Jumia Technologies AG (JMIA) 2025 Q4 法說會逐字稿

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

謝謝。各位早安。感謝您今天參加我們2025年第四季財報電話會議。今天與我們在一起的是 Jumia 的執行長 Francis Dufay 和財務與營運執行副總裁 Antoine Maillet-Mezeray。

We would like to remind you that our discussions today will include forward-looking statements. Actual results may differ materially from those indicated in the forward-looking statements. Moreover, these forward-looking statements may speak only to our expectations as of today. 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-F as 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-F 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. You can find reconciliations 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.

此外，在本次電話會議中，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。您可以在我們的獲利新聞稿中找到這些非 IFRS 財務指標與相應的 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。

With that, I'll hand over to Francis.

接下來，我將把麥克風交給法蘭西斯。

Good morning, everyone, and thank you for joining Jumia's fourth quarter and full year 2025 earnings call.

各位早安，感謝各位參加Jumia 2025年第四季及全年財報電話會議。

2025 was the year we demonstrated that we can turn the playbook we began building several years ago into tangible results. Over the past few years, Jumia has been building an e-commerce model designed specifically for Africa, adapted to the unique structural, logistical, and consumer realities of our markets.

2025 年，我們證明了我們可以將幾年前開始製定的策略藍圖轉化為實際成果。過去幾年，Jumia 一直在建立一個專為非洲設計的電子商務模式，以適應我們市場獨特的結構、物流和消費者現實。

In 2025, we proved that this model positions us to scale with the right economics. As we shared at our investor day in November, the question was never whether Africa is ready for e-commerce. Demand has always existed, and much of it remains underserved. The real question was when e-commerce would be ready for Africa. We believe that Jumia has now answered that question.

到 2025 年，我們證明了這種模式能讓我們以合適的經濟效益實現規模化發展。正如我們在 11 月的投資者日上所分享的那樣，問題從來都不是非洲是否準備好迎接電子商務。需求一直存在，但其中許多需求仍未被滿足。真正的問題是，電子商務何時才能在非洲普及。我們認為Jumia現在已經回答了這個問題。

The foundation drove our strong operating momentum in the fourth quarter. Physical goods GMV grew 38% year-over-year, adjusted for perimeter effects. Growth accelerated as the quarter progressed, reflecting strengthening demand and improved execution across our markets, with seasonal events including Black Friday contributing to volume acceleration during the fourth quarter. At the same time, profitability metrics continued to move in the right direction.

這一基礎為我們第四季度強勁的營運動能提供了動力。經調整週邊因素影響後，實體商品GMV年增38%。隨著季度推進，成長速度加快，反映出我們各個市場的需求增強和執行力提高，而包括黑色星期五在內的季節性活動也促進了第四季銷售的加速成長。與此同時，獲利指標繼續朝著正確的方向發展。

Adjusted EBITDA improved, cash burn was meaningfully reduced, and the business absorbed higher volumes with increased efficiency. Based on the progress remained in 2025 and the momentum exiting the year, we remain focused on achieving our target of adjusted EBITDA break-even and positive cash flow in the fourth quarter of 2026 and delivering full year profitability and positive cash flow in 2027.

調整後 EBITDA 有所改善，現金消耗大幅減少，業務以更高的效率消化了更高的銷售量。基於 2025 年取得的進展和年底的良好勢頭，我們將繼續專注於實現 2026 年第四季度調整後 EBITDA 收支平衡和正現金流的目標，並在 2027 年實現全年盈利和正現金流。

Let me now walk you through the key highlights of the quarter. Usage trends remain strong across our platform. Adjusted for perimeter effects, physical goods orders grew 32% year-over-year, driven by expanding geographic coverage, improved assortment, and sustained consumer demand. Our focus remains squarely on physical goods, which accounted for nearly all of total orders and GMV this quarter. Digital transactions through the JumiaPay app now represent a residual share of our orders as we continue to prioritize transactions with stronger economics.

現在讓我帶您回顧本季的主要亮點。我們平台的用戶使用趨勢依然強勁。剔除週邊因素的影響，實體商品訂單年增 32%，這主要得益於地理覆蓋範圍的擴大、商品種類的改進以及消費者需求的持續增長。我們仍然專注於實體商品，本季實體商品幾乎佔總訂單量和商品交易總額的全部。透過 JumiaPay 應用程式進行的數位交易目前僅占我們訂單的剩餘部分，我們將繼續優先考慮經濟效益更強的交易。

Adjusting for perimeter effects, quarterly active customers increased 26% year-over-year, reflecting continued traction in both acquisition and retention. Repeat behavior continued to improve, with 46% of new customers from Q3 2025 making a repeat purchase within 90 days, up from 42% in Q3 2024. Demand was broad-based across electronics, phones, home and living, fashion, and beauty, and consistent across both countries, reflecting a similar quality of execution and inputs across our markets.

剔除外圍因素的影響，季度活躍客戶年增 26%，反映出在客戶獲取和留存方面均取得了持續進展。重複購買行為持續改善，2025 年第三季新客戶中有 46% 在 90 天內再次購買，高於 2024 年第三季的 42%。電子產品、手機、家居生活、時尚和美容等領域的需求十分廣泛，而且兩國需求一致，反映出我們各個市場在執行品質和投入方面具有相似性。

Adjusted for perimeter effects, physical goods GMV grew 38% year-over-year in reported currency. Average order value for physical goods increased to $37 from $35 in Q4 2024, reflecting a mixed shift towards higher value categories such as appliances.

剔除週邊因素影響後，實體商品GMV以報告貨幣計算年增38%。2024 年第四季度，實體商品的平均訂單價值從 35 美元增加到 37 美元，反映出消費者對家電等高價值商品的需求出現了混合成長。

Revenue totaled $61.4 million, up 34% year-over-year, driven by higher usage and improved monetization. First-party sales represented 49% of total revenue, supported by continued strength from international partnerships including Starlink in Nigeria and Kenya.

營收總計 6,140 萬美元，年增 34%，主要得益於更高的使用率和更好的獲利能力。第一方銷售額佔總收入的 49%，這得益於國際合作夥伴關係的持續強勁發展，包括與奈及利亞和肯亞的 Starlink 合作。

Now turning to profitability. The progress made over the past three years continues to translate into measurable operating leverage. Cost improvements across general and administrative, technology, and fulfillment are structural.

現在來談談獲利能力。過去三年的進展持續轉化為可衡量的經營效益。一般及行政、技術和履行方面的成本改善是結構性的。

In addition, we renegotiated third-party logistics contracts and implemented increases in commissions and take rates across most countries in mid-January 2026, reflecting the scale of our platform and improved service levels delivered to vendors. These changes are consistent across markets and reflect stronger marketplace fundamentals.

此外，我們於 2026 年 1 月中旬重新談判了第三方物流合同，並在大多數國家提高了佣金和費率，以反映我們平台的規模以及為供應商提供的更高服務水平。這些變化在各個市場中都保持一致，反映了市場基本面的增強。

Headcount declined 7% in 2025 to approximately 2,010 employees. This is a more focused organization built to support significantly higher volumes without proportional cost growth. Looking ahead, we are targeting a further reduction in headcount in 2026, primarily across technology and G&A, driven by continued efficiency initiatives and organizational streamlining.

