1,886		-7.0	%
EOP Base		1,638			1,793		-8.6	%		1,638			1,793		-8.6	%
Monthly Activity Rate		85.5	%		90.2	%	-467	bps		87.8	%		86.4	%	+140	bps
Avg. Monthly Order	$	219		$	215		+1.9	%	$	225		$	218		+3.2%

Highlights

●

Jafra US has successfully stabilized its business after years of decline, marking a turning point driven by the strategic implementation of our business model. Q4 net revenues declined 6.0% year-over-year, or 17.6% in USD to US$12.2M. Full-year revenues were slightly below last year’s level, decreasing 0.3% or 2.7% in USD, to $50.6M. The quarterly and annual decreases were partially mitigated by the Mexican peso’s depreciation (from ~$17 at the beginning of the year to $20 USD/MXN at year-end).

Despite these challenges, the first half of the year demonstrated strong growth momentum, laying a solid foundation for the future. The weaker second half was primarily as a result of the transition to Shopify+, a critical upgrade for Jafra long-term digital strategy in the US. Although the implementation took longer than expected, briefly impacting sales, the transition is an investment that will unlock long-term opportunities expected to be significant.

●

Associates demonstrated higher productivity, driving a 7.7% rise in the average price of monthly orders in Q4 2024 and a 1.2% increase for the full year. Activity levels also gained momentum, improving by 67 basis points in Q4 and 85 basis points for the year. While these achievements demonstrate the strength of the business model, the transition to Shopify+ affected recruitment as well. This resulted in a 15.1% decline in the average Associate base for the quarter and a 1.4% decrease for the year.

●

Quarterly EBITDA remained positive, reflecting the company’s ability to navigate market changes. Although quarterly EBITDA decreased nearly 100%, remained positive at $891 pesos (~$44K USD). For the full year, EBITDA landed at -$8,217 pesos (-$458K USD), nearing breakeven point even after absorbing approximately $1M USD in one-time expenses, mostly related to legal settlements. Without these extraordinary expenses, full-year 2024 EBITDA would have been a positive ~$500K USD.

When compared to 2023 on a net income level (factoring in similar costs), the year-over-year variance was -$5K USD or -15%. This demonstrates the underlying strength and potential of the business, with a clear path to profitability as we move past these non-recurring costs.

●

Gross Margin Contraction. Gross margin declined both for the quarter and the full year, falling short of 2023 levels and budget estimates. The primary impact was increased investment in promotions and incentives aimed at boosting average order value within the salesforce.

●

Inventory levels remained elevated at around $3.6M USD. To optimize inventory management, strategic measures have been implemented, including storing excess stock at Jafra’s Queretaro facility and dynamically distributing SKUs as needed to enhance operational efficiency.

2025 Priorities

Consumer Vertical:

●

In tandem with Jafra Mexico’s product and innovation strategies, renovate the core portfolio lines, and launch a strong innovation portfolio.

●

Pricing Strategy: Adjust prices to become more competitive in the Skin Care and Cosmetics categories. Focus on gaining traction and improving performance in these two segments.

●

USA-Mexico trade issues: We are monitoring the possibility of new product import duties that the US Government could impose in Mexican imports, and alert that this could have a negative impact in our sales or profitability, given the fact that +95% of Jafra US products are manufactured in our Queretaro plan in Mexico. While we have options to do third party manufacturing in the USA, we are constantly monitoring the best option available.

Sales Force Vertical:

●

Incentive Program: Roll out a new and enhanced incentive program in Q2 2025 to attract new Associates and strengthen the existing base. In the meantime, focus on increasing sponsorship activity and boosting productivity among current Associates.

●

Digital Catalog on Shopify: Launch a new digital catalog through Shopify in Q1 2025 to improve the user experience and align with modern consumer preferences.

●

Hispanic Market support: Recent political changes have disrupted the Hispanic market in ways that have impacted motivation levels. Because this market is ~85% of the US revenue base, a difficult start to the year is expected. Accordingly, Jafra US is moving to support Hispanic customer and salespeople so both can regain trust, with the aim of supporting growth during the rest of the year.

Appendix

Financial Statements

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

Consolidated Statements of Final Position

As of December 31, 2024 and 2023

(In Thousands of Mexican Pesos)

	Dec 2024		Dec 2023
Assets
Cash and cash equivalents		296,558		549,730
Trade accounts receivable, net		1,133,093		1,072,455
Accounts receivable from related parties		250		104
Inventories		2,505,093		2,030,533
Prepaid expenses		87,682		77,468
Income tax recoverable		98,265		29,462
Derivative Financial Instruments		108,846		-
Non Current Assets held for sale		40,000		-
Other assets		358,951		230,688
Total current assets		4,628,738		3,990,440
Property, plant and equipment, net		1,801,475		2,910,353
Right of use assets, net		314,023		361,561
Deferred income tax		525,086		527,929
Intangible assets, net		1,570,223		1,649,953
Goodwill		1,599,718		1,599,718
Other assets		14,504		53,757
Total non-current assets		5,825,029		7,103,271
Total assets		10,453,767		11,093,711

Liabilities and Stockholders’ Equity
Short term debt and borrowings		656,084		508,731
Accounts payable to suppliers		2,156,715		1,790,026
Accrued expenses		380,835		306,997
Provisions		748,918		804,748
Value added tax payable		71,192		117,864
Trade accounts payable to related parties		1,237		-
Statutory employee profit sharing		139,255		132,855
Lease liability		110,252		132,839
Derivative financial instruments		-		47,920
Total current liabilities		4,264,488		3,841,980
Employee benefits		128,312		127,150
Deferred income tax		495,117		783,169
Lease liability		234,343		255,882
Long term debt and borrowings		4,168,859		4,622,691
Total non-current liabilities		5,026,631		5,788,892
Total liabilities		9,291,119		9,630,872

Stockholders’ Equity
Capital stock		321,312		321,312
Share premium account		-25,264		-16,370
Retained earnings		892,398		1,178,724
Other comprehensive income		-24,076		-19,194
Non-controlling interest		-1,722		-1,633
Total Stockholders’ Equity		1,162,648		1,462,839
Total Liabilities and Stockholders’ Equity		10,453,767		11,093,711

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

Consolidated Statements of Profit or Loss and Other Comprehensive Income

For the three-months ended December 31, 2024 and 2023

(In Thousands of Mexican Pesos)

	Q4 2024		Q4 2023		∆%
Net revenue		3,778,468		3,401,692		11.1	%
Cost of sales		1,234,902		1,151,204		7.3	%
Gross profit		2,543,566		2,250,488		13.0	%

Administrative expenses		779,834		482,609		61.6	%
Selling expenses		1,090,460		908,624		20.0	%
Distribution expenses		174,219		144,666		20.4	%
Total expenses		2,044,513		1,535,899		33.1	%

Other expenses - Sale of fixed assets		94,692		0		-

Operating income		404,361		714,589		-43.4	%

Interest expense		-155,811		-203,642		-23.5	%
Interest income		9,264		5,718		62.0	%
Unrealized loss in valuation of financial derivative instruments		3,377		-22,641		-114.9	%
Foreign exchange gain (loss), net		43,534		-7,657		-668.6	%
Financing cost, net		-99,636		-228,222		-56.3	%

Income before income taxes		304,725		486,367		-37.3	%

Income taxes		79,674		90,869		-12.3	%

Net income including minority interest		225,051		395,498		-43.1	%
Non-controlling interest loss		254		-307		-182.7	%
Net income		225,305		395,191		-43.0	%

EBITDA breakdown (Ps. million)
Concept	Q4 2024			Q4 2023			∆%
Net income		225,051			395,498			-43.1	%
(+) Income taxes		79,674			90,869			-12.3	%
(+) Financing cost, net		99,636			228,222			-56.3	%
(+) Depreciation and amortization		105,962			104,895			1.0	%
EBITDA		510,323			819,484			-37.7	%
EBITDA Margin		13.5	%		24.1	%
(+) Other expenses - Sale of fixed assets		94,692			-
(+) Impairment of fixed assets		166,581			-
Adjusted EBITDA		771,596			819,484			-5.8	%
Adjusted EBITDA Margin		20.4	%		24.1	%

Net adjusted income breakdown
Concept	Q4 2024		Q4 2023		∆%
Net (loss) income including minority interest		225,051		395,191		-43.1	%
(+) Other expenses - Sale of fixed assets		94,692		0		100.0	%
(+) Impairment fixed assets		166,581		0		100.0	%
(+) Income taxes for the sale of fixed assets		21,283		0		100.0	%
(+) Income taxes – deferred		-70,943		0		-100.0	%
Net adjusted income		436,664		395,191		10.5	%

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

Consolidated Statements of Profit or Loss and Other Comprehensive Income

For the twelve-months ended December 31, 2024 and 2023

(In Thousands of Mexican Pesos)

	FY 2024		FY 2023		∆%
Net revenue		14,100,758		13,009,507		8.4	%
Cost of sales		4,520,223		4,260,842		6.1	%
Gross profit		9,580,535		8,748,665		9.5	%

Administrative expenses		2,702,876		2,367,279		14.2	%
Selling expenses		3,997,917		3,460,367		15.5	%
Distribution expenses		663,812		582,237		14.0	%
Total expenses		7,364,605		6,409,883		14.9	%

Other expenses - Sale of fixed assets		529,722		0		-

Operating income		1,686,208		2,338,782		-27.9	%

Interest expense		-639,705		-827,812		-22.7	%
Interest income		22,818		45,056		-49.4	%
Unrealized loss in valuation of financial derivative instruments		156,766		-32,591		-581.0	%
Foreign exchange gain (loss), net		-45,305		-106,847		-57.6	%
Financing cost, net		-505,426		-922,194		-45.2	%
		-		-
Income before income taxes		1,180,782		1,416,588		-16.6	%

