Betterware de Mexico SAPI de CV (BWMX) 2026 Q1 法說會逐字稿

Thank you, and welcome to BeFra's First Quarter 2026 Earnings Conference Call. Before BeFra's management begins their prepared remarks, please note the disclaimer regarding forward-looking statements on Slide 2.

感謝您，歡迎參加 BeFra 2026 年第一季財報電話會議。在 BeFra 管理層開始其事先準備的發言之前，請注意投影片 2 中關於前瞻性陳述的免責聲明。

To remind participants that this call may contain forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Please consider these statements alongside the cautionary language and safe harbor statement in today's earnings release as well as the risk factors outlined in BeFra's SEC filings. BeFra undertakes no obligation to update any forward-looking statements.

提醒各位與會者，本次電話會議可能包含前瞻性陳述，該等陳述受多項風險與不確定性影響，可能導致實際結果與預期存在重大差異。請將這些陳述與今日財報新聞稿中的警示性用語與安全港聲明，以及 BeFra 向美國證券交易委員會（SEC）提交文件中所列的風險因素一併考量。BeFra 不承擔更新任何前瞻性陳述的義務。

A reconciliation of and other information regarding non-GAAP financial measures discussed on this call can be found in the earnings release published earlier today as well as the Investors section of the company's website. Present on today's call are BeFra's President and Chief Executive Officer, Andres Campos; and Chief Financial Officer, Raul Del Villar.

本次電話會議所討論之非 GAAP 財務衡量指標的調節表及其他相關資訊，可於今日稍早發布的財報新聞稿以及公司網站的投資人專區查閱。今日出席電話會議的有 BeFra 總裁兼執行長 Andres Campos，以及財務長 Raul Del Villar。

Now I would like to turn the call over to Mr. Campos. Please go ahead, sir.

現在我想把電話交給 Campos 先生。先生，請開始。

Thank you, operator, and good afternoon, everyone. Thank you for joining our call today. First, I'd like to introduce Raul Del Villar, our new CFO. Raul brings more than 30 years of experience in senior finance roles within multinational consumer companies, playing strategic roles in expanding their brand portfolios and entering new geographic markets, both of which are integral to BeFra's own growth strategy. His experience and leadership will be instrumental in supporting our growth objectives.

謝謝接線員，各位下午好。感謝各位今天加入我們的電話會議。首先，我想介紹我們的新任財務長 Raul Del Villar。Raul 在跨國消費品公司擔任高階財務職務逾 30 年，曾在擴大品牌組合與進入新地理市場方面扮演策略性角色，而這兩者皆是 BeFra 自身成長策略的關鍵。他的經驗與領導力將在支持我們的成長目標方面發揮重要作用。

Turning to key highlights on Slide 4. We delivered slight revenue growth of 0.3% year-over-year and EBITDA growth of 14% year-over-year, expanding our EBITDA margin from 15.3% to 17.4%, supported by improving profitability across all of our business units. Net income and free cash flow remained strong and reflect a more normalized quarter without the extraordinary effects seen last year.

接著看投影片 4 的重點摘要。我們實現營收年增 0.3% 的小幅成長，以及 EBITDA 年增 14%，EBITDA 利潤率由 15.3% 擴大至 17.4%，主要受惠於我們所有事業單位獲利能力的改善。淨利與自由現金流維持強勁，並反映本季較為常態化，未出現去年所見的非經常性影響。

Turning to Slide 5. We continue to diversify our revenue mix in terms of brands and geographies. We expect this trend to accelerate once we receive regulatory approval of the Tupperware transaction, which we expect to happen in Q2. In addition to significantly diversifying our revenue and giving us entry into the Brazilian market, this new brand will be immediately earnings accretive, contributing an estimated 40% to earnings per share.

接著看投影片 5。我們持續在品牌與地理區域方面分散營收組合。一旦我們取得 Tupperware 交易的監管核准（預期於第二季發生），我們預期此趨勢將加速。除了大幅分散我們的營收並讓我們進入巴西市場之外，這個新品牌也將立即增厚獲利，預估對每股盈餘貢獻約 40%。

Looking at revenue on a quarter-on-quarter basis, I'd like to highlight the early success of Betterware's expansion into Ecuador and its improving performance in Guatemala. The contributions of which increased from 0.1% to 0.7% of total revenue over the past year. We expect this share to continue growing as the business scales in the region. Now I will hand the call over to Raul so he can explain BeFra's key financials in detail.

以季對季的角度來看營收，我想強調 Betterware 進軍厄瓜多的早期成功，以及其在瓜地馬拉表現的改善。其貢獻在過去一年中由總營收的 0.1% 提升至 0.7%。隨著該業務在區域內擴大規模，我們預期此占比將持續成長。接下來我將把電話交給 Raul，請他詳細說明 BeFra 的主要財務數據。

Thank you, Andres. Very excited to be part of the team. Let's turn to Slide 6. Contributing to the 0.3% year-over-year increase in revenue was Betterware, which grew 2.6% despite one less week in the quarter and which benefited from its geographic expansion. Improving trends at Jafra U.S. also contributed to BeFra's top line growth, which was partially offset by lower sales at Jafra Mexico. Looking at the associate base, we are beginning to see the impact of targeted initiatives with Betterware's base returning to growth.

