Betterware de Mexico SAPI de CV (BWMX) 2026 Q2 法說會逐字稿

Welcome to BeFra's second-quarter 2026 earnings conference call. Before BeFra management begins their prepared remarks, please note the disclaimer regarding looking forward statements on Slide 2.

歡迎參加 BeFra 2026 年第二季財報電話會議。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.

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語言與「安全港」聲明，以及 BeFra 向 SEC 提交文件中所列的風險因素一併考量。

BeFra undertakes no obligations to update any forward-looking statements. A reconciliation of and other information regarding non-GAAP financial measures discussed on this call can also be found in the earnings release published earlier today as well as the Investors section of the company's website.

BeFra 不承擔更新任何前瞻性陳述的義務。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，亦可在今日稍早發布的財報新聞稿以及公司網站的投資人專區中查閱。

Present on today's call are BeFra's President and Chief Executive Officer, Andres Campos; and Chief Financial Officer, Raul Del Villar. I will now turn the call over to Mr. Campos. Please begin.

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。接下來我將把電話交給 Campos 先生。請開始。

Thank you, operator, and good afternoon, everyone. Thank you for joining our call today. I am delighted to let you know that I am speaking to you from Sao Paulo, Brazil, where our Tupperware team is making great progress on our commercial and innovation strategies to revamp growth. I've been visiting and talking to our associates and distributors here and can feel a strong sense of trust in the brand's future with BeFra.

謝謝接線員，各位下午好。感謝各位今天參加我們的電話會議。我很高興告訴各位，我目前在巴西聖保羅與各位通話，我們的特百惠（Tupperware）團隊在商業與創新策略方面正取得重大進展，以重振成長。我一直在此拜訪並與我們的同仁與經銷商交流，能感受到大家對 BeFra 旗下品牌未來的強烈信心。

Turning to talk about our results. I'm also delighted to share that we delivered a strong second quarter, closing the first half of 2026 with improved performance across all of our brands. This quarter also represents a defining milestone in BeFra's history with the successful incorporation of Tupperware's Latin America operations, which with only one month of results in our books, immediately contributed to our revenue and profitability.

接著談談我們的業績。我也很高興分享，我們第二季表現強勁，並以各品牌全面改善的績效結束 2026 年上半年。本季亦是 BeFra 歷史上的重要里程碑：特百惠拉丁美洲業務成功併入；雖然我們帳上僅納入一個月的結果，但已立即對營收與獲利作出貢獻。

Let's move to Slide 4 and dive into the highlights of these results. Before we begin, let me clarify that throughout this presentation, we will refer to organic growth. This refers to Betterware and Jafra only, excluding Tupperware to provide a like-for-like comparison with prior periods.

讓我們翻到投影片 4，深入看看本次業績亮點。在開始之前，我先說明：在本簡報中，我們將以有機成長作為口徑。此處的有機成長僅指 Betterware 與 Jafra，不包含特百惠，以便與前期進行同口徑比較。

We delivered strong organic growth during the quarter with revenue increasing 4.1% compared to the second quarter of last year and 5.7% compared to the first quarter of this year. The growing momentum of our commercial strategies in Betterware Mexico, our continued success in our Betterware LatAm expansion and a sharp rebound to growth in Jafra Mexico, as we anticipated last quarter, all contribute to an increasing momentum of growth in BeFra's organic results, which is seen in this quarter's growth of 4.1% compared to last quarter's growth of 0.3%.

本季我們實現強勁的有機成長，營收較去年第二季成長 4.1%，較今年第一季成長 5.7%。Betterware 墨西哥商業策略動能持續增強、Betterware 拉丁美洲擴張持續成功，以及如同我們上季所預期 Jafra 墨西哥強勁回升並重返成長，皆推動 BeFra 有機業績的成長動能提升；這也反映在本季 4.1% 的成長，相較上季僅 0.3% 的成長。

Including Tupperware's first month of results, total revenue increased 16.8% in the quarter. We'll review in detail in a few slides. But having this contribution from the Tupperware acquisition, while our pro forma net debt to trailing 12 months EBITDA remains at 1.6 times as it was pre-acquisition, makes us confident that this acquisition is very valuable right off the bat.

