Jumia (NYSE: JMIA) lifts Q2 2026 GMV, trims losses and prices $50M raise
Rhea-AI Filing Summary
Jumia Technologies AG reported solid top-line expansion in the quarter ended June 30, 2026 while continuing to reduce losses. Revenue reached $52.0 million, up 14% year-over-year, as the business shifted further toward higher-margin third-party marketplace activity. GMV was $216.3 million, up 20% year-over-year and 23% when adjusted for the exit from Algeria, with strong growth in fashion, beauty, and home and living.
Gross profit rose to $30.7 million, up 28% year-over-year, and gross profit margin on GMV improved to 14.2%. Operating loss narrowed to $12.4 million from $16.5 million, and Adjusted EBITDA loss improved to $8.7 million from $13.6 million, reflecting better monetization and cost discipline. Quarterly Active Customers (adjusted for perimeter effects) grew 23% to 2.6 million and physical goods Orders grew 28% to 6.3 million.
Jumia closed the quarter with liquidity of $48.3 million, down from $76.7 million at December 31, 2025, and reported a six‑month loss of $29.5 million. To reinforce its balance sheet, it has priced a $50 million capital raise via 9.1 million ADSs at $5.52, anchored by a $25 million investment from the International Finance Corporation. The company guides to 2026 GMV growth of 20–30% (adjusted for perimeter effects), an Adjusted EBITDA loss of $25–30 million, and continues to target Adjusted EBITDA breakeven and positive cash flow in Q4 2026 and full‑year 2027.
Positive
- Revenue grew 14% year-over-year in Q2 2026 to $52.0 million, with marketplace revenue up 34%, indicating stronger platform monetization.
- Gross profit increased 28% year-over-year to $30.7 million and margin on GMV improved to 14.2%, reflecting healthier unit economics.
- Adjusted EBITDA loss narrowed by 36% to $8.7 million, showing meaningful progress toward the company’s profitability targets.
- Jumia secured a $50 million equity capital raise at $5.52 per ADS, anchored by a $25 million investment from the International Finance Corporation, strengthening liquidity.
- Operational KPIs improved, with physical goods Orders up 28% and Quarterly Active Customers up 23% year-over-year (adjusted for perimeter effects), supporting the growth narrative.
Negative
- The business remains loss-making, with a Q2 2026 loss before income tax of $10.9 million and a six‑month loss of $29.5 million.
- Liquidity declined to $48.3 million at June 30, 2026 from $76.7 million at December 31, 2025, and equity attributable to shareholders fell to $0.9 million.
- Net cash used in operating activities was $11.8 million in Q2 2026 and $24.3 million for the first half, indicating ongoing cash burn despite efficiency gains.
- Management revised 2026 GMV guidance to 20–30% growth (and Q3 to 15–25%), citing volatility and supply headwinds in higher-value categories.
Filing Explained
The announced
Key Figures
Q2 2026 Revenue: $52.0 million
Q2 2026 GMV: $216.3 million
Q2 2026 Gross Profit: $30.7 million
+5 more
8 metrics
Q2 2026 Revenue
$52.0 million
Three months ended June 30, 2026; up 14% year-over-year
Q2 2026 GMV
$216.3 million
Three months ended June 30, 2026; 20% year-over-year growth
Q2 2026 Gross Profit
$30.7 million
Three months ended June 30, 2026; 28% year-over-year increase
Q2 2026 Adjusted EBITDA
-$8.7 million
Improved from -$13.6 million in Q2 2025; 36% reduction in loss
Liquidity Position
$48.3 million
Cash, cash equivalents and term deposits as of June 30, 2026
Six-month Loss for the Period
$29.5 million
Loss for the six months ended June 30, 2026
Q2 2026 Quarterly Active Customers
2.6 million
Adjusted for perimeter effects; up 23% year-over-year
Capital Raise Size
$50.0 million
9.1 million ADSs at $5.52 per ADS priced August 11, 2026
Key Terms
Adjusted EBITDA, Gross Merchandise Value, perimeter effects, Quarterly Active Customers, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA loss of $8.7 million compared to $13.6 million in the second quarter of 2025"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Gross Merchandise Value financial
"Gross Merchandise Value (“GMV”) corresponds to the total value of orders for products and services"
Total dollar value of all goods and services sold through a marketplace or e-commerce platform during a set period, before deducting fees, returns or costs. Think of it as the total amount rung up at the register across an entire shopping mall: it shows the platform’s sales volume and user activity. Investors watch it to gauge growth and marketplace traction, but must pair it with metrics like revenue share and margins to assess profitability.
perimeter effects financial
"Adjusted for perimeter effects, GMV grew 23% year-over-year"
Quarterly Active Customers financial
"Quarterly Active Customers grew by 24% year-over-year"
going concern financial
"the Group’s ability to continue as a going concern, including all significant events and mitigating factors"
Going concern is the accounting assumption that a company will keep operating and meeting its obligations for the foreseeable future. The phrase matters most when a company or its auditors disclose substantial doubt about it, a formal warning that the business may not have enough resources to continue without raising money, restructuring, or selling assets. That language in a filing or press release signals elevated financial risk.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Jumia (JMIA) perform financially in Q2 2026?
Jumia reported Q2 2026 revenue of $52.0 million, up 14% year-over-year, and GMV of $216.3 million, up 20%. Gross profit rose to $30.7 million and Adjusted EBITDA loss improved to $8.7 million, reflecting better monetization and cost control.
What is Jumia’s path to profitability according to this 6-K?
Jumia targets Adjusted EBITDA breakeven and positive cash flow in Q4 2026 and full-year Adjusted EBITDA profitability and positive cash flow in 2027. Guidance includes a 2026 Adjusted EBITDA loss of $25–30 million, assuming continued cost discipline and usage growth.
What capital raise did Jumia (JMIA) announce in August 2026?
Jumia priced a $50.0 million capital raise, selling 9.1 million ADSs at $5.52 per ADS. The round is anchored by a $25 million investment from the International Finance Corporation and includes existing major shareholders and new investors.
How strong are Jumia’s liquidity and cash flows as of June 30, 2026?
Jumia’s liquidity was $48.3 million, including $47.4 million of cash and cash equivalents. Net cash used in operating activities was $11.8 million in Q2 and $24.3 million for the first half, showing continued but moderating cash burn.
What user and order growth did Jumia (JMIA) report for Q2 2026?
Adjusted for perimeter effects, Quarterly Active Customers reached 2.6 million, up 23% year-over-year, and physical goods Orders rose to 6.3 million, up 28%. Repurchase behavior improved, with 44% of new Q1 2026 customers buying again within 90 days.
What guidance did Jumia provide for GMV growth in 2026 and Q3 2026?
For 2026, Jumia projects GMV growth of 20–30% year-over-year, adjusted for perimeter effects. For Q3 2026, it expects GMV growth of 15–25%, reflecting uncertainty in higher-value electronics categories and macro headwinds.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 6-K
________________________________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
August 12, 2026
________________________________________________
Commission File Number: 001-38863
________________________________________________
(Translation of registrant’s name into English)
________________________________________________
Skalitzer Straße 104
10997 Berlin, Germany
+49 (30) 398 20 34 54
(Address of principal executive offices)
________________________________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
On August 12, 2026, Jumia Technologies AG will hold a conference call regarding its unaudited financial results for the quarter ended June 30, 2026. A copy of the related press release is furnished as Exhibit 99.1 hereto.
In addition, Jumia Technologies AG files its unaudited interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2026 and the related management’s discussion and analysis of financial condition and results of operation as Exhibits 99.2 and 99.3 hereto.
EXHIBIT INDEX
| Exhibit No. | Description of Exhibit | |||||||
| 99.1 | Press release of Jumia Technologies AG dated August 12, 2026. | |||||||
| 99.2 | Unaudited interim condensed consolidated financial statements of Jumia Technologies AG as of and for the three and six months ended June 30, 2026. | |||||||
| 99.3 | Management’s discussion and analysis of financial condition and results of operation. | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Jumia Technologies AG | ||||||||
| By | /s/ Francis Dufay | |||||||
| Name: | Francis Dufay | |||||||
| Title: | Chief Executive Officer and Member of the Management Board | |||||||
| Jumia Technologies AG | ||||||||
| By | /s/ Antoine Maillet-Mezeray | |||||||
| Name: | Antoine Maillet-Mezeray | |||||||
| Title: | Executive Vice President, Finance & Operations and Member of the Management Board | |||||||
Date: August 12, 2026
Exhibit 99.1
Jumia Reports Second Quarter 2026 Results and Announces Capital Raise
Jumia Delivers Continued Operating Leverage, Narrowing Adjusted EBITDA Loss by 36% and
Growing Gross Profit by 28% on 23%1 GMV Growth;
Reaffirms Path to Q4 2026 Breakeven and 2027 Profitability on an Adjusted EBITDA Basis;
Announces $50 Million Capital Raise Anchored by the International Finance Corporation, a Member of the World Bank Group
Lagos, Nigeria, August 12, 2026 – Jumia Technologies AG (NYSE: JMIA) (“Jumia” or the “Company”) announced today its financial results for the second quarter ended June 30, 2026.
Financial highlights for the second quarter 2026
•Revenue of $52.0 million compared to $45.6 million in the second quarter of 2025, up 14% year-over-year, and up 15% in constant currency, amid a shift from first-party to third-party sales.
•GMV of $216.3 million compared to $180.2 million in the second quarter of 2025, up 20% year-over-year, and up 15% in constant currency. Adjusted for perimeter effects, GMV grew 23% year-over-year.
•Gross Profit of $30.7 million compared to $23.9 million in the second quarter of 2025, up 28% year-over-year, and up 31% in constant currency.
•Operating loss of $12.4 million compared to $16.5 million in the second quarter of 2025, down 25% year-over-year and down 24% in constant currency.
•Adjusted EBITDA loss of $8.7 million compared to $13.6 million in the second quarter of 2025, down 36% year-over-year, and down 35% in constant currency.
•Loss before Income tax of $10.9 million compared to $16.3 million in the second quarter of 2025, down 33% year-over-year, and down 34% in constant currency.
•Liquidity position of $48.3 million, a decrease of $14.3 million in the second quarter of 2026, compared to a decrease of $12.4 million in the second quarter of 2025.
•Net cash flow used in operating activities of $11.8 million compared to $12.7 million in the second quarter of 2025 and $12.5 million in the first quarter of 2026. The result includes a cash outflow related to an increase in working capital2 of $3.0 million, compared to a cash inflow related to a decrease in working capital of $4.1 million in the second quarter of 2025.
Business highlights for the second quarter 2026
Unless otherwise stated, all reported KPIs are for physical goods and exclude results from Algeria, which was exited in early 2026.
•$50 million capital raise anchored by a $25 million investment from the International Finance Corporation, a member of the World Bank Group, and including investments by current leading shareholders, as well as selected new investors, announced today.
•Orders grew 28% year-over-year, reflecting disciplined execution and resilient consumer demand across key categories.
•Quarterly Active Customers grew by 24% year-over-year, reflecting continued traction in both acquisition and retention.
•GMV adjusted for perimeter effects increased 23% year-over-year, notwithstanding supply headwinds in higher value categories, specifically phones and electronics, inflationary pressure from fuel prices across markets, and softer demand in Ivory Coast following the decline in cocoa farmgate prices, reflecting resilient underlying demand and effective execution across our marketplace.
•Nigeria delivered standout performance, with GMV up 36% year-over-year and Orders up 34% year-over-year, driven by continued execution against the market’s substantial remaining potential.
•Gross items sold from international sellers grew 96% year-over-year in the second quarter of 2026, reflecting the continued scaling of our Chinese seller base, as well as growing volumes from our supply base for affordable fashion in Turkey.
Company Commentary
"Our second quarter results demonstrate the resilience of the model we've built for Africa. Despite real headwinds — supply disruptions in phones and electronics, rising fuel costs, and a demand slowdown in Ivory Coast tied to cocoa prices — GMV and physical goods Orders, each adjusted for perimeter effects, grew 23% and 28%, respectively, year-over-year, and our Adjusted EBITDA loss narrowed by 36% to $8.7 million. Gross profit grew 28% year-over-year, reflecting continued progress in marketplace monetization. Importantly, we deliberately chose to protect our margins and unit economics this quarter rather than chase GMV at the expense of profitability.
Growth was strong across most of our markets, with Nigeria and Ghana delivering another strong quarter and Egypt confirming its sustained recovery. The headwinds we faced don't change our path to profitability. If anything, they reinforce the case for a locally embedded, sea-freight-based model built for exactly this kind of disruption. More broadly, we believe our focus on “value for money” makes Jumia even more relevant to consumers in an inflationary environment, as value-focused platforms tend to gain share when household budgets tighten.
We can't say with certainty how long these headwinds will last, but the second quarter of 2026 proved we have the right fundamentals to navigate this kind of macro uncertainty. The agreed investment anchored by the International Finance Corporation, a member of the World Bank Group, and joined by current leading shareholders and selected new investors, will strengthen our balance sheet as we execute against that plan. We continue to see ourselves firmly on track toward our target of achieving Adjusted EBITDA breakeven and positive cash flow in the fourth quarter of 2026, and full-year profitability on an Adjusted EBITDA basis and positive cash flow in 2027." — Francis Dufay, CEO
International Environment
In the second quarter, two external developments had a tangible impact on our business. First, memory chip and CPU price increases drove a supply disruption in smartphones through the second quarter, affecting our phones category across most markets, with a further slowdown in other electronics subcategories driven by specific supplier shortages. While supply volatility persists into the early third quarter 2026, we continue to mitigate concentration risk by diversifying our supplier base. Second, the war in the Middle East disrupted air freight through the Gulf and, combined with broader oil market dynamics, drove significant fuel price increases across our markets in the second quarter, which our local logistics partners passed through as surcharges, creating a tangible negative impact on our second quarter fulfillment costs. Our strategy of expanding pickup stations across our markets meaningfully limits our exposure to fuel price volatility, with 75% of our shipped packages fulfilled through pickup stations in the second quarter of 2026, up from 71% in the second quarter of 2025, both adjusted for perimeter effects. We continue to monitor the situation closely. We believe that our business fundamentals, which were rebuilt from 2022 to 2025, mostly in tougher times than this, are strong and resilient. We do not expect these developments to change our short- or mid-term Adjusted EBITDA targets or our belief in Jumia’s long-term opportunity for growth.
1 Adjusted for perimeter effects, which relate to the exit from Algeria. As of the first quarter of 2026, we have revised our perimeter effects adjustments to exclude Algeria following our exit, and we have recast comparative prior period amounts accordingly.
2 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.
SELECTED FINANCIAL INFORMATION
Financial Results for the second quarter ended June 30, 2026
| For the three months ended | For the six months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As reported | YoY Change | Constant currency | YoY Change | As reported | YoY Change | Constant currency | YoY Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| In USD million, unless otherwise stated | June 30, 2025 | June 30, 2026 | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | 45.6 | 52.0 | 14 | % | 52.3 | 15 | % | 81.9 | 102.6 | 25 | % | 98.7 | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross Profit | 23.9 | 30.7 | 28 | % | 31.2 | 31 | % | 43.8 | 60.1 | 37 | % | 57.8 | 32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Fulfillment expense | (10.8) | (12.7) | 18 | % | (13.1) | 21 | % | (20.2) | (24.9) | 23 | % | (24.1) | 19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sales and Advertising expense | (4.2) | (5.5) | 33 | % | (5.5) | 33 | % | (7.3) | (10.6) | 46 | % | (10.3) | 42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Technology and Content expense | (9.2) | (9.0) | (2) | % | (9.0) | (3) | % | (18.9) | (17.9) | (5) | % | (17.6) | (6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
G&A expense, excluding 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) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Income / (Loss) | (16.5) | (12.4) | (25) | % | (12.5) | (24) | % | (35.2) | (26.2) | (25) | % | (26.4) | (25) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss before Income tax(2) | (16.3) | (10.9) | (33) | % | (12.7) | (34) | % | (32.8) | (28.7) | (12) | % | (27.3) | (28) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) See “Non-IFRS 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 $2.8 million in the second quarter of 2025 and $1.7 million in the second quarter of 2026. For the six months ended June 30, these amounts were $4.9 million in 2025 and $(1.7) million in 2026, respectively.
Revenue
•Revenue3 of $52.0 million, up 14% year-over-year or up 15% year-over-year on a constant currency basis, reflecting strong volume growth partly moderated by a higher share of third-party sales relative to first-party sales, as third-party transactions generate commission income rather than full sales revenue.
•Marketplace revenue, comprised of third-party sales, marketing and advertising revenue, and value-added services, was $28.8 million, up 34% year-over-year or up 36% year-over-year on a constant currency basis.
◦Third-party sales revenue was $23.5 million, up 26% year-over-year or up 29% year-over-year on a constant currency basis. Year-over-year growth was driven by strong execution in our marketplace business, supported by rising customer usage and higher effective take rates.
◦Marketing and advertising revenue was $3.5 million, up 88% year-over-year or up 87% year-over-year on a constant currency basis, reflecting continued growth in sponsored products and increased seller adoption of retail media advertising, which reached 26% of sellers in the second quarter of 2026, compared to 19% in the second quarter of 2025. We have maintained a relatively high return on advertising spend for our sellers by prioritizing long-term user activation over near-term monetization. With advertising revenue currently representing 1.6% of GMV, we see meaningful upside potential as seller density increases.
