Jumbo S.A.

For the first half of 2025, Jumbo reported sales of EUR 497 million, up 8% year over year. Comparable EBITDA increased 7% to EUR 165 million, net profit rose 5% to EUR 117 million, and gross margin was 54%. Net cash was almost EUR 318 million and CapEx was EUR 14 million. For 2025, management said its budget assumes sales growth of around 8%, CapEx may end up below EUR 60 million, and net income should roughly match the 2024 organic level (excluding the insurance receipt).

Apostolos-Evangelos Vakakis sounded cautious and defensive, repeatedly emphasizing turbulence in the operating environment and the need to stay flexible. He said the company is focused on “generic growth,” opportunistic store buying, and preserving long-term resilience rather than maximizing short-term profit. He also said Jumbo remains optimistic, but only within a very cautious framework, and that the company is acting day-to-day and week-to-week because visibility is limited.

Amalia Karamitsoli highlighted the core numbers: sales of EUR 497 million, EBITDA of EUR 165 million, net profit of EUR 117 million, gross margin of 54%, net cash of almost EUR 318 million, and CapEx of EUR 14 million. She also noted EUR 0.4667 per share was paid in March and EUR 0.50 per share in July, reinforcing the dividend return policy. Forward-looking, she said the 2025 budget assumes around 8% sales growth, CapEx may be below EUR 60 million, and dividend policy remains one-third of consolidated profit with potential additional payouts depending on market conditions and cash reserves.

Analysts pressed management on the gross margin decline, inventory buildup, the Romania rollout pace, and whether full-year profit guidance implies a weaker second half despite FX tailwinds. Vakakis said the gross margin was pressured by market conditions, including Romania’s VAT increase, and argued that the company is trying to defend margin through product mix and cautious pricing. On Romania, he said the pace can vary by market, that the next store is likely Baia Mare, and that buying stores can make more sense than opening new ones in the current environment. He also said no further store openings are planned this year, the Fox franchise plan for Canada could launch at the end of 2026, and the first new distribution center should break ground in about a month.