Betterware de Mexico S.A.P.I. de C.V. (BWMX) 2026 Q3 法說會逐字稿

Thank you, and welcome to Betterware de Mexico SAPI’s third quarter 2026 earnings conference call. Before Betterware de Mexico SAPI’s management begins their prepared remarks, please note the disclaimer regarding forward-looking statements on slide 2 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.

謝謝您，歡迎參加 Betterware de Mexico SAPI 2026 年第三季財報電話會議。在 Betterware de Mexico SAPI 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，以提醒與會者本次電話會議可能包含前瞻性陳述，而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。

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 Betterware de Mexico SAPI’s SEC filings. Betterware de Mexico SAPI undertakes no obligation 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.

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一併考量，並參閱 Betterware de Mexico SAPI 向 SEC 提交文件中所列之風險因素。Betterware de Mexico SAPI 不承擔更新任何前瞻性陳述之義務。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 Betterware de Mexico SAPI’s President and Chief Executive Officer, Andres Campos, and Chief Financial Officer, Raul del Villar.

出席今日電話會議的有 Betterware de Mexico SAPI 總裁兼執行長 Andres Campos，以及財務長 Raul del Villar。

I will now turn the conference over to Mr. Campos. Please go ahead, sir.

接下來我將把會議交給 Campos 先生。先生，請開始。

Thank you, Operator, and good afternoon, everyone. The third quarter marked a significant step in Betterware de Mexico SAPI’s evolution as we substantially increased our scale, brand diversification, geographic reach, and financial strength. It was also our first full quarter with Tupperware as part of the group. We are very pleased with the progress we are seeing across our businesses. Betterware delivered its third consecutive quarter of year-over-year growth, and we are encouraged by the progress at Tupperware.

謝謝主持人，各位下午好。第三季標誌著 Betterware de Mexico SAPI 演進過程中的重要一步，我們大幅提升了規模、品牌多元化、地理覆蓋範圍以及財務實力。這也是 Tupperware 納入集團後的第一個完整季度。我們對各項業務所展現的進展感到非常滿意。Betterware 已連續第三個季度實現年對年成長，我們也對 Tupperware 的進展感到鼓舞。

At Jafra, we experienced a slight revenue shortfall, which we are addressing head on through stronger promotional planning, faster commercial execution, and a change in management. Together with our strong cash generation and continued deleveraging, this quarter’s results reinforce our long-term strategy of building a unique house of brands supported by our person-to-person commercialization model and disciplined financial management.

在 Jafra，我們出現了些微營收未達預期的情況，我們正透過更強的促銷規劃、更快的商業執行，以及管理層調整來正面應對。結合我們強勁的現金創造能力與持續去槓桿化，本季的結果再次印證我們的長期策略：打造一個獨特的品牌組合（house of brands），以人對人商業化模式為支撐，並以嚴謹的財務管理為後盾。

Let’s move to slide 4 and review the highlights of the quarter. Consolidated revenue increased 43.1% year-over-year to MXN4,832 million. On an organic basis, revenue increased 2.3%, supported by another strong quarter at Betterware and partially offset by lower revenue at Jafra. Both brands faced a more challenging summer period as World Cup-related shifts in consumer attention affected commercial activity. Betterware offset these pressures through higher associate productivity, while Jafra’s commercial execution did not fully compensate for it.

讓我們翻到投影片 4，回顧本季重點。合併營收年對年成長 43.1%，達到 48.32 億墨西哥披索（MXN4,832 million）。以有機基礎計算，營收成長 2.3%，主要受惠於 Betterware 再度表現強勁，但部分被 Jafra 營收下滑所抵銷。兩個品牌在夏季期間皆面臨較具挑戰的環境，因世界盃相關因素使消費者注意力轉移，影響商業活動。Betterware 透過提升夥伴生產力抵消了這些壓力，而 Jafra 的商業執行未能完全補足其影響。

The addition of Tupperware also expanded our commercial network. Our consolidated average associate base reached approximately 1.46 million during the quarter, an increase of 23.7% year-over-year, while the organic associate base was broadly stable. These results demonstrate the greater scale of the group while also highlighting the importance of disciplined execution across each brand.

Tupperware 的加入也擴大了我們的商業網絡。本季合併平均夥伴（associate）人數約達 146 萬，年對年增加 23.7%，而有機夥伴基礎則大致持平。這些結果展現了集團規模的提升，同時也凸顯在各品牌之間維持嚴謹執行的重要性。

Turning to slide 5, the addition of Tupperware has meaningfully expanded and diversified Betterware de Mexico SAPI’s revenue base. In the third quarter, Betterware represented 31.5% of consolidated revenue, Jafra represented 40%, and Tupperware represented 28.5%. Our geographic mix also broadened. Mexico remained our largest market at 87.5% of revenue, while Latin America increased to 8.2%, primarily reflecting the addition of Tupperware’s Brazil operations.

接著看投影片 5，Tupperware 的加入顯著擴大並多元化了 Betterware de Mexico SAPI 的營收基礎。在第三季，Betterware 佔合併營收的 31.5%，Jafra 佔 40%，Tupperware 佔 28.5%。我們的地理組合也更加多元。墨西哥仍是我們最大的市場，佔營收 87.5%；拉丁美洲占比提升至 8.2%，主要反映納入 Tupperware 在巴西的營運。

This broader portfolio provides BeFra with multiple avenues for growth across brands, categories, and markets, both in Mexico and abroad.

這個更廣泛的產品組合，為 BeFra 在品牌、品類與市場（無論在墨西哥或海外）提供多元的成長途徑。

Turning to slide 6, consolidated EBITDA increased 39.6% year-over-year to MXN1,008 million, reflecting Tupperware’s contribution and continued profitability at Betterware, partially offset by lower EBITDA at Jafra. The consolidated EBITDA margin was 20.9% compared with 21.4% in the prior-year quarter, as operating expense discipline helped mitigate profitability pressures across the portfolio. For the first nine months, EBITDA margin expanded to 19.2% from 18.5% in the prior-year period.

