Thank you for holding. Welcome to Betterware de México, S.A.P.I. de C.V.’s first quarter 2026 conference call. The conference will begin in a few minutes. We appreciate your patience. Thank you, and welcome to Betterware de México, S.A.P.I. de C.V.’s first quarter 2026 earnings conference call. Before management begins their prepared remarks, please note the disclaimer regarding forward-looking statements on slide two. This call may contain forward-looking statements that 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 Betterware de México, S.A.P.I. de C.V.’s SEC filings. Betterware de México, S.A.P.I. de C.V. 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 be found in the earnings release published earlier today, as well as the Investors section of the company’s website. Present on today’s call are Betterware de México, S.A.P.I. de C.V.’s President and Chief Executive Officer Andres Campos, and Chief Financial Officer Raul. Now I would like to turn the call over to Andres Campos. Please go ahead, sir.

Thank you, Operator, and good afternoon, everyone. Thank you for joining our call today. First, I would like to introduce our new CFO. He brings more than 30 years of experience in senior finance roles within multinational consumer companies, playing strategic roles in expanding their brand portfolios and entering new geographic markets, both of which are integral to Betterware de México, S.A.P.I. de C.V.’s own growth strategy. His experience and leadership will be instrumental in supporting our growth objectives. Turning to key highlights on slide four, we delivered slight revenue growth of 0.3% year-over-year and EBITDA growth of 14% year-over-year, expanding our EBITDA margin from 15.3% to 17.4%, supported by improving profitability across all of our business units. Net income and free cash flow remained strong and reflect a more normalized quarter without the extraordinary effects seen last year. Turning to slide five, we continue to diversify our revenue mix in terms of brands and geographies. We expect this trend to accelerate once we receive regulatory approval of the Tupperware transaction, which we expect to happen in Q2. In addition to significantly diversifying our revenue and giving us entry into the Brazilian market, this new brand will be immediately earnings accretive, contributing an estimated 40% to earnings per share. Looking at revenue on a quarter-on-quarter basis, I would like to highlight the early success of Betterware’s expansion into Ecuador and its improving performance in Guatemala, the contributions of which increased from 0.1% to 0.7% of total revenue over the past year. We expect this share to continue growing as the business scales in the region. Now, I will hand the call over to our CFO so he can explain Betterware de México, S.A.P.I. de C.V.’s key financials in detail.

Thank you, Andres. Very excited to be part of the team. Let us turn to slide six. Contributing to the 0.3% year-over-year increase in revenue was Betterware, which grew 2.6% despite one less week in the quarter and which benefited from its geographic expansion. Improving trends at Jafra US also contributed to Betterware de México, S.A.P.I. de C.V.’s top-line growth, which was partially offset by lower sales at Jafra Mexico. Looking at the associate base, we are beginning to see the impact of targeted initiatives, with Betterware’s base returning to growth. Although Jafra Mexico’s associate base declined as a result of our focus on productivity, we are now shifting towards initiatives aimed at attraction and retention, which we expect to begin showing results in Q2. These trends demonstrate improving momentum across both businesses and position us well for sustained growth. On slide seven, EBITDA performance reflects a clear improvement in profitability across our business units, with margin expanding 211 basis points to 17.4%. It is important to note extraordinary expenses related to the Tupperware transaction impacted the margin. Without these expenses, margin would have been approximately 18.4%. On the right-hand side of the slide, net income accelerated, nearly doubling year-over-year, reflecting a return to more normalized profitability levels following the extraordinary expenses recorded in the prior year, as well as lower interest expenses. Overall, Betterware de México, S.A.P.I. de C.V.’s improving profitability embodies our fifth strategic pillar of maintaining financial discipline. Turning to the next slide, free cash flow normalized during the quarter, converting 58% of EBITDA into cash, supported by stronger underlying profitability and continued discipline in working capital management, particularly with respect to inventory. This will enable us to pay our twenty-fifth consecutive quarterly dividend since going public, which the board has proposed at MXN $200 million, subject to shareholder approval. Dividend payments remain aligned with our disciplined capital allocation framework, maintaining a 33% trailing twelve-month dividend-to-EBITDA ratio, while also using the cash we generate to further reduce debt leverage and continue investing in geographic expansion. Slide nine summarizes Betterware de México, S.A.P.I. de C.V.’s financial strength. Total debt continued falling, with net debt to EBITDA improving to 1.5 times. Following the completion of the Tupperware transaction, we expect our leverage ratio to increase to approximately 1.9 times, with the aim of maintaining healthy leverage levels. As you can see in the chart at the left of the slide, we successfully reduced leverage from 2.4 times at the end of 2022 and 3.1 times at the time of the Jafra acquisition to current levels. Our asset-light model remains a key source of resilience, with ROTA improving to 22.7%, demonstrating greater capital efficiency and stronger profitability. On the right-hand side, you can see that returns have also strengthened versus last year’s quarter, with ROIC increasing to 27% and EPS reaching MXN $31.9 on a trailing basis, reflecting a stronger earnings profile. Overall, we are not only improving profitability, but also translating these gains into stronger results, a healthier balance sheet, and high returns on capital, while enabling us to continue funding initiatives across our five strategic pillars. I will now pass the call back to Andres, who will talk more about each brand’s performance as well as provide an update on the strategic pillars.

