Jumia Technologies AG (JMIA) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen, and thank you for standing by. Welcome to Jumia's results conference call for the third quarter of 2025.

女士們、先生們，早安，感謝你們的耐心等待。歡迎參加Jumia 2025年第三季業績電話會議。

At this time, all participants are on a listen-only mode, and after the management's prepared remarks, there will be a question-and-answer session.

此時，所有參與者都處於唯讀模式，管理階層發言結束後，將進行問答環節。

I would now like to turn the call over to Ignatius Njoku, head of investor relations for Jumia. Sir, please go ahead.

現在我將把電話交給Jumia投資者關係主管Ignatius Njoku。先生，請繼續。

Thank you. Good morning, everyone.

謝謝。各位早安。

Thank you for joining us today for our third quarter 2025 earnings call. With us today are Francis Dufay, CEO of Jumia, and Antoine Maillet Mezeray, executive Vice President, finance and Operations.

感謝您今天參加我們2025年第三季財報電話會議。今天與我們在一起的是 Jumia 的執行長 Francis Dufay 和負責財務和營運的執行副總裁 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. We undertake no obligation to publicly update or revise these statements.

我們想提醒各位，我們今天的討論將包含前瞻性陳述。實際結果可能與前瞻性陳述中指出的結果有重大差異。此外，這些前瞻性陳述可能僅代表我們截至目前為止的預期。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 as of published on March 7, 2025 as well as our other submissions with the SEC.

有關可能導致實際結果與今天所作的前瞻性陳述存在差異的一些風險因素的討論，請參閱我們於 2025 年 3 月 7 日發布的 20 表格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, we will refer to certain financial measures not reported in accordance with IFRS.

此外，在本次電話會議上，我們將提及一些未依照國際財務報告準則 (IFRS) 報告的財務指標。

You can find reconciliations of 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.

您可以在我們的獲利新聞稿中找到非 IFRS 財務指標與相應 IFRS 財務指標的調節表，該新聞稿可在我們的投資者關係網站上找到。這樣，我就把它交給法蘭西斯了。

Good morning everyone and thank you for joining Jumia's third quarter 2025 earnings call.

各位早安，感謝各位參加Jumia 2025年第三季財報電話會議。

This quarter marks a significant acceleration in customer demand and order growth, reflecting a strong execution across our markets and growing consumer trust in the Junior brand.

本季客戶需求和訂單成長顯著加速，反映出我們在各個市場都取得了強勁的業績，並且消費者對 Junior 品牌的信任度也在不斷提高。

What's particularly encouraging is the continued acceleration in usage across our platform. Physical goods GMV grew by 26%, adjusting for perimeter effects and by 37% when excluding corporate sales, in line with similar acceleration in physical goods orders and active customers across markets.

尤其令人鼓舞的是，我們平台的使用量持續加速成長。實體商品 GMV 成長了 26%（剔除週邊因素影響），若不計入企業銷售額，則成長了 37%，這與各市場實體商品訂單和活躍客戶的類似加速成長相一致。

This momentum is translating into higher order frequency, deeper customer engagement, and continued market share gains in our core categories.

這種勢頭正在轉化為更高的訂單頻率、更深入的客戶互動以及我們在核心品類中持續成長的市場份額。

We believe Jumia has reached an inflection point. The combination of rising consumer adoption of e-commerce, a compelling value proposition, and improving operational discipline is driving durable momentum. We are building a solid foundation for sustainable, profitable growth, and the results are becoming increasingly visible.

我們認為Jumia已經到了一個轉捩點。消費者對電子商務的接受度不斷提高、極具吸引力的價值主張以及營運紀律的改善，共同推動了電子商務的持續發展動能。我們正在為可持續的獲利成長奠定堅實的基礎，而且成果正變得越來越明顯。

Looking ahead, our focus remains on driving profitable growth through efficiency, disciplined execution, and strategic investments in customer acquisition, technology, and logistics.

展望未來，我們的重點仍然是透過提高效率、嚴格執行以及在客戶獲取、技術和物流方面的策略投資來推動獲利成長。

These efforts are strengthening our competitive position and creating long-term value for shareholders.

這些舉措正在增強我們的競爭地位，並為股東創造長期價值。

And let me reiterate, we remain fully committed to our strategic goal of achieving full year profitability in 2027.

我再次重申，我們仍完全致力於實現2027年全年獲利的策略目標。

Let me now walk you through some of our key highlights for the quarter.

現在讓我帶您了解本季的一些主要亮點。

We continue to build momentum in usage trends driven by solid execution across our markets. Adjusted for perimeter effects, physical goods orders grew 34% year over year, driven by strong consumer demand, improved product offering, increased marketing efficiency, and our expansion into secondary cities.

我們在各個市場都展現出強大的執行力，進而持續推動用戶使用趨勢的發展。剔除週邊因素的影響，實體商品訂單年增 34%，這主要得益於強勁的消費者需求、不斷改進的產品供應、更高的營銷效率以及我們向二線城市的擴張。

Our core focus remained physical goods, which represented 100% of total orders and nearly all GMV this quarter.

我們的核心業務仍然是實體商品，本季實體商品佔總訂單量的 100%，幾乎佔商品交易總額 (GMV) 的全部。

The remaining share came from digital products sold through the Jumia pay such as airtime and vouchers.

剩餘份額來自透過 Jumia pay 銷售的數位產品，例如話費和代金券。

As we scale our core marketplace, we are phasing out these non-core digital transactions to streamline operations and enhance organizational efficiency.

隨著我們核心市場規模的擴大，我們正在逐步淘汰這些非核心的數位交易，以簡化營運並提高組織效率。

Adjusted for perimeter effects, quarterly active customers increased 22% year over year, reflecting healthy customer acquisition and retention, and marked the highest increase in the past three years.

經調整週邊因素影響後，季度活躍客戶年增 22%，反映出客戶獲取和留存狀況良好，並創下近三年來的最高增幅。

Customer loyalty also strengthened with our NPS score increasing to 64 from 63 in the prior year period.

客戶忠誠度也得到了加強，我們的 NPS 得分從去年的 63 分提高到 64 分。

In addition, 43% of new customers from Q225 made a repeat purchase within 90 days, up from 40% in Q224.

此外，2025 年第二季新客戶中有 43% 在 90 天內進行了重複購買，高於 2024 年第二季的 40%。

Demand remains strong across key categories, including electronics, phones, home and living, fashion, and beauty. Adjusted for perimeter effects, physical goods GMV grew by 26% year over year in reported currency, and excluding corporate sales, GMV increased 37%, reflecting accelerating momentum in our core consumer business.

包括電子產品、手機、家居生活、時尚和美容在內的主要類別需求仍然強勁。經調整排除週邊因素影響後，以報告貨幣計算，實體商品 GMV 年成長 26%；若不計企業銷售，GMV 成長 37%，反映出我們核心消費者業務的成長動能正在加速。

The average order value for physical goods in Q3 25 stood at $35 down from $38 in Q3 24, mainly reflecting reduced corporate sales in Egypt.

2025 年第三季實體商品的平均訂單價值為 35 美元，低於 2024 年第三季的 38 美元，主要反映出埃及企業銷售額的下降。

We expect GMV growth to accelerate over the remainder of the year as underlying demand remains robust, business fundamentals continue to strengthen, and we begin to lap the impact of lower corporate sales.

我們預計，隨著潛在需求仍然強勁、業務基本面持續走強，以及我們開始逐漸擺脫企業銷售下降的影響，今年剩餘時間內 GMV 成長將會加速。

Revenue reached $45.6 million up 25% year over year, with first party sales representing 52% of total revenue.

營收達 4,560 萬美元，年增 25%，其中第一方銷售額佔總營收的 52%。

In addition to top-line growth, we continue to make progress on monetization initiatives that enhance revenue quality and support margin expansion.

除了營收成長外，我們在提高收入品質和支持利潤率擴張的獲利措施方面也持續取得進展。

Importantly, we believe that acceleration in usage is not coming at the expense of monetization. We're driving both growth and improving its economies simultaneously.

重要的是，我們認為使用量的加速成長不會以犧牲獲利能力為代價。我們正在同時推動經濟成長和改善其經濟狀況。

Our new retail advertising platform launched in the second quarter of 25 continues to scale across our seller base and represents a strategic high margin revenue opportunity supporting our path to profitability with advertising revenue at 1% of GMV, Jumia sees substantial upside potential.

我們於 2025 年第二季推出的全新零售廣告平台持續擴大在我們賣家群體中的規模，並代表著一個具有戰略意義的高利潤收入機會，支持我們實現盈利之路。廣告收入佔 GMV 的 1%，Jumia 認為該平台具有巨大的成長潛力。

In addition to our third quarter performance, we are sharing early fourth quarter trends to provide further visibility into the current momentum.