到 2025 年，員工人數將減少 7%，約 2010 人。這是一個目標更明確的組織，旨在支援更高的業務量，而無需成比例地增加成本。展望未來，我們計劃在 2026 年進一步減少員工人數，主要集中在技術和行政管理部門，這主要得益於持續的效率提升措施和組織精簡。

Fulfillment cost per order improved to $1.97, a 12% year-over-year reduction on a reported basis, reflecting productivity gains and economies of scale in fulfillment operations, increased call center automation, and improved logistics partner rates.

每筆訂單的履行成本改善至 1.97 美元，按報告數據計算，同比下降 12%，這反映了履行運營的生產力提高和規模經濟效益、呼叫中心自動化程度提高以及物流合作夥伴費率提高。

Technology and content expenses declined 6% year-over-year, reflecting automation, platform simplification, and the benefit of renegotiated vendor agreements including cloud infrastructure. As a result, adjusted EBITDA loss narrowed to $7.3 million from $13.3 million in the prior year quarter.

技術和內容支出較去年同期下降 6%，反映了自動化、平台簡化以及重新談判的供應商協議（包括雲端基礎設施）的好處。因此，調整後的 EBITDA 虧損從去年同期的 1,330 萬美元收窄至 730 萬美元。

Loss before income tax was $9.7 million, a 45% decrease year-over-year or 17% decline on a constant currency basis. Quarterly cash burn declined to $4.7 million in Q4 2025 compared to $15.8 million in Q3 2025, reflecting tighter working capital management and improved operating efficiency.

稅前虧損為 970 萬美元，年減 45%，以固定匯率計算下降 17%。2025 年第四季現金消耗量降至 470 萬美元，而 2025 年第三季為 1,580 萬美元，反映出營運資本管理更加嚴格，營運效率有所提高。

While we may continue to look opportunistically at financing options, based on our current trajectory, we continue to believe our existing liquidity is sufficient to reach profitability without raising additional capital.

雖然我們可能會繼續伺機尋找融資方案，但根據我們目前的發展軌跡，我們仍然相信我們現有的流動資金足以讓我們在不籌集額外資金的情況下實現盈利。

Turning to operational highlights and execution at the country level. Black Friday was a standout moment in our history. The event delivered strong volumes, higher customer engagement, and improved repeat behavior. Performance during and after the event highlighted a strengthening marketplace flywheel, as improvements in assortment, affordability, and reliability reinforced our value proposition for Africa's value-conscious customers.

接下來，我們將重點介紹國家層級的營運亮點和執行情況。黑色星期五是我們歷史上一個引人注目的時刻。此次活動帶來了強勁的銷售、更高的客戶參與度和更好的複購率。活動期間及之後的業績凸顯了市場飛輪效應的增強，產品種類、價格和可靠性的提升強化了我們為非洲注重性價比的客戶提供的價值主張。

We also continue to strengthen our international sourcing capabilities, particularly in China. To support this priority, we recently opened a new office in Yiwu, China, our second in the region and located within one of the world's largest wholesale commodity hubs. This expansion strengthens our direct sourcing capabilities and deepens collaboration with a broader set of international suppliers. This enables us to expand assortment at attractive price points and deliver competitively priced goods to African consumers at scale.

我們也不斷加強國際採購能力，尤其是在中國。為了支持這項優先事項，我們最近在中國義烏開設了一家新辦事處，這是我們在該地區的第二個辦事處，位於全球最大的批發商品中心之一。此次擴張增強了我們的直接採購能力，並深化了與更廣泛的國際供應商的合作。這使我們能夠以有吸引力的價格擴大產品種類，並大規模地向非洲消費者提供價格具有競爭力的商品。

In the fourth quarter, we saw 6.1 million growth items internationally, up over 80% year-over-year, reflecting the continued scaling of our Chinese vendor base and a more diversified supply pipeline. Operationally, we continued to extend our reach beyond major urban centers. Orders from up-country regions accounted for 61% of total volumes, up from 56% in the prior year quarter. These regions are delivering strong growth while benefiting from a cost structure that we believe scales efficiently with volume.

第四季度，我們在國際市場上實現了 610 萬件成長商品，年成長超過 80%，這反映出我們中國供應商基礎的持續擴大和供應鏈的更加多元化。在營運方面，我們繼續將業務範圍擴展到主要城市中心以外。來自內陸地區的訂單佔總訂單量的 61%，高於去年同期的 56%。這些地區實現了強勁成長，同時受益於我們認為能夠隨著規模擴大而有效擴展的成本結構。

In secondary cities, we are addressing clear customer pain points, including limited product availability and elevated prices from local traders. As a result, our value proposition continues to resonate strongly, driving both adoption and repeat purchase.

在二線城市，我們正在解決客戶面臨的明顯痛點，包括產品供應有限和當地商家價格偏高。因此，我們的價值主張持續引起強烈共鳴，推動了產品的普及和重複購買。

Now at the country level. Nigeria delivered a standard quarter. Physical goods GMV increased 50% year-over-year, while physical goods orders grew 33%, marking the fourth consecutive quarter of double-digit growth. Performance was broad-based across key categories and channels, with geographic expansion continuing to deliver results.

現在到了國家層面。尼日利亞交出了一份標準的季度報告。實體商品 GMV 年成長 50%，實體商品訂單成長 33%，連續第四個季度實現兩位數成長。各主要類別和通路均取得了全面業績，地域擴張持續帶來成效。

Initiatives launched in the northern region in the third quarter of 2025 are translating into steady active customer growth, while the South and Southeast regions sustain strong performance. This momentum was supported by an improving macro environment in 2025, including greater currency stability as well as the positive effects of structural reforms.

2025 年第三季在北部地區推出的各項措施正在轉化為活躍客戶的穩定成長，而南部和東南部地區也保持了強勁的業績。這一勢頭得益於 2025 年宏觀環境的改善，包括貨幣穩定性增強以及結構性改革的正面影響。

Kenya performed strongly, with physical goods orders up 50% year-over-year and physical goods GMV increasing 48% in reported currency. Performance was driven by a strong shopping season, with Black Friday delivering a clear uplift.

肯亞表現強勁，實體商品訂單年增 50%，以報告貨幣計算的實體商品 GMV 成長 48%。強勁的購物季帶動了業績成長，其中「黑色星期五」的銷售額出現了明顯的成長。

Ivory Coast delivered a strong performance, with physical goods orders up 15% year-over-year and physical goods GMV increasing 31% in reported currency, reflecting higher value baskets and improved mix. Growth was driven by strong momentum in home and appliances as well as TVs, alongside solid performance in beauty. Ivory Coast remains a significant growth opportunity, and our market-leading position supports a continued focus on profitable growth.

科特迪瓦表現強勁，實體商品訂單年增 15%，以報告貨幣計算的實體商品 GMV 成長 31%，反映出商品價值籃子更高，商品組合更優。家居用品、家電和電視的強勁成長動能以及美容產品的穩健表現推動了整體成長。科特迪瓦仍然是一個重要的成長機會，我們市場領先的地位也支持我們繼續專注於獲利成長。

Egypt's performance this quarter validated the growth turnaround. Physical goods orders increased 23% year-over-year, while physical goods GMV grew 2% year-over-year, reflecting a return to positive growth. Excluding corporate sales, physical goods GMV grew 56% year-over-year, confirming a full market recovery. Growth was broad-based across core categories, supported by an optimized mass market assortment and a strong Black Friday campaign that contributed over half of quarterly volume.