Thank you. Turning to slide 10, as in previous quarters, we continue advancing across our five strategic pillars, which define the next stage of Betterware de México, S.A.P.I. de C.V.’s evolution. First, strengthen our leadership in Mexico with our Betterware and Jafra brands. Second, continue our regional expansion, driving Jafra’s growth in the US and selectively expanding across LatAm. Third, develop or acquire new brands and/or product categories. Fourth, further advance our digital transformation. And finally, maintain strict financial discipline, prioritizing profitability, cash generation, and a strong balance sheet as the foundation of sustainable long-term growth. These pillars remain the framework guiding our strategic decisions and capital allocation going forward. On slide 11 is the first pillar, strengthening our leadership in the Mexican market. Starting with Betterware on the next slide, the business delivered a solid start to the year with improving commercial momentum. We are seeing a clear inflection point in the associate base, which has returned to growth and is beginning to rebuild scale. This represents an important milestone, as it supports the recovery in revenue and reinforces the strength of our commercial model going forward. It is important to note that the quarter had one fewer week compared to last year, which affected reported growth. On a comparable basis, revenue growth would have been approximately 3.3%. Additionally, although Latin America is currently only 1.7% of Betterware’s total revenue, it is expected to continue expanding as we further scale our regional operations. On the right-hand side of the slide, EBITDA margin improved significantly by 190 basis points to 20.5%, with EBITDA increasing 12.9% year-over-year, driven by disciplined cost management and solid execution. Gross margin remained stable despite external pressures. On slide 13, we highlight the progress we are making against the strategic initiatives outlined for 2026. As a reminder, our key priorities for 2026 include innovation, catalog redesign, enhanced associate service, new technology capabilities, and the new payment system. Starting with innovation, we are seeing strong performance from our new fast consumption product line called Better Clean Tabs, as we continue to expand into higher-frequency consumption categories. On catalog redesign, our new catalog format is progressing well and is set to launch in the second half of the year. In terms of associate service, we are currently piloting a new segmentation within our incentive program aimed at enhancing engagement and driving activity, with a broader rollout expected in the third quarter. On the technology front, we have introduced new analytical capabilities and are advancing the development of new Betterware Plus app features alongside the implementation of our Salesforce CRM, expected to launch in Q2. Finally, regarding our payment system, we are in the pilot phase, with ongoing testing and analysis as we prepare for a full rollout during the second half of the year. Overall, we are making solid progress in executing our 2026 priorities, reinforcing the foundations for sustainable growth. On slide 14, Jafra Mexico’s quarter reflects a temporary moderation in revenue growth. This was mainly driven by a shift in focus towards productivity of the existing consultant base, which ended up undermining base expansion. We recently implemented initiatives to rebalance our focus on capturing associate growth, which we expect to see results during the second quarter. It is important to mention that, according to the latest market reports for 2025, we have reached the number two position in the beauty market in Mexico within the direct selling channel, up from number four at the time of Jafra’s acquisition in 2022. Additionally, we now rank number seven in the overall beauty market in Mexico across all distribution channels. On the profitability side, the business delivered strong improvement, increasing EBITDA margin by 165 basis points to 17%, supported by better cost management, benefits of restructuring initiatives implemented last year, and lower extraordinary expenses. Moving on to the next slide, Jafra Mexico is also making solid progress in executing its 2026 priorities. Starting with innovation, we returned from renovation to innovation, highlighted by the launch of the new Stitch sunblock through our partnership with Disney, among other innovations, as we continue to expand our portfolio and refresh key categories. On sample trial initiatives, we have introduced increasing quantities of sensorial sampling, enhancing the product experience for consultants and customers. Regarding subscription models, we launched our new plan in March, which is already showing early traction and supporting retention. In terms of associate incentives, we are advancing our segmentation strategy with new structures designed to better address different associate profiles, with further rollout expected in Q3. Finally, on the Jafra Plus platform, we are progressing with the implementation of our new CRM expected in Q2 and the Jafra Plus app, which is set to launch in Q3. Overall, these actions position Mexico