Jumia Technologies AG

Second quarter revenue reached $52 million, up 14% year-over-year or 15% on a constant-currency basis. Gross profit was $30.7 million, up 28% year-over-year, and gross profit margin improved to 14.2% of GMV from 13.3% a year ago. Adjusted EBITDA loss narrowed to $8.7 million from $13.6 million in Q2 '25; loss before income tax was $10.9 million, a 33% improvement year-over-year. GMV grew 23% year-over-year adjusted for perimeter effects, orders rose 28%, and quarterly active customers rose 23%. For Q3 '26, management guided GMV growth of 15% to 25% year-over-year adjusted for perimeter effects. For full year '26, they expect GMV growth of 20% to 30% and adjusted EBITDA of negative $25 million to negative $30 million. They reiterated Q4 '26 adjusted EBITDA and positive cash flow breakeven, plus full-year profitability on an adjusted EBITDA basis and positive cash flow in 2027.

Francis Dufay framed the quarter as proof that Jumia’s Africa-specific model is scaling with improving economics, even under external pressure from phone/electronics shortages, fuel surcharges, and weaker demand in Ivory Coast. He emphasized that management intentionally protected margins and unit economics instead of chasing GMV, and said the company remains confident in Q4 '26 breakeven and full-year adjusted EBITDA guidance. His tone was notably confident and defensive of the model, highlighting resilience, locally embedded logistics, and stronger performance in lower-value but higher-margin categories.

Antoine Maillet-Mezeray focused on the financial bridge from volume growth to profitability. He cited revenue of $52 million, gross profit of $30.7 million, gross margin of 14.2% of GMV, adjusted EBITDA loss of $8.7 million, and liquidity of $48.3 million including $47.4 million in cash and cash equivalents. He also noted fulfillment expense per physical goods order of $2.04, down 7% year-over-year, G&A excluding SBC down 5% to $15.2 million, headcount down 11% since March 31 to just over 1,770 employees, and net cash used in operating activities of $11.8 million. He stressed structural cost reductions, automation, and prudent capital allocation as the main supports for margin expansion.

Analysts pressed on how much of the GMV guidance cut reflected electronics/phones weakness, how long supply and fuel headwinds might last, and whether the $50 million capital raise was needed to reach Q4 targets. Management said the wider guidance range reflects uncertainty around supply disruptions and fuel, and Bradley Erickson’s question on the raise was answered with the point that Jumia does not need cash to reach breakeven, but the IFC anchor was a major reason for timing and the amount was kept modest to limit dilution. On advertising, management said penetration is still early at 26% of sellers and that the long-term target is advertising revenue equal to 2% of GMV. On competition, management said it has not seen a meaningful change in local competitors’ behavior and is focusing on lower-middle-income customers and smaller cities rather than the grocery/quick-commerce battles in big cities.