Jumia Technologies AG (JMIA) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia's Results conference call for the first quarter of 2025. (Operator Instructions) I would now like to turn the call over to Ignatius Njoku, Head of Investor Relations for Jumia. Please go ahead.

女士們、先生們，早安。感謝您的支持。歡迎參加 Jumia 2025 年第一季業績電話會議。（操作員指示）現在，我想將電話轉給 Jumia 投資者關係主管 Ignatius Njoku。請繼續。

Thank you. Good morning, everyone. Thank you for joining us today for our first quarter 2025 earnings call. With us today are Francis Dufay, CEO of Jumia, and Antoine Maillet-Mezeray, Executive Vice President, Finance and operations.

謝謝。大家早安。感謝您今天參加我們的 2025 年第一季財報電話會議。今天與我們在一起的有 Jumia 執行長 Francis Dufay 和財務和營運執行副總裁 Antoine Maillet-Mezeray。

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.

我們想提醒您，我們今天的討論將包括前瞻性陳述。實際結果可能與前瞻性陳述中所示的結果有重大差異。此外，這些前瞻性陳述可能僅代表我們今天的預期。

We undertake no obligations to publicly update or revise these statements. For a discussion of some of the risk factors that could cause actual results differ from the forward-looking statements expressed today, please see the risk factors section of our annual report on Form 20 as published on March 7, 2025, as well as our other submissions with the SEC.

我們不承擔公開更新或修改這些聲明的義務。有關可能導致實際結果與今天表達的前瞻性陳述不同的某些風險因素的討論，請參閱我們於 2025 年 3 月 7 日發布的 20 表年度報告中的風險因素部分，以及我們向美國證券交易委員會提交的其他文件。

In addition, on this call, you will refer certain financial measures not reported in accordance with IFRS. You can find reconciliation 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'll hand it over to Francis.

此外，在本次電話會議中，您將提及某些未依照國際財務報告準則報告的財務指標。您可以在我們的收益新聞稿中找到這些非國際財務報告準則財務指標與相應的國際財務報告準則財務指標的對帳表，該新聞稿可在我們的投資者關係網站上找到。說完這些，我就把它交給法蘭西斯。

Good morning, everyone and thank you for joining Jumia's first quarter 2025 call. We entered 2025 with a clear mandate reduce losses, drive efficiency, and deliver measurable financial improvements and we have started executing decisively.

大家早安，感謝大家參加 Jumia 2025 年第一季電話會議。我們在進入 2025 年時就制定了明確的目標：減少損失、提高效率、實現可衡量的財務改善，並且我們已經開始果斷執行。

While we have materially reduced our losses in recent years, we know our profitability is not yet where it needs to be. The GAAP is clear and closing it is our top priority accelerating usage trends during the quarter, combined with the return to positive end user GMV growth in March, are a strong signal of renewed momentum.

雖然近年來我們的虧損已大幅減少，但我們知道我們的獲利能力尚未達到應有的水準。GAAP 很明確，結束它是我們本季的首要任務，加速使用趨勢，再加上 3 月份最終用戶 GMV 成長的恢復，這些都是新勢頭的強烈訊號。

However, overall GMV and revenue remain pressured by one currency headwinds, which continue to weigh in profitability, and two, by a sharp decrease of corporate sales in Egypt, which generated significant volumes in Q4 2023 and Q1 2024. That's why we're laser focused on margin, extension and financial discipline.

然而，整體 GMV 和收入仍面臨壓力，一方面是貨幣逆風，這繼續影響獲利能力；另一方面是埃及企業銷售額急劇下降，而埃及企業銷售額在 2023 年第四季和 2024 年第一季產生了大量銷售額。這就是為什麼我們專注於利潤、擴展和財務紀律。

We are executing against our plan to slash cash burden and structurally improve margins. Usage growth is important, but in Q1, our focus was clear. Take costs out of the system. We have launched targeted company-wide initiatives across logistics, fulfillment, technology, and G&A expense. That impact will scale through the rest of the year.

我們正在執行削減現金負擔和結構性提高利潤率的計劃。使用量成長很重要，但在第一季度，我們的重點很明確。從系統中消除成本。我們已經啟動了針對物流、履行、技術和一般行政費用的全公司範圍的有針對性的措施。這種影響將持續到今年剩餘時間。

As a result, we are raising our full year 2025 guidance and now expect a loss before income tax of $50 to $55 million an improvement from our prior range of $65 to $70 million. For 2026 we forecast a loss before income tax of $25 to $30 million and we believe to be on track to reach profitability on the loss before income tax basis in the fourth quarter with full year profitability targeted for 2027.

因此，我們上調了 2025 年全年業績預期，目前預計稅前虧損為 5,000 萬至 5,500 萬美元，較之前的 6,500 萬至 7,000 萬美元有所改善。我們預測 2026 年的稅前虧損將達到 2,500 萬至 3,000 萬美元，並且我們相信公司預計在第四季度實現稅前虧損盈利，併計劃在 2027 年實現全年盈利。

Rejecting Q1 results and solid early Q2 momentum, we are also increasing our physical goods orders growth guidance 20 to 25%, up from 15 to 20%. Before discussing the quarter's financial results, let me now provide additional context around the proactive steps we are taking to reduce the cost base.

拒絕第一季業績和第二季初的強勁勢頭，我們也將實體商品訂單成長預期從 15% 至 20% 上調 20% 至 25%。在討論本季度的財務業績之前，讓我先提供有關我們為降低成本基礎而採取的主動措施的更多背景資訊。

Although we have made significant strides towards becoming a leaner and more efficient organization, considerable work remains to achieve our goal of becoming a sustainable, cash flow positive organization. To accelerate our progress, we are cutting costs across the business, with execution already under way in logistics, fulfillment, staffing and tech changes are already visible in our numbers.

儘管我們在成為更精簡、更有效率的組織方面取得了重大進展，但要實現成為永續發展、現金流為正的組織的目標，仍有大量工作要做。為了加快我們的進步，我們正在削減整個業務的成本，物流、履行、人員配備和技術變革方面的執行已經在我們數據中顯現出來。

In fulfillment, we are executing a detailed action plan focused on reducing physical goods cost per order. In Q1, we successfully renegotiated nearly all of our third-party logistics contracts, unlocking improved unit economics, especially in markets where volume scale is strong.

在履行過程中，我們正在執行詳細的行動計劃，重點是降低每份訂單的實體商品成本。在第一季度，我們成功地重新談判了幾乎所有的第三方物流合同，從而提高了單位經濟效益，特別是在交易量規模強大的市場中。

We also reduce staffing levels in our warehouses and achieve meaningful profitability gains. We are also consistently optimizing line haul routing and reducing the number of trucks moves. These actions have already delivered a meaningful reduction in fulfillment expense per order, excluding Gmail app orders, to $2.1 in Q1 2025, a 14% reduction year over year. We expect further progress as this initiative scales through the remainder of the year.

我們還減少了倉庫的人員數量並實現了顯著的獲利成長。我們也不斷優化幹線運輸路線並減少卡車移動次數。這些舉措已經顯著降低了每筆訂單的履行費用（不包括 Gmail 應用訂單），到 2025 年第一季度，該費用降至 2.1 美元，同比下降 14%。我們期待隨著該計劃在今年剩餘時間內不斷擴大，取得進一步進展。

On staffing, we are managing attrition and relocating resources to high priority areas. We have implemented a highly restrictive hiring policy that will remain in effect in 2025. Since the beginning of the year through the end of April, we have already reduced our total headcount by about 3%, demonstrating our commitment to cost control and organizational efficiency.

在人員配置方面，我們正在管理人員流失並將資源重新分配到高優先領域。我們實施了高度嚴格的招聘政策，該政策將持續到 2025 年。自今年年初至 4 月底，我們已經將員工總數減少了約 3%，這表明我們致力於控製成本和提高組織效率。

In technology We are cutting costs where it matters without touching growth enablers. We have renegotiated or terminated several key software and hosting contracts, targeting meaningful cost savings starting in the second half of '25.

在技​​術方面，我們在不影響成長推動因素的情況下削減了重要成本。我們已經重新談判或終止了幾項關鍵的軟體和託管合同，目標是從 25 年下半年開始實現顯著的成本節約。

Based on existing timelines, we expect license-related costs in Q1 2026 to be significantly lower than in Q1 2025. The savings are already secured, reinforcing the concrete and measurable nature of our cost plan. For example, in technology and more specifically regarding hosting costs. We have a yearly contractual commitment of $13.7 million in '24, whereas our current 12-month commitment is now reduced to only $10 million without limiting our growth potential.

根據現有時間表，我們預計 2026 年第一季的授權相關成本將明顯低於 2025 年第一季。節省的資金已經得到保證，這加強了我們的成本計劃的具體性和可衡量性。例如，在技術方面，更具體地說是託管成本方面。我們在 24 年的年度合約承諾額為 1370 萬美元，而我們目前的 12 個月承諾額現已減少到僅 1000 萬美元，但這並不會限制我們的成長潛力。

On G&A, we conducted a comprehensive line by line review of our expenses earlier this year. We expect that this review will progressively yield tangible savings across several expense categories. On the gross profit front, we have very moderately increased marketplace take rates across most markets, leveraging our growing scale to enhance profitability without materially impacting our price positioning.

