Reve ue of $52.0 millio compa ed to $45.6 millio i the seco d qua te of 2025, up 14% yea -ove -yea , a d up 15% i co sta t cu e cy, amid a shift f om fi st-pa ty to thi d-pa ty sales.GMV of $216.3 millio compa ed to $180.2 millio i the seco d qua te of 2025, up 20% yea -ove -yea , a d up 15% i co sta t cu e cy. Adjusted fo pe imete effects, GMV g ew 23% yea -ove -yea .G oss P ofit of $30.7 millio compa ed to $23.9 millio i the seco d qua te of 2025, up 28% yea -ove -yea , a d up 31% i co sta t cu e cy.Ope ati g loss of $12.4 millio compa ed to $16.5 millio i the seco d qua te of 2025, dow 25% yea -ove -yea a d dow 24% i co sta t cu e cy.Adjusted EBITDA loss of $8.7 millio compa ed to $13.6 millio i the seco d qua te of 2025, dow 36% yea -ove -yea , a d dow 35% i co sta t cu e cy.Loss befo e I come tax of $10.9 millio compa ed to $16.3 millio i the seco d qua te of 2025, dow 33% yea -ove -yea , a d dow 34% i co sta t cu e cy.Liquidity positio of $48.3 millio , a dec ease of $14.3 millio i the seco d qua te of 2026, compa ed to a dec ease of $12.4 millio i the seco d qua te of 2025.Net cash flow used i ope ati g activities of $11.8 millio compa ed to $12.7 millio i the seco d qua te of 2025 a d $12.5 millio i the fi st qua te of 2026. The esult i cludes a cash outflow elated to a i c ease i wo ki g capital[2] of $3.0 millio , compa ed to a cash i flow elated to a dec ease i wo ki g capital of $4.1 millio i the seco d qua te of 2025.
U less othe wise stated, all epo ted KPIs a e fo physical goods a d exclude esults f om Alge ia, which was exited i ea ly 2026.
$50 millio capital aise a cho ed by a $25 millio i vestme t f om the I te atio al Fi a ce Co po atio , a membe of the Wo ld Ba k G oup, a d i cludi g i vestme ts by cu e t leadi g sha eholde s, as well as selected ew i vesto s, a ou ced today.O de s g ew 28% yea -ove -yea , eflecti g discipli ed executio a d esilie t co sume dema d ac oss key catego ies.Qua te ly Active Custome s g ew by 24% yea -ove -yea , eflecti g co ti ued t actio i both acquisitio a d ete tio .GMV adjusted fo pe imete effects i c eased 23% yea -ove -yea , otwithsta di g supply headwi ds i highe value catego ies, specifically pho es a d elect o ics, i flatio a y p essu e f om fuel p ices ac oss ma kets, a d softe dema d i Ivo y Coast followi g the decli e i cocoa fa mgate p ices, eflecti g esilie t u de lyi g dema d a d effective executio ac oss ou ma ketplace.Nige ia delive ed sta dout pe fo ma ce, withGMV up 36% yea -ove -yea a dO de s up 34% yea -ove -yea , d ive by co ti ued executio agai st the ma ket’s substa tial emai i g pote tial.G oss items sold f om i te atio al selle s g ew 96% yea -ove -yea i the seco d qua te of 2026, eflecti g the co ti ued scali g of ou Chi ese selle base, as well as g owi g volumes f om ou supply base fo affo dable fashio i Tu key.
“Ou seco d qua te esults demo st ate the esilie ce of the model we’ve built fo Af ica. Despite eal headwi ds – supply dis uptio s i pho es a d elect o ics, isi g fuel costs, a d a dema d slowdow i Ivo y Coast tied to cocoa p ices – GMV a d physical goods O de s, each adjusted fo pe imete effects, g ew 23% a d 28%, espectively, yea -ove -yea , a d ou Adjusted EBITDA loss a owed by 36% to $8.7 millio . G oss p ofit g ew 28% yea -ove -yea , eflecti g co ti ued p og ess i ma ketplace mo etizatio . Impo ta tly, we delibe ately chose to p otect ou ma gi s a d u it eco omics this qua te athe tha chase GMV at the expe se of p ofitability.
“G owth was st o g ac oss most of ou ma kets, with Nige ia a d Gha a delive i g a othe st o g qua te a d Egypt co fi mi g its sustai ed ecove y. The headwi ds we faced do ‘t cha ge ou path to p ofitability. If a ythi g, they ei fo ce the case fo a locally embedded, sea-f eight-based model built fo exactly this ki d of dis uptio . Mo e b oadly, we believe ou focus o “value fo mo ey” makes Jumia eve mo e eleva t to co sume s i a i flatio a y e vi o me t, as value-focused platfo ms te d to gai sha e whe household budgets tighte .
“We ca ‘t say with ce tai ty how lo g these headwi ds will last, but the seco d qua te of 2026 p oved we have the ight fu dame tals to avigate this ki d of mac o u ce tai ty. The ag eed i vestme t a cho ed by the I te atio al Fi a ce Co po atio , a membe of the Wo ld Ba k G oup, a d joi ed by cu e t leadi g sha eholde s a d selected ew i vesto s, will st e gthe ou bala ce sheet as we execute agai st that pla . We co ti ue to see ou selves fi mly o t ack towa d ou ta get of achievi g Adjusted EBITDA b eakeve a d positive cash flow i the fou th qua te of 2026, a d full-yea p ofitability o a Adjusted EBITDA basis a d positive cash flow i 2027.” – F a cis Dufay, CEO
I the seco d qua te , two exte al developme ts had a ta gible impact o ou busi ess. Fi st, memo y chip a d CPU p ice i c eases d ove a supply dis uptio i sma tpho es th ough the seco d qua te , affecti g ou pho es catego y ac oss most ma kets, with a fu the slowdow i othe elect o ics subcatego ies d ive by specific supplie sho tages. While supply volatility pe sists i to the ea ly thi d qua te 2026, we co ti ue to mitigate co ce t atio isk by dive sifyi g ou supplie base. Seco d, the wa i the Middle East dis upted ai f eight th ough the Gulf a d, combi ed with b oade oil ma ket dy amics, d ove sig ifica t fuel p ice i c eases ac oss ou ma kets i the seco d qua te , which ou local logistics pa t e s passed th ough as su cha ges, c eati g a ta gible egative impact o ou seco d qua te fulfillme t costs. Ou st ategy of expa di g pickup statio s ac oss ou ma kets mea i gfully limits ou exposu e to fuel p ice volatility, with 75% of ou shipped packages fulfilled th ough pickup statio s i the seco d qua te of 2026, up f om 71% i the seco d qua te of 2025, both adjusted fo pe imete effects. We co ti ue to mo ito the situatio closely. We believe that ou busi ess fu dame tals, which we e ebuilt f om 2022 to 2025, mostly i toughe times tha this, a e st o g a d esilie t. We do ot expect these developme ts to cha ge ou sho t- o mid-te m Adjusted EBITDA ta gets o ou belief i Jumia’s lo g-te m oppo tu ity fo g owth.