若包含特百惠首月的業績，總營收於本季成長 16.8%。我們將在接下來幾張投影片中詳細說明。但特百惠併購帶來的貢獻，加上我們的備考（pro forma）淨負債對過去 12 個月 EBITDA 倍數仍維持在併購前的 1.6 倍，使我們有信心這項併購從一開始就非常有價值。

Tupperware has gained more momentum than we expected as the months go by in the year. We are also pleased to see our organic stencil base return to growth during the quarter, an important indicator that reinforces the health of our commercial platform. At the same time, Tupperware expands our network by adding more than 300,000 independent sellers, significantly strengthening BeFra's commercial reach and providing a solid foundation for future growth.

隨著今年各月份推進，特百惠的動能比我們預期更強。我們也很高興看到本季我們的有機銷售員基礎（stencil base）恢復成長，這是一項重要指標，進一步印證我們商業平台的健康狀況。同時，特百惠透過新增超過 30 萬名獨立銷售員擴大了我們的網絡，顯著強化 BeFra 的商業觸及範圍，並為未來成長奠定穩固基礎。

On the next slide, we can see how our revenue mix continues to evolve as BeFra becomes a more diversified consumer products platform with Tupperware already contributing 10.8% of the quarter's revenue, while we expect it to contribute almost 1/3 going forward.

在下一張投影片中，我們可以看到隨著特百惠已貢獻本季營收的 10.8%，BeFra 的營收組合持續演變，並正成為更為多元化的消費品平台；而我們預期未來特百惠的貢獻將接近三分之一。

In that same note, the incorporation of Tupperware expands our geographic footprint through an immediate presence in Brazil, increasing Latin America's contribution to consolidated revenue and decreasing our stall exposure to the Mexican market.

同樣地，併入特百惠也透過立即在巴西建立據點擴大了我們的地理版圖，提高拉丁美洲對合併營收的貢獻，並降低我們對墨西哥市場的曝險。

Now I'll hand the call over to Raul, so he can explain BeFra's key financials in detail.

接下來我把電話交給 Raul，請他詳細說明 BeFra 的主要財務數據。

Thank you, Andres. Good afternoon, everyone. Turning to Slide 6. Profitability remains strong. Organic EBITDA and net income decreased during the quarter, mainly due to a deliberate gross margin investment in Jafra, Mexico and nonrecurring expenses associated with the Tupperware transaction.

謝謝你，Andres。各位下午好。請看投影片 6。獲利能力仍然強勁。本季有機 EBITDA 與淨利下滑，主要原因是我們在 Jafra 墨西哥刻意進行毛利率投資，以及與特百惠交易相關的一次性費用。

Without these items, organic EBITDA margin would have been approximately 19.3% and organic net income would have been broadly in line with last year. We expect gross margin to normalize between Q3 and Q4. Our overall organic profitability continues to strengthen as the year progresses with first half EBITDA margin expanding to 17.5% compared to 17.2% in the first half of last year.

若排除上述項目，有機 EBITDA 利潤率約為 19.3%，有機淨利則大致與去年持平。我們預期毛利率將在第三季至第四季之間恢復正常。隨著年度推進，我們整體有機獲利能力持續增強，上半年 EBITDA 利潤率擴張至 17.5%，高於去年上半年的 17.2%。

On this same note, organic net income remains strong, growing 19.1% in the first half despite the temporary effects mentioned in the second quarter. It is noteworthy to state that Jafra US continues its profitability improvement, achieving a positive EBITDA margin for the quarter. Including Tupperware, total profitability increased our financial strength with EBITDA growing 15% and net income growing 20.6% in the quarter.

同樣地，儘管第二季有上述暫時性影響，有機淨利在上半年仍維持強勁，成長 19.1%。值得一提的是，Jafra 美國持續改善獲利能力，本季達成正的 EBITDA 利潤率。若包含特百惠，整體獲利能力提升了我們的財務實力，本季 EBITDA 成長 15%，淨利成長 20.6%。

Turning to Slide 7. Cash generation remained strong during the quarter. We converted more than 70% EBITDA into free cash flow during the quarter and nearly 90% on a last 12-month basis, highlighting the strength of our business model and our disciplined financial management.