to transition into its next phase of growth. On slide 16, we highlight our second strategic pillar, which is regional expansion. Turning to slide 17, the business continues to show significant progress in the US, with net revenue in US dollars increasing 8.6%, supported by an expanding associate base growing 3.4% year-on-year and improved productivity. At the same time, profitability improved meaningfully, driven by disciplined cost management. Importantly, excluding extraordinary legal expenses, EBITDA would have been positive, with a margin of approximately 2.6%, showcasing the increasing strength and independence of our Jafra US business. Turning to slide 18, we are pleased to announce the launch of Betterware Colombia. This marks an important milestone in our regional expansion, further strengthening our presence in the Andean region, building on the success we have seen in Ecuador. Turning to slide 19, our operations in the Andean region and Central America continued to show strong momentum. Both the Andean region and Guatemala remain on a sustained growth trajectory, supported by continued expansion of the associate base. In the Andean region, we have reached approximately 14,000 associates, reflecting solid progress in building scale in a relatively short period of time. In Guatemala, the associate base has also continued to expand, reaching approximately 2,200 associates, demonstrating strong traction and growing engagement in the market. While these markets continue to scale rapidly, they still represent a small portion of total revenue, accounting for 0.7% of the group’s revenue and 1.7% of the Betterware brand. Turning to slide 20, we continue advancing on our strategy of incorporating new brands and categories that complement our portfolio. We announced the acquisition of Tupperware on January 19, and we continue to await approval from the antitrust authority in Mexico, which we expect during 2026. We see significant potential in the Tupperware transaction, as it is highly accretive and strategically positions us to penetrate the far larger Brazilian market, while this iconic brand provides additional expansion opportunities across the region. Turning to slide 21, our digital transformation continues to be strategic and a key enabler across all our strategic growth pillars. Our main objective on this front remains accelerating growth through a digital platform that maximizes the sale opportunity of every person-to-person interaction. On slide 22, we outline our digital transformation across three main pillars. First, growing the business for our distributors and associates. We are focused on enhancing our associates’ and distributors’ digital capabilities, with the first phase of trials underway, to equip them to better leverage digital tools and drive performance with the use of our platforms. Second, digitizing Betterware de México, S.A.P.I. de C.V.’s core operations. This includes customer service automation and end-to-end automation of commercial processes by implementing a CRM with Salesforce and a new artificial intelligence committee. And third, leveraging our data with initiatives like our new Betterware Plus analytics platform, which helps us improve all of our digital tools. Finally, our fifth pillar, financial discipline and control, which remains the backbone of our strategy. It continues to guide how we allocate capital and operate across the organization, enabling us to grow while preserving the strength of our balance sheet even in volatile operating environments. We remain firmly focused on tight cost management, efficient inventory control, and working capital execution, and on maintaining a prudent leverage profile. Financial discipline is not just a pillar of our strategy; it is embedded in how we operate every day. We are sure that with our CFO’s leadership and experience, we will continue to maintain and improve our strong financial discipline. With this in mind, we began 2026 with a solid performance, reflecting improving momentum across our business units and continued progress in strengthening our commercial and operational execution. While revenue growth at the group level remained modest due to a temporary slowdown in Jafra Mexico, all other business units delivered strong momentum. Additionally, profitability improved meaningfully, supported by better operating efficiencies and disciplined cost management, with all business units contributing to this improvement. At the same time, our expansion strategy continues to gain traction, with renewed momentum at Jafra US and sustained growth across our Andean and Central America operations, including the successful launch of Betterware Colombia. Looking ahead, we continue to advance on the Tupperware transaction, actively preparing for its integration and achieving the value creation opportunities it represents while we await regulatory approval. Betterware de México, S.A.P.I. de C.V. today stands as a stronger, more diversified, and well-positioned group, with a clear roadmap for long-term value creation, and the start of 2026 reflects a solid footstep into that future. With that, I will pass the call back to our Operator for any questions you may have. Thank you.

