Conferencia de resultados del Q3 de 2026 de BeFra (BWMX): los ingresos aumentan un 43,1 % y se elevan las perspectivas

Puntos clave

• Los ingresos consolidados aumentaron un 43,1% interanual hasta los Ps. 4.832 millones, incluyendo la primera contribución trimestral completa de Tupperware. Los ingresos orgánicos de Betterware y Jafra crecieron un 2,3%.
• El EBITDA consolidado subió un 39,6% hasta los Ps. 1.008 millones. El margen EBITDA se redujo al 20,9% desde el 21,4%, mientras que el margen de los nueve meses se amplió al 19,2% desde el 18,5%.
• El beneficio neto aumentó un 24,2% hasta los Ps. 390 millones a pesar de una tasa impositiva efectiva más elevada. La dirección prevé que la tasa impositiva para todo el año se normalice a mediados del rango del 30%.
• Los ingresos de Betterware México crecieron un 8,5%, mientras que los ingresos de Jafra cayeron un 2,8%. Los ingresos del negocio principal de venta directa de Tupperware aumentaron un 14%, lo que incluye un crecimiento del 23% en México.
• La dirección ajustó el rango de previsión de crecimiento de ingresos netos orgánicos para todo el año al 4%-5% y elevó la previsión de crecimiento de ingresos netos tras la adquisición al 24%-26%. El objetivo de margen EBITDA para todo el año se mantiene en el 19%.
• El flujo de caja libre reportado alcanzó los Ps. 1.059 millones, equivalente al 105% del EBITDA trimestral. La deuda neta proforma sobre el EBITDA de los últimos 12 meses mejoró a 1,65 veces.

Datos financieros clave

En los primeros nueve meses de 2026, el flujo de caja libre reportado ascendió a Ps. 1.871 millones, lo que representa una conversión del 78% del EBITDA acumulado en el año. El BPA proforma aumentó un 114% hasta los Ps. 45,4, incluyendo el beneficio neto de Tupperware correspondiente al periodo completo de nueve meses.

En octubre se aprobó un dividendo de Ps. 250 millones, cuyo pago está programado para el cuarto trimestre. Representará el 27.º dividendo trimestral consecutivo de BeFra desde su IPO.

Rendimiento empresarial y operativo

Betterware

Betterware registró su tercer trimestre consecutivo de crecimiento interanual. Los ingresos en México aumentaron un 8,5%, impulsados por una mayor productividad de los asociados a pesar de una menor actividad comercial durante el verano, vinculada a los cambios en la atención del consumidor por la Copa del Mundo.

La dirección afirmó que Betterware sigue teniendo margen de expansión en México. La empresa también está desarrollando sus operaciones en América Latina tras los lanzamientos en Ecuador y Colombia.

El margen bruto de Betterware sufrió presiones debido a los elevados costes de flete, ya que la mayoría de los productos proceden de China. La dirección está utilizando estrategias de precios, promociones y otras medidas comerciales para recuperar el margen y no prevé que las tarifas de flete disminuyan sustancialmente a corto plazo.

Jafra

Los ingresos de Jafra disminuyeron un 2,8%. En México, la menor actividad de los asociados durante la Copa del Mundo y el prolongado periodo de vacaciones de verano no se compensó por completo con los avances de productividad.

El consejero delegado, Andrés Campos, ha asumido el cargo de director general interino de Jafra México. La dirección planea mejorar la planificación promocional, la consistencia operativa y la ejecución. La empresa también tiene la intención de lanzar la aplicación Jafra Plus a principios de 2027 tras algunos retrasos en el desarrollo.

Jafra EE. UU. registró su segundo trimestre consecutivo con EBITDA positivo bajo una estructura de gastos más eficiente.

Tupperware

Tupperware representó el 28,5% de los ingresos consolidados en su primer trimestre completo dentro de BeFra. Betterware aportó el 31,5% y Jafra el 40%.

Los ingresos por venta directa de Tupperware aumentaron un 14%, encabezados por un crecimiento del 23% en México. Los ingresos en Brasil disminuyeron un 3,3%, lo que supone una mejora respecto a la contracción del 10%-15% registrada antes de la adquisición.

A nivel de marca, los ingresos proforma cayeron un 6,8%. La dirección atribuyó el descenso a las significativas ventas de exportación y entre empresas (B2B) en el 3T 2025. BeFra ha suspendido la actividad B2B para centrarse en la venta persona a persona. La dirección señaló que este problema de comparación no debería extenderse al 4T, ya que el trimestre del año anterior no incluyó ventas minoristas significativas.