◦Value-added services revenue was $1.9 million, up 61% year-over-year or up 66% year-over-year on a constant currency basis, reflecting growth in warehousing fees. This growth was supported by higher volumes flowing through our storage infrastructure, largely attributable to demand from Chinese sellers, together with improved monetization of our warehousing services.
•First-party sales revenue was $22.8 million, down 3% year-over-year or down 4% year-over-year on a constant currency basis, consistent with supply and demand headwinds in higher value electronic items, alongside the strong pace of marketplace growth. We generally undertake first-party activity in an opportunistic manner to complement the breadth of the product assortment on our platform; its scale will naturally vary with market conditions.
•Shifts in the relative proportion of first-party and third-party sales trigger variations in revenue, as we record the full sales price as revenue for first-party sales and only a percentage of the sales price (commission) for
third-party sales, both net of returns and VAT. While we track revenue, we recognize that the relative proportion of first-party and third-party sales can impact its interpretation; accordingly, we utilize gross profit alongside revenue to steer our operations.
Gross Profit
•Gross profit was $30.7 million, up 28% year-over-year or up 31% year-over-year on a constant currency basis.
•Gross profit as a percentage of GMV was 14.2% in the second quarter of 2026, compared to 13.3% in the second quarter of 2025. This improvement reflects a shift in the mix toward higher take rate revenue streams, and our disciplined strategy of prioritizing attractive category economics and take rates rather than pursuing discount-driven volume growth.
Expenses
•Fulfillment expense was $12.7 million, up 18% year-over-year or up 21% year-over-year on a constant currency basis, primarily due to higher volumes.
◦Fulfillment expense per physical goods Order, was $2.04, down 7% year-over-year or down 4% 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, despite temporary fuel surcharges from our logistics partners and non-recurring termination costs in the quarter.
•Sales and Advertising expense totaled $5.5 million, up 33% year-over-year both on reported and 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 $9.0 million, down 2% year-over-year, or down 3% year-over-year on a constant currency basis. The decrease was driven by continued headcount optimization and savings from renegotiated contracts.
•General and Administrative expense was $16.8 million, down 1% year-over-year, or up 1% year-over-year on a constant currency basis.
◦General and Administrative expense, excluding share-based compensation expense, was $15.2 million, down 5% year-over-year, or down 4% year-over-year on a constant currency basis.
◦Staff costs within General and Administrative expense, excluding share-based compensation expense, decreased by 7% year-over-year, driven mainly by a 10% reduction in headcount versus the second quarter of 2025.
◦The second quarter of 2026 included a tax expense of $0.9 million, compared to a $1.3 million tax benefit recognized in the second quarter of 2025.
•We continue to streamline the organization. The total headcount has declined by 11% since March 31, 2026, with just over 1,770 employees on payroll as of June 30, 2026. At the end of the fourth quarter of 2022, when current leadership was installed, we had 4,318 employees. As such, we have delivered on our commitment to reduce headcount by at least 200 full-time employees, and achieved this in one quarter, ahead of the two-quarter timeline we had indicated. AI-driven automation across each of our operations, finance, support functions, and technology teams — including in relation to cybersecurity and code quality workflows — is enabling us to drive further headcount efficiency, and we expect to continue reducing headcount going forward.
•We are also deploying artificial intelligence across our operations — including logistics, customer service, and seller management — to improve service quality while lowering costs.
Loss before Income tax
•Operating loss was $12.4 million in the second quarter of 2026, compared to $16.5 million in the second quarter of 2025, driven by strong usage growth, higher monetization, and continued cost discipline.
•Adjusted EBITDA loss, which excludes depreciation, amortization and share-based compensation expense, declined to $8.7 million in the second quarter of 2026, compared to $13.6 million in the second quarter of 2025, consistent with the improvement in operating performance.
•Loss before Income tax was $10.9 million in the second quarter of 2026, compared to $16.3 million in the second quarter of 2025, a 33% improvement year-over-year, reflecting higher gross profit and improved operating performance.
•In constant currency, Loss before Income tax, excluding the impact of foreign exchange recorded in finance income and finance costs, was $12.7 million, down 34% year-over-year.
Cash Position
•As of June 30, 2026, the Company’s liquidity position was $48.3 million, comprised of $47.4 million in cash and cash equivalents and $0.9 million in term deposits and other financial assets.
•Jumia’s liquidity position decreased by $14.3 million in the second quarter of 2026, compared to a decrease of $12.4 million in the second quarter of 2025, and a decrease of $15.3 million in the first quarter of 2026. The year-over-year change reflects an improvement in operating loss that was more than offset by a shift in working capital contribution.
•Net cash used in operating activities was $11.8 million in the second quarter of 2026, compared to a net cash used in operating activities of $12.7 million in the second quarter of 2025 and $12.5 million used in the first quarter of 2026. The result includes a cash outflow related to an increase in working capital of $3.0 million in the second quarter of 2026, compared to a cash inflow related to a decrease in working capital of $4.1 million in the second quarter of 2025. Despite these working capital dynamics, net cash used in operating activities nonetheless improved year-over-year, reflecting the continued strengthening of our marketplace flywheel. We plan to gradually increase our working capital over the third quarter of 2026 in order to capture attractive supply opportunities.
CAPITAL RAISE
On August 11, 2026, Jumia priced a capital raise anchored by a $25 million investment from the International Finance Corporation, a member of the World Bank Group, and including investments by Axian, one of our largest shareholders, as well as other investors. The investors agreed to purchase 9.1 million ADSs at a price of $5.52 per ADS, resulting in expected gross proceeds to Jumia of $50.0 million. The transactions are subject to customary conditions and are expected to close in the second half of August 2026. Jumia currently intends to use the net proceeds to support its next phase of growth, enhance efficiency across its core African markets and strengthen its integrated marketplace and logistics network.
3 In addition to marketplace revenue and first-party sales, revenue included other revenue of $0.4 million in the second quarter of 2025 and $0.3 million in the second quarter of 2026.
SELECTED OPERATIONAL KPIs
Marketplace KPIs
| For the three months ended | For the six months ended | |||||||||||||||||||||||||||||||||||||
| As Reported | YoY Change | As Reported | YoY Change | |||||||||||||||||||||||||||||||||||
| June 30, 2025 | June 30, 2026 | June 30, 2025 | June 30, 2026 | |||||||||||||||||||||||||||||||||||
| Quarterly Active Customers (million) | 2.2 | 2.6 | 21 | % | n.a. | n.a. | n.a. | |||||||||||||||||||||||||||||||
Quarterly Active Customers (million) adjusted for perimeter effects(1) | 2.1 | 2.6 | 23 | % | n.a. | n.a. | n.a. | |||||||||||||||||||||||||||||||
| Orders Physical Goods (million) | 5.0 | 6.3 | 26 | % | 9.5 | 12.1 | 28 | % | ||||||||||||||||||||||||||||||
Orders Physical Goods (million) adjusted for perimeter effects(1) | 4.9 | 6.3 | 28 | % | 9.4 | 12.1 | 29 | % | ||||||||||||||||||||||||||||||
| Orders JumiaPay App (million) | 0.1 | 0.0 | (88) | % | 0.7 | 0.0 | (98) | % | ||||||||||||||||||||||||||||||
Orders JumiaPay App (million) adjusted for perimeter effects(1) | 0.1 | 0.0 | (88) | % | 0.7 | 0.0 | (98) | % | ||||||||||||||||||||||||||||||
| For the three months ended | For the six months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As Reported | YoY Change | Constant currency | YoY Change | As Reported | YoY Change | Constant currency | YoY Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2025 | June 30, 2026 | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GMV (USD million) | 180.2 | 216.3 | 20 | % | 207.1 | 15 | % | 341.9 | 427.5 | 25 | % | 398.6 | 17 | % | |||||||||||||||||||||||||||||||||||||||||||||
GMV (USD million) adjusted for perimeter effects(1) | 176.5 | 216.3 | 23 | % | 207.1 | 17 | % | 334.6 | 425.5 | 27 | % | 396.7 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||
_________________________
(1) Adjustments for perimeter effects relate to the exit from Algeria. As of the first quarter of 2026, we have revised our perimeter effects adjustments to exclude Algeria following our exit, and we have recast comparative prior period amounts accordingly.
•GMV increased by 20% year-over-year to $216.3 million and physical goods Orders grew by 26% year-over-year to 6.3 million in the second quarter of 2026. Adjusted for perimeter effects, GMV and physical goods Orders grew by 23% and 28% year-over-year, respectively.
◦GMV growth reflected a category mix shift, with strong performance in fashion, beauty, as well as home and living — categories with lower average item value but higher take rates for Jumia — while the phones and electronics categories were impacted by supply disruptions from memory chip and CPU shortages, as well as air freight disruption through the Gulf. On the demand side, growth was also tempered by a slowdown in Ivory Coast tied to cocoa farmgate price declines. Despite these headwinds, GMV grew 23% year-over-year, adjusted for perimeter effects, and gross profit expanded 28%.
◦Order growth reflects continued improvement in product assortment and a stronger customer value proposition in physical goods.
◦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 second quarter of 2026, up from 59% in the prior-year period.
◦The average order value for physical goods Orders decreased in the second quarter of 2026 compared to the second quarter of 2025. This reflects the category mix shift toward categories with lower average item value but higher take rates. Orders did not become less profitable; the gross profit per physical goods Order even increased in the second quarter of 2026 compared to the second quarter of 2025.
◦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 172 basis point year-over-year improvement in repurchase rates.
▪Jumia’s cohort analysis indicates that 44% of new customers, who placed their first order in the first quarter of 2026, made a second purchase within 90 days, compared to 42% of new customers in the first quarter of 2025.
GUIDANCE
Jumia remains committed to delivering profitable growth through the fourth quarter of 2026 by scaling usage, improving operational efficiency, and continuing to reduce cash burn. Usage growth is the clearest evidence that our fundamentals remain intact: physical goods Orders grew by 28% and Quarterly Active Customers grew by 23% year-over-year in the second quarter, both adjusted for perimeter effects.
Gross profit grew by 28% year-over-year, reflecting continued progress in marketplace monetization. Importantly, we deliberately chose to protect our margins and unit economics this quarter rather than chase GMV at the expense of profitability on an Adjusted EBITDA basis. With continued cost discipline, our Adjusted EBITDA loss narrowed by 36% year-over-year.
We are updating our GMV growth target for 2026, given the volatility and uncertainty surrounding the market for higher-value categories. Our Adjusted EBITDA and cash flow targets remain unchanged. Reaching them does not require pursuing GMV growth at any cost — we will keep prioritizing healthy usage growth and sales growth in lower-value but higher-margin categories. Based on current trends, we are updating our full-year 2026 guidance as follows:
•GMV is projected to grow between 20% and 30% 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 to deliver full-year profitability on an Adjusted EBITDA basis and positive cash flow in 2027.
Third quarter 2026:
•GMV is projected to grow between 15% and 25% year-over-year, adjusted for perimeter effects.
The above forward-looking statements reflect Jumia’s expectations and strategic goals as of August 12, 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. See “Forward Looking Statements” below for further details.
CONFERENCE CALL AND WEBCAST INFORMATION
Jumia will host a conference call to discuss its second quarter 2026 results at 8:30 AM ET on August 12, 2026.
Interested parties can access the conference at:
US Dial-in (Toll Free): 877-545-0523
International Dial-in: 973-528-0016
Entry Code: 494499
The live call will also be available via webcast on Jumia’s Investor Relations Website: https://investor.jumia.com/investor-relations/default.aspx.
A replay of the call will be available until Wednesday, August 26, 2026 and can be accessed by dialing 877-481-4010 for toll free access or 919-882-2331 for international access using the replay passcode: 54325.
(UNAUDITED)
Consolidated statement of comprehensive income for the periods ended June 30, 2025 and 2026
| For the three months ended | For the six months ended | |||||||||||||||||||||||||
| In thousands of USD | June 30, 2025 | June 30, 2026 | June 30, 2025 | June 30, 2026 | ||||||||||||||||||||||
| Revenue | 45,642 | 51,993 | 81,903 | 102,555 | ||||||||||||||||||||||
Cost of revenue | (21,704) | (21,266) | (38,063) | (42,428) | ||||||||||||||||||||||
Gross profit | 23,938 | 30,727 | 43,840 | 60,127 | ||||||||||||||||||||||
Fulfillment expense | (10,838) | (12,735) | (20,239) | (24,887) | ||||||||||||||||||||||
| Sales and advertising expense | (4,151) | (5,517) | (7,253) | (10,595) | ||||||||||||||||||||||
| Technology and content expense | (9,217) | (9,010) | (18,862) | (17,894) | ||||||||||||||||||||||
General and administrative expense | (16,963) | (16,825) | (34,152) | (34,776) | ||||||||||||||||||||||
| Other operating income | 767 | 1,090 | 1,569 | 2,124 | ||||||||||||||||||||||
| Other operating expense | (60) | (107) | (82) | (348) | ||||||||||||||||||||||
| Operating loss | (16,524) | (12,377) | (35,179) | (26,249) | ||||||||||||||||||||||
| Finance income | 2,985 | 541 | 6,341 | 1,003 | ||||||||||||||||||||||
| Finance costs | (2,731) | 986 | (3,918) | (3,423) | ||||||||||||||||||||||
| Loss before Income tax | (16,270) | (10,850) | (32,756) | (28,669) | ||||||||||||||||||||||
| Income tax benefit / (expense) | (321) | (886) | (542) | (794) | ||||||||||||||||||||||
| Loss for the period | (16,591) | (11,736) | (33,298) | (29,463) | ||||||||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||
| Equity holders of the Company | (16,592) | (11,739) | (33,302) | (29,469) | ||||||||||||||||||||||
| Non-controlling interests | 1 | 3 | 4 | 6 | ||||||||||||||||||||||
| Loss for the period | (16,591) | (11,736) | (33,298) | (29,463) | ||||||||||||||||||||||
| Other comprehensive income / (loss) to be classified to profit or loss in subsequent periods | ||||||||||||||||||||||||||
| Exchange differences gain on translation of foreign operations | (45,918) | (6,129) | (68,820) | (1,035) | ||||||||||||||||||||||
| Other comprehensive loss on net investment in foreign operations | 44,764 | 4,092 | 65,078 | 2,184 | ||||||||||||||||||||||
| Other comprehensive income on financial assets at fair value through OCI | 1,679 | — | 1,875 | — | ||||||||||||||||||||||
| Other comprehensive income / (loss) | 525 | (2,037) | (1,867) | 1,149 | ||||||||||||||||||||||
| Total comprehensive loss for the period | (16,066) | (13,773) | (35,165) | (28,314) | ||||||||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||
| Equity holders of the Company | (16,037) | (13,779) | (35,122) | (28,323) | ||||||||||||||||||||||
| Non-controlling interests | (29) | 6 | (43) | 9 | ||||||||||||||||||||||
| Total comprehensive loss for the period | (16,066) | (13,773) | (35,165) | (28,314) | ||||||||||||||||||||||
(UNAUDITED)
Consolidated statement of financial position as of December 31, 2025 and June 30, 2026
| As of | ||||||||||||||
| In thousands of USD | December 31, 2025 | June 30, 2026 | ||||||||||||
| Assets | ||||||||||||||
| Non-current assets | ||||||||||||||
| Property and equipment | 19,163 | 20,821 | ||||||||||||
| Deferred tax assets | 326 | 318 | ||||||||||||
| Other non-current assets | 1,278 | 1,164 | ||||||||||||
| Total Non-current assets | 20,767 | 22,303 | ||||||||||||
| Current assets | ||||||||||||||
| Inventories | 10,098 | 10,509 | ||||||||||||
| Trade and other receivables | 13,888 | 15,587 | ||||||||||||
| Income tax receivables | 3,153 | 2,993 | ||||||||||||
| Other taxes receivable | 3,746 | 2,904 | ||||||||||||
| Prepaid expenses | 4,067 | 5,581 | ||||||||||||
| Term deposits and other financial assets | 1,162 | 853 | ||||||||||||
| Cash and cash equivalents | 76,670 | 47,431 | ||||||||||||
| Total Current assets | 112,784 | 85,858 | ||||||||||||
| Total Assets | 133,551 | 108,161 | ||||||||||||
| Equity and Liabilities | ||||||||||||||
| Equity | ||||||||||||||
| Share capital | 286,156 | 287,816 | ||||||||||||
| Share premium | 1,792,181 | 1,792,181 | ||||||||||||
| Other reserves | 178,520 | 181,046 | ||||||||||||
| Accumulated losses | (2,230,584) | (2,260,155) | ||||||||||||
| Equity attributable to the equity holders of the Company | 26,273 | 888 | ||||||||||||
| Non-controlling interests | (539) | (521) | ||||||||||||
| Total Equity | 25,734 | 367 | ||||||||||||
| Liabilities | ||||||||||||||
| Non-current liabilities | ||||||||||||||
| Non-current borrowings | 7,929 | 9,468 | ||||||||||||
| Trade and other payables | 6 | 45 | ||||||||||||
| Deferred tax liabilities | 126 | 65 | ||||||||||||
| Provisions for liabilities and other charges | 721 | 767 | ||||||||||||
| Total Non-current liabilities | 8,782 | 10,345 | ||||||||||||
| Current liabilities | ||||||||||||||
| Current borrowings | 3,793 | 4,459 | ||||||||||||
| Trade and other payables | 57,954 | 60,982 | ||||||||||||
| Income tax payables | 12,456 | 11,795 | ||||||||||||
| Other taxes payable | 11,478 | 9,761 | ||||||||||||
| Provisions for liabilities and other charges | 8,522 | 7,716 | ||||||||||||
| Deferred income | 4,832 | 2,736 | ||||||||||||
| Total Current liabilities | 99,035 | 97,449 | ||||||||||||
| Total Liabilities | 107,817 | 107,794 | ||||||||||||
| Total Equity and Liabilities | 133,551 | 108,161 | ||||||||||||
(UNAUDITED)
Consolidated statement of cash flows for the periods ended June 30, 2025 and 2026
| For the three months ended | For the six months ended | |||||||||||||||||||||||||
| In thousands of USD | June 30, 2025 | June 30, 2026 | June 30, 2025 | June 30, 2026 | ||||||||||||||||||||||
| Loss before Income tax | (16,270) | (10,850) | (32,756) | (28,669) | ||||||||||||||||||||||
| Depreciation and amortization of tangible and intangible assets | 2,009 | 1,983 | 3,873 | 4,100 | ||||||||||||||||||||||
| Impairment losses on loans, receivables and other assets | 141 | 135 | 354 | 373 | ||||||||||||||||||||||
| Impairment losses on obsolete inventories | 13 | (73) | 322 | (28) | ||||||||||||||||||||||
| Share-based compensation expense | 936 | 1,668 | 1,999 | 2,794 | ||||||||||||||||||||||
| Net (gain) / loss from disposal of tangible and intangible assets | (4) | 14 | 13 | 14 | ||||||||||||||||||||||
| Change in provision for other liabilities and charges | (2,742) | (73) | (2,317) | (700) | ||||||||||||||||||||||
| Lease modification (income) / expense | (20) | (6) | (26) | 17 | ||||||||||||||||||||||
| Interest (income) / expense | 357 | 203 | 202 | 673 | ||||||||||||||||||||||
| Discounting effect (income) / expense | — | — | 87 | — | ||||||||||||||||||||||
| Net foreign exchange (gain) / loss | (2,379) | (1,566) | (2,703) | 2,157 | ||||||||||||||||||||||
| Impairment reversals on financial assets at fair value through OCI | (17) | — | (17) | — | ||||||||||||||||||||||
| Net loss recognized on disposal of debt instruments held at fair value through OCI | 2,370 | — | 2,370 | — | ||||||||||||||||||||||
| Share-based compensation expense - settlement | (1) | 1 | (137) | (328) | ||||||||||||||||||||||
| (Increase) / Decrease in trade and other receivables, prepaid expenses and other tax receivables | 2,583 | (3,438) | 2,287 | (2,481) | ||||||||||||||||||||||
| (Increase) / Decrease in inventories | 1,714 | (1,894) | (2,872) | (471) | ||||||||||||||||||||||
| Increase / (Decrease) in trade and other payables, deferred income and other tax payables | (186) | 2,352 | (2,436) | (23) | ||||||||||||||||||||||
| Income taxes (paid) / received | (1,187) | (291) | (2,101) | (1,723) | ||||||||||||||||||||||
| Net cash flows (used in) / from operating activities | (12,683) | (11,835) | (33,858) | (24,295) | ||||||||||||||||||||||
| Cash flows from investing activities | ||||||||||||||||||||||||||
| Purchase of property and equipment | (737) | (976) | (1,609) | (1,578) | ||||||||||||||||||||||
| Proceeds from sale of property and equipment | 45 | 95 | 45 | 96 | ||||||||||||||||||||||
| Interest received | 868 | 452 | 1,378 | 657 | ||||||||||||||||||||||
| Movement in other non-current assets | 284 | (61) | 160 | — | ||||||||||||||||||||||
| Movement in term deposits and other financial assets | 45,919 | 241 | 76,159 | 390 | ||||||||||||||||||||||
| Net cash flows (used in) / from investing activities | 46,379 | (249) | 76,133 | (435) | ||||||||||||||||||||||
| Cash flows from financing activities | ||||||||||||||||||||||||||
| Payment of lease interest | (791) | (697) | (1,311) | (1,238) | ||||||||||||||||||||||
| Repayment of lease liabilities | (903) | (1,192) | (1,487) | (2,265) | ||||||||||||||||||||||
| Equity transaction costs | (85) | (35) | (85) | (35) | ||||||||||||||||||||||
| Capital contributions | 6 | — | 7 | — | ||||||||||||||||||||||
| Proceeds from exercise of stock options | 1 | — | 1 | — | ||||||||||||||||||||||
| Net cash flows (used in) / from financing activities | (1,772) | (1,924) | (2,875) | (3,538) | ||||||||||||||||||||||
| Net increase / (decrease) in cash and cash equivalents | 31,924 | (14,008) | 39,400 | (28,268) | ||||||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 1,985 | (24) | 793 | (971) | ||||||||||||||||||||||
| Cash and cash equivalents at the beginning of the period | 61,644 | 61,463 | 55,360 | 76,670 | ||||||||||||||||||||||
| Cash and cash equivalents at the end of the period | 95,553 | 47,431 | 95,553 | 47,431 | ||||||||||||||||||||||
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, 2025. 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.