I USD millio , u less othe wise stated | Reve ue | 45.6 | 52.0 | 14 % | 52.3 | 15 % | 81.9 | 102.6 | 25 % | 98.7 | 20 % | G oss P ofit | 23.9 | 30.7 | 28 % | 31.2 | 31 % | 43.8 | 60.1 | 37 % | 57.8 | 32 % | Fulfillme t expe se | (10.8) | (12.7) | 18 % | (13.1) | 21 % | (20.2) | (24.9) | 23 % | (24.1) | 19 % | Sales a d Adve tisi g expe se | (4.2) | (5.5) | 33 % | (5.5) | 33 % | (7.3) | (10.6) | 46 % | (10.3) | 42 % | Tech ology a d Co te t expe se | (9.2) | (9.0) | (2) % | (9.0) | (3) % | (18.9) | (17.9) | (5) % | (17.6) | (6) % | G&A expe se, excludi g SBC(1) | (16.0) | (15.2) | (5) % | (15.4) | (4) % | (32.2) | (32.0) | (1) % | (31.1) | (3) % | Adjusted EBITDA(1) | (13.6) | (8.7) | (36) % | (8.8) | (35) % | (29.2) | (19.4) | (34) % | (19.7) | (33) % | Ope ati g I come / (Loss) | (16.5) | (12.4) | (25) % | (12.5) | (24) % | (35.2) | (26.2) | (25) % | (26.4) | (25) % | Loss befo e I come tax(2) | (16.3) | (10.9) | (33) % | (12.7) | (34) % | (32.8) | (28.7) | (12) % | (27.3) | (28) % |
(1) See “No -IFRS Fi a cial a d Ope ati g Met ics” fo a eco ciliatio of o -IFRS measu es to IFRS measu es.
(2) Loss befo e I come tax i co sta t cu e cy, a d the co espo di g yea -ove -yea cha ge, exclude the impact of fo eig excha ge gai s/(losses) eco ded i fi a ce i come/costs. Net fo eig excha ge gai s/(losses) i epo ted cu e cy we e $2.8 millio i the seco d qua te of 2025 a d $1.7 millio i the seco d qua te of 2026. Fo the six mo ths e ded Ju e 30, these amou ts we e $4.9 millio i 2025 a d $(1.7) millio i 2026, espectively.
Reve ue[3] of $52.0 millio , up 14% yea -ove -yea o up 15% yea -ove -yea o a co sta t cu e cy basis, eflecti g st o g volume g owth pa tly mode ated by a highe sha e of thi d-pa ty sales elative to fi st-pa ty sales, as thi d-pa ty t a sactio s ge e ate commissio i come athe tha full sales eve ue.
Ma ketplace eve ue, comp ised of thi d-pa ty sales, ma keti g a d adve tisi g eve ue, a d value-added se vices, was $28.8 millio , up 34% yea -ove -yea o up 36% yea -ove -yea o a co sta t cu e cy basis.
Thi d-pa ty sales eve ue was $23.5 millio , up 26% yea -ove -yea o up 29% yea -ove -yea o a co sta t cu e cy basis. Yea -ove -yea g owth was d ive by st o g executio i ou ma ketplace busi ess, suppo ted by isi g custome usage a d highe effective take ates.
Ma keti g a d adve tisi g eve ue was $3.5 millio , up 88% yea -ove -yea o up 87% yea -ove -yea o a co sta t cu e cy basis, eflecti g co ti ued g owth i spo so ed p oducts a d i c eased selle adoptio of etail media adve tisi g, which eached 26% of selle s i the seco d qua te of 2026, compa ed to 19% i the seco d qua te of 2025. We have mai tai ed a elatively high etu o adve tisi g spe d fo ou selle s by p io itizi g lo g-te m use activatio ove ea -te m mo etizatio . With adve tisi g eve ue cu e tly ep ese ti g 1.6% of GMV, we see mea i gful upside pote tial as selle de sity i c eases.
Value-added se vices eve ue was $1.9 millio , up 61% yea -ove -yea o up 66% yea -ove -yea o a co sta t cu e cy basis, eflecti g g owth i wa ehousi g fees. This g owth was suppo ted by highe volumes flowi g th ough ou sto age i f ast uctu e, la gely att ibutable to dema d f om Chi ese selle s, togethe with imp oved mo etizatio of ou wa ehousi g se vices.
Fi st-pa ty sales eve ue was $22.8 millio , dow 3% yea -ove -yea o dow 4% yea -ove -yea o a co sta t cu e cy basis, co siste t with supply a d dema d headwi ds i highe value elect o ic items, alo gside the st o g pace of ma ketplace g owth. We ge e ally u de take fi st-pa ty activity i a oppo tu istic ma e to compleme t the b eadth of the p oduct asso tme t o ou platfo m; its scale will atu ally va y with ma ket co ditio s.