在一般及行政管理方面，我們在今年稍早對我們的費用進行了全面的逐行審查。我們預計，此次審查將逐步在多個支出類別中產生實際的節省。在毛利方面，我們非常適度地提高了大多數市場的市場接受率，利用我們不斷增長的規模來提高盈利能力，而不會對我們的價格定位產生實質影響。

Let me be clear. We firmly believe that these savings and monetization efforts are not coming at the expense of growth. They are the result of simplification, smarter execution, better technology, and the relentless focus on return on investment.

讓我說清楚。我們堅信，這些節約和貨幣化努力不會以犧牲成長為代價。它們是簡化、更聰明的執行、更好的技術以及對投資回報的不懈關注的結果。

For example, in the first quarter of '25, lower fulfillment costs have not impacted customer satisfaction. technology cost reductions do not constrain our ability to scale traffic or handle higher orders both and smaller teams are operating more efficiently with sharper focus and improved tools.

例如，在 25 年第一季度，較低的履行成本並未影響顧客滿意度。技術成本的降低並不會限制我們擴大流量或處理更高訂單的能力，而且規模較小的團隊能夠以更專注的注意力和改進的工具更有效率地運作。

Cash bond for the quarter was $23.2 million including $8 million in working capital. With this level of execution and continued cross discipline, we expect to significantly reduce cash burn in the coming quarters and remain confident that we can do so without raising additional capital.

本季現金債券為 2,320 萬美元，其中包括 800 萬美元的營運資金。透過這種執行水準和持續的跨學科，我們預計未來幾季的現金消耗將大幅減少，我們仍然相信，無需籌集額外資金就能做到這一點。

Let's now review our usage and financial results for the first quarter. We delivered solid usage metrics building on the momentum from the previous quarter. In the first quarter, adjusted for perimeter effects, physical goods orders were 21% year over year, driven by strong demand and continued execution.

現在讓我們回顧一下第一季的使用情況和財務結果。我們在上一季的基礎上提供了可靠的使用率指標。第一季度，經週邊效應調整後，受強勁需求和持續執行的推動，實體商品訂單年增 21%。

Quarterly active customers ordering physical goods by 15% year over year. These are both our highest growth rates over the past two years, showing the impact of our plan. Customer loyalty remains strong as 45% of new customers adjusted for perimeter effects who placed an order in Q4'24 made another purchase within 90 days, up from 40% in Q4'23.

季度活躍客戶訂購實體商品年增15%。這是我們過去兩年來的最高成長率，顯示了我們計劃的效果。客戶忠誠度依然強勁，根據週邊效應調整後，2024 年第四季下單的新客戶中，有 45% 在 90 天內再次購買，高於 2023 年第四季的 40%。

Demand remains robust in key categories such as electronics, phones, women living, fashion and beauty. Quarterly active customers increased from 1.9 million in Q124 to 2.1 million in Q125, reflecting deeper customer engagement. GMV declined 11% the year, primarily due to the currency headwinds and lower corporate sales, particularly in Egypt.

電子產品、手機、女性生活、時尚和美容等主要類別的需求仍然強勁。季度活躍客戶從 2024 年第一季的 190 萬增加到 2025 年第一季的 210 萬，反映出客戶參與度的進一步提高。全年 GMV 下降了 11%，主要原因是貨幣逆風和企業銷售下降，尤其是在埃及。

Excluding corporate sales, GMV would have grown 10% year over year, highlighting underlying trends in our consumer business. The average order value for physical goods orders was $35.4 in Q125 compared to 46.2 in Q124.

不包括企業銷售額，GMV 將年增 10%，突顯出我們費用者業務的潛在趨勢。2025 年第一季實體商品訂單的平均訂單價值為 35.4 美元，而 2024 年第一季為 46.2 美元。

Importantly, As of March, we have fully lapped the significant currency headwinds from Egypt and Nigeria. Which provides a cleaner view of your comparison moving forward. As a reminder, the Nigerian naira experienced a devaluation in February 24, followed by a devaluation of the Egyptian pound in March 204.

重要的是，截至 3 月份，我們已經完全克服了來自埃及和奈及利亞的重大貨幣逆風。這可讓您更清楚地了解未來的比較情況。提醒一下，尼日利亞奈拉在 2 月 24 日貶值，隨後埃及鎊在 204 年 3 月也貶值。

To clearly illustrate our underlying growth trends after lapping currency devaluations, we are providing additional data points for March. Adjusted for parameter effects, physical goods orders grew 21% year over year, and physical goods GMV increased 16%.

為了清楚說明貨幣貶值後我們的潛在成長趨勢，我們提供了三月的額外數據點。經參數效應調整後，實體商品訂單年增21%，實體商品GMV成長16%。

These positive trends aligned with our expectations for sustained growth. Revenue for the quarter was $36.3 million down 26% over year and down 18% in constant currency. Our adjusted EBITDA loss was $15.7 million in Q1'25 compared to a loss of $4.3 million in Q1'24. Loss before income tax was $16.5 million a significant improvement from $39.6 million in the same period last year.

這些正面趨勢與我們對持續成長的預期一致。本季營收為 3,630 萬美元，年減 26%，以固定匯率計算下降 18%。2025 年第一季度，我們的調整後 EBITDA 虧損為 1,570 萬美元，而 2024 年第一季的虧損為 430 萬美元。稅前虧損為 1,650 萬美元，較去年同期的 3,960 萬美元有顯著改善。

Let's now turn to operational highlights and execution at the country level. First, on supply, we have significantly strengthened our relationships with international sellers, especially from China, expanding our assortment at attractive prices.

現在讓我們來看看國家層級的行動亮點和執行情況。首先，在供應方面，我們大大加強了與國際賣家（尤其是中國賣家）的關係，以極具吸引力的價格擴大了我們的產品種類。

In Q1, we sourced 2.6 million gross items internationally, adjusted for perimeter effects representing 61% year over year increase. Our Chinese vendor base is scaling rapidly and the supply pipeline is more robust than ever.

第一季度，我們在全球採購了 260 萬件商品，經週邊影響調整後，年增 61%。我們的中國供應商基礎正在迅速擴大，供應管道比以往任何時候都更加強勁。

Seconds on geographic reach. We're expanding beyond major cities into underserved upcountry regions, orders from these areas grew sharply and now represent 58% of total volumes. Up from 50% last year, adjusted for perimeter effects.

地理覆蓋範圍以秒為單位。我們正在從大城市向服務不足的內陸地區擴張，來自這些地區的訂單急劇增長，目前佔總訂單量的 58%。經過週邊效應調整後，比去年的 50% 上升。

This expansion is unlocking high growth, low cost customer acquisition with minimal fixed cost investments. Our asset light model built on partnerships with third party logistics providers and pickup station operators, is delivering results, reducing fulfillment costs per order and enhancing customer convenience at scale.

此次擴張將以最少的固定成本投資實現高成長、低成本的客戶獲取。我們的輕資產模式建立在與第三方物流供應商和提貨站營運商的合作之上，正在產生成效，降低每個訂單的履行成本，並大規模提高客戶便利性。

This quarter, we are introducing more detailed country level disclosures to give greater visibility into how our strategy is performing across our largest markets. Specifically, we'd like to share a breakdown of our largest markets by GMV in Q125.

本季度，我們將推出更詳細的國家級揭露，以便更好地了解我們的策略在最大市場中的表現。具體來說，我們想分享 2025 年第一季按 GMV 劃分的最大市場細分情況。

Ivory Coast, Nigeria, Kenya, and Egypt represented approximately 26%, 22%, 15%, and 10% of company GMV respectively, with the remaining countries grouped under other markets, contributing 27%. The same four countries also accounted for 21%, 30%, 15% and 9% of total physical goods orders, respectively, with other markets making up the remaining 25%.

科特迪瓦、奈及利亞、肯亞和埃及分別占公司 GMV 的約 26%、22%、15% 和 10%，其餘國家則歸類為其他市場，貢獻了 27%。這四個國家也分別佔實體商品訂單總額的 21%、30%、15% 和 9%，其他市場則佔剩餘的 25%。

This breakdown highlights our strong execution in key markets and highlights a significant opportunity that exists across our Pan-African footprint. In Ivory Coast, physical goods orders increased year over year by 25% and GMV by 4% and 8% in constant currency.

這一細分凸顯了我們在關鍵市場的強勁執行力，並凸顯了我們在泛非洲業務中存在的重要機會。在科特迪瓦，實體商品訂單年增 25%，GMV 以固定匯率計算成長 4% 和 8%。

The pace of growth in orders reflects success in lower value categories such as fashion, while growth in GMV is slower after a very successful Q1'24 in high value categories such as TV and appliances driven by the African Cup of Nations that took place in Ivory Coast last year.

訂單的成長速度反映了時尚等低價值類別的成功，而 GMV 的成長速度在去年科特迪瓦舉行的非洲國家盃的推動下，在電視和家電等高價值類別 2024 年第一季度取得巨大成功之後有所放緩。

This market has served as a blueprint for our current strategy, where we began executing our commercial and operational playbooks several years ahead of most countries. As a result, Ivory Coast stands as our leading market by GMV.

這個市場是我們當前策略的藍圖，我們比大多數國家提早幾年開始執行我們的商業和營運策略。因此，科特迪瓦是我們 GMV 領先的市場。

With strong consumer engagement, a well-established brand, and strong scale effects, our focus is now on leveraging our scale to drive higher profitability. In Nigeria Physical goods orders grew by 22% and GMV increased 18% year over year and 46% in constant currency.