請看投影片 7。本季現金創造能力仍然強勁。本季我們將超過 70% 的 EBITDA 轉換為自由現金流；以過去 12 個月計算，轉換率接近 90%，凸顯我們商業模式的優勢以及嚴謹的財務管理。

Turning to dividends. Our Board remains committed to delivering value to shareholders. Accordingly, we are increasing the quarterly dividend to MXN250 million, reflecting the additional shares issued as part of the Tupperware acquisition while further enhancing the value return to shareholders. This will mark our 26th consecutive quarter of dividend payments since IPO.

接著談股利。董事會仍致力於為股東創造價值。因此，我們將季度股利提高至 2.5 億墨西哥披索（MXN250 million），反映特百惠併購案中新增發行的股份，同時進一步提升回饋股東的價值。這也將是我們自 IPO 以來連續第 26 個季度發放股利。

Turning to Slide 8. The successful acquisition of Tupperware proves the strength of BeFra's financial position. Following the transaction, net debt to trailing 12 months EBITDA stands at 2.6 times, despite consolidating only one month of Tupperware's EBITDA while assuming the full acquisition debt.

請看投影片 8。特百惠的成功收購證明了 BeFra 財務狀況的強健。交易完成後，淨負債對過去 12 個月 EBITDA 倍數為 2.6 倍，儘管我們僅合併特百惠一個月的 EBITDA，卻承擔了全部收購負債。

We are also presenting a pro forma net debt to trailing 12 months EBITDA ratio of 1.6 times, which comprises Tupperware's trailing 12 months EBITDA. Important to point out that pre-acquisition, we delevered by more than MXN500 million during the quarter, reducing our total debt to MXN4 billion. This illustrates the strong financial position at which we stand post acquisition, while we have added almost 1/3 of EBITDA without significantly changing our pre-acquisition leverage position.

我們亦提供備考（pro forma）淨負債對過去 12 個月 EBITDA 倍數為 1.6 倍，其中包含特百惠過去 12 個月的 EBITDA。需要特別指出的是，在併購前，我們本季去槓桿超過 5 億墨西哥披索，使總負債降至 40 億墨西哥披索。這顯示併購後我們仍處於強勁的財務位置：在幾乎未顯著改變併購前槓桿水準的情況下，我們新增了接近三分之一的 EBITDA。

Note that the Tupperware acquisition was financed through $35 million of newly issued shares and $213 million of long-term debt. Working capital remained well managed during the quarter with a shorter cash conversion cycle, reflecting continued operational efficiency. Inventory levels increased modestly following strategic inventory purchases to strengthen supply chain resilience due to possible supply chain disruptions resulting from the Middle East conflict.

請注意，特百惠收購案的資金來源為新發行股份 3,500 萬美元，以及 2.13 億美元的長期負債。本季營運資金管理良好，現金轉換週期縮短，反映營運效率持續提升。由於中東衝突可能造成供應鏈中斷，為強化供應鏈韌性而進行策略性備貨採購，使庫存水準小幅上升。

It is also important to note that we are actively working on expanding payment terms with copperware suppliers from almost zero days to BeFra's standard 120 days. We expect this to make a strong onetime contribution to cash flow in the coming quarters. Beyond leverage, our asset-light business model continues to support attractive returns. With ROTA increasing to 23.3% and ROIC reaching 32.3%, further demonstrating our ability to generate value from the capital we deploy.

同時也很重要的一點是，我們正積極與銅製品供應商擴大付款條件，從幾乎零天延長至 BeFra 的標準 120 天。我們預期這將在未來幾個季度對現金流帶來強勁的一次性貢獻。除了槓桿之外，我們的輕資產商業模式仍持續支撐具吸引力的報酬。隨著 ROTA 提升至 23.3%、ROIC 達到 32.3%，進一步證明我們能從所投入的資本中創造價值的能力。

I will now pass the call back to Andres, who will provide an update on the strategic pillars.

我現在把電話交回給 Andres，他將就策略支柱提供最新進展。

Thank you, Raul. Turning to Slide 9. Our strategy continues to be guided by the same five pillars that have successfully driven BeFra's transformation and long-term growth. First, strengthen our leadership in Mexico across Betterware, Jafra and now Tupperware. This quarter marked another period of solid commercial execution for BeFra with revenue growth across all our brands in Mexico.