接著看投影片 6，合併 EBITDA 年對年成長 39.6%，達到 10.08 億墨西哥披索（MXN1,008 million），反映 Tupperware 的貢獻以及 Betterware 持續的獲利能力，但部分被 Jafra 較低的 EBITDA 所抵銷。合併 EBITDA 利潤率為 20.9%，相較去年同期的 21.4% 略降，主因營運費用紀律有助於緩解整體組合的獲利壓力。以前九個月來看，EBITDA 利潤率由去年同期的 18.5% 擴張至 19.2%。

Net income increased a strong 24.2% year-over-year to MXN390 million. Net income in the quarter was affected by a higher effective tax rate than the prior-year period. Based on our current expectations, the full-year effective tax rate is expected to normalize, landing in the mid-30s by year end. Even with that tax effect, net income growth remained substantial and reflected the earnings contribution of our expanded portfolio.

淨利年對年大幅成長 24.2%，達到 3.90 億墨西哥披索（MXN390 million）。本季淨利受到較去年同期更高的有效稅率影響。依據我們目前的預期，全年有效稅率可望回歸常態，並在年底落在 30% 中段水準。即使有稅負影響，淨利成長仍相當可觀，並反映我們擴大後的產品組合對獲利的貢獻。

Turning to slide 7, the strength of our three-brand portfolio is coming into focus, with each brand contributing differently to our results and shaping our opportunities for growth. On the left, at Betterware brand Mexico, revenue increased 8.5% year-over-year, demonstrating strong commercial momentum. Betterware Latin America also remained on a continued growth trajectory, with the region developing into a second growth engine for the brand.

接著看投影片 7，我們三品牌組合的優勢正逐步顯現，各品牌以不同方式貢獻成果，並形塑我們的成長機會。左側的 Betterware 墨西哥品牌，營收年對年成長 8.5%，展現強勁的商業動能。Betterware 拉丁美洲也持續走在成長軌道上，該地區正發展為品牌的第二成長引擎。

Turning to Jafra, in the middle, the brand faced a more difficult quarter, with total revenue down 2.8% in Mexico. As I mentioned before, lower associate activity related to the World Cup and the extended summer holiday period affected sales, and unlike Betterware, Jafra was not able to fully offset this effect through higher productivity. Following several quarters of inconsistent growth, I have taken on the role of interim Managing Director of Jafra Mexico. For the short term, my immediate priority is to reverse Jafra’s revenue trajectory by reinforcing alignment with the group’s commercial model and accelerating commercial execution as we unlock the full potential of the brand.

再看中間的 Jafra，本季表現較為艱難，墨西哥總營收年對年下滑 2.8%。如我先前所提，與世界盃相關的夥伴活動降低，以及延長的暑期假期影響了銷售；且不同於 Betterware，Jafra 未能透過提升生產力完全抵消此影響。在經歷數個季度成長不一致之後，我已接任 Jafra 墨西哥的臨時總經理（interim Managing Director）。短期內，我的首要任務是扭轉 Jafra 的營收走勢，強化與集團商業模式的一致性，並加速商業執行，以釋放品牌的全部潛力。

In the United States, Jafra delivered its second consecutive EBITDA-positive quarter under its leaner expense structure, an encouraging sign of the progress being made there.

在美國，Jafra 在更精簡的費用結構下，連續第二個季度實現 EBITDA 轉正，這是當地改善進展的令人鼓舞訊號。

At Tupperware, on the right, core direct selling revenue increased a strong 14%, demonstrating the renewed growth momentum of the business as Tupperware continues its integration into BeFra. In Mexico, direct selling revenue grew 23% year-over-year, while in Brazil the decline moderated to 3.3%, a substantial improvement from the 10% to 15% declines experienced before the acquisition.

右側的 Tupperware，核心直銷營收強勁成長 14%，顯示在 Tupperware 持續整合進 BeFra 的過程中，業務重拾成長動能。在墨西哥，直銷營收年對年成長 23%；在巴西，降幅收斂至 3.3%，相較收購前 10% 至 15% 的下滑幅度，已有顯著改善。

At the brand level, reported revenue declined 6.8% on a pro forma basis, as the third quarter of 2025 included a significant amount of exports and business-to-business sales, the latter of which we have chosen to strategically discontinue to focus on our person-to-person channel. Because a significant portion of these business-to-business sales occurred in the third quarter of 2025, the reported comparison does not fully reflect the strong growth of the core direct selling business.

以品牌層級來看，按備考（pro forma）基礎計算的報告營收下滑 6.8%，因 2025 年第三季包含大量出口與企業對企業（B2B）銷售；其中後者我們已策略性選擇停止，以聚焦於人對人通路。由於相當一部分 B2B 銷售發生在 2025 年第三季，因此報告口徑的比較未能充分反映核心直銷業務的強勁成長。

This impact will not carry into the fourth quarter, as there were no significant retail sales in the fourth quarter of 2025. With that, I’ll hand the call over to Raul to cover our key financial metrics, dividends, and guidance.

這項影響不會延續到第四季，因為 2025 年第四季並沒有顯著的零售銷售。接下來我把電話交給 Raul，請他說明我們的關鍵財務指標、股利以及財測指引。

Thank you, Andres. Turning to guidance, as we approach year end, we are narrowing organic net revenue growth guidance to 4% to 5% within our original range. At the same time, based on Tupperware’s first full-quarter contribution and our performance through the first nine months, we are raising post-acquisition net revenue growth guidance to 24% to 26%. We continue to expect a full-year EBITDA margin of 19%. That assumption incorporates a prudent view of the growth investments required at Tupperware and the costs associated with expanding the scale of the group.

謝謝你，Andres。談到財測指引，隨著我們接近年底，我們將有機淨營收成長指引收斂至 4% 至 5%，仍在原先區間內。同時，基於 Tupperware 首個完整季度的貢獻，以及我們在前九個月的表現，我們將併購後淨營收成長指引上調至 24% 至 26%。我們仍預期全年 EBITDA 利潤率為 19%。此一假設納入了對 Tupperware 所需成長投資的審慎觀點，以及與擴大集團規模相關的成本。

We believe this balance reflects the strong progress we’ve achieved to date while preserving the flexibility to invest in long-term opportunity.