謝謝你，Andres。非常興奮能成為團隊的一員。我們看投影片 6。推動營收年增 0.3% 的因素之一是 Betterware；儘管本季少了一週，Betterware 仍成長 2.6%，並受惠於其地理擴張。Jafra 美國業務的改善趨勢也對 BeFra 的營收成長有所貢獻，但部分被 Jafra 墨西哥較低的銷售所抵銷。從夥伴（associate）基礎來看，我們開始看到針對性措施的影響，Betterware 的夥伴基礎已恢復成長。

Although Jafra Mexico's associate base declined as a result of our focus on productivity, we are now shifting towards initiatives aimed at attraction and retention, which we expect to begin showing results in Q2. Overall, these trends demonstrate improving momentum across both businesses and position us well for sustained growth.

雖然 Jafra 墨西哥的夥伴基礎因我們聚焦生產力而下滑，但我們目前正轉向以招募與留任為目標的措施，預期將在第二季開始顯現成效。整體而言，這些趨勢顯示兩項業務的動能正在改善，並使我們具備持續成長的良好定位。

On Slide 7, EBITDA performance reflects a clear improvement in profitability across our business units, with margin expanding 211 basis points to 17.4%. It is important to note that extraordinary expenses related to Tupperware transaction impacted the margin.

在投影片 7，EBITDA 表現反映我們各事業單位獲利能力的明顯改善，利潤率擴大 211 個基點至 17.4%。需要特別指出的是，與 Tupperware 交易相關的非經常性費用對利潤率造成影響。

Without these expenses, margin would have been approximately 18.4%. On the right-hand side of the slide, net income accelerated, nearly doubling year-over-year, reflecting a return to more normalized profitability levels following the extraordinary expenses recorded in the prior year as well as lower interest expenses. Overall, BeFra's improving profitability embodies our fifth strategic pillar of maintaining financial discipline.

若不計入這些費用，利潤率約為 18.4%。在投影片右側，淨利加速成長，年增近乎倍增，反映在前一年認列非經常性費用後獲利回到較常態化水準，以及利息費用下降。整體而言，BeFra 獲利能力的改善體現了我們第五項策略支柱：維持財務紀律。

Turning to the next slide. Free cash flow normalized during the quarter, converting 58% of EBITDA into cash, supported by stronger underlying profitability and continued discipline in working capital management, particularly with respect to inventory.

接著看下一張投影片。本季自由現金流回歸常態，將 EBITDA 的 58% 轉換為現金，受惠於更強的基礎獲利能力，以及在營運資金管理（尤其是存貨）方面持續的紀律。

This will enable us to pay our 25th consecutive quarterly dividend since going public, which the Board has proposed at MXN 200 million, subject to shareholder approval. Dividend payments remained aligned with our disciplined capital allocation framework, maintaining a 33% trailing 12-month dividend-to-EBITDA ratio, while also using the cash we generate to further reduce debt leverage and continue investing in geographic expansion.

這將使我們得以支付自上市以來連續第 25 次的季度股利，董事會提案金額為 2 億墨西哥披索（MXN），仍須經股東核准。股利發放仍與我們嚴謹的資本配置框架一致，維持過去 12 個月股利對 EBITDA 比率為 33%，同時也運用我們所產生的現金進一步降低負債槓桿，並持續投資於地理擴張。

Slide 9 summarizes BeFra's financial strength. Total debt continued falling with net debt-to-EBITDA improving to 1.5 times. Following the completion of the Tupperware transaction, we expect our leverage ratio to increase to approximately 1.9 times with the aim of maintaining healthy leverage levels. As you can see in the chart at the left of the slide, we successfully reduced leverage from 2.4 times at the end of 2022 and 3.1 times at the time of the Jafra acquisition to current levels.

投影片 9 彙總了 BeFra 的財務實力。總負債持續下降，淨負債對 EBITDA 比率改善至 1.5 倍。在完成 Tupperware 交易後，我們預期槓桿比率將上升至約 1.9 倍，並以維持健康的槓桿水準為目標。如投影片左側圖表所示，我們已成功將槓桿自 2022 年底的 2.4 倍，以及收購 Jafra 時的 3.1 倍，降至目前水準。

Our asset-light model remains a key source of resilience with ROTA improving to 22.7%, demonstrating greater capital efficiency and stronger profitability. On the right-hand side, you can see that returns have also strengthened versus last year's quarter with ROIC increasing to 27% and EPS reaching MXN 31.9 on a trailing basis, reflecting a stronger earnings profile.

我們的輕資產模式仍是韌性的關鍵來源，ROTA 提升至 22.7%，展現更高的資本效率與更強的獲利能力。在右側，您也可以看到相較去年同期，報酬率同樣走強：ROIC 提升至 27%，而以過去 12 個月計算的 EPS 達到 MXN 31.9，反映更強的獲利結構。

Overall, we are not only improving profitability, but also translating these gains into stronger results, a healthier balance sheet and high returns on capital while enabling us to continue funding initiatives across our five strategic pillars.

總體而言，我們不僅提升獲利能力，也將這些改善轉化為更強的業績、更健康的資產負債表與更高的資本報酬，同時使我們能持續為五大策略支柱下的各項措施提供資金。

I will now pass the call back to Andres, who will talk more about each brand's performance as well as provide an update on the strategic pillars.

