To introduce Andres Campos, the CEO of the company, as well as Rodrigo Muñoz, who is the CFO of Betterware. The format for today will be a management presentation for the first 20 or so minutes, and then we will open up for Q and A. For those in the audience who do have questions, please type them into the bottom of the Zoom screen within the Q and A tab, and we'll get to as many questions as we can at the end of management's prepared remarks. With no further delay, Andres, the floor is yours. Thank you, Anthony, and good afternoon to everyone. No, I want to start with a brief overview of the company. You know, we're a direct-to-consumer house of brands. We have two main brands today, Betterware and Jafra, one focusing on Betterware in household products and Jafra in the beauty space. We commercialize our product through a very specific channel, which is direct selling, person-to-person selling. We have about 1.24 million sellers and distributors, and we operate mainly in Mexico and have begun our expansion to Latin and U.S. We have about MXN 14,000 million revenue in 2024. We have been growing at a strong pace for the last 23 years, 22% CAGR, and we are more or less between 19%-20% EBITDA margin. Last year was 19.7%. If we continue, Sofia, please. You know, in essence, to understand a company, you really need to understand two main things. The first thing on the left is that we focus on building great brands. That is our main specialization. You know, we're experts in creating great brands. We are experts in innovation, in product innovation, in creating great products, and in being very enticing for the customers. And we have a lot of expertise in marketing strategies, and that is mainly what we focus on. Our Betterware brand is the number one household product brand in Mexico and in the direct selling space. And Jafra brand is the number one fragrance brand across the board, even against other retail channels. So, we are experts in building brands. And the second part of our business is our channel, which we call on the right One Essence. So, we sell through person-to-person selling. It's a very old model, but we have modernized this model to present the world. We have invested a lot in technology, so we help our sellers with great technology so they are able to be very efficient. We invest a lot into business intelligence as well to make sure that we have the best incentives for our sellers and that we cater to different generations of sellers and that we provide a great gig opportunity to all our sellers. You know, there is a great tendency in the world that is called the gig economy that people need an extra income or want flexibility for their income opportunities, and we aim to be the best option that they may find for this matter. If we continue, you know, these are both of our brands. You know, in the Betterware brand, we design our products internally, and we manufacture with third-party manufacturers in China mainly. About 90% is manufactured there. Our main market, as I was saying, is Mexico, but we're expanding to Latin America, and we are the number one direct seller in Mexico. With the Jafra brand, we're in the beauty and personal care business. We acquired Jafra three years ago. Here's another story. 85% of our products are manufactured in our own manufacturing facility in Querétaro, Mexico. 90% of revenues come from Mexico. We also have a U.S. arm. About 10% of our revenues come from the U.S. operations. We have, among other things, come to be the number one fragrance brand in all of Mexico across the board. If we move forward, Sofia. This is kind of to get a feel of our portfolio. In the Betterware brand, our main source of differentiation is the innovative side of our products. You know, all of our products are not just normal household goods. We have very innovative things that have like a smartness to them. That is the way we differentiate. We also make sure that we keep our products with a good affordability and price value proposition so that we cater the middle-income market and the low-middle-income market in Mexico. In the Jafra brand, we also cater this middle-income market and low-middle-income market. We also do a lot of innovation, but, you know, the way we differentiate is through good marketing techniques of the way we position our products, the formulas that we develop in-house, and also the good value proposition that we have between quality and price of our products. If we go forward, Sofia, you know, for the Betterware market, we have about 4% of the market. You can see that it's a very fragmented market. I would say that the biggest player is Walmart with Walmart and Bodega Aurrerá. They have about 20% of the market. Other than that, more than 40% of the market is very fragmented, and we still have a lot of room to grow there. When we compare ourselves to other direct selling companies and direct selling brands, we own about 65% of the direct selling space in Mexico in household goods. We are really going against other retail channels and other commercializing channels, and we think that we can expand our 4% market share that we have today. Now, if I jump into the Jafra and the beauty market, we also have about a 4% market share. Here, we're playing against more well-known brands such as L'Oréal or Unilever, but we, you know, we have been outpacing them in the last two years-three years. You can see it in the graph under there. We have been outpacing them in growth. We have been gaining market share. In 2021, we had 2% market share. Now, in 2023, we have 4% market share. This is, you know, very clear, very clear numbers of how we can, you know, buy a brand and do a lot with that brand once we acquired it. We acquired the brand in 2022, and we have been gaining a lot of market share with the brand since then. As I said, we operate, if we go forward, we operate through the direct selling model. Direct selling model is growing in Mexico. It's grown at 4.6% CAGR in the last four years- five years. We have been outgrowing that pace. Within direct selling, we play in two categories that are beauty and household