Non-IFRS Financial and Operating Metrics
Changes, percentages, ratios and aggregate amounts presented have been calculated on the basis of unrounded figures.
This release includes certain financial measures and metrics not based on IFRS, including Adjusted EBITDA, as well as operating metrics, including Annual Active Customers, Quarterly Active Customers, Orders and GMV.
We define Annual Active Customers, Quarterly Active Customers, Orders, GMV, General and administrative expense, excluding SBC, and Adjusted EBITDA as follows:
Annual Active Customers means unique customers who placed an order for a product or a service on our platform, within the 12-month period preceding the relevant date, irrespective of cancellations or returns.
Quarterly Active Customers means unique customers who placed an order for a product or a service on our platform, within the 3-month period preceding the relevant date, irrespective of cancellations or returns.
We believe that Annual Active Customers and Quarterly Active Customers are useful indicators of the adoption of our offering by customers in our markets.
Orders corresponds to the total number of orders for products and services on our platform, irrespective of cancellations or returns, for the relevant period. Within Orders, we differentiate between physical goods Orders and Orders through the JumiaPay App.
We believe that the number of orders is a useful indicator to measure the total usage of our platform, irrespective of the monetary value of the individual transactions.
Gross Merchandise Value (“GMV”) corresponds to the total value of orders for products and services, including shipping fees, value-added tax, and before deductions of any discounts or vouchers, irrespective of cancellations or returns for the relevant period. We believe that GMV is a useful indicator for the usage of our platform that is not influenced by shifts in our sales between first-party and third-party sales or the method of payment.
We use Quarterly Active Customers, Orders and GMV as some of many indicators to monitor usage of our platform.
General and administrative expense, excluding SBC, corresponds to the General & Administrative (“G&A”) expense excluding share-based compensation expense (“SBC”). We use this metric to measure the development of our G&A costs exclusive of the impact of SBC which is mainly a non-cash expense, influenced, in part, by share price fluctuations.
Adjusted EBITDA corresponds to loss for the period, adjusted for income tax expense (benefit), finance income, finance costs, depreciation and amortization and further adjusted for share-based compensation expense.
Adjusted EBITDA is a supplemental non-IFRS measure of our operating performance that is not required by, or presented in accordance with, IFRS. Adjusted EBITDA is not a measurement of our financial performance under IFRS and should not be considered as an alternative to Loss for the period, Loss before Income tax or any other performance measure derived in accordance with IFRS. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate Adjusted EBITDA in the same manner. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our operating performance. Management believes that investors’ understanding of our performance is enhanced by including non-IFRS financial measures as a reasonable basis for comparing our ongoing results of operations. By providing this non-IFRS financial measure, together with a reconciliation to the nearest IFRS financial measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.
Management uses Adjusted EBITDA:
•as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of items not directly resulting from our core operations;
•for planning purposes, including the preparation of our internal annual operating budget and financial projections;
•to evaluate the performance and effectiveness of our strategic initiatives; and
•to evaluate our capacity to expand our business.
Items excluded from this non-IFRS measure are significant components in understanding and assessing financial performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation, or as an alternative to, or a substitute for analysis of our results reported in accordance with IFRS, including loss for the period. Some of the limitations are:
•Adjusted EBITDA does not reflect our share-based compensation, income tax expense (benefit) or the amounts necessary to pay our taxes;
•although depreciation and amortization are eliminated in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and
•other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. We compensate for these and other limitations by providing a reconciliation of Adjusted EBITDA to the most directly comparable IFRS financial measure, loss for the period.
The following table provides a reconciliation of loss for the period to Adjusted EBITDA for the periods indicated:
| For the three months ended | For the six months ended | |||||||||||||||||||||||||
| (USD million) | June 30, 2025 | June 30, 2026 | June 30, 2025 | June 30, 2026 | ||||||||||||||||||||||
| Loss for the period | (16.6) | (11.7) | (33.3) | (29.5) | ||||||||||||||||||||||
| Income tax benefit / (expense) | 0.3 | 0.9 | 0.5 | 0.8 | ||||||||||||||||||||||
| Net Finance costs / (income) | (0.3) | (1.5) | (2.4) | 2.4 | ||||||||||||||||||||||
| Depreciation and amortization | 2.0 | 2.0 | 4.0 | 4.1 | ||||||||||||||||||||||
| Share-based compensation expense | 0.9 | 1.7 | 2.0 | 2.8 | ||||||||||||||||||||||
| Adjusted EBITDA | (13.6) | (8.7) | (29.2) | (19.4) | ||||||||||||||||||||||
Constant currency data
Certain metrics have also been presented on a constant currency basis. We use constant currency information to provide us with a picture of underlying business dynamics, excluding currency effects.
Constant currency metrics are calculated using the average foreign exchange rates for each month during 2025 and applying them to the corresponding months in 2026, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations. Constant currency information is not a measure calculated in accordance with IFRS. While we believe that constant currency information may be useful to investors in understanding and evaluating our results of operations in the same manner as our management, our use of constant currency metrics has limitations as an analytical tool, and you should not consider it in isolation, or as an alternative to, or a substitute for analysis of our financial results as reported under IFRS. Further, other companies, including companies in our industry, may report the impact of fluctuations in foreign currency exchange rates differently, which may reduce the value of our constant currency information as a comparative measure.
The following table sets forth the constant currency data for selected metrics:
| For the three months ended | For the six months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As reported | YoY Change | Constant currency | YoY Change | As reported | YoY Change | Constant currency | YoY Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| In USD million, except percentages | June 30, 2025 | June 30, 2026 | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | 45.6 | 52.0 | 14 | % | 52.3 | 15 | % | 81.9 | 102.6 | 25 | % | 98.7 | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Marketplace revenue | 21.6 | 28.8 | 34 | % | 29.3 | 36 | % | 39.6 | 55.9 | 41 | % | 53.7 | 35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Third-party sales | 18.6 | 23.5 | 26 | % | 24.0 | 29 | % | 34.6 | 46.7 | 35 | % | 44.9 | 30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Value-added services | 1.1 | 1.9 | 61 | % | 1.9 | 66 | % | 1.7 | 3.5 | 104 | % | 3.4 | 95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Marketing and advertising | 1.9 | 3.5 | 88 | % | 3.5 | 87 | % | 3.4 | 5.7 | 69 | % | 5.4 | 62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| First-party sales | 23.6 | 22.8 | (3) | % | 22.7 | (4) | % | 41.4 | 45.9 | 11 | % | 44.2 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other revenue | 0.4 | 0.3 | (22) | % | 0.3 | (21) | % | 0.9 | 0.8 | (8) | % | 0.8 | (12) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Profit | 23.9 | 30.7 | 28 | % | 31.2 | 31 | % | 43.8 | 60.1 | 37 | % | 57.8 | 32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Fulfillment expense | (10.8) | (12.7) | 18 | % | (13.1) | 21 | % | (20.2) | (24.9) | 23 | % | (24.1) | 19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sales and Advertising expense | (4.2) | (5.5) | 33 | % | (5.5) | 33 | % | (7.3) | (10.6) | 46 | % | (10.3) | 42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Technology and Content expense | (9.2) | (9.0) | (2) | % | (9.0) | (3) | % | (18.9) | (17.9) | (5) | % | (17.6) | (6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
G&A expense, excluding 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) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Income / (Loss) | (16.5) | (12.4) | (25) | % | (12.5) | (24) | % | (35.2) | (26.2) | (25) | % | (26.4) | (25) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss before Income 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 before Income tax in constant currency, and the corresponding year-over-year change, exclude the impact of foreign exchange recorded in finance income/costs. Net foreign exchange gains/(losses) in reported currency were $2.8 million in the second quarter of 2025 and $1.7 million in the second quarter of 2026. For the six months ended June 30, these amounts were $4.9 million in 2025 and $(1.7) million in 2026, respectively.
Exhibit 99.2
JUMIA TECHNOLOGIES AG
INDEX TO FINANCIAL STATEMENTS
| Page | |||||
Unaudited Interim Condensed Consolidated Statements of Financial Position as of June 30, 2026 and December 31, 2025 | 2 | ||||
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods ended June 30, 2026 and 2025 | 3 | ||||
Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the six months ended June 30, 2026 and 2025 | 4 | ||||
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 | 5 | ||||
Notes to the Unaudited Interim Condensed Consolidated Financial Statements for the period ended June 30, 2026 | 6 | ||||
1
JUMIA TECHNOLOGIES AG
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2026 AND DECEMBER 31, 2025
| As of | ||||||||||||||||||||
| In thousands of USD | Note | December 31, 2025 | June 30, 2026 | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Non-current assets | ||||||||||||||||||||
| Property and equipment | 5 | |||||||||||||||||||
| Deferred tax assets | 6 | |||||||||||||||||||
| Other non-current assets | 7 | |||||||||||||||||||
| Total Non-current assets | ||||||||||||||||||||
| Current assets | ||||||||||||||||||||
| Inventories | 8 | |||||||||||||||||||
| Trade and other receivables | 11 | |||||||||||||||||||
| Income tax receivables | 28 | |||||||||||||||||||
| Other taxes receivable | 18 | |||||||||||||||||||
| Prepaid expenses | 12 | |||||||||||||||||||
| Term deposits and other financial assets | 10 | |||||||||||||||||||
| Cash and cash equivalents | 9 | |||||||||||||||||||
| Total Current assets | ||||||||||||||||||||
| Total Assets | ||||||||||||||||||||
| Equity and Liabilities | ||||||||||||||||||||
| Equity | ||||||||||||||||||||
| Share capital | 13 | |||||||||||||||||||
| Share premium | 13 | |||||||||||||||||||
| Other reserves | 14 | |||||||||||||||||||
| Accumulated losses | ( | ( | ||||||||||||||||||
| Equity attributable to the equity holders of the Company | ||||||||||||||||||||
| Non-controlling interests | ( | ( | ||||||||||||||||||
| Total Equity | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Non-current liabilities | ||||||||||||||||||||
| Non-current borrowings | 17 | |||||||||||||||||||
| Trade and other payables | 16 | |||||||||||||||||||
| Deferred tax liabilities | 6 | |||||||||||||||||||
| Provisions for liabilities and other charges | 19 | |||||||||||||||||||
| Total Non-current liabilities | ||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||
| Current borrowings | 17 | |||||||||||||||||||
| Trade and other payables | 16 | |||||||||||||||||||
| Income tax payables | 28 | |||||||||||||||||||
| Other taxes payable | 18 | |||||||||||||||||||
| Provisions for liabilities and other charges | 19 | |||||||||||||||||||
| Deferred income | 20 | |||||||||||||||||||
| Total Current liabilities | ||||||||||||||||||||
| Total Liabilities | ||||||||||||||||||||
| Total Equity and Liabilities | ||||||||||||||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
2
JUMIA TECHNOLOGIES AG
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND 2025
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||||||||
| In thousands of USD | Note | 2025 | 2026 | 2025 | 2026 | |||||||||||||||||||||||||||
| Revenue | 21 | |||||||||||||||||||||||||||||||
| Cost of revenue | 22 | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Gross profit | ||||||||||||||||||||||||||||||||
| Fulfillment expense | 23 | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Sales and advertising expense | 24 | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Technology and content expense | 25 | ( | ( | ( | ( | |||||||||||||||||||||||||||
| General and administrative expense | 26 | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Other operating income | ||||||||||||||||||||||||||||||||
| Other operating expense | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Operating loss | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Finance income | 27 | |||||||||||||||||||||||||||||||
| Finance costs | 27 | ( | ( | ( | ||||||||||||||||||||||||||||
| Loss before Income tax | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Income tax benefit / (expense) | 28 | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Loss for the period | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||||||||
| Equity holders of the Company | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Non-controlling interests | ||||||||||||||||||||||||||||||||
| Loss for the period | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Other comprehensive loss that may be classified to profit or loss in subsequent periods | ||||||||||||||||||||||||||||||||
| Exchange differences gain / (loss) on translation of foreign operations | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Other comprehensive loss on net investment in foreign operations | ||||||||||||||||||||||||||||||||
| Other comprehensive income / (loss) on financial assets at fair value through OCI | ||||||||||||||||||||||||||||||||
| Other comprehensive income / (loss) | ( | ( | ||||||||||||||||||||||||||||||
| Total comprehensive loss for the period | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||||||||
| Equity holders of the Company | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Non-controlling interests | ( | ( | ||||||||||||||||||||||||||||||
| Total comprehensive loss for the period | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Earnings per share (EPS) in USD: | ||||||||||||||||||||||||||||||||
| Basic and Diluted Loss for the period attributable to ordinary equity holders of the parent | 29 | ( | ( | ( | ( | |||||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
3
JUMIA TECHNOLOGIES AG
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
| Attributable to equity holders of the Company | ||||||||||||||||||||||||||||||||||||||||||||
| In thousands of USD | Share Capital | Share premium | Accumulated losses | Other reserves | Total | Non- controlling interests | Total Equity | |||||||||||||||||||||||||||||||||||||
| As of January 1, 2025 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Loss for the period | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
| Total comprehensive loss for the period | — | — | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
| Capital contribution (Note 13) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Exercised stock options and stock units issued | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||
| Share-based payments (Note 15) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Equity transaction costs (Note 13) | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
| Change in Non-controlling interests | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
| As of June 30, 2025 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| As of January 1, 2026 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Loss for the period | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Total comprehensive loss for the period | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Exercised stock options and stock units issued | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||
| Share-based payments (Note 15) | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Equity transaction costs (Note 13) | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
| Change in Non-controlling interests | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
| As of June 30, 2026 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
4
JUMIA TECHNOLOGIES AG
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||||||||
| In thousands of USD | Note | 2025 | 2026 | 2025 | 2026 | |||||||||||||||||||||||||||
| Cash flows from operating activities | ||||||||||||||||||||||||||||||||
| Loss before Income tax | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Depreciation and amortization of tangible and intangible assets | ||||||||||||||||||||||||||||||||
| Impairment losses on loans, receivables and other assets | 11 | |||||||||||||||||||||||||||||||
| Impairment losses on obsolete inventories | ( | ( | ||||||||||||||||||||||||||||||
| Share-based compensation expense | 15 | |||||||||||||||||||||||||||||||
| Net (gain) / loss from disposal of tangible and intangible assets | ( | |||||||||||||||||||||||||||||||
| Change in provision for other liabilities and charges | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Lease modification (income) / expense | ( | ( | ( | |||||||||||||||||||||||||||||
| Interest (income) / expense | 27 | |||||||||||||||||||||||||||||||
| Discounting effect (income) / expense | ||||||||||||||||||||||||||||||||
| Net foreign exchange (gain) / loss | ( | ( | ( | |||||||||||||||||||||||||||||
| Impairment reversals on financial assets at fair value through OCI | ( | ( | ||||||||||||||||||||||||||||||
| Net loss recognized on disposal of debt instruments held at fair value through OCI | 27 | |||||||||||||||||||||||||||||||
| Share-based compensation expense - settlement | ( | ( | ( | |||||||||||||||||||||||||||||
| (Increase) / Decrease in trade and other receivables, prepaid expenses and other tax receivables | ( | ( | ||||||||||||||||||||||||||||||
| (Increase) / Decrease in inventories | ( | ( | ( | |||||||||||||||||||||||||||||
| Increase / (Decrease) in trade and other payables, deferred income and other tax payables | ( | ( | ( | |||||||||||||||||||||||||||||
| Income taxes (paid) / received | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Net cash flows (used in) / from operating activities | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Cash flows from investing activities | ||||||||||||||||||||||||||||||||
| Purchase of property and equipment | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Proceeds from sale of property and equipment | ||||||||||||||||||||||||||||||||
| Interest received | ||||||||||||||||||||||||||||||||
| Movement in other non-current assets | ( | |||||||||||||||||||||||||||||||
| Movement in term deposits and other financial assets | ||||||||||||||||||||||||||||||||
| Net cash flows (used in) / from investing activities | ( | ( | ||||||||||||||||||||||||||||||
| Cash flows from financing activities | ||||||||||||||||||||||||||||||||
| Payment of lease interest | 17 | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Repayment of lease liabilities | 17 | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Equity transaction costs | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Capital Contributions | ||||||||||||||||||||||||||||||||
| Proceeds from exercise of stock options | ||||||||||||||||||||||||||||||||
| Net cash flows (used in) / from financing activities | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Net increase / (decrease) in cash and cash equivalents | ( | ( | ||||||||||||||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( | ( | ||||||||||||||||||||||||||||||
| Cash and cash equivalents at the beginning of the period | 9 | |||||||||||||||||||||||||||||||
| Cash and cash equivalents at the end of the period | 9 | |||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
5
JUMIA TECHNOLOGIES AG
NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, 2026
1 Corporate information
The accompanying unaudited interim condensed consolidated financial statements and notes present the operations of Jumia Technologies AG (the “Company” or “Jumia Tech”) and its subsidiaries (the “Group” or “Jumia”).
