We are reiterating our Buy rating, $30 price target and projections for Betterware de Mexico after reviewing the February Betterware catalog. While almost all of the key trends we saw in 2025 have continued into February 2026 (lower SKU counts, less newness and lower % of SKUs with discounts), this month marked the first time in 18 months the YoY average price point declined; while only a 2.2% drop (and still 13% above February 2024 levels) we wonder if this shift reflects a desire to once again drive budget conscious revenue and, with the USD continuing to weaken versus the MXN (down approximately 4% so far in 2026 [after a 13.7% decline in 2025]), the ability to capture better costing. With the pending Tupperware LatAm transaction, we believe Betterware management is even more focused on driving strong overall returns in the current core businesses; as such, we reiterate our Buy rating and $30 price target for BWMX.