Income taxes		469,260		380,024		23.5	%

Net income including minority interest		711,522		1,036,564		-31.4	%
Non-controlling interest loss		206		2,723		-92.4	%
Net income		711,728		1,039,287		-31.5	%

EBITDA breakdown (Ps. million)

Concept	FY 2024			FY 2023			∆%
Net income		711,522			1,036,564			-31.4	%
(+) Income taxes		469,260			380,024			23.5	%
(+) Financing cost, net		505,426			922,194			-45.2	%
(+) Depreciation and amortization		392,186			382,118			2.6	%
EBITDA		2,078,394			2,720,900			-23.6	%
EBITDA Margin		14.7	%		20.9	%
(+) Other expenses - Sale of fixed assets		529,722			-
(+) Impairment of fixed assets		166,581			-
Adjusted EBITDA		2,774,697			2,720,900			2.0	%
Adjusted EBITDA Margin		19.7	%		20.9	%

Net adjusted income breakdown

Concept	FY 2024		FY 2023		∆%
Net (loss) income including minority interest		711,522		1,039,287		-31.5	%
(+) Other expenses - Sale of fixed assets		529,722		0		100.0	%
(+) Impairment fixed assets		166,581				100.0	%
(+) Income taxes for the sale of fixed assets		93,266		0		100.0	%
(+) Income taxes – deferred		-281,811		0		-100.0	%
Net adjusted income		1,219,280		1,039,287		17.3	%

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

Consolidated Statements of Cash Flows

For the twelve-months ended December 31, 2024 and 2023

(In Thousands of Mexican Pesos)

	FY 2024		FY 2023
Cash flows from operating activities:
Profit for the period		711,522		1,036,564

Adjustments for:
Income tax expense recognized in profit of the year		469,260		380,024
Depreciation and amortization of non-current assets		392,186		382,118
Impairment of fix assest		166,581
Interest income recognized in profit or loss		-22,818		-45,056
Interest expense recognized in profit or loss		639,705		827,812
Unrealized loss in valuation of financial derivative instruments		-156,766		32,591
Share-based payment expense		-8,894		4,188
Gain on disposal of equipment		767,226		-1,460
Currency effect		-16,711		-4,349
Movements in not- controlling interest		117		-93
Other gains and losses				-
Movements in working capital:
Trade accounts receivable		-60,638		-101,393
Trade accounts receivable from related parties		-146		-43
Inventory, net		-470,959		92,136
Prepaid expenses and other assets		-105,319		-84,826
Accounts payable to suppliers and accrued expenses		420,193		423,104
Provisions		-55,830		3,589
Value added tax payable		-47,169		28,722
Statutory employee profit sharing		6,400		-2,443
Trade accounts payable to related parties		1,237		-96,859
Income taxes paid		-819,247		-474,941
Employee benefits		13,822		-32,606
Net cash generated by operating activities		1,823,752		2,366,779

Cash flows from investing activities:
Investment in subsidiaries		-		-
Payments for property, plant and equipment, net		-222,327		-131,066
Proceeds from disposal of property, plant and equipment, net		167,601		20,682
Interest received		22,818		45,056
Net cash (used) generated in investing activities		-31,908		-65,328

Cash flows from financing activities:
Repayment of borrowings		-3,135,500		-7,633,715
Proceeds from borrowings		2,843,000		6,498,994
Interest paid		-603,391		-652,313
Bond issuance costs				-8,355
Lease payment		-151,071		-123,241
Share repurchases		-		-
Dividends paid		-998,054		-648,735
Net cash used in financing activities		-2,045,016		-2,567,365
Net decrease in cash and cash equivalents		-253,172		-265,914
Cash and cash equivalents at the beginning of the period		549,730		815,644
Cash and cash equivalents at the end of the period		296,558		549,730

Key Operating Metrics

Betterware Mexico

	Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Associates
Avg. Base		768,042			756,250			716,645			713,144			694,277			693,666
EOP Base		759,310			741,170			724,707			699,033			700,893			674,654
Monthly Activity Rate		65.2	%		66.0	%		67.7	%		66.4	%		66.3	%		64.8	%
Avg. Monthly Order	$	1,823		$	1,959		$	2,052		$	2,027		$	2,034		$	2,158
Monthly Growth Rate		15.7	%		14.9	%		15.1	%		13.8	%		15.7	%		14.3	%
Monthly Churn Rate		15.5	%		15.7	%		15.8	%		15.0	%		15.6	%		15.6	%
Distributors
Avg. Base		42,551			42,369			42,886			44,953			44,639			43,585
EOP Base		41,932			41,825			44,482			45,009			43,939			42,608
Monthly Activity Rate		97.9	%		98.1	%		98.5	%		98.0	%		98.0	%		96.7	%
Avg. Monthly Order	$	21,944		$	23,518		$	23,582		$	21,669		$	21,531		$	22,945
Monthly Growth Rate		10.4	%		9.9	%		11.8	%		11.4	%		10.4	%		8.7	%
Monthly Churn Rate		10.4	%		10.0	%		9.7	%		11.0	%		11.2	%		10.3	%

Jafra Mexico

	Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Associates
Avg. Base		414,968			461,712			469,290			432,450			403,340			476,211
EOP Base		422,956			467,736			451,692			419,931			421,073			480,532
Monthly Activity Rate		52.2	%		52.9	%		53.7	%		50.50	%		51.6	%		49.9	%
Avg. Monthly Order	$	2,088		$	2,181		$	2,238		$	2,284		$	2,347		$	2,439
Monthly Growth Rate		10.5	%		11.5	%		9.5	%		8.4	%		12.0	%		13.2	%
Monthly Churn Rate		10.6	%		8.3	%		10.6	%		10.8	%		11.9	%		8.6	%
Distributors
Avg. Base		18,553			18,576			18,927			19,073			18,823			18,889
EOP Base		18,555			18,719			19,159			19,035			18,722			19,093
Monthly Activity Rate		94.0	%		95.3	%		96.0	%		93.10	%		93.2	%		94.6	%
Avg. Monthly Order	$	2,236		$	2,624		$	2,396		$	2,693		$	2,694		$	2,758
Monthly Growth Rate		1.1	%		1.4	%		1.6	%		0.7	%		0.9	%		1.8	%
Monthly Churn Rate		1.4	%		1.1	%		0.8	%		0.8	%		1.5	%		1.1	%

Jafra US

	Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Associates
Avg. Base		29,608			31,268			29,506			30,864			30,150			26,540
EOP Base		30,489			31,117			29,470			31,026			29,103			25,272
Monthly Activity Rate		45.1	%		43.8	%		42.4	%		46.7	%		41.6	%		44.5	%
Avg. Monthly Order (USD)	$	228		$	231		$	223		$	232		$	233		$	248
Monthly Growth Rate		14.5	%		12.5	%		11.3	%		14.4	%		11.2	%		10.0	%
Monthly Churn Rate		13.8	%		11.5	%		13.1	%		12.5	%		13.7	%		14.7	%
Distributors
Avg. Base		1,642			1,782			1,728			1,726			1,774			1,786
EOP Base		1,645			1,793			1,674			1,766			1,772			1,638
Monthly Activity Rate		90.4	%		90.2	%		88.3	%		90.7	%		87.5	%		85.5	%
Avg. Monthly Order (USD)	$	217		$	215		$	217		$	229		$	233		$	219
Monthly Growth Rate		6.3	%		7.9	%		4.6	%		8.5	%		5.8	%		2.7	%
Monthly Churn Rate		8.4	%		5.0	%		6.9	%		6.7	%		5.7	%		5.0	%

Key Financial Metrics

Consolidated

	Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Net Revenue	$	3,123,507		$	3,401,692		$	3,602,503		$	3,389,393		$	3,330,394		$	3,778,468
Gross Margin		70.2	%		70.0	%		73.6	%		72.2	%		71.2	%		67.3	%
EBITDA	$	529,424		$	819,484		$	755,390		$	656,136		$	591,575		$	771,596
EBITDA Margin		16.9	%		24.1	%		21.0	%		19.4	%		17.8	%		20.4	%
Net Income	$	197,307		$	395,498		$	295,263		$	303,745		$	183,608		$	436,664
Free Cash Flow	$	1,599,274		$	2,256,395		$	180,217		$	522,210		$	1,235,471		$	1,769,026

Betterware Mexico

	Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Net Revenue	$	1,420,739		$	1,472,480		$	1,555,027		$	1,476,375		$	1,465,577		$	1,494,855
Gross Margin		56.2	%		50.2	%		60.00	%		56.4	%		54.8	%		57.2	%
EBITDA	$	328,295		$	250,342		$	382,107		$	304,467		$	279,889		$	330,075
EBITDA Margin		23.1	%		17.0	%		24.60	%		20.6	%		19.1	%		22.1	%

Jafra Mexico

	Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Net Revenue	$	1,486,816		$	1,668,956		$	1,849,996		$	1,671,137		$	1,623,697		$	2,038,993
Gross Margin		83.0	%		86.5	%		85.00	%		86.0	%		85.7	%		74.1	%
EBITDA	$	207,985		$	532,780		$	383,120		$	344,478		$	318,148		$	440,630
EBITDA Margin		14.0	%		31.9	%		20.70	%		20.6	%		19.6	%		21.6	%

Jafra US

	Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Net Revenue	$	215,952		$	260,256		$	197,480		$	241,881		$	241,120		$	244,620
Gross Margin		74.1	%		74.4	%		74.00	%		73.6	%		73.3	%		73.1	%
EBITDA	$	(8,138	)	$	37,033		$	(9,838	)	$	7,192		$	(6,462	)	$	891
EBITDA Margin		(3.2	)%		14.0	%		(5.00	)%		3.0	%		-2.7	%		0.4	%

