Thank you, operator, and good afternoon, everyone. The third quarter marked a significant step in Befra'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. 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. Let's move to slide four and review the highlights of the quarter.

Consolidated revenue increased 43.1% year-over-year to 4,832 million pesos. On an organic basis, meaning Betterware and Jafra, 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.

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. Turning to slide five, the addition of Tupperware has meaningfully expanded and diversified Befra'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 remains our largest market at 87.5% of revenue, while Latin America increased to 8.2%, primarily reflecting the addition of Tupperware's Brazil operations. This broader portfolio provides Befra with multiple avenues for growth across brands, categories, and markets, both in Mexico and abroad.

Turning to slide six, consolidated EBITDA increased 39.6% year-over-year to 1,008 million pesos, 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. Net income increased a strong 24.2% year-over-year to 390 million pesos.

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. Turning to slide seven, 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.

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.

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. 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.

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.

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 this 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.

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 Raúl to cover our key financial metrics, dividends, and guidance.

Thank you, Andrés. 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 cost associated with expanding the scale of the group. We believe this balance reflects the strong progress we've achieved to date while preserving the flexibility to invest in long-term opportunity.

Slide nine 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 45.4 pesos, 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 250 million Mexican pesos was approved at the October shareholders' meeting and will be paid in the fourth quarter of this year. 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. Slide 10 shows the strength of our balance sheet and cash generation.

Pro forma net debt to trailing 12 months EBITDA improved to 1.65 times, supported by debt reduction of 431 million pesos, while interest coverage increased to 6.91 times, as we continue deleveraging and generating a strong EBITDA. Turning to cash flow, reported free cash flow reached 1,059 million pesos, 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 1,871 million pesos, representing 78% conversion of year-to-date EBITDA, with contributions from both the organic businesses and 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 a 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.

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

Thank you, Raúl. 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. 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.

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

Good afternoon. Congratulations on the quarter.

Hi, Eric. Thank you.

Thank you. I want to talk a little bit about Tupperware.

You've owned it now for about four months. You're a very innovative company in terms of new products and other pieces.

Betterware is almost 80% of that, and each offer is a very high number. Tupperware for various reasons not related to you has not been as high.

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

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

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

Okay. Yeah.

Thank you, Eric. This is Andrés here.

We believe the opportunities are very important. That, on one hand, Tupperware had been, in history, very focused in plastic material products.

We are considering other materials beyond plastic. 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.

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 drinking ware, it's a category that can be more highly explored. Another one is kitchen utensils or kitchen appliances in general for cooking.

There are different avenues for growth in Tupperware, I would say beyond plastics and beyond containers. We think that there is a lot to do there.

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 things to come for Tupperware there.

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 as the Betterware division both in Mexico and for potential expansion outside of Mexico right now?

At the Betterware division?

Mhm.

Yeah. As you can see in the report, we're very glad at 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, no?

Betterware's growth is strengthening both in Mexico and abroad. This was our first brand, and it had huge CAGR in the last 10 years, then became flat two or three years, but now we are starting to regain growth from all the different commercial strategies that we've laid forward before.

We're happy for that to be happening. We still have a lot of room to grow in Mexico, as we said before, and then, at the same time, we opened Ecuador last year, we just opened Colombia this year.

With our focus in the Andean region, we think that the brand in general will continue to expand at a very good pace.

Great. I guess a question for Raúl.

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 the use, A, for free cash flow?

What kind of ratios should we be thinking as goals longer-term for the company in terms of debt, and kind of, again, use for the free cash flow? Thank you.

Hi, Eric. Thank you for your question.

[clears throat] 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. The message I want to convey is that we will continue executing disciplined operations, with disciplined finance, and we'll continue deleveraging as we have in the past.

All of our three businesses are cash generative. All of them are performing well.

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. That's what you would expect.

I don't think we have a definite guidance on where we want to be at in terms of leverage, but we will continue performing as we have as of today.

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

Thank you, Eric.

Hi, how are you? I just wanted to ask about the narrowing of the organic sales growth guidance range, because in the quarter, even though Jafra was below expectations, I guess, Betterware did really well.

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. It seemed to me that the whole thing kind of put together was, net net it was better than I would have expected.

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.

Hi, Linda. This is Andrés.

Thank you for your question. We, we we believe that, we can turn, Jafra around fairly quickly, but obviously, we don't want to over, to to overreach on that expectation.

We do believe we can we can reach, mid-single-digit growth, in Jafra for the for the for the fourth quarter. So, with that, plus, Betterware growing stronger and, Tupperware performing well, obviously, [clears throat] our our guidance, contemplates that for the for the fourth quarter, no?

For the year for the year around, no? We should expect, high-single-digit, organic growth, in a combination of mid-single-digit for Jafra and high-single-digit for Betterware.

Okay. That's in the fourth quarter you were just saying.

In the fourth quarter.

Gotcha. 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. Yet Tupperware's gross margin was actually quite strong.

It was better than I would have expected. 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?

Yeah. What you mentioned is exactly right.

