Jumia Technologies AG (JMIA) 2025 Q2 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 second quarter of 2025. At this time, all participants are -- remarks there will be a question-and-answer session. 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 年第二季業績電話會議。此時，所有參與者——評論將有一個問答環節。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 second-quarter 2025 earnings call. With us today are Francis Dufay, CEO of Jumia, and Antoine Maillet-Mezeray, Executive Vice President of Finance and Operations. 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 obligations to publicly update or revise these statements.

謝謝。大家早安。感謝您今天參加我們的 2025 年第二季財報電話會議。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。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。我們不承擔公開更新或修改這些聲明的義務。

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 March 7, 2025, 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. We 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.

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-F 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。此外，在本次電話會議上，我們將參考某些未依照國際財務報告準則報告的財務指標。我們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賬，該新聞稿可在我們的投資者關係網站上找到。

With that, I'll hand it over to Francis.

說完這些，我就把它交給法蘭西斯。

Good morning, everyone and thank you for joining Jumia's second-quarter of 2025 earnings call. We believe that this quarter marks a clear turning point in our journey. We continue to build on the disciplined execution that has defined our transformation over the past two years, with a strong focus on growth and operational efficiency to advance our path towards sustainable profitability.

大家早安，感謝大家參加 Jumia 2025 年第二季財報電話會議。我們相信本季標誌著我們旅程的一個明顯轉折點。我們將繼續以過去兩年來我們轉型過程中所遵循的嚴謹執行為基礎，重點關注成長和營運效率，以推進我們走向可持續盈利的道路。

This quarter, we delivered solid growth in physical goods with orders up 18% and GMV up 10% year-over-year, excluding the impact of our exits from South Africa and Tunisia. Excluding corporate sales, physical goods GMV grew by 24%, highlighting the strong underlying consumer demand across our markets. Revenue rose by 25% year-over-year, demonstrating the resilience of our core business.

本季度，我們的實體商品實現了穩健成長，訂單量年增 18%，GMV 年成長 10%，這不包括我們退出南非和突尼斯的影響。不包括企業銷售，實體商品 GMV 成長了 24%，凸顯了我們整個市場強勁的潛在消費需求。營收年增25%，展現了我們核心業務的韌性。

We narrowed our loss before income tax to $16.3 million for the quarter and significantly reduced our cash burn to $12.4 million driven by higher revenue across multiple streams and disciplined execution. We ran a successful June anniversary campaign, further strengthening consumer engagement and driving other growth. Strong toplight momentum, enhanced unit economics and discipline cost management demonstrate our clear progress towards sustainable profitability and position as well on our path to break even.

由於多個管道的收入增加和嚴格的執行，我們將本季的稅前虧損縮小至 1,630 萬美元，並將現金消耗大幅減少至 1,240 萬美元。我們成功舉辦了六月週年紀念活動，進一步加強了消費者參與並推動了其他成長。強勁的勢頭、增強的單位經濟效益和嚴格的成本管理表明我們在實現可持續盈利方面取得了明顯進展，並且在實現收支平衡的道路上也處於領先地位。

Based on Q2 2025 results and the current quarter business trends, we are raising our full year 2025 guidance for loss before income tax to a range of $45 million to $50 million while maintaining our full year 2026 targets for loss before income tax of $25 million to $30 million and reaffirming our target to achieve full year profitability in 2027.

根據 2025 年第二季的業績和本季的業務趨勢，我們將 2025 年全年稅前虧損預期上調至 4,500 萬美元至 5,000 萬美元之間，同時維持 2026 年全年稅前虧損 2,500 萬美元至 3,000 萬美元的目標，並重申 2027 年全年實現盈利的目標。

Let's now review our results for the second quarter. We delivered another quarter of solid usage trends building on the momentum established earlier this year. Adjusted for perimeter effects, physical goods orders grew 18% year-over-year, driven by strong demand, affordability, and assortment strategy, expansion to secondary cities, and effective use of efficient marketing channels.

現在讓我們回顧一下第二季的業績。我們在今年稍早建立的勢頭的基礎上，又實現了一個季度的穩健使用趨勢。經週邊效應調整後，實體商品訂單年增 18%，這得益於強勁的需求、可負擔性和分類策略、向二線城市的擴張以及高效營銷渠道的有效利用。

As a quick reminder, our core business and strategic priority is physical goods, accounting for 99% of orders and approximately 100% of GMV this quarter. The remainder is made of digital products sold through the dedicated JumiaPay app.

簡單提醒一下，我們的核心業務和策略重點是實體商品，佔本季訂單的 99% 和 GMV 的約 100%。其餘部分是透過專用 JumiaPay 應用程式銷售的數位產品。

As part of our strategic focus on scaling physical goods e-commerce, we have reduced our emphasis on JumiaPay app transactions, which historically contributed high order volumes but minimal revenue. While this shift affected total order growth in the quarter, physical goods orders remained very strong, reflecting healthy consumer engagement with our core marketplace.

作為我們擴大實體商品電子商務策略重點的一部分，我們減少了對 JumiaPay 應用程式交易的重視，該應用程式交易歷來貢獻了大量訂單，但收入卻很少。雖然這種轉變影響了本季的總訂單成長，但實體商品訂單仍然非常強勁，反映了消費者對我們核心市場的健康參與。

Quarterly active customers ordering physical goods increased by 13% year-over-year, underscoring the positive impact of our customer acquisition and retention efforts. Customer loyalty also continued to improve. 42% of new customers who placed an order in Q1 '25 made a repeat purchase within 90 days, up from 37% in the same period last year.

季度訂購實體商品的活躍客戶年增 13%，凸顯了我們客戶獲取和保留工作的正面影響。客戶忠誠度也持續提高。 2025 年第一季下單的新客戶中，有 42% 在 90 天內重複購買，高於去年同期的 37%。

Demand remains strong across the categories including electronics, phones, women living, fashion, and beauty. Please note, this quarter also marked the first time we have fully lapped the significant currency devaluations in Egypt and Nigeria, resulting in a cleaner year-over-year comparison and highlighting the underlying strength of our business.

電子產品、手機、女性生活、時尚和美容等類別的需求仍然強勁。請注意，本季也是我們首次完全抵銷埃及和奈及利亞貨幣大幅貶值的影響，從而使同比數據更加清晰，凸顯了我們業務的潛在實力。

Physical goods GMV grew 10% year-over-year in reported currency, and when excluding corporate sales, GMV increased by 24%, driven by healthy momentum in our core consumer business. The average order value for physical goods in Q2 '25 to the $36.3 down from $39.2 in Q2 '24, primarily reflecting the impact of reduced corporate sales in Egypt. We expect to see GMV growth to accelerate in the second half of this year.

以報告貨幣計算，實體商品 GMV 年成長 10%，若不包括企業銷售額，則 GMV 成長 24%，這得益於我們核心消費者業務的健康發展勢頭。2025 年第二季實體商品平均訂單價值從 2024 年第二季的 39.2 美元下降至 36.3 美元，主要反映了埃及企業銷售額下降的影響。我們預計今年下半年 GMV 成長將會加速。

Revenue for the quarter was $45.6 million up 25% year-over-year. This growth was driven by increased usage and stronger monetization of our marketplace. Our revenue mix also shifted slightly towards first party sales this quarter, accounting for 52% of total revenue, supported by strong performance from key partners including Starlink in Nigeria and Kenya.

本季營收為 4,560 萬美元，年增 25%。這一成長是由我們市場使用量的增加和貨幣化程度的增強所推動的。本季度，我們的收入結構也略微向第一方銷售傾斜，佔總收入的 52%，這得益於尼日利亞和肯亞 Starlink 等主要合作夥伴的強勁表現。

Advertising revenue was $1.9 million this quarter, accounting for 1% of GMV. We see meaningful upside as we scale this high margin revenue stream. This is a key operational priority allowing us to increase marketplace monetization.

本季廣告收入為190萬美元，佔GMV的1%。隨著我們擴大這高利潤收入流，我們看到了顯著的成長潛力。這是一項關鍵的營運重點，使我們能夠提高市場貨幣化。

In addition to our Q2 performance, we are sharing early Q3 trends to provide further visibility into our current momentum. In July, and adjusting for perimeter effects, physical goods orders grew approximately 32% year-over-year, while GMV increased 21%. These results reflect sustained consumer demand and a strong start of the second half, reinforcing our confidence in raising the full year outlook.

除了第二季的業績外，我們還分享了第三季初期的趨勢，以進一步了解我們當前的發展勢頭。7 月份，經週邊效應調整後，實體商品訂單年增約 32%，GMV 成長 21%。這些結果反映了持續的消費需求和下半年的強勁開局，增強了我們上調全年前景的信心。

Now let me provide a brief update on our progress towards profitability. We remain firmly on track to achieve our 2027 strategic goals, driven by decisive actions to build a leaner, more efficient organization. Our structural cost initiatives continue to progress across multiple areas. For example, overall, headcount has declined by 5% since the beginning of the year, with just over 2050 employees on payroll as of June, reinforcing our disciplined approach to cost management.