埃及本季的表現驗證了經濟成長的逆轉。實體商品訂單年增 23%，實體商品 GMV 年增 2%，反映出市場恢復正成長。剔除企業銷售，實體商品GMV年增56%，證實市場已全面復甦。核心品類全面成長，這得益於優化的大眾市場產品組合和強勁的「黑色星期五」促銷活動，該活動貢獻了季度銷量的一半以上。

The buy-now-pay-later offering continued to deepen, with record penetration in high-value categories driving stronger conversion and higher ticket sizes. Up-country expansion remained a tailwind, with volumes shifting further towards these areas.

先買後付的模式持續深化，在高價值類別中滲透率創下新高，從而推動了更高的轉換率和更高的客單價。內陸地區的擴張仍然是有利因素，貨運量進一步轉移到這些地區。

Ghana delivered an exceptional quarter, with physical goods order up 82% year-over-year and physical goods GMV increasing 124% in reported currency. This performance was supported by continued expansion of an increasingly loyal customer base, underscoring improving engagement and highlighting the scalability of our model in Ghana.

加納本季業績表現卓越，實體商品訂單年增 82%，實體商品商品交易總額（GMV）按報告貨幣計算成長 124%。這一業績得益於客戶群的持續擴大和日益增長的忠誠度，凸顯了客戶參與度的提高，並強調了我們模式在加納的可擴展性。

Our other markets portfolio also performed well, collectively delivering 18% physical goods GMV growth and a 16% increase in physical goods orders. In February 2026, we announced our decision to cease operations in Algeria, which represented approximately 2% of GMV in 2025.

我們的其他市場組合也表現良好，實體商品 GMV 合計成長 18%，實體商品訂單成長 16%。2026 年 2 月，我們宣布決定停止在阿爾及利亞的業務運營，該業務在 2025 年約佔 GMV 的 2%。

We expect a short-term impact from employee and lease exit costs and assets liquidation. Over the medium to long term, this decision simplifies our footprint and improves operational focus, allowing us to allocate resources more efficiently towards markets with stronger growth and profitability profiles.

我們預計短期內會受到員工和租賃退出成本以及資產清算的影響。從中長期來看，這項決定簡化了我們的業務佈局，提高了營運效率，使我們能夠更有效地將資源分配到成長和獲利能力更強的市場。

The competitive environment remained rational during the quarter, with competitive intensity continuing to normalize across our markets. We are seeing less aggressive behavior from certain global entrants in selected countries, including Nigeria, while our local market share continues to build. At the same time, we are seeing increased regulatory scrutiny on non-resident and cross-border platforms across several countries.

本季競爭環境保持理性，各市場的競爭強度持續趨於正常化。我們看到，在包括尼日利亞在內的一些國家，某些全球新進入者的行為不再那麼咄咄逼人，而我們的本地市場份額則繼續增長。同時，我們看到多個國家對非居民和跨境平台的監管審查力度加大。

Recent examples include the introduction of a new tax on the profits of non-resident e-commerce platforms in the Ivory Coast, as well as Ghana's VAT Amendment Act, which requires non-resident digital and e-commerce platforms supplying services into Ghana to register for VAT and comply with local VAT requirements. These regulatory developments contribute to a more level playing field.

近期的例子包括科特迪瓦對非居民電子商務平台的利潤徵收新稅，以及加納的增值稅修正案，該修正案要求向加納提供服務的非居民數位和電子商務平台註冊增值稅並遵守當地的增值稅要求。這些監管方面的措施有助於營造更公平的競爭環境。

As we begin 2026, our focus shifts from rebuilding to scaling. First, we plan to accelerate top-line growth across our existing markets. Up-country regions already represent the majority of our volumes, and we still see significant opportunity to deepen penetration by leveraging the infrastructure and partnerships already in place.

進入 2026 年，我們的重點將從重建轉向規模化。首先，我們計劃加速現有市場的營收成長。內陸地區已經佔據了我們大部分的銷量，我們仍然看到透過利用現有的基礎設施和合作夥伴關係來加深市場滲透的巨大機會。

Second, we will continue to strengthen our value proposition by expanding and refining our product assortment. Improving availability, affordability, and relevance remain central to driving higher conversion and order frequency.

其次，我們將繼續透過擴大和完善產品種類來加強我們的價值主張。提高產品的可取得性、可負擔性和相關性仍然是提高轉換率和訂單頻率的關鍵。

Third, marketing represents a meaningful growth lever in 2026 and an important contributor to operating leverage. After rebuilding and stabilizing our offline channels, we see significant opportunity to scale and optimize online marketing channels that remain under-penetrated, including CRM, paid online marketing, SEO, and affiliate partnerships. As volumes increase, these channels benefit from improving efficiency and targeting, allowing us to support growth while maintaining attractive returns on investment.

第三，行銷在 2026 年代表著重要的成長槓桿，也是營運槓桿的重要貢獻者。在重建和穩定線下管道之後，我們看到了擴大和優化仍未充分滲透的線上行銷管道的巨大機會，包括客戶關係管理、付費線上行銷、搜尋引擎優化和聯盟合作關係。隨著銷量增加，這些管道受益於效率和目標性的提高，使我們能夠在保持可觀投資回報的同時支持成長。

Fourth, 2026 is about operating leverage. With our current cost base, we believe the platform can support meaningfully higher volumes. As scale increases, we expect fulfillment, technology, and G&A costs to grow materially slower than revenue, driving margin expansion.

第四，2026 年是關於經營槓桿的一年。以我們目前的成本基礎，我們相信該平台可以支援顯著更高的交易量。隨著規模擴大，我們預期履約、技術和一般管理費用的成長速度將遠低於營收的成長速度，進而推動利潤率擴張。

We also intend to scale high-margin revenue streams. We believe that advertising remains under-penetrated and offers meaningful upside, while Jumia Delivery improves asset utilization and contributes incremental margin with limited additional costs. Taken together, these priorities reinforce our confidence that Jumia has entered its scaling phase, delivering stronger growth with improving profitability and having what we believe to be a clear path to break even.

我們也計劃擴大高利潤收入來源的規模。我們認為廣告滲透率仍然很低，具有很大的成長潛力，而 Jumia Delivery 可以提高資產利用率，並在額外成本有限的情況下貢獻增量利潤。綜上所述，這些優先事項增強了我們對 Jumia 已進入規模化階段的信心，隨著盈利能力的提高，Jumia 將實現更強勁的增長，我們相信 Jumia 也將擁有明確的盈虧平衡路徑。

Let me close with this: Jumia operates in markets that remain significantly under-penetrated for e=commerce. Through years of on-the-ground execution, we have built meaningful barriers to entry, a trusted consumer brand, and a playbook that demonstrably works. We believe that we are now in the right markets, at the right time, and finally with the right product-market fit. Our fourth quarter results reinforce that conviction.

最後我想補充一點：Jumia 所在的市場，其電子商務滲透率仍然非常低。透過多年的實地執行，我們建立了有效的准入壁壘，打造了值得信賴的消費者品牌，並制定了一套行之有效的策略。我們相信，我們現在進入了正確的市場，在了正確的時間，並且最終實現了正確的產品市場契合度。我們第四季的業績進一步印證了這個觀點。

With that, I will now turn the call over to Antoine to walk you through the financials in more details.

