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    Tracy Kivunyu • SBG Securities

    Tracy Kivunyu's questions to Jumia Technologies AG (JMIA) leadership

    Tracy Kivunyu's questions to Jumia Technologies AG (JMIA) leadership • Q2 2025

    Question

    Tracy Kivunyu of SBG Securities asked about the drivers of order growth, specifically the mix between new and existing customers, and the sustainability of the strong first-party (1P) sales growth versus third-party (3P). She also questioned the flat quarter-over-quarter growth in orders from outside capital cities, the potential for pickup stations, the future trajectory of fulfillment costs, the growth slowdown in the mature Ivory Coast market, and the components of the finance cost line.

    Answer

    EVP Antoine Maillet-Mezeray stated that growth is a combination of acquiring new customers and increasing repurchase rates from existing ones. CEO Francis Dufay added that the 1P/3P mix is opportunistic, with recent 1P strength driven by key brand partnerships like Starlink, and they do not plan a major strategic shift. Dufay explained that the upcountry order share is a long-term trend where a 1% quarterly gain is significant, and fulfillment costs are expected to decline further through scale and automation. He characterized the Ivory Coast slowdown as a deliberate choice to monetize their scale in a mature market, while still expecting long-term double-digit growth. Maillet-Mezeray attributed finance cost movements primarily to FX and matured investments.

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    Tracy Kivunyu's questions to Jumia Technologies AG (JMIA) leadership • Q1 2025

    Question

    Tracy Kivunyu of SBG Securities asked about the potential for increased competition from Asian players, the contribution of international orders to GMV, and the monetization model and viability of the new Jumia Deliveries business. She also inquired about the regional drivers of customer growth, the profitability status of Jumia's top four country markets, and the primary factors contributing to the strong overall customer growth performance.

    Answer

    CEO Francis Dufay stated that Jumia is well-positioned to compete with non-resident platforms from Asia due to its strong brand, broad assortment, established delivery network offering cash-on-delivery, and tightening local regulations. He clarified that while international items are a significant portion of units sold, their lower average value means they represent a smaller percentage of GMV. Regarding Jumia Deliveries, Dufay described it as a high-margin business monetized via a per-package fee, designed to be profitable from day one with minimal new investment. He attributed the strong 15% active customer growth primarily to fundamental improvements in product assortment, pricing, and upcountry expansion, rather than increased marketing. While not disclosing country-level profitability, he noted that scale drives profitability and that key markets like Nigeria have a long runway for growth.

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