現在我將把電話交回給 Andres，他將進一步說明各品牌的表現，並更新策略支柱的進展。

Thank you, Raul. Turning to Slide 10. As in previous quarters, we continue advancing across our five strategic pillars, which define the next stage of BeFra's evolution. First, strengthen our leadership in Mexico with our Betterware and Jafra brands; second, continue our regional expansion, driving Jafra's growth in the U.S. and selectively expanding across LatAm; third, develop or acquire new brands and/or product categories; fourth, further advance our digital transformation; and finally, maintain strict financial discipline, prioritizing profitability, cash generation and a strong balance sheet as the foundation of sustainable long-term growth.

謝謝你，Raul。接著看投影片 10。如同前幾季，我們持續推進五大策略支柱，這些支柱界定了 BeFra 演進的下一階段。第一，透過 Betterware 與 Jafra 品牌強化我們在墨西哥的領導地位；第二，持續區域擴張，推動 Jafra 在美國的成長，並在拉丁美洲進行選擇性擴張；第三，開發或收購新品牌及／或產品類別；第四，進一步推進數位轉型；最後，維持嚴格的財務紀律，以獲利能力、現金創造與強健的資產負債表為永續長期成長的基礎。

These pillars remain the framework guiding our strategic decisions and capital allocation going forward. On Slide 11 is the first pillar, strengthening our leadership in the Mexican market. Starting with Betterware on the next slide. The business delivered a solid start to the year with improving commercial momentum.

這些支柱仍是未來指引我們策略決策與資本配置的架構。第 11 頁投影片為第一項支柱：強化我們在墨西哥市場的領導地位。接著看下一頁投影片的 Betterware。該業務在年初交出穩健表現，商業動能持續改善。

We are seeing a clear inflection point in the associate base, which has returned to growth and is beginning to rebuild scale. This represents an important milestone as it supports the recovery in revenue and reinforces the strength of our commercial model going forward.

我們看到夥伴（associate）基礎出現明確的拐點，已恢復成長並開始重建規模。這是一個重要里程碑，因其支持營收復甦，並進一步強化我們未來商業模式的韌性。

It is important to note that the quarter had one fewer week compared to last year, which affected reported growth. On a comparable basis, revenue growth would have been approximately 3.3%. Additionally, although Latin America currently represents only 1.7% of Betterware total revenue, it is expected to continue expanding as we further scale our regional operations.

需要注意的是，本季較去年少一週，影響了帳面成長表現。若以可比基礎計算，營收成長約為 3.3%。此外，儘管拉丁美洲目前僅占 Betterware 總營收的 1.7%，但隨著我們進一步擴大區域營運規模，預期將持續擴張。

On the right-hand side of the slide, EBITDA margin improved significantly by 190 basis points to 20.5%, with EBITDA increasing 12.9% year-over-year, driven by disciplined cost management and solid execution. Gross margin remained stable despite external pressures.

在投影片右側，EBITDA 利潤率顯著提升 190 個基點至 20.5%，EBITDA 年增 12.9%，主要受惠於嚴謹的成本管理與穩健的執行。儘管面臨外部壓力，毛利率仍維持穩定。

On Slide 13, we highlight the progress we are making against the strategic initiatives outlined for 2026. As a reminder, our key priorities for 2026 include innovation, catalog redesign, enhanced associate service, new technology capabilities and the new payment system. Starting with innovation, we are seeing strong performance from our new fast consumption product line called Better Klin Tabs as we continue to expand into higher frequency consumption categories.

第 13 頁投影片，我們重點說明在 2026 年所列策略性計畫上的推進進度。提醒一下，我們 2026 年的關鍵優先事項包括：創新、型錄改版、提升夥伴服務、新的科技能力以及新的支付系統。先從創新開始，我們的新快速消耗品產品線 Better Klin Tabs 表現強勁，並持續擴展至更高頻次的消費品類。

On catalog redesign, our new catalog format is progressing well and is set to launch in the second half of the year. In terms of associate service, we are currently piloting a new segmentation within our incentive program aimed at enhancing engagement and driving activity with a broader rollout expected in the third quarter.

在型錄改版方面，我們的新型錄格式進展順利，預計於下半年推出。在夥伴服務方面，我們目前在獎勵計畫中試行新的分群機制，旨在提升參與度並帶動活動量，預計於第三季更大範圍推廣。

On the technology front, we have introduced new analytical capabilities and are advancing the development of new Betterware Plus app features alongside the implementation of our Salesforce CRM expected to launch in Q2. Finally, regarding our payment system, we are in the pilot phase with ongoing testing and analysis as we prepare for a full rollout during the second half of the year.

在科技方面，我們已導入新的分析能力，並在推進 Betterware Plus App 新功能的開發，同時也在導入 Salesforce CRM，預計於第二季上線。最後，在支付系統方面，我們正處於試點階段，持續進行測試與分析，為下半年全面推廣做準備。

Overall, we are making solid progress in executing our 2026 priorities, reinforcing the foundations for sustainable growth. On Slide 14, Jafra Mexico's quarter reflects a temporary moderation in revenue growth. This was mainly driven by a shift in focus towards productivity of the existing consultant base, which ended up undermining base expansion.