除了第三季的業績之外，我們還將分享第四季初的趨勢，以便更清晰地展現當前的成長動能。

In October, and adjusting for perimeter effects, physical goods orders and GMV each grew over 30% year over year. These results highlight sustained customer demand and a strong start of the final quarter of the year, reinforcing our confidence in achieving our full year outlook.

10 月份，在剔除週邊因素的影響後，實體商品訂單和商品交易總額均較去年同期成長超過 30%。這些結果凸顯了客戶需求的持續成長以及今年最後一季的強勁開局，增強了我們對實現全年目標的信心。

Now let's discuss our progress towards profitability.

現在讓我們來討論一下我們在實現盈利方面取得的進展。

We remain on track towards our profitability objectives driven by disciplined execution and continued efficiency gains across the business.

我們憑藉著嚴謹的執行力和業務各環節持續的效率提升，繼續朝著獲利目標穩步前進。

Our initiatives in G&A, technology, and fulfilment are delivering meaningful and sustainable cost improvements.

我們在一般及行政費用、技術和物流方面的措施正在帶來有意義且可持續的成本改善。

We continue to streamline the organization. The total headcount declined by 7% since December 24th to just over 2010 employees on payroll at the end of the third quarter, reflecting a leaner, more agile organization and ongoing efforts to strengthen operating leverage.

我們將繼續精簡組織架構。自 12 月 24 日以來，員工總數下降了 7%，到第三季末，在職員工略超過 2010 人，這反映出公司組織更加精簡、更加靈活，並且公司正在不斷努力加強營運槓桿。

Fulfilment costs per order decreased 22% year over year to $1.86 driven by structural efficiencies across our logistics network.

由於物流網路結構效率的提高，每筆訂單的履行成本年減 22% 至 1.86 美元。

Technology and content expenses decrease by 10% year over year, benefiting from automation, platform optimization, and improved vendor terms.

技術和內容支出較去年同期下降 10%，這得益於自動化、平台優化和供應商條款的改善。

As a result, Adjusted LDL loss improved to $140 million compared to $17 million in the same quarter last year, reflecting both operating leverage and continued cost discipline.

因此，經調整的 LDL 虧損從去年同期的 1,700 萬美元改善至 1.4 億美元，這不僅反映了營運槓桿作用，也反映了持續的成本控制。

Loss before income tax was $17.7 million a 1% decrease year over year, or 8% decline on a constant currency basis. Cash used in operating activities declined year over year to $12.4 million underscoring our focus on prudent capital management.

稅前虧損為 1,770 萬美元，年減 1%，以固定匯率計算減少 8%。經營活動所用現金年減至 1,240 萬美元，凸顯了我們對審慎資本管理的重視。

We continue to make strong operational progress during the quarter, particularly in two strategic areas that are driving growth.

本季我們持續在營運方面取得強勁進展，尤其是在推動成長的兩個策略領域。

First, our upcountry expansion is unlocking meaningful opportunities beyond major urban centers. We're leveraging our logistics and commercial infrastructure to efficiently serve secondary cities and rural regions which are now driving some of our fastest growth.

首先，我們在內陸地區的擴張正在釋放主要城市中心以外的重要機會。我們正在利用我們的物流和商業基礎設施，有效地服務於二線城市和農村地區，這些地區目前是我們成長最快的地區之一。

Orders from upcountry regions represented 60% of total volume this quarter. Up from 54% in the same quarter last year.

本季來自內陸地區的訂單佔總訂單量的 60%。比去年同期的54%有所上升。

Second, we significantly expanded our international seller partnerships, particularly with suppliers from China.

其次，我們大幅擴展了國際供應商合作夥伴關係，特別是與中國供應商的合作關係。

In the third quarter we sourced $3.4 million gross items from international sellers, representing a 52% year over year increase adjusted for perimeter effects.

第三季度，我們從國際賣家購買了價值 340 萬美元的商品，經調整週邊因素影響後，年增 52%。

This allows us to offer a broader selection at more competitive prices while maintaining healthy economies and strengthening our overall value proposition.

這使我們能夠以更具競爭力的價格提供更廣泛的選擇，同時保持健康的經濟效益並增強我們的整體價值主張。

Turning to country level execution. Nigeria delivers strong performance with physical goods orders up 30% year over year and physical goods GMV up 43%, reflecting sustained momentum following the macroeconomic and currency challenges of 2024.

接下來是國家層級的執行。奈及利亞表現強勁，實體商品訂單年增 30%，實體商品 GMV 年增 43%，反映出在 2024 年宏觀經濟和貨幣挑戰之後，經濟仍保持持續成長勢頭。

Our upcountry expansion strategy is driving tangible results, fuelling steady growth in our active customer base nationwide.

我們的內陸擴張策略正在取得實際成果，推動著我們在全國範圍內的活躍客戶群穩步成長。

Performance in the southwest and southeast regions remains robust, and we are seeing encouraging traction as we expand to the north, building a more balanced geographic footprint.

西南和東南地區的業績依然強勁，隨著我們向北擴張，正在建立更均衡的地理佈局，我們看到了令人鼓舞的進展。

Kenya also performed strongly with physical goods orders up 56% year over year and physical goods GMV increasing 38% in reported currency. Growth was driven by our upcountry expansion as secondary cities and smaller towns continued to outpace Nairobi and other major urban centers.

肯亞的表現也十分強勁，實體商品訂單年增 56%，以報告貨幣計算的實體商品商品交易總額成長 38%。成長的驅動力來自我們在內陸地區的擴張，因為二線城市和小鎮的發展速度持續超過內羅畢和其他主要城市中心。

Operationally, we reduce logistics costs through better shipment consolidation, volume leverage, and route optimization, underscoring our ability to scale efficiently. We also launched a new initiative, Jumia instant, offering 4-hour delivery in Nairobi, focusing on more convenience-driven customers.

在營運方面，我們透過更好的貨物整合、規模優勢和路線優化來降低物流成本，凸顯了我們高效擴展的能力。我們也推出了一項新措施 Jumia Instant，在內羅畢提供 4 小時送達服務，專注於更注重便利性的客戶。

Ivory Coast delivered a solid performance with physical goods orders up 23% year over year and physical goods GMV increasing 22% in reported currency, both accelerating from the second quarter.

科特迪瓦表現穩健，實體商品訂單年增 23%，實體商品 GMV 按報告貨幣計算成長 22%，均較第二季加速成長。

The growth acceleration demonstrates Jumia's ability to win market share even in a major market. We remain focused on deepening engagement, improving monetization, and expanding penetration from our clear leadership position.

成長加速表明 Jumia 即使在主要市場中也有能力贏得市場份額。我們將繼續專注於深化用戶互動、提高獲利能力，並憑藉我們明顯的領先地位擴大市場滲透率。

Egypt showed very clear signs of recovery. Physical goods orders increased 27% year over year while physical goods GMV fell 23% in reported currency due to strong corporate sales in Q3 24.

埃及已顯現出非常明顯的復甦跡象。2024 年第三季度，由於企業銷售強勁，實體商品訂單年增 27%，而實體商品 GMV 按報告貨幣計算下降 23%。

However, excluding corporate sales, physical goods GMV grew 44% year over year, marking an important inflection point after several quarters of restructuring. This improvement was driven by 3 factors.

然而，若不計企業銷售額，實體商品 GMV 年成長 44%，這標誌著經過幾季的重組後出現了一個重要的轉折點。這項進步是由三個因素推動的。

A rebuilt supply base with broader assortment in both high value and high frequency categories, growing adoption of buy now, pay later for phones and TV, and early momentum from our upcountry expansion, which is driving higher volumes outside major cities.

重建後的供應基地在高價值和高頻消費類別方面擁有更廣泛的產品組合，手機和電視的「先買後付」模式日益普及，以及我們在內陸地區的擴張勢頭，都推動了主要城市以外地區銷售的成長。

Ghana delivered outstanding performance with physical goods orders up 94% year over year and physical goods GMV increasing 157% in reported currency.

加納表現出色，實體商品訂單年增 94%，以報告貨幣計算的實體商品商品交易總額成長 157%。

This exceptional growth came despite significant currency volatility and was driven by our upcountry expansion and a broader product assortment that includes both local and international.

儘管貨幣波動劇烈，但我們仍然實現了這一非凡的成長，這得益於我們在內陸地區的擴張以及包括本地和國際產品在內的更廣泛的產品組合。

Our other markets portfolio also performed well. Collectively, our remaining markets delivered 18% physical goods GMV growth and a 15% increase in physical goods orders.