that account for about 60% of the direct selling market. Now, if we go forward, Sofia, you know, I would say that the three main differentiators that we have across the board, both if you look at it from the brand side or if you look at it from the commercializing model side, we have three main avenues or three main pillars of growth. One is business intelligence. We have been developing business intelligence for almost 15 years now. We invest a lot in analyzing product performance, product demand. We invest in understanding behavioral economics of our channel, of our sellers. We invest a lot into analyzing the big amounts of data that our business brings in and understanding how we can perfect the products that we have out there and perfect the way that we incentivize our sellers and that we cater our customers. The second avenue is product innovation. We invest a lot in product innovation to become more and more attractive to customers. We know that product is king, and we invest a lot into keeping perfecting our products such that the customers want to come back and bring their friends to buy with us. The third pillar is technology. We invest a lot in technology, both to cater to the customer and also to help the seller to be very efficient on how they do their business. You know, we have been catering to attract the younger generations with an in-house app that we have developed. It's a great app that helps the seller manage their business very efficiently. So, yeah, we keep investing so that our commercializing system is better and better for both customers and sellers, and obviously internally for our operations. With that, in a nutshell, I will pass the word on to Rodrigo so he can tell you a little bit of how these things have led us to have a good financial performance. And then I will close off and pass to Q and A. Thank you, Andres. Good evening, everyone. In financial performance, as you see on the left, we have the net revenues growing at 8.4% against last year, 2023, and a CAGR between 23 years of 22.4%. On the blue side, we have Betterware that had an increase during, especially COVID, 2020 and 2021, then had a little slowdown, but we're proud to say that we have been able to maintain the MXN 6 billion sales between 2022 and 2024, last year increasing at 4.6% and actually 2x what we sold in 2019 before COVID. On the Jafra side, we have been also very successful as growing revenue as a two-high digit growth between 2022 and 2024. On the right side, EBITDA as well, growing 2% from 2023 to 2024 and a CAGR of 23.4%. Next, Sofia, please. We are an extraordinary EBITDA to free cash flow company conversion. As you can see on the left side, we have an average of 52% conversion rate without the outliers of 2023 and 2024. In this case, 2023 and 2024 had a conversion increase due to supplier payment change in Jafra mainly after the acquisition that we made. We are still very efficient in generating cash flow. Our net revenues versus assets are almost 2x before Jafra acquisition. We were back at one time in 2022, but trailing back to increase that light asset sourcing. We have been able to keep and maintain a very low fixed cost structure, as you can see over the years, including with the acquisition of new categories. If you can go to the next slide, Sofie. We have been very consistent in dividend payment to ensure shareholder value. We have delivered over the time 25 consecutive quarters dividend payment that total an amount of $5.2 million within those and a double-digit average dividend yield of 10.55%. Since Q4 2021, we have a floating shares of 46% going into this. The next one, Sofie, please. This is the story of Jafra after the acquisition. Jafra before had almost 15 years of stagnant growth. What we believed in and actually exceeded expectations is that we proved that our core business in Betterware and the best practices that we had could be replicated to other categories and generating significant revenue growth while keeping the low asset and low fixed cost structure that we mentioned before. We have now a net revenue CAGR of 12.1% since 2022 to 2024 in Jafra and an EBITDA CAGR of 17.2%. Saying that, I will pass now to Andres to looking forward. Yeah, thank you, Rodrigo. We have different avenues of growth going forward. One is to continue to expand the Jafra brand post-acquisition. We still have many of the things of our playbook to implement in Jafra, and Jafra has a great opportunity to continue to grow. We also have new product categories. You know, both in the beauty space market and in the home market, we still have some categories that we can expand to. We can expand our share of market in Mexico. Obviously, the third, penetrating more homes and more customers in Mexico, still have a good run to grow there. While these things will bring organic growth in Mexico, we're also working on our geographic expansion into the U.S. We have our Jafra brand in the U.S. expanding there and expanding our Betterware brand to Latin America, starting with Guatemala and now Ecuador. We're also developing some e-commerce and web marketing tools for our sellers. We do this through our sellers so they can continue to sell. I will jump to the last one, make more strategic M&A going forward. You know, as Rodrigo was mentioning, the Jafra acquisition turned out great. Our hypothesis is that we could take our business model and replicate it in another category, prove successful, and we think that we could do this with other brands going forward, either in Mexico or in other countries able to expand to other geographies. Finally, if we go forward, you know, as I was saying, you know, our key value drivers, I think that the first one and most important one is our ability to build great brands with great innovation and great marketing. We are relevant to the customers and we can compete with any brand out there as we have done so in Mexico. Second, we are disrupting the direct sales model. We understand that this is a model that has, you know, seen some hiccups out there in the market, but we have been able to evolve it through technology and