謝謝你，Raul。請看第 9 頁投影片。我們的策略仍由同樣五大支柱所引導，這些支柱已成功推動 BeFra 的轉型與長期成長。第一，在墨西哥強化我們在 Betterware、Jafra，以及現在的 Tupperware 的領導地位。本季 BeFra 再次展現穩健的商業執行力，我們在墨西哥的所有品牌皆實現營收成長。

Second, regional expansion, expanding our footprint to Brazil, the largest direct selling market in Latin America, while sustaining strong growth across the Andino region and Guatemala and continuing to build momentum at Jafra US.

第二，區域擴張：將版圖拓展至巴西——拉丁美洲最大的直銷市場，同時在安第諾地區與瓜地馬拉維持強勁成長，並持續在 Jafra 美國業務上累積動能。

Third, continue developing, strengthening and expanding our portfolio of brands and product categories as we are now doing with Tupperware.

第三，持續開發、強化並擴大我們的品牌與產品品類組合，正如我們目前在 Tupperware 所做的。

Fourth, digital transformation, further enhancing our person-to-person business model through the successful rollout of our Salesforce CRM across Betterware and Jafra Mexico and the Jafra Plus app scheduled to launch in the second half of the year.

第四，數位轉型：透過在 Betterware 與 Jafra 墨西哥成功導入 Salesforce CRM，以及預計於下半年上線的 Jafra Plus App，進一步強化我們的人對人（person-to-person）商業模式。

And finally, financial discipline, the foundation supporting every strategic decision we make, underpinned by disciplined capital allocation, strong cash generation and a healthy leverage profile. These pillars remain the framework guiding our strategic decisions and capital allocation going forward. With that framework in mind, we will now turn to our third pillar, new brands or categories.

最後是財務紀律：這是支撐我們每一項策略決策的基礎，並以嚴謹的資本配置、強勁的現金創造能力以及健康的槓桿水準為後盾。這些支柱仍將作為未來指引我們策略決策與資本配置的框架。在此框架下，接下來我們將轉到第三個支柱：新品牌或新類別。

Turning to Slide 10. The successful incorporation of Tupperware marks an important milestone in our strategy of developing and strengthening our portfolio through complementary brands and product categories. The strong initial performance of the business reinforces our confidence in the acquisition and validates our disciplined approach to capital allocation. More importantly, it demonstrates our ability to successfully integrate iconic brands and unlock long-term value for our shareholders.

請看第 10 頁投影片。成功納入 Tupperware，標誌著我們透過互補的品牌與產品品類來發展並強化產品組合策略的重要里程碑。該業務強勁的初期表現，強化了我們對此次收購的信心，也驗證了我們嚴謹的資本配置方法。更重要的是，這展現了我們成功整合指標性品牌並為股東釋放長期價值的能力。

Turning to Slide 11. Tupperware delivered a strong first month as part of BeFra. Last year, Tupperware Mexico recorded extraordinary sales outside the direct selling channel. Excluding these sales, Tupperware's consolidated direct selling revenue across Mexico and Brazil grew nearly 30% year-over-year, underscoring the renewed confidence among our associates following the acquisition and the strength of the brand's commercial fundamentals.

請看第 11 頁投影片。Tupperware 作為 BeFra 一員的第一個月表現強勁。去年，Tupperware 墨西哥在非直銷通路錄得異常高的銷售。排除這些銷售後，Tupperware 在墨西哥與巴西的合併直銷營收年增近 30%，凸顯收購後我們的夥伴（associates）信心回升，以及品牌商業基本面的強勁。

On the same note, Tupperware Brazil decreased less than 7% in June versus last year, while the last two years have been marked by 10% to 15% declines quarter-on-quarter, signaling a rebound to growth. Including Tupperware's pro forma net income, trailing 12 months earnings per share is more than 36% higher than organic 12 months earnings per share, demonstrating the accretive nature of the acquisition.