Restated Financial Statements

Profit & Loss

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q3 2024		Q3 2024		Q3 2024		Q3 2024
Net revenue		3,330,394		3,330,394		-		0.0	%
Cost of sales		1,103,468		959,135		144,333		15.0	%
Gross profit		2,226,926		2,371,259		-144,333		-6.0	%
Administrative expenses		649,765		792,483		-142,718		-18.0	%
Selling expenses		928,707		928,707		-		0.0	%
Distribution expenses		152,281		155,992		-3,711		-2.0	%
Total expenses		1,730,753		1,877,182		-146,429		-8.0	%
Divestment of subsidiaries		-		-		-
Other expenses		435,030		435,030		-		0.0	%
Operating income		61,143		59,047		2,096		4.0	%
Interest expense		-159,087		-161,352		2,265		-1.0	%
Interest income		2,751		2,751		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		82,876		82,876		-		0.0	%
Foreign exchange loss, net		-27,586		-27,586		-		0.0	%
Financing cost, net		-101,046		-103,311		2,265		-2.0	%
Income before income taxes		-39,903		-44,264		4,361		-10.0	%
Income taxes		72,634		71,326		1,308		2.0	%
Net income including minority interest		-112,537		-115,590		3,053		-3.0	%
Non-controlling interest loss		-24		-24		-		0.0	%
Net income		-112,561		-115,614		3,053		-3.0	%

	Q3 2024		Q3 2024		Q3 2024		∆%
EBITDA		156,545		156,545		-		0.0	%
EBITDA Adjusted		591,575		591,575		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q2 2024		Q2 2024		Q2 2024		Q2 2024
Net revenue		3,389,393		3,389,393		-		0.0	%
Cost of sales		1,090,859		940,918		149,941		16.0	%
Gross profit		2,298,534		2,448,475		-149,941		-6.0	%
Administrative expenses		624,356		772,840		-148,484		-19.0	%
Selling expenses		950,176		950,176		-		0.0	%
Distribution expenses		164,030		167,582		-3,552		-2.0	%
Total expenses		1,738,562		1,890,598		-152,036		-8.0	%
Divestment of subsidiaries		-		-		-
Other expenses		-		-		-
Operating income		559,972		557,877		2,095		0.0	%
Interest expense		-161,137		-163,402		2,265		-1.0	%
Interest income		4,134		4,134		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		95,295		95,295		-		0.0	%
Foreign exchange loss, net		-40,212		-40,212		-		0.0	%
Financing cost, net		-101,920		-104,185		2,265		-2.0	%
Income before income taxes		458,052		453,692		4,360		1.0	%
Income taxes		154,307		152,999		1,308		1.0	%
Net income including minority interest		303,745		300,693		3,052		1.0	%
Non-controlling interest loss		75		75		-		0.0	%
Net income		303,820		300,768		3,052		1.0	%

	Q2 2024		Q2 2024		Q2 2024		∆%
EBITDA		656,136		656,136		-		0.0	%
EBITDA Adjusted		656,136		656,136		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q1 2024		Q1 2024		Q1 2024		Q1 2024
Net revenue		3,602,503		3,602,503		-		0.0	%
Cost of sales		1,090,994		951,555		139,439		15.0	%
Gross profit		2,511,509		2,650,948		-139,439		-5.0	%
Administrative expenses		648,921		785,616		-136,695		-17.0	%
Selling expenses		1,028,574		1,028,574		-		0.0	%
Distribution expenses		173,282		176,725		-3,443		-2.0	%
Total expenses		1,850,777		1,990,915		-140,138		-7.0	%
Divestment of subsidiaries		-		-		-
Other expenses		-		-		-
Operating income		660,732		660,033		699		0.0	%
Interest expense		-163,670		-164,425		755		0.0	%
Interest income		6,669		6,669		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		-24,782		-24,782		-		0.0	%
Foreign exchange loss, net		-21,041		-21,041		-		0.0	%
Financing cost, net		-202,824		-203,579		755		0.0	%
Income before income taxes		457,908		456,454		1,454		0.0	%
Income taxes		162,645		162,209		436		0.0	%
Net income including minority interest		295,263		294,245		1,018		0.0	%
Non-controlling interest loss		-99		-99		-		0.0	%
Net income		295,164		294,146		1,018		0.0	%

	Q1 2024		Q1 2024		Q1 2024		∆%
EBITDA		755,390		755,390		-		0.0	%
EBITDA Adjusted		755,390		755,390		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Total 2024		Total 2024		Total 2024		Total 2024
Net revenue		14,100,758		14,100,758		-		0.0	%
Cost of sales		4,520,223		4,086,510		433,713		11.0	%
Gross profit		9,580,535		10,014,248		-433,713		-4.0	%
Administrative expenses		2,702,876		3,130,773		-427,897		-14.0	%
Selling expenses		3,997,917		3,997,917		-		0.0	%
Distribution expenses		663,812		674,518		-10,706		-2.0	%
Total expenses		7,364,605		7,803,208		-438,603		-6.0	%
Divestment of subsidiaries		-		-		-
Other expenses		529,722		529,722		-
Operating income		1,686,208		1,681,318		4,890		0.0	%
Interest expense		-639,705		-644,990		5,285		-1.0	%
Interest income		22,818		22,818		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		156,766		156,766		-		0.0	%
Foreign exchange loss, net		-45,305		-45,305		-		0.0	%
Financing cost, net		-505,426		-510,711		5,285		-1.0	%
Income before income taxes		1,180,782		1,170,607		10,175		1.0	%
Income taxes		469,260		466,208		3,052		1.0	%
Net income including minority interest		711,522		704,399		7,123		1.0	%
Non-controlling interest loss		206		206		-		0.0	%
Net income		711,728		704,605		7,123		1.0	%

	Total 2024		Total 2024		Total 2024		∆%
EBITDA		2,078,394		2,078,394		-		0.0	%
EBITDA Adjusted		2,774,697		2,774,697		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q4 2023		Q4 2023		Q4 2023		Q4 2023
Net revenue		3,401,692		3,401,692		-		0.0	%
Cost of sales		1,151,204		1,021,872		129,332		13.0	%
Gross profit		2,250,488		2,379,820		-129,332		-5.0	%
Administrative expenses		482,609		601,510		-118,901		-20.0	%
Selling expenses		908,624		908,624		-		0.0	%
Distribution expenses		144,666		147,719		-3,053		-2.0	%
Total expenses		1,535,899		1,657,853		-121,954		-7.0	%
Divestment of subsidiaries		-		-		-
Other expenses		-		-		-
Operating income		714,589		721,967		-7,378		-1.0	%
Interest expense		-203,642		-195,432		-8,210		4.0	%
Interest income		5,718		5,718		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		-22,641		-22,641		-		0.0	%
Foreign exchange loss, net		-7,657		-7,657		-		0.0	%
Financing cost, net		-228,222		-220,012		-8,210		4.0	%
Income before income taxes		486,367		501,955		-15,588		-3.0	%
Income taxes		90,869		95,545		-4,676		-5.0	%
Net income including minority interest		395,498		406,410		-10,912		-3.0	%
Non-controlling interest loss		-307		-307		-		0.0	%
Net income		395,191		406,103		-10,912		-3.0	%

	Q4 2023		Q4 2023		Q4 2023		∆%
EBITDA		819,484		819,484		-		0.0	%
EBITDA Adjusted		819,484		819,484		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q3 2023		Q3 2023		Q3 2023		Q3 2023
Net revenue		3,123,507		3,123,507		-		0.0	%
Cost of sales		1,092,055		930,636		161,419		17.0	%
Gross profit		2,031,452		2,192,871		-161,419		-7.0	%
Administrative expenses		581,097		739,928		-158,831		-21.0	%
Selling expenses		867,743		867,743		-		0.0	%
Distribution expenses		144,319		147,089		-2,770		-2.0	%
Total expenses		1,593,159		1,754,760		-161,601		-9.0	%
Divestment of subsidiaries		-		-		-
Other expenses		-		-		-
Operating income		438,293		438,111		182		0.0	%
Interest expense		-207,286		-207,722		436		0.0	%
Interest income		11,850		11,850		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		54,787		54,787		-		0.0	%
Foreign exchange loss, net		-50,082		-50,082		-		0.0	%
Financing cost, net		-190,731		-191,167		436		0.0	%
Income before income taxes		247,562		246,944		618		0.0	%
Income taxes		50,255		50,070		185		0.0	%
Net income including minority interest		197,307		196,874		433		0.0	%
Non-controlling interest loss		117		117		-		0.0	%
Net income		197,424		196,991		433		0.0	%

	Q3 2023		Q3 2023		Q3 2023		∆%
EBITDA		529,424		529,424		-		0.0	%
EBITDA Adjusted		529,424		529,424		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q2 2023		Q2 2023		Q2 2023		Q2 2023
Net revenue		3,220,097		3,220,097		-		0.0	%
Cost of sales		996,989		860,763		136,226		16.0	%
Gross profit		2,223,108		2,359,334		-136,226		-6.0	%
Administrative expenses		609,232		742,747		-133,515		-18.0	%
Selling expenses		838,525		838,525		-		0.0	%
Distribution expenses		150,266		153,189		-2,923		-2.0	%
Total expenses		1,598,023		1,734,461		-136,438		-8.0	%
Divestment of subsidiaries		-		-		-
Other expenses		-		-		-
Operating income		625,085		624,873		212		0.0	%
Interest expense		-205,949		-206,173		224		0.0	%
Interest income		14,994		14,994		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		-14,521		-14,521		-		0.0	%
Foreign exchange loss, net		-38,535		-38,535		-		0.0	%
Financing cost, net		-244,011		-244,235		224		0.0	%
Income before income taxes		381,074		380,638		436		0.0	%
Income taxes		125,543		125,412		131		0.0	%
Net income including minority interest		255,531		255,226		305		0.0	%
Non-controlling interest loss		3,145		3,145		-		0.0	%
Net income		258,676		258,371		305		0.0	%