我們其他市場的投資組合也表現良好。總體而言，我們剩餘的市場實現了實體商品 GMV 成長 18%，實體商品訂單成長 15%。

The competitive environment remains stable during the quarter. We continue to see a pullback from certain global entrants in some markets like Nigeria while we continue to steadily gain local market share.

本季競爭環境保持穩定。我們看到一些全球新進業者在尼日利亞等一些市場持續撤退，而我們則繼續穩步獲得本地市場份額。

Our localized operating model built on strong vendor partnerships, cost efficient logistics, and deep market knowledge remains a clear competitive advantage that is proving to be difficult to replicate.

我們以強大的供應商合作夥伴關係、成本效益高的物流和深厚的市場知識為基礎的本地化營運模式，仍然是一個明顯的競爭優勢，而且這種優勢很難被複製。

Looking ahead, we are very encouraged by the progress we are making across the business. Our focus remains on consistent execution, strengthening our unique economics, and capturing the significant growth opportunities ahead of us.

展望未來，我們對公司各方面的進展感到非常鼓舞。我們將繼續專注於持續執行，鞏固我們獨特的經濟優勢，並抓住擺在我們面前的巨大成長機會。

We are building a stronger, more efficient, and more trusted Jumia, one that can deliver sustainable, profitable growth and create long-term value for shareholders, customers, and partners across Africa.

我們正在打造一個更強大、更有效率、更值得信賴的 Jumia，一個能夠為非洲各地的股東、客戶和合作夥伴帶來可持續獲利成長並創造長期價值的 Jumia。

With that, I will hand it over to Antoine to walk you through the financial performance in more detail.

接下來，我將把講解交給安托萬，讓他更詳細地為大家介紹財務表現。

Thank you, Francis, and thank you everyone for joining us today. Let me now walk you through our financial results for the third quarter.

謝謝你，法蘭西斯，也謝謝今天所有到場的各位。現在讓我帶您了解我們第三季的財務表現。

Starting with our top-line performance, third quarter revenue was USD45.6 million, up 25% year over year, or up 22% on a constant currency basis.

首先來看我們的營收表現，第三季營收為 4,560 萬美元，較去年同期成長 25%，以固定匯率計算成長 22%。

The increase reflects strong consumer demand and ongoing execution. Marketplace revenue for the third quarter was USD21.5 million, up 4% year over year and up 1% year over year on a constant currency basis.

這一成長反映了強勁的消費者需求和持續的執行情況。第三季市場營收為 2,150 萬美元，年增 4%，以固定匯率計算年增 1%。

Third-party sales came in at USD19 million, up 5% year over year or 2% on a constant currency basis. Growth was driven by strong momentum in our core marketplace business where we continue to see healthy usage trends and higher take rates.

第三方銷售額達 1,900 萬美元，年增 5%，以固定匯率計算成長 2%。成長主要得益於我們核心市場業務的強勁勢頭，我們持續看到健康的用戶使用趨勢和更高的轉換率。

The strength was partially offset by a USD3.5 million decline in third-party corporate sales, mainly in Egypt. Excluding corporate sales, third-party sales were up 30% year over year or 26% on a constant currency basis, reflecting the solid performance of our marketplace platform.

第三方企業銷售額下降 350 萬美元（主要來自埃及），部分抵消了上述成長動能。不計企業銷售額，第三方銷售額年增 30%，以固定匯率計算成長 26%，反映了我們市場平台的穩健表現。

Marketing and advertising revenue totaled USD1.3 million, down 24% year over year, or 26% on a constant currency basis.

行銷和廣告收入總計 130 萬美元，年減 24%，以固定匯率計算下降 26%。

The decline reflected lower spending from large sellers as brands reassessed their budgets from 25 and 26. This was partially offset by strong momentum in sponsored products, which continued to ramp up following the launch of our new retail advertising platform in the second half of 2025.

這一下滑反映出大型賣家的支出減少，因為品牌重新評估了其預算（25 和 26）。贊助產品的強勁成長勢頭在一定程度上抵消了這一影響，隨著我們在 2025 年下半年推出新的零售廣告平台，贊助產品的成長勢頭持續增強。

With advertising revenue currently representing just 1% of GMV, we see significant upside potential as this revenue stream continues to scale.

目前廣告收入僅佔 GMV 的 1%，隨著這項收入來源的不斷擴大，我們看到了巨大的成長潛力。

Services revenue was USD1.1 million, up 59% year over year, or up 56% year over year on a constant currency basis.

服務收入為 110 萬美元，年增 59%，以固定匯率計算年增 56%。

Growth was driven by higher usage and improved take rates partially offset by lower commissions from third-party corporate sales in Egypt.

成長主要得益於更高的使用率和更高的成交率，但部分被埃及第三方企業銷售佣金的降低所抵銷。

Revenue from first party sales was USD23.8 million, up 54% year over year or up 50% year over year on a constant currency basis, driven by strong momentum with key international brands.

第一方銷售收入為 2,380 萬美元，年增 54%，以固定匯率計算年增 50%，主要得益於主要國際品牌的強勁成長動能。

Turning now to gross profits. Third quarter gross profit was USD23.8 million, up 4% year over year, or up 1% year over year on a constant currency basis.

接下來我們來看毛利。第三季毛利為2,380萬美元，較去年同期成長4%，以固定匯率計算較去年同期成長1%。

Gross profit margin as a percentage of GMV for the third quarter was 12% compared to 14% in the third quarter of 2024 and 13% in the second quarter of 2025.

第三季毛利率佔商品交易總額的百分比為 12%，而 2024 年第三季為 14%，2025 年第二季為 13%。

The year over year margin decline is primarily due to reduced corporate sales in Egypt. The sequential decline is mainly driven by currency depreciation in Ghana, which reduced reported revenue and gross profit quarter over quarter.

年比利潤率下降主要是由於埃及企業銷售額減少所致。環比下降的主要原因是加納貨幣貶值，導致報告收入和毛利較上月下降。

Turning to expenses. While we continue to see benefits from our cost initiatives, we expect further improvements to materialize over the next few quarters.

接下來談談費用。儘管我們的成本控制措施持續帶來效益，但我們預計未來幾季將取得進一步的改善。

Let me walk you through the key expanse lines. Fulfilment expense for the third quarter was USD10.4 million, up 1% year over year and down 2% in constant currency.

讓我帶你了解關鍵的延伸線。第三季履約費用為 1,040 萬美元，年增 1%，以固定匯率計算下降 2%。

Fulfilment expense per order excluding Jumia pay app orders was $1.86 down 22% year over year, or down 25% year over year on a constant currency basis.

不包括 Jumia 支付應用程式訂單的每筆訂單履行費用為 1.86 美元，年減 22%，以固定匯率計算年減 25%。

Sales and advertising expense was USD5.2 million for the third quarter, up 18% year over year, and up 19% in constant currency.

第三季銷售和廣告費用為 520 萬美元，年增 18%，以固定匯率計算成長 19%。

The increase reflects targeted investment in sales and marketing, particularly across IRI social media channels, allowing us to efficiently scale topline growth.

這一成長反映了我們在銷售和行銷方面的有針對性投資，尤其是在 IRI 社群媒體管道方面，使我們能夠有效地擴大營收成長。

Technology and content expense was USD8.7 million for the third quarter, representing a decrease of 10% year and only 11% in constant currency.

第三季科技和內容支出為 870 萬美元，年減 10%，以固定匯率計算僅下降 11%。

The decrease was primarily driven by ongoing headco optimization and savings from recently renegotiated contracts.

下降的主要原因是持續的管理層優化以及最近重新談判的合約帶來的節省。

Third quarter G&A expense excluding share-based payment expense was USD16.2 million, down 8% year over year and down 10% on a constant currency basis.

第三季一般及行政費用（不含股份支付費用）為 1,620 萬美元，年減 8%，以固定匯率計算下降 10%。

The year over year decrease was primarily driven by lower tax expenses partially offset by higher staff costs and professional fees. Staff costs within general and administrative expense, excluding share-based compensation expense increased by 1% to USD8 million, mainly reflecting currency translation effects.

年比下降的主要原因是稅收支出減少，但部分被員工成本和專業服務費的增加所抵消。一般及行政費用中的員工成本（不包括股權激勵費用）增加了 1%，達到 800 萬美元，主要反映了匯率折算的影響。

Turning to profitability. Adjusted the EBITDA for the quarter was USD14 million or 14.1 million on a constant currency basis.

轉向盈利。經調整後，該季度 EBITDA 為 1,400 萬美元，以固定匯率計算為 1,410 萬美元。

Loss before income tax was USD17.7 million, a 1% decrease year over year, or 8% decline on a constant currency basis.

稅前虧損為 1,770 萬美元，年減 1%，以固定匯率計算下降 8%。

The loss in the quarter reflects a USD0.1 million improvement in gross profits alongside 1.8 million lower operating expenses and a 2.6 million reduction in net finance results driven by lower net foreign exchange gains.