同樣地，Tupperware 巴西 6 月相較去年僅下滑不到 7%，而過去兩年則呈現每季較前一季下滑 10% 至 15% 的情況，顯示正回升至成長軌道。納入 Tupperware 的擬制（pro forma）淨利後，過去 12 個月每股盈餘較有機（organic）過去 12 個月每股盈餘高出逾 36%，顯示此次收購具增厚（accretive）效果。

Turning to our final slide. Today's results reinforce the strength of BeFra's strategy and the opportunities that lie ahead. The successful incorporation of Tupperware further demonstrates our ability to execute strategic acquisitions while maintaining disciplined capital allocation.

請看我們最後一頁投影片。今天的結果再次印證 BeFra 策略的強勁，以及未來可把握的機會。成功納入 Tupperware 也進一步證明我們能在維持嚴謹資本配置的同時，執行策略性併購。

Following the transaction, we continue to maintain a healthy leverage profile, reinforcing the resilience of our balance sheet and our confidence in executing our deleveraging strategy. At the same time, our core business continued to deliver solid organic growth across revenue, EBITDA and net income, while Tupperware made an immediate positive contribution to the group's results. Together, these achievements reinforce our confidence in BeFra's ability to continue delivering sustainable and profitable long-term growth.

交易完成後，我們仍維持健康的槓桿水準，強化了資產負債表的韌性，也提升了我們執行去槓桿策略的信心。同時，我們核心業務在營收、EBITDA 與淨利方面持續交出穩健的有機成長，而 Tupperware 也立即對集團業績帶來正面貢獻。綜合而言，這些成果強化了我們對 BeFra 持續實現可持續且具獲利性的長期成長能力的信心。

BeFra today is a larger, more diversified and financially stronger company than ever before. We are excited about the opportunities ahead as we continue executing our strategy and creating long-term value for our shareholders.

今日的 BeFra 比以往任何時候都更大、更具多元化，且財務實力更強。隨著我們持續執行策略並為股東創造長期價值，我們對未來的機會感到振奮。

With that, operator, we would be happy to take any questions. Thank you.

接下來，接線員，我們很樂意回答任何問題。謝謝。

(Operator Instructions)

（接線員指示）

Doug Lane, Water Tower Research.

Doug Lane，Water Tower Research。

Staying on Slide 11 here, you mentioned the EPS accretion from the Tupperware was 36.6%, and that's pro forma trailing 12 months. So that doesn't really include any benefit from integration, right? So arguably, that number should go up from here?

我這邊仍在第 11 頁投影片，你提到 Tupperware 對 EPS 的增厚是 36.6%，而且是擬制的過去 12 個月。所以這其實不包含任何整合帶來的效益，對吧？因此可以說，這個數字接下來應該還會上升？

Doug, this is Andres. So I will turn that question over to Raul, so he can answer to you.

Doug，我是 Andres。我把這個問題交給 Raul，讓他來回答你。

Good question. Thank you. You're correct. You're right. We are just using the historical numbers that Tupperware had over the last 12 months. So that does not include any synergies that we might get in the future.

好問題。謝謝。你說得沒錯。確實如此。我們只是使用 Tupperware 過去 12 個月的歷史數據。因此其中不包含我們未來可能取得的任何綜效。

Got it. And also on Slide 11, you pointed out the non-direct selling channel sales that Tupperware does. And that's been their part of their strategy all along here. So I guess, Andres, the question for you is, are you going to focus purely on the direct selling channel going forward with Tupperware?

了解。另外同樣在第 11 頁，你指出 Tupperware 有一些非直銷通路的銷售。而那一直是他們策略的一部分。所以我想問你，Andres，未來你們會讓 Tupperware 完全聚焦在直銷通路嗎？

Doug, yes, the answer is we're going to focus solely in the direct selling channel. As we have mentioned in all of our brands, we're focusing on the direct selling channel by evolving that channel through everything we've mentioned of digital transformation and the different things we've mentioned.

Doug，是的，答案是我們將只專注於直銷通路。如同我們在所有品牌所提到的，我們會聚焦直銷通路，並透過我們提到的數位轉型及其他各項措施來推動該通路的演進。

So we are totally abandoning those other revenue that Tupperware has. That, by the way -- was basically all done between the second and third quarters. So we used to rely a little bit heavier between June and August. But the rest of the year, it's not as heavy as it seems here. So in the year around, it wasn't too relevant.