我們相信，這樣的平衡既反映了我們迄今取得的強勁進展，同時也保留了投資長期機會所需的彈性。

Slide 9 highlights the earnings and shareholder return benefits of our expanded portfolio. For the first nine months of the year, pro forma EPS increased 114% to MXN45.4, reflecting the inclusion of Tupperware’s net income for the full nine-month period and demonstrating the strong accretive nature of the acquisition. A dividend of MXN250 million was approved at the October shareholders meeting and will be paid in the fourth quarter of this year.

第 9 頁投影片重點說明我們擴大產品組合所帶來的獲利與股東報酬效益。今年前九個月，按備考口徑計算的 EPS 成長 114% 至 45.4 墨西哥披索（MXN45.4），反映 Tupperware 在完整九個月期間的淨利納入，並展現此次併購具高度增益（accretive）的特性。10 月股東會已核准 2.5 億墨西哥披索（MXN250 million）的股利，並將於今年第四季發放。

This will represent BeFra’s 27th consecutive quarter of dividend payments since the IPO. This continuity reflects our commitment to shareholder value while maintaining the financial discipline required to invest in the group and strengthen the balance sheet.

這將是 BeFra 自 IPO 以來連續第 27 個季度發放股利。這樣的延續性反映我們對股東價值的承諾，同時維持投資集團與強化資產負債表所需的財務紀律。

Slide 10 shows the strength of our balance sheet and cash generation. Pro forma net debt to trailing twelve months EBITDA improved to 1.65 times, supported by debt reduction of MXN431 million, while interest coverage increased to 6.91 times, as we continue deleveraging and generating strong EBITDA.

第 10 頁投影片顯示我們資產負債表與現金創造能力的強勁。按備考口徑計算，淨負債對過去十二個月 EBITDA 的比率改善至 1.65 倍，主要受惠於負債減少 4.31 億墨西哥披索（MXN431 million）；同時利息保障倍數提升至 6.91 倍，因我們持續去槓桿並創造強勁 EBITDA。

Turning to cash flow, reported free cash flow reached MXN1,059 million, or 105% of EBITDA. Strong cash generation across all three brands supported continued balance sheet strengthening during the quarter. Through the first nine months, reported free cash flow reached MXN1,871 million, representing 78% conversion of year-to-date EBITDA, with contributions from both the organic businesses and Tupperware.

談到現金流，報告口徑的自由現金流達 10.59 億墨西哥披索（MXN1,059 million），相當於 EBITDA 的 105%。三個品牌全面強勁的現金創造，支撐本季持續強化資產負債表。今年前九個月，報告口徑的自由現金流達 18.71 億墨西哥披索（MXN1,871 million），相當於年初至今 EBITDA 的 78% 轉換率，貢獻來自有機業務與 Tupperware。

Tupperware has been profitable and cash generative since day one as part of BeFra. Our cash conversion cycle improved to 50 days from 78 days a year ago. This reflects stronger working capital efficiency across the group, including improved supplier terms at Tupperware. Taken together, these results demonstrate the strength of BeFra’s business model, as well as our capacity to reduce leverage while continuing to invest in growth and, as I said, continue enhancing shareholder value through dividends.

自加入 BeFra 的第一天起，Tupperware 就維持獲利並具備現金創造能力。我們的現金轉換週期由一年前的 78 天改善至 50 天。這反映集團整體營運資金效率提升，包括 Tupperware 供應商條件的改善。綜合而言，這些成果展現 BeFra 商業模式的強韌性，也顯示我們在持續投資成長的同時，仍有能力降低槓桿，並如我所說，透過股利持續提升股東價值。

I will now hand the call back to Andres for closing remarks.

接下來我把電話交回 Andres，請他做結語。

Thank you, Raul. In conclusion, this was a very strong quarter for BeFra. We delivered substantial consolidated growth, Betterware continued to build momentum, Jafra US remained EBITDA positive for the second consecutive quarter, and Tupperware’s core direct selling business grew strongly while contributing attractive profitability and cash generation.

謝謝你，Raul。總結來說，這對 BeFra 是非常強勁的一季。我們交出可觀的合併成長，Betterware 持續累積動能，Jafra US 連續第二季維持 EBITDA 為正，而 Tupperware 的核心直銷業務強勁成長，同時貢獻具吸引力的獲利能力與現金創造。

At Jafra Mexico, as we mentioned, our focus is on building upon the brand’s strong foundation and taking the actions necessary to help the business reach its full potential. The quarter also demonstrated the value of our expanded portfolio and the financial discipline behind it. We generated strong cash flow, reduced leverage, strengthened interest coverage, and continued to return capital to shareholders. We believe BeFra is stronger, more diversified, and better positioned than ever. This was a very successful quarter, and the best is yet to come.

至於 Jafra Mexico，如同我們提到的，我們的重點是建立在品牌堅實基礎之上，並採取必要行動，協助業務發揮其全部潛力。本季也展現我們擴大產品組合的價值，以及其背後的財務紀律。我們創造強勁現金流、降低槓桿、強化利息保障倍數，並持續回饋資本給股東。我們相信 BeFra 比以往更強大、更多元化，且定位更佳。這是一個非常成功的季度，而更精彩的還在後頭。

With that, Operator, we would be happy to take your questions.

接下來，Operator，我們很樂意回答各位的問題。

(Operator Instructions) Eric Beder, SCC Research.

(接線員指示) Eric Beder，SCC Research。

Good afternoon. Congratulations on the quarter. I want to talk a little bit about --

下午好。恭喜本季表現。我想稍微談一下——

Hi, Eric. Thank you.