本季虧損反映了毛利潤改善 0.1 百萬美元，同時營運支出減少了 1.8 百萬美元，以及由於淨外匯收益減少導致的淨財務業績減少了 2.6 百萬美元。

Turning to the balance sheet and cash flow. We ended the third quarter with a liquidity position of USD82.5 million, including $81.5 million in cash and cash equivalent and $1 million in term deposits and other financial assets. Overall, Jumia's liquidity position decreased by USD15.8 million in Q3 2025 compared to an increase of USD71.8 million. In Q3 2024, which included net proceeds from the August 2024 at the market offering.

接下來來看資產負債表和現金流量表。第三季末，我們的流動資金為 8,250 萬美元，其中包括 8,150 萬美元的現金及現金等價物，以及 100 萬美元的定期存款和其他金融資產。總體而言，Jumia 的流動性狀況在 2025 年第三季減少了 1,580 萬美元，而去年同期則增加了 7,180 萬美元。2024 年第三季度，其中包括 2024 年 8 月市場發行所得淨收益。

Net cash flow used in operating activities was USD12.4 million in the quarter, including a positive working capital impact of 0.4 million.

本季經營活動使用的淨現金流為 1,240 萬美元，其中包括 40 萬美元的正向營運資本影響。

In Q3 2025 was USD1.4 million compared to $0.9 million in the first quarter of 2024, primarily reflecting investment in supply chain equipment ahead of the end of EUR season.

2025 年第三季為 140 萬美元，而 2024 年第一季為 90 萬美元，這主要反映了在歐元區賽季結束前對供應鏈設備的投資。

In summary, we delivered another quarter of solid execution and strong topline growth while continuing to reduce underlying costs. Our progress on structural cost reductions, automation, and cash efficiency reinforces our confidence in achieving our near-term targets and advancing toward profitability.

總而言之，我們又一個季度實現了穩健的業績執行和強勁的營收成長，同時持續降低基本成本。我們在結構性成本削減、自動化和現金效率方面取得的進展，增強了我們對實現近期目標和邁向獲利的信心。

Looking ahead, our focus remains on operational discipline, improving margins, and maintaining prudent capital allocation.

展望未來，我們將繼續專注於營運紀律、提高利潤率和維持審慎的資本配置。

These priorities will position Jumia for sustainable growth and long-term value creation. I now turn the call back over to Francis for a discussion of our updated guidance.

這些優先事項將使 Jumia 實現永續成長和長期價值創造。現在我將電話轉回給法蘭西斯，讓他討論我們更新後的指導。

Thanks, Mezeray.

謝謝，梅澤雷。

Based on current business trends, we are refining our 2025 financial guidance as follows. We expect physical goods order growth to be in the 25% to 27% range.

根據目前的商業趨勢，我們對 2025 年財務預期進行如下調整。我們預計實體商品訂單成長率將在 25% 至 27% 之間。

GMV is projected to grow between 15% and 17% year over year. We anticipate loss before income tax to be approximately negative $55million to $50 million.

預計GMV將年增15%至17%。我們預計稅前虧損約為負5500萬美元至負5000萬美元。

For 2026, we are maintaining our target for loss before income tax to be in the range of $25million to $30 million reflecting continued improvement.

對於 2026 年，我們維持所得稅前虧損目標在 2,500 萬美元至 3,000 萬美元之間，這反映了持續的改善。

We confirm our strategic goal to achieve break even on a loss for income tax basis in the fourth quarter of 26 and deliver full year profitability in 2027.

我們確認我們的策略目標是在 2026 年第四季實現所得稅虧損收支平衡，並在 2027 年實現全年獲利。

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

謝謝大家的關注。現在我們可以開始回答問題了。

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

謝謝。屆時我們將進行問答環節。

(Operator Instructions)

（操作說明）

Thank you. Our first question is coming from Tracy Kunu with SBG Securities. Your line is live.

謝謝。我們的第一個問題來自 SBG Securities 的 Tracy Kunu。您的線路已開通。

Thank you very much and congratulations to the Jumia team.

非常感謝，並祝賀Jumia團隊。

My first question is on the guidance for PBT. At $55 million at the top end, it is suggesting a very significant drop in costs, in the fourth quarter. Considering what we've seen in the third quarter, already, and I just wanted to get some feedback, regarding how you're thinking of the attribution for that.

我的第一個問題是關於PBT的指導原則。最高額達 5,500 萬美元，這意味著第四季成本將大幅下降。考慮到我們在第三季已經看到的情況，我只是想得到一些回饋，關於您如何看待這些歸因問題。

Is it that, we're going to see very strong revenue acceleration considering you're going into a high seasonality period, or do you also see some additional, Benefits from cost management. I think from my view, I feel like the tech expenses and the G&A expenses do not fall off as much as, the initially expected. So will we see a bit more deceleration in costs from that end, or will we actually see both?

是因為即將進入旺季，我們會看到收入大幅成長嗎？還是說，成本管理也能帶來一些額外的好處？我認為，從我的角度來看，技術支出和一般及行政支出並沒有像最初預期的那樣大幅下降。那麼，我們會看到成本成長進一步放緩，還是兩者都會出現？

My second question would be on fulfillment. How should we think about fulfillment? There's a material, deceleration in fulfillment per order in 3Q quite positive. Is that our new baseline, or should we expect an uptick considering, the sale that we're factoring in for you?

我的第二個問題是關於履約的。我們該如何看待成就感？第三季訂單完成速度明顯放緩，這是一個相當正面的訊號。這是我們新的基準線嗎？還是考慮到我們為您保留的銷售額，我們應該預期會有成長？

Hi Tracy, thanks for your questions. I will comment on those two questions and I will let Antoine add to that on some financial topics.

嗨，Tracy，謝謝你的提問。我會就這兩個問題發表看法，然後我會讓安托萬補充說明一些金融主題。

So first, your first question about Q4. So we're definitely expecting a significant acceleration in usage in Q4. There's obviously very strong seasonality in this quarter with the Black Friday that we've already started at the beginning of the month. It actually lasts 4 weeks for Jumia.

首先，關於Q4的第一個問題。因此，我們預計第四季度使用量將顯著增長。很明顯，本季季節性非常強，黑色星期五的促銷活動已經從月初開始了。在Jumia上，實際上持續了4週。

And it's a franchise that we really own in Africa and that's driving a lot of traffic and a lot of expectations from customers, and then the Christmas season is usually pretty strong in most of our countries, even in some Muslim countries. So definitely some acceleration in usage that will translate in revenue and monetization.

而且這是我們在非洲真正擁有的特許經營權，它帶來了大量的客流量，也讓顧客抱有很高的期望，而且聖誕節期間，我們大多數國家的銷售額通常都很高，甚至在一些穆斯林國家也是​​如此。因此，用戶使用量肯定會加速成長，這將轉化為收入和獲利能力。

And on the cost side, we are usually confident if you look at the past that further growth in usage will bring economies of scale on the fulfilment side in particular. So you can already see some clear progress on the fulfilment side this quarter at $1.86 per order, 20% down versus last year, same quarter.

在成本方面，回顧過去，我們通常有信心，使用量的進一步成長將帶來規模經濟效益，尤其是在物流方面。因此，本季在訂單履行方面已經取得了一些明顯的進展，每筆訂單的成本為 1.86 美元，比去年同期下降了 20%。

This is definitely the new baseline. So answering your second question, there's no specific one-off element that comes that impacted this figure this quarter. This is really the result of a bit more scale and efficiency across our centers and better work with our logistics partners. So this will play in Q4. I mean we expect this to play in Q4 as well. We expect also continued improvement on the fixed cost base. So you see that the tech costs are decreasing by about 10% this quarter versus the same quarter last year.

這無疑是新的基準線。所以回答你的第二個問題，本季並沒有什麼特定的一次性因素影響這個數字。這實際上是我們各個中心規模和效率提升以及與物流合作夥伴更好地合作的結果。所以這將在第四季上映。我的意思是，我們預計這場比賽也會在第四季上演。我們預計固定成本方面也將持續改善。因此，您可以看到，本季技術成本比去年同期下降了約 10%。

We expect to be to keep on gaining on some items in the fixed cost basis.

我們預計在某些固定成本項目上將繼續取得進展。

Antonie you want to add to.

安東尼，你想補充什麼？

That? Not much to add to what you just said. Q4 is indeed a very strong quarter, and we expect better efficiency from scale. And as you mentioned, we'll see also the continuation of the work we've been doing on cost and efficiency which led us to these guidelines.