Shifts i the elative p opo tio of fi st-pa ty a d thi d-pa ty sales t igge va iatio s i eve ue, as we eco d the full sales p ice as eve ue fo fi st-pa ty sales a d o ly a pe ce tage of the sales p ice (commissio ) fo thi d-pa ty sales, both et of etu s a d VAT. While we t ack eve ue, we ecog ize that the elative p opo tio of fi st-pa ty a d thi d-pa ty sales ca impact its i te p etatio ; acco di gly, we utilize g oss p ofit alo gside eve ue to stee ou ope atio s.
G oss p ofit was $30.7 millio , up 28% yea -ove -yea o up 31% yea -ove -yea o a co sta t cu e cy basis.
G oss p ofit as a pe ce tage of GMV was 14.2% i the seco d qua te of 2026, compa ed to 13.3% i the seco d qua te of 2025. This imp oveme t eflects a shift i the mix towa d highe take ate eve ue st eams, a d ou discipli ed st ategy of p io itizi g att active catego y eco omics a d take ates athe tha pu sui g discou t-d ive volume g owth.
Fulfillme t expe se was $12.7 millio , up 18% yea -ove -yea o up 21% yea -ove -yea o a co sta t cu e cy basis, p ima ily due to highe volumes.
Fulfillme t expe se pe physical goods O de , was $2.04, dow 7% yea -ove -yea o dow 4% yea -ove -yea o a co sta t cu e cy basis.
The imp oveme t eflects p oductivity gai s a d eco omies of scale i fulfillme t ope atio s, automatio i call ce te s, a d imp oved ates with logistics pa t e s, despite tempo a y fuel su cha ges f om ou logistics pa t e s a d o – ecu i g te mi atio costs i the qua te .
Sales a d Adve tisi g expe se totaled $5.5 millio , up 33% yea -ove -yea both o epo ted a d co sta t cu e cy basis. The i c ease eflects highe ma keti g i vestme ts to suppo t custome acquisitio a d e gageme t, while mai tai i g efficie cy th ough ta geted a d pe fo ma ce-d ive campaig s.
Tech ology a d Co te t expe se totaled $9.0 millio , dow 2% yea -ove -yea , o dow 3% yea -ove -yea o a co sta t cu e cy basis. The dec ease was d ive by co ti ued headcou t optimizatio a d savi gs f om e egotiated co t acts.
Ge e al a d Admi ist ative expe se was $16.8 millio , dow 1% yea -ove -yea , o up 1% yea -ove -yea o a co sta t cu e cy basis.
Ge e al a d Admi ist ative expe se, excludi g sha e-based compe satio expe se, was $15.2 millio , dow 5% yea -ove -yea , o dow 4% yea -ove -yea o a co sta t cu e cy basis.
Staff costs withi Ge e al a d Admi ist ative expe se, excludi g sha e-based compe satio expe se, dec eased by 7% yea -ove -yea , d ive mai ly by a 10% eductio i headcou t ve sus the seco d qua te of 2025.
The seco d qua te of 2026 i cluded a tax expe se of $0.9 millio , compa ed to a $1.3 millio tax be efit ecog ized i the seco d qua te of 2025.
We co ti ue to st eamli e the o ga izatio . The total headcou t has decli ed by 11% si ce Ma ch 31, 2026, with just ove 1,770 employees o pay oll as of Ju e 30, 2026. At the e d of the fou th qua te of 2022, whe cu e t leade ship was i stalled, we had 4,318 employees. As such, we have delive ed o ou commitme t to educe headcou t by at least 200 full-time employees, a d achieved this i o e qua te , ahead of the two-qua te timeli e we had i dicated. AI-d ive automatio ac oss each of ou ope atio s, fi a ce, suppo t fu ctio s, a d tech ology teams – i cludi g i elatio to cybe secu ity a d code quality wo kflows – is e abli g us to d ive fu the headcou t efficie cy, a d we expect to co ti ue educi g headcou t goi g fo wa d.
We a e also deployi g a tificial i tellige ce ac oss ou ope atio s – i cludi g logistics, custome se vice, a d selle ma ageme t – to imp ove se vice quality while lowe i g costs.
Ope ati g loss was $12.4 millio i the seco d qua te of 2026, compa ed to $16.5 millio i the seco d qua te of 2025, d ive by st o g usage g owth, highe mo etizatio , a d co ti ued cost discipli e.
Adjusted EBITDA loss, which excludes dep eciatio , amo tizatio a d sha e-based compe satio expe se, decli ed to $8.7 millio i the seco d qua te of 2026, compa ed to $13.6 millio i the seco d qua te of 2025, co siste t with the imp oveme t i ope ati g pe fo ma ce.
Loss befo e I come tax was $10.9 millio i the seco d qua te of 2026, compa ed to $16.3 millio i the seco d qua te of 2025, a 33% imp oveme t yea -ove -yea , eflecti g highe g oss p ofit a d imp oved ope ati g pe fo ma ce.
I co sta t cu e cy, Loss befo e I come tax, excludi g the impact of fo eig excha ge eco ded i fi a ce i come a d fi a ce costs, was $12.7 millio , dow 34% yea -ove -yea .
As of Ju e 30, 2026, the Compa y’s liquidity positio was $48.3 millio , comp ised of $47.4 millio i cash a d cash equivale ts a d $0.9 millio i te m deposits a d othe fi a cial assets.
Jumia’s liquidity positio dec eased by $14.3 millio i the seco d qua te of 2026, compa ed to a dec ease of $12.4 millio i the seco d qua te of 2025, a d a dec ease of $15.3 millio i the fi st qua te of 2026. The yea -ove -yea cha ge eflects a imp oveme t i ope ati g loss that was mo e tha offset by a shift i wo ki g capital co t ibutio .