	Q2 2023		Q2 2023		Q2 2023		∆%
EBITDA		717,433		717,433		-		0.0	%
EBITDA Adjusted		717,433		717,433		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q1 2023		Q1 2023		Q1 2023		Q1 2023
Net revenue		3,264,211		3,264,211		-		0.0	%
Cost of sales		1,020,594		887,984		132,610		15.0	%
Gross profit		2,243,617		2,376,227		-132,610		-6.0	%
Administrative expenses		694,341		824,760		-130,419		-16.0	%
Selling expenses		845,475		845,475		-		0.0	%
Distribution expenses		142,986		145,177		-2,191		-2.0	%
Total expenses		1,682,802		1,815,412		-132,610		-7.0	%
Divestment of subsidiaries		-				-
Other expenses		-		-		-
Operating income		560,815		560,815		-		0.0	%
Interest expense		-210,935		-210,935		-		0.0	%
Interest income		12,494		12,494		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		-50,216		-50,216		-		0.0	%
Foreign exchange loss, net		-10,573		-10,573		-		0.0	%
Financing cost, net		-259,230		-259,230		-		0.0	%
Income before income taxes		301,585		301,585		-		0.0	%
Income taxes		113,357		113,357		-		0.0	%
Net income including minority interest		188,228		188,228		-		0.0	%
Non-controlling interest loss		-232		-232		-		0.0	%
Net income		187,996		187,996		-		0.0	%

	Q1 2023		Q1 2023		Q1 2023		∆%
EBITDA		654,559		654,559		-		0.0	%
EBITDA Adjusted		654,559		654,559		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Total 2023		Total 2023		Total 2023		Total 2023
Net revenue		13,009,507		13,009,507		-		0.0	%
Cost of sales		4,260,842		3,701,255		559,587		15.0	%
Gross profit		8,748,665		9,308,252		-559,587		-6.0	%
Administrative expenses		2,367,279		2,908,945		-541,666		-19.0	%
Selling expenses		3,460,367		3,460,367		-		0.0	%
Distribution expenses		582,237		593,174		-10,937		-2.0	%
Total expenses		6,409,883		6,962,486		-552,603		-8.0	%
Divestment of subsidiaries						-
Other expenses		-		-		-
Operating income		2,338,782		2,345,766		-6,984		0.0	%
Interest expense		-827,812		-820,262		-7,550		1.0	%
Interest income		45,056		45,056		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		-32,591		-32,591		-		0.0	%
Foreign exchange loss, net		-106,847		-106,847		-		0.0	%
Financing cost, net		-922,194		-914,644		-7,550		1.0	%
Income before income taxes		1,416,588		1,431,122		-14,534		-1.0	%
Income taxes		380,024		384,384		-4,360		-1.0	%
Net income including minority interest		1,036,564		1,046,738		-10,174		-1.0	%
Non-controlling interest loss		2,723		2,723		-		0.0	%
Net income		1,039,287		1,049,461		-10,174		-1.0	%

	Total 2023		Total 2023		Total 2023		∆%
EBITDA		2,720,900		2,720,900		-		0.0	%
EBITDA Adjusted		2,720,900		2,720,900		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q4 2022		Q4 2022		Q4 2022		Q4 2022
Net revenue		3,232,460		3,232,460		-		0.0	%
Cost of sales		1,082,788		955,398		127,390		13.0	%
Gross profit		2,149,672		2,277,062		-127,390		-6.0	%
Administrative expenses		674,098		799,416		-125,318		-16.0	%
Selling expenses		910,236		910,236		-		0.0	%
Distribution expenses		87,260		89,332		-2,072		-2.0	%
Total expenses		1,671,594		1,798,984		-127,390		-7.0	%
Divestment of subsidiaries		-5,251		-5,251		-
Other expenses		-		-		-
Operating income		472,827		472,827		-		0.0	%
Interest expense		-197,869		-197,869		-		0.0	%
Interest income		5,906		5,906		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		14,597		14,597		-		0.0	%
Foreign exchange loss, net		-32,817		-32,817		-		0.0	%
Financing cost, net		-210,183		-210,183		-		0.0	%
Income before income taxes		262,644		262,644		-		0.0	%
Income taxes		13,090		13,090		-		0.0	%
Net income including minority interest		249,554		249,554		-		0.0	%
Non-controlling interest loss		394		394		-		0.0	%
Net income		249,948		249,948		-		0.0	%

	Q4 2022		Q4 2022		Q4 2022		∆%
EBITDA		599,342		599,342		-		0.0	%
EBITDA Adjusted		599,342		599,342		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q3 2022		Q3 2022		Q3 2022		Q3 2022
Net revenue		3,171,289		3,171,289		-		0.0	%
Cost of sales		1,131,221		983,549		147,672		15.0	%
Gross profit		2,040,068		2,187,740		-147,672		-7.0	%
Administrative expenses		562,904		708,542		-145,638		-21.0	%
Selling expenses		859,266		859,266		-		0.0	%
Distribution expenses		155,934		157,968		-2,034		-1.0	%
Total expenses		1,578,104		1,725,776		-147,672		-9.0	%
Divestment of subsidiaries		-		-		-
Other expenses		-		-		-
Operating income		461,964		461,964		-		0.0	%
Interest expense		-184,872		-184,872		-		0.0	%
Interest income		7,070		7,070		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		12,978		12,978		-		0.0	%
Foreign exchange loss, net		-25,503		-25,503		-		0.0	%
Financing cost, net		-190,327		-190,327		-		0.0	%
Income before income taxes		271,637		271,637		-		0.0	%
Income taxes		220,098		220,098		-		0.0	%
Net income including minority interest		51,539		51,539		-		0.0	%
Non-controlling interest loss		414		414		-		0.0	%
Net income		51,953		51,953		-		0.0	%

	Q3 2022		Q3 2022		Q3 2022		∆%
EBITDA		534,930		534,930		-		0.0	%
EBITDA Adjusted		534,930		534,930		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q2 2022		Q2 2022		Q2 2022		Q2 2022
Net revenue		3,243,604		3,243,604		-		0.0	%
Cost of sales		1,115,710		986,294		129,416		13.0	%
Gross profit		2,127,894		2,257,310		-129,416		-6.0	%
Administrative expenses		641,678		769,034		-127,356		-17.0	%
Selling expenses		781,476		781,476		-		0.0	%
Distribution expenses		156,078		158,138		-2,060		-1.0	%
Total expenses		1,579,232		1,708,648		-129,416		-8.0	%
Divestment of subsidiaries		-		-		-
Other expenses		-		-		-
Operating income		548,662		548,662		-		0.0	%
Interest expense		-131,163		-131,163		-		0.0	%
Interest income		10,301		10,301		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		28,315		28,315		-		0.0	%
Foreign exchange loss, net		-31,888		-31,888		-		0.0	%
Financing cost, net		-124,435		-124,435		-		0.0	%
Income before income taxes		424,227		424,227		-		0.0	%
Income taxes		135,122		135,122		-		0.0	%
Net income including minority interest		289,105		289,105		-		0.0	%
Non-controlling interest loss		317		317		-		0.0	%
Net income		289,422		289,422		-		0.0	%

	Q2 2022		Q2 2022		Q2 2022		∆%
EBITDA		615,266		615,266		-		0.0	%
EBITDA Adjusted		615,266		615,266		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q1 2022		Q1 2022		Q1 2022		Q1 2022
Net revenue		1,860,196		1,860,196		-		0.0	%
Cost of sales		653,852		653,852		-		0.0	%
Gross profit		1,206,344		1,206,344		-		0.0	%
Administrative expenses		319,650		319,650		-		0.0	%
Selling expenses		257,052		257,052		-		0.0	%
Distribution expenses		68,078		68,078		-		0.0	%
Total expenses		644,780		644,780		-		0.0	%
Divestment of subsidiaries		-16,611		-16,611		-
Other expenses		-		-		-
Operating income		544,953		544,953		-		0.0	%
Interest expense		-29,417		-29,417		-		0.0	%
Interest income		5,412		5,412		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		-99,412		-99,412		-		0.0	%
Foreign exchange loss, net		6,840		6,840		-		0.0	%
Financing cost, net		-116,577		-116,577		-		0.0	%
Income before income taxes		428,376		428,376		-		0.0	%
Income taxes		148,610		148,610		-		0.0	%
Net income including minority interest		279,766		279,766		-		0.0	%
Non-controlling interest loss		1,468		1,468		-		0.0	%
Net income		281,234		281,234		-		0.0	%

	Q1 2022		Q1 2022		Q1 2022		∆%
EBITDA		566,570		566,570		-		0.0	%
EBITDA Adjusted		566,570		566,570		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Total 2022		Total 2022		Total 2022		∆%
Net revenue		11,507,549		11,507,549		-		0.0	%
Cost of sales		3,983,571		3,579,093		404,478		11.3	%
Gross profit		7,523,978		7,928,456		-404,478		-5.1	%
Administrative expenses		2,198,330		2,596,642		-398,312		-15.3	%
Selling expenses		2,808,030		2,808,030		-		0.0	%
Distribution expenses		467,350		473,516		-6,166		-1.3	%
Total expenses		5,473,710		5,878,188		-404,478		-6.9	%
Divestment of subsidiaries		-21,862		-21,862		-		0.0	%
Other expenses		-		-		-		0.0	%
Operating income		2,028,406		2,028,406		-		0.0	%
Interest expense		-543,321		-543,321		-		0.0	%
Interest income		28,689		28,689		-		0.0	%
Unrealized gain (loss) in valuation of financial derivative instruments		-43,522		-43,522		-		0.0	%
Foreign exchange loss, net		-83,368		-83,368		-		0.0	%
Financing cost, net		-641,522		-641,522		-		0.0	%
Income before income taxes		1,386,884		1,386,884		-		0.0	%
Income taxes		516,920		516,920		-		0.0	%
Net income including minority interest		869,964		869,964		-		0.0	%
Non-controlling interest loss		2,593		2,593		-		0.0	%
Net income		872,557		872,557		-		0.0	%