接下來，我將把電話交給安托萬，讓他更詳細地為大家講解財務狀況。

Thank you, Francis, and thank you everyone for joining us today. I will now walk you through our financial performance for the fourth quarter.

謝謝你，法蘭西斯，也謝謝今天所有到場的各位。接下來，我將為大家介紹我們第四季的財務表現。

Starting with revenue, fourth quarter revenue reached $61.4 million, up 34% year-over-year, or up 24% on a constant currency basis. Results reflect sustained consumer demand and consistent execution across our platform. Marketplace revenue for the fourth quarter totaled $31 million, up 36% year-over-year and up 24% on a constant currency basis.

先來看營收，第四季營收達 6,140 萬美元，年增 34%，以固定匯率計算成長 24%。結果反映了消費者持續的需求以及我們平台始終如一的執行力。第四季市場收入總計 3,100 萬美元，較去年同期成長 36%，以固定匯率計算成長 24%。

Third-party sales were $26.7 million, up 33% year-over-year or 22% on a constant currency basis. Growth was driven by solid performance in the marketplace, including healthy usage trends and higher effective take rates. Marketing and advertising revenue was $2.9 million, up 42% year-over-year or 33% on a constant currency basis. The improvement was driven by continued growth in Sponsored Products.

第三方銷售額為 2,670 萬美元，年增 33%，以固定匯率計算成長 22%。成長得益於市場表現穩健，包括良好的使用趨勢和更高的有效轉換率。行銷和廣告收入為 290 萬美元，年增 42%，以固定匯率計算成長 33%。這項改善主要得益於贊助商品的持續成長。

With advertising revenue currently representing roughly 1% of GMV, we see meaningful opportunity to scale this channel. Value-added services revenue was $1.4 million, up 79% year-over-year or up 64% year-over-year on a constant currency basis. Revenue from first-party sales was $29.1 million, up 33% year-over-year or up 23% year-over-year on a constant currency basis, driven by strong momentum with key international brands.

目前廣告收入約佔 GMV 的 1%，我們認為該管道具有巨大的發展潛力。加值服務收入為 140 萬美元，年增 79%，以固定匯率計算年增 64%。第一方銷售收入為 2,910 萬美元，年增 33%，以固定匯率計算年增 23%，主要得益於主要國際品牌的強勁成長動能。

Turning to gross profit, fourth quarter gross profit was $34.2 million, up 43% year-over-year or up 31% year-over-year on a constant currency basis. Gross profit margin as a percentage of GMV was 12.2% for the quarter, compared to 11.6% in the fourth quarter of 2024, reflecting continued progress in marketplace monetization.

從毛利來看，第四季毛利為 3,420 萬美元，年增 43%，以固定匯率計算年增 31%。本季毛利率佔 GMV 的百分比為 12.2%，而 2024 年第四季為 11.6%，反映出市場貨幣化持續取得進展。

As we entered 2026, we implemented broad-based increases in commissions across most countries, leveraging the scale and improved service levels we have built with vendors. These changes are expected to support gross profit growth going forward.

進入 2026 年，我們利用與供應商建立的規模優勢和不斷提高的服務水平，在大多數國家實施了佣金的全面增長。預計這些變化將有助於未來毛利的成長。

Now moving to expenses. We continue to see the benefits of our cost initiatives in the fourth quarter, with additional improvements expected to materialize over the coming quarters. Fulfillment expense for the fourth quarter was $14.8 million, up 15% year-over-year and up 5% in constant currency, primarily due to higher volumes.

接下來是費用部分。我們在第四季繼續看到成本控制措施帶來的效益，預計未來幾季將取得更多改善。第四季履約費用為 1,480 萬美元，年增 15%，以固定匯率計算成長 5%，主要原因是銷量增加。

Fulfillment expense per order, excluding Jumia Pay app orders, was $1.97, down 12% year-over-year or down 20% year-over-year on a constant currency basis, reflecting productivity gains and economies of scale in fulfillment operations, increased call center automation, and improved logistics partner rates.

不包括 Jumia Pay 應用訂單，每筆訂單的履行費用為 1.97 美元，同比下降 12%，按固定匯率計算同比下降 20%，這反映了履行運營的生產力提高和規模經濟效益、呼叫中心自動化程度提高以及物流合作夥伴費率提高。

In January 2026, we also closed a new cycle of third-party logistics renegotiations, securing meaningful cost savings that are expected to further support fulfillment efficiency and margin progression in 2026.

2026 年 1 月，我們也完成了新一輪第三方物流重新談判，確保了可觀的成本節約，預計這將進一步支持 2026 年的履約效率和利潤成長。

Sales and advertising expense was $7 million for the fourth quarter, up 47% year over year and up 39% in constant currency. The increase reflects targeted investment in customer acquisition, particularly across high ROI online channels, supporting efficient top-line growth.

第四季銷售和廣告費用為 700 萬美元，年增 47%，以固定匯率計算成長 39%。這一成長反映了對客戶獲取的定向投資，尤其是在高投資回報率的線上管道，從而支持了高效的營收成長。

Technology and content expense was $9.4 million for the fourth quarter, representing a decrease of 6% year over year or a decrease of 8% on a constant currency basis, driven primarily by continued headcount optimization and ongoing renegotiated vendor contracts. Fourth quarter expense, excluding share-based payment expense, was $13 million, up 1% year-over-year and down 3% on a constant currency basis.

第四季技術和內容支出為 940 萬美元，年減 6%，以固定匯率計算下降 8%，主要原因是持續優化人員編制和持續重新談判供應商合約。第四季支出（不含股份支付支出）為 1,300 萬美元，較去年同期成長 1%，以固定匯率計算下降 3%。

Staff costs, within general and administrative expense, excluding share-based compensation expense, decreased by 18% to $8.2 million. The fourth quarter of 2025 included a tax benefit of $4.3 million, compared to $8.4 million tax benefit in the fourth quarter of 2024.

一般及行政費用中的員工成本（不包括股份支付費用）下降了 18%，至 820 萬美元。2025 年第四季的稅收優惠為 430 萬美元，而 2024 年第四季的稅收優惠為 840 萬美元。

Turning to profitability, Adjusted EBITDA for the quarter was negative $7.3 million or negative $10.2 million on a constant currency basis. Loss before income tax was negative $9.7 million, a 45% decrease year-over-year or 17% decline on a constant currency basis.

從獲利能力來看，本季調整後的 EBITDA 為負 730 萬美元，以固定匯率計算為負 1,020 萬美元。稅前虧損為負 970 萬美元，年減 45%，以固定匯率計算下降 17%。

Turning to the balance sheet and cash flow, we ended the fourth quarter with a liquidity position of $77.8 million, including $76.7 million in cash and cash equivalents and $1.2 million in term deposit and other financial assets. Our liquidity position decreased by $4.7 million in Q4 2025, compared to a decrease of $13.6 million in Q4 2024.

從資產負債表和現金流量來看，截至第四季末，我們的流動性狀況為 7,780 萬美元，其中包括 7,670 萬美元的現金及現金等價物，以及 120 萬美元的定期存款和其他金融資產。2025 年第四季度，我們的流動性狀況減少了 470 萬美元，而 2024 年第四季則減少了 1,360 萬美元。

Net cash flow used in operating activities was $1.7 million in the quarter, including a positive working cap impact of $9.6 million. The improvements reflect the continued strengthening of our marketplace flywheel, driven by higher volumes, improved payment flows, and stronger bargaining power with large third-party accounts. CapEx in Q4 2025 was $1.7 million, compared to $1.8 million in the fourth quarter of 2024, primarily reflecting investments in supply chain equipment ahead of the end of the year season.