整體而言，我們在執行 2026 年優先事項上取得扎實進展，強化永續成長的基礎。第 14 頁投影片，Jafra 墨西哥本季反映營收成長暫時放緩。主要原因是將重心轉向提升既有顧問（consultant）基礎的生產力，結果削弱了基礎擴張。

We recently implemented initiatives to rebalance our focus on capturing associate growth, which we expect to see results during the second quarter. It is important to mention that according to the latest market report for 2025, we have reached the number two position in the beauty market in Mexico within the direct selling channel, up from number four at the time of Jafra's acquisition in 2022.

我們近期已推動相關措施，以重新平衡並加強對夥伴成長的聚焦，預期第二季可看到成果。值得一提的是，依據最新的 2025 年市場報告，我們在墨西哥直銷通路的美妝市場已升至第 2 名，較 2022 年收購 Jafra 時的第 4 名有所提升。

Additionally, we now rank number seven in the overall beauty market in Mexico across all distribution channels. On the profitability side, the business delivered strong improvement, increasing EBITDA margin by 165 basis points to 17%, supported by better cost management, benefits of restructuring initiatives implemented last year and lower extraordinary expenses.

此外，在涵蓋所有分銷通路的墨西哥整體美妝市場中，我們目前排名第 7。在獲利方面，該業務表現顯著改善，EBITDA 利潤率提升 165 個基點至 17%，受惠於更佳的成本管理、去年推動的重組措施效益，以及較低的非經常性費用。

Moving on to the next slide. Jafra Mexico is also making solid progress in executing its 2026 priorities. Starting with innovation, we returned from renovation to innovation, highlighted by the launch of the new Stitch sunblock through our partnership with Disney, among other innovations as we continue to expand our portfolio and refresh key categories.

接著看下一頁投影片。Jafra 墨西哥在執行其 2026 年優先事項方面也取得穩健進展。先從創新開始，我們已從「翻新」回到「創新」，亮點包括透過與迪士尼的合作推出全新 Stitch 防曬產品等多項創新，並持續擴充產品組合、更新關鍵品類。

On sample trial initiatives, we have introduced increasing quantities of sensorial sampling, enhancing the product experience for consultants and customers. Regarding subscription models, we launched our new subscription plan in March, which is already showing early traction and supporting retention.

在試用小樣計畫方面，我們導入更多感官型試用（sensorial sampling），提升顧問與客戶的產品體驗。在訂閱模式方面，我們於 3 月推出新的訂閱方案，已展現初步動能並有助於留存。

In terms of associate incentives, we are advancing our segmentation strategy with new structures designed to better address different associate profiles with further rollout expected in Q3. Finally, on the Jafra Plus platform, we are progressing with the implementation of our new CRM expected in Q2 and the Jafra Plus app, which is set to launch in Q3.

在夥伴獎勵方面，我們正推進分群策略，透過新架構更好地對應不同夥伴輪廓，預計第三季進一步推廣。最後，在 Jafra Plus 平台方面，我們正推進新 CRM 的導入，預計第二季上線；Jafra Plus App 則預計第三季推出。

Overall, these actions position Jafra Mexico to transition into its next phase of growth. On Slide 16, we highlight our second strategic pillar, which is regional expansion. Turning to Slide 17. The business continues to show significant progress in the U.S. with net revenue in U.S. dollars increasing 8.6%, supported by an expanding associate base, growing 3.4% year-on-year and improved productivity.

整體而言，這些行動使 Jafra 墨西哥得以邁向下一階段的成長。第 16 頁投影片，我們重點說明第二項策略支柱：區域擴張。接著看第 17 頁投影片。美國業務持續展現顯著進展，以美元計的淨營收成長 8.6%，受惠於夥伴基礎擴大（年增 3.4%）以及生產力提升。

At the same time, profitability improved meaningfully, driven by disciplined cost management. Importantly, excluding extraordinary legal expenses, EBITDA would have been positive with a margin of approximately 2.6%, showcasing the increasing strength and independence of our Jafra U.S. business.

同時，在嚴謹的成本管理帶動下，獲利能力也明顯改善。重要的是，若排除非經常性法律費用，EBITDA 將轉為正值，利潤率約為 2.6%，展現我們 Jafra 美國業務日益增強的實力與獨立性。

Turning to Slide 18. We are pleased to announce the launch of Betterware Colombia. This marks an important milestone in our regional expansion strategy, further strengthening our presence in the Andean region, building on the success we have seen in Ecuador. Turning to Slide 19. Our operations in the Andean region and Central America continued to show strong momentum.

接著看第 18 頁投影片。我們很高興宣布 Betterware 哥倫比亞正式啟動。這是我們區域擴張策略的重要里程碑，在厄瓜多成功經驗的基礎上，進一步強化我們在安第斯地區的布局。接著看第 19 頁投影片。我們在安第斯地區與中美洲的營運持續展現強勁動能。

Both the Andean region and Guatemala remain on a sustained growth trajectory, supported by continued expansion of the associate base. In the Andean region, we have reached approximately 14,000 associates, reflecting solid progress in building scale in a relatively short period of time.

安第斯地區與瓜地馬拉皆維持持續成長軌跡，受惠於夥伴基礎持續擴張。在安第斯地區，我們已達約 14,000 名夥伴，反映我們在相對短時間內建立規模的扎實進展。

In Guatemala, the associate base has also continued to expand, reaching approximately 2,200 associates, demonstrating strong traction and growing engagement in the market. While these markets continue to scale rapidly, they still represent a small portion of total revenue, accounting for 0.7% of the group's revenue and 1.7% of the Betterware brand.