現在，讓我簡要介紹一下我們在獲利方面取得的進展。我們堅定地朝著實現 2027 年策略目標的方向前進，並採取果斷行動建立一個更精簡、更有效率的組織。我們的結構性成本措施在多個領域持續取得進展。例如，總體而言，自今年年初以來，員工人數減少了 5%，截至 6 月，員工人數剛超過 2,050 人，這強化了我們嚴謹的成本管理方法。

Headcount reduction was driven by strict hiring discipline enabled by operational efficiencies, automation, and business simplification. We expect G&A expenses to decline further in the second half of the year as these organizational changes continue to take effect.

裁員是由於營運效率、自動化和業務簡化帶來的嚴格的招募紀律。隨著這些組織變革持續生效，我們預計下半年的一般及行政費用將進一步下降。

In technology, we are executing against our long-term efficiency roadmap. In Q2, we expanded AI implementation across key operational processes and successfully renegotiated major vendor agreements, such as our new AWS contract effective May 1, '25. These actions are expected to drive improved efficiency in technology spend over the coming quarters. In fulfillment, costs per order increase 1% year-over-year to $2.19 down 5% year-over-year on a constant currency basis.

在技​​術方面，我們正在執行我們的長期效率路線圖。在第二季度，我們擴大了關鍵營運流程中的 AI 實施範圍，並成功重新協商了主要供應商協議，例如將於 2025 年 5 月 1 日生效的新 AWS 合約。預計這些舉措將在未來幾季推動技術支出效率的提高。在履行方面，每筆訂單的成本年增 1% 至 2.19 美元，以固定匯率計算年減 5%。

We remain focused on reducing fulfillment unit costs through ongoing initiatives to improve warehouse staff productivity and consumer support operations. Our narrowed adjusted EBITDA loss of $13.6 million and improved loss before income tax of $16.3 million compared to previous year were primarily driven by higher revenue growth across multiple streams.

我們將繼續致力於透過持續的措施來提高倉庫員工的生產力和消費者支援運營，從而降低履行單位成本。與前一年相比，我們的調整後 EBITDA 虧損收窄至 1,360 萬美元，稅前虧損改善至 1,630 萬美元，主要得益於多個業務來源的收入成長。

The structural efficiency initiatives are positioned to provide additional operational leverage as they reach full implementation in future periods. Cash burn improved significantly quarter-on-quarter, with net cash used in operating activities declining to negative $12.7 million for the quarter. This includes $4.1 million of positive working capital contribution.

結構效率措施將在未來全面實施時提供額外的營運槓桿。現金消耗較上一季顯著改善，本季經營活動所用淨現金下降至負 1,270 萬美元。其中包括 410 萬美元的正營運資本貢獻。

Importantly, we achieved 18% growth in physical disorders year-over-year, while reducing our working capital requirements. While working capital may fluctuate in future quarters, we remain confident that our current cash position is sufficient to reach profitability without needing to raise additional capital.

重要的是，我們在身體疾病治療方面實現了同比增長 18%，同時減少了營運資金需求。儘管未來幾季營運資本可能會出現波動，但我們仍然相信，我們目前的現金狀況足以實現盈利，而無需籌集額外資本。

A key driver of our growth this quarter was Jumia's 13th anniversary campaign. Held from May 5 to June 30, across all nine countries, the event featured compelling deals across essential products, as well as interactive localized content, including games, videos, and offline marketing activities. Over 38,500 sellers participated, up from 36,400 in 2024, a testament to the growing confidence that both customers and sellers place in Jumia and to the strength of our commercial execution. On the supply side, we deepened our relationship with international sellers, particularly from China, to further expand our assortment at competitive prices.

本季我們成長的一個關鍵驅動力是 Jumia 的 13 週年紀念活動。該活動於 5 月 5 日至 6 月 30 日在所有九個國家舉行，展示了必需產品的引人注目的優惠，以及包括遊戲、視訊和線下行銷活動在內的互動本地化內容。超過 38,500 名賣家參與，高於 2024 年的 36,400 名，證明了客戶和賣家對 Jumia 的信心日益增強，也證明了我們商業執行力的強大。在供應方面，我們加深了與國際賣家（特別是中國賣家）的關係，以進一步擴大我們的產品種類和具有競爭力的價格。

In Q2, we sold $2.9 million gross items from international sellers, accounting for 36% year-over-year increase adjusted for perimeter effects. We also continued to penetrate underserved upcountry regions outside of the main urban centers, unlocking significant growth opportunities. Orders from these areas now represent 59% of total volumes, up from 52% in the same quarter last year, adjusted for perimeter effects. This expansion strategy continues to deliver high growth, low-cost customer acquisitions with minimal fixed cost investments.

第二季度，我們從國際賣家銷售了價值 290 萬美元的商品，經週邊效應調整後年增 36%。我們也持續滲透到主要城市中心以外服務不足的內陸地區，釋放出巨大的成長機會。經週邊影響調整後，這些地區的訂單目前佔總訂單量的 59%，高於去年同期的 52%。這項擴張策略持續以最少的固定成本投資實現高成長、低成本的客戶獲取。

Let me now provide some country level execution highlights. Nigeria posted impressive results, with physical goods orders rising 25% year-over-year and GMV up 36% year-over-year. This performance reflects robust customer demand, supported by an extended assortment across the categories, deeper reach into secondary cities, and continued fulfillment optimization. As our largest market opportunity, we remain focused on increasing penetration and scaling profitability in Nigeria.

現在讓我介紹一些國家層級的執行亮點。尼日利亞取得了令人印象深刻的業績，實體商品訂單年增 25%，GMV 年成長 36%。這項業績反映了強勁的客戶需求，這得益於品類的擴大、二線城市的深入覆蓋以及持續的履行優化。作為我們最大的市場機遇，我們將繼續專注於提高尼日利亞的滲透率和擴大獲利能力。

Kenya also performed strongly, with physical goods orders up 38% year-over-year, while GMV increased 31% in reported currency. Growth was broad based across categories driven by upcountry expansion and strengthened lended partnerships. Kenya remains a high potential market for profitable growth, where we believe that we can build a much bigger scale.

肯亞的表現也十分強勁，實體商品訂單年增 38%，GMV 按報告貨幣計算成長了 31%。在內陸擴張和加強貸款夥伴關係的推動下，各類別均實現了廣泛增長。肯亞仍然是一個具有巨大獲利成長潛力的市場，我們相信我們可以在那裡建立更大的規模。

Ivory Coast delivered solid performance, with physical goods orders growing 9% year-over-year and GMV increasing 11% in reporting currency. As a more major market, Ivory Coast continues to grow at a more moderate pace as we focus on maximizing the value of our scale. We are actively leveraging our position in the market to deepen engagement and enhance monetization.

科特迪瓦表現穩健，實體商品訂單年增 9%，GMV 以報告貨幣計算成長 11%。作為一個更重要的市場，科特迪瓦繼續以更溫和的速度成長，因為我們專注於最大化我們的規模價值。我們正在積極利用我們在市場中的地位來深化參與度並提高貨幣化。

Egypt showed encouraging signs of recovery while physical goods orders declined 6% year-over-year and GMV fell 50% in reporting currency. Excluding corporate sales, GMV grew 6% year-over-year, reflecting progress in the core consumer business.

埃及顯示出令人鼓舞的復甦跡象，但實體商品訂單年減 6%，GMV 按報告貨幣計算下降 50%。不包括企業銷售額，GMV 年成長 6%，反映了核心消費者業務的進步。

Others are trending positively quarter after quarter, supported by stronger execution and improved fundamentals. Notably, adoption of buy now pay later, BNPL accelerated in Q2, boosting both conversion rates and average order value. Although the macro environment remains difficult, these improvements give us confidence in Egypt's near-term return to growth and long-term contribution to the portfolio.

在更強的執行力和改善的基本面的支持下，其他企業每季都呈現正面趨勢。值得注意的是，BNPL 的「先買後付」模式在第二季加速普及，提高了轉換率和平均訂單價值。儘管宏觀環境依然困難，但這些改善使我們對埃及近期恢復成長和長期對投資組合的貢獻充滿信心。

Our other markets portfolio continue to perform well. Collectively, the remaining countries where we operate delivered 27% GMV growth and a 19% increase in physical goods orders. Ghana was a standout with GMV up 110% year-over-year, underscoring the strength of our execution and the relevance of our value proposition. These results highlight our ability to serve Africa's budget conscious customers while driving sustainable growth across a diverse geographic footprint.

我們的其他市場投資組合繼續表現良好。總體而言，我們開展業務的其餘國家的 GMV 成長了 27%，實體商品訂單成長了 19%。加納的表現尤其突出，其 GMV 年增 110%，凸顯了我們執行力的強大以及價值主張的相關性。這些結果凸顯了我們服務非洲注重預算的客戶的能力，同時推動了不同地理區域的可持續成長。

Now, let me provide an update on Jumia delivery, our logistics platform as a service for third party sellers, which leverages our last man infrastructure to serve vendors outside our marketplace while adding scale to our ecosystem. The service is now live in Ivory Coast, Nigeria, Ghana and Kenya, targeting social commerce vendors and individual customers with our competitive advantages of wide coverage, affordable pricing, and high reliability.