本季經營活動使用的淨現金流為 170 萬美元，其中包括 960 萬美元的正營運資本影響。這些改進反映了我們市場飛輪的持續增強，這得益於更高的交易量、更完善的支付流程以及與大型第三方帳戶更強大的議價能力。2025 年第四季資本支出為 170 萬美元，而 2024 年第四季為 180 萬美元，這主要反映了在年底旺季之前對供應鏈設備的投資。

In summary, we delivered another quarter of solid execution and strong top-line growth while continuing to improve cost efficiency. Progress on structural cost reductions, automation, and cash discipline reinforces our confidence in meeting our near-term objectives and moving closer to 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，同時不斷提高成本效益。在結構性成本削減、自動化和現金管理方面取得的進展，增強了我們對實現近期目標和邁向獲利的信心。

Looking ahead, we remain focused on operational discipline, margin expansion, and prudent and informed capital allocation, positioning Jumia for sustainable growth and long-term value creation.

展望未來，我們將繼續專注於營運紀律、利潤率擴張以及審慎明智的資本配置，使 Jumia 能夠實現永續成長和長期價值創造。

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法蘭西斯，讓他討論我們更新後的指導。

Thanks, Antoine. Let me now turn to our expectations for 2026. As we enter the next phase of scaling, we are refining how we frame profitability. Given our increasing focus on operating leverage and the underlying performance of the business, we believe adjusted EBITDA is the most appropriate metric to assess progress towards profitability. It provides a clearer view of operating performance and unit economics as non-operating items and non-cash charges become less representative of the business trajectory.

謝謝你，安托萬。現在讓我談談我們對 2026 年的期望。隨著我們進入下一階段的規模化發展，我們正在改善獲利能力的定義。鑑於我們越來越關注經營槓桿和業務的基本表現，我們認為調整後的 EBITDA 是評估獲利能力進展的最合適指標。由於非經營性項目和非現金支出對業務發展軌蹟的代表性降低，因此可以更清楚地了解經營績效和單位經濟效益。

Importantly, this does not change our underlying profitability objectives, and we believe we remain on track to achieve adjusted EBITDA break-even and positive cash flow in the fourth quarter of 2026 and delivering full-year profitability and positive cash flow in 2027.

重要的是，這不會改變我們基本的獲利目標，我們相信我們仍有望在 2026 年第四季實現調整後 EBITDA 收支平衡和正現金流，並在 2027 年實現全年盈利和正現金流。

With that context in mind, our focus for 2026 remains on accelerating growth, driving further operating efficiency, and continuing our progress towards profitability. We are seeing encouraging trends early in the year, which give us confidence in establishing our full-year 2026 outlook. For the full year of 2026, we anticipate GMV to grow between 27% to 32% year-over-year, adjusted for perimeter effects.

考慮到上述情況，我們 2026 年的重點仍然是加速成長、進一步提高營運效率，並繼續朝著獲利目標邁進。今年年初我們看到了一些令人鼓舞的趨勢，這讓我們有信心製定 2026 年全年展望。我們預計，經調整週邊效應後，2026 年全年 GMV 將年增 27% 至 32%。

On profitability, we expect adjusted EBITDA to be in the range of negative $25 million to negative $30 million. We confirm our strategic goal to achieve break-even on an adjusted EBITDA basis and positive cash flow in the fourth quarter of 2026, and to deliver full-year profitability and positive cash flow in 2027.

關於獲利能力，我們預計調整後的 EBITDA 將在負 2,500 萬美元至負 3,000 萬美元之間。我們確認我們的策略目標是在 2026 年第四季實現調整後 EBITDA 收支平衡和正現金流，並在 2027 年實現全年盈利和正現金流。

Looking specifically at the first quarter, GMV is projected to grow between 27%-32% year-over-year, adjusted for perimeter effects, and we expect higher cash outflows in the first quarter, reflecting typical seasonality and the timing of annual contract renewals for technology and insurance. As part of ongoing operational optimization, the company has announced it will exit Algeria in February 2026 and expects to incur related one-time costs.

具體來看第一季度，經調整週邊因素後，GMV預計同比增長27%-32%，我們預計第一季度現金流出將增加，這反映了典型的季節性因素以及科技和保險行業年度合約續約的時間安排。作為持續營運優化的一部分，該公司宣布將於 2026 年 2 月退出阿爾及利亞，預計將產生相關的一次性成本。

Thank you for your attention. We will now be happy to take questions.

感謝您的關注。現在我們很樂意回答問題。

(Operator Instructions) Brad Erickson, RBC Capital Markets.

（操作員說明）布拉德‧艾瑞克森，加拿大皇家銀行資本市場。

Hi guys. Good morning. I guess just to start, if you had to kind of rank order the accelerants in 2026 you're talking about, I guess you've got improving assortment, you're going to spend more on marketing, sounds like, and then there's obviously just kind of the rising tide of under-penetrated e-commerce. Which of those is kind of most impactful to the acceleration you see in 2026 and any other clear drivers you'd call out along those lines?

嗨，大家好。早安.首先，如果你要對 2026 年你提到的加速因素進行排序，我想應該是不斷改進的產品組合，你會在行銷上投入更多資金，聽起來是這樣，然後顯然還有滲透率較低的電子商務的蓬勃發展。在這些因素中，哪一個對 2026 年的加速成長影響最大？還有其他明顯的驅動因素值得一提嗎？

Hi, Brad. Yeah, sure. I think we have three, maybe four main drivers. I mean, the most important one, structurally speaking, would be assortment and our ability to bring more assortment, more availability at lower price points for value-driven customers. And that's been an effort. I mean, that's been pushed for the past three years, so it's a long-term impact.

嗨，布拉德。當然可以。我認為我們有三到四個主要驅動因素。我的意思是，從結構上講，最重要的就是產品種類，以及我們為注重性價比的客戶提供更多種類、更低價位的產品的能力。這確實是一項努力。我的意思是，這件事已經推進了三年，所以會產生長期影響。

Second big driver that's quite structural as well is coverage, market coverage. So we've significantly expanded our network back in 2024 and in early 2025 as well, and it will continue in 2026. And as we cover a greater share of the population, well, the addressable market simply increases. And that's been a big push over the past three years as well.

第二個重要的結構性驅動因素是涵蓋範圍，市場涵蓋範圍。因此，我們在 2024 年和 2025 年初大幅擴展了我們的網絡，而這一趨勢將在 2026 年繼續下去。隨著我們覆蓋的人口比例越來越大，潛在市場自然也會增加。過去三年，這也是我們大力推動的一項工作。

And then marketing started playing a more important role, I would say, in the second half of the year. You've seen in the numbers that we've ramped up slightly our marketing investments in Q3 and Q4, and we see very strong return investments, particularly on the online channels that we have kind of revived in the process. It's been contributing definitely to the acceleration you see in the second half of the year.

