We are reiterating our Buy rating and $30 price target, but slightly tweaking down our 4Q25 margin projections, for Betterware de Mexico, with the company reporting 4Q25 (December) results after the close on February 26th. We believe, with the Tupperware LatAm acquisition on tap to close in 1H26, continued high-margin growth at JAFRA, Betterware highly focused on overall returns and the weak USD and the normalization of China trade ongoing, Betterware is poised to drive strong 2026 results and continue their material expansion into Central and South America. As such, we reiterate our Buy rating and $30 price target for BWMX.