business intelligence and everything. It is a very good model that can compete against retail and e-commerce in a very efficient way. Third, we are an asset-light, strong cash flow generation company. As Rodrigo already mentioned, we are very financially disciplined. Fourth, we have diverse avenues of growth, as I just mentioned. Fifth, we have a very talented and experienced team, which you have in the presentation. We are owner-operators. As a family, we own around 54% of the company. I am the second generation, but we also have and have brought in a very good and experienced management team with experience in, you know, CPG companies and very professional companies around the world and in our space. We, you know, we are strengthening the team, and we have a very strong team with good experience to continue to build on our brands and build on our channel and be able to seize the opportunity of growth that we have forward. Thank you again. I think we made the 20-minute mark. With that, obviously, we are thankful for you to spend some time with us and happy to open up the microphone for Q and A. Thank you very much for the terrific overview of the company. As a quick reminder for those in the audience, if you do have a question, you can type that into the Q and A box at the bottom of the Zoom screen, and I'll go through as many questions as time permits. We do already have a few questions here in the queue. You know, first one is just on the competition on the Betterware side. I know you had a slide there where you talked about your market share as well. I think you guys have about a 4% share of the market now as of last year. Kind of how should we think about that relative to your competitors in the marketplace? It seems like also you guys have talked about the innovation as being a key differentiator. Maybe if you could just tie that all together and kind of help us understand as far as the growth opportunities on the Betterware side of the business. Yeah, sure, Anthony. So, yeah, we have 4% of the market. The reality is that there are not many brands of products in household goods out there that are strong. You know, as a brand, if we look at it as a brand, we may be one of the biggest brands out there. Now, as a channel, you know, Walmart, I was saying that accounts for 20%. They're the biggest, let's say, seller of household goods in Mexico, but they sell many different brands. It is very segmented and fragmented in brands. That is where we see the opportunity. You know, the Mexican customers recognize more and more the Betterware brand as being a very reliable brand in terms of value to, you know, price-quality value. Also the ingenuity that we bring. You know, most of the brands out there have very basic items for household goods. We invest a lot into understanding the customers. We invest in anthropological studies. We go and study the customer, and we really make those special tweaks to the product such that they really cater to the customer in the way the customer wants the product. We differentiate ourselves in that, and we think that we have been successful in doing so, and we still have a lot of room to grow in that sense. Okay. Just to follow up, it looks like in 2021, you had an 8% share with your Betterware brand. Obviously, I know that was helped by COVID, but do you think you can get back to that 8% mark in the next, let's say, five years? Yeah, we definitely think we can achieve that. We have achieved it before. You know, the post-COVID era for all household brands was difficult, but we think we can achieve it. You know, there are two things, two or three things I think that will, you know, support this. One is we still have a lot of household penetration. There are a lot of households that we do not reach still. There are a lot of households that we still need to reach with our associates. Second, there are new categories that we can develop and new concepts within our categories where we are today that we can develop. Still a good room to grow there. You know, we have been fortunate to find the way to grow again. Last year, we grew 4.6% versus 2023. After the whole COVID roller coaster, we think we can continue to grow at a very good pace going forward. Gotcha. Okay. Thanks for that. Then switching to the Jafra side. One of the slides you had mentioned that you had 15 years of stagnant growth and then two years of double-digit growth. Could we drill down as to the specifics as to what you guys did to drive that and whether that type of growth is sustainable? I know you had a different slide where you talked about competition there. It seems like a competitive environment that you have grown share. How do you feel about the Jafra side, you know, as far as your ability to grow that and, you know, whether the changes that you've made to the business can sustain the high growth? Yeah, sure. You know, what happened to the Jafra brand in those 15 years before we bought it that has happened to a lot of direct selling companies is that they focus more on the channel than on the brand side of the business. We have, you know, part of our playbook is focusing on the brand side of the business and on developing innovation and great products and being, you know, developing products that are very competitive against any brand out there and that are loved by the customer. That is something that we have been doing with Jafra now. We have come up with innovation. We brought down the time to market from like 15 or 16 months to eight months. We have developed great, great products. We have launched a lot of innovation since we acquired. That is part of what is happening, that customers are starting to like what we launched. We are launching new categories and new concepts that we were not attacking before. That is, you know, I would say, the main part. The second part that we have been working on is modernizing the channel. Jafra did not have good technology for their sellers. We are developing new technology for their sellers, putting the Betterware technology into Jafra so that the sellers can operate more efficiently. We have been