The Company was incorporated as Africa Internet Holding GmbH on June 26, 2012, and was transformed into Jumia Technologies AG, a German stock corporation on January 31, 2019. The Company is domiciled in Germany and has its registered office located at Skalitzer Strasse 104, 10997 Berlin, Germany. The Group operates in e-commerce across the African continent.
In April 2019 Jumia Tech became a listed company on New York Stock Exchange (NYSE), with ticker symbol “JMIA”.
Jumia is the leading pan-African e-commerce platform. Jumia’s platform consists of a marketplace, which connects sellers with customers, a logistics service, which enables the shipping and delivery of packages from sellers to customers, and payment gateways, which facilitate transactions among participants active on Jumia’s platform.
The Group has incurred significant losses since its incorporation. While losses have decreased in recent periods, the Group may require additional funding from existing or new shareholders.
The interim condensed consolidated financial statements disclose all matters of which the Group is aware, and which are relevant to the Group’s ability to continue as a going concern, including all significant events and mitigating factors. Further details can be found in Note 32. The interim condensed consolidated financial statements have been prepared on a basis which assumes that the Group will continue as a going concern, and which contemplates the recoverability of assets and the satisfaction of the liabilities and commitments in the normal course of business. The Group has sufficient resources to operate as a going concern for the next 12 months.
2 Basis of preparation
These unaudited condensed interim consolidated financial statements for the quarterly reporting period ended June 30, 2026 have been prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of interim financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standard Board ("IASB").
Our business is seasonal and, consequently, our results tend to fluctuate from quarter to quarter. However, the comparability of the Group's results and financial position of the interim period, is not significantly affected by the level of seasonality.
The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the consolidated financial statements for the year ended December 31, 2025.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the adoption of the new standards effective as of January 1, 2026 (Note 4 a)).
The interim condensed consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand ($000), except when otherwise indicated.
6
3 Significant changes in the current reporting period
There have been no material changes in the accounting policies and basis of consolidation adopted in prior periods. None of the standards and interpretations that have been adopted for the first time have had a material impact on the Group's accounting policies.
There have been no material revisions to the nature and amount of estimates and assumptions reported in prior periods. In view of the business activities in which the Group engages, transactions are not substantially cyclical or seasonal in nature. Therefore, no specific disclosures are included in this connection in the explanatory notes to the interim condensed consolidated financial statements.
4 New accounting pronouncements
a) New standards, interpretations and amendments adopted by the Group
During the current period the Group has adopted the following amendments and improvements, which have no material impacts on the Group’s interim consolidated financial statements.
•Amendments to IFRS 9 ("Financial Instruments") and IFRS 7 ("Financial Instruments: Disclosures"): Classification and measurement of financial instruments
•Amendments to IFRS 9 ("Financial Instruments") and IFRS 7 ("Financial Instruments: Disclosures"): Contracts referencing nature-dependent electricity
•Annual Improvements – "Volume 11": affects IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
b) Standards issued but not yet effective in the interim condensed consolidated financial statements
IFRS 18 Presentation and Disclosures in Financial Statements
On April 9, 2024, the IASB issued ‘IFRS 18 - Presentation and Disclosures in Financial Statements'. This new standard will replace the current IAS 1. While retaining many of the existing principles of IAS 1, it is focused on the specification of a structure for the statement of profit or loss, composed of categories and required subtotals. Items in the statement of profit or loss will be classified into one of three categories: operating, investing, financing. Specified subtotals and totals will be required being the main change the mandatory inclusion of the subtotal “Operating profit or loss”. This standard also includes improvements to the disclosure of management performance measures including the reconciliation with the most similar specified subtotal in IFRS Accounting standards. This standard also enhances guidance on the principles of aggregation and disaggregation of information in the financial statements and respective notes, based on their shared characteristics. This standard applies retrospectively. The standard is effective for annual reporting periods beginning on or after January 1, 2027.
The group is analyzing the potential impacts of adoption of this standard in the presentation of financial statements (in particular comprehensive income statement), and disclosures of management performance measures.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
On May 9, 2024, the IASB issued ‘IFRS 19 Subsidiaries without Public Accountability: Disclosures'. IFRS 19 is a voluntary standard which allows “Eligible” subsidiaries to use IFRS Accounting Standards with reduced disclosure requirements. IFRS 19 is a disclosure-only standard and works alongside other IFRS Accounting Standards for recognition, measurement, and presentation requirements. A subsidiary is “Eligible” if (i) it does not have public accountability; and (ii) has a parent that prepares consolidated financial statements available for public use that comply with IFRS Accounting Standards. IFRS 19 can be applied by “Eligible” subsidiaries when preparing their own consolidated, separate or individual financial statements. Complete comparative information needs to be prepared under IFRS 19 unless any exemption applies. The standard is effective for annual reporting periods beginning on or after January 1, 2027.
The group will not have an impact upon adoption of this standard.
Amendments to IFRS 19 ("Subsidiaries without Public Accountability: Disclosures")
On August 21, 2025, the IASB issued On August 21, 2025, the IASB issued ‘Amendments to IFRS 19: Disclosure Requirements’. The amendment aims to reduce disclosure requirements for changes to standards and new standards issued
between February 2021 and May 2024, namely: IFRS 18: Presentation and Disclosure in Financial Statements; Amendments to IAS 7 – Supplier Finance Arrangements; IAS 12 – International Tax Reform – Pillar Two Model Rules; Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. The presentation of complete comparative information is mandatory unless an exemption applies. The amendment is effective for annual reporting periods beginning on or after January 1, 2027.
The group will not have an impact upon adoption of these amendments.
IAS 21 ("The Effects of Changes in Foreign Exchange Rates") amendment on translation to a hyperinflationary presentation currency
On November 13, 2025, the IASB issued ‘The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21)'. This amendment specifies the conversion procedures for an entity whose presentation currency is that of a hyperinflationary economy. The entity applies the amendments if: (i) its functional currency is that of a non-hyperinflationary economy and it is translating its results and financial position to the presentation currency of a hyperinflationary economy; and (ii) it is translating to the currency of a hyperinflationary economy the results and financial position of a foreign operation whose functional currency is that of a non-hyperinflationary economy. Income statement and financial position must be translated into the presentation currency by translating all amounts (i.e., assets, liabilities, equity items, income, and expenses) at the spot exchange rate at the reporting date. Comparatives are also translated at the same exchange rate, except for the translation of a foreign operations, for which comparatives must be restated by applying the general price index, as provided for in IAS 29. The amendment is effective for annual reporting periods beginning on or after January 1, 2027.
The group will not have an impact upon adoption of this amendment.
IFRS 20 Regulatory Assets and Regulatory Liabilities
On May 27, 2026, the IASB issued 'IFRS 20 - Regulatory Assets and Regulatory Liabilities'. This new standard applies to companies operating under a regulatory agreement in which the regulator determines how much may be charged and when such charges may be levied. IFRS 20 requires entities to account for the effects of the “differences in timing” in their financial statements by recognizing regulatory assets and regulatory liabilities, so that the entity recognizes the total allowed compensation for regulatory goods or services in the same reporting period that the entity supplies those regulatory goods or services, by recognizing, in addition to the IFRS 15 revenue, the resulting regulatory income and regulatory expenses in the income statement. Regulatory assets and liabilities are measured as specified by the regulator and when not specified, based on estimated future cash flows, discounted using the regulatory interest rate being subsequently reviewed whenever necessary. This Standard is applied retrospectively in accordance with IAS 8 or based on a modified retrospective application, the presentation of comparative information is always mandatory. This standard is effective for annual reporting periods beginning on or after 1 January 2029.
The group will not have an impact upon adoption of this standard.
IAS 28 ("Investments in Associates and Joint Ventures") amendment on fair value option for investments in Associates and Joint ventures
On June 26, 2026, the IASB issued ‘Investments in Associates and Joint Ventures: Fair value option for investments in Associates and Joint ventures (Amendments to IAS 28)'. This amendment clarifies the definition of the entities allowed to exercise the option of measuring investments in associates and joint ventures at fair value through profit or loss. Accordingly, it determines the replacement of the term “similar entities” by “entities that have a specified main business activity of investing in certain types of assets, as defined in IFRS 18. The eligibility to apply the fair value measurement option under IAS 28 does not directly imply the income and expense category of the statement of profit or loss where the income and expenses of these investments are classified. This amendment is to be applied retrospectively, with the restatement of the comparative information, on the same date as the adoption of IFRS 18. The amendment is effective for annual reporting periods beginning on or after January 1, 2027.
The group will not have an impact upon adoption of this amendment.
7
5 Property and Equipment
Movements in the carrying amount of property and equipment were as follows:
| In thousands of USD | Buildings | Technical equipment and machinery | Transportation equipment, office equipment and other equipment | Right of use assets - Office and Warehouse | Total | |||||||||||||||||||||||||||
| Cost | ||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | ||||||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||||||
| Lease modifications | ||||||||||||||||||||||||||||||||
| Disposals | ( | ( | ( | |||||||||||||||||||||||||||||
| Effect of translation | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Balance as of June 30, 2026 | ||||||||||||||||||||||||||||||||
| Accumulated depreciation | ||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Depreciation charge | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Accumulated depreciation on disposals | ||||||||||||||||||||||||||||||||
| Lease modifications | ||||||||||||||||||||||||||||||||
| Effect of translation | ||||||||||||||||||||||||||||||||
| Balance as of June 30, 2026 | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Carrying amount as of December 31, 2025 | ||||||||||||||||||||||||||||||||
| Carrying amount as of June 30, 2026 | ||||||||||||||||||||||||||||||||
Set out below, are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the period:
| In thousands of USD | Right of use assets | Lease Liabilities | ||||||||||||
| As of December 31, 2025 | ||||||||||||||
| Additions | ||||||||||||||
| Depreciation | ( | — | ||||||||||||
| Interest expense | — | |||||||||||||
| Lease modifications | ||||||||||||||
| Payments | — | ( | ||||||||||||
| Effect of translation | ( | ( | ||||||||||||
| As of June 30, 2026 | ||||||||||||||
During the six months ended on June 30, 2026, the Group’s main additions on Right of use assets include new lease contracts for new warehouses facilities in Nigeria and a lease renewal in Senegal. Lease modifications were mainly driven by the early termination of warehouse contract Algeria and the contract renovation of the Ivory Coast warehouse and the Portugal office.
8
6 Deferred Tax Assets and Liabilities
The Group records the tax effect resulting from temporary differences between the assets and liabilities determined on an accounting basis and on a tax basis.
The balance of the deferred tax assets and deferred tax liabilities, on a consolidated basis, is USD318 thousand as of June 30, 2026 (December 31, 2025: USD326 thousand), consisting of tax benefits to be used in future periods and USD65 thousand as of June 30, 2026 (December 31, 2025: USD126 thousand), comprised primarily of unrealized foreign exchange gains and leases right of use assets temporary differences, partially offset by the related lease liability.
The variance of the tax effect described above impacted “Income tax expense” by USD(57 ) thousand, relating to remaining impacts.
As mentioned on the annual report, the offset between deferred tax assets and liabilities is performed at each subsidiary level.
7 Other non-current assets
As of June 30, 2026, other non-current assets were comprised of rent, trade, and other term deposits amounting to USD1,146 thousand (December 31, 2025: USD1,254 thousand), restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period, and other non-current assets amounting to USD18 thousand as of June 30, 2026 (December 31, 2025: USD24 thousand).
8 Inventories
Inventories are comprised of the following:
| As of | ||||||||||||||
| In thousands of USD | December 31, 2025 | June 30, 2026 | ||||||||||||
| Merchandise available for sale | ||||||||||||||
| Less: Provision for slow moving and obsolete inventories | ( | ( | ||||||||||||
| Total Inventories | ||||||||||||||
The total cost of inventory, consisting primarily of the purchase price of customer products, recognized as an expense in the interim consolidated profit or loss for the six months ended June 30, 2026 was USD41,871 thousand (For the six months ended June 30, 2025: USD37,639 thousand).
The amount of write-down of inventories recognized in the consolidated profit or loss was USD79 thousand. The amount of reversal of write-down recognized as reduction in the amount of inventories recognized as an expense in the consolidated profit or loss was USD106 thousand. The reversal of write-down primarily arises from our ability to increase the net realizable value of certain inventory items through price increases, driving higher margins.
9 Cash and cash equivalents
Cash and cash equivalents are comprised of the following:
| As of | ||||||||||||||
| In thousands of USD | December 31, 2025 | June 30, 2026 | ||||||||||||
| Cash at bank and in hand | ||||||||||||||
| Short-term deposits | ||||||||||||||
| Total Cash and cash equivalents | ||||||||||||||
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.
The Group has no restricted cash presented in cash and cash equivalents as of June 30, 2026 (December 31, 2025: nil ).
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9 ("Financial Instruments"), the identified expected credit loss was immaterial, due to low credit risk rating of the financial institutions.
10 Term deposits and other financial assets
As of June 30, 2026, term deposits and other financial assets amounted to USD853 thousand (December 31, 2025: USD1,162 thousand) and were comprised of short term and other deposits representing rent and interest bearing deposits with a commercial bank for a fixed period of more than three months.