Net cash used i ope ati g activities was $11.8 millio i the seco d qua te of 2026, compa ed to a et cash used i ope ati g activities of $12.7 millio i the seco d qua te of 2025 a d $12.5 millio used i the fi st qua te of 2026. The esult i cludes a cash outflow elated to a i c ease i wo ki g capital of $3.0 millio i the seco d qua te of 2026, compa ed to a cash i flow elated to a dec ease i wo ki g capital of $4.1 millio i the seco d qua te of 2025. Despite these wo ki g capital dy amics, et cash used i ope ati g activities o etheless imp oved yea -ove -yea , eflecti g the co ti ued st e gthe i g of ou ma ketplace flywheel. We pla to g adually i c ease ou wo ki g capital ove the thi d qua te of 2026 i o de to captu e att active supply oppo tu ities.
O August 11, 2026, Jumia p iced a capital aise a cho ed by a $25 millio i vestme t f om the I te atio al Fi a ce Co po atio , a membe of the Wo ld Ba k G oup, a d i cludi g i vestme ts by Axia , o e of ou la gest sha eholde s, as well as othe i vesto s. The i vesto s ag eed to pu chase 9.1 millio ADSs at a p ice of $5.52 pe ADS, esulti g i expected g oss p oceeds to Jumia of $50.0 millio . The t a sactio s a e subject to customa y co ditio s a d a e expected to close i the seco d half of August 2026. Jumia cu e tly i te ds to use the et p oceeds to suppo t its ext phase of g owth, e ha ce efficie cy ac oss its co e Af ica ma kets a d st e gthe its i teg ated ma ketplace a d logistics etwo k.
180.2 | 216.3 | 20 % | 207.1 | 15 % | 341.9 | 427.5 | 25 % | 398.6 | 17 % | 176.5 | 216.3 | 23 % | 207.1 | 17 % | 334.6 | 425.5 | 27 % | 396.7 | 19 % |
(1) Adjustme ts fo pe imete effects elate to the exit f om Alge ia. As of the fi st qua te of 2026, we have evised ou pe imete effects adjustme ts to exclude Alge ia followi g ou exit, a d we have ecast compa ative p io pe iod amou ts acco di gly.
GMV i c eased by 20% yea -ove -yea to $216.3 millio a d physical goods O de s g ew by 26% yea -ove -yea to 6.3 millio i the seco d qua te of 2026. Adjusted fo pe imete effects, GMV a d physical goods O de s g ew by 23% a d 28% yea -ove -yea , espectively.
GMV g owth eflected a catego y mix shift, with st o g pe fo ma ce i fashio , beauty, as well as home a d livi g – catego ies with lowe ave age item value but highe take ates fo Jumia – while the pho es a d elect o ics catego ies we e impacted by supply dis uptio s f om memo y chip a d CPU sho tages, as well as ai f eight dis uptio th ough the Gulf. O the dema d side, g owth was also tempe ed by a slowdow i Ivo y Coast tied to cocoa fa mgate p ice decli es. Despite these headwi ds, GMV g ew 23% yea -ove -yea , adjusted fo pe imete effects, a d g oss p ofit expa ded 28%.
O de g owth eflects co ti ued imp oveme t i p oduct asso tme t a d a st o ge custome value p opositio i physical goods.
Ou st ategy to expa d i to seco da y cities co ti ues to delive esults. Adjusted fo pe imete effects, O de s f om upcou t y egio s ep ese ted 61% of total O de s i the seco d qua te of 2026, up f om 59% i the p io -yea pe iod.
The ave age o de value fo physical goods O de s dec eased i the seco d qua te of 2026 compa ed to the seco d qua te of 2025. This eflects the catego y mix shift towa d catego ies with lowe ave age item value but highe take ates. O de s did ot become less p ofitable; the g oss p ofit pe physical goods O de eve i c eased i the seco d qua te of 2026 compa ed to the seco d qua te of 2025.
Jumia co ti ues to deploy ma keti g with a focus o efficie cy a d ROI, focusi g i vestme t o efficie t cha els to suppo t custome acquisitio , e gageme t, a d epeat behavio . These i clude paid o li e ma keti g, custome elatio ship ma ageme t (“CRM”), sea ch e gi e optimizatio (“SEO”), a d eleva t offli e local cha els (e.g. adio a d p i t) while also leve agi g its JFo ce age t etwo k.
As a esult of these effo ts a d adjusted fo pe imete effects, Jumia is att acti g what it believes to be a stickie a d highe quality custome base as evide ced by a 172 basis poi t yea -ove -yea imp oveme t i epu chase ates.
Jumia’s coho t a alysis i dicates that 44% of ew custome s, who placed thei fi st o de i the fi st qua te of 2026, made a seco d pu chase withi 90 days, compa ed to 42% of ew custome s i the fi st qua te of 2025.
Jumia emai s committed to delive i g p ofitable g owth th ough the fou th qua te of 2026 by scali g usage, imp ovi g ope atio al efficie cy, a d co ti ui g to educe cash bu . Usage g owth is the clea est evide ce that ou fu dame tals emai i tact: physical goods O de s g ew by 28% a d Qua te ly Active Custome s g ew by 23% yea -ove -yea i the seco d qua te , both adjusted fo pe imete effects.
G oss p ofit g ew by 28% yea -ove -yea , eflecti g co ti ued p og ess i ma ketplace mo etizatio . Impo ta tly, we delibe ately chose to p otect ou ma gi s a d u it eco omics this qua te athe tha chase GMV at the expe se of p ofitability o a Adjusted EBITDA basis. With co ti ued cost discipli e, ou Adjusted EBITDA loss a owed by 36% yea -ove -yea .
We a e updati g ou GMV g owth ta get fo 2026, give the volatility a d u ce tai ty su ou di g the ma ket fo highe -value catego ies. Ou Adjusted EBITDA a d cash flow ta gets emai u cha ged. Reachi g them does ot equi e pu sui g GMV g owth at a y cost – we will keep p io itizi g healthy usage g owth a d sales g owth i lowe -value but highe -ma gi catego ies. Based o cu e t t e ds, we a e updati g ou full-yea 2026 guida ce as follows:
GMV is p ojected to g ow betwee 20% a d 30% yea -ove -yea , adjusted fo pe imete effects.