然後，我認為，在下半年，行銷開始發揮更重要的作用。從數據中可以看出，我們在第三季和第四季略微增加了行銷投入，我們看到了非常強勁的投資回報，尤其是在我們在此過程中重新振興的線上管道方面。它無疑對下半年經濟的加速成長起到了促進作用。

Then you have a more diffuse but very important factor, which is the improvement in quality of service and satisfaction. That is really hard to pinpoint in terms of very direct impact, but it's really happening on the ground.

其次，還有一個更分散但非常重要的因素，那就是服務品質和滿意度的提升。很難準確地指出其直接影響，但它確實正在實際發生。

Got it. That's helpful. And then to the point on capacity, you've said, I think, many times, including today, that you have kind of what you need in place to support a lot higher volumes. As we look forward, maybe over the next few years, how should we think about lead times for kind of further investment in capacity expansion?

知道了。那很有幫助。至於產能方面，我認為您已經多次說過，包括今天在內，您表示您已經具備了支持更高產量所需的條件。展望未來，或許在未來幾年內，我們該如何考慮進一步投資擴容產能的提前期？

So you can look at it in different ways. I mean, when we talk capacity, usually I think about fulfillment and supply chains. And then you can discuss well, I mean, you can talk about the platform as well and our tech backbone.

所以你可以從不同的角度來看待它。我的意思是，當我們談到產能時，我通常會想到訂單履行和供應鏈。然後你們可以好好討論一下，我的意思是，你們也可以談談平台和我們的技術基礎架構。

When we look at the fulfillment capacity, which is, well, the usual bottleneck for a growing e-commerce business, we believe we're in the right place in pretty much all countries until the end of 2026 or maybe the end of 2027. So the next two years should be very manageable with the capacity we have.

當我們審視物流能力時（這通常是電子商務業務成長的瓶頸），我們相信，在 2026 年底或 2027 年底之前，我們在幾乎所有國家都處於合適的水平。所以以我們現有的能力，未來兩年應該要完全可控。

I'm mostly talking warehouse space and equipment. We know already that some countries will need to scale and get to simply to move to bigger fulfillment centers, such as Ghana, for example, in 2027. But most of the countries should be fine. We don't expect major CapEx on that front because we've done pretty big work on this topic already in 2024 and 2025, moving to new, bigger fulfillment centers in most countries.

我主要指的是倉庫空間和設備。我們已經知道，有些國家需要擴大規模，並最終遷移到更大的物流中心，例如加納，預計在 2027 年將需要這樣做。但大多數國家應該都沒問題。我們預計這方面不會有重大的資本支出，因為我們在 2024 年和 2025 年已經在這個領域做了很多工作，在大多數國家都搬到了新的、更大的物流中心。

And then when you look at the tech platform, the tech stack, we believe we have the right tech stack to manage two or three times the volumes we've been running in 2025. So it would not take any major investment, additional major investment, compared to the amounts you see today in our fixed costs to be able to sustain two or three times the volumes.

然後，當我們審視技術平台和技術堆疊時，我們相信我們擁有合適的技術堆疊，可以管理到 2025 年我們目前運行量的兩到三倍。因此，與目前我們的固定成本相比，無需任何重大投資或額外的重大投資，就能維持兩到三倍的業務量。

Got it. That's great. Then, yeah, following up kind of on the tech stack, and you mentioned the take rate expansion and some of the drivers there. Would you say that was kind of like a step up to what we might consider now a market rate, or is that more like an ongoing, say, annual thing? How should we think about that?

知道了。那太棒了。然後，是的，接著我們來談談技術棧，你提到了費率擴張以及一些驅動因素。您認為這算是向我們現在所說的市場價格邁出的一步嗎？還是說這更像是一種持續的、比如說每年一次的變動？我們該如何看待這個問題？

So, take rate expansion. Well, I mean, we're a marketplace, so as you scale, you should be able to take more, right? That's the name of the game for all the big players. We see that happening with our customers and vendors as well.

以利率擴張為例。嗯，我的意思是，我們是一個市場平台，所以隨著規模的擴大，你應該可以容納更多用戶，對吧？這就是所有大玩家的遊戲規則。我們發現，這種情況也發生在我們的客戶和供應商身上。

So, for example, early this year, we've already renegotiated the rates. I mean, we've enforced new rates with all of our marketplace in all countries. We need to look at it as a gradual effect. I mean, we see it as a byproduct of scale, obviously. And the gradual effect comes from improving commissions, which we do on a yearly basis, then improving retail margins -- sorry, reducing waste -- and very importantly, improving advertising monetization, so retail advertising, which we believe is still pretty low in our case. We're still around 1% of GMV. We believe we should be closer to 2%.

例如，今年年初，我們已經重新協商了價格。我的意思是，我們已經在所有國家/地區的所有市場中強制執行了新的費率。我們需要將其視為一種漸進的影響。我的意思是，我們顯然將其視為規模化的副產品。而這種漸進式的效果來自於提高佣金（我們每年都會這樣做），提高零售利潤率（抱歉，是減少浪費），以及非常重要的一點，提高廣告變現率，也就是零售廣告，我們認為就我們而言，零售廣告仍然相當低。我們目前仍佔GMV的1%左右。我們認為我們應該更接近2%。

We did not deliver as much as we wanted in 2025, but I believe that we've taken the right steps, the right I mean, we put in place the right structural enablers to be able to scale our retail advertising. We've launched a new platform for sponsored products. We've reorganized the team, and we've really scaled volume with key accounts so we can also sell more campaigns to brands. So we're looking for definitely, we're looking for an acceleration here in 2026.

2025 年，我們雖然沒有達到預期目標，但我相信我們已經採取了正確的措施，所謂正確，是指我們已經建立了正確的結構性推動因素，從而能夠擴大我們的零售廣告規模。我們推出了一個新的贊助產品平台。我們重組了團隊，並且大幅提升了重點客戶的業務量，這樣我們就可以向品牌銷售更多的行銷活動。所以，我們肯定希望在 2026 年看到加速成長。

Got it. And then, just in terms of the guidance for the year, can you just, I guess, a couple of things on what you're sort of embedding. First, just around first-party, third-party, corporate mix. And then second, just are there any FX changes in there, or is it just assuming kind of FX stays the core?

知道了。那麼，就今年的指導方針而言，您能否談談您正在實施的一些措施？首先，就圍繞第一方、第三方、企業組合展開討論。其次，其中是否有任何 FX 變化，還是假設某種 FX 保持不變？

I think the mix, and I will let Antoine elaborate on the FX. I think high-level in the guidance this year, we're not, I mean, we're not betting on any significant volume in corporate sales. As you know, we've deprioritized that line of business.

我認為混音效果不錯，至於特效部分，就讓安托萬詳細解釋。我認為今年的業績指引總體而言，我們並沒有，我的意思是，我們並沒有指望企業銷售額會大幅成長。如您所知，我們已經降低了該業務線的優先順序。

And then we expect the mix of marketplace versus retail to be pretty much stable. I would say if we do well, we should slightly grow the share of marketplace, but we're assuming the mix pretty much stays.

然後我們預計市場與零售的比例將保持穩定。我認為，如果我們表現出色，市場佔有率應該會略有成長，但我們假設產品組合基本上保持不變。

Antoine, you want to take the FX?

安托萬，你想坐FX嗎？

Yes. It's a bit of the same. On the FX side, we do not factor any potential improvement in our guidance. Typically, if you look at the recent evolution of the naira, this is not taken into account in the way we forecast. Very cautious approach.

