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- **Revenue Surge**: Q3 2025 revenue up 25% YoY to $45.6M, driven by 34% YoY order growth and 22% YoY active customer expansion.
- **Profitability Progress**: Adjusted EBITDA loss narrows to $14M (-17% YoY), with 2027 full-year profitability target reaffirmed.
- **Efficiency Gains**: Fulfillment cost per order down 22% to $1.86, tech expenses down 10% YoY.
- **Strategic Growth**: 60% of orders from secondary cities, 3.4M items sourced from China (+52% YoY), and 1% GMV from advertising.
- **Q4 Momentum**: 30%+ YoY GMV growth in October, with Jumia Instant pilot in Nairobi showing early success.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $45.6 million, up 25% YoY, driven by strong consumer demand and core marketplace growth. First-party sales contributed 52% of total revenue, up 54% YoY.
- **GMV Momentum**: Physical goods GMV grew 26% YoY (37% excluding corporate sales), with orders up 34% YoY. Active customers increased 22% YoY, the highest in three years.
- **Market Expansion**: 60% of orders came from secondary cities, up from 54% last year. Jumia Instant, a four-hour delivery pilot in Nairobi, shows early traction.
- **Profitability Path**: On track for 2027 full-year profitability, with Q3 adjusted EBITDA loss of $14 million (vs. $17 million YoY). Fulfillment cost per order dropped 22% to $1.86.
- **Strategic Initiatives**: New retail advertising platform (1% of GMV) and international seller partnerships (3.4M items sourced from China, +52% YoY) drive growth.

**【CFO Financial Commentary】**
- **Top Line**: Revenue $45.6M (+25% YoY), with marketplace revenue $21.5M (+4% YoY). Gross profit $23.8M (-4% YoY) due to Egyptian corporate sales decline.
- **Cost Efficiency**: Fulfillment expenses $10.4M (+1% YoY), but cost per order down 22% to $1.86. Tech/content costs $8.7M (-10% YoY) from headcount optimization.
- **Liquidity**: $82.5M cash and equivalents, with Q3 cash used in operations $12.4M. CapEx $1.4M for logistics expansion.
- **Profitability**: Loss before tax $17.7M (-1% YoY). 2025 guidance: GMV +15-17%, loss before tax $50-55M. 2026 target: loss before tax $25-30M, 2027 breakeven.

**【Q&A Highlights】**
- **Q4 Outlook**: 30%+ YoY GMV growth in October, driven by Black Friday and up-country expansion. Fulfillment efficiency gains to persist.
- **Cost Management**: Tech and G&A expenses declining 10-11% YoY, with leaner headcount (2,010 employees vs. 2,200 in Q4 2024).
- **Competitive Edge**: Localized logistics, vendor partnerships, and reduced corporate sales in Egypt (GMV -23% YoY, +44% ex-corporate) strengthen market share.
- **Supply Chain**: 3.4M items sourced from China (+52% YoY), supporting 37% GMV growth ex-corporate. Currency stability improves supplier confidence.
- **Risk Mitigation**: Working capital optimized for seasonal spikes, with inventory ramp-up ahead of Black Friday reducing cash strain.

Jumia Technologies AG (JMIA) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 revenue up 25% YoY to $45.6 million, with physical goods orders +18% YoY and GMV +10% YoY. Excluding corporate sales, GMV grew 24% YoY.
- **Profitability Improvement**: Loss before tax narrowed to $16.3 million (-28% YoY), cash burn reduced to $12.4 million. Q3 orders +32% YoY, GMV +21% YoY.
- **Market Expansion**: 59% of orders from secondary cities, Nigeria GMV +36% YoY, Ghana GMV +110% YoY. Jumia Delivery launched in 4 countries with profitable margins.
- **Cost Efficiency**: Headcount down 5% YoY, fulfillment cost per order down 5% YoY. AI adoption and AWS contract savings drive tech efficiency.
- **Tariffs & Supply**: Chinese manufacturers shifting to Africa due to U.S. tariffs, aiding Jumia in securing cheaper goods. Currency stability supports supply chain.
- **Breakeven Roadmap**: 2025 loss target $45-50 million, 2026 loss $25-30 million, full-year profitability in 2027.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue rose 25% YoY to $45.6 million, driven by physical goods orders up 18% YoY and GMV up 10% YoY (excluding South Africa and Tunisia). Excluding corporate sales, GMV grew 24% YoY.
- **Profitability Progress**: Loss before income tax narrowed to $16.3 million (down 28% YoY), with cash burn reduced to $12.4 million (from $8.7 million in Q2 2024). Q3 early trends show orders +32% YoY and GMV +21% YoY.
- **Market Expansion**: 59% of orders now from secondary cities (up from 52% YoY), with Nigeria GMV +36% YoY and Kenya orders +38% YoY. Ghana GMV surged 110% YoY.
- **Cost Efficiency**: Headcount reduced 5% YoY to 2,050 employees. Fulfillment cost per order down 5% YoY in local currency. AI adoption and AWS contract renegotiations drive tech efficiency.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Marketplace revenue $21.6 million (+8% YoY), first-party sales $23.6 million (+47% YoY). Advertising revenue at 1% of GMV, with advanced seller platform launched in June.
- **Gross Profit**: $23.9 million (+11% YoY), with gross margin at 13% of GMV. Stronger marketplace margins and first-party sales growth.
- **Expense Management**: Fulfillment expenses $10.8 million (+16% YoY), sales & marketing down 6% YoY. G&A expenses $16 million (-9% YoY) due to cost-cutting and organizational changes.
- **Liquidity**: $98.3 million in cash and term deposits, with net cash used in operations at $12.7 million (including $4.1 million positive working capital).