嗨，Eric。謝謝你。

Thank you. I want to talk a little bit about Tupperware. So you’ve owned it now for about four months. I know this: you’re a very innovative company in terms of new products and other pieces. Betterware is almost 80% of that, which is a very high number, while Tupperware, for various reasons not related to you, has not been as high.

謝謝。我想稍微談一下 Tupperware。所以你們現在持有它大約四個月了。我知道你們在新產品與其他方面非常創新。Betterware 幾乎有 80% 來自這部分，這是非常高的比例；而 Tupperware 因為各種與你們無關的原因，比例一直沒有那麼高。

I guess the question is, should it be higher? And if yes, it should, what do you see going forward in terms of the opportunities at Tupperware to increase the level of innovation?

我想問的是，這個比例是否應該更高？如果是，往前看，你們在 Tupperware 有哪些機會可以提升創新程度？

Eric, sorry, just to clarify the question: is your question, should the revenue be higher?

Eric，不好意思，我先確認一下問題：你的問題是營收是否應該更高嗎？

No, the question is: what are the opportunities in terms of new products and categories at Tupperware?

不是，我的問題是：就新產品與新品類而言，Tupperware 有哪些機會？

Okay. Yeah. Thank you, Eric. This is Andres here. Well, we believe the opportunities are very important.

好的。是的。謝謝你，Eric。我是 Andres。嗯，我們認為機會非常重要。

You know that on one hand, Tupperware had been in history very focused on plastic material products. We are considering other materials beyond plastic. You know, in the container category, there’s new materials like glass or stainless steel, ceramics or other kinds of material that we are obviously considering to continue to expand the brand in its core category, which is food containers.

你知道，一方面，Tupperware 過去歷史上一直非常聚焦於塑膠材質產品。我們正在考慮塑膠以外的其他材質。你知道，在容器品類中，有玻璃、不鏽鋼、陶瓷或其他材質等新材料，我們顯然正在評估，以持續在其核心品類（也就是食物保存容器）中擴展品牌。

But at the same time, as managing other materials in that category, we are also looking to expand other categories within Tupperware that are not fully exploited, such as drinkware. It’s a category that can be more highly exploited. Another one is kitchen utensils or kitchen appliances in general for cooking. So there are different avenues for growth in Tupperware, I would say beyond plastics and beyond containers. So we think that there is a lot to do there.

但同時，在該品類導入其他材質的管理之際，我們也在尋求擴展 Tupperware 其他尚未充分開發的品類，例如飲具（drinkware）。這是一個可以更深入開發的品類。另一個是廚房用具或一般烹飪用的廚房家電。因此我會說，Tupperware 的成長途徑有很多，不僅限於塑膠，也不僅限於容器。所以我們認為那裡還有很多事情可以做。

We are assembling a very strong innovation team. As we announced, we brought in David Kusuma, who used to be back in the time Tupperware’s global R&D and innovation director. Together with that, we’re assembling a whole innovation team and process, and we think there’s a lot of interesting to come for Tupperware.

我們正在組建一支非常強的創新團隊。如同我們宣布的，我們延攬了 David Kusuma，他過去曾擔任 Tupperware 全球研發與創新總監。在此基礎上，我們也正在建立完整的創新團隊與流程，我們認為 Tupperware 接下來會有很多令人期待的成果。

Okay. Betterware. You’ve done a great job turning it around with the associates and the revenue coming back. How sustainable do you see that, and what do you see the opportunities there at the Betterware division, both in Mexico and for potential expansion outside of Mexico right now?

好的。Betterware。你們在與夥伴合作、以及營收回升方面，把業務扭轉得非常出色。你認為這樣的表現有多可持續？另外，你看到 Betterware 事業部有哪些機會，包含在墨西哥以及目前在墨西哥以外的潛在擴張？

The Betterware division? Yeah. So we are, as you can see in the report, very glad of the results of Betterware Mexico and Betterware in general. Betterware has started to come back to growth. We have our third quarter of consecutive growth year-over-year and now almost reaching double digits. So Betterware’s growth is strengthening both in Mexico and abroad.

Betterware 事業部？是的。如你在報告中所見，我們對 Betterware 墨西哥以及整體 Betterware 的成果非常滿意。Betterware 已開始恢復成長。我們已連續第三個季度年對年成長，現在幾乎接近雙位數。因此，Betterware 的成長動能在墨西哥與海外都在增強。

This was our first brand, and it had a huge CAGR in the last 10 years, then became flat two or three years, but now we’re starting to regain growth from all the different commercial strategies that we’ve laid forward before and we’re happy for that to be happening. We still have a lot of room to grow in Mexico, as we’ve said before. And then at the same time, we opened Ecuador last year, we just opened Colombia this year. So with our focus in the Andean region, we think that the brand in general will continue to expand at a very good pace.

這是我們的第一個品牌，過去 10 年的複合年成長率（CAGR）非常高，之後有兩到三年趨於持平，但現在我們正透過先前提出的各種商業策略重新找回成長，我們也很高興看到這正在發生。如同我們之前所說，我們在墨西哥仍有很大的成長空間。同時，我們去年開拓了厄瓜多，今年剛開拓哥倫比亞。因此，隨著我們聚焦安地斯地區，我們認為整體品牌將會以非常好的速度持續擴張。

Great. I guess a question for Raul. The net debt, even after the acquisition, has remained pretty steady in terms of net debt to EBITDA. What should we be looking at here longer term as a use of free cash flow? What kind of ratio should we be thinking as goals longer term for the company in terms of debt and, again, use for the free cash flow? Thank you.

很好。我想問 Raul 一個問題。即使在併購之後，淨負債在「淨負債對 EBITDA」的比率上仍相當穩定。長期來看，我們應該如何看待自由現金流的運用？就公司長期的負債目標而言，你們希望達到什麼樣的比率？以及同樣地，自由現金流的用途？謝謝。

Hi Eric, thank you for your question. I don’t think we are ready at this point to provide a long-term guidance on where we want to be in terms of net debt. But what I want to convey, the message I want to convey, is that we will continue executing disciplined operations, disciplined finance, and we’ll continue deleveraging as we have in the past. All of our three businesses are cash-generating, all of them are performing well. And as you can see, we are generating enough cash to invest in expansion, invest in Capex, and at the same time continue paying dividends and deleveraging.