那？我沒什麼要補充的了。第四季確實是一個非常強勁的季度，我們預期規模擴大將帶來更高的效率。正如您所提到的，我們也將繼續推動我們在成本和效率方面的工作，而正是這些工作促使我們制定了這些指導方針。

Thank you. If I could ask one more question on working capital movements for the fourth quarter. How are you thinking about that and how is that feeding into your liquidity expectations and impact on shareholder equity?

謝謝。我可以再問一個關於第四季營運資金變動的問題嗎？您對此有何看法？這會對您的流動性預期和股東權益產生怎樣的影響？

So maybe I can take this one francis on working capital you see that we showed a small improvement in Q3 which shows that we now are able to ramp up our inventories much faster than in the past. A few years ago we would have been in a position where we would have started one month ahead of a tier 1 event such as Black Friday to beef up the offer. Today it's no longer the case. We are able to go much faster and that's why we were able to prepare a very good supply for this event without impacting drastically the working capital.

所以，也許我可以談談法蘭西斯關於營運資本的問題。你看，我們在第三季略有改善，這表明我們現在能夠比過去更快地增加庫存。幾年前，我們可能會提前一個月開始準備，以加強像「黑色星期五」這樣的頂級促銷活動。如今情況已大不相同。我們能夠以更快的速度推進，因此我們能夠為這次活動準備非常充足的物資，而不會對營運資金造成太大影響。

Going forward, what we always say is that supply is key in the countries where we are operating, and we always capture the opportunity when they present. So it might happen that we have ups and downs in the working capital, but we do not expect significant modification in the working capital cycle.

展望未來，我們始終認為，在我們開展業務的國家，供應是關鍵，我們總是會抓住機會。因此，營運資金可能會波動，但我們預期營運資金週期不會發生重大變化。

So, if I may, just to get clarification, are you saying that most of the working capital requirements for Black Friday have already been factored in and we do not expect a significant shift in terms of working capital management in the fourth quarter?

所以，如果可以的話，我想確認一下，您的意思是說，黑色星期五的大部分營運資金需求都已經考慮在內，我們預計第四季度營運資金管理方面不會有重大變化嗎？

Sorry, I'm not sure I properly. What I said is that we do not expect any significant changes because we are now able to ramp up our inventory much faster, and what we're going to buy, let's say for retail in October, will be sold before the end of the quarter, so the movement we'll be seeing probably will be intra quarter.

抱歉，我不太確定我是否正確。我之前說過，我們預計不會有任何重大變化，因為我們現在能夠更快地增加庫存，而且我們計劃在 10 月份為零售採購的商品，會在本季度結束前售出，所以我們看到的變動可能只會發生在季度內。

Movement and to your last point, we do not expect any significant changes in the working capital dynamics of this quarter.

關於您最後一點，我們預計本季營運資金動態不會發生任何重大變化。

Okay, that's clear.

好的，明白了。

Thank you very much.

非常感謝。

Thank you. Our next question is coming from Brad Erikson with RBC. Your line is live.

謝謝。下一個問題來自加拿大皇家銀行的布拉德·埃里克森。您的線路已開通。

Hi, thanks, I have a few, first off, when you look at the 30% order and GMV growth in October you called out, I guess if we kind of run rate that through the quarter, I think that may bring you up maybe a bit below the low end of the guidance, at least for GMV, and so just is there an implied acceleration in the latter part of the quarter in there? I certainly could be doing the math wrong, but just any color there would be great.

您好，謝謝。我有幾個問題。首先，您提到10月份訂單和GMV成長了30%，如果我們把這個速度保持到整個季度，我想這可能會使GMV略低於預期下限。所以，這是否意味著本季後半段的成長速度會加快？我當然有可能算錯了，但任何顏色都可以。

Hi Brad, thanks for the question. So we said above 30%, so we, it's kind of a range if you want to take it this way.

嗨，布拉德，謝謝你的提問。所以我們說高於 30%，所以，如果你願意這樣理解的話，這算是一個範圍。

We want to, we wanted to give some color about the early acceleration of Q4, but we're still in the middle of Q4, so we don't want to create the wrong expectations either.

我們想，我們想對第四季初期的加速成長情況做一些說明，但我們現在仍處於第四季度中期，所以我們也不想造成不切實際的期望。

So it's more an indication of the continued momentum, and we stick to the refined guidance that we've given, so between 15 and 17 points of GDP growth for the whole year.

因此，這更表明了成長勢頭的持續，我們堅持先前給出的更精確的指導意見，即全年 GDP 增長 15 至 17 個百分點。

Got it. That's great, thanks for the clarification, and then just, with the slight adjustment to the guidance, I guess just generally what changed in your visibility to the end of the year on order growth and GMV, so yeah, start there.

知道了。太好了，謝謝你的解釋。另外，鑑於對業績指引的略微調整，我想了解一下，你對年底訂單成長和GMV的預期發生了哪些變化？嗯，就從這裡開始吧。

Yes, as you mentioned, it's a slight adjustment right on growth numbers. It means we're going to be on the lower end of the range that we had provided earlier this year.

是的，正如您所說，成長數據需要稍作調整。這意味著我們將處於今年稍早公佈的價格區間的下限。

There's no massive change in the dynamics. We're still factoring in quite an acceleration in the last quarter, as you mentioned.

形勢並沒有發生巨大變化。正如您所提到的，我們仍然預計最後一個季度會出現相當大的成長。

We just refined it based on mid-quarter trends just to make sure that we don't go too bullish we just want to be conservative enough, so it's not a surprise to anyone.

我們只是根據季度中期趨勢對其進行了調整，以確保我們不會過於樂觀，我們只想保持足夠的保守，這樣就不會讓任何人感到意外。

Got it. That's helpful.

知道了。那很有幫助。

But no massive, no massive shifts in market dynamics. I mean you can see the trend at country level. I mean all countries are accelerating. We have no cause for concern if that's the way you if that's what you're asking.

但市場動態不會發生大規模的變化。我的意思是，你可以從國家層級看出這種趨勢。我的意思是，所有國家都在加速發展。如果你問的是這個，那我們不需要擔心。

Got it, that's helpful and then just curious on supply you mentioned that and you gave some nice metrics on the acceleration in order growth from China in particular. I just wonder on Q4, are there any puts and takes on access to supply? I know directionally it's clearly positive, but just curious if there's anything like transitory in the quarter that was occurring where maybe you could have gotten more product and you're not now or something like that.

明白了，這很有幫助。另外，關於供應方面，您提到了這一點，並給出了一些很好的指標，特別是來自中國的訂單成長加速的指標。我想了解一下第四季的情況，市場對供應取得方面有什麼看法？我知道從趨勢上看，這顯然是積極的，但我只是好奇這個季度是否存在某種暫時性的情況，例如原本可以獲得更多產品但現在無法獲得之類的。

No, I think that the medium to long-term trend remains the same that we the same as the one we started to describe last time. So there are two very positive trends at play. On the one hand, currency stability is really helping us. Of course it's helping on the demand side of the marketplace, but it's most importantly helping us on the supply side because even both local importers and international sellers are more and more willing to commit more inventory to Africa, to commit their hard currency to Africa.

不，我認為中長期趨勢與我們上次開始描述的趨勢相同。所以目前有兩種非常正面的趨勢正在發揮作用。一方面，貨幣穩定確實對我們有幫助。當然，這有助於市場的需求端，但最重要的是，它有助於我們的供應端，因為無論是本地進口商還是國際賣家，都越來越願意向非洲投入更多庫存，將他們的硬通貨投入非洲。

And we see that it's really helping to fill to fill the supply pipeline and it's going it's helping to drive the performance. So when we say that we see acceleration in October, it's partly driven by better supply and then we're also still helped by the gradual shift of Chinese manufacturers towards new markets including Africa, so it's really bringing Africa back on the map.

我們看到，這確實有助於填補供應管道的空缺，並且正在幫助推動業績成長。所以，當我們說10月份出現加速成長時，部分原因是供應改善，同時中國製造商逐步轉向包括非洲在內的新市場也對我們有所幫助，這確實讓非洲重新回到了世界版圖上。

We see some very positive momentum in China on boarding a lot more new settlers. We see our current sellers willing to ship more assortment to Africa in consignment in our warehouses, kind of taking the risk to commit inventory, so we only see positive trends. And it will continue in the quarters to come and it will keep on impacting our numbers in the quarters to come.

我們看到中國在接納更多新移民方面呈現出非常積極的勢頭。我們看到，我們目前的賣家願意將更多種類的商品寄存在我們的倉庫中，並向非洲發貨，他們承擔著庫存風險，因此我們看到的都是積極的趨勢。這種情況還會持續到接下來的幾個季度，並將繼續影響我們接下來幾季的業績數據。

I would even say that Q3 was a bit early to see the full impact of this trend.