因此，我們會完全放棄 Tupperware 其他那些營收來源。順帶一提——那些基本上都發生在第二季與第三季之間。所以我們過去在 6 月到 8 月之間的依賴程度稍微高一些。但在一年其餘時間，並沒有看起來那麼高。因此以全年來看，其實並不太重要。

Okay. That's helpful. I noticed in your release, you also mentioned Brazil improving to down 7% from down double digits despite the discontinuation of sales to Argentina. Can you explain what's going on with Argentina? That was not Mexico or Brazil, but it's still a fairly sizable market. So that is one of the markets that you're operating in, isn't it?

好的。這很有幫助。我注意到你們在新聞稿中也提到，儘管停止對阿根廷的銷售，巴西的表現改善至年減 7%，不再是雙位數下滑。你能解釋一下阿根廷發生了什麼事嗎？那不是墨西哥或巴西，但仍是相當大的市場。所以那也是你們正在營運的市場之一，不是嗎？

So there was -- the past owners of Tupperware, the party holdings, the one that sold Topper LatAm, they had given out a distribution license to a third party in Argentina that would end this September of 2026. So we have noticed them that, that will not continue. And we are still assessing what we will do or more we are assessing when is the right time to go into Argentina.

是這樣——Tupperware 過去的所有者，也就是出售 Topper LatAm 的那一方（Party Holdings），曾在阿根廷授予第三方一個經銷授權，該授權將於 2026 年 9 月到期。因此我們已通知對方，該授權將不再延續。我們仍在評估我們將採取什麼做法，或者更準確地說，我們正在評估何時是進入阿根廷的適當時機。

I think right now, our main focus is to grow Mexico and grow Brazil. I think that's what we should think about in the short term. Brazil and Mexico are their largest markets. We have a lot of opportunity there, and that's where most likely our focus is going to be. And we are assessing what we do in Argentina and when we do it.

我認為目前我們的主要重點是推動墨西哥成長並推動巴西成長。我認為短期內應該這樣看待。巴西與墨西哥是他們最大的市場。我們在那裡有很大的機會，而我們的重點很可能也會放在那裡。至於阿根廷，我們正在評估要怎麼做以及何時去做。

That makes sense. Then there's plenty of opportunity in Mexico and Brazil, as you pointed out. Along with the -- those two markets also have manufacturing capacity. Can you update us on what you found out here now that Tupperware has been part of BeFra for a month on manufacturing, what are the opportunities to move some manufacturing into those plants and absorb some excess capacity?

這很有道理。那麼如你所指出的，在墨西哥和巴西就有很多機會。此外——這兩個市場也具備製造產能。Tupperware 併入 BeFra 已經一個月了，就製造端而言，你能否更新一下你們目前的發現：有哪些機會可以把部分製造移到那些工廠，並吸收一些閒置產能？

Yes. Well, as we mentioned before, the Mexican plant is at around 60% of use, and the Brazilian plant is less than that. It's about 40% of use. So the first focus is to grow Tupperware in these two markets and that the Tupperware growth will start ramping up the usage of the capacity.

是的。嗯，正如我們先前提到的，墨西哥工廠目前的使用率大約在 60%，巴西工廠則更低。大約是 40% 的使用率。因此第一個重點是推動 Tupperware 在這兩個市場的成長，而 Tupperware 的成長將開始拉升產能使用率。

As we mentioned -- sorry, Tupperware Mexico is growing -- grew 30% in June. So as we continue to accelerate the growth and then we revamp the growth in Brazil, this can -- this is the first focus to revamp the capacity or the use of capacity in the plants.

如我們提到的——抱歉，Tupperware 墨西哥在 6 月成長——成長了 30%。因此，當我們持續加速成長，並在巴西重啟成長動能時，這將——這是第一個重點，用以提升工廠產能或產能使用率。

Now at the same time that, that's the first focus, we are just starting to assess the possibility of manufacturing some better products in those plants. Still early to say. I would not like to really say anything because we are really assessing what it means, what it means for the volume of the plant, if it's strategically the best thing to do. So still early to tell.