嗨 Eric，謝謝你的問題。我認為目前我們還沒準備好提供關於淨負債水準的長期指引。但我想傳達的訊息是：我們會持續執行嚴謹的營運、嚴謹的財務管理，並且像過去一樣持續去槓桿。我們三個業務都能產生現金，且表現都很好。如你所見，我們產生的現金足以投入擴張、投入資本支出（Capex），同時也能持續配發股利並去槓桿。

So that’s what you would expect. I don’t think we have a definite guidance on where we want to be in terms of leverage, but we will continue performing as we have as of today.

所以你可以預期會是這樣。我不認為我們對槓桿水準有明確的指引要到哪裡，但我們會持續維持目前為止的表現方式。

Great, thank you and good luck on the holiday season.

很好，謝謝，祝你們假期旺季順利。

Thank you, Eric.

謝謝你，Eric。

Linda Bolton Weiser, Water Tower Research.

Linda Bolton Weiser，Water Tower Research。

Hi. How are you? So I just wanted to ask about the narrowing of the organic sales growth guidance range because in the quarter, you know, even though Jafra was below expectations, I guess Betterware did really well. I mean, it was quite a bit above where I would have expected it to grow, and Tupperware’s revenue was quite a bit higher than I would have thought. So it seemed to me that the whole thing kind of put together was, net-net, it was better than I would have expected.

嗨，你好嗎？我想問一下你們把有機銷售成長指引區間收窄的原因。因為在本季，即使 Jafra 低於預期，我想 Betterware 的表現非常好。我的意思是，它的成長幅度明顯高於我原本預期，而 Tupperware 的營收也比我想像的高很多。所以在我看來，整體加總起來，淨額而言其實比我預期更好。

So I guess I’m wondering, even with Jafra having problems, if Betterware is kind of doing well on the top line, why did you feel the need to narrow that guidance or kind of actually lower it at the midpoint? You lowered it. What is the real reason? Is it the Jafra more than anything that is the issue? Thanks.

所以我想知道，即使 Jafra 有問題，如果 Betterware 的營收端表現不錯，為什麼你們覺得有必要收窄那個指引，或甚至在中位數上把它下調？你們把它下調了。真正的原因是什麼？問題主要是出在 Jafra 嗎？謝謝。

Hi, Linda, this is Andres. Thank you for your question. We believe that we can turn Jafra around fairly quickly, but obviously we don’t want to overreach on that expectation. But we do believe we can reach mid-single-digit growth in Jafra for the fourth quarter. So with that, plus Betterware growing stronger and Tupperware performing well, obviously our guidance contemplates that for the fourth quarter and for the year round. So we should expect high-single-digit organic growth in a combination of mid-single-digit for Jafra and high-single-digit for Betterware.

嗨 Linda，我是 Andres。謝謝你的問題。我們相信可以相當快地把 Jafra 扭轉過來，但顯然我們不想在這個預期上過度樂觀。不過我們確實相信，Jafra 在第四季可以達到中個位數成長。因此，搭配 Betterware 成長更強、以及 Tupperware 表現良好，我們的指引當然已把第四季與全年表現納入考量。所以我們預期有機成長可達高個位數，組合上是 Jafra 中個位數、Betterware 高個位數。

Okay, so that's in the fourth quarter you were just saying?

好的，所以你剛剛說的是第四季？

Yeah, in the fourth quarter.

對，第四季。

Okay, got you. So secondly, on the cost side, I just wanted to ask you about—you mentioned, and it’s appearing in the numbers—that Betterware’s gross margin did seem a little pressured, I guess. You mentioned supply chain pressures, and yet Tupperware’s gross margin was actually quite strong. It was better than I would have expected.

好的，了解。第二個問題是成本端。我想問一下——你提到，而且數字上也看得出來——Betterware 的毛利率似乎有點受到壓力。你提到供應鏈壓力，但 Tupperware 的毛利率其實相當強。比我預期的還要好。

So is this just a difference of where you’re sourcing? Betterware, you’re bringing it in from outside, and Tupperware, you’re sourcing more regionally? Or what is the difference in terms of why those two businesses are experiencing different effects on the gross margin?

所以這只是採購來源不同所造成的差異嗎？Betterware 你們是從海外進口，而 Tupperware 的採購更偏向區域內？或者，為什麼這兩個業務在毛利率上受到的影響不同？差異點是什麼？

Yeah, well, what you mentioned is exactly right. It’s where we source from. So as you remember, Tupperware manufactures most of its products in our plants both in Mexico and in Brazil. So we manufacture locally, and Betterware manufactures mostly in China. So what made the difference in Betterware was mainly the freight prices. Freight prices have gone up and have stayed higher than we expected for a longer period of time because of the whole supply chain issues in Hormuz, et cetera.

是的，你提到的完全正確。差異就在於我們的採購來源。如你所記得，Tupperware 大部分產品是在我們位於墨西哥與巴西的工廠生產。所以我們是本地製造，而 Betterware 多數是在中國生產。因此，Betterware 的差異主要來自運費價格。由於整體供應鏈問題（荷姆茲等因素）等原因，運費上升並且維持在高檔的時間比我們預期更久。

So it’s mainly the freight prices that affected Betterware and which are not affecting Tupperware.

所以主要是運費價格影響了 Betterware，而這並沒有影響到 Tupperware。

Okay, that makes sense. So are you considering different pricing actions then in Betterware to try to offset, or what is your plan in terms of trying to improve the Betterware gross margin?

好的，這就說得通了。那你們是否在考慮對 Betterware 採取不同的定價行動來抵消？或者你們在改善 Betterware 毛利率方面的計畫是什麼？

Yeah, well, we were waiting a little bit to see if this corrected in the short term because freight prices have been a little bit volatile because of all the global situations. They have eased a little bit, but not as much as we expected. So we are taking the strategic actions to recover, either through pricing, promotions, or certain strategies to compensate for that in Betterware Mexico. So we are taking actions to recover our gross margin, not expecting these freight rates to decrease highly in the short term.