憑藉強大的消費者參與度、成熟的品牌和強大的規模效應，我們現在的重點是利用規模來提高獲利能力。在奈及利亞，實體商品訂單成長了 22%，GMV 年成長 18%，以固定匯率計算成長了 46%。

The momentum is clear, especially in March where GMV surged 43% and physical disorders growth accelerated to 32%. This performance is the result of disciplined execution, driven by extended product assortments, improved quality of service, and deeper penetration into upcountry regions.

這種勢頭很明顯，尤其是 3 月份，GMV 飆升 43%，身體疾病成長加速至 32%。這項業績是嚴格執行的結果，得益於產品種類的擴大、服務品質的提高以及對內陸地區的深入滲透。

After a successful turnaround in 2024, Nigeria remains our largest and most strategic market, and it's still significantly under penetrated. Despite rising competition, Junior maintains a clear leadership position with substantial runway for continued growth.

在 2024 年成功轉型之後，奈及利亞仍然是我們最大、最具戰略意義的市場，但其滲透率仍然很低。儘管競爭日益激烈，Junior 仍保持著明顯的領導地位，並擁有持續成長的巨大空間。

Kenya Physical goods orders grew 36% year over year and GMV increased 44% and 25% in constant currency. This performance reflects strong execution of our playbook driven by upcountry expansion, a more competitive assortments, and increased contributions from intentional sellers like Nigeria, Kenya underwent a meaningful turnaround in 2024 and is now well positioned for sustained growth. It is a significant opportunity in this market to increase our penetration while driving profitably.

肯亞實體商品訂單年增 36%，GMV 成長 44%，以固定匯率計算成長 25%。這項業績反映了我們策略的有力執行，這得益於向內陸地區擴張、更具競爭力的產品組合以及尼日利亞、肯亞等有意向的賣家貢獻的增加。肯亞在 2024 年經歷了有意義的轉變，現在已準備好持續成長。這是我們在這個市場中提高滲透率並實現盈利的重要機會。

In Egypt, physical goods orders were down 15% year over year and GMV decreased 69% in USD and 54% in constant currency. GMV was mostly impacted by a sharp decline in corporate sales due to shifting market dynamics, as well as the lagging impact of March 2024 devaluation.

在埃及，實體商品訂單年減 15%，GMV 以美元計算下降 69%，以固定匯率計算下降 54%。GMV 受到的主要影響是，由於市場動態變化導致企業銷售額急劇下降，以及 2024 年 3 月貨幣貶值的滯後影響。

That said, we're in full execution mode on the business resets, driving forward the comprehensive restructuring plan launched in early 204. While volumes remain below our expectations, we are seeing tangible operational progress.

也就是說，我們正全面執行業務重置，推動 204 年初啟動的全面重組計畫。儘管交易量仍低於我們的預期，但我們看到了切實的營運進展。

Despite a highly competitive landscape, we believe we can unlock long-term growth by focusing on affordability and delivering a value proposition tailored to the large lower middle class segments. In addition to our core geographies, we continue to see encouraging momentum across our other market portfolio. Which includes countries like Ghana, Uganda, and Morocco. Collectively, the markets deliver GMP growth of 17% and 23% in constant currency.

儘管競爭非常激烈，但我們相信，透過專注於可負擔性並提供針對廣大中下階層的價值主張，我們可以實現長期成長。除了我們的核心地區之外，我們在其他市場組合中也繼續看到令人鼓舞的發展勢頭。其中包括加納、烏幹達和摩洛哥等國。整體而言，以固定匯率計算，這兩個市場的 GMP 成長率分別為 17% 和 23%。

We see physical good orders up 24% year over year. Our playbook in these countries is essentially the same as in the bigger markets, with increased focus on cost management as we adapt to smaller market size. We notice in this book very successful countries such as Ghana, growing 65% in GMP year over year.

我們看到實體商品訂單年增了 24%。我們在這些國家的策略與在較大的市場中基本上相同，在適應較小的市場規模的同時，我們更加重視成本管理。我們在本書中註意到一些非常成功的國家，例如加納，其 GMP 成長率達 65%。

Finally, on platform expansion. We are rolling out junior deliveries, our in-house last mile logistics platform as a service of third-party sellers, including social commerce merchants, as well as individuals. After successfully piloting this service in Ivory Coast and building the relevant IT tools, we have recently opened in Nigeria, where we will make our network of 494 pickup stations available for individuals and third-party merchants to ship packages nationwide.

最後，關於平台擴展。我們正在推出初級配送，這是我們內部的最後一哩物流平台，為第三方賣家（包括社群商務商家和個人）提供服務。在科特迪瓦成功試行該服務並建立相關 IT 工具後，我們最近在尼日利亞開設了分公司，在那裡我們將向個人和第三方商家開放 494 個取貨站網絡，以便在全國範圍內運送包裹。

We are currently securing the relevant licenses to expand to more markets. This is a major strategic step that allows us to monetize our logistic infrastructure beyond the core marketplace. By opening our delivery network to external volume, we are improving wood density, enhancing cost efficiency, and creating a scalable logistics business that extends our value proposition across the whole digital economies.

我們目前正在申請相關許可證，以拓展更多市場。這是一個重要的策略性舉措，使我們能夠在核心市場之外將物流基礎設施貨幣化。透過向外部開放我們的配送網絡，我們正在提高木材密度，提高成本效率，並創建可擴展的物流業務，將我們的價值主張擴展到整個數位經濟體。

Let me also touch briefly on the competitive landscape. We see 3 types of competitors in our African markets. First, local social commerce merchants. They will always be around, and we are looking at this pool of merchants as an opportunity for Junior.

我還想簡單談談競爭格局。我們在非洲市場看到三種類型的競爭對手。第一，本地社交電商商家。他們將永遠在我們身邊，我們將這群商家視為青少年的機會。

We are working to onboard them to our marketplace and help them generate more sales. We're also looking to sell them our Gmail delivery services and generate profits from them. The Full-fledged e-commerce players, some of them focused on one market, such as Konga in Nigeria, and some international platforms such as Amazon and Nuni in Egypt.

我們正在努力將他們納入我們的市場並幫助他們創造更多銷售。我們也希望向他們出售我們的 Gmail 遞送服務並從中獲取利潤。成熟的電子商務參與者，其中一些專注於一個市場，例如尼日利亞的 Konga，還有一些國際平台，例如埃及的亞馬遜和 Nuni。

We believe that our scale gives us an edge in sourcing and technology against players focusing on only one market. Looking at international platforms, we believe that we have deeply adapted our model to African markets, making us very relevant for the lower middle classes and Non-resident platforms such as Tchin have been making moves in selected African markets over the past years.

我們相信，與只專注於一個市場的競爭對手相比，我們的規模使我們在採購和技術方面具有優勢。縱觀國際平台，我們相信我們已經將我們的模式深度適應了非洲市場，這使得我們與中下階層息息相關，而像 Tchin 這樣的非居民平台在過去幾年中一直在選定的非洲市場採取行動。

We acknowledge the low prices and that assortments, making them very worthy competitors. Our main assets to compete with them are one our own very competitive assortment from Chinese vendors. Second, our broad and highly efficient delivery network. And 3, the tailoring of our value proposition to local preferences, such as offering payment on delivery or pick-up station deliveries.

我們承認低廉的價格和多樣的品種，使他們成為非常有價值的競爭對手。我們與他們競爭的主要資產是我們自己從中國供應商獲得的極具競爭力的產品組合。第二，我們廣泛且有效率的配送網路。第三，根據當地偏好調整我們的價值主張，例如提供貨到付款或取貨站送貨服務。

Before closing, I'd like to touch on recent global developments and their potential impact on Africa and Alia. While global trade tensions and geopolitical uncertainty continue to shape the broader macro environment. We do not expect a material impact on consumer demand in our coal markets.

最後，我想談談最近的全球發展及其對非洲和阿麗亞的潛在影響。全球貿易緊張局勢和地緣政治不確定性繼續影響更廣泛的宏觀環境。我們預計這不會對煤炭市場的消費需求產生重大影響。

Exports to the US remain limited, particularly in manufactured goods, and the conclusion of certain international aid programs, such as US aid funding is expected to have only a very marginal effect in a few of the countries where we operate.

對美國的出口仍然有限，特別是製成品，而且某些國際援助計劃（例如美國援助資金）的結束預計只會對我們開展業務的少數國家產生非常微不足道的影響。

What we do anticipate, however, is a meaningful improvement in supply availability for African markets. As Asian manufacturers look for alternative distribution channels and new consumer markets, Africa is becoming increasingly attractive.

然而，我們確實預期非洲市場的供應狀況將顯著改善。隨著亞洲製造商尋找替代分銷管道和新的消費市場，非洲變得越來越有吸引力。

Jumia is well positioned to serve as a strategic partner of choice, offering manufacturers direct access to millions of consumers for established logistics and commercial infrastructure. This creates a potential tailwind for business, as improving supply has been a central pillar of our research information.

Jumia 完全有能力成為首選的策略合作夥伴，為製造商提供透過成熟的物流和商業基礎設施直接接觸數百萬消費者的途徑。這為業務創造了潛在的順風，因為改善供應一直是我們研究資訊的核心支柱。

The shifting global trade landscape may also ease pressure on local currencies and open new sourcing opportunities, reinforcing our strategic focus and strengthening our long-term positioning. In closing, we remain fully focused on our key objective of becoming a profitable company.