11 Trade and other receivables
Trade and other receivables are comprised of the following:
| As of | ||||||||||||||
| In thousands of USD | December 31, 2025 | June 30, 2026 | ||||||||||||
| Advances to suppliers | ||||||||||||||
| Trade notes and accounts receivable | ||||||||||||||
| Unbilled revenues | ||||||||||||||
| Other receivables | ||||||||||||||
| Less: Allowance for expected credit loss | ( | ( | ||||||||||||
| Trade and other receivables | ||||||||||||||
Allowance for expected credit losses
The movement of allowance for expected credit losses (“ECL”) of trade and other receivables is as follows:
| In thousands of USD | ECL of trade and other receivables | |||||||
| Balance as of December 31, 2025 | ||||||||
| Provision for expected credit losses | ||||||||
| Write-off | ( | |||||||
| Effect of translation | ( | |||||||
| Balance as of June 30, 2026 | ||||||||
12 Prepaid expenses
As of June 30, 2026, prepaid expenses were comprised of prepaid server hosting fees and software licenses of USD3,211 thousand (December 31, 2025: USD2,822 thousand), prepaid rent of USD198 thousand (December 31, 2025: USD222 thousand), prepaid insurance of USD1,780 thousand (December 31, 2025: USD832 thousand) and advance payments to the Group’s partners for online payment services amounting to USD89 thousand (December 31, 2025: USD119 thousand). The remaining amount of USD303 thousand (December 31, 2025: USD72 thousand) relates to other goods and services, namely travel and entertainment and professional fees.
9
13 Share capital and share premium
Ordinary shares issued and fully paid as of June 30, 2026
| Number of shares | Class | Par value (EUR) | Share capital (in thousands of USD) | Share premium (in thousands of USD) | Total | |||||||||||||||||||||||||||
| Ordinary | ||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||
The total issued number of ordinary shares is 249,135,746 shares as of June 30, 2026 with a par value of EUR 1.00 per share. All issued ordinary shares are fully paid. Each ordinary share carries one vote.
During six months ended June 30, 2026, 1,430,516 shares were issued, all fully paid, relating to the settlement of different equity programs of the company. Related transaction costs of USD90 thousand are recognized directly in the accumulated losses.
Ordinary shares issued and fully paid as of December 31, 2025
| Number of shares | Class | Par value (EUR) | Share capital (in thousands of USD) | Share premium (in thousands of USD) | Total | |||||||||||||||||||||||||||
| Ordinary | ||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||
The total issued number of ordinary shares is 247,705,230 shares as of December 31, 2025 with a par value of EUR 1.00 per share. All issued ordinary shares are fully paid. Each ordinary share carries one vote.
During 2025, 2,779,580 shares were issued, all fully paid, relating to the settlement of different equity programs of the company. Related transaction costs of USD109 thousand are recognized directly in the accumulated losses.
14 Other Reserves
| In thousands of USD | Share-based payment capital reserves | Exchange difference on net investment in foreign operations | Currency translation adjustment | Total other reserves | ||||||||||||||||||||||
| As of December 31, 2025 | ( | |||||||||||||||||||||||||
| Other comprehensive (loss) / income | — | ( | ||||||||||||||||||||||||
| Total comprehensive (loss) / income for the period | — | ( | ||||||||||||||||||||||||
| Share-based payments | — | — | ||||||||||||||||||||||||
| Exercise of options | ( | — | — | ( | ||||||||||||||||||||||
| As of June 30, 2026 | ( | |||||||||||||||||||||||||
15 Share-based compensation
The Group recognized share-based compensation expenses of USD1,668 thousand in the three months ended June 30, 2026 and USD2,794 thousand six months ended June 30, 2026 (For the three months ended June 30, 2025: USD936 thousand); For the six months ended June 30, 2025: USD1,999 thousand).
Effective 1 January 2026, following shareholder approval at the Annual General Meeting on 15 May 2026, the Group may settle Supervisory Board remuneration in cash, in ordinary shares of the Company, or in a combination of both, at the Company's discretion. Where shares are used, the number of shares is determined at delivery, so that the value
delivered corresponds to the fixed remuneration amount approved by shareholders. For the six months ended 30 June 2026, the Group recognized an expense of US$37.5 thousand as cash-settled remuneration, and US$187.5 thousand as equity-settled remuneration, measured at grant-date fair value, with a corresponding increase in equity, both amounts included within the total share-based compensation expense disclosed above.
16 Trade and other payables
Trade and other payables are comprised of the following:
| As of | ||||||||||||||
| In thousands of USD | December 31, 2025 | June 30, 2026 | ||||||||||||
| Trade payables | ||||||||||||||
| Invoices not yet received | ||||||||||||||
| Accrued employee benefit costs | ||||||||||||||
Share-based compensation - Cash settled payable | ||||||||||||||
| Trade Deposits | ||||||||||||||
| Sundry accruals | ||||||||||||||
| Trade and Other Payables | ||||||||||||||
| Current | ||||||||||||||
| Non-current | ||||||||||||||
Sundry accruals relate principally to audit, IT, consulting and marketing.
17 Borrowings
Lease liabilities are presented in the statement of financial position as follows:
| As of | ||||||||||||||
| In thousands of USD | December 31, 2025 | June 30, 2026 | ||||||||||||
| Current | ||||||||||||||
| Non-current | ||||||||||||||
| Total Lease liabilities | ||||||||||||||
Set out below is the maturity of the lease liabilities classified as non-current:
| In thousands of USD | One to five years | More than five years | Total | |||||||||||||||||
| Lease liability future payments (undiscounted cash flows) | ||||||||||||||||||||
| Cash flows discounting effect | ( | ( | ( | |||||||||||||||||
| Lease liability future payments (discounted cash flows) | ||||||||||||||||||||
The Group has several lease contracts that include extension and termination options. Whenever the contracts do not include a mutual agreement clause, the Group applies judgment in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease.
Changes in liabilities arising from financing activities
| In thousands of USD | December 31, 2025 | Additions and modifications | Payments | Reclassification | Effect of translation | June 30, 2026 | ||||||||||||||||||||||||||||||||
| Current lease liabilities | ( | ( | ||||||||||||||||||||||||||||||||||||
| Non-current lease liabilities | ( | ( | ||||||||||||||||||||||||||||||||||||
| Total liabilities from financing activities | ( | ( | ||||||||||||||||||||||||||||||||||||
Additions and modifications include USD1,323 thousand of accrued interest.
18 Other taxes receivable & Other taxes payable
Other taxes receivable are comprised of the following:
| As of | ||||||||||||||
| In thousands of USD | December 31, 2025 | June 30, 2026 | ||||||||||||
| Value added taxes | ||||||||||||||
| Other taxes receivable | ||||||||||||||
| Other taxes receivable | ||||||||||||||
| Current | ||||||||||||||
Other taxes payable are comprised of the following:
| As of | ||||||||||||||
| In thousands of USD | December 31, 2025 | June 30, 2026 | ||||||||||||
| Value added taxes | ||||||||||||||
| Withholding Tax | ||||||||||||||
| Other taxes payable | ||||||||||||||
| Other taxes payable | ||||||||||||||
| Current | ||||||||||||||
19 Provisions for liabilities and other charges
Movements in provisions for liabilities and other charges are as follows:
| In thousands of USD | Uncertain tax positions | Marketplace and consignment goods | Provision for other expenses | Total | ||||||||||||||||||||||
| Balance as of December 31, 2025 | ||||||||||||||||||||||||||
| Additions | ||||||||||||||||||||||||||
| Reversals | ( | ( | ( | ( | ||||||||||||||||||||||
| Use of provision | ( | ( | ||||||||||||||||||||||||
| Effect of translation | ( | ( | ( | ( | ||||||||||||||||||||||
| Balance as of June 30, 2026 | ||||||||||||||||||||||||||
| Current | ||||||||||||||||||||||||||
| Non Current | ||||||||||||||||||||||||||
Uncertain tax positions
Uncertain tax positions includes provisions related to VAT for USD1,160 thousand (December 31, 2025: USD1,532 thousand), provisions related to Withholding Tax (WHT) for USD4,919 thousand (December 31, 2025: USD4,895 thousand) and provisions related to other taxes for USD692 thousand (December 31, 2025: USD846 thousand).
Provisions are calculated based on the detailed review of uncertain tax positions completed by management across the Group and in consideration of the probability of a liability arising, within the applicable statute of limitations. These provisions are expected to be utilized or released as a result of the regular tax audits in the Countries where the Group operates. When the technical merits of tax filings get clarified and confirmed with the tax authorities, as happened in 2025, this reduces the overall uncertainty in the Group's tax positions, resulting in a reversal of provisions.
Marketplace and consignment goods
The provision for marketplace and consignment goods relates to the lost and damaged items, which are to be reimbursed to the sellers. The provision is calculated based on the detailed review of these items, and it is expected that these costs will be incurred in the next financial year.
Provision for other expenses
The provision for other expenses includes the end-of-service gratuity provision of USD767 thousand (December 31, 2025: USD721 thousand) and various litigation and penalty provisions of USD586 thousand (December 31, 2025: USD940 thousand). The provisions are calculated based on our best estimate considering past experience.
20 Deferred income
As of June 30, 2026, the deferred income related to a depositary fee from BNY Mellon was fully utilized (December 31, 2025: USD1,233 thousand). Our depositary agreement with BNY Mellon contains a compensation for each ADS issued during our primary (IPO) and secondary offerings, deferred over the period of the agreement. In 2024, the Group entered into an agreement with the depositary bank that provides us with an ongoing revenue share from the collection of fees from ADS holders, which is recognized under "Other operating income".
Other amounts refer to contract liabilities related to payments received from end customers in advance for goods that have been ordered but are not yet delivered. As of June 30, 2026 contract liabilities amounts to USD2,736 thousand (December 31, 2025: USD3,599 thousand).
21 Revenue
Revenue is comprised of the following:
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||
| In thousands of USD | 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||
| First-party sales | ||||||||||||||||||||||||||
| Third-party sales | ||||||||||||||||||||||||||
| Value-added services | ||||||||||||||||||||||||||
| Marketing and advertising | ||||||||||||||||||||||||||
| Other revenue | ||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||
The Group's primary sources of revenue are first-party sales and third-party sales.
Revenue was USD102,555 thousand in the six months ended June 30, 2026, compared to USD81,903 thousand in the six months ended June 30, 2025, an increase of 25.2 %, reflecting sustained consumer demand and consistent execution across our platform. The growth rate was partly moderated by a higher share of third-party sales relative to first-party sales, as third-party transactions generate commission income rather than full sales revenue.
Revenue from first-party sales was USD45,896 thousand in the six months ended June 30, 2026, compared to USD41,409 thousand in the six months ended June 30, 2025, an increase of 10.8 %, driven by increased volume growth moderated by supply and demand headwinds in higher value electronic items, alongside the strong pace of marketplace growth.
Third-party sales was USD46,681 thousand in the six months ended June 30, 2026, compared to USD34,555 thousand in the six months ended June 30, 2025, an increase of 35.1 %. Growth was driven by strong execution in our marketplace business and supported by rising customer usage and higher effective take rates.
Marketing and advertising revenue was USD5,658 thousand in the six months ended June 30, 2026, compared to USD3,352 thousand in the six months ended June 30, 2025, an increase of 68.8 %, reflecting continued growth in sponsored products and increased seller adoption of retail media advertising.
Value-added services revenue was USD3,534 thousand in the six months ended June 30, 2026, compared to USD1,732 thousand in the six months ended June 30, 2025, an increase of 104.0 %, reflecting growth in warehousing fees. These increases were supported by higher volumes flowing through our storage infrastructure, largely attributable to demand from Chinese sellers, together with monetization of our warehousing services.
No single customer accounted for more than 10% of Group revenues for the six months ended June 30, 2026 and 2025.
The Group’s geographical distribution of revenue was as follows:
| Revenue | For the three months ended June 30 | For the six months ended June 30 | ||||||||||||||||||||||||
| In thousands of USD | 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||
| Ivory Coast | ||||||||||||||||||||||||||
| Nigeria | ||||||||||||||||||||||||||
| Egypt | ||||||||||||||||||||||||||
| Kenya | ||||||||||||||||||||||||||
| Morocco | ||||||||||||||||||||||||||
| Ghana | ||||||||||||||||||||||||||
| Senegal | ||||||||||||||||||||||||||
| Uganda | ||||||||||||||||||||||||||
Other(1) | ||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||
(1) Other comprises Algeria, Dubai, South Africa, China and Tunisia.
No Revenue was recorded in Germany.
The total cost of revenue recognized as an expense in the interim consolidated profit or loss for the six months ended June 30, 2026 amounted to USD42,428 thousand (For the six months ended June 30, 2025: USD38,063 thousand), comprising primarily USD41,871 thousand (For the six months ended June 30, 2025: USD37,639 thousand) of cost of inventory (note 8), and USD557 thousand (For the six months ended June 30, 2025: USD424 thousand) of expenses associated with third-party sales, representing compensation paid to sellers for lost, damaged or late delivery items. Fulfillment expenses are presented separately in note 23.
10
23 Fulfillment expense
Fulfillment expense is comprised of the following:
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||
| In thousands of USD | 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||
| Fulfillment staff costs | ||||||||||||||||||||||||||
| Fulfillment centers expense | ||||||||||||||||||||||||||
| Freight and shipping expense | ||||||||||||||||||||||||||
| Fulfillment expense | ||||||||||||||||||||||||||
Fulfillment expense increased by 23.0 % from USD20,239 thousand in the six months ended June 30, 2025 to USD24,887 thousand in the six months ended June 30, 2026, primarily due to higher volumes. On a per physical goods Order basis, fulfillment expense decreased from USD2.13 to USD2.05 , a decrease of 3.8 % year-over-year, reflecting productivity gains and economies of scale in fulfillment operations, automation in call centers, and improved rates with logistics partners, despite temporary fuel surcharges from our logistics partners and non-recurring termination costs in the period.
24 Sales and advertising expense
Sales and advertising expense is comprised of the following:
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||
| In thousands of USD | 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||
| Staff costs | ||||||||||||||||||||||||||
| Advertising campaigns | ||||||||||||||||||||||||||
| Selling expenses | ||||||||||||||||||||||||||
| Sales and advertising expense | ||||||||||||||||||||||||||
Sales and advertising expense increased by 46.1 % from USD7,253 thousand in the six months ended June 30, 2025 to USD10,595 thousand in the six months ended June 30, 2026. The increase reflects higher marketing investments to support customer acquisition and engagement, while maintaining efficiency through targeted and performance-driven campaigns.
25 Technology and content expense
Technology and content expense is comprised of the following:
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||
| In thousands of USD | 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||
| Staff Costs | ||||||||||||||||||||||||||
| Technology license and maintenance expenses | ||||||||||||||||||||||||||
| Technology and content expense | ||||||||||||||||||||||||||
Technology and content expense decreased by 5.1 % from USD18,862 thousand in the six months ended June 30, 2025 to USD17,894 thousand in the six months ended June 30, 2026, driven by ongoing headcount optimization and savings from recently renegotiated contracts.
11
26 General and administrative expense
General and administrative expense
General and administrative expense is comprised of the following:
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||
| In thousands of USD | 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||
| Staff Costs | ||||||||||||||||||||||||||
| Occupancy Costs | ||||||||||||||||||||||||||
| Professional fees | ||||||||||||||||||||||||||
| Travel and entertainment | ||||||||||||||||||||||||||
| Office and related expenses | ||||||||||||||||||||||||||
| Bank fees & payment costs | ||||||||||||||||||||||||||
| Bad debt expense | ||||||||||||||||||||||||||
| Tax expense / (reversal) | ( | ( | ||||||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||||||||
| Other general and administrative expense | ||||||||||||||||||||||||||
| General and administrative expense | ||||||||||||||||||||||||||
For the six months ended June 30, 2026, staff costs expense includes stock units granted to eligible employees of USD2,794 thousand (For the six months ended June 30, 2025: USD1,999 thousand).
For the six months ended June 30, 2026, other general and administrative expense includes USD1,023 thousand (For the six months ended June 30, 2025: USD1,248 thousand) for insurance premiums.
27 Finance income and finance costs
Finance income and finance costs comprise of the following:
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||
| In thousands of USD | 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||
| Foreign exchange gain | ||||||||||||||||||||||||||
| Interest and similar income | ||||||||||||||||||||||||||
| Interest income from financial assets at fair value through OCI | ||||||||||||||||||||||||||
| Other income | ||||||||||||||||||||||||||
| Finance income | ||||||||||||||||||||||||||
| Foreign exchange loss | ( | ( | ||||||||||||||||||||||||
| Interest and similar expense | ||||||||||||||||||||||||||
| Loss recognized on disposal of debt instruments held at fair value through OCI (Note 10) | ||||||||||||||||||||||||||
| Other charges | ||||||||||||||||||||||||||
| Finance costs | ( | |||||||||||||||||||||||||
12
28 Income tax
Income tax payables and receivables are comprised of the following:
| As of | ||||||||||||||
| In thousands of USD | December 31, 2025 | June 30, 2026 | ||||||||||||
| Income Tax Prepayments | ||||||||||||||
| Total Income tax receivables | ||||||||||||||
| Income Tax Payables | ||||||||||||||
| Provision for Income Tax | ||||||||||||||
| Total Income tax payables | ||||||||||||||
Income tax benefit / (expense) is comprised of the following:
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||
| In thousands of USD | 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||
| Current tax (expense) / benefit | ( | ( | ( | ( | ||||||||||||||||||||||
| Deferred tax (expense) / benefit | ||||||||||||||||||||||||||
| Total Income tax (expense) / benefit | ( | ( | ( | ( | ||||||||||||||||||||||
29 Earnings per share
The following table reflects the loss and share data used in the basic and diluted EPS calculations:
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||
| In thousands of USD | 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||
| Numerator | ||||||||||||||||||||||||||
| Loss for the period | ( | ( | ( | ( | ||||||||||||||||||||||
| Less: net loss attributable to non-controlling interest | ||||||||||||||||||||||||||
| Loss attributable to Equity of the Company | ( | ( | ( | ( | ||||||||||||||||||||||
| Denominator | ||||||||||||||||||||||||||
| Weighted average number of shares for basic and diluted EPS | ||||||||||||||||||||||||||
| Loss per share - basic and diluted | ( | ( | ( | ( | ||||||||||||||||||||||
30 Transactions and balances with related parties
Transactions with Key management
Key management includes the senior executives. The compensation paid or payable to key management for employee services is shown below:
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||
| In thousands of USD | 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||
| Short-term employee benefits | ||||||||||||||||||||||||||
| Other benefits | ||||||||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||
13
31 Fair Values of Financial Instruments
Financial instruments comprise of financial assets and financial liabilities. Financial assets consist of term deposits and other financial assets, cash and cash equivalents and trade and other receivables. Financial liabilities consist of borrowings and trade and other payables.