BeFra está fortaleciendo las capacidades de Tupperware en innovación, tecnología e inteligencia de negocio. El desarrollo de productos considerará otros materiales además del plástico, incluidos vidrio, acero inoxidable y cerámica, así como categorías como cristalería y recipientes para bebidas, utensilios de cocina y electrodomésticos de cocina. La dirección planea adaptar los nuevos productos específicamente a las necesidades de los consumidores mexicanos y brasileños.

Previsiones de la dirección

El rango de ingresos orgánicos se ajustó dentro de las previsiones anteriores de la empresa, mientras que la perspectiva de crecimiento tras la adquisición se elevó en función de la primera contribución trimestral completa de Tupperware y del rendimiento durante los primeros nueve meses.

La dirección señaló que la previsión del margen EBITDA del 19% incluye inversiones para el crecimiento en Tupperware y costes asociados a la gestión de un grupo de mayor tamaño. Para el 4T, las proyecciones de la empresa contemplan un crecimiento de un dígito medio en Jafra y de un dígito alto en Betterware.

Riesgos y aspectos a vigilar

• Jafra ha experimentado un crecimiento y decisiones operativas inconsistentes, lo que ha motivado un cambio en la dirección y un renovado enfoque en la ejecución comercial.
• Betterware sigue expuesta a los elevados costes del transporte marítimo e internacional debido a su modelo de aprovisionamiento en China.
• Los cambios en la atención del consumidor relacionados con la Copa del Mundo y un periodo prolongado de vacaciones estivales redujeron la actividad de los asociados, especialmente en Jafra México.
• Tupperware requiere inversión en innovación, tecnología e inteligencia de negocio, aspectos que están contemplados en la perspectiva de margen de la empresa.
• El 3T incluyó Ps. 47 millones de gastos relacionados con adquisiciones contabilizados en los libros consolidados, incluidos los resultados operativos de la empresa Betterware.
• Las sinergias de compras y fabricación derivadas de la adquisición de Tupperware siguen en proceso de evaluación y aún no se han cuantificado.

Puntos destacados de la sesión de preguntas y respuestas con analistas

La dirección identificó la innovación de producto como una importante oportunidad para Tupperware. BeFra está creando un equipo de innovación liderado en parte por David Kusuma, exdirector global de I+D e innovación de Tupperware. La estrategia incluye expandirse más allá de los envases de plástico y desarrollar productos para mercados específicos de América Latina en lugar de depender de diseños globales.

En cuanto a los primeros indicios de recuperación de Tupperware, la dirección citó el rediseño de catálogos, la mejora del merchandising, las técnicas promocionales y el restablecimiento de la confianza entre distribuidores y asociados. La empresa también está evaluando la aplicación Tupperware Plus utilizando la misma plataforma tecnológica que Betterware Plus y la proyectada aplicación Jafra Plus.

Con respecto a las sinergias de la adquisición, la dirección señaló que está evaluando si algunos productos de Betterware podrían fabricarse en la planta de Tupperware en México y si las capacidades de la cadena de suministro de Betterware podrían respaldar los productos de Tupperware hechos con materiales alternativos. La aceleración de los ingresos sigue siendo la prioridad inmediata y no se facilitó ninguna estimación de sinergias.

En cuanto a la asignación de capital, el director financiero, Raúl del Villar, no estableció un objetivo de apalancamiento a largo plazo. Señaló que BeFra espera seguir invirtiendo en expansión y gastos de capital, pagando dividendos y reduciendo deuda, con el respaldo de la generación de efectivo en las tres marcas.

Transcripción completa de la llamada de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Thank you. Thank you and welcome to BeFra's third quarter 2026 earnings conference call. Before BeFra's management begins their prepared remarks, please note the disclaimer regarding forward-looking statements on slide 2. We remind participants that this call may contain forward-looking statements which are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Please consider these statements alongside the cautionary language and safe harbor statement in today's earnings release, as well as the risk factors outlined in BeFra's SEC filings. BeFra undertakes no obligation to update any forward-looking statements. 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 investor section of the company's website. Present on today's call are BeFra's President and Chief Executive Officer, Andres Campos, and Chief Financial Officer, Raúl del Villar. I will now turn the conference over to Mr. Campos. Please go ahead, sir.