不斷變化的全球貿易格局也可能減輕當地貨幣的壓力並開闢新的採購機會，從而加強我們的策略重點並鞏固我們的長期定位。最後，我們將繼續全心全意地致力於成為一家獲利公司這一關鍵目標。

Our disciplined approach to cost management is delivering what we believe to be real sustainable results, validating our business model across multiple markets. We remain confident in our strategic direction and our clear path towards pro stability. I would like to sincerely thank all stakeholders, our investors, partners, and particularly our dedicated junior team for your ongoing support. I will now turn the call over to Antoine for a review of our financials.

我們嚴謹的成本管理方法正在帶來我們認為的真正可持續的成果，並在多個市場中驗證我們的商業模式。我們對我們的策略方向和實現穩定的明確道路充滿信心。我要真誠感謝所有利害關係人、我們的投資者、合作夥伴，特別是我們敬業的初級團隊的持續支持。我現在將把電話轉給安托萬，讓他審查我們的財務狀況。

Thank you, Francis, and thank you everyone for joining us today. As Francis outlined, we've taken decisive action to structurally lower our cost base while preserving our ability to grow from renegotiating logistics and contracts to streamlining warehouse operations and tightly managing accounts, every initiative is designed to drive lasting modern expansion and improve cash efficiency.

謝謝你，法蘭西斯，也謝謝大家今天的到來。正如方濟各所概述的，我們已採取果斷行動，從結構上降低成本基礎，同時保持我們的成長能力，從重新談判物流和合約到簡化倉庫營運和嚴格管理帳戶，每一項舉措都旨在推動持久的現代擴張並提高現金效率。

With that context in mind, let me know, walk you through our financial results for the first quarter. Let's start with a review of our top line performance. First quarter revenue was $USD36.3 million, down 26% year over year and on 18% on a constant currency basis for the quarter.

考慮到這一點，請讓我向您介紹我們第一季的財務表現。讓我們先回顧一下我們的頂線表現。第一季營收為 3,630 萬美元，年減 26%，以本季固定匯率計算下降 18%。

The year over year decline in revenue was driven by lower corporate sales in Egypt and the continued impact of currency devaluations. Please note Jumia benefited from higher corporate sales in Egypt during the 4th quarter of 2023, which contributed to the year over EUR comparison.

收入年減的原因是埃及企業銷售額下降以及貨幣貶值的持續影響。請注意，Jumia 受益於 2023 年第四季埃及企業銷售額的成長，這有助於該年度銷售額超過歐元。

As of March, we fully la the Erdogan's experience in early 2024 in Egypt and Nigeria. This provides a clearer view of the EUR comparison and sets the stage for revenue growth will power. Marketplace revenue for the first quarter was $18.1 million, down 30% year over year and down 26% on a constant currency basis. Revenue from first party sales was $17.8 million, down 21% and 9% on a constant basis.

截至 3 月，我們已充分了解艾爾段 2024 年初在埃及和奈及利亞的經歷。這提供了更清晰的歐元比較視圖，並為收入成長奠定了基礎。第一季市場營收為 1,810 萬美元，年減 30%，以固定匯率計算下降 26%。第一方銷售收入為 1,780 萬美元，年減 21%，較去年同期下降 9%。

Turning now to gross profits. Third quarter growth profit was $USD19.9 million, down 36% year over year, down 32% on a constant currency basis. Gross profit margin was impacted by continuing macroeconomic headwinds, particularly currency devaluation and reduction in corporate sales. Gross profit margin at the percentage of the ND for the first quarter was 12% compared to 17% in Q1'24.

現在來談談毛利。第三季成長利潤為1,990萬美元，年減36%，以固定匯率計算下降32%。毛利率受到持續的宏觀經濟逆風的影響，尤其是貨幣貶值和企業銷售額下降。第一季 ND 百分比的毛利率為 12%，而 24 年第一季為 17%。

Turning to expenses of structural cost initiatives launched this year are not yet fully reflected in the 1st quarter but are set to deliver savings over the coming quarters. That said, we continue to benefit from prior cost actions, particularly in fulfillment efficiency and more targeted marketing.

談到今年推出的結構性成本舉措的費用，尚未在第一季完全反映出來，但將在未來幾季帶來節省。也就是說，我們繼續受益於先前的成本行動，特別是在履行效率和更有針對性的行銷方面。

Let me walk you through the key expense lines. Fulfillment expense for the first quarter was $9.4 million, flat year over year and at 8% in constant currency. However, fulfillment expenses per order, excluding Junior pay app orders decreased to $2.07 down 14% year over year, or down 7% year over year on a constant currency basis, driven by operating leverage and continuing improvement in efficiency.

讓我帶您了解一下主要的費用項目。第一季的履行費用為 940 萬美元，與去年同期持平，以固定匯率計算成長 8%。然而，受營運槓桿和效率持續提高的推動，不包括青少年支付應用程式訂單在內的每筆訂單的履行費用下降至 2.07 美元，同比下降 14%，按固定匯率計算同比下降 7%。

Sales and advertising expense was $USD3.1 million for the first quarter, down 17% over a year and down 8% in constant currency. The decline reflects continued discipline and the effectiveness of our more targeted marketing strategy.

第一季銷售和廣告費用為 310 萬美元，年減 17%，以固定匯率計算下降 8%。這一下降反映了我們持續的紀律和更有針對性的行銷策略的有效性。

As a percentage of GND sales and advertising expense was 2%, 14 basis points decreased from Q1 2024. Technology and expense was $9.6 million for the first quarter, representing an increase of 6% year over year and up 9% in constant currency.

由於 GND 銷售和廣告費用的百分比為 2%，比 2024 年第一季減少了 14 個基點。第一季技術和費用為 960 萬美元，年增 6%，以固定匯率計算成長 9%。

We expect this line to decline in the coming quarters as we begin to capture savings from both closed and ongoing contract negotiations. First quarter G&A expenses, excluding share-based payment expense was $16.1 million USB at 5% year over year and 11% on a constant currency basis.

我們預計這條線路在未來幾季將會下降，因為我們開始從已結束的和正在進行的合約談判中節省開支。第一季的一般及行政開支（不包括股權支付開支）為 1,610 萬美元，年增 5%，以固定匯率計算成長 11%。

The first quarter of 2024 benefited from a reduction in tax provisions, an effect that did not recur in the first quarter of 2025. Staff cost components of gene expense excluding share be compensation expense decreased to $7.8 million the result of ongoing optimization.

2024 年第一季受惠於稅收準備金的減少，但這一影響在 2025 年第一季並未再次出現。由於持續優化，基因費用中不包括股份報酬費用的員工成本部分減少至 780 萬美元。

Turning to profitability, adjusted EBITDA for the quarter was negative $15.7 million or negative $16.4 million on a constant currency basis. Loss before income tax was 16.5% in, a 58% decrease of EUR, or 25% decline on a constant currency basis.

談到獲利能力，本季調整後的 EBITDA 為負 1,570 萬美元，以固定匯率計算為負 1,640 萬美元。所得稅前虧損為 16.5%，以歐元計算下降 58%，以固定匯率計算下降 25%。

The loss in the quarter was primarily driven by $11.3 million US decline in gross profits, largely reflecting lower corporate sales in Egypt alongside a $1 million US in lower operating expenses and a $33.5 million US improvement in net finance results.

本季的虧損主要是由於毛利潤下降 1,130 萬美元，這主要反映了埃及企業銷售額的下降、營運費用的下降 100 萬美元以及淨財務業績的改善 3,350 萬美元。

Turning to the balance sheet and cash flow. We ended first quarter with a liquidity position of $110.7 million, including $61.6 million in cash and cash equivalent, and $49.1 million in term deposits and other financial assets.

轉向資產負債表和現金流。截至第一季末，我們的流動資金狀況為 1.107 億美元，其中包括 6,160 萬美元的現金和現金等價物，以及 4,910 萬美元的定期存款和其他金融資產。

Overall, Junior's liquidity position decreased by $23.2 million in Q1 2025 compared to a decrease of $19.1 million in Q1 2024. Net cash flow in operating activity was $21.2 million in the quarter, including a working capital impact of $8 million, largely reflecting higher inventory levels build up to ensure product availability and assortment of the anniversary campaign, which is set to launch in early May.

總體而言，Junior 的流動性狀況在 2025 年第一季減少了 2,320 萬美元，而 2024 年第一季則減少了 1,910 萬美元。本季經營活動的淨現金流為 2,120 萬美元，其中包括 800 萬美元的營運資本影響，這主要反映了庫存水準的提高，以確保定於 5 月初啟動的周年紀念活動的產品供應和種類齊全。

CapEx in Q1 2025 was $0.9 million compared to $0.2 million in the first quarter of 2024, primarily reflecting investments in infrastructure and facility enhancements to support business growth.

2025 年第一季的資本支出為 90 萬美元，而 2024 年第一季為 20 萬美元，主要反映了對基礎設施和設施改善的投資，以支持業務成長。

In addition, I would like to remind you that Jua remains debt free. The borrowing you see in our findings relates solely to these liabilities recognized under IFRS 16 accounting standards and do not represent financial debt.