	Total 2022		Total 2022		Total 2022		∆%
EBITDA		2,316,108		2,316,108		-		0.0	%
EBITDA Adjusted		2,316,108		2,316,108		-		0.0	%

Balance Sheet

Balance Sheet Statement

	As restated		Previously presented		Adjustment		∆%
	Sep 2024		Sep 2024		Sep 2024		Sep 2024
Assets
Cash and cash equivalents		316,378		316,378		-		0.0	%
Trade accounts receivable, net		1,200,117		1,200,117		-		0.0	%
Accounts receivable from related parties		2,407		2,407		-		0.0	%
Inventories		2,504,370		2,504,370		-		0.0	%
Prepaid expenses		100,303		100,303		-		0.0	%
Income tax recoverable		67,701		67,701		-		0.0	%
Value added tax receivable		-				-		0.0	%
Derivative financial instruments		105,469		105,469		-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		421,875		421,875		-		0.0	%
Total current assets		4,718,620		4,718,620		-		0.0	%
Property, plant and equipment, net		2,121,418		2,121,418		-		0.0	%
Right of use assets, net		291,960		294,056		-2,096		-0.7	%
Deferred income tax		524,876		523,568		1,308		0.2	%
Investment in subsidiaries		-		-		-		0.0	%
Intangible assets, net		1,590,916		1,590,916		-		0.0	%
Goodwill		1,599,718		1,599,718		-		0.0	%
Other assets		14,387		14,387		-		0.0	%
Total non-current assets		6,143,275		6,144,063		-788		0.0	%
Total assets		10,861,895		10,862,683		-788		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		618,279		618,279		-		0.0	%
Accounts payable to suppliers		2,372,500		2,372,500		-		0.0	%
Accrued expenses		410,253		410,253		-		0.0	%
Provisions		778,992		778,992		-		0.0	%
Income tax payable		-		-		-		0.0	%
Value added tax payable		44,614		44,614		-		0.0	%
Trade accounts payable to related parties		20		20		-		0.0	%
Statutory employee profit sharing		86,885		86,885		-		0.0	%
Lease liability		109,873		107,609		2,264		2.1	%
Derivative financial instruments		-		-		-		0.0	%
Total current liabilities		4,421,416		4,419,152		2,264		0.0	%
Employee benefits		139,701		139,701		-		0.0	%
Derivative financial instruments		-				-		0.0	%
Deferred income tax		572,301		572,301		-		0.0	%
Lease liability		214,098		214,098		-		0.0	%
Long term debt and borrowings		4,334,713		4,334,713		-		0.0	%
Total non-current liabilities		5,260,813		5,260,813		-		0.0	%
Total liabilities		9,682,229		9,679,965		2,264		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-25,264		-25,264		-		0.0	%
Retained earnings		916,606		919,658		-3,052		-0.3	%
Other comprehensive income		-31,508		-31,508		-		0.0	%
Non-controlling interest		-1,480		-1,480		-		0.0	%
Total Stockholders’ Equity		1,179,666		1,182,718		-3,052		0.0	%
Total Liabilities and Stockholders’ Equity		10,861,895		10,862,683		-788		0.0	%

Balance Sheet Statement

	As restated		Previously presented		Adjustment		∆%
	Jun 2024		Jun 2024		Jun 2024		Jun 2024
Assets
Cash and cash equivalents		423,246		423,246		-		0.0	%
Trade accounts receivable, net		1,082,224		1,082,224		-		0.0	%
Accounts receivable from related parties		542		542		-		0.0	%
Inventories		2,062,733		2,062,733		-		0.0	%
Prepaid expenses		137,214		137,214		-		0.0	%
Income tax recoverable		137,936		137,936		-		0.0	%
Value added tax receivable		-		-		-		0.0	%
Derivative financial instruments		22,593		22,593		-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		121,204		121,204		-		0.0	%
Total current assets		3,987,692		3,987,692		-		0.0	%
Property, plant and equipment, net		2,919,620		2,919,620		-		0.0	%
Right of use assets, net		315,701		319,892		-4,191		-1.3	%
Deferred income tax		526,184		523,568		2,616		0.5	%
Investment in subsidiaries		-		-		-		0.0	%
Intangible assets, net		1,610,915		1,610,915		-		0.0	%
Goodwill		1,599,718		1,599,718		-		0.0	%
Other assets		56,888		56,888		-		0.0	%
Total non-current assets		7,029,026		7,030,601		-1,575		0.0	%
Total assets		11,016,718		11,018,293		-1,575		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		589,478		589,478		-		0.0	%
Accounts payable to suppliers		1,949,182		1,949,182		-		0.0	%
Accrued expenses		358,363		358,363		-		0.0	%
Provisions		709,902		709,902		-		0.0	%
Income tax payable		-				-		0.0	%
Value added tax payable		92,532		92,532		-		0.0	%
Trade accounts payable to related parties		47,412		47,412		-		0.0	%
Statutory employee profit sharing		-		-		-		0.0	%
Lease liability		117,797		113,267		4,530		4.0	%
Derivative financial instruments		-				-		0.0	%
Total current liabilities		3,864,666		3,860,136		4,530		0.0	%
Employee benefits		133,626		133,626		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Deferred income tax		783,169		783,169		-		0.0	%
Lease liability		230,721		230,721		-		0.0	%
Long term debt and borrowings		4,455,638		4,455,638		-		0.0	%
Total non-current liabilities		5,603,154		5,603,154		-		0.0	%
Total liabilities		9,467,820		9,463,290		4,530		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-25,264		-25,264		-		0.0	%
Retained earnings		1,278,680		1,284,785		-6,105		-0.5	%
Other comprehensive income		-24,275		-24,275		-		0.0	%
Non-controlling interest		-1,555		-1,555		-		0.0	%
Total Stockholders’ Equity		1,548,898		1,555,003		-6,105		0.0	%
Total Liabilities and Stockholders’ Equity		11,016,718		11,018,293		-1,575		0.0	%

Balance Sheet Statement

	As restated		Previously presented		Adjustment		∆%
	Mar 2024		Mar 2024		Mar 2024		Mar 2024
Assets
Cash and cash equivalents		425,177		425,177		-		0.0	%
Trade accounts receivable, net		1,198,708		1,198,708		-		0.0	%
Accounts receivable from related parties		163		163		-		0.0	%
Inventories		1,871,274		1,871,274		-		0.0	%
Prepaid expenses		133,877		133,877		-		0.0	%
Income tax recoverable		127,101		127,101		-		0.0	%
Value added tax receivable		-		-		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		164,260		164,260		-		0.0	%
Total current assets		3,920,560		3,920,560		-		0.0	%
Property, plant and equipment, net		2,889,521		2,889,521		-		0.0	%
Right of use assets, net		337,260		343,547		-6,287		-1.8	%
Deferred income tax		441,888		437,964		3,924		0.9	%
Investment in subsidiaries		-		-		-		0.0	%
Intangible assets, net		1,628,036		1,628,036		-		0.0	%
Goodwill		1,599,718		1,599,718		-		0.0	%
Other assets		53,388		53,388		-		0.0	%
Total non-current assets		6,949,811		6,952,174		-2,363		0.0	%
Total assets		10,870,371		10,872,734		-2,363		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		539,195		539,195		-		0.0	%
Accounts payable to suppliers		1,670,630		1,670,630		-		0.0	%
Accrued expenses		295,535		295,535		-		0.0	%
Provisions		763,260		763,260		-		0.0	%
Income tax payable		-		-		-		0.0	%
Value added tax payable		133,055		133,055		-		0.0	%
Trade accounts payable to related parties		1,152		1,152		-		0.0	%
Statutory employee profit sharing		163,278		163,278		-		0.0	%
Lease liability		121,605		114,811		6,794		5.9	%
Derivative financial instruments		72,701		72,701		-		0.0	%
Total current liabilities		3,760,411		3,753,617		6,794		0.0	%
Employee benefits		130,585		130,585		-		0.0	%
Derivative financial instruments		-				-		0.0	%
Deferred income tax		697,565		697,565		-		0.0	%
Lease liability		241,976		241,976		-		0.0	%
Long term debt and borrowings		4,539,134		4,539,134		-		0.0	%
Total non-current liabilities		5,609,260		5,609,260		-		0.0	%
Total liabilities		9,369,671		9,362,877		6,794		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-25,264		-25,264		-		0.0	%
Retained earnings		1,224,374		1,233,531		-9,157		-0.7	%
Other comprehensive income		-18,148		-18,148		-		0.0	%
Non-controlling interest		-1,574		-1,574		-		0.0	%
Total Stockholders’ Equity		1,500,700		1,509,857		-9,157		-1.0	%
Total Liabilities and Stockholders’ Equity		10,870,371		10,872,734		-2,363		0.0	%

