Jumia Reports Fourth Quarter and Full Year 2025 Results

(1) See “Non-IFRS and Other Financial and Operating Metrics” for a reconciliation of non-IFRS measures to IFRS measures.

(2) Loss before Income tax in constant currency, and the corresponding year-over-year change, exclude the impact of foreign exchange gains/(losses) recorded in finance income/costs. Net foreign exchange gains/(losses) in reported currency were $(1.3) million in the fourth quarter of 2024 and $1.1 million in the fourth quarter of 2025. For the year ended December 31, 2025 these amounts were $(13.0) million in 2024 and $6.2 million in 2025, respectively.

Revenue

• Revenue^[1] of $61.4 million, up 34% year-over-year or up 24% year-over-year on a constant currency basis.

• Marketplace revenue, comprised of third-party sales, marketing and advertising, and value-added services, was $31.0 million, up 36% year-over-year or up 24% year-over-year on a constant currency basis.

  • Third-party sales revenue were $26.7 million, up 33% year-over-year or up 22% year-over-year on a constant currency basis. Year-over-year growth was driven by strong execution in our marketplace business and supported by rising customer usage.

  • Marketing and advertising revenue was $2.9 million, up 42% year-over-year or up 33% year-over-year on a constant currency basis, driven by growth in sponsored products following the launch of our new retail advertising platform. With advertising revenue at 1% of GMV, Jumia sees substantial upside potential.

  • Value-added services revenue was $1.4 million, up 79% year-over-year or up 64% year-over-year on a constant currency basis.

• First-party sales revenue was $29.9 million, up 33% year-over-year or up 23% year-over-year on a constant currency basis, reflecting strong demand and continued momentum with key international brands.

Gross Profit

• Gross profit was $34.2 million, up 43% year-over-year or up 31% year-over-year on a constant currency basis.

• Gross profit as a percentage of GMV was 12.2% in the fourth quarter of 2025, compared to 11.6% in the fourth quarter of 2024. The year-over-year improvement reflects continued progress in marketplace monetization.

Expenses

• Fulfillment expense was $14.8 million, up 15% year-over-year or up 5% year-over-year on a constant currency basis, primarily due to higher volumes.

  • Fulfillment expense per Order, excluding JumiaPay App Orders, which do not incur logistics costs, was $1.97, down 12% year-over-year or down 20% year-over-year on a constant currency basis.

  • The improvement reflects productivity gains and economies of scale in fulfillment operations, automation in call centers, and improved rates with logistics partners.

• Sales and Advertising expense totaled $7.0 million, up 47% year-over-year, or up 39% year-over-year on a constant currency basis. The increase reflects higher marketing investments to support customer acquisition and engagement, while maintaining efficiency through targeted and performance-driven campaigns.

• Technology and Content expense totaled $9.4 million, down 6% year-over-year, or down 8% year-over-year on a constant currency basis. The decrease was driven by ongoing headcount optimization and savings from recently renegotiated contracts.

• General and Administrative expense was $14.3 million, flat year-over-year, or down 3% year-over-year on a constant currency basis.

  • General and Administrative expense, excluding share-based compensation expense, was $13.0 million, up 1% year-over-year, or down 3% year-over-year on a constant currency basis.

  • Staff costs within General and Administrative expense, excluding share-based compensation expense, decreased by 18% year-over-year.

  • The fourth quarter of 2025 included a tax benefit of $4.3 million, compared to an $8.4 million tax benefit recognized in the fourth quarter of 2024.

• We continue to streamline the organization. The total headcount has declined by 7% since December 31, 2024, with just over 2,010 employees on payroll as of December 31, 2025.

Loss before Income tax

• Operating loss was $10.6 million in the fourth quarter of 2025, compared to $17.3 million in the fourth quarter of 2024. The year-over-year improvement primarily reflects higher revenue and gross profit, partially offset by higher operating expenses.

• Adjusted EBITDA loss, which excludes depreciation, amortization and share-based compensation expense, declined to $7.3 million in the fourth quarter of 2025, compared to $13.7 million in the fourth quarter of 2024, consistent with the improvement in operating performance.

• Loss before Income tax was $9.7 million in the fourth quarter of 2025, compared to $17.6 million in the fourth quarter of 2024, reflecting improved operational results.

• In constant currency, Loss before Income tax, excluding the impact of foreign exchange recorded in finance income and finance costs, was $13.5 million, down 17% year-over-year.

Cash Position

• As of December 31, 2025, the Company’s liquidity position was $77.8 million, comprised of $76.7 million in cash and cash equivalents and $1.2 million in term deposits and other financial assets.

• Jumia’s liquidity position decreased by $4.7 million in the fourth quarter of 2025, compared to a decrease of $30.6 million in the fourth quarter of 2024, and a decrease of $15.8 million in the third quarter of 2025.

• Net cash used in operating activities was $1.7 million in the fourth quarter of 2025, compared to a net cash used of $26.5 million in the fourth quarter of 2024 and $12.4 million used in the third quarter of 2025. The result includes a positive working capital contribution of $9.6 million in the fourth quarter of 2025, compared to a negative working capital contribution of $12.1 million in the fourth quarter of 2024. The improvement primarily reflects the continued strengthening of our marketplace flywheel, with higher volumes and better payment flows, as well as improved bargaining power with large third-party accounts.

