Betterware de México, S.A.P.I. de C.V. Q4 FY2025 earnings call

• Strategic pillars: strengthen leadership in Mexico, regional expansion, develop new brands/categories, activate digital P2P model, maintain financial discipline.
• 2025 achievements: net sales growth for quarter and full year, EBITDA margin strong though below prior year, free cash flow more than doubled, debt reduced.
• 2026 plans: Better World Mexico to revamp innovation levers, Jaffa Mexico to focus on innovation and new product lines, Jaffa U.S. to focus on innovation and launch Disneyland licenses products, regional expansion in Latam, integrate Tupperware Latin American business.

Fourth quarter revenue grew 1.2% year over year. Full year revenue grew 1.2% despite challenges. Better World Mexico had strongest quarterly sales in 2025 with improving commercial momentum; fourth quarter EBITDA margin affected by temporary factors but excluding them was ~22%. Jaffa Mexico had record high sales in Q4, adjusted EBITDA recovered from weak first quarter. Jaffa U.S. saw significant improvement in Q4 with year-over-year growth, EBITDA improved though full year still declined but adjusted for legal expenses was positive. Acquisition of 100% of Tupperware's Latin American business expected to close in 2026 Q2, unlocking regional potential.

• Expect more stable consumption in 2026 leading to 4%-8% growth.
• EBITDA margin expected to be around 19%, with confidence in returning to more regular growth levels after abnormal low growth in 2025.

• Macro-economic volatility and sociopolitical uncertainty could impact results.
• Regulatory approvals for Tupperware acquisition could face delays.
• Ongoing legal expenses in Jaffa U.S. could affect profitability.

Q: How should we be thinking about the Mexican consumer?

A: Mexican consumer had slight contraction/disacceleration last year, expected to be more stable in 2026 with factors like decreasing interest rates and stable inflation.

Q: How should we be thinking about inventory growth in 2026?

A: Close to optimal inventory levels, not expecting significant decrease like in 2025 but some minor reduction.

Q: Is Jafra's growth continuing?

A: Jafra has continued to grow revenue, 2026 will see more innovation leading to continued expansion.

Q: What gives confidence in 2026 growth outlook?

A: More stable consumption, internal strategies like innovation and technology implementation in brands, and regional expansion contribute.

Q: Any color on EBITDA guidance by segment?

A: Prefer to leave as group margin from 19 up as various factors contribute including investments.