我甚至認為，第三季還為時過早，不足以全面反映這一趨勢的影響。

Got it. That's great. And then, when you look at some of the countries where you said your competitors seem to be maybe retreating a little bit from your perspective, it would just be curious to hear what you think is kind of happening in terms of the competitive environment related to those comments.

知道了。那太棒了。然後，當你審視你提到的某些國家時，你認為你的競爭對手似乎正在略微退縮，我很想知道你認為在這些國家，與這些評論相關的競爭環境究竟發生了什麼。

So that comment is mostly aimed at, it's mostly focusing on international non-resident platforms, the likes of Xin or Temu.

所以這篇評論主要針對的是國際非居民平台，像是 Xin 或 Temu。

What we see in those markets, it's easy to track on some public data actually. We see some reduced market investment. We see price points increasing in several markets like Nigeria.

實際上，透過一些公開數據很容易追蹤到這些市場的情況。我們看到市場投資減少。我們看到尼日利亞等多個市場的物價都在上漲。

The way we read it is the following, and that's our opinion. That's I don't know exactly how to, but. The way we read it is that these markets are pretty hard to operate at scale for these players.

我們是這樣解讀的，這也是我們的觀點。我也不知道具體該怎麼做，但是。我們的理解是，對於這些參與者來說，大規模經營這些市場相當困難。

The context in Africa is very different from the US or from Europe or some other more major markets where it's relatively straightforward for non-resident platforms to come in.

非洲的情況與美國、歐洲或其他一些主要市場截然不同，在這些市場，非居民平台進入市場相對容易。

For example, there are a number of prerequisites that do not exist in our markets. These platforms need reliable customs, which we mostly don't have in our markets. And it can take between 1 week and 2 months to get the products through customs in those markets at costs that can be unpredictable.

例如，我們的市場中並不存在許多先決條件。這些平台需要可靠的客戶，而我們的市場大多缺乏這樣的客戶。在這些市場，產品通過海關可能需要 1 週到 2 個月的時間，而且費用也難以預測。

They cannot find a major logistics ecosystem. They cannot find the right partners to distribute their products at scale. The biggest distribution network in most of those markets like Nigeria is actually managed by us, by Jumia, and we will not really help them in the process.

他們找不到大型物流生態系統。他們找不到合適的合作夥伴來大規模分銷他們的產品。在尼日利亞等大多數市場，最大的分銷網絡實際上是由我們Jumia管理的，我們不會在這個過程中真正幫助他們。

So they're stuck working with smaller CPLs at much higher costs with much more limited country coverage, and then Then we've adapted much better. Also, I believe we've adapted our playbook to what customers actually need so we can do payment on delivery, which foreign platforms cannot do.

所以他們只能以更高的成本與規模較小的 CPL 合作，覆蓋範圍也更加有限，而我們則適應得更好。此外，我相信我們已經根據客戶的實際需求調整了我們的營運模式，以便我們能夠提供貨到付款服務，而國外平台無法做到這一點。

We have customer support on the ground which in a country like Nigeria is extremely important because there's a lot of suspicion around e-commerce and anything digital, so you need to be able to talk to someone.

我們在當地設有客戶支援團隊，這在尼日利亞這樣的國家非常重要，因為人們對電子商務和任何數位化事物抱持著許多懷疑態度，所以你需要能夠與人溝通。

And even on the price side, we're managing to deliver quite a competitive assortment for our international, mostly Chinese vendors, and we can actually compete against those platforms.

即使在價格方面，我們也能夠為我們的國際供應商（主要是中國供應商）提供相當有競爭力的產品系列，我們實際上可以與這些平台競爭。

So in many ways we have the right to compete and we believe that our leadership position is actually consolidating in a country like Nigeria. And Africa is a challenging market. If you build the right business model, you can serve it in a profitable way, but if your business model is not fully adapted to the unique challenges of the continent, it's difficult to operate, and a number of players are realizing this.

因此，從許多方面來看，我們有權參與競爭，我們相信，在像奈及利亞這樣的國家，我們的領導地位實際上正在鞏固。非洲市場充滿挑戰。如果你建立了正確的商業模式，你就能以盈利的方式服務於它，但如果你的商業模式沒有完全適應該大陸獨特的挑戰，那麼運營就會很困難，許多參與者已經意識到了這一點。

That's great color thanks for that and then I guess just lastly from a top-line perspective if we try and remove maybe the impact from Egypt on the corporate sales that you mentioned several times, would that, would we kind of arrive at the right mix if you think about that part of the business versus marketplace here going forward or any other drivers of mix you'd want to call out.

非常感謝，顏色很棒。最後，從整體來看，如果我們嘗試消除您多次提到的埃及對公司銷售的影響，我們是否就能找到合適的組合？如果您考慮這部分業務與市場之間的關係，或者您想指出的其他任何組合驅動因素。

No, I don't see any excluding the corporate sales of Egypt as you mentioned, I don't see any major shift in the mix to expect.

不，除了你提到的埃及企業銷售之外，我沒有看到任何變化，我也沒看到任何重大變化需要預期。

You mean retail versus marketplace, right? So 1% versus 3%, as explained, right, by GMV we're a marketplace. We always prefer to do 3%, but we're tactical about 1% when we have the right opportunities or when we have to do 1% to be able to play in some categories in some countries. But no reason to foresee any major change in the mix.

你是說零售和電商平台的差別，對吧？所以，正如之前解釋的，GMV 是 1% 對 3%，對吧，我們是一個市場。我們總是傾向於投入 3%，但當有合適的機會，或者為了能夠在某些國家的某些級別比賽中參賽，我們也會採取 1% 的戰術。但目前沒有理由預見成分會發生重大變化。

Got it. And then you mentioned the Jumia instant product. Talk about how kind of important that can be and particularly talk about the net profit impact from that and when we balance kind of the incremental demand maybe offset by any margin differences versus the core.

知道了。然後你提到了Jumia的即溶產品。談談這有多重要，特別是談談這對淨利潤的影響，以及當我們平衡增量需求時，是否會被與核心業務的任何利潤差異所抵消。

Sure, so Jumia Instant is a pilot that we have started in Nairobi in Kenya a few months back to be able to deliver all of the items that we have in the warehouse, so fulfilled by Jumia within 4 hours to anyone in Nairobi. So that's the project. The goal here is to be able to compete against the quick delivery platforms, quick commerce, and to provide more convenience to those customers who are willing to pay for it.

當然，Jumia Instant 是我們幾個月前在肯亞內羅畢啟動的試點項目，旨在將我們倉庫中所有由 Jumia 配送的商品在 4 小時內送達內羅畢的任何人。這就是這個項目。我們的目標是與快速配送平台、快速電商競爭，並為那些願意為此付費的客戶提供更多便利。

So we clearly know that this is only a fraction of our customer base and that most of our customers are highly value driven, need amazing value for money, and will be okay for slower delivery at lower cost, but still we want to cover that segment as well without completely pivoting our strategy, obviously. So that's why we've launched this pilot in Kenya with limited resources so that we don't get too distracted during Black Friday.

所以我們很清楚，這只是我們客戶群的一小部分，我們的大多數客戶都非常注重價值，需要物超所值的產品，並且可以接受較低的成本和較慢的交付速度，但我們仍然希望覆蓋這部分客戶，而又不完全改變我們的戰略，這是顯而易見的。所以，這就是為什麼我們在肯亞啟動了這個試點項目，利用有限的資源，以免在黑色星期五分心。

We're seeing a detraction that's quite interesting. And it's something that could be scaled in other countries if it's successful enough. What we back to your question in terms of margins, it's quite it's at this stage it's neutral because we charge more basically we're not entering the war for quick commerce with free deliveries. We make sure that we charge the additional cost of quick deliveries, which are of course less efficient and more costly for us than the usual deliveries, scheduled deliveries or pickup station deliveries. And so we make sure that we pass those costs to customers who wish to benefit from greater convenience.

我們看到了一個很有趣的下滑趨勢。如果夠成功，這種模式可以推廣到其他國家。回到您關於利潤率的問題，目前來看，利潤率基本上持平，因為我們收費較高，我們並沒有參與免費送貨的快速商業競爭。我們會確保收取快速送貨的額外費用，當然，快速送貨的效率較低，成本也高於普通送貨、定時送貨或自提點送貨。因此，我們會確保將這些成本轉嫁給希望享受更大便利的客戶。

Got it. And then on the fulfilment cost you mentioned the costquar, down 25% cost of currency. Can you talk about the drivers there? You mentioned scale, earlier in the call, the drivers. So but maybe just give a sense of any of the other important inputs to that kind of output metric and what's the there to continue driving the number down.