Unknown Speaker

Thank you, operator, and good afternoon, everyone. The third quarter marked a significant step in BeFra's evolution. 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. 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 leveraging, these 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 4 and review the highlights of the quarter. Consolidated revenue increased 43.1% year over year to Ps. 4,832 million. 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 associated productivity, while Jafra's commercial execution did not fully compensate for it. The addition of Tupperware also expanded our commercial networks. 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 discipline execution across each brand.

Turning to slide 5, 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 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. This broader portfolio provides BeFra with multiple avenues for growth across brands and markets, both in Mexico and abroad.

Turning to slide 6, consolidated EBITDA increased 39.6% year over year to Ps. 1,008 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. 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 Ps. 390 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.

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, Betterware 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 a 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. In the U.S., Jafra delivered its second consecutive EBITDA-positive quarter under its linear expense structure, an encouraging sign of the progress being made there.

At Tupperware, on the right, for direct selling revenue increased a strong 14%, demonstrating the renewed growth momentum of the business as Tupperware continues its integration into Jafra. 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% decline 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 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. 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.

Unknown Speaker

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 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 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 Ps. 45.4, 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 Ps. 250 million 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 Ps. 431 million, while interest coverage increased to 6.91 times as we continue deleveraging and generating strong EBITDA. Turning to cash flow, reported free cash flow reached Ps. 1,059 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 Ps. 1,871 million, 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, this result demonstrates 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 Andres for closing remarks. Thank you, Raúl.

Unknown Speaker

In conclusion, this was a very strong quarter for BeFra. We delivered substantial consolidated growth. Betterware continued to build momentum. Jafra U.S. remained EBITDA positive for the second consecutive quarter, and Tupperware 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.

Operator

Thank you. We will now begin the question and answer session. To ask a question, dial in by phone and press star then 1 on your telephone keypad. Make sure your mute function is turned off, and if you are using speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. Your first question comes from Eric Beder with SCC Research. Please proceed with your question.

Preguntas y respuestas

Eric Beder

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

Unknown Speaker

Hi, Eric. Thank you. Thank you.

Eric Beder

I want to talk a little bit about Tupperware. So you've owned it now for about four months. I know this prior, you know, I know this, you're a very innovative company, in terms of new products and other pieces. Betterware is almost 80% of that, which offers a very high number. While Tupperware, for various reasons not related to you, has not been as high. I guess the question is, should it be higher? And 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, the question is, what are the opportunities in terms of new products and categories at Tupperware?

Unknown Speaker

Okay, yes. Thank you, Eric. This is Andres here. Well, we believe the opportunities are very important. You know 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 are 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. 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 such as drinkware, it's a category that can be more highly explored. 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. We are, you know, 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. We are, together with that, assembling a whole innovation team and process, and we think there's a lot of interesting things to come for Tupperware there.

Eric Beder

Okay. 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?

Unknown Speaker

The Betterware division. Yeah, so we are, you know, as you can see in the report, we are 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. So, you know, 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're starting to regain growth from all the different strategies, commercial strategies that we've laid forward before, and we're happy for that to be happening. We still have a lot of work, 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 Ecuador, in the Andean region, we think that the brand in general will continue to expand at a very good pace.

Eric Beder

I guess a question for Raúl. You know, 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 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.

Unknown Speaker

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 generative. All of them are performing well. As you can see, we are generating enough cash to invest in expansion, invest in CAPEX, and continue paying dividends and deleveraging. 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.

Eric Beder

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

Operator

Thank you, Eric. Your next question comes from Linda Bolton-Weiser with Water Tower Research. Please proceed with your question.

Unknown Speaker

Hi, hi, how are you? So I just wanted to ask about 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, higher than I would have thought. So it seemed to me that the whole thing kind of put together was, you know, net it was better than I would have expected. So I guess I'm wondering, even with Jafra having problems, if Betterware is kind of doing well on the top line, what 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.

Unknown Speaker

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, we're growing stronger and Tupperware performing well. Obviously our guidance contemplates that for the fourth quarter, no? And for the year around a high single-digit organic growth, in a combination of mid-single digit for Jafra and high single digit for Betterware.

Unknown Speaker

Okay, so that's in the fourth quarter you would just saying.

Unknown Speaker

Yes, in the fourth quarter.

Unknown Speaker

Okay. 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. So is this the 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 growth margin?

Unknown Speaker

Yeah, well, what you mentioned is exactly right. It's, 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. So freight prices have gone up and have stayed higher than we expected for a longer period of time because of the whole supply chain, supply chain issues in Hormuz, et cetera. So it's mainly the freight prices that affected Betterware and which are not affecting Tupperware.