Management considers that the carrying amounts of financial assets measured at amortized cost, and financial liabilities in the financial statements approximate their fair values, due to their short term maturities.
Financial investments measured at fair value
As of June 30, 2026 other financial assets were measured using as inputs quoted prices in an active market, corresponding to the Level 1 of the fair value hierarchy of IFRS 13. These financial assets reached maturity during 2025 and were fully settled.
When transfers into and out of fair value hierarchy levels are required, it is the Group's policy to transfer the amounts at the end of the reporting period.
Amounts of other financial assets corresponding to the Level 1 of the fair value hierarchy are transferred to Level 2 when quoted prices cease to be available. Level 2 measurements of fair value are determined by maximizing the use of market data other than the quoted price, such as interest rate yield curves and publicly available credit ratings. Conversely, amounts of other financial assets corresponding to the Level 2 are transferred to Level 1 when quoted prices become available.
32 Financial risk management
The Group is exposed to market risk, credit risk and liquidity risk. The risks are monitored by appropriate management at each level. The Group’s financial risk activities are governed by appropriate policies and procedures, and financial risks are identified, measured and managed in accordance with the Group’s policies. The Supervisory Board reviews and approves the policies for managing each of these risks, which are summarized below.
Market risk
Foreign currency risk
Due to its international business activities, the Group is exposed to the risk of changes in foreign exchange rates in connection with trade payables and trade receivables resulting from purchase and sales transactions denominated in a different currency from the functional currency of the respective operation as well as intercompany financing. However, the Group maintains a natural hedge across most of the Group’s cash flows as the Group’s revenue streams are generated in local currencies matched by Group’s costs mostly incurred in the respective local currencies, limiting the risk of foreign currency exposure.
In respect of currency risk, management sets limits on the level of exposure by currency and in total. The positions are monitored monthly. The Group does not use derivatives as hedging instruments to limit its exposure from foreign currency risks.
Credit risk
Trade receivables
As of June 30, 2026, the Group has as an allowance for uncollectible receivables of USD2,415 thousand (December 31, 2025: USD3,153 thousand) as set out in the Note 11.
The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.
Cash deposits
The expected credit losses (“ECL”) from cash and cash equivalents, are estimated by the Group as immaterial as of June 30, 2026, due to ratings of the financial institutions that indicate low credit risk.
Liquidity risk
As all funding has been exclusively obtained from the shareholders and there are no external borrowings, the Group does not incur an interest rate risk in this regard.
33 Commitments and contingencies
Tax contingencies
The Group has contingent liabilities related to potential tax claims arising in the ordinary course of business.
As of June 30, 2026, there are ongoing tax audits in various countries. Some of these tax inquiries have resulted in re-assessments, while others are still at an early stage and no re-assessment has yet been raised. Management is required to make estimates and judgments about the ultimate outcome of these investigations or litigation in determining legal provisions. Final claims or court rulings may differ from management estimates. In addition, Management is required to make estimates and judgments about the ultimate outcome of other tax risks that have not led to an investigation or litigation but that, based on Management’s own assessment, may lead to potential tax claims.
As of June 30, 2026, the Group has recognized tax provisions as described in Notes 19 and 28.
Furthermore, consistent with other multinational groups, the conflict between the Group’s international operating model, the jurisdictional approach of tax authorities and some domestic tax requirements in relation to withholding tax and VAT compliance and recoverability rules, could lead to a further USD18,293 thousand in additional uncertainty on tax positions. The likelihood of future economic outflows with regard to these potential tax claims is however considered as only possible, but not probable. Accordingly, no provision for a liability has been made in these consolidated financial statements.
The Group may also be subject to other tax claims for which the risk of future economic outflows is currently evaluated to be remote.
Other Commitments
The Group has committed to allocate USD53.6 million to a service supplier from December 2024 to April 2030. The commitment consists of an initial USD3.6 million through April 2025, followed by annual commitments of USD10.0 million for the subsequent five years. As of June 30, 2026 the remaining commitment is USD37.8 million, with USD7.8 million due by April 30, 2027 and USD10.0 million per annum for the subsequent three years.
34 Subsequent events
On August 11, 2026, the International Finance Corporation, a member of the World Bank Group, alongside current leading shareholders and selected new investors agreed to purchase 9.1 million ADSs at a price of $5.52 per ADS, resulting in expected gross proceeds to Jumia of $50.0 million. The transactions are subject to customary conditions and are expected to close in the second half of August 2026.
14
Exhibit 99.3
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This management’s discussion and analysis is designed to provide you with a narrative explanation of our financial condition and results of operations. We recommend that you read this discussion together with our unaudited condensed consolidated financial statements, including the notes thereto, as of and for the three and the six months ended June 30, 2026, and June 30, 2025 included as Exhibit 99.2 to the Report on Form 6-K dated August 12, 2026 to which this discussion is attached as Exhibit 99.3. We also recommend that you read our operating and financial review and prospects and our audited consolidated financial statements for 2025, 2024 and 2023, and the notes thereto, which appear in our Annual Report on Form 20-F for the year ended December 31, 2025 (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”).
The following discussion is based on our financial information prepared in accordance with IFRS as issued by the IASB, which may differ in material respects from generally accepted accounting principles in the United States and other jurisdictions. We maintain our books and records in US dollars. Unless otherwise indicated, all references to currency amounts in this discussion are in US dollars. We have made rounding adjustments to some of the figures included in this discussion and analysis. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them.
The following discussion includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those described under Item 3. “Key Information—D. Risk Factors” in our Annual Report.
Unless otherwise indicated or the context otherwise requires, all references to “Jumia” or the “company,” “we,” “our,” “ours,” “us” or similar terms refer to Jumia Technologies AG and its consolidated subsidiaries.
Overview
We are the leading pan-African e-commerce platform. Our platform consists of our marketplace, which connects sellers with customers, our logistics service, which enables the shipment and delivery of packages from sellers to customers, and our payment gateways, which, together with their network of licensed payment service providers and other partners, facilitate transactions among participants active on our platform in selected markets.
On our marketplace, a large and diverse group of sellers offer goods across a wide range of categories, such as phones, electronics, home & living, fashion, beauty and other, including fast-moving consumer goods, to customers (i.e., consumers, retailers, distributors and other local buyers). A diverse and competitive marketplace is critical to our ability to provide a broad selection of products and deliver value to our customers who have limited disposable income. In connection with our marketplace offering, we also engage in corporate sales, where we sell physical goods to local and regional retailers, distributors and other corporate buyers. We had 6.4 million Annual Active Customers as of June 30, 2026. We believe that the number and quality of sellers on our marketplace, and the breadth of their respective offerings, attract more customers to our platform, increasing traffic and orders, which, in turn, attracts even more sellers to Jumia, creating powerful network effects. Our marketplace operates with limited inventory risk, as the goods sold via our marketplace are predominantly sold by third-party sellers, meaning the cost and risk of inventory remains with the seller. In the six months ended June 30, 2026, the vast majority of the items sold through our marketplace were offered by third-party sellers.
Our logistics service, Jumia Logistics, facilitates the delivery of goods in a convenient and reliable way. It consists of a large network of leased warehouses, pickup stations for customers and drop-off locations for sellers and a significant number of local third-party logistics service providers, whom we integrate and manage through our
proprietary technology, data and processes. This integrated logistics ecosystem is essential to our ability to scale operations efficiently across our markets with minimal capital expenditure requirements.
Our payment gateways, available in all our markets, have been designed to facilitate cashless online transactions between participants at checkout on our platform, as well as upon customer delivery, and are integrated with our backend. They encompass a number of functionalities positioning African customers, who have traditionally relied on cash, to transact in a cash-less manner. Our payment gateways make use of a network of licensed payment service providers and other partners and provide digital payment processing on our platform allowing for a fast and secure payment experience at checkout or on delivery.
Our operations benefit from a uniform technology platform coupled with coordinated local presence. Our unified, scalable technology platform has been developed by our technology and data team, which is predominantly located in Portugal and Egypt. This technology platform covers all relevant aspects of our operations, from data management, business intelligence, traffic optimization and customer engagement to infrastructure, logistics and payments. We constantly collect and analyze data to help us optimize our operations, make our customer experience more personal and relevant, and enable us, selected sellers and logistics partners to make informed real-time decisions. Our local teams in each of our countries of operations have access to, and may benefit from, the centralized data collection and analytics and are empowered to use the insights gained from our platform in order to take action locally.
We remain committed to reaching profitability through disciplined execution, focused on achieving fundamental growth, improved cash efficiency, and a strong consumer value proposition. In the first half of 2026, we continued to navigate a challenging macroeconomic environment while implementing strategic initiatives to strengthen our financial foundation. Early in the year, we strategically exited Algeria to focus our resources on geographies offering the strongest opportunities for sustainable growth. These steps, combined with ongoing cost discipline, contributed to improved operating performance across our remaining eight countries, as reflected in growth across GMV, orders, and active customers. Annual Active Customers reached 6.4 million as of June 30, 2026, an increase of 18.4% compared to June 30, 2025. Physical goods Orders reached 12.1 million in the six months ended June 30, 2026, an increase of 27.8% compared to the six months ended June 30, 2025. GMV reached $427.5 million in the six months ended June 30, 2026, an increase of 25.0% when compared to the six months ended June 30, 2025. In terms of financial indicators, our Operating loss decreased by 25.4% from $35.2 million in the six months ended June 30, 2025 to $26.2 million in the six months ended June 30, 2026, primarily driven by strong usage growth, higher monetization, and continued cost discipline. Our Adjusted EBITDA loss, which excludes income tax expense (benefit), finance income, finance costs, depreciation and amortization, and share-based compensation expense, decreased by 33.7%, from $29.2 million in the six months ended June 30, 2025 to $19.4 million in the six months ended June 30, 2026, consistent with the improvement in operating performance. See “Non-IFRS and Other Financial and Operating Metrics” for a reconciliation of Adjusted EBITDA to loss for the period, the most directly comparable IFRS financial performance measure. Our Loss before tax decreased by 12.5% from $32.8 million in the six months ended June 30, 2025 to $28.7 million in the six months ended June 30, 2026, reflecting the improvement in operating performance partially offset by the impact of non-cash foreign exchange losses.
Recent Developments
On August 11, 2026, Jumia priced a capital raise anchored by a $25 million investment from the International Finance Corporation, a member of the World Bank Group, and including investments by Axian, one of our largest shareholders, as well as other investors. The investors agreed to purchase 9.1 million ADSs at a price of $5.52 per ADS, resulting in expected gross proceeds to Jumia of $50.0 million. The transactions are subject to customary conditions and are expected to close in the second half of August 2026. Jumia currently intends to use the net proceeds to support its next phase of growth, enhance efficiency across its core African markets and strengthen its integrated marketplace and logistics network.
Guidance
As of August 12, 2026, we confirm our strategic goal to achieve breakeven on an Adjusted EBITDA basis and positive cash flow in the fourth quarter of 2026 and full-year profitability on an Adjusted EBITDA basis and positive cash flow in 2027. This strategic goal is based on the following plans for 2026:
•GMV growth between 20% and 30% compared to 2025, adjusted for perimeter effects.
•Adjusted EBITDA loss between $25 million and $30 million.
In furtherance of these goals, we plan to continue prioritizing sustainable usage growth and sales growth in lower-value but higher-margin categories.
The above forward-looking statements reflect Jumia’s expectations and strategic goals as of August 12, 2026, are subject to change, and involve inherent risks and uncertainties which are partially or fully beyond its control. These risks include but are not limited to political and economic conditions across the countries where it operates; the broader economic impact of ongoing regional conflicts; disruptions to global and regional supply chains, including shortages and price increases affecting memory chips, CPUs, smartphones and other electronics; disruptions to air freight routes through the Middle East; increases in fuel prices and related surcharges imposed by logistics providers; supply and demand headwinds, including in higher value electronic items; and Jumia’s ability to mitigate these risks. These risks also include, without limitation, the risks described under Item 3. “Key Information—D. Risk Factors” in Jumia’s Annual Report on Form 20-F as filed with the U.S. Securities and Exchange Commission for the year ended December 31, 2025. There can be no assurance that Jumia will achieve the guidance or strategic goals described above. See “Forward Looking Statements” below for further details.
Key Performance Indicators
The following table sets forth our unaudited key performance indicators for the three and six months ended June 30, 2026, and June 30, 2025. For definitions and explanations of our key performance indicators, please see “Non-IFRS and Other Financial and Operating Metrics” below.
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
| (in millions) | 2025 | 2026 | 2025 | 2026 | |||||||||||||||||||
Annual Active Customers(1) | 5.4 | 6.4 | 5.4 | 6.4 | |||||||||||||||||||
| Orders Physical Goods | 5.0 | 6.3 | 9.5 | 12.1 | |||||||||||||||||||
Orders Physical Goods adjusted for perimeter effects(2) | 4.9 | 6.3 | 9.4 | 12.1 | |||||||||||||||||||
| Orders JumiaPay App | 0.1 | 0.0 | 0.7 | 0.0 | |||||||||||||||||||
Orders JumiaPay App adjusted for perimeter effects(2) | 0.1 | 0.0 | 0.7 | 0.0 | |||||||||||||||||||
| GMV | $ | 180.2 | $ | 216.3 | $ | 341.9 | $ | 427.5 | |||||||||||||||
GMV adjusted for perimeter effects(2) | $ | 176.5 | $ | 216.3 | $ | 334.6 | $ | 425.5 | |||||||||||||||
Adjusted EBITDA(3) | $ | (13.6) | $ | (8.7) | $ | (29.2) | $ | (19.4) | |||||||||||||||
(1) Annual Active Customers figures are reported “as of” the dates in the table.
(2) Adjustments for perimeter effects relate to the exit from Algeria. As of the first quarter of 2026, we have revised our perimeter effects adjustments to exclude Algeria following our exit, and we have recast comparative prior period amounts accordingly.
(3) See “Non-IFRS and Other Financial and Operating Metrics” for a reconciliation of Adjusted EBITDA, which is a non-IFRS measure, to the most directly comparable IFRS financial performance measure and an explanation of why we consider Adjusted EBITDA useful.
As of June 30, 2026, Annual Active Customers reached 6.4 million compared to 5.4 million as of June 30, 2025. This growth was primarily driven by our enhanced customer value proposition and improvements in our physical goods product assortment, which supported stronger customer acquisition and retention.
Order growth reflects continued improvement in product assortment and a stronger customer value proposition in physical goods. In line with our strategic focus, we reduced our emphasis on digital products sold through our JumiaPay App. Physical goods orders grew by 26.1% from 5.0 million in the three months ended June 30, 2025 to 6.3 million in the three months ended June 30, 2026, reflecting continued improvement in product assortment and a stronger customer value proposition in physical goods.
Physical goods Orders increased by 27.8% from 9.5 million in the six months ended June 30, 2025 to 12.1 million in the six months ended June 30, 2026, reflecting continued improvement in product assortment and a stronger customer value proposition in physical goods.
GMV increased by 20.1% from $180.2 million in the three months ended June 30, 2025 to $216.3 million in the three months ended June 30, 2026. GMV growth reflected a category mix shift, with strong performance in fashion, beauty, and home and living, categories with lower average item value but higher take rates for Jumia, while the phones category was impacted by supply disruptions from memory chip and CPU shortages, as well as air freight disruption through the Gulf. Adjusted for perimeter effects, GMV grew by 22.5% in the three months ended June 30, 2026 compared to the same period in 2025.
GMV increased by 25.0% from $341.9 million in the six months ended June 30, 2025 to $427.5 million in the six months ended June 30, 2026, driven by robust consumer demand. Adjusted for perimeter effects, GMV grew by 27.1% in the six months ended June 30, 2026 compared to the same period in 2025.
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 172 basis point year-over-year improvement in repurchase rates. Jumia’s cohort analysis indicates that 44% of new customers, who placed their first order in the first quarter of 2026, made a second purchase within 90 days, compared to 42% of new customers in the first quarter of 2025.
TPV and Jumia Payment Gateways Transactions Reporting
Effective as of the first quarter of 2026, Jumia discontinued its quarterly disclosure of the KPIs “Total Payment Volume (TPV)” and “Jumia Payment Gateways Transactions”. Since 2023, Jumia has been shifting its strategic focus toward physical goods. Following this strategic shift and the discontinuation of the standalone JumiaPay App in 2025 (except in Egypt where it remained live to manage certain legacy payment partnerships), these metrics are no longer among the primary indicators used by management to assess Jumia’s operating performance.