知道了。然後，關於履行成本，您提到了 costquar，貨幣成本下降了 25%。你能談談那裡的司機嗎？您在通話早些時候提到了規模和驅動因素。所以，或許可以談談影響這類輸出指標的其他重要輸入因素，以及有哪些因素會持續降低這個數字。

So versus last year, Q3 last year we were still in several countries operating across multiple smaller scattered fulfillment centers which have all been consolidated since then at the end of Q3 last year actually for the last countries, so we clearly see the change now in terms of productivity.

因此，與去年同期相比，去年第三季度我們仍在多個國家運營，分佈在多個較小的分散的物流中心，但自去年第三季度末以來，所有物流中心都已整合，實際上，最後幾個國家的物流中心已經整合完畢，因此我們現在在生產力方面明顯看到了變化。

We have been able to run very strict cost improvement and productivity improvement programs across countries, so tracking the productivity of pickers and packers, bringing some level of basic automation, not much at this stage, and working pretty hard on the cost centers in particular where we've been able to automate a lot of the interactions that we used to manage with human agents, so consolidation of the main fulfillment centers, automation and productivity across all operations, so being fulfillment fulfillment centers and call centers, and then scale effect that's helping to leverage the fixed cost base much more efficiently.

我們已在各國實施了非常嚴格的成本改進和生產力改進計劃，例如追蹤揀貨員和包裝員的生產力，引入一定程度的基本自動化（目前還不多），並著重改進成本中心，尤其是在成本中心方面，我們已實現許多以前由人工代理管理的交互的自動化，從而整合主要履行中心，提高所有運營環節（包括成本中心和成本

Got it. And then one last one if I can, thanks for taking these all.

知道了。最後，如果可以的話，我想再說一句：謝謝你們接受這些。

When you kind of look at, adjusting the range for the pre-tax loss a bit too versus your prior outlook, is that just a function of the kind of slightly lowered order outlook or just any other call outs you'd want to mention that they're embedded in that new, pre-tax outlook?

當你稍微調整稅前虧損範圍與先前的預期相比時，這僅僅是因為訂單預期略有下調，還是還有其他你想提及的因素也包含在新的稅前預期中？

No, it's, hi Antoine speaking. It's just a refinement. We have changed the phasing of some cost, notably in G&A, and we want to make sure that we are in the right hands, but there is nothing significant. And this is not linked to the new guidance on the top-line.

不，我是安托萬。這只是改進而已。我們調整了一些成本的分期付款方式，特別是管理費用，我們希望確保一切妥當，但沒有什麼重大變化。這與新的營收指引無關。

Got it. Okay, maybe one more if I could, just as we look longer-term, you kind of reiterated your targets and as you think about exiting 26, break even and profitability in 27, can you remind us just what is the kind of top-line algorithm as you think about, that whether it be order volumes or anything like that from where we stand today?

知道了。好的，如果可以的話，我再問一個問題。當我們展望未來時，您重申了您的目標，並考慮到在 2026 年退出，在 2027 年實現盈虧平衡和盈利，您能否提醒我們一下，您目前所考慮的總體演算法是什麼，無論是訂單量還是其他類似指標？

Thank you.

謝謝。

So at this stage we've not provided top-line growth guidance for 26 or 27. What I can say though is that what you see in Q3 is a strong starting point, right? to put it differently, there's no reason for the growth rate of 26 to be very different from the exit rate of 25.

因此，目前我們尚未提供 2026 年或 2027 年的營收成長預期。但我可以肯定的是，第三季的數據是一個很好的開端，對吧？換句話說，26 的成長率與 25 的退出率沒有理由有很大的不同。

We believe we're in a healthy B2C business that's driven by strong fundamentals, much better supply, efficient and reliable delivery, efficient and relevant marketing, and what we see is pure, clean, healthy B2C growth with the right wing economics. It doesn't just vanish overnight. We believe it's a long-term, long-term trend that we're starting here.

我們相信我們身處一個健康的 B2C 業務領域，其驅動力來自強勁的基本面、更完善的供應、高效可靠的交付、高效且相關的營銷，我們看到的是純粹、乾淨、健康的 B2C 增長，符合右翼經濟學的原則。它不會一夜之間消失。我們相信，我們正在開啟的是一種長期的、長遠的趨勢。

Understood.

明白了。

Thanks for taking all the questions. I appreciate it there.

感謝您回答所有問題。我很感激那裡。

Thank you.

謝謝。

Our next question is coming from Fan Chung with the Benchmark Company. Your line is live.

我們的下一個問題來自基準公司的範忠。您的線路已開通。

Thank you for taking my question. First, want to dig a little bit deeper on your active, capital growth.

感謝您回答我的問題。首先，我想更深入地了解您的主動型資本成長情況。

It was very solid this quarter. I just wonder what drove the acceleration, and also any, demographic profile, you could share on this new user group and any color, how sustainable this pace of a customer growth, might be, that would be very helpful.

本季表現非常穩健。我只是想知道是什麼推動了這種加速成長，以及您能否分享這個新用戶群（無論膚色）的任何人口統計特徵，以及這種客戶成長速度的可持續性，這將非常有幫助。

Sure, thanks for your question.

當然，謝謝你的提問。

So yes, we're quite happy with the growth in active customers this quarter. It's the highest point that we've had in several years.

是的，我們對本季活躍用戶數量的成長感到非常滿意。這是我們近幾年來取得的最高點。

We really see that as the output of very fundamental changes that we've brought to the business over the past 3 years.

我們認為，這確實是過去三年我們為公司帶來的根本變革的成果。

So that's a combination of much better assortment, much better choice, better price points, being able to reach new markets. So over the past year and a half we've been opening up. Hundreds of new cities across our footprint.

所以，這是多種因素共同作用的結果，包括更豐富的產品種類、更優的選擇、更優惠的價格，以及開拓新市場的能力。所以在過去一年半的時間裡，我們一直在逐步開放。我們業務範圍內新增了數百座城市。

The biggest push was in Nigeria, which in practice just increased the addressable market, gave us a bigger pool of potential customers. We've been refining the marketing playbook so it becomes a lot more relevant to a more diverse group of customers, some people being fully digital natives who can be targeted with Google Ads, TikTok, and order on the app, but on the other hand, a lot of people who are fully offline. For them we're doing great doing local language. We're printing catalogues or we or we incentivize incentivizing the sales force on the ground.

最大的推動力來自尼日利亞，這實際上擴大了潛在市場，為我們提供了更大的潛在客戶群。我們一直在改進行銷策略，使其與更多不同類型的客戶群更加相關。其中一些人是完全的數位原住民，可以透​​過Google廣告、TikTok 等方式進行精準行銷，並透過應用程式下單；但另一方面，還有很多人完全不接觸網路。對他們來說，我們用當地語言做得非常好。我們正在印刷產品目錄，或者我們正在激勵第一線銷售人員。

So all that is adding up and it's just delivering a much better value proposition and it's driving customer growth, so to us it's very healthy trends and that's why we always disclose all three KPS at the same time. So GMV growth, custom active customer growth, and all’s growth, and you can see that these numbers are starting to align right.

所有這些因素加起來，就形成了更好的價值主張，並推動了客戶成長，因此對我們來說，這是非常健康的趨勢，這就是為什麼我們總是同時揭露所有三個關鍵績效指標的原因。因此，GMV 成長、自訂活躍客戶成長以及所有業務的成長，你可以看到這些數字開始趨於一致。

The one factor that's creating some GAAP is corporate sales in Egypt, but as we're lapping those quarters of strong corporate sales last year. We really expect to get some alignment in the growth of those three factors, showing that it's very healthy trends. It's not like one specific category that's killing it. It's not just one specific market. You can see that it's broad based across all of our key markets, so we believe it's fundamental and for that reason we believe that there's no reason, we don't foresee any reason why it should slow down.

造成一些 GAAP 變化的一個因素是埃及的企業銷售額，但我們正在超越去年強勁的企業銷售季度。我們非常希望這三個因素的成長能夠趨於一致，這表明它們呈現出非常健康的趨勢。並不是某個特定類別造成了嚴重影響。這不僅僅關乎某個特定市場。你可以看到，它在我們所有主要市場都得到了廣泛的應用，因此我們認為它是基本面的，正因如此，我們認為沒有理由，我們預見不到任何理由導致它放緩。

Good to hear. Thanks, Francis. My next one is actually on your, upcountry expansion. It seems like you emphasize, you're going to continue, for second-tier cities expansion in Africa and view that as a key growth driver, can you, provide a bit more, details in terms of your expansion plan? I don't know what is any, key milestones, you're looking for potentially, tied to the 2026 strategy.