We fo ecast Adjusted EBITDA loss to be betwee $25 millio a d $30 millio .
We co fi m ou st ategic goal to achieve b eakeve o a Adjusted EBITDA basis a d positive cash flow i the fou th qua te of 2026, a d to delive full-yea p ofitability o a Adjusted EBITDA basis a d positive cash flow i 2027.
Thi d qua te 2026:
The above fo wa d-looki g stateme ts eflect Jumia’s expectatio s a d st ategic goals as of August 12, 2026, a e subject to cha ge, a d i volve i he e t isks, which a e pa tially o fully beyo d its co t ol. These isks i clude but a e ot limited to political a d eco omic co ditio s ac oss cou t ies whe e it ope ates, the b oade eco omic impact of the o goi g egio al co flicts, a d global supply chai issues. See “Fo wa d Looki g Stateme ts” below fo fu the details.
Jumia will host a co fe e ce call to discuss its seco d qua te 2026 esults at 8:30 AM ET o August 12, 2026.
I te ested pa ties ca access the co fe e ce at:
US Dial-i (Toll F ee): 877-545-0523I te atio al Dial-i : 973-528-0016E t y Code: 494499
The live call will also be available via webcast o Jumia’s I vesto Relatio s Website: https://i vesto .jumia.com/i vesto – elatio s/default.aspx.
A eplay of the call will be available u til Wed esday, August 26, 2026 a d ca be accessed by diali g 877-481-4010 fo toll f ee access o 919-882-2331 fo i te atio al access usi g the eplay passcode: 54325.
I thousa ds of USD | Reve ue | 45,642 | 51,993 | 81,903 | 102,555 | Cost of eve ue | (21,704 | ) | (21,266 | ) | (38,063 | ) | (42,428 | ) | Fulfillme t expe se | (10,838 | ) | (12,735 | ) | (20,239 | ) | (24,887 | ) | Sales a d adve tisi g expe se | (4,151 | ) | (5,517 | ) | (7,253 | ) | (10,595 | ) | Tech ology a d co te t expe se | (9,217 | ) | (9,010 | ) | (18,862 | ) | (17,894 | ) | Ge e al a d admi ist ative expe se | (16,963 | ) | (16,825 | ) | (34,152 | ) | (34,776 | ) | Othe ope ati g i come | 767 | 1,090 | 1,569 | 2,124 | Othe ope ati g expe se | (60 | ) | (107 | ) | (82 | ) | (348 | ) | Fi a ce i come | 2,985 | 541 | 6,341 | 1,003 | Fi a ce costs | (2,731 | ) | 986 | (3,918 | ) | (3,423 | ) | I come tax be efit / (expe se) | (321 | ) | (886 | ) | (542 | ) | (794 | ) | Equity holde s of the Compa y | (16,592 | ) | (11,739 | ) | (33,302 | ) | (29,469 | ) | No -co t olli g i te ests | 1 | 3 | 4 | 6 | Excha ge diffe e ces gai o t a slatio of fo eig ope atio s | (45,918 | ) | (6,129 | ) | (68,820 | ) | (1,035 | ) | Othe comp ehe sive loss o et i vestme t i fo eig ope atio s | 44,764 | 4,092 | 65,078 | 2,184 | Othe comp ehe sive i come o fi a cial assets at fai value th ough OCI | 1,679 | – | 1,875 | – | Othe comp ehe sive i come / (loss) | 525 | (2,037 | ) | (1,867 | ) | 1,149 | Equity holde s of the Compa y | (16,037 | ) | (13,779 | ) | (35,122 | ) | (28,323 | ) | No -co t olli g i te ests | (29 | ) | 6 | (43 | ) | 9 |
I thousa ds of USD | P ope ty a d equipme t | 19,163 | 20,821 | Defe ed tax assets | 326 | 318 | Othe o -cu e t assets | 1,278 | 1,164 | I ve to ies | 10,098 | 10,509 | T ade a d othe eceivables | 13,888 | 15,587 | I come tax eceivables | 3,153 | 2,993 | Othe taxes eceivable | 3,746 | 2,904 | P epaid expe ses | 4,067 | 5,581 | Te m deposits a d othe fi a cial assets | 1,162 | 853 | Cash a d cash equivale ts | 76,670 | 47,431 | Sha e capital | 286,156 | 287,816 | Sha e p emium | 1,792,181 | 1,792,181 | Othe ese ves | 178,520 | 181,046 | Accumulated losses | (2,230,584 | ) | (2,260,155 | ) | No -cu e t bo owi gs | 7,929 | 9,468 | T ade a d othe payables | 6 | 45 | Defe ed tax liabilities | 126 | 65 | P ovisio s fo liabilities a d othe cha ges | 721 | 767 | Cu e t bo owi gs | 3,793 | 4,459 | T ade a d othe payables | 57,954 | 60,982 | I come tax payables | 12,456 | 11,795 | Othe taxes payable | 11,478 | 9,761 | P ovisio s fo liabilities a d othe cha ges | 8,522 | 7,716 | Defe ed i come | 4,832 | 2,736 |
I thousa ds of USD | Dep eciatio a d amo tizatio of ta gible a d i ta gible assets | 2,009 | 1,983 | 3,873 | 4,100 | Impai me t losses o loa s, eceivables a d othe assets | 141 | 135 | 354 | 373 | Impai me t losses o obsolete i ve to ies | 13 | (73 | ) | 322 | (28 | ) | Sha e-based compe satio expe se | 936 | 1,668 | 1,999 | 2,794 | Net (gai ) / loss f om disposal of ta gible a d i ta gible assets | (4 | ) | 14 | 13 | 14 | Cha ge i p ovisio fo othe liabilities a d cha ges | (2,742 | ) | (73 | ) | (2,317 | ) | (700 | ) | Lease modificatio (i come) / expe se | (20 | ) | (6 | ) | (26 | ) | 17 | I te est (i come) / expe se | 357 | 203 | 202 | 673 | Discou ti g effect (i come) / expe se | – | – | 87 | – | Net fo eig excha ge (gai ) / loss | (2,379 | ) | (1,566 | ) | (2,703 | ) | 2,157 | Impai me t eve sals o fi a cial assets at fai value th ough OCI | (17 | ) | – | (17 | ) | – | Net loss ecog ized o disposal of debt i st ume ts held at