此外，我想提醒您，Jua 沒有債務。您在我們的調查結果中看到的借款僅與根據 IFRS 16 會計準則確認的這些負債有關，並不代表金融債務。

In conclusion, despite ongoing macroeconomic headwinds, we delivered strong usage growth and made progress on cost reduction, clear evidence that our strategy is taking hold. We remain intensely focused on operational discipline with structural cost savings and marginal expansion at the core of our 2025 priorities.

總之，儘管宏觀經濟持續面臨逆風，但我們的使用量仍然強勁增長，並在降低成本方面取得了進展，這清楚地表明我們的策略正在發揮作用。我們將繼續高度重視營運紀律，將結構性成本節約和邊際擴張作為我們 2025 年優先事項的核心。

These efforts are positioning not just for improved profitability this year, but for long term sustainable growth. I now down the call over to Francis for a discussion of our updated guidance.

這些努力不僅是為了提高今年的獲利能力，而且是為了實現長期永續成長。我現在打電話給弗朗西斯，討論我們的最新指導。

Thanks. Based on current business trends, we are updating our 2025 financial guidance as follows. We are raising our physical goods orders growth range to 20% to 25% from prior 15% to 20%. GMV is projected to be between $795 million and $830 million in '25, a year over year increase of 10% to 15% respectively, excluding foreign exchange impacts.

謝謝。根據目前的業務趨勢，我們將更新 2025 年財務指引如下。我們將實體商品訂單成長範圍從先前的 15% 至 20% 提高到 20% 至 25%。預計 25 年 GMV 將在 7.95 億美元至 8.3 億美元之間，不包括外匯影響，年增 10% 至 15%。

We are updating our loss before income tax to be in the range of negative $50 million negative $55 million a year over year decrease of 49 and 44% respectively. For the second quarter, while we are not issuing formal guidance, we expect continued momentum building on the strong ex trends for March. We are anticipating physical goods orders growth in the range of 20% to 25%, along with double digit top line growth and further reduction in losses.

我們將稅前虧損更新為負 5,000 萬美元和負 5,500 萬美元，年比分別下降 49% 和 44%。對於第二季度，雖然我們尚未發布正式指引，但我們預計，在三月強勁的趨勢基礎上，成長動能將繼續增強。我們預計實體商品訂單將成長 20% 至 25%，同時營業收入將達到兩位數成長，損失將進一步減少。

Looking into 2026, we anticipate further significant cost efficiencies, projecting our loss before income tax to be in the negative $25million to $30 million dollar range, marking continued improvements. This trajectory is aligned with our long-term plan. We believe to be on track to achieve break even on a loss before income tax basis in the fourth quarter of 2026 and deliver fuller profitability in 2027. Thank you all for your attention. We are now ready to take questions.

展望 2026 年，我們預計成本效率將進一步顯著提高，預計稅前虧損將在負 2,500 萬美元至 3,000 萬美元之間，標誌著持續改善。這一軌跡與我們的長期計劃一致。我們相信，我們預計在 2026 年第四季實現稅前虧損收支平衡，並在 2027 年實現更全面的獲利。謝謝大家的關注。我們現在準備好回答問題。

Thank you. At this time, we'll be conducting a question-and-answer session.

謝謝。這次，我們將進行問答環節。

(Operator Instructions) and the first question today is coming from Brad Erikson from RBC Capital Markets. Brad, your line is live.

（操作員指示）今天的第一個問題來自 RBC Capital Markets 的 Brad Erikson。布拉德，你的線路已通電。

Thank you. Good morning, guys. So maybe just start out, recognize the corporate sales weakness in the quarter, but can you remind us on the relationship where between orders, which I guess we're up 11% versus GMP down 2%, constant currency recognize GMP would have grown.

謝謝。大家早安。因此，也許剛開始，認識到本季度企業銷售疲軟，但您能否提醒我們訂單之間的關係，我猜我們增長了 11%，而 GMP 下降了 2%，以恆定匯率計算，GMP 會增長。

I think you said 10% in the Prepared remarks, but can you kind of just remind us the relationship between, the corporate sales and the disconnect there between orders and GMP and then secondarily, maybe just on corporate sales in general, clearly you've got some nice visibility and improving growth on the orders and physical orders in particular. How should we think about the volatility on corporate sales coming up here and then I follow-ups?

我認為您在準備好的評論中說的是 10%，但您能否提醒我們企業銷售額與訂單和 GMP 之間的脫節之間的關係，其次，也許只是就企業銷售額而言，顯然您獲得了一些很好的可見性，並且訂單和實物訂單的增長正在提高。我們該如何看待企業銷售的波動以及後續的後續行動？

Hi Brad, thanks for your question. So let me take the first question about the disconnect between, I mean the disconnect that corporate sales would create between orders and GMV it's quite straightforward. Corporate sales are typically high value orders to generate a lot of GMV with a very small number of orders. and so as corporate sales decrease significantly, we typically lose a lot of GMV, but very few orders.

你好，布拉德，謝謝你的提問。那麼讓我來回答第一個問題，關於企業銷售造成的訂單和 GMV 之間的脫節，這很簡單。企業銷售通常是高價值訂單，用很少的訂單數量產生大量的GMV。因此，隨著企業銷售大幅下降，我們通常會損失許多GMV，但訂單卻很少。

So that's why you see very healthy trends on orders, while GMV total GMV is down because of the impact of corporate sales. Then if you remove the impact of corporate sales, as we explained, you see that GMV is up 10% which is consistent with our increase in orders of 21% with a slight reduction of the average value, mostly due to mixed effects and a very successful, very good progress in lower value categories.

這就是為什麼你會看到訂單趨勢非常健康，而 GMV 整體 GMV 卻因為企業銷售的影響而下降。然後，如果消除公司銷售的影響，正如我們所解釋的，您會發現 GMV 增長了 10％，這與我們訂單量增長 21％ 一致，但平均價值略有下降，這主要是由於混合效應以及低價值類別的非常成功、非常好的進展。

So that that explains the disconnect and that's also why we want to show the numbers without corporate sales for GMP. And then the volatility of B2B to your second question. So definitely corporate sales are a more volatile type of type of activity, especially in a market like Egypt where macroeconomics play a very important part.

這就解釋了脫節的原因，也是為什麼我們要顯示沒有 GMP 企業銷售額的數字。然後針對您的第二個問題，談談 B2B 的波動性。因此，企業銷售肯定是一種更不穩定的活動類型，尤其是在埃及這樣的市場，宏觀經濟在其中扮演著非常重要的角色。

I mean we had a devaluation last year, for example, and still a lot happening. So we definitely see it as a more volatile business than the B2C business that's by definition a lot more stable, a lot more robust and fundamental trends, and we're not forecasting massive, I mean, we're not forecasting massive volumes of corporate sales going forward.

我的意思是，例如，去年我們經歷了一次貨幣貶值，現在仍有許多事情發生。因此，我們肯定將其視為比 B2C 業務更不穩定的業務，因為 B2C 業務從定義上來說更加穩定、更加強勁，並且具有基本趨勢，我們不會預測未來企業銷售額會大幅增長，我的意思是，我們不會預測未來企業銷售額會大幅增長。

Got it that's super helpful and then. I guess when you think about, maintaining this order volume and obviously taking the guidance up there how should we think about the kind of use of cash, from the inventory level perspective necessary to fulfill those levels of growth and you mentioned, I think you gave some color on this, but maybe just any other details you're able to share in terms of the shape of, use of cash and inventory levels through the year.

明白了，這非常有幫助。我想，當您考慮維持這個訂單量並顯然採納上面的指導時，我們應該如何從庫存水平的角度考慮使用現金來實現這些增長水平，您提到過，我認為您對此做了一些說明，但也許您能夠分享有關全年現金使用情況和庫存水平的其他細節。

Yes, absolutely. So as you've seen this quarter, a significant part of our cash burn is due to increased working capital that was mostly used to build up inventories ahead of significant commercial events, especially the Junior anniversary campaign that we're starting today, I mean this week in some countries.

是的，絕對是。因此，正如您在本季度所看到的，我們的現金消耗很大一部分是由於增加了營運資本，這些資本主要用於在重大商業活動之前建立庫存，特別是我們今天開始的青少年周年紀念活動，我的意思是本週在一些國家。

We believe that we have sufficiently increased our inventory levels and that we have sufficiently invested in working capital going forward. And we anticipate a much lower impact of working capital in the coming quarters.

我們相信，我們已經充分提高了庫存水平，並且已經對未來的營運資金進行了充分的投資。我們預計未來幾季營運資本的影響將會大大降低。

Got it, and then, that's interesting you mentioned you're seeing some of the, or you expect to see some of these tailwinds from the supply front from Asia associated with the US tariffs and all that. Is it fair to say you're already seeing an uptick in this and did that have anything to do with the raised physical order guidance?

明白了，然後，有趣的是，您提到您看到了一些，或者您預計會看到來自亞洲供應方面的一些順風，這些順風與美國關稅等有關。您是否已經看到這一情況有所好轉？這與實物訂單指導的提升有關嗎？

We're already seeing an uptick from international vendors, mostly Chinese, right? I mean, we've had very strong trends in item sales over the past quarters from our Chinese vendors. This quarter we're up 61% on gross items sold by international vendors, so the trend has already been very strong for the past couple of quarters.

我們已經看到國際供應商（主要是中國供應商）的數量增加，對嗎？我的意思是，過去幾個季度，我們從中國供應商獲得的商品銷售趨勢非常強勁。本季度，我們透過國際供應商銷售的商品總額成長了 61%，因此過去幾季的趨勢已經非常強勁。

Going forward, what we're saying is that well the fact that the American market becomes maybe a bit more difficult to access, maybe also other markets will be tailwind for us because it will make our access to supply from Asia easier.