是的。情況有點類似。外匯方面，我們的預期中沒有考慮任何潛在的改善。通常情況下，如果你觀察奈拉最近的走勢，你會發現這並沒有被納入我們的預測考慮範圍。非常謹慎的做法。

Got it. That's helpful. And then just on the exit of Algeria, I wonder, are there other countries that could be exit opportunities? And conversely, I guess, are there any countries you'd consider entering?

知道了。那很有幫助。然後，就在離開阿爾及利亞的時候，我在想，是否有其他國家可以作為撤離的機會？反過來，我想問，有沒有哪些國家是你考慮要進入的？

I'll start with the second half of your question. We're not considering entering any new country until we hit full-year break-even. We don't want to get distracted. We don't want to delay the target for break-even because we know that any new country we would open would be loss-making for at least two years. That's not part of the plan until we hit full-year break-even. Then other countries to exit.

我先回答你問題的後半部。在實現全年收支平衡之前，我們不考慮進入任何新國家。我們不想分心。我們不想推遲實現損益平衡的目標，因為我們知道，我們開拓的任何新國家至少在兩年內都會虧損。在實現全年收支平衡之前，這不屬於計劃之內。然後其他國家退出。

At this stage, we believe we have the right footprint with eight core markets that all have pretty big scale and profitability potential. I think the message we gave to the teams as well in all countries is that all countries, all business units are expected to deliver scale and profitability in a very reasonable time frame. That's the message within the whole company.

現階段，我們認為我們已經擁有了合適的佈局，在八個核心市場都具有相當大的規模和獲利潛力。我認為我們也向所有國家的團隊傳達了這樣的訊息：所有國家、所有業務部門都應在非常合理的時間範圍內實現規模化和獲利。這就是整個公司傳達的訊息。

We're not shy of taking the tough decisions. Even though the company is doing a lot better at group level, we'll still be able to reassess the portfolio and take tough decisions if needed. No other country where we're completing an exit at this stage. Definitely not.

我們從不迴避做出艱難的決定。儘管公司集團層面的表現已經好轉很多，但我們仍然可以重新評估投資組合，並在必要時做出艱難的決定。目前我們還沒有在其他國家完成撤離。絕對不是。

That's great. And then one last one for me. Thanks for putting up with me here. You mentioned the balance sheet, not needing to raise capital. Obviously, you've been through this kind of period the last couple of years of being just incredibly judicious with your liquidity here. Is there any other reason or areas where you maybe think about playing a little bit more offense at some point where a capital injection might make sense?

那太棒了。最後，我還要再來一個。感謝你們在這裡包容我。你提到了資產負債表，以及無需籌集資金的問題。顯然，在過去幾年裡，你一直非常謹慎地管理你的流動資金。還有其他什麼原因或領域，讓你覺得在某個時候需要加強進攻力度，從而進行資金注入嗎？

So yeah. It's very important for us not to need to raise capital. We don't want to have to do it. We want to be we want to keep control of our future, definitely. If we had more liquidity, and that's a big if, of course, there would be opportunities for us. So we could push a bit farther on working capital to secure more assortment and better prices like we did last year after the ATM.

是的。對我們來說，不需要籌集資金這一點非常重要。我們不想這麼做。我們當然希望掌控自己的未來。如果我們有更多流動資金（當然，這只是個假設），我們就會有很多機會。因此，我們可以像去年 ATM 之後那樣，在營運資金方面再進一步努力，以確保更多的商品種類和更好的價格。

We could be able to invest a bit more in marketing, especially now that we're seeing pretty good return on investment on key online channels. And there would be topic in tech and product where we could be able to invest a bit to get more efficiencies, for example, and get to profitability a little faster. But that's purely hypothetical. We believe I mean, as I was saying, we believe we have what we need to take it to profitability without having to raise further cash.

我們可以增加一些行銷方面的投入，尤其是在我們看到關鍵線上管道的投資報酬率相當不錯的情況下。在技​​術和產品方面，我們可以投入一些資金來提高效率，例如，更快地實現盈利。但這純屬假設。我的意思是，正如我剛才所說，我們相信我們擁有實現盈利所需的一切，而無需籌集更多資金。

Understood. Thanks for taking all the questions. Appreciate it.

明白了。感謝您回答所有問題。謝謝。

Pleasure. Thanks, Brad.

樂趣。謝謝你，布拉德。

Fawn Jiang, Benchmark.

Fawn Jiang，基準。

Hey, Francis, Antoine. Thanks for taking my questions. First of all, I just want to focus a bit more on your underlying core markets. Tremendous growth momentum across the board. Just wonder, how should we look at the overall macro and consumption dynamic for 2026?

嘿，法蘭西斯，安托萬。謝謝您回答我的問題。首先，我想更深入地了解你們的核心市場。各方面都呈現出強勁的成長動能。我想知道，我們該如何看待2026年的整體宏觀經濟和消費動態？

Related to that, Egypt is clearly on a recovery trajectory. Are you expecting Egypt to catch up in terms of the overall growth rate in 2026 or longer term, or is the market somewhat structurally disadvantaged, growing at a slower pace? Just want to get a sense on the potential of that market.

與此相關，埃及顯然正走在復甦的軌道上。您預期埃及在 2026 年或更長時間內的整體成長率能否趕上其他國家，還是說埃及市場在結構上存在一些劣勢，導致其成長速度較慢？只是想了解這個市場的潛力。

Okay, sure. Thanks, Fawn. So on the macro side, I think we're now turning cautiously optimistic. Without sarcasm, I think Africa is starting to look like a very stable place related to the rest of the world. But more seriously, what we've seen over the past year and a half across the continent is that the macro is stabilizing. I mean, the best KPI for that is currencies. Well, the FX rates have been stable or slightly improving.

好的，沒問題。謝謝你，小鹿。所以從宏觀層面來看，我認為我們現在正轉向謹慎樂觀。不帶諷刺意味，我認為非洲正逐漸成為一個與世界其他地區關係非常穩定的地方。但更嚴重的是，過去一年半以來，我們看到整個非洲大陸的宏觀經濟正在趨於穩定。我的意思是，衡量這一點的最佳關鍵績效指標是貨幣。外匯匯率一直保持穩定或略有改善。

For example, the Nigerian naira is slowly appreciating against the dollar, has been appreciating over more than a year. The Egyptian pound is stable. Most of the other currencies have been stable or appreciating. And that's really changing the whole context for us.

例如，尼日利亞奈拉對美元正在緩慢升值，並且已經升值一年多了。埃及鎊匯率穩定。其他大部分貨幣都保持穩定或有所升值。這確實改變了我們所處的整個環境。

Having stable currencies gives trust to our customers, and it enables massive improvement on the supply side because basically, importers can start importing again. They know their currency will be fairly stable. They know what to expect. Chinese international sellers can ship again to Africa. They have more confidence that they will be paid the right amount six months later. So the whole stabilization on the currency front and the macro front is really helping the business.

穩定的貨幣體系能夠贏得客戶的信任，並能大幅改善供應方面的情況，因為進口商基本上可以重新開始進口。他們知道本國貨幣會相當穩定。他們知道會發生什麼事。中國國際賣家可以再次向非洲出貨了。他們更有信心六個月後會收到足額的報酬。因此，貨幣和宏觀經濟的整體穩定確實對企業有所幫助。

And across our footprint of eight countries now, there should be no major disturbance in 2026, no major election that should disturb the business. We're becoming fairly optimistic now about the stability of the macro and possibly slight improvement in many countries.