現在，讓我介紹一下 Jumia 配送的最新情況，這是我們為第三方賣家提供的物流平台，它利用我們最新的基礎設施為我們市場以外的供應商提供服務，同時擴大我們的生態系統的規模。該服務目前已在科特迪瓦、奈及利亞、加納和肯亞上線，目標客戶為社群商務供應商和個人客戶，具有覆蓋範圍廣、價格實惠、可靠性高等競爭優勢。

Now turning to the competitive landscape, we continue to observe similar dynamics as last quarter, with some moderation in activity from international e-commerce platforms in Nigeria. Importantly, we are seeing increased scrutiny and awareness from local governments regarding the practices of these platforms, particularly following the recent US decision to eliminate the de minimis loophole. This regulatory shift creates a favorable opportunity for local players like Jumia to further strengthen our market leadership position.

現在轉向競爭格局，我們繼續觀察到與上一季類似的動態，尼日利亞的國際電子商務平台的活動有所緩和。重要的是，我們看到地方政府對這些平台的做法進行了更嚴格的審查，並提高了認識，特別是在美國最近決定消除最低限度漏洞之後。這項監管轉變為 Jumia 等本地企業進一步鞏固市場領導創造了有利機會。

We're also expanding our public affairs efforts this quarter. Our objectives are to help establish and improve local regulatory frameworks for e-commerce marketplace and communicate the benefits of domestic e-commerce platforms for economic development in contrast to international platforms. Recent highlights includes the Prime Minister inaugurating our new warehouse in Egypt, the Minister of Trade inaugurating our new warehouse in Ivory Coast, and high level meetings in Ghana to strengthen strategic partnerships. Our extensive local presence enables us to engage effectively with government authorities and support the development of sustainable e-commerce ecosystems across Africa.

本季我們也將擴大公共事務力度。我們的目標是協助建立和完善電子商務市場的本地監管框架，並傳達國內電子商務平台相對於國際平台對經濟發展的益處。最近的亮點包括埃及總理為我們在埃及的新倉庫揭幕、貿易部長為我們在科特迪瓦的新倉庫揭幕，以及在加納舉行高層會議以加強戰略夥伴關係。我們廣泛的本地影響力使我們能夠有效地與政府部門合作，並支持整個非洲可持續電子商務生態系統的發展。

In closing, we believe we remain well positioned on our path to profitability. We will continue focusing on sustainable growth initiatives, operational efficiency improvements and cost reduction. We remain confident in our strategic roadmap and deeply committed to creating long-term value for our customers, partners and shareholders.

最後，我們相信我們在盈利的道路上仍然處於有利地位。我們將繼續專注於永續成長計畫、營運效率的提高和成本的降低。我們對我們的策略路線圖充滿信心，並致力於為我們的客戶、合作夥伴和股東創造長期價值。

I will now turn the call over to Antoine for a review of our financials.

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. Let me walk you through our financial results for the second quarter. Starting with our top line performance. Second quarter revenue was $45.6 million up 25% year-over-year and up 22% on a constant currency basis. The year-over-year increase in revenue was driven by ongoing execution and strong demand for our platform.

謝謝你，法蘭西斯，也謝謝大家今天的到來。讓我向您介紹一下我們第二季的財務表現。從我們的頂線業績開始。第二季營收為 4,560 萬美元，年增 25%，以固定匯率計算成長 22%。營收年增率得益於持續的執行和對我們平台的強勁需求。

Marketplace revenue for the second quarter was $21.6 million up 8% year-over-year and up 2% on a constant currency basis. The increase was driven by strong usage growth and increases intake rates but partially offset by lower commissions from third-party corporates in Egypt. Revenue from first party sales was $23.6 million, up 47% year-over-year, both on a reported and constant currency basis, driven by strong demand with key international brands such as Starlink or Adidas.

第二季市場營收為 2,160 萬美元，年增 8%，以固定匯率計算成長 2%。這一增長是由強勁的使用量增長和攝入量增加所推動的，但被埃及第三方公司的佣金降低部分抵消。第一方銷售收入為 2,360 萬美元，按報告和固定匯率計算同比增長 47%，這得益於 Starlink 或 Adidas 等主要國際品牌的強勁需求。

Turning now to gross profits. Second quarter on gross profit was $23.9 million, up 11% year-over-year, and up 5% on a constant currency basis. The year-over-year improvement was driven by stronger marketplace margins. Gross profit as a percentage of GMV for the second quarter was 13%. Jumia is executing a comprehensive strategy to enhance gross profit margins, with marketing and retail media as a key growth driver.

現在來談談毛利。第二季毛利為 2,390 萬美元，年增 11%，以固定匯率計算成長 5%。年成長得益於市場利潤率的提高。第二季毛利佔GMV的百分比為13%。Jumia 正在實施一項全面策略來提高毛利率，其中行銷和零售媒體是主要的成長動力。

Our June launch of an advanced seller advertising platform positions us to significantly expand monetization opportunities. With advertising revenue at 1% of GMV, we see substantial upside potential as we scale this high margin revenue stream.

我們在六月推出了先進的賣家廣告平台，這使我們能夠大大擴展獲利機會。由於廣告收入佔 GMV 的 1%，隨著我們擴大這一高利潤收入流，我們看到了巨大的上升潛力。

Turning to expenses. While we see some benefits from our cost initiatives, we expect to deliver more meaningful savings over the coming quarters. Let me walk you through the key expense lines. Fulfillment for the second quarter was $10.8 million, up 16% year-over-year and up 9% in constant guaranty. Fulfillment expense per order, excluding JumiaPay app orders was $2.19 million up 1% year-over-year or down 5% year-over-year on a constant currency basis.

談到費用。雖然我們從成本舉措中看到了一些好處，但我們預計未來幾季將實現更有意義的節省。讓我帶您了解一下主要的費用項目。第二季的履行額為 1,080 萬美元，年增 16%，持續擔保額成長 9%。每筆訂單的履行費用（不包括 JumiaPay 應用程式訂單）為 219 萬美元，年增 1%，以固定匯率計算則較去年同期下降 5%。

We remain focused on reducing fulfillment unit costs through ongoing initiatives to improve warehouse staff productivity and customer support operations and by leveraging automation. Sales and advertising expense was $4.2 million for the second quarter, down 6% year-over-year and down 7% year-over-year in constant currency. This reduction reflects our continued cost discipline while delivering usage growth, validating the effectiveness of our targeting marketing approach.

我們將繼續致力於透過持續的措施來提高倉庫員工的生產力和客戶支援運營，並利用自動化來降低履行單位成本。第二季銷售和廣告費用為 420 萬美元，年減 6%，以固定匯率計算年減 7%。這項減少反映了我們在實現使用量成長的同時持續控製成本，驗證了我們的目標行銷方法的有效性。

As a percentage of GMV, sales and advertising expense remain flat at 2% compared to Q2 2024. Technology and content expense was $9.2 million for the second quarter, representing an increase of 6% year-over-year and up 3% in constant currency. The increase was primarily attributable to currency translation effects. Looking ahead, we anticipate technology and contact expenses to decrease as we realize benefits from ongoing workforce optimization and cost savings from recently renegotiated contracts.

作為 GMV 的百分比，銷售和廣告費用與 2024 年第二季相比保持不變，為 2%。第二季科技和內容支出為 920 萬美元，年增 6%，以固定匯率計算成長 3%。成長主要歸因於貨幣換算的影響。展望未來，我們預計技術和聯繫費用將會減少，因為我們從持續的勞動力優化和最近重新談判的合約中獲得了好處並節省了成本。

Second quarter GMV expense, excluding share-based payment expense, was $16 million down 9% year-over-year and then 14% on a constant currency basis. Staff costs within G&A expense, excluding share-based compensation expense increased to $8.4 million reflecting currency translation effects as well as organizational changes.

第二季 GMV 費用（不包括以股票為基礎的支付費用）為 1,600 萬美元，年減 9%，以固定匯率計算下降 14%。一般及行政費用中的員工成本（不包括股權激勵費用）增加至 840 萬美元，反映了金錢換算的影響以及組織變革。

Professional fees temporarily increased due to audit and advisory services. These increases were more than offset by the favorable resolution of tax matters together with other cost reduction initiatives. We expect general administrative expenses to decline further as organizational benefits materialize in the second half of the year.

由於審計和諮詢服務，專業費用暫時增加。這些增長被稅務問題的有利解決以及其他成本削減措施所抵消。我們預計，隨著下半年組織效益的實現，一般管理費用將進一步下降。

Turning to profitability, adjusted EBITDA for the quarter was a negative $13.6 million or negative $13.1 million on a constant currency basis. The last before income tax was $16.3 million a 28% decrease year-over-year or 17% decline on a constant currency basis. The loss in the quarter was primarily driven by a $2.3 million improvement in gross profits alongside a $1.3 million lower operating expenses and a $2.5 million improvement in net financial results.

談到獲利能力，本季調整後的 EBITDA 為負 1,360 萬美元，以固定匯率計算為負 1,310 萬美元。所得稅前利潤為 1,630 萬美元，年減 28%，以固定匯率計算下降 17%。本季虧損主要由於毛利潤增加 230 萬美元、營運費用減少 130 萬美元以及淨財務業績增加 250 萬美元。

Turning to the balance sheet and cash flow. We ended the second quarter with a liquidity position of $198.3 million including $95.6 million in cash and cash equivalent, and $2.7 million in term deposits and other financial assets.