展望未來，我們所說的事實是，美國市場可能會變得更難進入，但其他市場對我們來說也可能是順風，因為這將使我們更容易獲得來自亞洲的供應。

I mean, and Jua will be a real partner of choice to distribute to the large African consumer pools. I cannot say that we saw an impact overnight, right? It's something that will be a bit more medium term, but this business is part of the business is already faring extremely well thanks to fundamental work that's been done over the past two years, and you anticipate that the macro events will be in our favor when it comes to capturing more supply from China.

我的意思是，Jua 將成為非洲廣大消費者群體分銷產品的真正首選合作夥伴。我不能說我們在一夜之間就看到了影響，對嗎？這是一個中期的事情，但由於過去兩年來所做的基礎工作，這項業務已經表現得非常好，並且我們預計，在從中國獲取更多供應方面，宏觀事件將對我們有利。

Got it and then, the set up here through the year, given kind of the shape of the order volumes and some of the supply tailwinds and everything, it would suggest you're kind of set up and well and you're, I think pointing to at least stable growth if not maybe a slight acceleration, but it feels like you're set up to maybe.

明白了，然後，考慮到全年的訂單量和一些供應順風等因素，這表明你已經做好了準備，而且我認為至少是穩定的增長，如果不是略微加速的話，感覺你已經做好了準備。

Lean into marketing at some point and I recognize you're being really prudent with expenses and you mentioned some of the headcount stuff and appreciate the line item detail but you know as we get towards the holiday and everything, how do you think about maybe leaning into marketing where you might have product availability to do so.

在某個時候傾向於行銷，我知道你在開支方面非常謹慎，你提到了一些員工人數的問題，並且很欣賞專案細節，但是你知道，隨著我們臨近假期和一切，你如何考慮在可能有產品可用的情況下傾向於行銷。

So that's a very good question. So as we spent the last two years fixing the basics, significantly improving the product offering and price competitiveness, which is definitely step one when you're dealing with very cost-conscious customers like we do in Africa.

這是一個非常好的問題。因此，我們花了兩年時間修復基礎問題，顯著改善產品供應和價格競爭力，這對於像我們在非洲那樣與非常注重成本的客戶打交道來說絕對是第一步。

We've been massively improving logistics, quality of service, and customer satisfaction. and now in many markets we're in a situation where the fundamentals are fairly strong, which you can see in the numbers that we disclosed for Ivory Coast, Nigeria, Kenya, for example, you really see the impact of the deep transformation.

我們一直在大力改善物流、服務品質和客戶滿意度。現在，在許多市場中，我們的基本面都相當強勁，從我們揭露的科特迪瓦、奈及利亞、肯亞等國家的數據中就可以看出，深度轉型的影響確實顯而易見。

We've delivered on, well, basically on the value proposition without investing much in marketing and much less than in the past and you see it in the numbers at country level, even in those big markets. So now we're at the stage where in many markets are fundamentals are strong enough, our valuable position has massively improved. And we are able to reopen the box on marketing.

我們基本上實現了價值主張，而沒有在行銷上投入太多，而且比過去少得多，您可以從國家層面的數據中看到這一點，即使在那些大市場也是如此。因此，現在我們處於許多市場基本面足夠強勁的階段，我們的價值地位得到了極大提高。我們能夠重新開啟行銷之路。

So while in many instances we choose to save and we choose to be very conservative due to some specific context of value proposition or external events in the country, we may also choose to be a bit more aggressive in some instances. I can give you an example.

因此，雖然在許多情況下，我們選擇儲蓄，並且由於某些特定的價值主張或國家外部事件而選擇非常保守，但在某些情況下，我們也可能選擇更積極一些。我可以給你舉個例子。

In Nigeria, we recently started a TV and radio campaign which we had not done for many years, which is an additional investment. So we're being more tactical and we're being more open to pushing marketing in the markets where we know that the fundamentals are in place, the value proposition is much stronger, and we're already seeing traction.

在奈及利亞，我們最近啟動了一項多年未曾開展的電視和廣播宣傳活動，這是一項額外的投資。因此，我們採取了更具策略性的策略，並且更加開放地在我們知道基本面已經到位、價值主張更強大且已經看到吸引力的市場中推動行銷。

Got it, okay, and then shifting to the logistics expansion. I guess I'd be curious to understand why now is the right time to roll that out. What did you see in the test that that sort of led you to roll this out, and then talk about any sort of lag between investment to roll that out versus revenue coming in and any kind of a drag on margins here, maybe near or medium term.

明白了，好的，然後轉向物流擴展。我想我很好奇為什麼現在是推出這個計劃的最佳時機。您在測試中看到了什麼，促使您推出這項服務，然後談談推出這項服務的投資與收入之間的任何滯後，以及任何形式的利潤拖累，可能是短期或中期的。

So why now? That's a very good question, because in the past two years we've been very clear about the fact that we were refocusing the business. We're not opening new boxes. We're closing any boxes actually. Still, we believe that we, I mean, one of our most important assets we've built over the past 10 years in Africa is definitely our logistics network and it's also the most relevant and the easiest for us to monetize with external customers outside of our existing marketplace.

那為什麼是現在呢？這是一個非常好的問題，因為在過去的兩年裡，我們已經非常清楚我們正在重新調整業務重點。我們不會打開新箱子。實際上我們正在關閉所有箱子。儘管如此，我們相信，我們過去 10 年在非洲建立的最重要的資產之一肯定是我們的物流網絡，而且它也是我們與現有市場之外的外部客戶最相關、最容易實現盈利的資產。

We've been piloting this in the Ivory Coast for many years already and we recently developed the right IT tools to scale very efficiently across more markets, and we've come to a point where our logistics network has been turned around in many markets.

我們已經在科特迪瓦試行了多年，最近我們開發了合適的 IT 工具，以便在更多市場高效擴展，我們的物流網路在許多市場都已實現扭轉。

It's stable enough, strong enough, and we are now able to open this box and start monetizing outside of the marketplace. This is something we could not have done two years ago. We had too much to fix internally, but now we're ready for that. So timing is important. The tools that we've developed to do it very seamlessly are very important.

它足夠穩定，足夠強大，我們現在可以打開這個盒子並開始在市場之外賺錢。這是兩年前我們無法做到的事。我們內部有太多問題需要解決，但現在我們已經準備好了。所以時機很重要。我們開發的可以無縫完成這項任務的工具非常重要。

So that's why we're expanding now in Nigeria and we're in the process of getting the licenses to do so in in many more markets. So with that, there's of course a lag between the moment we launch and the moment we see meaningful revenues. There's time to build up the business to create some awareness, to communicate to vendors and customers that we have starting from our database of vendors and customers, but also to the broader market.

這就是我們現在在尼日利亞擴張的原因，而且我們正在申請在更多市場開展業務的許可證。因此，從我們推出產品到我們看到有意義的收入之間當然存在一個滯後。我們有時間建立業務來創造一些知名度，從我們的供應商和客戶資料庫開始與供應商和客戶溝通，同時也向更廣泛的市場進行溝通。

So it will take time. It will take a few months or a few quarters to scale significantly. However, we do not forecast any negative impact on margins. I mean, there will be no drag on our economics. It's an additional business that will be profitable from day one that comes with pretty much CapEx and very limited additional expenses, so no negative impact on the focus of the organization and no negative impact on short term profitability.

所以需要時間。實現顯著擴大需要幾個月或幾個季度的時間。然而，我們預測這不會對利潤率產生任何負面影響。我的意思是，這不會對我們的經濟造成拖累。這是一項附加業務，從第一天起就能獲利，而且資本支出相當少，額外費用也非常有限，因此不會對組織的重點產生負面影響，也不會對短期獲利能力產生負面影響。

Got it. That's great and then you mentioned significantly reducing cash burns in upcoming quarters. I think there's still a little bit of a GAAP there to kind of the loss before tax and the guidance and everything. So maybe you could just bridge that GAAP or remind us on what that GAAP comes from. Thanks.

知道了。這很好，然後您提到在接下來的幾個季度大幅減少現金消耗。我認為稅前虧損、指引和其他所有方面仍然有一點 GAAP 的影子。因此，也許您可以銜接一下 GAAP 或提醒我們 GAAP 的來源。謝謝。

Yeah, of course. So there are three elements here to understand the GAAP. One is working capital, right? We do not intend to keep on adding more working capital. We had, but plus 13.7% last quarter, plus 8 this quarter, we've reached a point where we don't need to increase working capital in any significant way going forward. So that's one.

是的，當然。因此，這裡有三個要素可以幫助我們理解 GAAP。一個是營運資金，對吧？我們不打算繼續增加營運資金。我們有，但上個季度增加了 13.7%，本季增加了 8%，我們已經達到了不需要在未來以任何重大方式增加營運資金的地步。這就是其中之一。

Second, a lot of the cost management measures that we have taken over the past three or four months will have impact throughout the year. Not everything is impacting Q1, as you can imagine. We have lots of, for example, tech licenses that have been renegotiated and the anniversary date of the contract is later in 2025.