在瓜地馬拉，夥伴基礎亦持續擴大，達約 2,200 名夥伴，顯示市場動能強勁且參與度提升。儘管這些市場仍在快速擴張，但在總營收中占比仍小，約占集團營收的 0.7%，以及 Betterware 品牌的 1.7%。

Turning to Slide 20. We continue advancing on our strategy of incorporating new brands and categories that complement our portfolio. We announced the acquisition of Tupperware on January 19, and we continue to await approval from the antitrust authority in Mexico, which we expect during the second quarter of 2026.

接著看第 20 頁投影片。我們持續推進納入新品牌與新類別的策略，以補強並完善我們的產品組合。我們於 1 月 19 日宣布收購 Tupperware，目前仍在等待墨西哥反壟斷主管機關核准，預期於 2026 年第二季取得。

We see significant potential in the Tupperware transaction as it is highly accretive and strategically positions us to penetrate the far larger Brazilian market, while this iconic brand provides additional expansion opportunities across the region.

我們認為 Tupperware 交易具備顯著潛力，因其高度增厚（accretive），並在策略上使我們得以切入規模更大的巴西市場；同時，這個具代表性的品牌也為我們在區域內帶來更多擴張機會。

Turning to Slide 21. Our digital transformation continues to be a strategic imperative and a key enabler across all our strategic growth pillars. Our main objective on this front remains accelerating growth through a digital platform that maximizes the sales opportunity of every person-to-person interaction.

接著看第 21 頁投影片。我們的數位轉型仍是策略要務，亦是支撐所有策略成長支柱的關鍵推動力。在此方面，我們的主要目標仍是透過一個數位平台加速成長，最大化每一次人與人互動所帶來的銷售機會。

On Slide 22, we outline our digital transformation across three main pillars. First, growing the business for our distributors and associates. We are focused on enhancing our associates and distributors' digital capabilities with the first phase of trials underway to equip them to better leverage digital tools and drive performance with the use of our platforms.

第 22 頁投影片，我們概述數位轉型的三大支柱。第一，協助我們的經銷商與夥伴擴大業務。我們聚焦提升夥伴與經銷商的數位能力，目前第一階段試點已展開，協助其更有效運用數位工具，並透過我們的平台提升績效。

Second, digitizing BeFra's core operations. This includes customer service automation and end-to-end automation of commercial processes by implementing a CRM with Salesforce and a new artificial intelligence committee. And third, leveraging our data with initiatives like our new Betterware Plus analytics platform, which helps us improve all of our digital tools.

第二，將 BeFra 的核心營運數位化。這包括透過導入採用 Salesforce 的 CRM，以及成立新的人工智慧委員會，來推動客服自動化與商業流程端到端自動化。第三，透過我們全新的 Betterware Plus 分析平台等計畫來運用數據，協助我們改善所有數位工具。

Finally, our fifth pillar, financial discipline and control, which remains the backbone of our strategy. It continues to guide how we allocate capital and operate across the organization, enabling us to grow while preserving the strength of our balance sheet even in volatile operating environments.

最後，我們的第五大支柱——財務紀律與控管——仍是我們策略的骨幹。它持續指引我們如何配置資本並在整個組織中運作，使我們即使在波動的營運環境下，也能在維持資產負債表強健的同時實現成長。

We remain firmly focused on tight cost management, efficient inventory control and working capital execution and on maintaining a prudent leverage profile. Financial discipline is not just a pillar of our strategy. It is embedded in how we operate every day.

我們仍然堅定聚焦於嚴格的成本管理、高效率的庫存控管與營運資金執行，以及維持審慎的槓桿水準。財務紀律不僅是我們策略的一大支柱。它已深植於我們每日的營運方式之中。

We are sure that with Raul's leadership and experience, we will continue to maintain and improve our strong financial discipline. With this in mind, we began 2026 with a solid performance, reflecting improving momentum across our business units and continued progress in strengthening our commercial and operational execution.

我們相信在 Raul 的領導與經驗之下，我們將持續維持並強化我們強健的財務紀律。基於此，我們以穩健的表現展開 2026 年，反映出各事業單位動能改善，以及在強化商業與營運執行方面持續取得進展。

While revenue growth at the group level remained modest due to a temporary slowdown in Jafra, Mexico, all other business units delivered strong momentum. Additionally, profitability improved meaningfully, supported by better operating efficiencies and disciplined cost management with all business units contributing to this improvement.

雖然由於 Jafra 墨西哥的短期放緩，集團層級的營收成長仍然溫和，但其他所有事業單位都展現出強勁動能。此外，在更佳的營運效率與嚴謹的成本管理支持下，獲利能力顯著改善，且所有事業單位皆對此改善有所貢獻。

At the same time, our expansion strategy continues to gain traction with renewed momentum at Jafra U.S. and sustained growth across our Andean and Central America operations, including the successful launch of Betterware Colombia.

同時，我們的擴張策略持續發酵，Jafra 美國重拾動能，安地斯地區與中美洲業務維持成長，包括成功推出 Betterware 哥倫比亞。

Looking ahead, we continue to advance on the Tupperware transaction, actively preparing for its integration and achieving the value creation opportunities it represents while we await regulatory approval. BeFra today stands as a stronger, more diversified and well-positioned group with a clear road map for long-term value creation and the start of 2026 reflects a solid footstep into that future.