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

Good afternoon.

Hi, Eric. How are you?

I am good. How are you doing? Good, thanks. Could we talk a little bit about the state of the Mexican consumer? I know that Q1 last year was a bit of a shock to them, and how are you seeing them now, and what are they looking out for right now in terms of their purchases going forward?

Sorry, Eric. We had a little bit of a problem there. Can you repeat the question really quickly?

Sure. So what is the state of the Mexican consumer right now? I know last Q1 it was affected by tariffs. What are we seeing now, and what is the Mexican consumer looking for, and how are you changing and shifting for that?

Thank you, Eric. That was clear. We are seeing a slight rebound in consumption in the first quarter. Consumption growth has been decreasing for the past three or four years, and we hit the lowest growth last year with about 1.1% growth in consumption. This year, the expectation is 1.6%, so it is a little rebound, and we are seeing in private consumption up to January and February a slight rebound. It is not a huge rebound; it is a slight rebound. But this helps to change the trajectory in the Mexican consumer and consumption in general. We think this is good news, and we hope to continue seeing this trajectory in the quarters to come.

You did a great job again with inventory, down a significant level, materially higher than the revenue change. When do you start to anniversary that, and what will be the goal after you get there?

Do you mean inventory?

Yes.

As we mentioned before, in inventory, we had already lowered it up to the fourth quarter of last year. It remained pretty stable at those levels at the end of this quarter. We do expect a slight decrease throughout the year. We were talking about a MXN $100 million more of a decrease, but we do not see inventory declining much further after that. We think that we have reached nearly our optimal levels and think it can remain stable from there.

Last question. You announced the acquisition of Tupperware Latin America. I know in the last few months you have met with a lot of people at that company. Are you more excited, less excited? How are you feeling about this acquisition now that it has been announced and you have gone out to the field to talk to people? And how do you look at the near- and longer-term opportunities here? Thank you.

Thank you, Eric. We are very excited about this acquisition. As we have mentioned before, we are still pending approval from the antitrust agency in Mexico, which we expect to happen during this second quarter. We think that Tupperware is a very well-positioned brand in customers’ minds across Latin America. It is not only well positioned, but a very valued brand throughout the years. There is a lot to do in terms of product innovation and of replicating Betterware de México, S.A.P.I. de C.V.’s model in Tupperware in terms of merchandising, innovation, and many things that we can really leverage on such a great brand. We are also very excited to tap into LATAM’s biggest market, Brazil, with a strong foothold when we start. It is already an approximately $100 million revenue company there, so it is a strong foothold to really take off in the Brazilian market. We are very excited and hope we get that approval in the coming weeks during this quarter, and then take off from there.

Great. Thank you, and good luck for the rest of the year.

If you have a question, please press star then 1. Our next question is from Cristina Fernandez with Telsey Advisory Group. Please proceed.

Hi. Good afternoon, Andres and Raul. Nice to meet you. I have a question on Jafra Mexico. When you look at the performance this past quarter, and we also started to see a little bit of a slowdown the quarter before, how much of that do you think is a slowdown in the broader beauty market, or is it just specific to Jafra Mexico and some of the points you talked about as it relates to the consultant recruiting and the innovation?

