Oct 22, 2026 earnings call — Tupperware integration expands scale and profitability
Consolidated revenue increased 43.1% year-over-year to MXN 4,832 million in our first full quarter with Tupperware.
Revenue $0.3B (est $0.3B) · EPS $0.57 (est $0.61)
Key quotes
"At Tupperware, on the right, core direct selling revenue increased to strong 14%, demonstrating the renewed growth momentum of the business as Tupperware continues its integration into BeFra."
"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."
"Pro forma net debt to trailing 12 months EBITDA improved to 1.65x, supported by debt reduction of MXN 431 million, while interest coverage increased to 6.91x as we continue deleveraging and generating strong EBITDA."
Analyst Q&A 3
Tupperware product expansion; Betterware growth, debt use
Q (Eric Beder · SCC): The analyst asked what new products and categories Tupperware can develop, whether Betterware's recent recovery is sustainable and can expand outside Mexico, and what the company's long-term goals for net debt and free cash flow use should be.
A: Management said Tupperware has many opportunities beyond plastics and containers (glass, stainless, ceramics) and will expand into categories like drinkware and kitchen appliances while building a strong innovation team and hiring David Kusuma. They said Betterware is returning to growth (third consecutive quarter of year-over-year growth, almost reaching double digits), with more room to grow in Mexico and recent openings in Ecuador and Colombia. On debt, they are not giving long-term net debt targets now but will keep disciplined operations and finance, continue deleveraging, and use cash to invest, fund CAPEX, pay dividends, and reduce leverage.
"So there are different avenues for growth in Tupperware, I would say, beyond plastics and beyond containers." — Andres Chevallier (CEO)
Guidance change, margins, Jafra fixes, one-time cost
Q (Linda Weiser · Water Tower): Why did the company narrow and lower organic sales guidance (was Jafra the cause)? Why did Betterware gross margin weaken versus Tupperware and what will you do? What can you do quickly to turn Jafra around? Also, how large were the Tupperware integration or one-time expenses, and do you have rights to past U.S. Tupperware designs?
A: They said Jafra can rebound fairly quickly and they expect mid-single-digit growth in Jafra for the fourth quarter; the overall guidance assumes mid-single-digit Jafra plus high-single-digit Betterware to reach high single-digit organic growth. On margins, the difference is sourcing: Tupperware makes most products in Mexico and Brazil, while Betterware sources mostly from China, so higher freight prices hurt Betterware; they are taking actions (pricing, promotions and other strategies) to recover gross margin. Raul said the extraordinary acquisition-related expenses were MXN 47 million in the quarter (reflected in consolidated books), and Andres said they will focus on innovating products specifically for Latin American markets even though past global innovations may be accessible.
"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." — Andres Chevallier (CEO)
What drove Tupperware Mexico growth; investments; synergies
Q (Cristina Fernandez · Telsey Advisory Group): What did you learn and change in the last 90 days to drive Tupperware Mexico's 14% growth, what investments will you make to scale the group, and any update on procurement/manufacturing synergies?
A: They said short-term actions drove the start of the recovery: a revamped Tupperware catalog (design and merchandising), promotional techniques, and a communication tour to restore distributors' and associates' confidence. They are investing in three main capabilities: an innovation team (which was previously lacking), technology (apps across brands), and business intelligence. On synergies, they are still evaluating procurement and manufacturing opportunities (for example moving some Betterware products into Tupperware Mexico plants), but it is early and they have not quantified synergies yet.
"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." — Andres Chevallier (CEO)