fai value th ough OCI | 2,370 | – | 2,370 | – | Sha e-based compe satio expe se – settleme t | (1 | ) | 1 | (137 | ) | (328 | ) | (I c ease) / Dec ease i t ade a d othe eceivables, p epaid expe ses a d othe tax eceivables | 2,583 | (3,438 | ) | 2,287 | (2,481 | ) | (I c ease) / Dec ease i i ve to ies | 1,714 | (1,894 | ) | (2,872 | ) | (471 | ) | I c ease / (Dec ease) i t ade a d othe payables, defe ed i come a d othe tax payables | (186 | ) | 2,352 | (2,436 | ) | (23 | ) | I come taxes (paid) / eceived | (1,187 | ) | (291 | ) | (2,101 | ) | (1,723 | ) | Pu chase of p ope ty a d equipme t | (737 | ) | (976 | ) | (1,609 | ) | (1,578 | ) | P oceeds f om sale of p ope ty a d equipme t | 45 | 95 | 45 | 96 | I te est eceived | 868 | 452 | 1,378 | 657 | Moveme t i othe o -cu e t assets | 284 | (61 | ) | 160 | – | Moveme t i te m deposits a d othe fi a cial assets | 45,919 | 241 | 76,159 | 390 | Payme t of lease i te est | (791 | ) | (697 | ) | (1,311 | ) | (1,238 | ) | Repayme t of lease liabilities | (903 | ) | (1,192 | ) | (1,487 | ) | (2,265 | ) | Equity t a sactio costs | (85 | ) | (35 | ) | (85 | ) | (35 | ) | Capital co t ibutio s | 6 | – | 7 | – | P oceeds f om exe cise of stock optio s | 1 | – | 1 | – | Effect of excha ge ate cha ges o cash a d cash equivale ts | 1,985 | (24 | ) | 793 | (971 | ) |
This elease i cludes fo wa d-looki g stateme ts. All stateme ts othe tha stateme ts of histo ical facts co tai ed i this elease, i cludi g stateme ts ega di g ou futu e esults of ope atio s a d fi a cial positio , i dust y dy amics, busi ess st ategy a d pla s a d ou objectives fo futu e ope atio s, a e fo wa d-looki g stateme ts. These stateme ts ep ese t ou opi io s, expectatio s, beliefs, i te tio s, estimates o st ategies ega di g the futu e, which may ot be ealized. I some cases, you ca ide tify fo wa d-looki g stateme ts by te ms such as “may,” “will,” “should,” “expects,” “pla s,” “a ticipates,” “could,” “i te ds,” “ta gets,” “p ojects,” “believes,” “estimates,” “pote tial” o “co ti ue” o the egative of these te ms o othe simila exp essio s that a e i te ded to ide tify fo wa d-looki g stateme ts. Fo wa d-looki g stateme ts a e based la gely o ou cu e t expectatio s a d p ojectio s about futu e eve ts a d fi a cial t e ds that we believe may affect ou fi a cial co ditio , esults of ope atio s, busi ess st ategy, sho t-te m a d lo g-te m busi ess ope atio s a d objectives, a d fi a cial eeds. These fo wa d-looki g stateme ts i volve k ow a d u k ow isks, u ce tai ties, cha ges i ci cumsta ces that a e difficult to p edict a d othe impo ta t facto s that may cause ou actual esults, pe fo ma ce o achieveme ts to be mate ially diffe e t f om a y futu e esults, pe fo ma ce o achieveme ts exp essed o implied by the fo wa d-looki g stateme t, i cludi g, without limitatio , the isks desc ibed u de Item 3. “Key I fo matio -D. Risk Facto s,” i ou A ual Repo t o Fo m 20-F as filed with the US Secu ities a d Excha ge Commissio fo the yea e ded Decembe 31, 2025. Mo eove , ew isks eme ge f om time to time. It is ot possible fo ou ma ageme t to p edict all isks, o ca we assess the impact of all facto s o ou busi ess o the exte t to which a y facto , o combi atio of facto s, may cause actual esults to diffe mate ially f om those co tai ed i a y fo wa d-looki g stateme ts we may make. Co side i g these isks, u ce tai ties a d assumptio s, the fo wa d-looki g eve ts a d ci cumsta ces discussed i this elease may ot occu a d actual esults could diffe mate ially a d adve sely f om those a ticipated o implied i the fo wa d-looki g stateme ts. We cautio you the efo e agai st elyi g o these fo wa d-looki g stateme ts, a d we qualify all of ou fo wa d-looki g stateme ts by these cautio a y stateme ts.
The fo wa d-looki g stateme ts i cluded i this elease a e made o ly as of the date he eof. Although we believe that the expectatio s eflected i the fo wa d-looki g stateme ts a e easo able, we ca ot gua a tee that the futu e esults, levels of activity, pe fo ma ce o eve ts a d ci cumsta ces eflected i the fo wa d-looki g stateme ts will be achieved o occu . Mo eove , eithe we o ou adviso s o a y othe pe so assumes espo sibility fo the accu acy a d complete ess of the fo wa d-looki g stateme ts. Neithe we o ou adviso s u de take a y obligatio to update a y fo wa d-looki g stateme ts fo a y easo afte the date of this elease to co fo m these stateme ts to actual esults o to cha ges i ou expectatio s, except as may be equi ed by law. You should ead this elease with the u de sta di g that ou actual futu e esults, levels of activity, pe fo ma ce a d eve ts a d ci cumsta ces may be mate ially diffe e t f om what we expect.
Cha ges, pe ce tages, atios a d agg egate amou ts p ese ted have bee calculated o the basis of u ou ded figu es.