轉向資產負債表和現金流。截至第二季末，我們的流動資金狀況為 1.983 億美元，其中包括 9,560 萬美元的現金和現金等價物，以及 270 萬美元的定期存款和其他金融資產。

Overall, Jumia's liquidity position decreased by $12.4 million in Q2 2025 compared to a decrease of $8.7 million in Q2 2024. Net cash flow operating activities was $12.7 million in the quarter, including a positive working capital impact of $4.1 million. This result reflects our ability to deliver growth while maintaining relatively stable working capital levels. CapEx in Q2 2025 was $0.7 million compared to $0.7 million in the second quarter of 2024.

總體而言，Jumia 的流動資金狀況在 2025 年第二季減少了 1,240 萬美元，而 2024 年第二季則減少了 870 萬美元。本季經營活動淨現金流為 1,270 萬美元，其中包括 410 萬美元的正營運資本影響。這一結果反映了我們在維持相對穩定的營運資本水準的同時實現成長的能力。2025 年第二季的資本支出為 70 萬美元，而 2024 年第二季為 70 萬美元。

In conclusion, we delivered robust operational results this quarter, including strong double-digit physical good orders growth in the quarter. We also continue to pursue structural cost reductions, further strengthening our path to break even. Looking ahead, we remain intensely focused on operational discipline and margin expansion, which we believe will position us not only for improved profitability this year but also for sustainable long-term growth across our markets.

總而言之，本季我們取得了強勁的營運業績，包括本季強勁的兩位數實體商品訂單成長。我們也將繼續追求結構性成本削減，進一步鞏固我們的收支平衡之路。展望未來，我們將繼續高度重視營運紀律和利潤率擴張，我們相信這不僅能提高我們今年的獲利能力，還能實現我們整個市場的長期永續成長。

I now turn the call back over to Francis for a discussion of our updated guidance.

現在我將電話轉回給弗朗西斯，討論我們的最新指導。

Thanks, Antoine. Based on current business trends, we are raising our 2025 financial guidance as follows. We now expect PG orders growth to be in 25% to 30% range, revised upwards from the previous range of 20% to 25%. GMV is projected to grow between 15% and 20% year-over-year, revised upwards from previous range at 10% to 15%.

謝謝，安托萬。根據目前的業務趨勢，我們將 2025 年財務指引上調如下。我們現在預計 PG 訂單成長率將在 25% 至 30% 之間，較之前的 20% 至 25% 有所上調。GMV 預計將年增 15% 至 20%，較之前的 10% 至 15% 有所上調。

We anticipate loss before income tax to be in the range of negative $45 million to negative $50 million. This revised outlook reflects accelerating usage growth in the second half of '25, driven by two key factors.

我們預計稅前虧損將在負 4,500 萬美元至負 5,000 萬美元之間。這項修訂後的展望反映了 2025 年下半年使用量成長的加速，這主要受到兩個關鍵因素的推動。

First, our long-term strategy continues to deliver meaningful improvements to our value proposition. Our logistics network is increasingly reliable and cost efficient, enabling broader geographic reach into underserved cities. We've also enhanced our assortment with better selection and more competitive price points, leveraging relationships with local, international, and Chinese vendors to meet the needs of cost-conscious consumers across our markets.

首先，我們的長期策略將繼續為我們的價值主張帶來有意義的改進。我們的物流網絡越來越可靠，成本效益越來越高，能夠涵蓋更廣泛的地理範圍，涵蓋服務不足的城市。我們也透過更好的選擇和更具競爭力的價格點增強了我們的產品種類，利用與本地、國際和中國供應商的關係來滿足我們市場上註重成本的消費者的需求。

Second, we are now better positioned to scale marketing in a disciplined ROI focused manner. Over the past 18 months, we significantly reduced online marketing spend. With a strong platform in place, we're now reactivating both paid and free online channels, including CRM and SEO, while maintaining a disciplined approach to customer acquisition.

其次，我們現在能夠更好地以有紀律的、以投資回報率為重點的方式擴大行銷規模。在過去的 18 個月裡，我們大幅削減了網路行銷支出。憑藉強大的平台，我們現在重新啟動付費和免費線上管道，包括 CRM 和 SEO，同時保持嚴謹的客戶獲取方式。

Our ability to grow active customers with limited spend gives us confidence that incremental marketing investment will further accelerate usage. We are already seeing these dynamics play out with usage growth accelerating in July. Together, these dynamics reinforce our conviction in delivering the revised outlook for the year.

我們能夠以有限的支出來增加活躍客戶，這讓我們有信心，增量行銷投資將進一步加速使用率。我們已經看到這些動態正在發揮作用，七月份使用量成長正在加速。所有這些動態都增強了我們實現今年修訂前景的信心。

For 2026, we are maintaining targets for loss before income tax to be in the range of negative $25 million to negative $30 million reflecting our continued improvement. We confirm our strategic goal to achieve break even on the loss before income tax basis in the fourth quarter of '26 and deliver full year profitability in 2027.

對於 2026 年，我們維持稅前虧損目標在負 2,500 萬美元至負 3,000 萬美元之間，以反映我們的持續改善。我們確認我們的策略目標，在 2026 年第四季實現稅前虧損收支平衡，並在 2027 年實現全年獲利。

I thank you all for your attention. We are now ready to take questions.

感謝大家的關注。我們現在準備好回答問題。

(Operator Instructions)

（操作員指示）

Brad Erickson, RBC.

布拉德·埃里克森，RBC。

So first off, you mentioned the July acceleration. Just curious to learn a little more what's behind that between maybe macro and the consumer versus anything you guys are doing whether it's on inventory or marketing or what have you.

首先，您提到了七月份的加速。我只是好奇地想進一步了解宏觀和消費者之間的區別，以及你們所做的任何事情，無論是庫存還是行銷還是其他什麼。

So July acceleration is really driven by what we're doing. I mean, if I have to pick from the list that you suggested. On the macro side, there's not much change compared to Q2 or even to Q1. I mean, as we mentioned, we've obviously lapped the evaluations earlier this year, which makes the GMV hard currency comparison much easier. But I think that's pretty much that and we're now looking at the macro that's fairly stable, which is good news for us anyway.

因此，七月的加速實際上是由我們所做的事情所推動的。我的意思是，如果我必須從你建議的清單中選擇。從宏觀角度來看，與第二季甚至第一季相比，變化並不大。我的意思是，正如我們所提到的，我們顯然在今年早些時候已經完成了評估，這使得 GMV 硬貨幣比較變得更加容易。但我認為情況差不多就是這樣，我們現在看到的宏觀形勢相當穩定，這對我們來說無論如何都是好消息。

So what's driving the July acceleration and what we expect to drive the H2 acceleration as well and hence, the revised guidelines, the revised guidance, sorry, is twofold, right? First of all, you have the continued fundamental improvement of the value proposition to customers, which is the output of the playbook we've been implementing for the past two years and a half. So basically, more reliable logistics, increased country coverage, better satisfaction rates, broader and more competitive assortment for cross country customers, more payment options, and all that is building a way stronger customer value proposition than we had a couple of years back and actually stronger than last quarter and even a before.

那麼，是什麼推動了 7 月份的加速，以及我們預計又是什麼推動了下半年的加速，因此，修訂後的指南，修訂後的指導，抱歉，是雙重的，對嗎？首先，您要不斷從根本上改善對客戶的價值主張，這是我們過去兩年半一直在實施的策略的成果。因此，基本上，更可靠的物流、更大的國家覆蓋範圍、更好的滿意度、針對跨國客戶的更廣泛和更具競爭力的產品組合、更多的支付選擇，所有這些都構建了比幾年前更強大的客戶價值主張，實際上比上一季甚至以前更強大。

It's really compounded impact, and this better value proposition now enables us finally to start to resume a fresh focus on a number of online marketing channels that we had been prioritized in the past, in a way that's very much ROI driven now, very disciplined, I mean, you're starting to know us by now. So these channels include, of course, the main paid online channels that everyone knows, SEO, CRM, all the basics, that had not been heavily prioritized over the past two years when we've been rationalizing and rebuilding the value proposition.

這確實是一種複合影響，而且這種更好的價值主張現在使我們終於能夠開始重新關注過去優先考慮的多個在線營銷渠道，這種方式現在非常受投資回報率驅動，非常有紀律，我的意思是，你現在開始了解我們了。因此，這些管道當然包括眾所周知的主要付費線上管道、SEO、CRM 等所有基礎知識，而這些在過去兩年我們合理化和重建價值主張時並沒有優先考慮。

In particular, paid online marketing has had not been a focus and we saved a lot of money on that front. But we believe it's been the right time to reactivate now, with what we see as great return investment. Thanks to the -- well, the much better valuable position.

特別是，付費網路行銷一直不是重點，我們在這方面節省了很多錢。但我們相信現在是重新啟動的最佳時機，我們認為這項投資將帶來豐厚的回報。感謝——嗯，更有價值的職位。

And it turns out it's working, and we believe it's going to drive, I mean, it's going to be an important part of the acceleration of forecasting for the second half of the year. So you can already see that in the July figures, so early Q3 is starting to -- is looking good as we as we mentioned earlier in the call. So it's not just wishful thinking.