展望未來，我們持續推進 Tupperware 交易，積極為整合做準備，並在等待監管核准的同時，實現其所代表的價值創造機會。今日的 BeFra 已成為更強大、更多元且定位更佳的集團，具備清晰的長期價值創造路線圖，而 2026 年的開端也反映出我們朝向該未來邁出的穩健一步。

With that, I will pass the call back to our operator for any questions you may have. Thank you.

接下來，我把電話交回給接線員，看看各位是否有任何問題。謝謝。

(Operator Instructions)

(接線員指示)

Eric Beder, SCC Research.

Eric Beder，SCC Research。

Can we talk a little bit about the state of the Mexican consumer? I know that Q1 last year was a bit of a shock to them. And kind of how are you seeing and what are they kind of looking out for right now in terms of their purchases going forward?

我們能否談談墨西哥消費者的現況？我知道去年第一季對他們來說有點震撼。那麼你們目前看到的是什麼？就未來的購買而言，他們現在大概在留意哪些事情？

Sorry, Eric, we had a little bit of problem there. Can you repeat the question really quickly? The Mexican consumer --

抱歉，Eric，我們剛剛那邊有點問題。你可以很快再重複一次問題嗎？墨西哥消費者--

Sure. So what is the state of the Mexican consumer right now? I know last Q1, it was affected by tariffs. What are we seeing now and what the Mexican consumer is looking for and how you guys are changing and shifting for that?

當然。所以，墨西哥消費者目前的狀況如何？我知道去年第一季受到關稅影響。我們現在看到什麼？墨西哥消費者在尋找什麼？你們又如何因應並調整？

Yes. Thank you, Eric. That was clear. So yes, we are seeing a slight rebound in consumption in the first quarter. Consumption growth had been decreasing for the past, as you know, three or four years, and we hit the lowest growth last year with about a 1.1% growth in consumption.

是的。謝謝你，Eric。這樣很清楚。所以是的，我們看到第一季消費有些微回升。如你所知，過去三到四年消費成長一直在下滑，而去年我們觸及最低成長，消費成長約為 1.1%。

And this year, the expectation is 1.6%, so it's a little rebound. And we are seeing in private consumption up to January and February, a slight rebound. So it's not a huge rebound. It's a slight rebound, but this helps to change the trajectory in the Mexican consumer and consumption in general. So we think this is a good news, and we hope to continue seeing this trajectory in the quarters to come.

而今年的預期是 1.6%，所以是小幅回升。我們也看到截至 1 月與 2 月的民間消費略有回升。所以這不是大幅反彈。這是小幅回升，但有助於改變墨西哥消費者以及整體消費的走勢。因此我們認為這是好消息，也希望在接下來幾季能持續看到這樣的趨勢。

You did a great job again with inventory down a significant level, materially higher than the revenue change. How -- when do you start to anniversary that? And what will be the goal after you kind of get there?

你們在庫存方面又做得很好，庫存下降幅度很大，明顯高於營收變動幅度。你們什麼時候開始進入同比基期？等到達到那個階段之後，目標會是什麼？

Do you mean in inventory?

你是指庫存嗎？

Yes.

是的。

Yes. We -- as we mentioned before, in inventory, we had already lowered it up to the fourth quarter of last year. It remained pretty stable in those levels at the end of this quarter. We do expect a slight decrease throughout the year. We were talking about MXN100 million more of decrease.

是的。我們——如先前提到的——庫存在去年第四季之前就已經降下來了。在本季末仍大致維持在那些水準。我們確實預期全年會小幅下降。我們談的是再減少約 1 億墨西哥披索（MXN）。

But we don't see inventory declining much further after that. We think that we've reached our -- nearly our optimal levels and think it can remain stable going there.

但在那之後，我們不認為庫存還會大幅下降。我們認為已經接近最佳水準，並且可以在此基礎上維持穩定。

Okay. Last question. So -- you announced the acquisition of Tupperware Latin America. I know in the last few months, you've met with a lot of people in that company. Are you more excited, less excited?

好的。最後一個問題。你們宣布收購 Tupperware 拉丁美洲業務。我知道過去幾個月你們和那家公司很多人見過面。你們是更興奮，還是沒那麼興奮？

How are you feeling about this acquisition now that it's been announced and you've gone out and kind of gone to the field and talk to people? And kind of how do you look at the near and longer-term opportunities here?

在宣布之後，你們也到第一線與人交流，現在對這項收購的感受如何？以及你們如何看待這裡的短期與長期機會？

Yes. Thank you, Eric. We are very excited about this acquisition. As we've mentioned before, we're still pending on approval from the antitrust agency in Mexico, which we expect to happen during this second quarter. But we are excited about this acquisition.

是的。謝謝你，Eric。我們對這項收購非常興奮。如先前提到，我們仍在等待墨西哥反壟斷機構的核准，預期會在第二季內發生。但我們對這項收購感到很興奮。

We think that there are -- as we've mentioned before, Tupperware is a very well-positioned brand in customers' minds in all of Latin America. It's not only well positioned but very valued brand throughout the years. So there's a lot to do in terms of product innovation of replicating BeFra's model in Tupperware in terms of merchandising, innovation and many things that we can really leverage on such a great brand.