1
Operating Results
Comparison of the three and six months ended June 30, 2025, and June 30, 2026
Unaudited Interim Condensed Consolidated Statement of Operations
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
| (in USD millions) | 2025 | 2026 | 2025 | 2026 | |||||||||||||||||||
| Revenue | 45.6 | 52.0 | 81.9 | 102.6 | |||||||||||||||||||
| Cost of revenue | (21.7) | (21.3) | (38.1) | (42.4) | |||||||||||||||||||
| Gross profit | 23.9 | 30.7 | 43.8 | 60.1 | |||||||||||||||||||
| Fulfillment expense | (10.8) | (12.7) | (20.2) | (24.9) | |||||||||||||||||||
| Sales and advertising expense | (4.2) | (5.5) | (7.3) | (10.6) | |||||||||||||||||||
| Technology and content expense | (9.2) | (9.0) | (18.9) | (17.9) | |||||||||||||||||||
General and administrative expense(1) | (17.0) | (16.8) | (34.2) | (34.8) | |||||||||||||||||||
| Other operating income | 0.8 | 1.1 | 1.6 | 2.1 | |||||||||||||||||||
| Other operating expense | (0.1) | (0.1) | (0.1) | (0.3) | |||||||||||||||||||
| Operating loss | (16.5) | (12.4) | (35.2) | (26.2) | |||||||||||||||||||
| Finance income | 3.0 | 0.5 | 6.3 | 1.0 | |||||||||||||||||||
| Finance costs | (2.7) | 1.0 | (3.9) | (3.4) | |||||||||||||||||||
| Loss before Income tax | (16.3) | (10.9) | (32.8) | (28.7) | |||||||||||||||||||
| Income tax benefit / (expense) | (0.3) | (0.9) | (0.5) | (0.8) | |||||||||||||||||||
| Loss for the period | (16.6) | (11.7) | (33.3) | (29.5) | |||||||||||||||||||
_________________________
(1)Includes share-based compensation expense of $0.9 million in the three months ended June 30, 2025, $1.7 million in the three months ended June 30, 2026, $2.0 million in the six months ended June 30, 2025 and $2.8 million in the six months ended June 30, 2026.
Revenue
The following table shows a breakdown of our revenue in the three and six months ended June 30, 2025, and June 30, 2026 by source:
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
| (in USD millions) | 2025 | 2026 | 2025 | 2026 | |||||||||||||||||||
Marketplace revenue(1) | 21.6 | 28.8 | 39.6 | 55.9 | |||||||||||||||||||
| Third-party sales | 18.6 | 23.5 | 34.6 | 46.7 | |||||||||||||||||||
| Value-added services | 1.1 | 1.9 | 1.7 | 3.5 | |||||||||||||||||||
| Marketing and advertising | 1.9 | 3.5 | 3.4 | 5.7 | |||||||||||||||||||
| First-party sales | 23.6 | 22.8 | 41.4 | 45.9 | |||||||||||||||||||
Platform revenue(2) | 45.2 | 51.7 | 81.0 | 101.8 | |||||||||||||||||||
Non-platform revenue(3) | 0.4 | 0.3 | 0.9 | 0.8 | |||||||||||||||||||
| Total revenue | 45.6 | 52.0 | 81.9 | 102.6 | |||||||||||||||||||
| Cost of revenue | (21.7) | (21.3) | (38.1) | (42.4) | |||||||||||||||||||
(1) Marketplace revenue is the sum of third-party sales, marketing and advertising and value-added services.
(2) Platform revenue is the sum of marketplace revenue and first-party sales.
(3) Non-platform revenue corresponds to other revenue shown in the notes to our unaudited interim condensed consolidated financial statements.
Our primary sources of revenue are first-party sales and third-party sales.
Shifts in the relative proportion of first-party and third-party sales trigger variations in revenue, as we record the full sales price as revenue for first-party sales and only a percentage of the sales price (commission) for third-party sales, both net of returns and VAT. While we track revenue, we recognize that the relative proportion of first-party and third-party sales can impact its interpretation; accordingly, we utilize gross profit alongside revenue to steer our operations.
Revenue was $52.0 million in the three months ended June 30, 2026, compared to $45.6 million in the three months ended June 30, 2025, an increase of 13.9%, and $102.6 million in the six months ended June 30, 2026, compared to $81.9 million in the six months ended June 30, 2025, an increase of 25.2%, reflecting sustained consumer demand and consistent execution across our platform. The quarterly growth rate was partly moderated by a higher share of third-party sales relative to first-party sales, as third-party transactions generate commission income rather than full sales revenue.
Marketplace revenue was $28.8 million in the three months ended June 30, 2026, compared to $21.6 million in the three months ended June 30, 2025, an increase of 33.6%, and $55.9 million in the six months ended June 30, 2026, compared to $39.6 million in the six months ended June 30, 2025, an increase of 41.0%.
Third-party sales were $23.5 million in the three months ended June 30, 2026, compared to $18.6 million in the three months ended June 30, 2025, an increase of 26.4%, and $46.7 million in the six months ended June 30, 2026, compared to $34.6 million in the six months ended June 30, 2025, an increase of 35.1%. Growth in both periods was driven by strong execution in our marketplace business, supported by rising customer usage and higher effective take rates.
Marketing and advertising revenue was $3.5 million in the three months ended June 30, 2026, compared to $1.9 million in the three months ended June 30, 2025, an increase of 88.4%, and $5.7 million in the six months ended June 30, 2026, compared to $3.4 million in the six months ended June 30, 2025, an increase of 68.8%, reflecting continued growth in sponsored products and increased seller adoption of retail media advertising.
Value-added services revenue was $1.9 million in the three months ended June 30, 2026, compared to $1.1 million in the three months ended June 30, 2025, an increase of 61.3%, and $3.5 million in the six months ended June 30, 2026, compared to $1.7 million in the six months ended June 30, 2025, an increase of 104.0%, reflecting growth in warehousing fees. These increases were supported by higher volumes flowing through our storage infrastructure, largely attributable to demand from Chinese sellers, together with monetization of our warehousing services.
Revenue from first-party sales was $22.8 million in the three months ended June 30, 2026, compared to $23.6 million in the three months ended June 30, 2025, a decrease of 3.4%, consistent with supply and demand headwinds in higher-value electronic items, alongside the strong pace of marketplace growth. For the six months ended June 30, 2026, revenue from first-party sales was $45.9 million, compared to $41.4 million in the six months ended June 30, 2025, an increase of 10.8%, driven by increased volume growth moderated by supply and demand headwinds in higher value electronic items, alongside the strong pace of marketplace growth. We generally undertake first-party activity in an opportunistic manner to complement the breadth of the product assortment on our platform; its scale will naturally vary with market conditions.
Cost of Revenue
Cost of revenue decreased by 2.0% from $21.7 million in the three months ended June 30, 2025 to $21.3 million in the three months ended June 30, 2026, and increased by 11.5% from $38.1 million in the six months ended June 30, 2025 to $42.4 million in the six months ended June 30, 2026. These movements were primarily driven by the evolution in first-party sales. Cost of revenue primarily includes the purchase price of customer products sold in first-party sales. Certain expenses associated with third-party sales, such as compensation paid to sellers for lost, damaged or late delivery items are also included in cost of revenue.
Gross Profit
Gross profit increased by 28.4% from $23.9 million in the three months ended June 30, 2025 to $30.7 million in the three months ended June 30, 2026, and by 37.2% from $43.8 million in the six months ended June 30, 2025 to $60.1 million in the six months ended June 30, 2026.
Gross profit as a percentage of GMV increased to 14.2% in the three months ended June 30, 2026, compared to 13.3% in the three months ended June 30, 2025, and to 14.1% in the six months ended June 30, 2026, compared to 12.8% in the six months ended June 30, 2025. These increases reflect a shift in the mix toward higher take rate revenue streams, and our disciplined strategy of prioritizing attractive category economics and take rates rather than pursuing discount-driven volume growth.
Fulfillment Expense
Fulfillment expense increased by 17.5% from $10.8 million in the three months ended June 30, 2025 to $12.7 million in the three months ended June 30, 2026, and by 23.0% from $20.2 million in the six months ended June 30, 2025 to $24.9 million in the six months ended June 30, 2026. These increases were primarily due to higher Order volumes.
Fulfillment expense per physical goods Order was $2.04 in the three months ended June 30, 2026, a decrease of 6.8% compared to the three months ended June 30, 2025, and was $2.05 in the six months ended June 30, 2026, a decrease of 3.8% compared to the six months ended June 30, 2025. These evolutions reflect productivity gains and economies of scale in fulfillment operations, automation in call centers, and improved rates with logistics partners, despite temporary fuel surcharges from our logistics partners and non-recurring termination costs in the respective periods.
Sales and Advertising Expense
Sales and advertising expense increased by 32.9% from $4.2 million in the three months ended June 30, 2025 to $5.5 million in the three months ended June 30, 2026, and by 46.1% from $7.3 million in the six months ended June 30, 2025 to $10.6 million in the six months ended June 30, 2026. These increases reflect higher marketing investments to support customer acquisition and engagement, while maintaining efficiency through targeted and performance-driven campaigns.
Technology and Content Expense
Technology and content expense decreased by 2.2% from $9.2 million in the three months ended June 30, 2025 to $9.0 million in the three months ended June 30, 2026, and by 5.1% from $18.9 million in the six months ended June 30, 2025 to $17.9 million in the six months ended June 30, 2026. These decreases were driven by ongoing headcount optimization and savings from recently renegotiated contracts.
General and Administrative Expense
General and administrative expense decreased by 0.8% from $17.0 million in the three months ended June 30, 2025 to $16.8 million in the three months ended June 30, 2026, and increased by 1.8% from $34.2 million in the six months ended June 30, 2025 to $34.8 million in the six months ended June 30, 2026.
Excluding share-based compensation expense, General and administrative expense decreased to $15.2 million in the three months ended June 30, 2026, compared to $16.0 million in the three months ended June 30, 2025, and to $32.0 million in the six months ended June 30, 2026, compared to $32.2 million in the six months ended June 30, 2025.
Staff costs within General and administrative expense, excluding share-based compensation expense, decreased by 7.0% from $8.4 million in the three months ended June 30, 2025 to $7.8 million in the three months ended June 30, 2026, driven mainly by approximately a 10% reduction in headcount as of June 30, 2026 compared to June 30, 2025. For the six months ended June 30, 2026, staff costs within General and administrative expense, excluding share-based compensation expense, increased by 4.1% from $16.2 million in the six months ended June 30, 2025 to $16.9 million in the six months ended June 30, 2026, driven by approximately $0.8 million in one-time termination benefits related to our Algeria exit in the three months ended March 31, 2026 and the appreciation of local currencies against the US dollar, partially offset by approximately a 10% reduction in headcount as of June 30, 2026 compared to June 30, 2025.
General and administrative expense also included a tax expense of $0.9 million in the three months ended June 30, 2026, compared to a $1.3 million tax benefit recognized in the three months ended June 30, 2025. For the six months ended June 30, 2026, the tax expense was $1.1 million, compared to a $0.1 million tax benefit recognized in the six months ended June 30, 2025.
Operating Loss
Operating loss decreased by 25.1% from $16.5 million in the three months ended June 30, 2025 to $12.4 million in the three months ended June 30, 2026, and by 25.4% from $35.2 million in the six months ended June 30, 2025 to $26.2 million in the six months ended June 30, 2026, driven by strong usage growth, higher monetization, and continued cost discipline.
Adjusting our operating loss for depreciation and amortization and share-based compensation expense, our Adjusted EBITDA loss decreased by 35.9% from $13.6 million in the three months ended June 30, 2025 to $8.7 million in the three months ended June 30, 2026, and by 33.7% from $29.2 million in the six months ended June 30, 2025 to $19.4 million in the six months ended June 30, 2026, consistent with the improvement in operating performance.
Finance Income
Finance income decreased from $3.0 million in the three months ended June 30, 2025 to $0.5 million in the three months ended June 30, 2026, and from $6.3 million in the six months ended June 30, 2025 to $1.0 million in the six months ended June 30, 2026, primarily due to a decrease in foreign exchange gains.
Finance Costs
Finance costs decreased from $2.7 million in the three months ended June 30, 2025 to a benefit of $1.0 million in the three months ended June 30, 2026, and from $3.9 million in the six months ended June 30, 2025 to $3.4 million in the six months ended June 30, 2026. Both periods benefited from a lower loss on disposal of debt instruments measured at fair value through OCI, as the financial investment portfolio fully matured during 2025. The quarterly improvement was further supported by a decrease in foreign exchange losses, while the six-month period was partly offset by higher foreign exchange losses.
Loss before Income Tax
Loss before income tax decreased by 33.3% from $16.3 million in the three months ended June 30, 2025 to $10.9 million in the three months ended June 30, 2026, and by 12.5% from $32.8 million in the six months ended June 30, 2025 to $28.7 million in the six months ended June 30, 2026. These decreases reflect improved operating performance, with the six-month improvement partially offset by the impact of non-cash foreign exchange losses compared to the six months ended June 30, 2025.
Income Tax Expense
Income tax expense increased from $0.3 million in the three months ended June 30, 2025 to $0.9 million in the three months ended June 30, 2026, and from $0.5 million in the six months ended June 30, 2025 to $0.8 million in the six months ended June 30, 2026.
Loss for the Period
Loss for the period decreased by 29.3% from $16.6 million in the three months ended June 30, 2025 to $11.7 million in the three months ended June 30, 2026, and by 11.5% from $33.3 million in the six months ended June 30, 2025 to $29.5 million in the six months ended June 30, 2026.
Constant Currency Data
We use constant currency information to provide us with a picture of underlying business dynamics, excluding currency effects. Constant currency metrics are calculated using the average monthly exchange rates for each month during 2025 and applying them to the corresponding months in 2026, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations. Constant currency information is not a measure calculated in accordance with IFRS. While we believe that constant currency information may be useful to investors in understanding and evaluating our results of operations in the same manner as our management, our use of constant currency metrics has limitations as an analytical tool, and you should not consider it in isolation, or as an alternative to, or a substitute for analysis of our financial results as reported under IFRS. Further, other companies, including companies in our industry, may report the impact of fluctuations in foreign currency exchange rates differently, which may reduce the value of our constant currency information as a comparative measure.
The following table sets forth certain unaudited constant currency data for selected metrics for the three months ended June 30, 2025, and June 30, 2026 .
| For the three months ended June 30, | |||||||||||||||||||||||||||||||||||
| As reported | YoY | As reported | Constant currency | YoY | |||||||||||||||||||||||||||||||
| 2025 | 2026 | Change | 2025 | 2026 | Change | ||||||||||||||||||||||||||||||
| (in USD millions) | |||||||||||||||||||||||||||||||||||
| Revenue | 45.6 | 52.0 | 13.9 | % | 45.6 | 52.3 | 14.7 | % | |||||||||||||||||||||||||||
| Gross Profit | 23.9 | 30.7 | 28.4 | % | 23.9 | 31.2 | 30.5 | % | |||||||||||||||||||||||||||
| Fulfillment expense | (10.8) | (12.7) | 17.5 | % | (10.8) | (13.1) | 21.2 | % | |||||||||||||||||||||||||||
| Sales and Advertising expense | (4.2) | (5.5) | 32.9 | % | (4.2) | (5.5) | 33.4 | % | |||||||||||||||||||||||||||
| Technology and Content expense | (9.2) | (9.0) | (2.2) | % | (9.2) | (9.0) | (2.6) | % | |||||||||||||||||||||||||||
General and administrative expense(1) | (17.0) | (16.8) | (0.8) | % | (17.0) | (17.1) | 0.6 | % | |||||||||||||||||||||||||||
Adjusted EBITDA(2) | (13.6) | (8.7) | (35.9) | % | (13.6) | (8.8) | (35.1) | % | |||||||||||||||||||||||||||
| Operating Loss | (16.5) | (12.4) | (25.1) | % | (16.5) | (12.5) | (24.4) | % | |||||||||||||||||||||||||||
Loss before Income tax(3) | (16.3) | (10.9) | (33.3) | % | (16.3) | (12.7) | (33.8) | % | |||||||||||||||||||||||||||
| GMV | 180.2 | 216.3 | 20.1 | % | 180.2 | 207.1 | 14.9 | % | |||||||||||||||||||||||||||
_________________________
(1)Includes share-based compensation expense of $0.9 million in the three months ended June 30, 2025 and $1.7 million in the three months ended June 30, 2026. In constant currency, share-based compensation expense was $1.7 million in the three months ended June 30, 2026.
(2)See “Non-IFRS and Other Financial and Operating Metrics” for a reconciliation of Adjusted EBITDA, which is a non-IFRS measure, to the most directly comparable IFRS financial performance measure and an explanation of why we consider Adjusted EBITDA useful.
(3)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 $2.8 million in the three months ended June 30, 2025 and $1.7 million in the three months ended June 30, 2026.