是的，我們原本先觀察短期內是否會修正，因為在各種全球情勢影響下，運費價格一直有些波動。它確實稍微緩解了一點，但沒有如我們預期那麼多。因此，我們正在採取策略性行動來回補，例如透過定價、促銷或某些策略，在 Betterware 墨西哥來補償這個影響。所以我們正在採取行動以恢復毛利率，並不預期這些運費在短期內會大幅下降。

Okay. I guess just going back, I was interested in your comment that you thought Jafra, you could turn it around and have year-over-year growth in the fourth quarter. I mean, what is it that you think you can do so quickly? Is it just a particular product launch or promotions, or what do you think you can do so quickly to improve Jafra?

好的。我想回到前面，我對你提到你認為 Jafra 在第四季可以扭轉局面、實現年對年成長的評論很感興趣。我的意思是，你覺得你們能這麼快做到什麼？是某個特定的產品上市或促銷活動，還是你覺得能這麼快改善 Jafra 的原因是什麼？

I think, Linda, the angle is more, I would say, on two things. The first thing is for short-term results; the inconsistency was more from inconsistent operating decisions that affected our short-term result. And it’s more about taking the correct operating decisions. So taking the correct decisions, you can see a very quick rebound, and we saw it, for instance, in the second quarter of this year. It’s just that we have been taking inconsistent decisions, managerial-wise, in Jafra Mexico.

我想，Linda，切入點更多是——我會說——兩件事。第一件事是短期成果；這種不一致更多來自於不一致的營運決策，影響了我們的短期結果。而這更關乎做出正確的營運決策。所以只要做出正確決策，你就能看到非常快速的反彈；例如我們在今年第二季就看到了。只是我們在 Jafra 墨西哥在管理層面一直做出不一致的決策。

So this is the reason why the Board and I decided that I would take over directly to make sure that we start making more consistent decisions in the short term.

因此，這就是董事會和我決定由我直接接手的原因，以確保我們在短期內開始做出更一致的決策。

Now, the other part is more in the midterm: after five years that we’ve had Jafra, we started implementing the more low-hanging fruit of our commercial model at Jafra. But now we need to go into the mid-hanging fruit, and we were not going into the mid-hanging fruit strategies as quickly as we wanted to. So this is also the reason why I’m taking over -- to accelerate strategies. When I’m talking about this, I’m talking about new technologies. We are working to launch the new app, the new Jafra Plus App, next year.

接著，另一部分更偏中期：我們持有 Jafra 五年之後，開始在 Jafra 推行我們商業模式中較容易摘取的果實。但現在我們需要進一步去做「中等高度的果實」，而我們推進這些中等高度策略的速度沒有達到我們想要的程度。所以這也是我接手的原因——為了加速策略。我所說的這些，包含新技術。我們正在推動於明年推出新 App，也就是新的 Jafra Plus App。

We had some delays in the launch and now we are set to launch it at the beginning of next year. More complex innovation into more complex products in skincare, some ways of making it easier for consumers to buy and sellers to execute. And so, we are rolling out this second phase of strategies within our model, and we have had some delays in them, and now we’re going to accelerate. So, I think these things together can bring the short term back to growth and then in the midterm continue at consistent growth.

我們在推出上有一些延遲，現在已經設定在明年年初上線。在護膚品方面導入更複雜的創新、推出更複雜的產品；並透過一些方式讓消費者更容易購買、讓銷售人員更容易執行。因此，我們正在推進我們模式中的第二階段策略；這些策略之前有一些延遲，現在我們將加速。所以我認為，這些事情結合起來，可以讓短期回到成長，並在中期維持穩定一致的成長。

Okay, that sounds good. I just have two more questions. One has to do with -- I think you mentioned that in the Tupperware financials there are maybe some unusual integration charges or expenses because the OPEX did look pretty high for the Tupperware piece. Is there any way to quantify that in terms of how much one-time-type expenses there were in the third quarter under Tupperware?

好的，聽起來不錯。我還有兩個問題。其中一個是——我想你提到在 Tupperware 的財務報表裡，可能有一些不尋常的整合費用或支出，因為 Tupperware 那一塊的營業費用（OPEX）看起來相當高。有沒有辦法量化一下，也就是第三季在 Tupperware 之下有多少屬於一次性費用？

Let me pass the word to Raul to clarify.

我把問題交給 Raul 來說明。

So what we mean with the extraordinary expenses for the Tupperware acquisition actually sit at the consolidated base and actually are reflected. Keep in mind that our holding company is also the operating company of Betterware. So when you look at the Betterware results, they include some extraordinary expenses that we incurred for the acquisition of Tupperware. So that’s what we mean. Those expenses are reflected in the consolidated books, but not necessarily in Tupperware standalone books.

我們所說的 Tupperware 併購相關的非常態費用，其實是記在合併基礎上，並且已經反映出來。請記住，我們的控股公司同時也是 Betterware 的營運公司。所以當你看 Betterware 的業績時，其中包含了我們為收購 Tupperware 所發生的一些非常態費用。這就是我們的意思。這些費用反映在合併帳上，但不一定反映在 Tupperware 單體帳上。

I don’t know if that’s what you refer to.

我不確定你指的是不是這個。

Well, it's --

嗯，是——

If you want. And just to give you the number, those expenses accounted for MXN47 million. So it’s significant for the quarter, but it’s really not material on a full-year basis.

如果你想要的話。另外給你一個數字，這些費用合計為 4,700 萬墨西哥披索（MXN47 million）。所以就單季而言相當顯著，但以全年基礎來看其實並不重大。

Okay, I got you. Thank you. And then so my last question is the question of innovation and other categories for Tupperware Latin America. You know, I used to follow the US -- well, all of Tupperware -- but in the US, Tupperware certainly had many kitchen utensil items. They were very diversified. They even had cutlery and all kinds of things. So are you saying that those innovations were purely sort of more developed markets like the US and they were never taken into Latin America?