我們認為——如先前提到——Tupperware 在整個拉丁美洲的消費者心中是一個定位非常好的品牌。它不僅定位良好，而且多年來一直是高度受重視的品牌。因此在產品創新方面有很多可以做的，包括在商品企劃、創新等方面把 BeFra 的模式複製到 Tupperware 上，並在這個優秀品牌之上充分發揮我們的優勢。

So we are very excited, and we're very excited to tap into LatAm's biggest market, Brazil, with a strong foothold when we start. It's already an almost $100 million revenue company there. So it's a strong foothold to really take off in the Brazilian market. So we are very, very excited and hope we get that approval in the coming weeks during this quarter and then take off from there.

所以我們非常興奮，也很期待能以強而有力的立足點切入拉丁美洲最大的市場——巴西——並在起步時就具備優勢。那裡的公司營收已接近 1 億美元。因此這是一個強勁的立足點，讓我們能在巴西市場真正起飛。所以我們非常、非常興奮，也希望在本季接下來幾週內取得核准，然後從那裡開始加速推進。

(Operator Instructions)

(接線員指示)

Cristina Fernandez, Telsey Advisory Group.

Cristina Fernandez，Telsey Advisory Group。

I have a question on Jafra Mexico. When you look at the performance this past quarter, and we also started to see a little bit of a slowdown the quarter before, how much of that do you think is a slowdown in the broader beauty market? Or is it just specific to Jafra Mexico and some of the points you talked about as it relates to the consultant recruiting and the innovation.

我有一個關於 Jafra 墨西哥的問題。當你看本季的表現，而且我們在前一季也開始看到一些放緩，你認為其中有多少是更廣泛的美妝市場放緩？或者這只是 Jafra 墨西哥自身的問題，與你提到的顧問招募與創新等因素有關？

Yes. Thank you. Cristina. Yes, so we definitely think it's more internal than external. We see the beauty market continue to grow, continue to expand in Mexico. And it's still a category that has a great tailwind as a category, and we expect that to continue. The reality is that the internal factors that we think impacted the fourth quarter and the first quarter were mainly two factors.

是的。謝謝。Cristina。是的，所以我們確實認為這更多是內部因素而非外部因素。我們看到墨西哥的美妝市場持續成長、持續擴張。而且這仍然是一個具備強勁順風的品類，我們預期這股趨勢會延續。實際上，我們認為影響第四季與第一季的內部因素主要有兩點。

One is that last year, we focused more on line renovations than on real innovation. So when you are renovating your lines, there's not as much impact as when you're actually innovating into new categories, new concepts and new lines. So we think that, that had an effect.

第一點是去年我們更著重於產品線翻新，而不是真正的創新。因此，當你在做產品線翻新時，影響力不如真正創新、切入新類別、新概念與新產品線來得大。所以我們認為這確實產生了影響。

Now as we said, last year, we finished all our renovations. And this year, we are focusing again on real innovation. We are strengthening our partnership with Disney. We launched the Stitch sunblock, which has been a great success. We launched many different products with Disney, and we're also launching new innovations that are going to impact positively this year.

如我們所說，去年我們完成了所有翻新。而今年我們再次聚焦於真正的創新。我們正在強化與迪士尼的合作夥伴關係。我們推出了 Stitch 防曬產品，取得了很大的成功。我們與迪士尼推出了許多不同產品，同時也將推出新的創新，預期今年會帶來正面影響。

So that's one part, a refocus into innovation. And the second part is that while we were trying to incentivize more productivity from our associate base, we think that, that affected a little bit of bringing in new associates and also keeping our small unproductive associate base active.

所以這是一部分，也就是重新聚焦於創新。第二部分是，當我們試圖激勵我們的夥伴（associate）群體提升生產力時，我們認為這在某種程度上影響了新夥伴的招募，也影響了讓我們規模較小、效率較低的夥伴群體保持活躍。

So that helped -- that -- sorry, that was an internal factor that made the associate base decrease, and we were not able to compensate with the productivity. So growth slowed down. We've already detected everything there, reversed it starting in March and more so in April. And pretty much in April, we're back to where we need to be.

因此那幫助——那——抱歉，那是一個內部因素，導致夥伴基礎（associate base）下降，而我們無法用生產力提升來彌補。所以成長放緩。我們已經找出所有問題，並從三月開始、在四月更明顯地加以扭轉。而基本上在四月，我們已回到需要達到的水準。

So we do expect a rebound throughout the year, and we do expect that rebound to start in the second quarter to get an inflection point and then strengthen growth again throughout the year. So we think it's a temporary internal situation that should reach its inflection point in second -- 2Q and start strengthening growth again going forward.

因此我們確實預期全年會出現反彈，也預期反彈將從第二季開始出現拐點，之後全年成長再度走強。所以我們認為這是一個暫時性的內部狀況，應會在第二季（2Q）達到拐點，並在往後開始再次強化成長。

And we think with that, we're very happy with our results in terms of profitability. We think as a group, we've -- and even in Jafra Mexico, we strengthened profitability. So across all our business, profitability is strengthening, free cash flow is strengthening. Our balance sheet is improving. So all of our other business units are growing.

基於此，我們對獲利表現非常滿意。我們認為以集團而言——甚至在 Jafra 墨西哥，我們也提升了獲利能力。因此在我們所有業務中，獲利能力正在增強，自由現金流正在增強。我們的資產負債表也在改善。所以我們其他所有事業單位都在成長。

So once this issue with Jafra Mexico that we expect to reverse comes back, we think we will have a very strong results for the group coming forward.