Thank you, and hi, Cristina. We definitely think it is more internal than external. We see the beauty market continue to grow and continue to expand in Mexico, and it is still a category that has a great tailwind. We expect that to continue. The internal factors that we think impacted the fourth quarter and the first quarter were mainly two. One is that last year we focused more on line renovations than on real innovation. When you are renovating your lines, there is not as much impact as when you are actually innovating into new categories, new concepts, and new lines. We think that had an effect. As we said, last year we finished all our renovations, and this year we are focusing again on real innovation. We are strengthening our partnership with Disney. We launched the Stitch Sunblock, which has been a great success. We launched many different products with Disney, and we are also launching new innovations that are going to impact positively this year. So that is one part, a refocus into innovation. The second part is that while we were trying to incentivize more productivity from our associate base, we think that affected bringing in new associates and also keeping our small, unproductive associate base active. That was an internal factor that made the associate base decrease, and we were not able to compensate with productivity, so growth slowed down. We have already detected everything there and reversed it, starting in March and more so in April, and in April we are back to where we need to be. We expect a rebound throughout the year, and we expect that rebound to start in the second quarter, to get an inflection point and then strengthen growth again throughout the year. We think it is a temporary internal situation that should reach its inflection point in Q2 and start strengthening growth again going forward. With that, we are very happy with our results in terms of profitability. As a group, and even in Jafra Mexico, we strengthened profitability. Across all our businesses, profitability is strengthening, free cash flow is strengthening, and our balance sheet is improving. All of our other business units are growing. Once this issue with Jafra Mexico that we expect to reverse comes back, we think we will have very strong results for the group going forward.

Perhaps a follow-up would be based on the shape of the year you were talking about, because you kept your revenue growth guidance for the year at 4% to 8%, even though the first quarter came in a little bit lower. If I am understanding what you are saying, you expect the second quarter to be better from a growth perspective than the first quarter and then the back half to be the strongest of the year. Is that correct?

Yes, definitely. We expect Betterware Mexico’s growth to strengthen. We started the year at 2.6%. On a same-week basis, it was 3.3%, but we expect that growth for Betterware to keep strengthening. Betterware Mexico started rebounding in the second half of last year and now we are seeing incremental revenue versus the previous year. At the same time, we expect all of the LatAm expansion of Betterware to continue contributing to growth. We also expect Jafra US to continue delivering great results. As you saw, we grew 8.6% in dollars, and we expect that to continue strengthening. With this inflection of Jafra Mexico, we think as a group we will start seeing strengthening in growth. We are positive about that, and that is why we are keeping our guidance as well.

Thank you. And the last question I had is, you did a really good job of managing expenses this quarter. Are you seeing any pressure? Should we expect any pressure as the year progresses, either in freight—meaning supply chain or transportation costs—as a result of the volatility in oil prices, or are you contracted out for the year at stable rates?

Yeah. Thank you, Cristina. The volatility that has been happening in oil prices from the whole situation with the Hormuz Strait and all of that is definitely something we are not only keeping an eye on, but we are taking actions. We have seen some slight, temporary increases in freight costs from China because of petroleum. At the moment, we have not received too much pressure from our suppliers in terms of raw material costs. We are vigilant to what happens if this becomes a temporary thing or a more sustained issue, and we are preparing tactics and strategies, as we have done before when things like this happen, to counter these effects. We feel confident that we can react to any sustained pressures from this—not talking about product pricing, but strategies such as negotiations or redesigns or other strategies that can contain any cost increases. It is still early to tell, and we are ready to tackle any counter-effects if this becomes a more long-term pattern.

Thank you, Andres. That does conclude our question. That does conclude our question-and-answer portion of today’s conference call. I would like to turn the call back over to management for closing remarks.

Thank you, everyone, once again, for your trust and continued support. We look forward to updating you next quarter. Thank you once again. Goodbye.

Ladies and gentlemen, this concludes the first quarter 2026 earnings conference call. We would like to thank you again for your participation. You may now disconnect. Goodbye.