同時，在這是第一個重點的情況下，我們也才剛開始評估在那些工廠生產一些更好的產品的可能性。現在還言之過早。我不太想真的說太多，因為我們正在評估這代表什麼、對工廠產量意味著什麼，以及從策略上看是否是最佳作法。所以現在還太早下結論。

Eric Beder, SCC Research. (Operator Instructions)

Eric Beder，SCC Research。(接線員指示)

Congratulations on completing the acquisition. I want to talk about the core businesses. Another positive quarter for Betterware and another positive quarter -- a return to positive quarter for Jafra. When you look at the back half and beyond, where do you see the changes that you're making in Jafra having more impact going forward?

恭喜完成收購。我想談談核心業務。Betterware 又是一個正向的季度，而 Jafra 也又是一個正向的季度——回到正成長的季度。當你看下半年以及更長期時，你認為你們在 Jafra 所做的改變，未來會在哪些方面產生更大的影響？

And in terms of Betterware, you're seeing momentum in both distributors and the associate pool expanding. How should we be thinking about that and the ability for those to both drive continued positive growth through '26 and beyond?

至於 Betterware，你們看到經銷商與夥伴人數池都在擴大、動能也在提升。我們應該如何看待這點，以及這兩者在 2026 年及之後推動持續正成長的能力？

Hi, Eric. This is Andres. So yes, we think in the first half, it's been a very positive and transformative quarter. Obviously, from the Tupperware acquisition happening and not only the fact that it was concluded, but the fact that only with one month of contribution to our results, it's already proving to be a very accretive and very valuable assets.

嗨，Eric。我是 Andres。是的，我們認為上半年是一個非常正面且具轉型意義的季度。顯然，Tupperware 的收購發生了，而且不僅是完成交易這件事；更重要的是，即便只貢獻了一個月的業績，它就已經證明自己是高度增厚（accretive）且非常有價值的資產。

Now in terms of Jafra and Betterware, so Jafra, as we mentioned before, we -- the reality was more that Q4 of last year and Q1 of this year were slightly affected by some tactical moves that we have made. We corrected those moves. And now Q2 is back on the track of growth of where we were before.

至於 Jafra 與 Betterware：Jafra 如我們先前提到的，現實情況是去年第四季與今年第一季，因為我們做了一些戰術性動作而受到些微影響。我們已修正那些動作。現在第二季已回到先前的成長軌道。

So it's really a correction of that. But beyond that correction, we're still doing a lot of things at Jafra to achieve the potential that it has. We continue to improve the innovation. We're rolling out the new technology. We're about to roll out the new Jafra Plus app, which, as you remember, is the Better Word Plus technology, but taking to Jafra. Among other things that we're doing strategically with Jafra such that it reaches its potential.

所以這其實是對那些動作的修正。但除了這個修正之外，我們仍在 Jafra 做很多事情，以實現它應有的潛力。我們持續提升創新。我們正在推出新技術。我們即將推出新的 Jafra Plus 應用程式；如你所記得的，那是 Betterware Plus 的技術，但移植到 Jafra。以及其他我們在 Jafra 上所做的策略性工作，讓它能達到其潛力。

As we mentioned, when we acquired Jafra four years ago, it was the number 14 brand -- beauty brand in Mexico. Now we're around -- we closed last year at around number 7 or number 6 -- and we plan -- so there's still a good room to grow to make it obviously a top 5 or top 3 brand in Mexico and the US as well.

如我們提到的，四年前我們收購 Jafra 時，它在墨西哥是第 14 名的——美容品牌。現在我們大約——去年年底收在第 7 名或第 6 名左右——而我們計畫——因此仍有很大的成長空間，讓它在墨西哥以及美國也能成為明顯的前 5 或前 3 品牌。

And in terms of Betterware, Betterware has grown so much in the past 10 years. It had grown -- I mean, if you look at it, it had grown 6x or a little bit more than 6x in the last 10 years. And we were -- Betterware had to find this next wave of growth by innovating on some things. And we have started to find which innovations we needed to make to take Betterware into that next wave of growth.