Balance Sheet Statement

	As restated		Previously presented		Adjustment		∆%
	Dec 2023		Dec 2023		Dec 2023		Dec 2023
Assets
Cash and cash equivalents		549,730		549,730		-		0.0	%
Trade accounts receivable, net		1,072,455		1,072,455		-		0.0	%
Accounts receivable from related parties		104		104		-		0.0	%
Inventories		2,030,533		2,030,533		-		0.0	%
Prepaid expenses		77,468		79,115		-1,647		-2.1	%
Income tax recoverable		29,462		29,462		-		0.0	%
Value added tax receivable		-		-		-		0.0	%
Derivative financial instruments		-				-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		230,688		230,688		-		0.0	%
Total current assets		3,990,440		3,992,087		-1,647		0.0	%
Property, plant and equipment, net		2,910,353		2,910,353		-		0.0	%
Right of use assets, net		361,561		358,704		2,857		0.8	%
Deferred income tax		527,929		523,568		4,361		0.8	%
Investment in subsidiaries		-		-		-		0.0	%
Intangible assets, net		1,649,953		1,649,953		-		0.0	%
Goodwill		1,599,718		1,599,718		-		0.0	%
Other assets		53,757		53,757		-		0.0	%
Total non-current assets		7,103,271		7,096,053		7,218		0.0	%
Total assets		11,093,711		11,088,140		5,571		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		508,731		508,731		-		0.0	%
Accounts payable to suppliers		1,790,026		1,790,026		-		0.0	%
Accrued expenses		306,997		306,997		-		0.0	%
Provisions		804,748		804,748		-		0.0	%
Income tax payable		-		-		-		0.0	%
Value added tax payable		117,864		117,864		-		0.0	%
Trade accounts payable to related parties		-		-		-		0.0	%
Statutory employee profit sharing		132,855		132,855		-		0.0	%
Lease liability		132,839		117,094		15,745		13.4	%
Derivative financial instruments		47,920		47,920		-		0.0	%
Total current liabilities		3,841,980		3,826,235		15,745		0.0	%
Employee benefits		127,150		127,150		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Deferred income tax		783,169		783,169		-		0.0	%
Lease liability		255,882		255,882		-		0.0	%
Long term debt and borrowings		4,622,691		4,622,691		-		0.0	%
Total non-current liabilities		5,788,892		5,788,892		-		0.0	%
Total liabilities		9,630,872		9,615,127		15,745		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-16,370		-16,370		-		0.0	%
Retained earnings		1,178,724		1,188,898		-10,174		-0.9	%
Other comprehensive income		-19,194		-19,194		-		0.0	%
Non-controlling interest		-1,633		-1,633		-		0.0	%
Total Stockholders’ Equity		1,462,839		1,473,013		-10,174		-1.0	%
Total Liabilities and Stockholders’ Equity		11,093,711		11,088,140		5,571		0.0	%

Balance Sheet Statement

	As restated		Previously presented		Adjustment		∆%
	Sep 2023		Sep 2023		Sep 2023		Sep 2023
Assets
Cash and cash equivalents		496,068		496,068		-		0.0	%
Trade accounts receivable, net		1,275,837		1,275,837		-		0.0	%
Accounts receivable from related parties		48		48		-		0.0	%
Inventories		2,178,018		2,178,018		-		0.0	%
Prepaid expenses		127,491		129,138		-1,647		-1.3	%
Income tax recoverable		112,215		112,215		-		0.0	%
Value added tax receivable		-		-		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		177,761		177,761		-		0.0	%
Total current assets		4,367,438		4,369,085		-1,647		0.0	%
Property, plant and equipment, net		2,877,944		2,877,944		-		0.0	%
Right of use assets, net		331,744		339,446		-7,702		-2.3	%
Deferred income tax		386,341		386,657		-316		-0.1	%
Investment in subsidiaries		-		-		-		0.0	%
Intangible assets, net		1,671,845		1,671,845		-		0.0	%
Goodwill		1,599,718		1,599,718		-		0.0	%
Other assets		53,794		53,794		-		0.0	%
Total non-current assets		6,921,386		6,929,404		-8,018		0.0	%
Total assets		11,288,824		11,298,489		-9,665		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		600,123		600,123		-		0.0	%
Accounts payable to suppliers		1,944,445		1,944,445		-		0.0	%
Accrued expenses		391,572		391,572		-		0.0	%
Provisions		865,213		865,213		-		0.0	%
Income tax payable		-		-		-		0.0	%
Value added tax payable		51,905		51,905		-		0.0	%
Trade accounts payable to related parties		-				-		0.0	%
Statutory employee profit sharing		104,675		104,675		-		0.0	%
Lease liability		79,329		87,815		-8,486		-9.7	%
Derivative financial instruments		25,279		25,279		-		0.0	%
Total current liabilities		4,062,541		4,071,027		-8,486		0.0	%
Employee benefits		161,952		161,952		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Deferred income tax		783,169		783,169		-		0.0	%
Lease liability		264,594		264,594		-		0.0	%
Long term debt and borrowings		4,743,980		4,743,980		-		0.0	%
Total non-current liabilities		5,953,695		5,953,695		-		0.0	%
Total liabilities		10,016,236		10,024,722		-8,486		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-16,370		-16,370		-		0.0	%
Retained earnings		972,995		974,174		-1,179		-0.1	%
Other comprehensive income		-3,412		-3,412		-		0.0	%
Non-controlling interest		-1,937		-1,937		-		0.0	%
Total Stockholders’ Equity		1,272,588		1,273,767		-1,179		0.0	%
Total Liabilities and Stockholders’ Equity		11,288,824		11,298,489		-9,665		0.0	%

Balance Sheet Statement

	As restated		Previously presented		Adjustment		∆%
	Jun 2023		Jun 2023		Jun 2023		Jun 2023
Assets
Cash and cash equivalents		728,872		728,872		-		0.0	%
Trade accounts receivable, net		1,166,267		1,166,267		-		0.0	%
Accounts receivable from related parties		30		30		-		0.0	%
Inventories		2,021,738		2,021,738		-		0.0	%
Prepaid expenses		125,212		126,859		-1,647		-1.3	%
Income tax recoverable		213,784		213,784		-		0.0	%
Value added tax receivable		-		-		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		163,131		163,131		-		0.0	%
Total current assets		4,419,034		4,420,681		-1,647		0.0	%
Property, plant and equipment, net		2,902,039		2,902,039		-		0.0	%
Right of use assets, net		344,029		357,831		-13,802		-3.9	%
Deferred income tax		319,026		319,157		-131		0.0	%
Investment in subsidiaries		1,236		1,236		-		0.0	%
Intangible assets, net		1,691,781		1,691,781		-		0.0	%
Goodwill		1,599,718		1,599,718		-		0.0	%
Other assets		50,934		50,934		-		0.0	%
Total non-current assets		6,908,763		6,922,696		-13,933		0.0	%
Total assets		11,327,797		11,343,377		-15,580		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		754,232		754,232		-		0.0	%
Accounts payable to suppliers		1,721,562		1,721,562		-		0.0	%
Accrued expenses		357,052		357,052		-		0.0	%
Provisions		788,698		788,698		-		0.0	%
Income tax payable		-		-		-		0.0	%
Value added tax payable		132,688		132,688		-		0.0	%
Trade accounts payable to related parties		116,932		116,932		-		0.0	%
Statutory employee profit sharing		77,489		77,489		-		0.0	%
Lease liability		65,341		79,309		-13,968		-17.6	%
Derivative financial instruments		80,066		80,066		-		0.0	%
Total current liabilities		4,094,060		4,108,028		-13,968		0.0	%
Employee benefits		154,817		154,817		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Deferred income tax		837,672		837,672		-		0.0	%
Lease liability		281,447		281,447		-		0.0	%
Long term debt and borrowings		4,685,437		4,685,437		-		0.0	%
Total non-current liabilities		5,959,373		5,959,373		-		0.0	%
Total liabilities		10,053,433		10,067,401		-13,968		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-16,370		-16,370		-		0.0	%
Retained earnings		975,182		976,795		-1,613		-0.2	%
Other comprehensive income		-3,984		-3,984		-		0.0	%
Non-controlling interest		-1,776		-1,776		-		0.0	%
Total Stockholders’ Equity		1,274,364		1,275,977		-1,613		0.0	%
Total Liabilities and Stockholders’ Equity		11,327,797		11,343,377		-15,580		0.0	%

Balance Sheet Statement

	As restated		Previously presented		Adjustment		∆%
	Mar 2023		Mar 2023		Mar 2023		Mar 2023
Assets
Cash and cash equivalents		579,788		579,788		-		0.0	%
Trade accounts receivable, net		1,209,278		1,209,278		-		0.0	%
Accounts receivable from related parties		12		12		-		0.0	%
Inventories		1,845,278		1,845,278		-		0.0	%
Prepaid expenses		113,075		113,075		-		0.0	%
Income tax recoverable		217,268		217,268		-		0.0	%
Value added tax receivable		-		-		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		192,968		192,968		-		0.0	%
Total current assets		4,157,667		4,157,667		-		0.0	%
Property, plant and equipment, net		2,933,315		2,933,315		-		0.0	%
Right of use assets, net		282,343		282,343		-		0.0	%
Deferred income tax		319,157		319,157		-		0.0	%
Investment in subsidiaries		1,236		1,236		-		0.0	%
Intangible assets, net		1,715,686		1,715,686		-		0.0	%
Goodwill		1,599,718		1,599,718		-		0.0	%
Other assets		44,373		44,373		-		0.0	%
Total non-current assets		6,895,828		6,895,828		-		0.0	%
Total assets		11,053,495		11,053,495		-		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		761,419		761,419		-		0.0	%
Accounts payable to suppliers		1,382,580		1,382,580		-		0.0	%
Accrued expenses		280,890		280,890		-		0.0	%
Provisions		791,437		791,437		-		0.0	%
Income tax payable		-		-		-		0.0	%
Value added tax payable		132,192		132,192		-		0.0	%
Trade accounts payable to related parties		104,917		104,917		-		0.0	%
Statutory employee profit sharing		162,844		162,844		-		0.0	%
Lease liability		94,890		94,890		-		0.0	%
Derivative financial instruments		65,545		65,545		-		0.0	%
Total current liabilities		3,776,714		3,776,714		-		0.0	%
Employee benefits		150,876		150,876		-		0.0	%
Derivative financial instruments		-				-		0.0	%
Deferred income tax		832,239		832,239		-		0.0	%
Lease liability		184,731		184,731		-		0.0	%
Long term debt and borrowings		4,926,846		4,926,846		-		0.0	%
Total non-current liabilities		6,094,692		6,094,692		-		0.0	%
Total liabilities		9,871,406		9,871,406		-		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-12,182		-12,182		-		0.0	%
Retained earnings		868,132		868,132		-		0.0	%
Other comprehensive income		3,470		3,470		-		0.0	%
Non-controlling interest		1,357		1,357		-		0.0	%
Total Stockholders’ Equity		1,182,089		1,182,089		-		0.0	%
Total Liabilities and Stockholders’ Equity		11,053,495		11,053,495		-		0.0	%