The following table sets forth certain unaudited constant currency data for selected metrics for the six months ended June 30, 2025, and June 30, 2026.
| For the six months ended June 30, | |||||||||||||||||||||||||||||||||||
| As reported | YoY | As reported | Constant currency | YoY | |||||||||||||||||||||||||||||||
| 2025 | 2026 | Change | 2025 | 2026 | Change | ||||||||||||||||||||||||||||||
| (in USD millions) | |||||||||||||||||||||||||||||||||||
| Revenue | 81.9 | 102.6 | 25.2 | % | 81.9 | 98.7 | 20.5 | % | |||||||||||||||||||||||||||
| Gross Profit | 43.8 | 60.1 | 37.2 | % | 43.8 | 57.8 | 31.9 | % | |||||||||||||||||||||||||||
| Fulfillment expense | (20.2) | (24.9) | 23.0 | % | (20.2) | (24.1) | 19.1 | % | |||||||||||||||||||||||||||
| Sales and Advertising expense | (7.3) | (10.6) | 46.1 | % | (7.3) | (10.3) | 42.4 | % | |||||||||||||||||||||||||||
| Technology and Content expense | (18.9) | (17.9) | (5.1) | % | (18.9) | (17.6) | (6.5) | % | |||||||||||||||||||||||||||
General and administrative expense(1) | (34.2) | (34.8) | 1.8 | % | (34.2) | (33.9) | (0.8) | % | |||||||||||||||||||||||||||
Adjusted EBITDA(2) | (29.2) | (19.4) | (33.7) | % | (29.2) | (19.7) | (32.7) | % | |||||||||||||||||||||||||||
| Operating Loss | (35.2) | (26.2) | (25.4) | % | (35.2) | (26.4) | (25.0) | % | |||||||||||||||||||||||||||
Loss before Income tax(3) | (32.8) | (28.7) | (12.5) | % | (32.8) | (27.3) | (27.5) | % | |||||||||||||||||||||||||||
| GMV | 341.9 | 427.5 | 25.0 | % | 341.9 | 398.6 | 16.6 | % | |||||||||||||||||||||||||||
_________________________
(1)Includes share-based compensation expense of $2.0 million in the six months ended June 30, 2025 and $2.8 million in the six months ended June 30, 2026. In constant currency, share-based compensation expense was $2.8 million in the six months ended June 30, 2026.
(2)See “Non-IFRS and Other Financial and Operating Metrics” for a reconciliation of Adjusted EBITDA, which is a non-IFRS measure, to the most directly comparable IFRS financial performance measure and an explanation of why we consider Adjusted EBITDA useful.
(3)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 $4.9 million in the six months ended June 30, 2025 and $(1.7) million in the six months ended June 30, 2026.
Quarterly Data
The following table sets forth certain unaudited financial data for each fiscal quarter for the periods indicated. The unaudited quarterly information includes all normal recurring adjustments that we consider necessary for a fair statement of the information shown. This information should be read in conjunction with our unaudited interim condensed consolidated financial statements and the related notes thereto included as Exhibit 99.2 to the
Report on Form 6-K to which this discussion is attached. Our quarterly results are not necessarily indicative of future operating results.
2025(1) | 2026(1) | ||||||||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | First Quarter | Second Quarter | ||||||||||||||||||||||||||||||
| (in USD millions) | |||||||||||||||||||||||||||||||||||
| Revenue | 36.3 | 45.6 | 45.6 | 61.4 | 50.6 | 52.0 | |||||||||||||||||||||||||||||
| Cost of revenue | (16.4) | (21.7) | (21.9) | (27.2) | (21.2) | (21.3) | |||||||||||||||||||||||||||||
| Gross profit | 19.9 | 23.9 | 23.8 | 34.2 | 29.4 | 30.7 | |||||||||||||||||||||||||||||
| Fulfillment expense | (9.4) | (10.8) | (10.4) | (14.8) | (12.2) | (12.7) | |||||||||||||||||||||||||||||
| Sales and advertising expense | (3.1) | (4.2) | (5.2) | (7.0) | (5.1) | (5.5) | |||||||||||||||||||||||||||||
| Technology and content expense | (9.6) | (9.2) | (8.7) | (9.4) | (8.9) | (9.0) | |||||||||||||||||||||||||||||
General and administrative expense(2) | (17.2) | (17.0) | (17.6) | (14.3) | (18.0) | (16.8) | |||||||||||||||||||||||||||||
| Other operating income | 0.8 | 0.8 | 0.8 | 0.9 | 1.0 | 1.1 | |||||||||||||||||||||||||||||
| Other operating expense | — | (0.1) | (0.1) | (0.2) | (0.2) | (0.1) | |||||||||||||||||||||||||||||
| Operating loss | (18.7) | (16.5) | (17.4) | (10.6) | (13.9) | (12.4) | |||||||||||||||||||||||||||||
_________________________
(1)Due to rounding, the sum of quarterly amounts may not equal the amounts reported for the relevant full-year period.
(2)Includes share-based compensation expense of $1.1 million in the first quarter of 2025, $0.9 million in the second quarter of 2025, $1.4 million in the third quarter of 2025, $1.3 million in the fourth quarter of 2025, $1.1 million in the first quarter of 2026 and $1.7 million in the second quarter of 2026.
The following table sets forth certain key performance indicators for each fiscal quarter for the periods indicated.
2025(1) | 2026(1) | ||||||||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | First Quarter | Second Quarter | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Quarterly Active Customers | 2.1 | 2.2 | 2.4 | 3.0 | 2.5 | 2.6 | |||||||||||||||||||||||||||||
Orders(2) | 5.1 | 5.0 | 5.6 | 7.5 | 5.9 | 6.3 | |||||||||||||||||||||||||||||
| GMV | $ | 161.7 | $ | 180.2 | $ | 197.2 | $ | 279.5 | $ | 211.2 | $ | 216.3 | |||||||||||||||||||||||
Adjusted EBITDA(3) | $ | (15.7) | $ | (13.6) | $ | (14.0) | $ | (7.3) | $ | (10.7) | $ | (8.7) | |||||||||||||||||||||||
(1)Due to rounding, the sum of quarterly amounts may not equal the amounts reported for the relevant full-year period.
(2)Includes physical goods Orders and Orders through the JumiaPay App.
(3)See “Non-IFRS and Other Financial and Operating Metrics” for a reconciliation of Adjusted EBITDA, which is a non-IFRS measure, to the most directly comparable IFRS financial performance measure and an explanation of why we consider Adjusted EBITDA useful.
Liquidity and Capital Resources
At June 30, 2026, we had a liquidity position of $48.3 million, which was comprised of $47.4 million of cash and cash equivalents and $0.9 million of Term deposits and other financial assets. Most of our liquid means can be freely transferred. For a small fraction of our liquid means, we may need authorization or permits for a cross-border transfer.
Since our inception, we have financed our operations primarily through equity issuances. Our primary requirements for liquidity and capital are to finance working capital, capital expenditures, which primarily consist of computer equipment, office equipment and lease-hold improvements, as well as general corporate purposes. We believe, based on our current operating plan, that our existing cash and cash equivalents and cash flows from operating activities will be sufficient to meet our anticipated cash needs for working capital, capital expenditures, general corporate needs and business expansion for at least the next twelve months. External effects may also negatively affect our growth trajectory. For example, our local sellers, some of whom rely on imports for supply, may be negatively affected by global supply chain disruptions. Curtailed access to supply for our local sellers may negatively affect the breadth of assortment on our platform which in turn may affect the overall performance of the business and result in a decrease in cash flows from operating activities. Hence, although we believe that we have sufficient cash and cash equivalents to cover our working capital needs in the ordinary course of business and to continue to expand our business, we may, from time to time, explore additional financing sources to cover our long-term financing needs.
Impact of Inflation
In the six months ended June 30, 2026, inflation indicators remained elevated in a number of countries in which we operate. For example, the consumer price index (“CPI”) year-over-year increases in June 2026 amounted to 15.9% in Nigeria, 14.3% in Egypt and 5.3% in Ghana, according to the Central Bank of Nigeria, Central Bank of Egypt and Ghana Statistical Service, respectively.
Inflationary pressure and currency devaluations continue to present risks to our liquidity and capital resources, including pressure on working capital requirements, foreign exchange exposure on cash balances and intercompany positions, and inflationary pressure on operating costs including wages, utility and fuel. In the six months ended June 30, 2026, ongoing cost efficiency initiatives contributed to mitigating these impacts, and overall the effect on our financial performance was less pronounced than in prior years.
Consolidated Statement of Cash Flows
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
| (in USD millions) | 2025 | 2026 | 2025 | 2026 | |||||||||||||||||||
| Net cash flows used in operating activities | (12.7) | (11.8) | (33.9) | (24.3) | |||||||||||||||||||
| Net cash flows (used in) / from investing activities | 46.4 | (0.2) | 76.1 | (0.4) | |||||||||||||||||||
| Net cash flows (used in) / from financing activities | (1.8) | (1.9) | (2.9) | (3.5) | |||||||||||||||||||
| Net (decrease)/increase in cash and cash equivalents | 31.9 | (14.0) | 39.4 | (28.3) | |||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 2.0 | — | 0.8 | (1.0) | |||||||||||||||||||
| Cash and cash equivalents at the beginning of the period | 61.6 | 61.5 | 55.4 | 76.7 | |||||||||||||||||||
| Cash and cash equivalents at the end of the period | 95.6 | 47.4 | 95.6 | 47.4 | |||||||||||||||||||
Net Cash Flows used in Operating Activities
Net cash used in operating activities decreased by 28.3% from a cash outflow of $33.9 million in the six months ended June 30, 2025 to a cash outflow of $24.3 million in the six months ended June 30, 2026, primarily driven by a lower operating loss.
Net Cash Flows used in Investing Activities
Net cash flows used in investing activities amounted to a cash outflow of $0.4 million in the six months ended June 30, 2026, compared to a cash inflow of $76.1 million in the six months ended June 30, 2025, which
mainly related to the maturity of a $30.0 million bank deposit and to the maturing and selling of financial investments in the amount of $46.1 million during the six months ended June 30, 2025.
Net Cash Flows used in Financing Activities
Net cash flows used in financing activities amounted to a cash outflow of $3.5 million in the six months ended June 30, 2026, compared to a cash outflow of $2.9 million in the six months ended June 30, 2025, mainly due to the repayment of lease liabilities and payment of lease interest.
Contractual Obligations
Below is a summary of short-term and long-term anticipated cash requirements as of June 30, 2026:
| Payments due by period | |||||||||||
| (in USD thousands) | Less than one year | More than one year | |||||||||
| Leases | 4,552 | 9,468 | |||||||||
| Purchase obligations | 69,611 | 29,212 | |||||||||
| Tax payables | 10,606 | — | |||||||||
| Total | 84,769 | 38,680 | |||||||||
Purchase obligations relate primarily to trade payables, accrued employee benefits and other third-party agreements.
Quantitative and Qualitative Disclosures about Market Risk
During the six months ended June 30, 2026, there were no significant changes to our quantitative and qualitative disclosures about market risk from those reported under Item 11. “Quantitative and Qualitative Disclosures about Market Risk” in the Annual Report.
Critical Accounting Estimates and Judgments
As of June 30, 2026, there have been no material changes to the significant accounting estimates and judgments described under Item 5. “Operating and Financial Review and Prospects—Critical Accounting Estimates and Judgments” in the Annual Report.
Forward Looking Statements
This management’s discussion and analysis includes forward-looking statements. All statements other than statements of historical facts contained in this management’s discussion and analysis, 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. These risks
include, among others, political and economic conditions in the countries in which Jumia operates; the broader economic and operational effects of ongoing regional conflicts; disruptions to global and regional supply chains, including shortages and price increases affecting memory chips, CPUs, smartphones and other electronics; disruptions to air freight routes through the Middle East; increases in fuel prices and related surcharges imposed by logistics providers; and Jumia’s ability to mitigate these risks. These risks also include, without limitation, the risks described under Item 3. “Key Information—D. Risk Factors,” in Jumia’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission for the year ended December 31, 2025. 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. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this management’s discussion and analysis 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 management’s discussion and analysis 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 management’s discussion and analysis to conform these statements to actual results or to changes in our expectations, except as may be required by law. You should read this management’s discussion and analysis with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.
Non-IFRS and Other Financial and Operating Metrics
Changes, percentages, ratios and aggregate amounts presented have been calculated on the basis of unrounded figures.
This management’s discussion and analysis includes certain financial measures and metrics not based on IFRS, including Adjusted EBITDA and General and administrative expense, excluding SBC, as well as operating metrics, including Annual Active Customers, Quarterly Active Customers, Orders and GMV.
We define Annual Active Customers, Quarterly Active Customers, Orders, GMV, General and administrative expense, excluding SBC, and Adjusted EBITDA as follows:
Annual Active Customers means unique customers who placed an order for a product or a service on our platform, within the 12-month period preceding the relevant date, irrespective of cancellations or returns.
Quarterly Active Customers, means unique customers who placed an order for a product or a service on our platform, within the 3-month period preceding the relevant date, irrespective of cancellations or returns.
We believe that Annual Active Customers and Quarterly Active Customers are useful indicators of the adoption of our offering by customers in our markets.
Orders corresponds to the total number of orders for products and services on our platform, irrespective of cancellations or returns, for the relevant period. Within Orders, we differentiate between physical goods Orders and Orders through the JumiaPay App.
We believe that the number of orders is a useful indicator to measure the total usage of our platform, irrespective of the monetary value of the individual transactions.
Gross Merchandise Value (“GMV”) corresponds to the total value of orders for products and services, including shipping fees, value added tax, and before deductions of any discounts or vouchers, irrespective of cancellations or returns for the relevant period.
We believe that GMV is a useful indicator for the usage of our platform that is not influenced by shifts in our sales between first-party and third-party sales or the method of payment.
We use Quarterly Active Customers, Orders and GMV as some of many indicators to monitor usage of our platform.
General and administrative expense, excluding SBC, corresponds to the General & Administrative (“G&A”) expense excluding share-based compensation expense (“SBC”). We use this metric to measure the development of our G&A costs exclusive of the impact of SBC which is mainly a non-cash expense, influenced, in part, by share price fluctuations.
Adjusted EBITDA corresponds to loss for the period, adjusted for income tax expense (benefit), finance income, finance costs, depreciation and amortization and further adjusted for share-based compensation expense.
Adjusted EBITDA is a supplemental non-IFRS measure of our operating performance that is not required by, or presented in accordance with, IFRS. Adjusted EBITDA is not a measurement of our financial performance under IFRS and should not be considered as an alternative to loss for the period, loss before income tax or any other performance measure derived in accordance with IFRS. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate Adjusted EBITDA in the same manner. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our operating performance. Management believes that investors’ understanding of our performance is enhanced by including non-IFRS financial measures as a reasonable basis for comparing our ongoing results of operations. By providing this non-IFRS financial measure, together with a reconciliation to the nearest IFRS financial measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.
Management uses Adjusted EBITDA:
•as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of items not directly resulting from our core operations;
•for planning purposes, including the preparation of our internal annual operating budget and financial projections;
•to evaluate the performance and effectiveness of our strategic initiatives; and
•to evaluate our capacity to expand our business.
Items excluded from this non-IFRS measure are significant components in understanding and assessing financial performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation, or as an alternative to, or a substitute for analysis of our results reported in accordance with IFRS, including loss for the period. Some of the limitations are:
•Adjusted EBITDA does not reflect our share-based compensation, income tax expense (benefit) or the amounts necessary to pay our taxes;
•although depreciation and amortization are eliminated in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and
•other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. We compensate for these and other limitations by providing a reconciliation of Adjusted EBITDA to the most directly comparable IFRS financial measure, loss for the period.
•The following table provides a reconciliation of loss for the period to Adjusted EBITDA for the periods indicated:
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
| (in USD millions) | 2025 | 2026 | 2025 | 2026 | |||||||||||||||||||
| Loss for the period | (16.6) | (11.7) | (33.3) | (29.5) | |||||||||||||||||||
| Income tax expense | 0.3 | 0.9 | 0.5 | 0.8 | |||||||||||||||||||
| Net Finance costs / (income) | (0.3) | (1.5) | (2.4) | 2.4 | |||||||||||||||||||
| Depreciation and amortization | 2.0 | 2.0 | 4.0 | 4.1 | |||||||||||||||||||
| Share-based compensation | 0.9 | 1.7 | 2.0 | 2.8 | |||||||||||||||||||
| Adjusted EBITDA | (13.6) | (8.7) | (29.2) | (19.4) | |||||||||||||||||||
•The following table provides a reconciliation of loss for the period to Adjusted EBITDA for each fiscal quarter for the periods indicated.
2025(1) | 2026(1) | ||||||||||||||||||||||||||||||||||
| (in USD millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | First Quarter | Second Quarter | |||||||||||||||||||||||||||||
| Loss for the period | (16.7) | (16.6) | (17.9) | (10.3) | (17.7) | (11.7) | |||||||||||||||||||||||||||||
| Income tax expense | 0.2 | 0.3 | 0.3 | 0.6 | (0.1) | 0.9 | |||||||||||||||||||||||||||||
| Net Finance costs / (income) | (2.2) | (0.3) | 0.3 | (0.9) | 3.9 | (1.5) | |||||||||||||||||||||||||||||
| Depreciation and amortization | 1.9 | 2.0 | 1.9 | 2.1 | 2.1 | 2.0 | |||||||||||||||||||||||||||||
| Share-based compensation | 1.1 | 0.9 | 1.4 | 1.3 | 1.1 | 1.7 | |||||||||||||||||||||||||||||
| Adjusted EBITDA | (15.7) | (13.6) | (14.0) | (7.3) | (10.7) | (8.7) | |||||||||||||||||||||||||||||
_________________________
(1)Due to rounding, the sum of quarterly amounts may not equal the amounts reported for the relevant full-year period.
2
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- EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 80.5 KB
- EX-101 XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT 107.2 KB
- EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 190.9 KB
- EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 583.1 KB
- EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 423.1 KB