**【Q&A Highlights】**
- **July Momentum**: Orders +32% YoY, GMV +21% YoY, driven by improved value proposition (reliable logistics, competitive assortment) and reactivated marketing channels (SEO, CRM).
- **Working Capital**: Q2 saw $4.1 million positive working capital impact, reducing reliance on inventory growth for revenue.
- **Secondary Cities**: 59% of orders from upcountry regions, with Nigeria still underpenetrated (22% GMV vs Ivory Coast's maturity).
- **Jumia Delivery**: Launched in 4 countries, targeting social commerce vendors and individuals. Margins profitable from launch, with competitive pricing leveraging existing logistics scale.
- **Tariffs & Supply**: Chinese manufacturers shifting focus to Africa due to U.S. tariffs, aiding Jumia in securing cheaper international goods. Currency stability in key markets supports supply chain reliability.
- **Breakeven Path**: 2025 guidance updated to loss before tax of $45-50 million (vs prior $50-60 million). 2026 target of $25-30 million loss, with full-year profitability in 2027.


Jumia Technologies AG (JMIA) Q2 2025 Earnings Call Transcript

- **Revenue Growth Driven by Orders**: Physical goods orders up 21% YoY, GMV down 11% YoY due to FX. Fulfillment costs per order drop 14% YoY. 
- **Cost Cuts Accelerate Profitability**: 3% headcount reduction, $13.7M tech hosting costs cut to $10M. 2025 loss guidance improved to $50-55M (vs $65-70M). 
- **Breakeven by Q4 2026**: Targeting full-year profitability in 2027, with 2026 loss of $25-30M. 
- **Logistics Expansion**: Jumia Deliveries launched in Nigeria, monetizing logistics network for external customers. 
- **Market Momentum**: 58% of orders from upcountry regions, Ivory Coast leads with 26% GMV share. 


**【CEO Summary Section】**
- **Revenue Growth and Margin Expansion**: Q1 revenue of $36.3M (down 26% YoY) reflects currency headwinds and lower corporate sales in Egypt. Physical goods orders grew 21% YoY, with GMV down 11% YoY due to FX impacts. Fulfillment costs per order dropped 14% YoY to $2.1, driving margin improvements. 
- **Cost Optimization**: 3% headcount reduction, renegotiated logistics contracts, and $13.7M annual tech hosting costs reduced to $10M. 2025 guidance updated to $50-55M loss before tax (vs prior $65-70M), targeting breakeven in Q4 2026 and full-year profitability in 2027. 
- **Market Expansion**: 58% of orders from upcountry regions, with Ivory Coast, Nigeria, Kenya, and Egypt contributing 26%, 22%, 15%, and 10% of GMV. Jumia Deliveries launched in Nigeria, monetizing logistics network for external customers. 

**【CFO Financial Commentary】**
- **Topline Performance**: Q1 revenue down 26% YoY ($36.3M) due to FX and corporate sales decline. Marketplace revenue ($18.1M) and first-party sales ($17.8M) both down 30% and 21% YoY. 
- **Cost Management**: Fulfillment expense per order down 14% YoY. G&A expenses reduced 5% YoY to $16.1M. Adjusted EBITDA loss of $15.7M (vs $4.3M in Q1 2024). 
- **Liquidity**: $110.7M liquidity as of Q1, with $23.2M cash burn driven by working capital. Debt-free balance sheet with $61.6M cash. 