Balance Sheet Statement

	Not restated		Previously presented		Adjustment		∆%
	Dec 2022		Dec 2022		Dec 2022		Dec 2022
Assets
Cash and cash equivalents		815,644		815,644		-		0.0	%
Trade accounts receivable, net		971,063		971,063		-		0.0	%
Accounts receivable from related parties		61		61		-		0.0	%
Inventories		2,122,670		2,122,670		-		0.0	%
Prepaid expenses		52,562		52,562		-		0.0	%
Income tax recoverable		204,860		204,860		-		0.0	%
Value added tax receivable		-		-		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		188,266		188,266		-		0.0	%
Total current assets		4,355,126		4,355,126		-		0.0	%
Property, plant and equipment, net		2,973,374		2,973,374		-		0.0	%
Right of use assets, net		293,565		293,565		-		0.0	%
Deferred income tax		319,157		319,157		-		0.0	%
Investment in subsidiaries		1,236		1,236		-		0.0	%
Intangible assets, net		1,743,882		1,743,882		-		0.0	%
Goodwill		1,599,718		1,599,718		-		0.0	%
Other assets		46,675		46,675		-		0.0	%
Total non-current assets		6,977,607		6,977,607		-		0.0	%
Total assets		11,332,733		11,332,733		-		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		230,419		230,419		-		0.0	%
Accounts payable to suppliers		1,371,778		1,371,778		-		0.0	%
Accrued expenses		305,588		305,588		-		0.0	%
Provisions		793,412		793,412		-		0.0	%
Income tax payable		-		-		-		0.0	%
Value added tax payable		89,142		89,142		-		0.0	%
Trade accounts payable to related parties		96,859		96,859		-		0.0	%
Statutory employee profit sharing		135,298		135,298		-		0.0	%
Lease liability		85,399		85,399		-		0.0	%
Derivative financial instruments		15,329		15,329		-		0.0	%
Total current liabilities		3,123,224		3,123,224		-		0.0	%
Employee benefits		153,907		153,907		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Deferred income tax		833,557		833,557		-		0.0	%
Lease liability		206,509		206,509		-		0.0	%
Long term debt and borrowings		5,918,256		5,918,256		-		0.0	%
Total non-current liabilities		7,112,229		7,112,229		-		0.0	%
Total liabilities		10,235,453		10,235,453		-		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-12,671		-12,671		-		0.0	%
Retained earnings		779,941		779,941		-		0.0	%
Other comprehensive income		7,515		7,515		-		0.0	%
Non-controlling interest		1,183		1,183		-		0.0	%
Total Stockholders’ Equity		1,097,280		1,097,280		-		0.0	%
Total Liabilities and Stockholders’ Equity		11,332,733		11,332,733		-		0.0	%

Balance Sheet Statement

	Not restated		Previously presented		Adjustment		∆%
	Sep 2022		Sep 2022		Sep 2022		Sep 2022
Assets
Cash and cash equivalents		471,585		471,585		-		0.0	%
Trade accounts receivable, net		1,219,961		1,219,961		-		0.0	%
Accounts receivable from related parties		229		229		-		0.0	%
Inventories		2,416,485		2,416,485		-		0.0	%
Prepaid expenses		119,208		119,208		-		0.0	%
Income tax recoverable		-		-		-		0.0	%
Value added tax receivable		-		-		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		552,151		552,151		-		0.0	%
Total current assets		4,779,619		4,779,619		-		0.0	%
Property, plant and equipment, net		1,815,290		1,815,290		-		0.0	%
Right of use assets, net		137,187		137,187		-		0.0	%
Deferred income tax		302,651		302,651		-		0.0	%
Investment in subsidiaries		1,237		1,237		-		0.0	%
Intangible assets, net		665,905		665,905		-		0.0	%
Goodwill		3,158,464		3,158,464		-		0.0	%
Other assets		116,875		116,875		-		0.0	%
Total non-current assets		6,197,609		6,197,609		-		0.0	%
Total assets		10,977,228		10,977,228		-		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		642,647		642,647		-		0.0	%
Accounts payable to suppliers		1,362,098		1,362,098		-		0.0	%
Accrued expenses		393,486		393,486		-		0.0	%
Provisions		812,802		812,802		-		0.0	%
Income tax payable		168,380		168,380		-		0.0	%
Value added tax payable		77,272		77,272		-		0.0	%
Trade accounts payable to related parties		120,370		120,370		-		0.0	%
Statutory employee profit sharing		103,235		103,235		-		0.0	%
Lease liability		103,274		103,274		-		0.0	%
Derivative financial instruments		29,926		29,926		-		0.0	%
Total current liabilities		3,813,490		3,813,490		-		0.0	%
Employee benefits		227,923		227,923		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Deferred income tax		77,744		77,744		-		0.0	%
Lease liability		33,190		33,190		-		0.0	%
Long term debt and borrowings		5,910,384		5,910,384		-		0.0	%
Total non-current liabilities		6,249,241		6,249,241		-		0.0	%
Total liabilities		10,062,731		10,062,731		-		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-9,594		-9,594		-		0.0	%
Retained earnings		579,994		579,994		-		0.0	%
Other comprehensive income		22,037		22,037		-		0.0	%
Non-controlling interest		748		748		-		0.0	%
Total Stockholders’ Equity		914,497		914,497		-		0.0	%
Total Liabilities and Stockholders’ Equity		10,977,228		10,977,228		-		0.0	%

Balance Sheet Statement

	Not restated		Previously presented		Adjustment		∆%
	Jun 2022		Jun 2022		Jun 2022		Jun 2022
Assets
Cash and cash equivalents		575,727		575,727		-		0.0	%
Trade accounts receivable, net		1,170,038		1,170,038		-		0.0	%
Accounts receivable from related parties		6,414		6,414		-		0.0	%
Inventories		2,527,583		2,527,583		-		0.0	%
Prepaid expenses		149,915		149,915		-		0.0	%
Income tax recoverable		-		-		-		0.0	%
Value added tax receivable		3,202		3,202		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		502,478		502,478		-		0.0	%
Total current assets		4,935,357		4,935,357		-		0.0	%
Property, plant and equipment, net		1,848,424		1,848,424		-		0.0	%
Right of use assets, net		153,006		153,006		-		0.0	%
Deferred income tax		302,651		302,651		-		0.0	%
Investment in subsidiaries		1,235		1,235		-		0.0	%
Intangible assets, net		670,457		670,457		-		0.0	%
Goodwill		3,084,893		3,084,893		-		0.0	%
Other assets		121,732		121,732		-		0.0	%
Total non-current assets		6,182,398		6,182,398		-		0.0	%
Total assets		11,117,755		11,117,755		-		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		679,933		679,933		-		0.0	%
Accounts payable to suppliers		1,531,240		1,531,240		-		0.0	%
Accrued expenses		333,421		333,421		-		0.0	%
Provisions		780,945		780,945		-		0.0	%
Income tax payable		88,148		88,148		-		0.0	%
Value added tax payable		67,832		67,832		-		0.0	%
Trade accounts payable to related parties		120,001		120,001		-		0.0	%
Statutory employee profit sharing		73,442		73,442		-		0.0	%
Lease liability		114,075		114,075		-		0.0	%
Derivative financial instruments		42,904		42,904		-		0.0	%
Total current liabilities		3,831,941		3,831,941		-		0.0	%
Employee benefits		224,454		224,454		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Deferred income tax		68,326		68,326		-		0.0	%
Lease liability		36,891		36,891		-		0.0	%
Long term debt and borrowings		5,905,688		5,905,688		-		0.0	%
Total non-current liabilities		6,235,359		6,235,359		-		0.0	%
Total liabilities		10,067,300		10,067,300		-		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-9,594		-9,594		-		0.0	%
Retained earnings		727,651		727,651		-		0.0	%
Other comprehensive income		9,879		9,879		-		0.0	%
Non-controlling interest		1,207		1,207		-		0.0	%
Total Stockholders’ Equity		1,050,455		1,050,455		-		0.0	%
Total Liabilities and Stockholders’ Equity		11,117,755		11,117,755		-		0.0	%

Balance Sheet Statement

	Not restated		Previously presented		Adjustment		∆%
	Mar 2022		Mar 2022		Mar 2022		Mar 2022
Assets
Cash and cash equivalents		711,625		711,625		-		0.0	%
Trade accounts receivable, net		709,945		709,945		-		0.0	%
Accounts receivable from related parties		7		7		-		0.0	%
Inventories		1,644,619		1,644,619		-		0.0	%
Prepaid expenses		70,335		70,335		-		0.0	%
Income tax recoverable		-		-		-		0.0	%
Value added tax receivable		-		-		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Non current assets held for sale		-		-		-		0.0	%
Other assets		56,083		56,083		-		0.0	%
Total current assets		3,192,614		3,192,614		-		0.0	%
Property, plant and equipment, net		1,092,165		1,092,165		-		0.0	%
Right of use assets, net		18,264		18,264		-		0.0	%
Deferred income tax		-		-		-		0.0	%
Investment in subsidiaries		1,521		1,521		-		0.0	%
Intangible assets, net		376,433		376,433		-		0.0	%
Goodwill		353,703		353,703		-		0.0	%
Other assets		3,229		3,229		-		0.0	%
Total non-current assets		1,845,315		1,845,315		-		0.0	%
Total assets		5,037,929		5,037,929		-		0.0	%
Liabilities and Stockholders’ Equity
Short term debt and borrowings		107,047		107,047		-		0.0	%
Accounts payable to suppliers		1,850,080		1,850,080		-		0.0	%
Accrued expenses		217,234		217,234		-		0.0	%
Provisions		-		-		-		0.0	%
Income tax payable		61,290		61,290		-		0.0	%
Value added tax payable		12,805		12,805		-		0.0	%
Trade accounts payable to related parties		-		-		-		0.0	%
Statutory employee profit sharing		67,415		67,415		-		0.0	%
Lease liability		7,934		7,934		-		0.0	%
Derivative financial instruments		71,219		71,219		-		0.0	%
Total current liabilities		2,395,024		2,395,024		-		0.0	%
Employee benefits		2,343		2,343		-		0.0	%
Derivative financial instruments		-		-		-		0.0	%
Deferred income tax		44,949		44,949		-		0.0	%
Lease liability		10,575		10,575		-		0.0	%
Long term debt and borrowings		1,483,082		1,483,082		-		0.0	%
Total non-current liabilities		1,540,949		1,540,949		-		0.0	%
Total liabilities		3,935,973		3,935,973		-		0.0	%
Stockholders’ Equity
Capital stock		321,312		321,312		-		0.0	%
Share premium account		-9,594		-9,594		-		0.0	%
Retained earnings		788,228		788,228		-		0.0	%
Other comprehensive income		487		487		-		0.0	%
Non-controlling interest		1,523		1,523		-		0.0	%
Total Stockholders’ Equity		1,101,956		1,101,956		-		0.0	%
Total Liabilities and Stockholders’ Equity		5,037,929		5,037,929		-		0.0	%