• In addition, the Company reported $1.7 million in capital expenditures in the fourth quarter of 2025, compared to $1.8 million in the fourth quarter of 2024, primarily reflecting investments in infrastructure and facility enhancements to support business growth.

(1) Adjustments for perimeter effects relate to the exit from Tunisia and South Africa.

• GMV increased by 36% year-over-year to $279.5 million and physical goods Orders grew by 31% year-over-year to 7.5 million. Adjusted for perimeter effects, physical goods GMV and Orders grew by 38% and 32% year-over-year, respectively.

  • The increase in GMV was driven by robust consumer demand, partially offset by lower corporate sales in Egypt.

  • Order growth reflects continued improvement in product assortment and a stronger customer value proposition in physical goods.

    • In line with our strategic focus on scaling physical goods, we have reduced our emphasis on digital products sold through our JumiaPay App, that contribute to order volumes with limited revenue impact. While this shift influenced total order metrics for the quarter, physical goods Orders growth remained robust.

  • Our strategy to expand into secondary cities continues to deliver results. Adjusted for perimeter effects, Orders from upcountry regions represented 61% of total Orders in the fourth quarter of 2025, up from 56% in the prior-year period.

  • The average order value for physical goods Orders increased in the fourth quarter of 2025 compared to the fourth quarter of 2024.

  • Jumia continues to deploy marketing with a focus on efficiency and ROI, focusing investment on efficient channels to support customer acquisition, engagement, and repeat behavior. These include paid online marketing, customer relationship management (“CRM”), search engine optimization (“SEO”), and relevant offline local channels (e.g. radio and print) while also leveraging its JForce agent network.

  • As a result of these efforts and adjusted for perimeter effects, Jumia is attracting what it believes to be a stickier and higher quality customer base as evidenced by a 422 basis point year-over-year improvement in repurchase rates.

• TPV improved to $81.4 million in the fourth quarter of 2025, compared to $59.2 million in the fourth quarter of 2024. TPV as a percentage of GMV remained stable at 29% in the fourth quarter of 2025, compared to 29% in the fourth quarter of 2024.

EVENTS AFTER THE REPORTING DATE

In February 2026, Jumia decided to cease operations in Algeria. In 2025, Algeria accounted for approximately 2% of GMV. The Company anticipates that ceasing operations in Algeria may temporarily negatively impact Jumia’s financial metrics. Short-term effects will include employee termination costs, lease termination costs, and assets liquidation. In the longer term, these changes to Jumia’s geographic footprint are expected to enhance operational efficiency and resource allocation, enabling the Company to focus on markets with stronger growth trajectories and profitability prospects.

GUIDANCE

Jumia remains committed to delivering profitable growth in 2026 by scaling usage, improving operational efficiency, and continuing to reduce cash burn.

As we enter the next phase of scaling, Adjusted EBITDA is now our primary profitability metric for guidance, as it better reflects underlying operating performance and leverage. This does not change our economic objectives, and we continue to expect to reach breakeven on an Adjusted EBITDA basis in the fourth quarter of 2026.

Based on current business trends, we are establishing our full-year 2026 guidance as follows:

• GMV is projected to grow between 27% and 32% year-over-year, adjusted for perimeter effects.

• We forecast Adjusted EBITDA loss to be between $25 million and $30 million.

• We confirm our strategic goal to achieve breakeven on an Adjusted EBITDA basis and positive cash flow in the fourth quarter of 2026, and delivering full-year profitability and positive cash flow in 2027.

First quarter 2026:

• GMV is projected to grow between 27% and 32% year-over-year, adjusted for perimeter effects.

• We expect higher cash outflows in the first quarter, reflecting typical seasonality, and the timing of annual contract renewals for certain of our technology and insurance agreements. As part of ongoing operational optimization, we will exit Algeria in the first quarter of 2026 and expect to incur related one-time costs.

The above forward-looking statements reflect Jumia’s expectations and strategic goals as of February 10, 2026, are subject to change, and involve inherent risks, which are partially or fully beyond its control. These risks include but are not limited to political and economic conditions across countries where it operates, the broader economic impact of the ongoing regional conflicts, and global supply chain issues.

Forward Looking Statements

This release includes forward-looking statements. All statements other than statements of historical facts contained in this release, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “believes,” “estimates”, “potential” or “continue” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statement, including, without limitation, the risks described under Item 3. “Key Information-D. Risk Factors,” in our Annual Report on Form 20-F as filed with the US Securities and Exchange Commission for the year ended December 31, 2024. Moreover, new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Considering these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements.

The forward-looking statements included in this release are made only as of the date hereof. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor our advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Neither we nor our advisors undertake any obligation to update any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations, except as may be required by law. You should read this release with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.

^[1] Working capital comprises movements in: (i) trade and other receivables, prepaid expenses and other tax receivables; (ii) inventories; and (iii) trade and other payables, deferred income and other tax payables.

^[1] In addition to marketplace revenue and first-party sales, revenue included other revenue of $0.4 million in the fourth quarter of 2024 and $0.5 million in the fourth quarter of 2025.