**【Q&A Key Highlights】**
- **Corporate Sales Volatility**: B2B sales in Egypt down 15% YoY, but B2C orders up 21% YoY. Management expects lower corporate sales volatility in 2025. 
- **Supply Chain Tailwinds**: 61% YoY growth in international vendor items (e.g., Chinese suppliers), offsetting U.S. trade tensions. 
- **Marketing Strategy**: Reintroducing targeted marketing in Nigeria (e.g., TV/radio campaigns) to capitalize on improved value proposition. 
- **Logistics Expansion**: Jumia Deliveries launched in Nigeria, targeting 3PL fee margins. 
- **Breakeven Path**: Projected $25-30M loss in 2026, with Q4 2026 breakeven and full-year profitability in 2027. 

**【Country Performance】**
- **Ivory Coast**: Orders +25% YoY, GMV +4% (8% in constant currency). 
- **Nigeria**: Orders +22% YoY, GMV +18% (46% in constant currency). 
- **Kenya**: Orders +36% YoY, GMV +44% (25% in constant currency). 
- **Egypt**: Orders -15% YoY, GMV -69% (54% in constant currency) due to corporate sales decline. 
- **Order Markets**: Ghana GMV +65% YoY, driving 17% GMV growth in smaller markets. 


Jumia Technologies AG (JMIA) Q1 2025 Earnings Call Transcript

- **Q4 Growth Momentum**: 18% YoY order growth, 8% active customer increase, despite macro challenges. 
- **Customer Loyalty**: NPS +17pts YoY, 40% of Q3 '24 new customers repurchased within 90 days. 
- **Cost Efficiency**: Marketing spend down 24%, JForce agents +39% YoY to 29,000. 
- **2025 Outlook**: 15-20% order growth, GMV $795-830M, loss reduction to -$65-70M. 
- **Supply Expansion**: 38% YoY growth in international seller items, 28% of total goods. 
- **Operational Scale**: Current infrastructure can handle 2-3x volumes with no major cost increases.

**【CEO Business Update & Strategy】**
- **Q4 2024 Performance**: Physical goods orders grew 18% YoY, active customers increased 8%, despite reduced marketing spend ($4.8M vs $6.2M in Q4 '23). Black Friday event drove strong demand, with 3.4M new international seller items sourced from China (61% YoY growth). 
- **Customer Satisfaction**: Net Promoter Score rose to 63 (17pt YoY increase), 90-day repurchase rate up 375bps YoY. 40% of Q3 '24 new customers repurchased within 90 days. 
- **2025 Focus**: 
  1. **Upcountry Expansion**: 56% of Q4 '24 orders from non-urban areas, up from 49% in Q4 '23. 
  2. **International Sourcing**: 9.5M gross items from international sellers in 2024 (38% YoY growth), 28% of total items. 
  3. **Efficiency**: JForce agents +39% YoY to 29,000, chatbots handling basic inquiries. 
- **Challenges**: GMV declined 12% YoY (USD basis), driven by currency devaluations and reduced corporate sales in Egypt. AOV dropped to $35.5 from $45.5, but viewed as opportunity to improve profitability in key categories. 

**【CFO Financial Review】**
- **Q4 2024 Results**: 
  - Revenue: $45.7M (-23% YoY, -2% in constant currency). 
  - Adjusted EBITDA: -$13.7M (vs -$0.6M in Q4 '23). 
  - Loss Before Tax: $17.6M (vs $17.1M in Q4 '23). 
  - Cash Flow: -$26.5M (driven by $1.3M exit costs, $13.5M working capital increase). 
- **Cost Management**: 
  - Sales & Advertising: $4.8M (-24% YoY). 
  - Fulfillment: $12.9M (+11% YoY, but +36% in constant currency). 
  - G&A: $12.9M (+5% YoY, including $10M staff costs). 
- **2025 Guidance**: 
  - Physical goods orders: 15-20% YoY growth. 
  - GMV: $795-830M (10-15% YoY). 
  - Loss Before Tax: -$65-70M (33-28% YoY improvement). 

**【Q&A Key Takeaways】**
- **Q1 2025 Trends**: Early signs of order growth and cost discipline support full-year guidance. 
- **Supply Constraints**: Long-term focus on expanding vendor base, improving vendor tools, and international sourcing. 
- **1P vs 3P Mix**: Cyclical corporate sales decline in Egypt, but no long-term shift in strategy. 
- **AOV & Unit Economics**: Lower AOV in fashion offset by higher margins in electronics; focus on profitability per order. 
- **Logistics Efficiency**: Consolidated warehouses reduce costs, enabling 2-3x volume growth with current infrastructure. 
- **Cash Utilization**: $13.5M working capital increase in Q4 '24 to secure competitive inventory; expect smaller adjustments in 2025.

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