事實證明，它是有效的，我們相信它將會起到推動作用，我的意思是，它將成為加速下半年預測的重要組成部分。因此，您已經可以在 7 月的數據中看到這一點，因此第三季初的數據開始看起來不錯，正如我們在電話會議中提到的那樣。所以這並非只是一廂情願。

And one small addition as well. We know that the comps of Q4 will be software because last year, we had a massive decline in corporate sales so we can already anticipate that we, I mean, we'll have software comps at the end of the year as well helping the year-over-year corporates.

還有一個小補充。我們知道第四季度的比較對象將是軟體，因為去年我們的企業銷售額大幅下滑，所以我們已經可以預期，我們將在年底推出軟體比較對象，同時也幫助同比成長的企業。

And then maybe let's go there on Q4 since you brought it up. I know it's a little early but as we look towards the holiday, how are you thinking about bringing on more inventory, kind of like what you guys did last year and maybe just any guardrails you can share on use of cash there that we should be thinking about?

既然你提到了這一點，那麼也許我們可以在第四季度討論這個問題。我知道現在有點早，但當我們展望假期時，您如何考慮增加庫存，就像您去年所做的那樣，也許您能分享一些我們應該考慮的現金使用方面的限制？

So I mean, as you know, over the past two quarters we have been increasing the inventory in the working capital quite significantly. What you see this quarter doing in Q2 is that the working capital is decreasing and it's contributing positively to the cash burden while we're still growing at very, I mean, at a pretty good pace.

所以我的意思是，正如你所知，在過去兩個季度中，我們一直在大幅增加營運資金的庫存。您會看到本季第二季的情況是，營運資本正在減少，這對現金負擔產生了積極影響，而我們仍在以非常快的速度成長。

So it means we're not dependent on adding always more working cap so we can grow faster, right? There's no direct correlation and we're able to manage our inventories and our working cap in a reasonable way while generating significant growth.

所以這意味著我們並不依賴不斷增加更多的工作上限，這樣我們就能更快成長，對嗎？它們之間沒有直接的關聯，我們能夠以合理的方式管理庫存和工作上限，同時實現顯著的成長。

For the fourth quarter of the year, I mean, what happens typically, I mean, we have Black Friday running through most of the months of November, then we usually have a pretty big Christmas season across most of our countries that spreads until early January. So typically, we'd start building inventories around early October and we'll be -- well, saying those inventories until late December, early January. We forecast, I mean, there will -- of course, there's some volatility in working cap at the end of the year, but we don't see it being as meaningful as significant as it was last year.

對於一年中的第四季度，我的意思是，通常情況下，我們的黑色星期五會持續整個 11 月，然後我們大多數國家通常會迎來一個相當盛大的聖誕季，一直持續到 1 月初。因此，通常情況下，我們會在 10 月初左右開始建立庫存，並且我們會將這些庫存保留到 12 月底或 1 月初。我們預測，當然，年底的工作上限會出現一些波動，但我們認為它不會像去年那麼重要。

And then you mentioned the faster growth on kind of these underserved areas outside of the urban areas. When you think about capacity there, how underutilized are you, would you say, and so, I guess, is there more capacity expansion going on there or maybe how much runway do you have in that part of the business?

然後您提到了城市地區以外服務不足地區的更快成長。當您考慮那裡的產能時，您會說那裡的產能利用率有多低，那麼，我想，那裡是否還有更多的產能擴張，或者您在該業務領域還有多少發展空間？

You mean in country areas, secondary cities?

您是指鄉村地區、二線城市嗎？

Correct, yeah.

正確，是的。

Yeah, so we've been very successful in secondary cities over the past couple of years. It started based on the playbook that we had built from Ivory Coast in Senegal back in the days. So now it's 59% of our orders being shipped to secondary cities outside of the capital cities, which is a major increase year-over-year, but still, there's a lot more potential, really a lot more potential.

是的，過去幾年我們在二線城市取得了巨大的成功。它開始於我們過去在塞內加爾的科特迪瓦建立的劇本。因此，現在我們的訂單有 59% 被發送到首都以外的二線城市，這比去年同期有了大幅增長，但仍然有很大潛力，真的有很大潛力。

We believe we're still massively under penetrated in more rural and secondary cities, in very large countries like Nigeria, Kenya, even Egypt, definitely also Uganda, Morocco, or Senegal. So there's still a very large runway for growth, I mean, we may be. I'm not even sure we're halfway through.

我們認為，在奈及利亞、肯亞、甚至埃及等大國，以及烏幹達、摩洛哥或塞內加爾等國，我們的農村和二線城市滲透率仍然很低。所以，我的意思是，我們可能仍然有很大的成長空間。我什至不確定我們是否已經完成了一半。

So we're still working and we're working right now on further expansion plans for the big countries to open logistics in new cities or to increase the penetration and the density of our coverage of pickup stations in dozens of cities that we're already covering. So we were very far from the end of this project, and we still see a massive upside in the rollout of these plans in most of the countries.

因此，我們仍在努力，目前正在為大國制定進一步的擴張計劃，在新的城市開設物流，或增加我們已經涵蓋的數十個城市的提貨站的滲透率和覆蓋密度。因此，我們距離這個計畫的結束還很遠，但我們仍然看到在大多數國家推出這些計畫具有巨大的優勢。

I think an obvious example is Nigeria. I mean, you see it in the numbers we showed today, Nigeria is still only 22% of our GMV, which remains smaller than Ivory Coast, while it's a much bigger country by -- I mean, by any KPI, and we still see massive potential in reaching new cities in the coming months and quarters.

我認為一個明顯的例子就是尼日利亞。我的意思是，從我們今天展示的數據中可以看出，尼日利亞仍然只占我們 GMV 的 22%，仍然比科特迪瓦要小，而根據任何 KPI 來看，它是一個大得多的國家，我們仍然看到在未來幾個月和幾個季度內進入新城市的巨大潛力。

And then just want to talk about kind of some of the international initiatives you guys have been putting in place. Obviously, we've been trying to work with more international suppliers for several years now. I guess, you mentioned the tariffs seems like that's the tailwind. Talk about your visibility on sort of securing greater selection from those suppliers and then separately just competitively any changes that you've seen as a function of the tariffs from the Chinese players maybe getting focused on regions a bit more outside the US.

然後我想談談你們一直在實施的一些國際措施。顯然，幾年來我們一直在努力與更多的國際供應商合作。我想，您提到的關稅似乎是順風。請談談您在從這些供應商那裡獲得更多選擇的潛力，然後單獨談談您所看到的中國企業關稅帶來的任何競爭變化，這些變化可能會更集中在美國以外的地區。

So I'll start with the second part. So in the whole tariff thing, we see it as tailwind, as you mentioned, indeed. We do believe that with higher tariffs in the US, a lot of Chinese manufacturers will have to rebalance the markets, their focus to new markets, that Africa is going to become a bit more relevant, a bit more important in the mix, and that is going to help Jumia secure supply, right?

所以我將從第二部分開始。因此，就整個關稅問題而言，正如您所說，我們確實認為它是順風。我們確實相信，隨著美國關稅的提高，許多中國製造商將不得不重新平衡市場，將重點轉向新市場，非洲將變得更加重要，這將有助於 Jumia 確保供應，對嗎？

As you know, our main data over the last few years has been focusing, I mean, we've been focused on securing supply, securing cheaper supply at scale for cross country African consumers, which was very far from easy because, well, manufacturers had other concerns, other markets in mind and so on, but this is what's been driving the recovery of our topline over the past two years.

如你所知，過去幾年我們的主要數據一直集中於確保供應，確保為非洲各國消費者提供大規模、更便宜的供應，這絕非易事，因為製造商還有其他顧慮，考慮著其他市場等等，但這正是過去兩年推動我們營收復甦的動力。

Now that we believe that we're going to get a bit more attention from Chinese vendors and Chinese manufacturers, I mean, as the African continent overall, this is going obviously to be helpful for Jumia. We're the middleman between Chinese manufacturers and African consumers, and we should benefit from this rebalancing of exports of Chinese goods, consumer goods.

現在我們相信我們將會得到更多中國供應商和中國製造商的關注，我的意思是，就整個非洲大陸而言，這顯然對 Jumia 有幫助。我們是中國製造商和非洲消費者之間的中間人，我們應該從中國商品、消費品出口的重新平衡中受益。

But that's medium term, right? It's not like we've seen a change overnight in the way our suppliers behave. Then in the short term, we do have much better visibility than we had one year ago or two years ago in terms of securing supply for several reasons. There are external reasons. First of all, the currency stability is really helping us. When we had last year, all the devaluations and those massive -- this massive volatility in many currencies across the continent. It was really hard for Chinese vendors to make long forecasts and to ship abroad and for African importers to commit and send hard currency to China for long term purchases.

但這只是中期目標，對嗎？我們並沒有看到供應商的行為方式在一夜之間改變。那麼從短期來看，由於多種原因，我們在確保供應方面確實比一兩年前有了更好的可見度。有外部原因。首先，貨幣穩定確實對我們有幫助。去年，整個非洲大陸的許多貨幣都出現了貶值和劇烈波動。對於中國供應商來說，做出長期預測並將產品運往國外，以及對於非洲進口商來說，承諾並向中國發送硬通貨進行長期採購，都非常困難。

So we had -- I mean, it was very challenging for us to secure enough supply in the context of currency volatility. Now with much more stable currencies across Africa, it's a lot easier for our suppliers and Chinese vendors and local suppliers to commit to Jumia, to commit on long term supply, and that's very helpful for us.