好的，我明白了。謝謝。那我最後一個問題是關於 Tupperware 拉丁美洲的創新與其他品類。你知道，我以前有追蹤美國——其實是整個 Tupperware——但在美國，Tupperware 的確有很多廚房用具品項。他們非常多元化。甚至有刀叉餐具以及各式各樣的東西。所以你的意思是，那些創新主要只是在像美國這樣較成熟的市場發展，從來沒有被帶進拉丁美洲嗎？

And do you have the rights to any of those designs or products or innovation that Tupperware US had, or do you have to start all over again and redesign certain of their items?

另外，你們是否擁有 Tupperware 美國那些設計、產品或創新的權利？還是你們必須從頭開始，重新設計其中某些品項？

Yeah, Linda. So, you know, in the past, Tupperware did go into some of these categories, but in our view and from our standpoint, it did not go in enough depth into the categories or with the correct strategy. This includes the fact that some of these products cannot be designed for a worldwide success because each market has specific cooking needs and even specific economic needs that you cannot satisfy worldwide markets with one same product.

是的，Linda。你知道，過去 Tupperware 的確有進入其中一些品類，但以我們的觀點與立場來看，它在這些品類的投入深度不夠，或策略不夠正確。這也包括一個事實：有些產品無法以「全球都會成功」為目標來設計，因為每個市場都有特定的烹飪需求，甚至特定的經濟需求，你不可能用同一個產品去滿足全球市場。

Now, one of the important and very interesting things is that we are going to start innovating specifically, specifically for the Latin American markets in these categories, with understanding the consumer in Brazil, understanding the consumer in Mexico. And this makes a huge difference because not necessarily what works for the US or Europe is going to work for Latin America. So even though we can have access to past innovations or to products that are in the worldwide organization or the new party, we are thinking more about innovating products, new products, completely new products specific for the Latin American markets.

現在，其中一個重要且非常有趣的事情是：我們將開始在這些品類中，專門、專門為拉丁美洲市場做創新，去理解巴西的消費者、理解墨西哥的消費者。這會帶來巨大的差異，因為不一定在美國或歐洲有效的方法，就會在拉丁美洲有效。因此，即便我們可以取得過去的創新，或取得全球組織或新團隊中的產品，我們更著重的是為拉丁美洲市場做產品創新——新產品、完全新的產品、專為拉丁美洲市場打造的產品。

And we think that that’s going to make a huge difference for the success and for the depth and breadth into which we can go into these categories.

我們認為，這將對成功，以及我們能在這些品類中深入與擴展的廣度與深度，帶來巨大的影響。

Okay, that makes complete sense. Thank you very much for explaining all that. I’ll leave it at that. Thank you.

好的，這完全說得通。非常感謝你把這些都解釋清楚。我就問到這裡。謝謝。

Thank you, Linda.

謝謝你，Linda。

(Operator Instructions) Christina Fernandez, Telsey Advisory Group.

（接線員指示）Christina Fernandez，Telsey Advisory Group。

Good afternoon and thanks for taking my questions. I wanted to see if you can give an update of what you’ve learned in the last 90 days since the last call and what changes you’ve made to drive the 14% growth you saw in Mexico.

午安，謝謝讓我提問。我想看看你能否更新一下：自上次電話會議以來的 90 天內你們學到了什麼，以及你們做了哪些改變，來推動你們在墨西哥看到的 14% 成長。

You mean in Tupperware? Hi, Cristina, this is Andres. You mean?

你是指 Tupperware 嗎？嗨，Cristina，我是 Andres。你是指？

Hi. Yes. In Tupperware. In Tupperware, yes.

嗨，是的。是指 Tupperware。在 Tupperware，是的。

Okay. Okay. Sorry, I thought you had said Betterware, but yeah. So, you know, a little bit similar to within our commercial model, we have some low-hanging-fruit strategies that we started implementing in Tupperware Mexico. Some of that has to do with, for instance, catalog organization and catalog design. You know, our catalog is a store, but the benefit we have is that we can do a whole revamp of the design of our store very quickly. So we launched the new design of the Tupperware catalog, both design and merchandising techniques in the catalog such that it becomes a lot more attractive.

好的，好的。抱歉，我以為你說的是 Betterware，但好，是的。所以你知道的，有點類似於我們的商業模式內，我們在 Tupperware 墨西哥開始推行一些較容易摘取的果實策略。其中一部分例如與型錄的編排與型錄設計有關。你知道，我們的型錄就是一家商店，但我們的優勢在於，我們可以非常快速地把我們「商店」的設計做一次全面翻新。因此我們推出了新版的 Tupperware 型錄設計——包含設計本身以及型錄中的商品陳列（merchandising）技巧——讓它變得更具吸引力。

And this is really, you know, starting to help us to grow. At the same time, you know, our sales force, distributors and associates, they had kind of lost a lot of confidence from what was going on and the fact that they did not know what was going to happen with Tupperware. And we did a whole tour to make sure to communicate that now Tupperware LatAm was part of BeFra, that its future was secure and that its future has great possibilities. And this brings a lot of confidence to the sales force, who are now, you know, investing time and investing effort again into expanding their businesses.

而這確實正在幫助我們成長。同時，你知道，我們的銷售團隊、經銷商與夥伴，因為當時發生的事情，以及他們不知道特百惠（Tupperware）接下來會怎麼樣，某種程度上失去了很多信心。因此我們進行了一整輪巡迴溝通，確保大家了解現在特百惠拉丁美洲（Tupperware LatAm）已成為 BeFra 的一部分，其未來是有保障的，而且未來具有很大的可能性。這也為銷售團隊帶來了很大的信心，他們現在又開始投入時間與精力來擴展自己的業務。

You know, these together with some promotional techniques that we also applied. So, you know, this is kind of the first run in Tupperware since it had come from a long period of very unfavorable results. We think that these strategies have a higher impact in the short term, as we are seeing now. So we are happy with the start. I would also say, and it’s very important to note, that, you know, the Tupperware management in general is a great management.