Restated Financial Key Metrics Jafra Mexico

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q3 2024		Q3 2024		Q3 2024		Q3 2024
Net revenue		1,623,697		1,623,697		-		0.0	%
Gross profit		1,247,725		1,392,058		-144,333		-10.4	%
EBITDA		-116,881		-116,881		-		0.0	%
EBITDA Adjusted		318,149		318,149		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q2 2024		Q2 2024		Q22024		Q2 2024
Net revenue		1,671,137		1,671,137		-		0.0	%
Gross profit		1,287,123		1,437,064		-149,941		-10.4	%
EBITDA		344,477		344,477		-		0.0	%
EBITDA Adjusted		344,477		344,477		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q1 2024		Q1 2024		Q1 2024		Q1 2024
Net revenue		1,849,996		1,849,996		-		0.0	%
Gross profit		1,432,603		1,572,042		-139,439		-8.9	%
EBITDA		383,120		383,120		-		0.0	%
EBITDA Adjusted		383,120		383,120		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Total 2024		Total 2024		Total 2024		Total 2024
Net revenue		7,183,823		7,183,823		-		0.0	%
Gross profit		5,477,827		5,911,540		-433,713		-7.3	%
EBITDA		790,074		790,074		-		0.0	%
EBITDA Adjusted		1,486,377		1,486,377		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q4 2023		Q4 2023		Q4 2023		Q4 2023
Net revenue		1,668,956		1,668,956		-		0.0	%
Gross profit		1,314,488		1,443,820		-129,332		-9.0	%
EBITDA		532,780		532,780		-		0.0	%
EBITDA Adjusted		532,780		532,780		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q3 2023		Q3 2023		Q3 2023		Q3 2023
Net revenue		1,486,816		1,486,816		-		0.0	%
Gross profit		1,072,510		1,233,929		-161,419		-13.1	%
EBITDA		209,329		209,329		-		0.0	%
EBITDA Adjusted		209,329		209,329		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q2 2023		Q2 2023		Q2 2023		Q2 2023
Net revenue		1,536,775		1,536,775		-		0.0	%
Gross profit		1,144,251		1,280,477		-136,226		-10.6	%
EBITDA		268,724		268,724		-		0.0	%
EBITDA Adjusted		268,724		268,724		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q1 2023		Q1 2023		Q1 2023		Q1 2023
Net revenue		1,662,405		1,662,405		-		0.0	%
Gross profit		1,231,353		1,363,963		-132,610		-9.7	%
EBITDA		277,548		277,548		-		0.0	%
EBITDA Adjusted		277,548		277,548		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Total 2023		Total 2023		Total 2023		Total 2023
Net revenue		6,354,952		6,354,952		-		0.0	%
Gross profit		4,762,602		5,322,189		-559,587		-10.5	%
EBITDA		1,287,037		1,287,037		-		0.0	%
EBITDA Adjusted		1,287,037		1,287,037		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q4 2022		Q4 2022		Q4 2022		Q4 2022
Net revenue		1,522,363		1,522,363		-		0.0	%
Gross profit		1,101,330		1,228,720		-127,390		-10.4	%
EBITDA		366,790		366,790		-		0.0	%
EBITDA Adjusted		366,790		366,790		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q3 2022		Q3 2022		Q3 2022		Q3 2022
Net revenue		1,333,036		1,333,036		-		0.0	%
Gross profit		960,833		1,108,505		-147,672		-13.3	%
EBITDA		272,435		272,435		-		0.0	%
EBITDA Adjusted		272,435		272,435		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Q2 2022		Q2 2022		Q2 2022		Q2 2022
Net revenue		1,342,721		1,342,721		-		0.0	%
Gross profit		970,863		1,100,279		-129,416		-11.8	%
EBITDA		215,025		215,025		-		0.0	%
EBITDA Adjusted		215,025		215,025		-		0.0	%

Profit & Loss Statement	As restated		Previously presented		Adjustment		∆%
	Total 2022		Total 2022		Total 2022		∆%
Net revenue		4,198,120		4,198,120		-		0.0	%
Gross profit		3,033,026		3,437,504		-404,478		-11.8	%
EBITDA		854,250		854,250		-		0.0	%
EBITDA Adjusted		854,250		854,250		-		0.0	%

Use of Non-IFRS Financial Measures

This announcement includes certain references to EBITDA, EBITDA Margin, Net Debt:

EBITDA: defined as profit for the year adding back the depreciation of property, plant, and equipment and right of use assets, amortization of intangible assets, financing cost, net and total income taxes.

EBITDA Margin: is calculated by dividing EBITDA by net revenue.

EBITDA and EBITDA Margin are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies.

BeFra believes that these non-IFRS financial measures are useful to investors because (i) BeFra uses these measures to analyze its financial results internally and believes they represent a measure of operating profitability and (ii) these measures will serve investors to understand and evaluate BeFra’s EBITDA and provide more tools for their analysis as it makes BeFra’s results comparable to industry peers that also prepare these measures.

Definitions: Operating Metrics

Starting Q2 2024, the Company will report salesforce under the same name for all business units, Distributors (previously stated as Leaders in Jafra) and Associates (previously stated as Consultants for Jafra). It is important to note that the metrics are calculated with the same method as previous quarters and the reference name change has no adverse effect on the results of the operating metrics reported by the Company.

Betterware (Associates and Distributors)

Avg. Base: Weekly average Associate/Distributor base

EOP Base: Associate/Distributor base at the end of the period

Weekly Churn Rate: Average weekly data. Total Associates/Distributors lost during the period divided by the beginning of the period Associate/Distributor base.

Weekly Activity Rate: Average weekly data. Active Associates/Distributors divided by ending Associate/Distributor base.

Avg. Weekly Order: Average weekly data. Total Revenue divided by number of active Associates/Distributors

Jafra (Associates and Distributors)

Avg. Base: Monthly average Associate/Distributor base

EOP Base: Associate/Distributor base at the end of the period

Monthly Churn Rate (Associates): Average monthly data. Total Associates lost during the period divided by the number of active Associates 4 months prior. An Associate is terminated only after 4 months of inactivity.

Monthly Churn Rate (Distributors): Average monthly data. Total Distributors lost during the period divided by end of period Distributors’ base.

Monthly Activity Rate: Average monthly data. Active Associate/Distributor divided by the end of period Associate/Distributor base.

Avg. Monthly Order (Associates): Average monthly data. Total Catalog Revenue divided by number of Associates orders.

Avg. Monthly Order (Distributors): Average monthly data. Total Distributors Revenue divided by number of Distributors orders.

About Betterware de México, S.A.P.I. de C.V.

Founded in 1995, Betterware de Mexico is the leading direct-to-consumer company in Mexico focused on offering innovative products that solve specific needs related to household organization, practicality, space-saving, and hygiene. Through the acquisition of JAFRA on April 7, 2022, the Company now offers a leading brand of direct-to-consumer in the Beauty market in Mexico and the United States where it offers Fragrances, Color & Cosmetics, Skin Care, and Toiletries. The combined company possesses an asset-light business model with low capital expenditure requirements and a track record of strong profitability, double digit rates of revenue growth and free cash flow generation. Today, the Company distributes its products in Mexico and in the United States of America.

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan”, “predict”, “potential”, “seem”, “seek,” “future,” “outlook”, and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The reader should understand that the results obtained may differ from the projections contained in this document and that many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward looking statements. For this reason, the Company assumes no responsibility for any indirect factors or elements beyond its control that might occur inside Mexico or abroad and which might affect the outcome of these projections and encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2020 and any of the Company’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences

The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date hereof. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Further information on risks and uncertainties that may affect the Company’s operations and financial performance, and the forward statements contained herein, is available in the Company’s filings with the SEC. All forward-looking statements are qualified in their entirety by this cautionary statement.

Q4 2024 Conference Call

Management will hold a conference call with investors on February 27^th, 2025, at 4:30 pm Mexico City Time / 5:30 pm Eastern Time (EST). For anyone who wishes to join live, the dial-in information is:

Toll Free: 1-877-451-6152

Toll/International: 1-201-389-0879

Conference ID: 13751208

If you wish to listen to the replay of the conference call, please see instructions below:

Toll Free: 1-844-512-2921

Toll/International: 1-412-317-6671

Replay Pin Number: 13751208

Contacts.

Company:

BeFra IR

ir@better.com.mx

+52 (33) 3836 0500 Ext. 2011

InspIR:

Investor Relations

Ivan Peill

ivan@inspirgroup.com