applying our business intelligence to understand the segmentation of the sellers. That way, we can attract more younger sellers to the Jafra brand. We have been, you know, making those changes to the channel so that it is a lot more efficient and can be very competitive out there. I mean, just to name a few, these are some of the things that we're doing with the Jafra brand that we're kind of, you know, replicating our Betterware playbook that has helped us achieve like a 20-something% catering Betterware for the last 20 years. We're replicating that, and it has been working. We think the hypothesis was right, and we can continue to grow the Jafra brand going forward. Obviously, you know, we're not just competing against direct sellers. We're competing against all the brands out there. We're competing against L'Oréal, Procter & Gamble, Unilever. We think we can be very competitive against them, but keep gaining market share. Thank you for that. Okay. We do have a question that just came in, just in terms of just the kind of the basics of the business model. Maybe if you could just take a step back and just tell us like the difference between distributors and associates. As far as just the whole sale process, maybe if you could just explain that better, you know, how does that work? I have a follow-up question as well. Yeah, sure. Basically, the way it works is that we have sellers that are selling out there to their customers. Their customers are mainly personal relatives or colleagues from work. We have nurses, teachers, workers that sell to their coworkers in their factories or workers that sell to their coworkers in their office. These are the type of sellers, and they sell to the people they know. It is a very efficient model because you are delivering directly to the consumer. The consumer does not have to go to a store to pick up their product or to look for their product. We deliver it directly to them through the seller. It is a very efficient model for the customer in that sense, and it is a very convenient model for the customer in that sense. Normally, the seller will sell with a physical catalog. We also have a digital catalog. We also permit the seller to create their own content either in their social networks or to open up on their own a small shop or a small format that they can sell to the people who they sell to. It is very efficient in that sense. We, you know, we do everything for the seller. We develop the products. We send them, you know, when they order, we deliver to the seller between 24 and 48 hours so they can deliver quickly to their customers. It is a model that works, permits us to deliver in a very efficient way to the customer. That is the way more or less it works. Now, on top of the seller, I think it's very important to note that what we call distributors are people who motivate and train the sellers so that they can continue selling and be very efficient and be very productive. What we call distributors are, you know, they recruit sellers, but they also motivate and train their sellers so that they can sell more. Okay. Gotcha. Okay. Just to be clear, as far as the sales decline from a couple of years ago on the Betterware side, that was all COVID-related, or was there anything else that happened there as far as the sales decline? It was COVID-related totally. Maybe, Sofia, if you can go back quickly into that part, you know, we had a huge boom first thanks to COVID. If you can see from 2019 to 2021, we tripled our sales in two years. That is something we had not seen before. That is because the customers were at home, and they were spending a lot of money on household goods. You saw Home Depot sales coming up. You saw many different household goods companies coming up. We seized this opportunity, grew three times. When people started going out of their homes again, they stopped spending in household goods. The household goods market came down very hard. We are happy with our outcome that, you know, we came down to MXN 6,000 million. Our bottom, which we think we have reached now, is double the size of what we were pre-COVID. We think it's a pretty good outcome that we were able to find the bottom at double the size of what we were pre-COVID. The market actually came down much more than that, and we were able to maintain, and now we're able to start seeing growth again. That's the reason for that decline. Gotcha. Okay. And then as a follow-up to the difference between distributors and associates, would you say that you are a multilevel marketing company or not? I mean, just someone asked here as a follow-up question. We don't like to see ourselves as a multilevel marketing company. You know, first of all, we are a consumer products goods brand, and we compete against all the other consumer products goods brands, whichever channel they choose. We have chosen the channel of person-to-person selling, and we have been evolving this person-to-person channel. I just want to say that the multilevel side that exists, for instance, in Jafra, when we acquired Jafra, is at the distributor level only. What happens is that, you know, we want to incentivize our distributors to promote their associates to become distributors and to grow their business in that way. A distributor can promote an associate to be another distributor. That's where this kind of multilevel thing starts because in order to incentivize them, they keep winning or making some money from that distributor. The important thing for us is selling and having our customers happy with our products and that building these great brands, you know, ends up being a great extra income for the sellers and a good business for the distributors. That is what we focus on. That is why we think of ourselves in that way. Gotcha. All right. Thank you. We are already a few minutes over our allotted time. Thank you again, Andres and Rodrigo, for presenting the Jafra Group story. Thank you also to everyone participating and asking thoughtful questions as well. We'll wrap it up here and enjoy the rest of your day. Thank you very much. Thank you. Thank you All right. Thank you.