所以，在貨幣波動的背景下，確保足夠的供應對我們來說非常具有挑戰性。現在，非洲的貨幣更加穩定，我們的供應商、中國供應商和當地供應商更容易與 Jumia 合作，承諾長期供應，這對我們非常有幫助。

And on the currency front, we're starting to see reports from serious banks forecasting related stability for the year, for the month or quarters to come in the main African currencies, which is very good news for Jumia, which is something we haven't had over the past three years, to put it this way.

在貨幣方面，我們開始看到一些主流銀行的報告預測今年、未來一個月或幾季主要非洲貨幣將保持穩定，這對 Jumia 來說是個好消息，可以說，這是我們過去三年來從未遇到過的。

And then we're obviously very much helped by what we've done over the past two years. So we're able to get a lot more visibility and supply and a lot more commitment because Jumia has become a better company, it's a more reliable partner for local importers and Chinese vendors. We have more volumes so better negotiating leverage, so it's just -- I mean, and our teams are better trained to manage vendors. So -- well, basically thanks to our hard work, we're also able to drive more commitments and working cap from vendors to commit supply to Jumia.

顯然，我們過去兩年的所作所為對我們幫助很大。因此，我們能夠獲得更高的知名度和供應量以及更多的承諾，因為 Jumia 已經成為一家更好的公司，它是當地進口商和中國供應商更可靠的合作夥伴。我們擁有更多的交易量，因此擁有更好的談判籌碼，所以這只是——我的意思是，我們的團隊接受了更好的培訓來管理供應商。所以——基本上，由於我們的努力工作，我們還能夠從供應商那裡獲得更多的承諾和工作上限，以向 Jumia 承諾供應。

So it's a mix of many things, but we do see short term improvements and we can expect medium to long term improvement as well, partly thanks to the tariffs, but also thanks to expected stability in currencies.

所以這是多種因素共同作用的結果，但我們確實看到了短期的改善，我們也可以預期中長期的改善，部分原因是關稅，但也得益於預期的貨幣穩定。

And then just one on Jumia delivery, you brought it up in the prepared remarks. Can you just remind us on kind of how you think about like your general TAM for that, and also how we should think about margins on that business?

然後是關於 Jumia 送貨的問題，您在準備好的演講中提到了這一點。您能否提醒我們一下，您如何看待該業務的整體 TAM，以及我們應該如何看待該業務的利潤率？

Yeah, sure. So just as a reminder, what we do with Jumia delivery, I mean, it's the first time over the past three years that we slightly diversify away from physical goods, right? It's been a very careful decision. We thought it was the right time to do it and we had finally built the right asset in logistics, so we could now monetize it without disrupting the core business. So right timing.

是的，當然。所以提醒一下，我們對 Jumia 配送所做的一切，我的意思是，這是過去三年來我們第一次稍微脫離實體商品，對吧？這是一個非常謹慎的決定。我們認為現在是做這件事的正確時機，而且我們最終在物流領域建立了正確的資產，因此我們現在可以在不影響核心業務的情況下將其貨幣化。時機恰到好處。

The addressable market is basically anyone who has something to -- has a parcel to ship. So we're not doing bulk, we're not doing very large items. We don't really focus on a lot of very light items, but we do parcel delivery and it's a very broad market. You need to imagine that in our markets, the national postal service is usually not really trusted by local consumers, to say the least. And there's no equivalent to the -- to UPS, DHL or the US postal services that you may have in the US.

可尋址市場基本上是任何有東西要寄送的人。所以我們不做大宗貨物，也不做非常大的物品。我們實際上並不專注於許多非常輕的物品，但我們確實進行包裹遞送，這是一個非常廣泛的市場。你需要想像，在我們的市場中，國家郵政服務通常不太受當地消費者的信任，至少可以這麼說。而且，沒有與美國 UPS、DHL 或美國郵政服務相當的服務。

So the ecosystem for parcel delivery is heavily unstructured, unreliable, and very opaque in a way. And that's also why we had to build our own logistics, right? We could not give it to anyone in the ecosystem.

因此，包裹遞送的生態系在某種程度上是嚴重非結構化的、不可靠的，而且非常不透明。這也是我們必須建立自己的物流的原因，對嗎？我們不能將它提供給生態系統中的任何人。

So with that in mind, we're addressing anyone who has a parcel to ship that can be individuals who are shipping from one country -- from one city to the other, to the capital -- from the capital to anywhere in the country that can be small e-commerce players. There can be a lot of social merchants, social commerce merchants selling on Facebook, selling on WhatsApp and so on. So it's a fairly broad, fairly informal and unstructured customer base, but with very large volumes.

因此，考慮到這一點，我們面向的是任何需要運送包裹的人，這些人可以是個人，他們可以從一個國家運送包裹——從一個城市運送到另一個城市，運送到首都——從首都運送到該國的任何地方，也可以是小型電子商務參與者。有很多社交商家，社交商務商家在 Facebook 上銷售，在 WhatsApp 上銷售等等。因此，這是一個相當廣泛、相當非正式和非結構化的客戶群，但數量卻非常龐大。

Marketing wise, we've decided to prioritize for the first steps for the launch of this service. We've chosen to prioritize social commerce vendors, being some of them also being vendors on Jumia, that are easier to find, that are easy to talk to and that have significant volumes to start with already. But we already see a lot of individual customers using our service just like they would use the US postal services in the US.

從行銷角度來看，我們決定優先推出這項服務的第一步。我們選擇優先考慮社交商務供應商，其中一些也是 Jumia 上的供應商，他們更容易找到，更容易溝通，而且一開始就擁有大量的業務量。但我們已經看到很多個人客戶使用我們的服務，就像他們在美國使用美國郵政服務一樣。

And then margins wise -- but the second half of your question, Brad, margins wise, it's a business that's profitable from the outset. I mean, we set the prices, we believe we can be a lot more competitive than existing options. We are low margins at the beginning to encourage quick adoption, but it's very easy for us to price it higher than our variable costs that are already fairly low, thanks to the massive volumes, we're already managing in our logistics.

然後從利潤率來看——但你問題的後半部分，布拉德，從利潤率來看，這是一項從一開始就盈利的業務。我的意思是，我們設定價格，我們相信我們比現有選擇更具競爭力。為了鼓勵快速採用，我們一開始的利潤率很低，但由於我們在物流方面已經管理著巨大的數量，因此我們很容易將其定價高於已經相當低的變動成本。

And then I just had a couple more if I could for Antoine, just first, housekeeping. Can you clarify within the raised GMV guidance. Is any of that FX related versus just the higher volume? Maybe if you could just remind us what is in the GMV guidance in terms of FX.

如果可以的話，我也會為安托萬 (Antoine) 再做一些事情，首先是做家事。您能否在提高的 GMV 指導範圍內進行澄清。這些 FX 是否與更高的音量有關？也許您可以提醒我們 GMV 指導中關於外匯的內容。

It's not related to FX. It's related to the trends we've seen in Q2 and what we are seeing in July. So nothing related with FX.

這與 FX 無關。這與我們在第二季度看到的趨勢以及我們在七月看到的趨勢有關。因此與 FX 無關。

And then when you think about just what's embedded kind of in this -- in the journey to break even in 2020 -- or at the end of -- by the end of 2026. How much does customer growth have to do with that in terms of marketing intensity necessary to hit that goal? Just curious.

然後，當你思考這其中蘊含著什麼時——在 2020 年或 2026 年底實現收支平衡的過程中。就實現該目標所需的行銷強度而言，客戶成長與此有多大關係？只是好奇。

The goal of profitability will be the consequence of the combination of the growth, and we are growing without significant marketing investment, as Francis said. We spent a bit of time over the last three months to improve the way we were doing pay online marketing, and this is working quite well. So we do not intend to significantly increase the marketing spend. And by the way, when we are recruiting new customers to pay online or returning customers that are coming back, we are generating profitable transactions since the outset.

獲利目標將是多種成長相結合的結果，正如弗朗西斯所說，我們在沒有大量行銷投資的情況下實現了成長。在過去的三個月裡，我們花了一些時間來改進我們的付費網路行銷方式，而且效果很好。因此我們不打算大幅增加行銷支出。順便說一句，當我們招募新客戶進行線上支付或回頭客時，我們從一開始就產生了有利可圖的交易。

So it's working pretty well, and we do not expect additional -- significant additional marketing spend. Then we will hit profitability, thanks to the combination of the top line increase and the cost control we've been implementing over the last two years, be it in tech G&A and also the scale that the volumes allow us to do in logistics.

所以它運作得很好，我們預計不會有額外的——大量的額外行銷支出。然後，我們將實現盈利，這要歸功於過去兩年來我們一直在實施的營業收入增長和成本控制，無論是在技術 G&A 方面，還是在物流方面，數量允許我們實現的規模。

You might remember that we said that we could operate between 2 times to 3 times the current volume with the current cost, and this is what we are doing.

您可能還記得，我們​​說過，我們可以以當前的成本實現當前產量的 2 倍到 3 倍，而這正是我們正在做的。

Tracy Kivunyu, SBG Securities.

