Brad Erickson • RBC Capital Markets

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CEO Aman Bhutani stated it was too early to discuss the specifics of 2026 bundles. CFO Mark McCaffrey emphasized that the key takeaway is the balanced contribution from both volume-based initiatives (attach, conversion) and value-based initiatives (pricing), which creates a sustainable growth model.

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CEO Francis Dufay attributed the July acceleration to fundamental improvements in Jumia's value proposition and a renewed, disciplined focus on online marketing, rather than macro factors. He noted that while Q4 inventory will build for the holiday season, the working capital impact is not expected to be as significant as last year. Dufay emphasized there is still massive growth potential in underserved cities and that US tariffs are a medium-term tailwind for securing more supply from China. He described Jumia Delivery as a profitable service from the outset, targeting a broad, unstructured parcel market. EVP Antoine Maillet-Mezeray clarified that the raised guidance is based on business trends, not FX, and that profitability will be achieved through growth combined with cost controls and operating leverage, not significant new marketing spend.

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Executive Antoine Maillet-Mezeray attributed the GMV and order growth gap to a mix shift toward higher-value categories and inflation. CEO Francis Dufay explained that accelerating order growth depends on improving the core value proposition—supply, price, and service—rather than increasing marketing spend, highlighting a 22% order growth in Nigeria outside major cities as a proof point. Dufay also clarified that the exit from South Africa and Tunisia was a strategic resource allocation decision, as South Africa was a mature, non-core market and Tunisia had lower potential. Regarding profitability, Antoine Maillet-Mezeray stated that future improvements will be driven by top-line growth combined with continued operational efficiencies, such as the recent warehouse consolidations.

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Co-Founder & CEO Avishai Abrahami acknowledged a minor decline in organic search but argued that AI creates a new, more complex need for visibility on LLMs, which requires a powerful platform like Wix. He noted that complex backend business logic will remain on websites. Regarding Studio, he highlighted an exciting roadmap that will enhance capabilities and provide partners with tools for the future internet, creating a competitive edge.

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CEO Spencer Rascoff stated that while he is optimistic about future generations, the immediate focus is on improving product-market fit with Gen Z. He strongly refuted the narrative that the online dating category is in decline, citing Hinge's robust audience growth of nearly 20% YoY as definitive proof of the category's health and vibrancy, further supported by 100 million messages sent daily across Match Group's apps.

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CFO Lawrence Fey described the competitive landscape as an auction for top search placement where a competitor is bidding at uneconomic levels, seemingly to demonstrate top-line growth despite industry profitability. For H2 supply, he reiterated a view of a 'flattish' industry calendar. CEO Stan Chia added that the company's structural cost changes are designed to allow it to compete more nimbly against both marketing and take rate pressures.

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COO Jen Wong stated that Reddit's ROAS is increasingly competitive, leading to budget wins from both market consolidation and overall growth. Regarding Reddit Pro, she noted it's still early but they are actively building the pipeline to connect organic business profiles with the ads manager, seeing it as a clear opportunity for future conversion.

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COO Jen Wong stated that ROAS is becoming increasingly competitive, which is driving growth from both budget consolidation and overall market growth. On Reddit Pro, she noted it's still early but they are actively building the pipeline to convert organic business engagement into paid advertising, for instance, by enabling users to boost successful organic posts directly from the platform.

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CFO Mark Jenkins outlined a two-phase strategy: first, CapEx-light ADESA integrations, followed by more extensive build-outs estimated to cost around $1 billion over several years. CEO Ernie Garcia added that more facilities improve sourcing efficiency, noting the wholesale-to-retail ratio has remained stable despite significant sales growth.

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CFO Mark Jenkins outlined that the current strategy focuses on CapEx-light ADESA integrations, with a future phase involving more significant build-outs. CEO Ernie Garcia added that expanding the physical network improves efficiency, such as reducing inbound transport miles, and noted that vehicle sourcing from consumers has scaled effectively alongside retail growth.

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Ofer Katz, President & CFO, detailed that the Services segment primarily consists of Promoted Gigs, Seller Plus, and AutoDS. He noted that Seller Plus and AutoDS are subscription-based, while Promoted Gigs, though transactional, show high seller retention. Micha Kaufman, Founder & CEO, added that while the timing is uncertain due to macro volatility, the upmarket and AI-driven mix shift is expected to eventually return the Marketplace to growth on its own.

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