This elease i cludes ce tai fi a cial measu es a d met ics ot based o IFRS, i cludi g Adjusted EBITDA, as well as ope ati g met ics, i cludi g A ual Active Custome s, Qua te ly Active Custome s, O de s a d GMV.
We defi e A ual Active Custome s, Qua te ly Active Custome s, O de s, GMV, Ge e al a d admi ist ative expe se, excludi g SBC, a d Adjusted EBITDA as follows:
A ual Active Custome s mea s u ique custome s who placed a o de fo a p oduct o a se vice o ou platfo m, withi the 12-mo th pe iod p ecedi g the eleva t date, i espective of ca cellatio s o etu s.
Qua te ly Active Custome s mea s u ique custome s who placed a o de fo a p oduct o a se vice o ou platfo m, withi the 3-mo th pe iod p ecedi g the eleva t date, i espective of ca cellatio s o etu s.
We believe that A ual Active Custome s a d Qua te ly Active Custome s a e useful i dicato s of the adoptio of ou offe i g by custome s i ou ma kets.
O de s co espo ds to the total umbe of o de s fo p oducts a d se vices o ou platfo m, i espective of ca cellatio s o etu s, fo the eleva t pe iod. Withi O de s, we diffe e tiate betwee physical goods O de s a d O de s th ough the JumiaPay App.
We believe that the umbe of o de s is a useful i dicato to measu e the total usage of ou platfo m, i espective of the mo eta y value of the i dividual t a sactio s.
G oss Me cha dise Value (“GMV”) co espo ds to the total value of o de s fo p oducts a d se vices, i cludi g shippi g fees, value-added tax, a d befo e deductio s of a y discou ts o vouche s, i espective of ca cellatio s o etu s fo the eleva t pe iod. We believe that GMV is a useful i dicato fo the usage of ou platfo m that is ot i flue ced by shifts i ou sales betwee fi st-pa ty a d thi d-pa ty sales o the method of payme t.
We use Qua te ly Active Custome s, O de s a d GMV as some of ma y i dicato s to mo ito usage of ou platfo m.
Ge e al a d admi ist ative expe se, excludi g SBC, co espo ds to the Ge e al & Admi ist ative (“G&A”) expe se excludi g sha e-based compe satio expe se (“SBC”). We use this met ic to measu e the developme t of ou G&A costs exclusive of the impact of SBC which is mai ly a o -cash expe se, i flue ced, i pa t, by sha e p ice fluctuatio s.
Adjusted EBITDA co espo ds to loss fo the pe iod, adjusted fo i come tax expe se (be efit), fi a ce i come, fi a ce costs, dep eciatio a d amo tizatio a d fu the adjusted fo sha e-based compe satio expe se.
Adjusted EBITDA is a suppleme tal o -IFRS measu e of ou ope ati g pe fo ma ce that is ot equi ed by, o p ese ted i acco da ce with, IFRS. Adjusted EBITDA is ot a measu eme t of ou fi a cial pe fo ma ce u de IFRS a d should ot be co side ed as a alte ative to Loss fo the pe iod, Loss befo e I come tax o a y othe pe fo ma ce measu e de ived i acco da ce with IFRS. We cautio i vesto s that amou ts p ese ted i acco da ce with ou defi itio of Adjusted EBITDA may ot be compa able to simila measu es disclosed by othe compa ies, because ot all compa ies a d a alysts calculate Adjusted EBITDA i the same ma e . We p ese t Adjusted EBITDA because we co side it to be a impo ta t suppleme tal measu e of ou ope ati g pe fo ma ce. Ma ageme t believes that i vesto s’ u de sta di g of ou pe fo ma ce is e ha ced by i cludi g o -IFRS fi a cial measu es as a easo able basis fo compa i g ou o goi g esults of ope atio s. By p ovidi g this o -IFRS fi a cial measu e, togethe with a eco ciliatio to the ea est IFRS fi a cial measu e, we believe we a e e ha ci g i vesto s’ u de sta di g of ou busi ess a d ou esults of ope atio s, as well as assisti g i vesto s i evaluati g how well we a e executi g ou st ategic i itiatives.
Ma ageme t uses Adjusted EBITDA:
as a measu eme t of ope ati g pe fo ma ce because it assists us i compa i g ou ope ati g pe fo ma ce o a co siste t basis, as it emoves the impact of items ot di ectly esulti g f om ou co e ope atio s;
fo pla i g pu poses, i cludi g the p epa atio of ou i te al a ual ope ati g budget a d fi a cial p ojectio s;
to evaluate the pe fo ma ce a d effective ess of ou st ategic i itiatives; a d
to evaluate ou capacity to expa d ou busi ess.
Items excluded f om this o -IFRS measu e a e sig ifica t compo e ts i u de sta di g a d assessi g fi a cial pe fo ma ce. Adjusted EBITDA has limitatio s as a a alytical tool a d should ot be co side ed i isolatio , o as a alte ative to, o a substitute fo a alysis of ou esults epo ted i acco da ce with IFRS, i cludi g loss fo the pe iod. Some of the limitatio s a e:
Adjusted EBITDA does ot eflect ou sha e-based compe satio , i come tax expe se (be efit) o the amou ts ecessa y to pay ou taxes;
although dep eciatio a d amo tizatio a e elimi ated i the calculatio of Adjusted EBITDA, the assets bei g dep eciated a d amo tized will ofte have to be eplaced i the futu e a d such measu es do ot eflect a y costs fo such eplaceme ts; a d
othe compa ies may calculate Adjusted EBITDA diffe e tly tha we do, limiti g its useful ess as a compa ative measu e.
Due to these limitatio s, Adjusted EBITDA should ot be co side ed as a measu e of disc etio a y cash available to us to i vest i the g owth of ou busi ess. We compe sate fo these a d othe limitatio s by p ovidi g a eco ciliatio of Adjusted EBITDA to the most di ectly compa able IFRS fi a cial measu e, loss fo the pe iod.