Tracy Kivunyu，SBG 證券公司。

A couple of questions for me. Just following on from the last question on the attribution of pro safety in the second half or the change in guidance for the second half. So are you seeing a scenario where your orders are going to -- is it going to be more customers making orders or at the same rate that you're seeing already are 2.3% orders or so, or are we going to see more -- the same level of customer growth versus more orders per customer just because the revenue mix looks very different.

我有幾個問題。繼續上一個問題，關於下半年職業安全的歸因或下半年指導的變化。那麼，您是否看到了這樣的情況：您的訂單將會——是會有更多的客戶下訂單，還是會以您已經看到的 2.3% 左右的相同速度增長，或者我們會看到更多——相同水平的客戶增長與每個客戶的訂單增加，只是因為收入組合看起來非常不同。

I mean, if you look at the second quarter and I'm just trying to understand how you're thinking of marketplace revenues and also how sustainable is your first party growth that we've seen because it's looking quite strong. And maybe if I could add to that as well on the GMV trajectory in terms of the mix between marketplace or 3P and 1P, how should we think of that going forward? I think our -- my initial assumption was that we see 3P becoming even more prominent, but I'm not sure how the second quarter results have changed that.

我的意思是，如果你看第二季度，我只是想了解你如何看待市場收入，以及我們所看到的第一方成長的可持續性如何，因為它看起來相當強勁。也許如果我可以將 GMV 軌跡添加到市場或 3P 和 1P 之間的組合中，我們應該如何看待未來的發展？我認為我們——我最初的假設是，我們看到 3P 變得更加突出，但我不確定第二季的結果如何改變了這一點。

Maybe I can take the first half of this. What we are seeing at the moment is we are recruiting more new customers, that's one. And the customers we have are repurchasing more often. So to answer your question, it's going to be a combination of both. And this is the flying wheel we've been running after.

也許我可以接受這個的前半部。我們目前看到的情況是，我們正在招募更多的新客戶，這是其中之一。而且我們的客戶回購的頻率也更高了。所以回答你的問題，這將是兩者的結合。這就是我們一直在追求的飛輪。

And I would add to that. It will be the combination of both. It's been the combination of both for the past quarters. But if you look at the long term, the greatest potential will be for new customers accrition, right? We need to serve a lot more customers. We can increase frequency up to a point, but the big price will be a significant increase in the active customers obviously.

我想補充一點。這將是兩者的結合。過去幾個季度，兩者的情況都是結合的。但如果從長遠來看，最大的潛力在於新客戶的增加，對嗎？我們需要為更多的客戶提供服務。我們可以將頻率提高到一定程度，但顯然，最大的代價是活躍客戶數量的大幅增加。

And then Tracy, you mentioned -- so you were asking about the growth of first party this quarter and how it would look in the coming quarters in terms of mix between 3P and 1P in the GMV. So as we said in the past, we're not guiding for a specific mix between 1P and 3P actually, I mean, we're very happy with the -- 1P has working capital requirements and we're very happy to push as much 3P as we can. By G&A, we're a marketplace, so we're designed for 3P, but we adapt to local conditions. We adapt to opportunities, and what matters to us is to get sufficient stock, sufficient availability at the best prices for our customers.

然後 Tracy，您提到 - 所以您詢問的是本季度第一方的增長情況，以及在未來幾個季度中，從 GMV 中 3P 和 1P 之間的組合來看，第一方的增長情況會如何。因此，正如我們過去所說的那樣，我們實際上並沒有指導 1P 和 3P 之間的特定組合，我的意思是，我們對此感到非常滿意 - 1P 有營運資金要求，我們非常樂意盡可能多地推動 3P。根據 G&A，我們是一個市場，因此我們是為 3P 設計的，但我們會根據當地情況進行調整。我們適應機遇，對我們來說重要的是以最優惠的價格為客戶提供充足的庫存和充足的供應。

So sometimes it has to be done through 1P, so we can secure the best deals and the best supply and we make sure that we do it with the right level of profitability. However, this -- so what happened this quarter is that we've been particularly successful with a few key brands that were doing 1P for us in large countries. So we mentioned in the earnings, starting, that's been quite successful with us in Kenya and Nigeria, and that was 1P.

所以有時必須透過 1P 來完成，這樣我們才能獲得最好的交易和最好的供應，並確保以適當的獲利水準來完成。然而，本季發生的情況是，我們與一些在大國為我們做 1P 的關鍵品牌合作特別成功。因此，我們在收益中提到，我們在肯亞和奈及利亞取得了相當大的成功，那是 1P。

We've had very good sales with other brands as we're doing 1P, for example, Adidas in Egypt, and it's -- I mean, it's of course a longer list, but that's the examples I can mention. But again, we're not trying to optimize for more 1% or less either way. So, looking forward, we're not planning for a significant shift in the ratio of 1P to 3P although there will always be some level of limited volatility.

當我們進行 1P 時，我們與其他品牌的銷售情況非常好，例如埃及的阿迪達斯，而且 - 我的意思是，這當然是一個更長的名單，但這就是我可以提到的例子。但無論如何，我們不會試圖優化 1% 以上或以下。因此，展望未來，我們並不打算大幅改變 1P 與 3P 的比例，儘管總是會存在一定程度的有限波動。

Okay. So a couple of follow up questions, well, different questions, on the trajectory between -- if I compare your scopes of shares of orders from outside capital cities. It looks strong on a year-on-year basis, but on a quarter-on-quarter basis, it looks pretty flat, 58% to 59%, and your share of pickup stations seems to have retained your trajectory from 67 to 70. So two questions there.

好的。因此，有幾個後續問題，嗯，不同的問題，關於之間的軌跡 - 如果我比較來自首都以外的訂單份額範圍。從同比來看，它看起來很強勁，但從季度環比來看，它看起來相當平穩，為 58% 到 59%，而且你們的取貨站份額似乎保持了從 67 到 70 的軌跡。所以有兩個問題。

First, I know you've already talked a bit about the hidden potential or the potential for the growth in outside capital cities orders. What did you say maintained the ratio from 1Q to 2Q, and yeah, are there any bottlenecks to unlock there? And then second, how much further can you push the needle in pickup stations.

首先，我知道您已經談到了首都以外地區訂單的隱藏潛力或成長潛力。您說是什麼維持了第一季到第二季的比例？是的，那裡有什麼瓶頸需要解決嗎？其次，在取貨站方面，您還能推動多大的發展。

And maybe a last question on that is how sticky do you see your fulfillment cost per order being? I'm just thinking going forward in terms of the reduction in expenses or is there any more reduction that you anticipate after this financial year or do you see a scenario now where it's very much customer led or order led? So that you now have a very stable cost base one as we sit, by the time we see 4Q results.

關於這一點，也許最後一個問題是，您認為每個訂單的履行成本有多高？我只是在考慮未來的開支削減，或者您預計本財年之後還會有更多的削減，或者您現在看到的情況是主要由客戶主導還是訂單主導？因此，當我們看到第四季度的結果時，您現在有一個非常穩定的成本基礎。

Yeah. So thanks, Tracy. Let me take them one by one. So first of all, on the share of sales going up country, so it's a nice increase year-over-year, but it's only 1 percentage point change quarter-over-quarter. I think 1 percentage point change quarter-over-quarter is still significant because it's something that's very fundamental. It's something that happens over time.

是的。所以謝謝你，特蕾西。讓我一一介紹一下。首先，就全國範圍內的銷售份額而言，同比增長良好，但環比變化僅為 1 個百分點。我認為，季度環比變化 1 個百分點仍然很重要，因為這是非常根本的事情。這是隨著時間的推移而發生的事情。

It's not like we can change by 5 points quarter-over-quarter. I mean, we're opening a new -- we're opening delivery in new cities. And there's word of mouth to -- so customers start to get to know Jumia and then start purchasing. I mean, it's something that takes time. It's a very long-term trend and just getting 1 percentage point or 2 percentage points quarter over quarter is quite significant already. And then year-over-year, the change is very significant.

我們不可能每季都改變 5 個百分點。我的意思是，我們正在開設一家新店——我們正在新的城市開設送貨服務。還有口耳相傳——因此顧客開始了解 Jumia，然後開始購買。我的意思是，這是一件需要時間的事。這是一個非常長期的趨勢，每季僅成長 1 個百分點或 2 個百分點就已經相當顯著了。與去年同期相比，變化非常顯著。

So we don't see anything slowing down at this stage. We're pushing -- I mean, marketing wise, we're pushing both big cities and small cities. We don't want to give up on the big cities. That's absolutely not the point of this country project.

因此，我們認為現階段不會出現任何放緩的跡象。我們正在推動——我的意思是，從行銷角度來說，我們正在推動大城市和小城市的發展。我們不想放棄大城市。這絕對不是這個國家計畫的重點。

So as I was telling Brad just before, we believe there's still a lot more potential, and we do have countries that are way above 50% of orders being shipped out of the country. So there's still a lot of potential across the company.

因此，正如我剛才告訴布拉德的那樣，我們相信還有很大的潛力，而且我們確實有一些國家的訂單有 50% 以上是運往國外的。因此整個公司仍然有很大的潛力。

And then same when it comes to the share of deliveries in pickup stations. There's no absolute target. It will mostly be the consequence. I mean, it will largely be driven by our share of country sales because at country, we were only delivering in pickup stations. We don't offer the door delivery option, so that -- the evolution would largely follow the increase of the share of orders going up the country.

