Strong GMV and Order Growth
GMV grew 32% year‑over‑year (adjusted for perimeter effects); physical goods orders grew 31% year‑over‑year. Growth was broad‑based across core markets and categories, supporting the company’s marketplace flywheel.
Jumia Technologies AG
· JMIA
May 7th, 2026
Summary
- Earnings Call Date:
- 2026-05-07
- Change Since:
- -27.32%
- Next Earnings Date:
- 2026-08-11
Earnings Call Sentiment
PositiveThe call balanced strong top‑line growth, expanding monetization and meaningful operating leverage against lingering losses, seasonal cash burn, and near‑term supply and macro headwinds (chip price pressure, fuel increases, and a localized demand shock in Ivory Coast). Management reiterated guidance and a clear path to adjusted EBITDA breakeven in Q4 '26 and full‑year profitability in 2027, highlighting ongoing structural cost reductions, AI‑driven efficiency and marketplace scaling. On net, the operational momentum (robust GMV, revenue, gross profit expansion, improved unit economics and country‑level outperformance) materially outweighs the short‑term negatives tied to macro disruptions and noncash FX swings.
Company Guidance
Jumia reaffirmed its full‑year 2026 outlook with GMV growth guided to 27–32% year‑over‑year (adjusted for perimeter effects) and adjusted EBITDA expected to be a loss of $25–30 million, while Q2 GMV is also guided to 27–32% YoY (adj). Management reiterated the strategic goal of achieving adjusted EBITDA breakeven and positive cash flow in Q4’26 and delivering full‑year profitability and positive cash flow in 2027. For context, Q1 showed momentum with GMV +32% YoY (adj), physical goods orders +31% YoY (adj), revenue $50.6M (+39% YoY), adjusted EBITDA loss of $10.7M, liquidity $62.6M (cash & equivalents $61.5M), and quarterly cash burn $15.3M; the team noted they will stop disclosing TPV/Jumia Payments gateway KPIs and flagged near‑term risks (≈20% entry‑level smartphone price increases, fuel/shipping and chip/CPU pressures) that the guidance already factors in.
Revenue and Marketplace Upside
Total revenue was $50.6M, up 39% year‑over‑year (28% constant currency). Marketplace revenue was $27.0M, up 50% YoY (35% cc); third‑party sales were $23.2M, up 45% YoY (31% cc).
Improving Profitability Metrics
Adjusted EBITDA loss narrowed to $10.7M from $15.7M in Q1 '25 (underlying adjusted EBITDA would have been $9.7M excluding Algeria exit costs), reflecting material operating leverage and structural cost improvements.
Gross Profit and Margin Expansion
Gross profit rose to $29.4M, up 48% YoY (33% cc). Gross profit margin expanded by 160 basis points to 13.9% from 12.3%, driven by higher take rates, commission increases and improved monetization.
Monetization Gains in Higher‑Margin Services
Marketing & advertising revenue increased 44% YoY (to $2.2M) and value‑added services revenue nearly tripled to $1.7M (from $0.6M), indicating stronger seller adoption of ads and warehousing services.
Unit‑Cost Improvements and Fulfillment Efficiency
Fulfillment cost per order was $2.06, flat in reported dollars but down 10% YoY on a constant currency basis, reflecting productivity gains, automation and better logistics partner rates.
Customer Engagement and Retention Strengthening
Quarterly active customers rose 25% YoY (adjusted). Repeat purchase behavior improved: 47% of new customers from Q4 '25 made a repeat purchase within 90 days (vs 45% in Q4 '24). Average order value for physical goods increased to $36 (from $35).
Geographic and Supply Expansion
International items sold hit 4.9M gross items, up 87% YoY (adjusted), reflecting scaling of Chinese and other international sellers. Upcountry orders were 62% of volumes (up from 58% YoY), expanding addressable market via pickup stations.
Country-Level Standouts
Notable country performance: Nigeria physical goods GMV +42% YoY; Kenya ~50% YoY; Ghana +142% YoY; Egypt showing recovery (56% YoY growth noted, with a 3% YoY figure also cited excluding prior corporate sales). Other markets collectively grew 10%.
Balance Sheet and Cash Discipline
Liquidity was $62.6M (cash & equivalents $61.5M). Q1 liquidity decreased $15.3M vs a $23.2M decrease in Q1 '25, showing an improved cash trajectory. Net cash used in operations was $12.5M with broadly neutral working capital.
Structural Cost Reductions and Productivity
Technology & content expenses declined 8% YoY (10% cc). Total headcount declined 8% since Dec 31, 2024 (to ~1,980 employees from 4,318 at end‑2022); company plans to reduce ~200 more FTEs over next two quarters and is deploying AI/automation for further efficiency.
Reaffirmed Guidance and Path to Profitability
Full‑year 2026 GMV guidance reiterated at +27% to +32% YoY (adjusted). Company reiterated objective of adjusted EBITDA breakeven and positive cash flow in Q4 '26 and full‑year profitability and positive cash flow in 2027.
Operator
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia's Results Conference Call for the First Quarter of 2026. [Operator Instructions] With us today are Francis Dufay, CEO of Jumia; and Antoine Maillet-Mezeray, Executive Vice President, Finance and Operations. We'll start by covering the safe harbor. We would like to remind you that our discussions today will include forward-looking statements. Actual results may differ materially from those indicated in the forward-looking statements. Moreover, these forward-looking statements may speak only to our expectations as of today.
We undertake no obligation to publicly update or revise these statements. For a discussion of some of the risk factors that could cause actual results to differ from the forward-looking statements expressed today, please see the Risk Factors section of our annual report on Form 20-F as published on February 24, 2026, as well as our other submissions with the SEC. In addition, on this call, we will refer to certain financial measures not reported in accordance with IFRS. You can find reconciliations of these non-IFRS financial measures to the corresponding IFRS financial measures in our earnings press release, which is available on our Investor Relations website. With that, I will hand the call over to Francis.
Francis Dufay
Good morning, everyone, and thank you for joining Jumia's first quarter 2026 earnings call. 2025 was the year we demonstrated the resilience and scalability of our model and '26 is the year we plan to demonstrate our path to profitability. Q1 '26 showed that our momentum ...
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