你知道，這些再加上我們也採用的一些促銷技巧。所以，你知道，這算是特百惠在經歷了一段非常不利的結果之後的第一次起跑。我們認為這些策略在短期內的影響更大，正如我們現在所看到的。所以我們對這個開局感到滿意。我也想說，而且非常重要的一點是，整體而言，特百惠的管理團隊是一個很棒的管理團隊。

And the thing is that they needed to have, you know, the foundation on which they could invest and the correct guidance or the correct direction in order to execute correctly. They were a little bit tied in hands before of what they could do and what they could not. But, you know, something very important to stand out is that management is great, and so we are able to execute very fast on what we need to execute with them.

問題在於，他們需要一個基礎，讓他們可以在其上進行投資，並且需要正確的指引或正確的方向，才能正確地執行。在此之前，他們在能做什麼、不能做什麼方面有點綁手綁腳。但是，你知道，非常重要、值得強調的是管理團隊很優秀，因此我們能夠和他們一起非常快速地執行我們需要執行的事項。

So I think all of this combination, you know, good management, better confidence and trust of our distributors and associates, plus some of the first strategies, such as catalog design and promotional techniques, are all coming together to start taking the business in the short term.

所以我認為這一切的組合——你知道，良好的管理、更高的信心以及我們經銷商與夥伴的信任，再加上一些最初的策略，例如型錄設計與促銷技巧——都正在匯聚在一起，讓業務在短期內開始起色。

Thank you. And then also on Tupperware, you mentioned that you were going to make some investments in the brand and in scaling the group. Could you provide more detail into what those investments are?

謝謝。另外也關於特百惠，你提到你們將在品牌以及擴大集團規模方面做一些投資。你能否更詳細說明這些投資是什麼？

Yeah, well, we are, you know, first of all, and I think the most important is we’re investing in the innovation team. You know, Tupperware had no innovation team, and we are assembling the team, the processes, the capabilities, everything we need in terms of innovation. So I think that that’s going to be the main thing.

好的，嗯，我們——你知道，首先，我認為最重要的是我們正在投資創新團隊。你知道，特百惠原本沒有創新團隊，而我們正在組建團隊、流程、能力，以及在創新方面所需的一切。所以我認為那將會是最主要的一項。

Another capability, a couple of capabilities that we’re building, is technological capabilities. We have, in Betterware, the Betterware app in Jafra. As I mentioned before, we’re about to launch the Jafra Plus App, and obviously we are aiming to build the Tupperware Plus App, which are all built on the same technology, on the same platform. And so we’re building on the technology team to expand the technological capabilities of Tupperware.

另外我們正在建立的能力，還有幾項是科技能力。在 Betterware，我們有 Betterware App；在 Jafra 也有。如我先前提到的，我們即將推出 Jafra Plus App，而顯然我們也目標要打造 Tupperware Plus App；這些都建立在相同的技術、相同的平台之上。因此我們正在擴充技術團隊，以提升並擴展特百惠的科技能力。

And finally, the third thing in which we’re investing is business intelligence. You know, we have talked a lot about the great impact of business intelligence in our model, and Tupperware did not have that capability built in it. So we are building that capability. And we think that, you know, we’ve talked a lot about these three pillars in our model, innovation, technology and business intelligence. So we’re building on those three, which were basically at zero.

最後，第三個我們正在投資的方向是商業智慧（Business Intelligence）。你知道，我們已經談了很多商業智慧在我們模式中的巨大影響，而特百惠並沒有內建這項能力。所以我們正在建立這項能力。而且我們認為，你知道，我們已經多次談到我們模式中的三大支柱：創新、科技與商業智慧。因此我們正在強化這三項，而它們基本上原本是從零開始。

And we think these three things together are going to bring a lot of value in the medium and long term.

我們認為這三項結合在一起，將在中長期帶來很大的價值。

And then the last one I had was in the past, you’ve talked about some synergies from the acquisition, primarily in procurement, in manufacturing. Any update there or quantification of what the synergies could be?

我最後一個問題是，過去你曾談到此次收購帶來的一些協同效益，主要在採購與製造方面。這方面有任何更新，或是能否量化協同效益可能有多少？

We do not have an update yet there, Christina. We’re still evaluating. The reality is that our first priority is implementing the commercial model and everything that I just talked about in innovation, technology, et cetera, to accelerate revenue. We are analyzing the potential synergies of, for instance, bringing some Betterware products to be manufactured in the Tupperware plant in Mexico, or helping Tupperware develop other material products with Betterware supply chain capabilities. We are assessing all of that, but still early to tell. We have not quantified them yet.

Christina，我們目前還沒有這方面的更新。我們仍在評估中。實際上，我們的首要任務是落實商業模式，以及我剛才提到的創新、科技等等，以加速營收成長。我們正在分析潛在的協同效益，例如把部分 Betterware 產品轉到墨西哥的特百惠工廠製造，或是運用 Betterware 的供應鏈能力協助特百惠開發其他材質的產品。我們正在評估所有這些，但現在仍然太早，還無法下定論。我們尚未量化。

Thanks so much.

非常感謝。

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。今天電話會議的問答環節到此結束。我想把時間交回管理層做結語。

Thank you again to all for joining us today. We are very pleased with this strong quarter which demonstrates the strength of our expanded portfolio and the financial discipline behind it. Betterware is stronger, more diversified and well positioned for the future. Thank you again and we look forward to speaking with you in the next quarter. Thank you.

再次感謝各位今天加入我們。我們對這個強勁的季度表現感到非常滿意，這展現了我們擴大後產品組合的實力，以及其背後的財務紀律。Betterware 更加強大、更多元化，並且已為未來做好良好布局。再次感謝，我們期待在下一季度再與各位交流。謝謝。

Ladies and Gentlemen, this concludes BeFra’s third 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 年第三季度財報電話會議到此結束。我們再次感謝各位的參與。您現在可以掛線。