而當談到取貨站的送貨份額時，情況也是一樣。沒有絕對的目標。這主要就是後果。我的意思是，這很大程度上取決於我們在全國銷售中的份額，因為在全國，我們只在提貨站進行送貨。我們不提供送貨上門服務，因此，變革將主要隨著全國範圍內訂單份額的增加而進行。

And then at your last question about the reduction in fulfillment cost per order. So this quarter, as you may have noticed, we're stable. We're plus 1% in dollars year-over-year in fulfillment cost per order, minus 5% in local currencies, so still showing some improvement on the ground, but there's some ethics impact going in the wrong direction this time.

然後，關於您最後一個問題，關於每筆訂單的履行成本的降低。因此，正如您可能已經注意到的，本季我們表現穩定。與去年同期相比，我們每筆訂單的履行成本以美元計算增加了 1%，以當地貨幣計算則減少了 5%，因此實際效果仍有所改善，但這次在道德方面出現了一些問題。

We still -- I mean, we still foresee a significant improvements in efficiencies and unique costs, so we believe we can further reduce our fulfillment cost per order quite significantly over the coming years for many reasons. The most obvious one is scale, right? As we're scaling our volumes about 20% in all this growth every quarter, year-over-year, every quarter. Scale is definitely going to help us reduce the unit costs. That's -- I mean, in logistics, it's fairly obvious.

我們仍然——我的意思是，我們仍然預見到效率和獨特成本的顯著改善，因此我們相信，由於多種原因，我們可以在未來幾年進一步大幅降低每個訂單的履行成本。最明顯的就是規模，對吧？由於我們的銷量每季都以每年約 20% 的速度成長。規模肯定會幫助我們降低單位成本。這是——我的意思是，在物流方面，這是相當明顯的。

And then there are a lot of improvements that we are implementing as we speak that are going to pay off in the next quarter in Q4 and so on, and we're never short of ideas to further improve efficiency in logistics. What I can talk about right now is definitely what we're doing in call centers, which is -- which are part of our fulfillment costs. We're implementing new tools so we can automate a lot of interactions that were previously managed by agents, I mean, human agents in our call centers.

我們正在實施的許多改進措施將在下個季度、第四季度等獲得回報，而且我們從來不缺乏進一步提高物流效率的想法。我現在可以談論的肯定是我們在呼叫中心所做的事情，這是我們履行成本的一部分。我們正在實施新的工具，以便我們可以自動化許多先前由代理商（我的意思是，我們呼叫中心的人工代理）管理的互動。

We're rolling out new AI features so we can have conversational but to run like real conversations with customers who don't need to talk to an agent anymore for all the simple requests and even some fairly complex ones. So we're able to further reduce the accessing in our call centers while we're actually scaling the volumes.

我們正在推出新的人工智慧功能，以便我們可以與客戶進行對話，但就像真實的對話一樣，客戶不再需要與代理商交談來處理所有簡單的請求，甚至是一些相當複雜的請求。因此，我們能夠在實際擴大訪問量的同時進一步減少呼叫中心的訪問量。

So that's very obvious case of reducing our unit costs. We also have a big plan as we speak to improve productivity in our warehouses, as you know, last year we've consolidating -- consolidated our warehouses and moved to bigger places in most of our countries. And this year, now with a more stable setup, we're able to address productivity challenges which we're doing at the moment.

這是降低單位成本的一個非常明顯的例子。我們還有一個大計劃，以提高我們倉庫的生產力，正如你所知，去年我們整合了我們的倉庫，並將其遷移到大多數國家的更大的地方。今年，有了更穩定的設置，我們能夠解決目前正在面臨的生產力挑戰。

So with all that, we still believe we can get maybe up to 10 percentage points of efficiency and the unit cost per order in fulfillment year-over-year and continue year after year.

因此，儘管如此，我們仍然相信，我們可以實現高達 10 個百分點的效率提升，並且每筆訂單的單位成本可以逐年降低，並且這種趨勢將持續下去。

Thank you. My final two questions. First on Ivory Coast. I appreciate your statement on the fact that Ivory Coast is a much more mature market, but the 9% seemed quite slow compared to what we saw in 1Q. So what made the change then in terms of growth?

謝謝。我的最後兩個問題。首先是科特迪瓦。我很欣賞您關於科特迪瓦是一個更成熟的市場的說法，但與我們在第一季看到的相比，9% 的成長似乎相當緩慢。那麼，從成長角度來看，是什麼導致了這種變化呢？

And then second, maybe some detail on the finance cost line and how we should think about it going to subsequent quarters.

其次，也許需要詳細了解財務成本線以及我們應該如何考慮其在隨後幾季的發展。

Yeah, let me take Ivory Coast and then I'll leave the floor to Antoine when it comes to finance costs. So as you mentioned, Ivory Coast to start with, to give the context, is a way more major market for Jumia, right? We use the Ivory Coast as the as the playbook and the blueprint for the strategy we've been rolling out for the past two years and a half.

是的，我先來談談科特迪瓦，然後就財務成本問題，我把發言權留給安托萬。所以正如你所提到的，首先，科特迪瓦是 Jumia 的一個更重要的市場，對嗎？我們以科特迪瓦作為我們過去兩年半來推行的策略的劇本和藍圖。

And when you look at the numbers, you see that Ivory Coast -- the GMV we're making in Ivory Coast is significantly slightly bigger than the GMV we're making in Nigeria this quarter still. Well, Ivory Coast is only 13 million people and it's a fraction of the GDP of Nigeria. So it's a market where Jumia is way more penetrated in the retail space than we are in most of -- in all of the other markets. So we also -- I mean, so of course, it leaves smaller pockets for growth, obviously, and we can be impacted by some market events and the evolution of local consumption.

當你查看這些數字時，你會發現，本季度我們在科特迪瓦的 GMV 仍然明顯高於我們在尼日利亞的 GMV。科特迪瓦只有 1,300 萬人口，其 GDP 只是奈及利亞的一小部分。因此，Jumia 在零售領域的滲透率遠高於我們在大多數其他市場的滲透率。所以我們也——我的意思是，當然，它顯然會留下較小的成長空間，而且我們可能會受到一些市場事件和當地消費變化的影響。

However, what you see in Ivory Coast this quarter, the slow down, I mean, there's an improvement in GMV growth, but to slowdown in orders, we've been doing better in categories with high IV, but we've slowed down in a number of low value categories that's mostly temporary.

然而，本季度你在科特迪瓦看到的是，成長放緩，我的意思是，GMV 成長有所改善，但訂單放緩，我們在高 IV 類別上做得更好，但我們在一些低價值類別上放緩，這大多是暫時的。

Part of it has been driven by increasing take rate, commissions and fees. As we mentioned during the call, we have decided to monetize more our state in Ivory Coast, given the lower potential for growth compared to a country like Nigeria, and we're really pushing for stability, to put it this way.

部分原因是由於佣金率、佣金和費用的增加。正如我們在電話會議中提到的那樣，鑑於與尼日利亞等國家相比增長潛力較低，我們決定將科特迪瓦的更多國家貨幣化，並且我們確實在推動穩定，可以這麼說。

So we're making a conscious, deliberate choice to strike the right balance between growth and profitability in this country, that's by far the most penetrated for us and we're making different choices across markets. So obviously in a country like Nigeria that still has massive potential for hypergrowth for us, we're not putting the -- we're not setting -- I mean, setting the cursor in the same place when it comes to monetization.

因此，我們正在做出有意識的、深思熟慮的選擇，以在這個國家實現成長和盈利之間的適當平衡，這是我們迄今為止滲透最深的市場，而且我們在不同的市場做出不同的選擇。因此，顯然，在尼日利亞這樣的國家，我們仍然擁有巨大的超速成長潛力，在貨幣化方面，我們不會把遊標放在同一個地方。

And can you hear me?

你聽得到我說話嗎？

I hope that -- Sorry, go ahead, Antoine.

我希望——抱歉，請繼續，安托萬。

Yeah, when it comes to finance results, the movement you saw are coming from mostly from ethics movements as well as some old investments that came to maturity. For the future, we do not predict the FX movement, but we do not expect significant impact from investment.

是的，就財務結果而言，您看到的變化主要來自道德運動以及一些成熟的舊投資。對於未來，我們無法預測外匯走勢，但我們預期投資不會產生重大影響。

And I would just like to add, Tracy, regardless of everything I've just said about Ivory Coast, we still believe it's a market that can deliver double digit growth on all KPIs in the coming years, right? The market is growing, the economy is very stable, Jumia has a very strong reputation. So we're still going to be growing double digits and we're very confident about our prospects here.

崔西，我想補充一點，不管我剛才說了什麼關於科特迪瓦的事情，我們仍然相信，未來幾年，這個市場的所有關鍵績效指標都能實現兩位數成長，對嗎？市場正在成長，經濟非常穩定，Jumia 享有很高的聲譽。因此，我們仍將保持兩位數的成長，我們對我們的前景非常有信心。

We have reached the end of the question-and-answer session and it also concludes today's conference call. You may disconnect your lines at this time and thank you for your participation.

問答環節已經結束，今天的電話會議也結束了。現在您可以斷開您的線路了，感謝您的參與。