至於 Betterware，Betterware 在過去 10 年成長非常多。它成長——我的意思是，如果你看數據，過去 10 年它成長了 6 倍或略高於 6 倍。而我們——Betterware 必須透過在某些方面創新，來找到下一波成長。我們已開始找出需要做哪些創新，才能把 Betterware 帶入下一波成長。

I mean, I'm not going to dive into the details, but there's different things that we have mentioned that imply this new way of growth for Betterware. And fortunately, as if you see the trend of Betterware Mexico, this is the third quarter that we're on a trend growing. So it's starting just not to be a one quarter coincidence, but starting to be a sequence of growth. So we are very happy about that. And we think that this puts all three brands into growth mode again together, and we expect that to continue going forward.

我的意思是，我不會深入細節，但我們提過一些不同的事情，這些都意味著 Betterware 的新成長方式。而且幸運的是，如果你看 Betterware 墨西哥的趨勢，這是我們連續第三個季度呈現成長趨勢。所以它開始不再只是單一季度的巧合，而是開始形成一段連續的成長序列。因此我們對此非常高興。我們認為這讓三個品牌再次一起進入成長模式，並且我們預期未來會持續下去。

(Operator Instructions)

(接線員指示)

Joe Feldman, Telsey Advisory Group.

Joe Feldman，Telsey Advisory Group。

Andres, congrats on the good quarter. I wanted to ask about the Jafra gross margin. You guys talked about a little bit of pressure related, I think, to price investments. And I'm wondering if you could share a little more color on that, if that's going to continue in the second half of this year or the price investments done at this point? And how much you think that may have contributed to the sales improvement that you saw?

Andres，恭喜這個不錯的季度。我想問一下 Jafra 的毛利率。你們提到有一些壓力，我想應該與價格投資有關。我想知道你能否多分享一些背景：這種情況在今年下半年是否會持續，還是價格投資到目前為止已經完成？另外，你認為這對你們看到的銷售改善貢獻了多少？

Yes. Thanks, Joe. No, we normally invest in promotional activities. It was not a thorough price adjustment. It was more promotional activities that we carry out. And normally, we have a bandwidth for our margin. This quarter, it ended up -- I mean, the promotions were successful. It ended up slightly lower than we anticipated and -- than our historical levels. It was a 1 percentage point drop of -- from of 73.5% or 74% margin typically.

是的。謝謝，Joe。不，我們通常會投資在促銷活動上。這不是全面性的價格調整。比較是我們所執行的促銷活動。而且通常我們的毛利率有一個可接受的區間。這一季最後——我的意思是，促銷是成功的。結果比我們預期、也——比我們的歷史水準略低一些。相較於通常約 73.5% 或 74% 的毛利率，下降了 1 個百分點。

So it was a slight correction this month because of deliberate actions that we took promotionally. But the corrections that we made were other things that don't have to do with the margin. So we expect going forward to come back to our typical margins of between 73.5% and 74.5%. More or less, we should be there in the coming quarters. So that's what we should expect.

所以這個月因為我們在促銷上採取的刻意行動，出現了小幅調整。但我們所做的修正是其他事情，與毛利率無關。因此我們預期未來會回到我們典型的 73.5% 到 74.5% 的毛利率水準。大致上，接下來幾個季度應該會回到那個區間。所以這就是我們應該預期的。

Thank you. That concludes our question-and-answer portion of today's conference call. I would like to turn it back over to management for closing remarks.

謝謝。以上為今天電話會議的問答環節。我想把時間交回管理層作結語。

Well, thank you again to all for joining us today. We are very glad to report this strong quarter where all of our brands are coming back to growth, and we are adding this new Tupperware brand, which we're sure will be another transformative era for BeFra. Thank you again and look forward to talking to you soon again. Thank you.

好的，再次感謝各位今天加入我們。我們很高興報告這個強勁的季度，我們所有品牌都回到成長，同時我們也加入了新的 Tupperware 品牌；我們相信這將為 BeFra 帶來另一個具轉型意義的時代。再次感謝，也期待很快再與各位交流。謝謝。

Ladies and gentlemen, this concludes BeFra's second quarter 2026 earnings conference call. We would like to thank you again for your participation. You may now disconnect.

各位女士、先生，BeFra 2026 年第二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。