因此，一旦我們預期會扭轉的 Jafra 墨西哥問題回復，我們認為集團未來將會有非常強勁的表現。

Yes. And perhaps a follow-up based on what the shape of the year you were talking about because you kept your revenue growth guidance for the year, 4% to 8%, even though the first quarter came in a little bit lower. So if I'm understanding what you're saying, you expect the second quarter to be better from a growth perspective than the first quarter and then the back half to be the strongest of the year. Is that correct?

是的。也許基於你剛才談到的全年走勢再追問一下：儘管第一季略低一些，你們仍維持全年營收成長指引 4% 到 8%。所以如果我理解正確，你的意思是你們預期第二季在成長面會比第一季更好，而下半年會是全年最強。是這樣嗎？

Yes, definitely. We expect Betterware Mexico's growth to strengthen. We started the year at 2.6%. On a same week basis, it was 3.3%, but we expect that growth of Betterware to keep strengthening. Betterware Mexico started rebounding last year -- in the second half of last year started rebounding and now we're seeing its incremental revenue versus previous year.

是的，絕對是。我們預期 Betterware 墨西哥的成長會走強。我們年初的成長率是 2.6%。以同週基礎（same week basis）來看是 3.3%，但我們預期 Betterware 的成長會持續增強。Betterware 墨西哥在去年——去年下半年開始反彈，而現在我們看到其相較前一年的增量營收。

Then at the same time, we expect all of the LatAm expansion of Betterware to continue contributing to growth. And we also -- we expect Jafra U.S. to continue delivering great results. As you saw, we grew 8.6% in dollars, and we expect that to continue strengthening.

同時，我們預期 Betterware 在拉丁美洲的擴張將持續對成長做出貢獻。另外——我們也預期 Jafra 美國將持續交出優異成果。如你所見，我們以美元計成長 8.6%，並預期這將持續走強。

And then with this inflection of Jafra Mexico, we think as a group, we're going to start seeing a growing -- a strengthening in growth. So we are positive about that. And that's why we're keeping our guidance as well.

再加上 Jafra 墨西哥的這個拐點，我們認為以集團而言，將開始看到成長——成長動能的增強。所以我們對此持正面看法。這也是我們維持指引的原因。

And the last question I had is, I mean, you did a really good job of managing expenses this quarter. Are you seeing any pressure or do you expect any pressure as the year progresses, either in freight, meaning like supply chain or transportation costs as a result of the kind of volatility in oil prices? Or are you contracted out for the year at stable rates?

我最後一個問題是：你們本季在費用控管上做得很好。隨著年度推進，你們是否看到任何壓力、或預期會有任何壓力？例如運費，也就是供應鏈或運輸成本，是否會因油價波動而上升？或者你們已經以穩定費率簽約覆蓋全年？

Yes. Thank you, Cristina. So definitely, the volatility that has been happening from -- in oil prices from the whole situation with the Hormuz Strait and all of that is definitely something we are not only having an eye on, but we are taking actions. We have seen some slight increases, temporary increases in freight costs from China because of the petroleum.

是的。謝謝你，Cristina。所以，近期油價的波動——源自荷姆茲海峽（Hormuz Strait）整體情勢等——確實是我們不僅密切關注、也正在採取行動的事項。我們確實看到因石油因素，從中國出貨的運費出現一些輕微、暫時性的上升。

But at the moment, we have not received too much pressure from our suppliers in terms of raw material costs. We are vigilant to what happens if this becomes a temporary thing or a more sustained issue. And we are preparing tactics and strategies as we've done before, when things like this happen, we are preparing strategies and tactics to counter this effect.

但目前為止，我們尚未在原物料成本方面收到供應商太大的壓力。我們會密切觀察這究竟是短期現象，還是更持續性的問題。我們也正在準備戰術與策略；如同過去遇到這類情況時一樣，我們正在準備策略與戰術來抵消這個影響。

We feel confident that we can react to any sustained pressures from this. And not -- and I'm not talking in price, in product price, but more strategies to negotiations or redesigns or strategies that can contain any cost increases. So we will -- I mean -- but we will be pending. It's still early to tell, and we're ready to tackle any counter effects if this becomes a more long-term pattern.

我們有信心能對任何持續性的壓力做出反應。而且——我說的不是調整價格、不是產品售價，而是更多透過談判策略、重新設計，或能夠抑制任何成本上升的策略。所以我們會——我的意思是——但我們會持續關注。現在還言之過早，但如果這變成更長期的型態，我們已準備好應對任何反向影響。

That does conclude our question-and-answer portion of today's conference call. I would like to turn the call back over to management for closing remarks.

以上結束今天電話會議的問答環節。我想把電話交回管理層作結語。

Well, thank you, everyone, once again for your trust and continued support, and we look forward to updating you on the next quarter. Thank you once again. Goodbye.

好的，再次感謝各位的信任與持續支持，我們期待在下一季向各位更新。再次謝謝。再見。

Ladies and gentlemen, this concludes BeFra's First Quarter 2026 Earnings Conference Call. We would like to thank you again for your participation. You may now disconnect. Thank you, operator, and good afternoon, everyone.

各位女士、先生，BeFra 2026 年第一季財報電話會議到此結束。再次感謝各位的參與。您現在可以掛線。謝謝接線員，也祝各位午安。