其次，我們在過去三、四個月採取的許多成本管理措施將對全年產生影響。正如您所想的，並非所有事情都會影響第一季。例如，我們有許多技術許可證已經重新談判，合約的周年紀念日是 2025 年稍後。

So these savings will become more and more significant through 2025 and lastly, we also have some level of seasonality's and to give you the most obvious example, Q4 is usually our biggest quarter with very significant volumes.

因此，到 2025 年，這些節省將變得越來越顯著，最後，我們也具有一定程度的季節性，舉一個最明顯的例子，第四季度通常是我們最大的季度，銷量非常大。

It's a high, it's a peak consumption season even if we do if we spend limited amounts in marketing or we maintain very good margins. So typically, Q4 will deliver better economics than the rest of the year. So we expect further improvements purely due to seasonality as well.

即使我們在行銷上花費有限，或保持非常好的利潤率，這也是一個消費旺季。因此，通常情況下，第四季的經濟表現將比今年其他時間更好。因此，我們預期純粹由於季節性因素還會有進一步的改善。

Got it. And then oh go ahead. For your time.

知道了。然後哦繼續吧。為了您的時間。

So maybe to give a call on that if you think of technology, for instance, and more precisely about in 2024, we had a yearly commitment of $13.7 million US, and our current 12-month commitment is around 10 million. So we're going to see in the coming quarters some, significant savings in in the lines. And the same will apply as said on software licenses that were either renegotiated or terminated in Q1, and this will play out in the quarters.

因此，如果您考慮技術的話，也許可以對此進行呼籲，例如，更準確地說，在 2024 年，我們每年的承諾為 1370 萬美元，而我們目前的 12 個月的承諾約為 1000 萬美元。因此，我們將在未來幾季看到生產線上出現顯著的節省。同樣的情況也適用於第一季重新談判或終止的軟體許可證，並且將在各個季度中顯現出來。

Great. And then final question for me, you gave the 2026 guidance, talk about the visibility there and maybe any updates to kind of your profitability algorithm to in terms of volume levels relative to reaching break even, I guess you're pointing to that hitting those levels at the end of 26 maybe just help kind of give us a sense for what gets you there.

偉大的。然後對我來說的最後一個問題是，您給出了 2026 年的指導，談論那裡的可見性，以及您的盈利算法的任何更新，就相對於實現收支平衡的交易量水平而言，我想您指的是在 26 年底達到這些水平可能只是幫助我們了解是什麼讓您實現了這一目標。

Yeah, so as we've said, our ballpark volumes that we would need to reach profitability is more or less times 2, and we're working hard to lower this bar by working on the cost base so it becomes so we can get there faster.

是的，正如我們所說的，我們實現盈利所需的大致數量大約是 2 倍，我們正在努力透過降低成本來降低這個標準，以便我們能夠更快地實現這一目標。

We believe it can be achieved by Q4 of '26, partly thanks to the growth that we'll get by then and also due to the seasonality of Q4, which is usually a very strong quarter for consumption in our markets. And so yeah,4426, we will reach that bar and then we believe we are in a good position to reach profitability over the full year of 2027 on loss before tax income tax basis, and that will be a mix of cost management and volumes increase with growth levels in '25, '26, '27 that gets us more or less to that 2 impact.

我們相信我們可以在 2026 年第四季實現這一目標，部分原因在於我們屆時將實現的成長，也由於第四季的季節性，這通常是我們市場消費非常強勁的一個季度。是的，4426，我們將達到這個標準，然後我們相信我們處於有利地位，可以在 2027 年全年實現盈利，稅前所得稅基礎上的虧損，這將是成本管理和產量增加的結合，25、26、27 年的增長水平將使我們或多或少地達到這兩個影響。

Very helpful, thank you guys.

非常有幫助，謝謝大家。

Thanks Brad.

謝謝布拉德。

Thank you. The next question will be from Tracy Kivunyu from SBG Securities. Tracy, your line of life.

謝謝。下一個問題來自 SBG Securities 的 Tracy Kivunyu。崔西，你的生命線。

Thank you. Congratulations, gentlemen on the great results and the spread of the environment and the upgraded guidance. So just a couple of follow up questions from the topics already discussed.

謝謝。先生們，祝賀你們所取得的偉大成果以及環境的傳播和升級的指導。因此，我只想針對已經討論過的主題提出幾個後續問題。

To start with Asia with the entry, with the anticipated higher supply, have you seen any sort of Guidelines in terms of competition increasing from Asian players as well, seeing that demand or other supply might be shifting towards Africa. So have you seen any increase in competition and in line with that question as well, what's the scope of your international orders as a percentage of GMZ currently and how does that compare to the last quarter?

首先從亞洲開始，隨著供應量的增加，您是否看到任何有關亞洲參與者競爭加劇的指導方針，因為需求或其他供應可能會轉向非洲。那麼，您是否看到競爭加劇？同樣根據這個問題，您目前的國際訂單佔 GMZ 的百分比是多少？與上一季相比如何？

Hi, Tracy. Thanks for your questions. So the first part of your question, looking at the pilots of manufacturers and supply from Asia looking for new markets and heading towards Africa. So we believe it will help us as the middleman between supply and demand for Africa. There's also definitely the risk that it creates more competition from new from, well, for example, nonresident platforms on new entrants looking to push into Africa.

你好，特蕾西。感謝您的提問。所以你問題的第一部分是關於來自亞洲的製造商和供應商的試點，他們正在尋找新的市場並前往​​非洲。因此我們相信它將幫助我們成為非洲供需之間的中間人。當然，這也存在著一個風險，那就是它會帶來更多來自新企業的競爭，例如來自非居民平台等試圖進入非洲的新進入者的競爭。

We believe, I mean, as we touched upon this topic in the during the presentation today, we believe we are in a strong position to fight that kind of competition, specifically if we speak of competition from Chinese nonresident platforms like Tu.

我們相信，我的意思是，正如我們在今天的演講中談到這個主題時所說，我們相信我們有能力應對這種競爭，特別是來自 Tu 等中國非居民平台的競爭。

We believe we're in a very strong position because one, we have a very strong and respected brand. We have built the right assortment to fight them on all categories, including some categories that we cannot sell, such as appliances, smartphones, and so on and we believe that we have built the delivery network.

我們相信我們處於非常有利的地位，因為首先，我們擁有非常強大和受人尊敬的品牌。我們已經建立了正確的產品組合來在所有類別上與他們競爭，包括一些我們無法銷售的類別，例如家電，智慧型手機等，我們相信我們已經建立了配送網絡。

The logistics platform that is enabling us to deliver nationwide cash on delivery with great economics which they do not have at this stage. And another thing that we're starting to see across markets in Africa is that the regulation is tightening when it comes to non-resident platforms and international job shipping.

這個物流平台使我們能夠在全國範圍內提供貨到付款服務，並且具有良好的經濟效益，而這是他們目前所不具備的。我們開始在非洲市場看到的另一件事是，針對非居民平台和國際工作運輸的監管正在收緊。

So we've seen that we've seen some Afghan countries regulating more tightly against non-resident vendors and platforms such as the Ivory Coast recently and we've seen some countries regulating more tightly around the de minimis thresholds such as Uganda recently, so they're addressing the topic in different ways, but we believe that regulation will become more and more challenging for non-resident platforms over the coming months and quarters for sure. Does that answer your first question?

因此，我們看到一些阿富汗國家最近對非居民供應商和平台（如科特迪瓦）實施了更嚴格的監管，我們也看到一些國家最近對最低限度門檻實施了更嚴格的監管（如烏幹達），所以他們正在以不同的方式解決這個問題，但我們相信，在未來幾個月和幾個季度，對非居民平台的監管肯定會變得越來越具有挑戰性。這回答了你的第一個問題嗎？

It does, thanks Francis.

確實如此，謝謝弗朗西斯。

Sorry, can you remind me of the second one?

抱歉，您能提醒我第二個嗎？

It was, how much international orders are as a percentage of GMV, this quarter of Feb.

問題是，2 月這個季度，國際訂單佔 GMV 的百分比是多少？

Yeah, sorry, so we have not disclosed international orders items as a percentage of GMV. What you can fairly assume though is that the average item value from international vendors is lower than from the local marketplace because they're typically focused on categories like fashion, accessories, home accessories, electronic accessories, and so on.

是的，抱歉，我們沒有揭露國際訂單項目佔 GMV 的百分比。不過，您可以合理地假設，國際供應商的平均商品價值低於當地市場，因為他們通常專注於時尚、配件、家居配件、電子配件等類別。

So the kind of the product range and these are lower value on average than the local categories such as TV appliances and smartphones. It's about 1/3 of the items we sell, but it's understandably a lower percentage of the GMP.

因此，該產品系列的種類和平均價值低於電視電器和智慧型手機等本地類別。這大約占我們銷售商品的 1/3，但可以理解的是，GMP 的比例較低。

Understood. Thank you. I have some follow up questions as well on the junior delivery, business, I think. In some conversations with clients, this has come up as a very attractive proposition, and it's good to hear that it's coming online.

明白了。謝謝。我認為，我對初級交付業務還有一些後續問題。在與客戶的一些對話中，這是一個非常有吸引力的提議，很高興聽到它即將上線。

I understand the monetization behind it. I know you've already said that it's leveraging already a lot of the existing infrastructure, so it's mostly strict for stability. But how does the monetization look compared to marketplace revenues, for example, would you say it's more of a high-volume pin margin, or would you say that the sort of rates, so to speak, would be similar. And maybe in line with that as well, just to understand.