It's where we source from. So, [clears throat] as you remember, Tupperware manufactures most of its products in our plants, both in Mexico and in Brazil.

We manufacture locally. Betterware manufactures mostly in China, no?

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, etc.

It's mainly the freight prices that affected Betterware and that which are not affecting Tupperware.

Okay. That makes sense.

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?

Yeah. 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. We are taking the strategic actions to recover, either through pricing, promotions, or certain strategies, to compensate for that in Betterware Mexico.

We are taking actions to recover our gross margin, not expecting this tariff to decrease highly in the short term.

Okay. I guess just going back, I was interested in your comment that you thought Jafra you could turn it around and have growth, year-over-year growth in the fourth quarter.

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?

I think, Linda, the angle is more, I would say on two things, no? The first thing is for short-term results.

The inconsistency was more from inconsistent operating decisions that affected our short-term results. It's more about taking the correct decisions, the operating decisions.

Taking the correct decisions, you can see a very quick rebound. 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. 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.

Now, the other part is kind of more in the mid-term, is that, after five years that we've had Jafra, we started implementing the more low-hanging fruit of our commercial model at Befra. Now we need to go into the mid-hanging fruit.

We were not going into the mid-hanging fruit strategies as quickly as we wanted to. 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 Jafra+ app next year.

We had some delays in the launch, and now we are set to launch it at beginning of next year. More complex innovation into more complex products in skin care.

Some ways of making it easier for consumers to buy and sellers to execute. We are rolling out this second phase of strategies within our model, and we had had some delays in them.

Now we're going to accelerate. I think these things together can bring the short term back to growth, and then the mid-term, continue at consistent growth.

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 the Tupperware?

Let me pass the word to Raúl to clarify exactly [unclear].

What we mean with the extraordinary expenses for the Tupperware acquisition actually sit at the consolidated base. Keep in mind that our holding company is also the operating company of Betterware.

When you look at Betterware results, they include some extraordinary expenses that we incurred into for the acquisition of Tupperware. That's what we mean.

Those expenses are reflected in the consolidated books, but not necessarily in Tupperware standalone books. I don't know if that's what you refer to.

It's [unclear]. That's fine.

Just to give you the number, those expenses accounted for 47 million pesos. It's significant for the quarter, but is really non-material on a full-year basis.

Okay. I gotcha.

Thank you. Then, my last question is that the question of innovation and other categories for Tupperware, Latin America, 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.

Are you saying that those innovations were purely sort of more developed markets like the US, and they were never taken into Latin America? Do you have the rights to any of those designs or products or innovations that Tupperware US had, or do you have to start all over again and redesign certain of their items?

Linda. 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, no? Now one of the important and very interesting things is that we are going to start innovating 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.

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 completely new products specific for the Latin American markets, 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.

Okay. That makes complete sense.

Thank you very much for explaining all that. I'll leave it at that.

Thank you.

Thank you, Linda.

Good afternoon, and thanks for taking my questions. I had a few on Betterware.

I wanted to see if you can give an update of what you've learned in the nine in the last 90 days since the last call, and what changes you've made to drive the 14% growth you saw in Mexico.

Hi, Cristina. This is Andrés.

You mean in Betterware or In Tupperware?

Hi. Yes, in Tupperware.

In Tupperware, yes.

Okay. Sorry, I thought you had said Betterware.

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.

Our catalog is the store, but the benefit we have is that we can do a whole revamp of the design of our store very quickly. 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.

This is really starting to help us to grow. At the same time, our sales force, distributors and associates, they have 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.

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 had great possibilities, and this brings a lot of confidence to the sales force, who are now investing time and investing effort again into expanding their businesses. [clears throat] This together with some promotional techniques that we also applied.

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 high impact in the short term, as we are seeing now. We are happy with the start.

I would also say, and it's very important to know, that the Tupperware management in general is a great management, and the thing is that they needed to have the foundation on which they could invest, and 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 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.

I think all of this combination, 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 kicking the business in the short term.

Thank you. 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?

Yeah. I think the most important is we're investing in the innovation team, no?

Tupperware had no innovation team, no? We are assembling the team, the processes, the capabilities, everything we need in terms of innovation.

I think that that's going to be the main thing, no? A couple of capabilities that we're building is technological capabilities, no?

We have in Betterware the Betterware+ app. In Jafra, as I mentioned before, we're about to launch the Jafra+ app.

Obviously, we are aiming to build the Tupperware+ app, which are all built on the same technology, on the same platform. We're building on the technology team to expand the technological capabilities of Tupperware.

Finally, the third thing in which we're investing is business intelligence. 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.

We're building that capability. We think that we've talked a lot about these three pillars in our model, innovation, technology, and business intelligence.

We're building on those three, which were basically at zero, and we think these three things together are going to bring a lot of value in the medium and long term.

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?

We do not have an update yet there, Cristina. 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, etc., 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.

Thanks so much.

Thank you, Cristina.

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.

Befra is stronger, more diversified, and well positioned for the future. Thank you again, and we look forward to speaking you in the next quarter.

Thank you.