Unknown Speaker

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

Unknown Speaker

Yes, well, we, you know, we were when we started, I'm 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. I'm not expecting these tariffs to decrease highly in the short term.

Unknown Speaker

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

Unknown Speaker

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 results. And it's more about taking the correct decisions, the 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, we have been taking inconsistent decisions managing. 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. The other part is kind of more in the midterm. Is that, you know, after five years that we've had Jafra, we started implementing the more low hanging fruit of our commercial model at BeFra, 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. And we are working to launch a new technology, the new app, the new Jafra Plus app. Next year 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. You know, some ways of making it easier for consumers to buy and sellers to execute. And so we are, you know, rolling out this second phase of strategies within our model. And we have had some development 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 the mid-term continue at consistent growth.

Unknown Speaker

Okay, that sounds good. I just have two more questions. One of them has to do with, yeah, one has to do with, I think you mentioned that in the Tupperware phenomenon, 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? Sure.

Unknown Speaker

Let me pass the word to Raúl.

Unknown Speaker

To to clarify exactly. So what we mean with the, with the, with the expenses for the Tupperware acquisition actually sit at the consolidated base and actually reflected, keep in mind that our holding company is also the operating company of Betterware. So when you have a, when you look at the Betterware results, they include some extraordinary expenses that we incurred into with the for the acquisition of Tupperware. So that's what we mean. Those expenses are reflected in the in the consolidated books, but not necessarily in Tupperware stand-alone books. I don't know if that's what you refer to. Well, it's... If you want to... If you want to, and just a quick question. And just to give you the number, those expenses accounted for Ps. 47 million. So it's significant for the quarter, but it's really non-material on a full year basis.

Unknown Speaker

Okay, I got you. Thank you. And then, so my last question is, you know, the question of innovation and other categories for Tupperware Latin America, I used to follow the U.S., well, all of Tupperware, but in the U.S., 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 U.S. and they were never taken into Latin America? And do you have the rights to any of those designs or products or innovations that Tupperware U.S. had? Or do you have to start all over again and redesign certain of their items?

Unknown Speaker

Yes, 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. So 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, understanding the consumer in Brazil, understanding the consumer in Mexico, and this makes a huge difference, because not necessarily what works for the U.S. or Europe is going to work for Latin America. So even though we can have access to fast 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. 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.

Unknown Speaker

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

Unknown Speaker

Thank you, Linda.

Operator

Thank you. Again, if you have a question, please press star then 1. Your next question comes from Cristina Fernandez with Telsey Advisory Group. Please proceed with your question.

Unknown Speaker

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 last 90 days since the last call and what changes you've made to drive the 14% growth you saw in Mexico.

Unknown Speaker

You mean in Tupperware? Hi, Cristina. This is Andres. You mean hi. Yes, in Tupperware? In Tupperware. Yes. Ah, okay, okay. Sorry, I thought you had said Betterware, but yes. So, you know, a little bit similar to, within our commercial model, we have some low-hanging fruit strategies 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. And this is really starting to to help us to grow. At the same time, you know, our sales force, distributors and associates, they had, you know, 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 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. 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, you know, come from a long period of very unfavorable results and we think that, you know, 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 know, that the Tupperware management in general is a, it's a great management. And the thing is that they needed to have, you know, the foundation on which they could invest and the correct guidance in order to, or the correct direction in order to execute correctly. They were a little bit tight 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. 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 to start taking the the the the business in the short term.

Unknown Speaker

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?

Unknown Speaker

Yeah, well, we are, you know, first of all, and I think the most important is we're investing in the innovation team. 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, you know, the main thing. Another capability, a couple of capabilities, capabilities that we're building is technological capabilities. No. And, you know, we have in Betterware, the Betterware Plus 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. And finally, the third thing in which we're investing is business intelligence. You know, we have talked a lot about the great impact business intelligence in our model and Tupperware did not have that capability built in it. So we're 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. They were basically at zero and we think these three things together are going to bring a lot of value in the in the medium and long term.

Unknown Speaker

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?

Unknown Speaker

We do not have an update yet there, Cristina, we're still evaluating. You know, 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's supply chain capabilities. We are assessing all of that, but still early to tell. We have not quantified them yet.

Operator

Thanks so much. Thank you, Christina. 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.

Unknown Speaker

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 to you in the next quarter. Thank you.

Operator

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.

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