The followi g table p ovides a eco ciliatio of loss fo the pe iod to Adjusted EBITDA fo the pe iods i dicated:
(USD millio ) | I come tax be efit / (expe se) | 0.3 | 0.9 | 0.5 | 0.8 | Net Fi a ce costs / (i come) | (0.3 | ) | (1.5 | ) | (2.4 | ) | 2.4 | Dep eciatio a d amo tizatio | 2.0 | 2.0 | 4.0 | 4.1 | Sha e-based compe satio expe se | 0.9 | 1.7 | 2.0 | 2.8 |
Co sta t cu e cy data
Ce tai met ics have also bee p ese ted o a co sta t cu e cy basis. We use co sta t cu e cy i fo matio to p ovide us with a pictu e of u de lyi g busi ess dy amics, excludi g cu e cy effects.
Co sta t cu e cy met ics a e calculated usi g the ave age fo eig excha ge ates fo each mo th du i g 2025 a d applyi g them to the co espo di g mo ths i 2026, so as to calculate what ou esults would have bee had excha ge ates emai ed stable f om o e yea to the ext. These calculatio s do ot i clude a y othe mac oeco omic effect such as local cu e cy i flatio effects o a y p ice adjustme t to compe sate local cu e cy i flatio o devaluatio s. Co sta t cu e cy i fo matio is ot a measu e calculated i acco da ce with IFRS. While we believe that co sta t cu e cy i fo matio may be useful to i vesto s i u de sta di g a d evaluati g ou esults of ope atio s i the same ma e as ou ma ageme t, ou use of co sta t cu e cy met ics has limitatio s as a a alytical tool, a d you should ot co side it i isolatio , o as a alte ative to, o a substitute fo a alysis of ou fi a cial esults as epo ted u de IFRS. Fu the , othe compa ies, i cludi g compa ies i ou i dust y, may epo t the impact of fluctuatio s i fo eig cu e cy excha ge ates diffe e tly, which may educe the value of ou co sta t cu e cy i fo matio as a compa ative measu e.
The followi g table sets fo th the co sta t cu e cy data fo selected met ics:
I USD millio , except pe ce tages | Reve ue | 45.6 | 52.0 | 14 % | 52.3 | 15 % | 81.9 | 102.6 | 25 % | 98.7 | 20 % | Ma ketplace eve ue | 21.6 | 28.8 | 34 % | 29.3 | 36 % | 39.6 | 55.9 | 41 % | 53.7 | 35 % | Thi d-pa ty sales | 18.6 | 23.5 | 26 % | 24.0 | 29 % | 34.6 | 46.7 | 35 % | 44.9 | 30 % | Value-added se vices | 1.1 | 1.9 | 61 % | 1.9 | 66 % | 1.7 | 3.5 | 104 % | 3.4 | 95 % | Ma keti g a d adve tisi g | 1.9 | 3.5 | 88 % | 3.5 | 87 % | 3.4 | 5.7 | 69 % | 5.4 | 62 % | Fi st-pa ty sales | 23.6 | 22.8 | (3) % | 22.7 | (4) % | 41.4 | 45.9 | 11 % | 44.2 | 7 % | Othe eve ue | 0.4 | 0.3 | (22) % | 0.3 | (21) % | 0.9 | 0.8 | (8) % | 0.8 | (12) % | G oss P ofit | 23.9 | 30.7 | 28 % | 31.2 | 31 % | 43.8 | 60.1 | 37 % | 57.8 | 32 % | Fulfillme t expe se | (10.8) | (12.7) | 18 % | (13.1) | 21 % | (20.2) | (24.9) | 23 % | (24.1) | 19 % | Sales a d Adve tisi g expe se | (4.2) | (5.5) | 33 % | (5.5) | 33 % | (7.3) | (10.6) | 46 % | (10.3) | 42 % | Tech ology a d Co te t expe se | (9.2) | (9.0) | (2) % | (9.0) | (3) % | (18.9) | (17.9) | (5) % | (17.6) | (6) % | G&A expe se, excludi g SBC | (16.0) | (15.2) | (5) % | (15.4) | (4) % | (32.2) | (32.0) | (1) % | (31.1) | (3) % | Adjusted EBITDA | (13.6) | (8.7) | (36) % | (8.8) | (35) % | (29.2) | (19.4) | (34) % | (19.7) | (33) % | Ope ati g I come / (Loss) | (16.5) | (12.4) | (25) % | (12.5) | (24) % | (35.2) | (26.2) | (25) % | (26.4) | (25) % | Loss befo e I come tax(1) | (16.3) | (10.9) | (33) % | (12.7) | (34) % | (32.8) | (28.7) | (12) % | (27.3) | (28) % | GMV | 180.2 | 216.3 | 20 % | 207.1 | 15 % | 341.9 | 427.5 | 25 % | 398.6 | 17 % |
(1) Loss befo e I come tax i co sta t cu e cy, a d the co espo di g yea -ove -yea cha ge, exclude the impact of fo eig excha ge eco ded i fi a ce i come/costs. Net fo eig excha ge gai s/(losses) i epo ted cu e cy we e $2.8 millio i the seco d qua te of 2025 a d $1.7 millio i the seco d qua te of 2026. Fo the six mo ths e ded Ju e 30, these amou ts we e $4.9 millio i 2025 a d $(1.7) millio i 2026, espectively.
[1] Adjusted fo pe imete effects, which elate to the exit f om Alge ia. As of the fi st qua te of 2026, we have evised ou pe imete effects adjustme ts to exclude Alge ia followi g ou exit, a d we have ecast compa ative p io pe iod amou ts acco di gly.
[2] Wo ki g capital comp ises moveme ts i : (i) t ade a d othe eceivables, p epaid expe ses a d othe tax eceivables; (ii) i ve to ies; a d (iii) t ade a d othe payables, defe ed i come a d othe tax payables.
[3] I additio to ma ketplace eve ue a d fi st-pa ty sales, eve ue i cluded othe eve ue of $0.4 millio i the seco d qua te of 2025 a d $0.3 millio i the seco d qua te of 2026.