很高興聽到這個消息。謝謝你，法蘭西斯。我的下一個問題實際上是關於你們的內陸擴張計劃。看來您非常重視並將繼續在非洲二線城市擴張，並將此視為關鍵的成長驅動力，您能否提供更多關於您的擴張計劃的細節？我不知道你希望在 2026 年策略中看到哪些關鍵里程碑。

Good question and tough one. So as you see, the share of orders we're shipping to outside of the capital cities has increased now to 60%. This is a result of the push we've made to secondary cities over the past 2 to 3 years.

問得好，也問得難。如您所見，我們發送至首都以外地區的訂單比例現已增加到 60%。這是過去兩三年我們大力拓展二線城市業務的成果。

It's something that started back in the days, like 8 years ago actually in the Ivory Coast and that we're now replicating across markets.

這項技術其實早在 8 年前就起源於科特迪瓦，現在我們正在各個市場複製推廣。

What I can tell you to give you some indication. And I hope we can provide a bit more tomorrow during our rain yesterday.

我可以告訴你一些訊息，給你一些參考。我希望明天我們能在昨天下雨的這段時間提供更多幫助。

We see that in most countries where we operate, we're still covering a fairly low fraction of the population in terms of distribution network. So there are still a lot of cities that are not reached, not yet covered by our distribution network, and we have a lot of upsides, a lot of potential customers to come and serve that we cannot reach today.

我們發現，在我們經營業務的大多數國家，我們的分銷網絡涵蓋的人口比例仍然相當低。所以，還有很多城市尚未被我們的分銷網絡覆蓋，我們有很多優勢，有很多潛在客戶可以服務，但我們今天還無法觸及他們。

The country where we have the densest network obviously is the Ivory Coast because it started way earlier back in 2016, and in a country like Nigeria, which is a good example for us because of the potential customer base we can have there, we're actually starting the expansion only 1.5 years ago, more or less, and so there's still a lot more to be done.

我們網路覆蓋最密集的國家顯然是科特迪瓦，因為早在 2016 年就開始了。而像尼日利亞這樣的國家，對我們來說是一個很好的例子，因為我們在那裡擁有龐大的潛在客戶群，但我們實際上只是在大約 1.5 年前才開始擴張，所以還有很多工作要做。

We've made a big push into eastern Nigeria and Western Nigeria.

我們已大力進軍尼日利亞東部和西部地區。

Mostly eastern actually over the past year. We're just pushing now into northern Nigeria. We've expanded to give you like some tangible examples. A few months back we opened the route to Sokoto on the northwest and to Maiduguri on the northeast, which are very big cities that were not reached by Jumia in the past. So this keeps on adding to our addressable market.

實際上，過去一年主要集中在東部地區。我們現在正向尼日利亞北部推進。我們擴大了範圍，為您提供一些具體的例子。幾個月前，我們開通了通往西北部的索科托和東北部的邁杜古里的路線，這兩個城市都是 Jumia 過去從未涉足的大城市。因此，這不斷擴大了我們的潛在市場。

We have big plans to further expand in countries like, well, Nigeria, obviously into the north. With our local partners Kenya, Ghana, but also Egypt in the coming in the coming year. So I'm sorry, it's hard for me to provide you hard facts and concrete numbers here, but I think the message is just we're just halfway through, right? There's still a lot we can do to cover millions more many millions of additional customers.

我們計劃進一步拓展在奈及利亞等國家的業務，顯然也包括北部地區。我們的當地合作夥伴包括肯亞、加納，明年還將包括埃及。所以很抱歉，我很難在這裡提供確鑿的事實和具體的數字，但我認為我想表達的是，我們才走了一半的路，對吧？我們仍然可以做很多事情來涵蓋數百萬其他客戶。

Understood, great color. My last question is actually, your advertising opportunities seems like your penetration is still very low. And also for the quarter specifically, if I'm not mistaken, it seems a bit on the softer side. So I know there's, probably a quarterly factor if you. You can, define it. And more importantly, can you, help us to think about your, advertising monetization opportunity? I don't know, like for late long-term without boxed down to the guide specific guidance. How should we think about and how you're going to shaping your advertising monetization on the state on the strategic side.

明白了，顏色很棒。我的最後一個問題是，就你們的廣告機會來看，你們的滲透率似乎仍然很低。而且就本季而言，如果我沒記錯的話，似乎有點偏軟。所以我知道，如果你…的話，可能存在一個季度因素。你可以自己定義它。更重要的是，您能否幫助我們思考您的廣告變現機會？我不知道，就像對於長期的、沒有具體指導的後期規劃。我們應該如何思考，以及您將如何從戰略層面塑造您在該州的廣告變現模式。

Yes, of course. So on the advertising revenue, so yes as you mentioned, we're still around 1% of GMV, which is low by any standard it's low for an e-commerce platform.

是的當然。所以，關於廣告收入，正如您所提到的，我們仍然只佔 GMV 的 1% 左右，無論從哪個角度來看，這都很低，對於一個電子商務平台來說，這確實很低。

Year over year the numbers in Q3 are not very strong because Q3 is not a very strong quarter. So in terms of commercial commercial activity and marketing activity. Typically brands will focus their investment on Black Friday and or the Junior anniversary that happened in June this year.

與去年同期相比，第三季的數據並不十分強勁，因為第三季通常不是經濟旺季。因此，就商業活動和行銷活動而言。通常情況下，品牌會將投資重點放在黑色星期五和/或今年六月舉行的Junior週年慶活動上。

So it's not the best quarter usually for advertising. We also see that year over year some brands have been a lot tougher on their budgets. We see that with the bad economic situation in 2024, a lot of big spenders have restructured rationalized their budgets in Africa in 25, but that's to explain the current situation in the past.

所以通常來說，這並不是廣告的最佳季度。我們也發現，有些品牌的預算執行力道逐年加大。我們看到，由於 2024 年經濟狀況不佳，許多非洲的大支出者在 2025 年調整了預算，但這只能解釋過去的情況。

But looking ahead, we believe we have quite an important runway for growth here. If we look at other platforms in emerging markets, the right benchmark should be around 2% of GDP rather than 1%. So that gives us a target, and we're looking to reach that target with a few priorities. So the main priority is on the retail advertising, so selling basically performance advertising to medium sized and smaller sellers, the local marketplace as well as our Chinese seller base.

但展望未來，我們相信我們在這裡還有相當大的成長空間。如果我們看看新興市場的其他平台，正確的基準應該是 GDP 的 2% 左右，而不是 1%。這樣我們就有了目標，我們將透過幾個優先事項來實現這個目標。因此，主要重點是零售廣告，也就是向中小型賣家、本地市場以及我們的中國賣家群體銷售成效廣告。

We see great upside from our international sellers because they're, I mean they're already well accustomed, well used to these tools from other platforms that they're using like Amazon, eBay, and so on. So they usually pretty strong spenders on those on those sponsored ads. So we're quite confident that we'll be able to deliver much bigger volumes, much bigger returns, sorry, on retail advertising. And we're of course working with key African brands and international brands to negotiate better budgets for the year of 2016.

我們看到國際賣家有很大的發展潛力，因為他們已經非常習慣使用亞馬遜、eBay 等其他平台上的這些工具。所以他們通常在這些贊助廣告上投入大量資金。因此，我們非常有信心能夠實現更大的投放量，更大的回報，抱歉，是在零售廣告方面。我們當然也在與一些重要的非洲品牌和國際品牌合作，爭取在 2016 年獲得更好的預算。

And in this regard, of course, for both segments of the advertising stand, the big driver is scale, right? The bigger the more scale you get, the bigger you get, the more you're able to get from your vendors on performance advertising because there's more competition in the marketplace and it's more important for them to show at the top of the page and it's also making us a lot more relevant for big brands and big importers and enabling us to negotiate a better rate, a better take rate on advertising contributions. So in short, we're confident that we can scale this revenue line driven by better tools that we've rolled out recently, strong execution and scale from our core business.

當然，就廣告展台的兩個部分而言，最大的驅動力都是規模，對吧？規模越大，你的收入就越高，你就能從供應商那裡獲得越多的效果廣告收益，因為市場競爭更加激烈，對他們來說，出現在頁面頂部就更加重要。這也讓我們與大品牌和大進口商的聯繫更加緊密，使我們能夠協商更高的價格，更高的廣告分成比例。簡而言之，我們有信心透過近期推出的更完善的工具、強有力的執行力以及核心業務的規模，擴大這個收入來源。

Understood. Thanks for the color. Appreciate your time.

明白了。謝謝你提供的色彩。感謝您抽出時間。

Thank you.

謝謝。

Ladies and gentlemen, we have reached the end of our question-and-answer session. This will also conclude today's call.

女士們、先生們，我們的問答環節到此結束。今天的電話會議到此結束。

You may disconnect your lines at this time, and we thank you for your participation.

現在您可以斷開線路了，感謝您的配合。