我了解背後的貨幣化。我知道您已經說過，它已經利用了許多現有的基礎設施，因此對穩定性的要求非常嚴格。但是，與市場收入相比，貨幣化看起來如何，例如，您是否會說它更像是一種高容量的 pin 利潤，或者您是否會說這種利率是相似的。也許也與此一致，只是為了理解。

How long did the pilot process take in Ivory Coast before you saw it to become a viable business. So maybe what I'm trying to understand is what would be your sort of scale for you to say, okay, this business is viable in this country. Thanks.

在科特迪瓦，試點過程花了多長時間才使其成為可行的業務。所以，我想了解的是，您認為這項業務在這個國家是可行的，規模是怎樣的？謝謝。

Yeah, so let me explain how it works. That's very straightforward. So in practice, any individual or small social commerce vendor can go to a Jumia pickup station, drop five packages to ship to other cities in the countryside, and Jumia will deliver as simple as that, and they pay when they drop, so they will pay a fee per package depending on the size and weight of the package.

是的，那麼讓我解釋一下它是如何工作的。這很簡單。因此在實踐中，任何個人或小型社交商務供應商都可以前往 Jumia 取貨站，放下五個包裹運送到農村的其他城市，Jumia 就會如此簡單地進行配送，並且在放下時付款，因此他們會根據包裹的大小和重量為每個包裹支付費用。

This is definitely a business that's a higher margin and lower volume than the marketplace because the price points, the pricing has been designed to generate very significant margins on our viable costs in logistics, but we know that we're not going to match the marketplace volumes anytime soon. So, higher margin, lower volume definitely.

這絕對是一個利潤率較高但交易量較低的業務，因為價格點、定價旨在利用我們在物流方面的可行成本產生非常可觀的利潤，但我們知道我們不會很快達到市場交易量。因此，利潤率越高，銷量就越低。

It's designed to be profitable from day one. Because the viable costs for shipping are very well known for us. It's typically the fee that we pay through a CPL plus a bit of bit of offline cost, and we've priced accordingly with fairly high margin to make sure that it's profitable from the first package.

它的設計目標是從第一天起就能獲利。因為我們非常了解運輸的可行成本。這通常是我們透過 CPL 支付的費用加上一點線下成本，並且我們以相當高的利潤率定價，以確保從第一個套餐開始就能獲利。

So that's why we know that it's something that's viable in any country. The pilots in Ivory Coast lasted many years actually, but we kept it going for many years. One, because we didn't really have the right IT tools at the time to scale across more countries, and we didn't want to create a mess and the logistics network in the other countries were not ready yet to open this new box.

所以我們知道這在任何國家都是可行的。科特迪瓦的試點實際上持續了很多年，但我們堅持了很多年。一是因為我們當時並沒有合適的 IT 工具來擴展到更多國家，我們不想造成混亂，而且其他國家的物流網絡還沒有準備好打開這個新局面。

So it was not about proving the viability of the project. We already knew that it was profitable. It was just it was mostly about being sure that we could scale seamlessly across more countries in a well-integrated, well managed way and yeah, so you can expect something that's profitable from day one. There's no drag on the margins that will not be anywhere close to the scale of the marketplace, of course, in the coming in the coming months, but that will definitely help on the margin ratios.

因此，這並不是為了證明該項目的可行性。我們已經知道它是有利可圖的。這主要是為了確保我們能夠以高度整合、管理良好的方式無縫擴展到更多國家，是的，所以你可以期待從第一天起就能獲得利潤。當然，在未來幾個月內，利潤率不會受到任何拖累，也不會接近市場規模，但這肯定會對利潤率有所幫助。

And maybe just an additional follow up on that. How significant is the delivery business to revenue cost at the moment?

也許只是對此進行額外的跟進。目前配送業務成本佔營收比重有多大？

I cannot comment because we have not disclosed, so, it's definitely lower than the marketplace revenues, of course, it's something we still be we can scale further in the Ivory Coast, but it's a very profitable business by designer.

我無法評論，因為我們沒有透露，所以，它肯定低於市場收入，當然，我們仍然可以在科特迪瓦進一步擴大規模，但對於設計師來說，這是一項非常有利可圖的業務。

Okay, thanks. Then my last two questions is, regarding the customer growth and profitability in new subsidiaries. I really appreciate the additional color on contributions from the countries, and I just wanted to understand the dynamics of customer growth, which was the regions, especially in the TOP4, that drove.

好的，謝謝。我的最後兩個問題是關於新子公司的客戶成長和獲利能力。我非常感謝來自各國的貢獻，我只是想了解客戶成長的動態，這是由各個地區，特別是 TOP4 地區推動的。

Starting to see stronger acceleration in Nigeria, for example, than Ivory Coast, which has been much stronger for longer and maybe a reminder of where we are sitting in terms of profitability for the businesses, are there any of those TOP4 businesses that are have broken even and in terms of your path to profitability, which of those countries do you think are releasing the drug on performance to drive the upgraded guidance you've given for FY '26 and '27 results?

例如，尼日利亞的成長速度比科特迪瓦更快，而科特迪瓦的成長速度要快得多，這也許提醒了我們在企業獲利能力方面所處的位置，TOP4 企業中是否有任何企業已經實現收支平衡？就您的獲利之路而言，您認為哪些國家正在釋放業績成長的潛力，從而推動您對 26 財年和 27 財年業績的升級指導？

Sure, so let me take active customer growth to start with. So you see this quarter we're growing active customers by 15% year over year, excluding discontinued operations, which is our highest growth rate in about two years.

當然，首先讓我來談談正面的客戶成長。因此，您會看到本季我們的活躍客戶數量年增 15%（不包括已停止的業務），這是我們大約兩年來的最高成長率。

So we're very happy with the acceleration of pace in active customer growth. When you look at country level, so since we've disclosed all those growth in the TOP4 markets, you can fairly assume that active customers growth.

因此，我們對活躍客戶成長速度的加快感到非常高興。當你從國家層級來看時，由於我們已經揭露了 TOP4 市場中的所有成長，因此你可以公平地假設活躍客戶的數量正在成長。

Is closely linked to the growth of orders, right? What we see in the numbers is that the number of orders per active customers is increasing, but the trends are very similar between orders growth and active customer growth, which gives you a proxy for the for the four markets that we have discussed Of course, a market like Ivory Coast is much more penetrated than a market like Nigeria.

而訂單的成長是緊密相連的吧？我們從數字中看到，每個活躍客戶的訂單數量正在增加，但訂單增長和活躍客戶增長之間的趨勢非常相似，這為我們討論過的四個市場提供了代理當然，像科特迪瓦這樣的市場比尼日利亞這樣的市場滲透率要高得多。

So going forward we have a much Greater runway for active consumer growth in a country like Nigeria and in some ways in a country like Kenya and now when it comes to break even at country level, so we have not disclosed financials at country level and we do not, we're not looking to do so.

因此，展望未來，我們在尼日利亞這樣的國家，以及某種程度上在肯亞這樣的國家，擁有更大的活躍消費者成長空間，現在談到國家層面的收支平衡，因此我們尚未披露國家層面的財務狀況，我們不會，也不打算這樣做。

What you may remember is that a few quarters back we mentioned that several countries had been repatriating cash and we're talking of Ivory Coast, Kenya, and Nigeria. So one thing that we're seeing across the board is that scale. Really drives profitability and re drives strong economics bottom line in our markets. So that's why we're really insisting on continuing on those improve those accelerating growth trends.

您可能還記得，幾個季度前我們提到過，有幾個國家一直在匯回現金，我們說的是科特迪瓦、肯亞和奈及利亞。因此，我們全面看到的一件事就是規模。真正推動獲利能力並重新推動我們市場強勁的經濟底線。這就是為什麼我們堅持繼續改善這些加速成長趨勢。

Thanks. My very last question would be back on customer growth. I mean, it is, indeed quite a strong performance. What would you say, is the overarching contributor to that? Is it, an improving operating environment? Is it higher diversity, what would be the strongest contributor to that customer growth performance?

謝謝。我的最後一個問題是關於客戶成長。我的意思是，這確實是一場相當強勁的表演。您認為造成這現象的主要原因是什麼？經營環境是否有改善？多樣性是否更高？什麼對顧客成長表現的貢獻最大？

So at this stage, customer growth is driven by improved product offerings, better price points, and better supply both from the local marketplace and international vendors, and up-country expansion. That's really the two pillars of our customer growth, as simple as that.

因此，在現階段，客戶成長的動力來自於產品供應的改進、價格點的改善、來自本地市場和國際供應商的更好的供應以及向內陸的擴張。這其實是我們客戶成長的兩大支柱，就這麼簡單。

These have been the same for a few quarters already, but that's really what's driving customer growth going forward, as we discussed before, we have not really tapped yet. A potential acceleration in marketing that could help us go faster in the countries where we have the right fundamentals in place.

這些情況已經持續了幾個季度了，但這才是真正推動未來客戶成長的因素，正如我們之前討論過的，我們還沒有真正利用這一點。行銷方面的潛在加速可以幫助我們在擁有正確基礎的國家更快發展。

Thanks, Francis, and that's all for me.

謝謝，法蘭西斯，我的回答就到這裡。

Thanks.

謝謝。

Thank you. This does conclude today's Q&A session and also this does conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的問答環節到此結束，今天的會議也到此結束。現在您可以斷開您的線路了，感謝您的參與。