目前，我們的業務已遍及八個國家，2026 年應該不會出現重大動盪，也不會有重大選舉擾亂業務。我們現在對宏觀經濟的穩定性以及許多國家可能出現的輕微改善持相當樂觀的態度。

I think the best example is Nigeria. I mean, Nigeria has been through hell for three, four years. They've come back. They've taken very tough measures. The political reforms that have been implemented were tough and almost unexpected, but it seems to be working. And the whole economy is starting to get better. Jumia will be well positioned to take advantage of that.

我認為最好的例子就是尼日利亞。我的意思是，尼日利亞在過去的三、四年經歷了地獄般的苦難。他們回來了。他們採取了非常強硬的措施。已經實施的政治改革艱難且幾乎出乎意料，但似乎正在發揮作用。整體經濟開始好轉。Jumia將佔據有利地位，從中受益。

And then when we look at Egypt, yes, we do expect I mean, we do expect Egypt to catch up, right? There's no reason for Egypt to be a slow growth country among Jumia's portfolio. We believe in Egypt, we're still a relatively small business in a big market, and there's definitely a lot of room for expansion.

然後，當我們審視埃及時，是的，我們確實期望埃及能夠迎頭趕上，對吧？埃及沒有理由成為Jumia投資組合中成長緩慢的國家。我們對埃及充滿信心，雖然在大市場中規模相對較小，但肯定還有很大的發展空間。

It's obviously a competitive market, so there's more competition in the big cities, main metropolitan areas. But we still have opportunities in those areas, and there's a great opportunity to expand a country like we've done successfully in the other countries. So yeah, we have big expectations for Egypt.

這顯然是一個競爭激烈的市場，因此大城市、主要都會區之間的競爭更加激烈。但我們在這些領域仍然有機會，我們有機會像在其他國家成功那樣，將業務拓展到一個國家。是的，我們對埃及寄予厚望。

Understood. That's helpful. My second question is actually on the operating leverage. You guys have made substantial headways across fulfillment, G&A, R&D. One item, like sales marketing, you guys seem to be still fairly aggressive in 2025.

明白了。那很有幫助。我的第二個問題其實是關於經營槓桿的。你們在訂單履行、一般及行政管理、研發等方面都取得了實質進展。有一點，例如銷售行銷，你們在 2025 年似乎仍然相當積極。

I guess the question here is, for 2026, how do you balance your user acquisition and retention, which is an important driver for your overall growth versus your marketing efficiency? Are we expecting operating leverage for a sales marketing line for 2026? Any color on that, especially your cohort user behavior, repeated purchase, and yeah, any granularity, that'll be helpful.

我想這裡的問題是，對於 2026 年，您如何平衡用戶獲取和留存（這是推動整體成長的重要因素）與行銷效率？我們預期 2026 年銷售行銷線的營運槓桿效應如何？任何相關的數據，特別是使用者群體行為、重複購買情況等等，任何更細緻的數據，都會很有幫助。

So just to explain first, we've indeed scaled our marketing spend in H2 this year, but we believe for the right reasons. When you look at the presentation on page 19, you have the breakdown of the whole operating leverage. It does make sense for us to push a bit harder on volumes because, well, all unit economics are a lot better. So now with 36% growth, we're able to get plus 100% on gross profit after fulfillment and after marketing.

首先要說明的是，我們今年下半年的確增加了行銷支出，但我們相信這是出於正確的理由。當你查看第 19 頁的簡報時，你會看到整個經營槓桿的分解。我們有理由更努力地提高銷量，因為所有單位的經濟效益都大大提高了。因此，在實現 36% 的成長後，扣除訂單履行和行銷費用後，我們的毛利能夠成長 100%。

So the leverage is working, and a slight acceleration in marketing, we believe, does make sense. However, our North Star is to become profitable at the end of this year and on full year 2027. That's the most important thing to us. We need to hit a bit of a break-even. So we'll remain extremely reasonable in the way we spend our marketing money. I think ballpark H2 this year gives you an idea of what aggressive means for us in terms of marketing spend.

所以這種槓桿作用是有效的，我們認為稍微加快行銷步伐是合理的。然而，我們的北極星目標是在今年年底和 2027 年全年實現盈利。這對我們來說是最重要的。我們需要達到收支平衡。因此，我們在行銷經費的使用上將保持極為理性。我認為今年下半年的大致情況可以讓你了解我們在行銷支出方面「積極進取」的含義。

Understood. Francis, another question I have is actually on your sourcing of supply. You mentioned that you opened a new center in Yiwu. How could that impact your potential, I don't know, assortment? Would that change your category exposure? How would that shape up your, I guess, AOV for 2026 and potential margin impact? Any color on, yeah, incremental, I think, assortment availability?

明白了。法蘭西斯，我還有個問題，其實是關於你們的供貨管道。您提到您在義烏開設了一家新中心。這會對你的潛在產品組合產生什麼影響？我不知道。這會改變你對該類別的投資曝險嗎？那會如何影響您2026年的平均訂單價值（AOV）以及潛在的利潤率影響呢？任何顏色，嗯，我認為，品種供應情況會逐漸增加？

So that's exactly what you say. It's going to help us improve our category exposure because until recently in China, we had an office only in Shenzhen, which was the right place to start with. But the Shenzhen area is mostly famous for electronics, 3C. So we have plenty of suppliers to support us on, well, electronic accessories, devices, and so on.

沒錯，你就是這麼說的。這將有助於我們提高品類覆蓋率，因為直到最近，我們在中國祇有深圳一個辦事處，而深圳是一個合適的起點。但深圳地區主要以電子產品、3C文化聞名。因此，我們有許多供應商為我們提供電子配件、設備等方面的支援。

But expanding to Yiwu gives us access to a supplier base more diversified with more fashion, more home products, home improvements. And that will really help us diversify the product mix we're getting from our international vendors. Of course, that push should help sales of relatively lower-value items compared to what we're selling today, but with higher margins in percentage. So it's hard to I mean, it's hard to anticipate the impact on the whole AOV or the whole average item value at Jumia.

但拓展到義烏可以讓我們接觸到更多元化的供應商群體，包括更多時尚產品、家居產品和家裝產品。這將真正幫助我們實現從國際供應商購買的產品組合多樣化。當然，這種推動應該有助於銷售價值相對較低但利潤率較高的商品（與我們目前銷售的商品相比）。所以，我的意思是，很難預測這對 Jumia 的整體 AOV 或整體平均商品價值會產生什麼影響。

But indeed, expanding in China and expanding specifically in this region should help to drive more volumes from Chinese vendors in categories where we know that the average selling point will be lower but with very strong profitability.

但事實上，在中國擴張，尤其是在該地區擴張，應該有助於推動中國供應商在那些我們知道平均售價較低但盈利能力非常強的品類中增加銷量。

Understood. Last one from my side. If I heard you correctly, you mentioned that the buy now, pay later has been an important driver for your Egypt market. I just wonder, can you remind us, do you offer that product across your market? And if not, how do you see the potential of that product services as, I guess, a driver for future growth?

明白了。最後，我這邊也說一句。如果我沒聽錯的話，您提到「先買後付」一直是推動埃及市場發展的重要因素。我想問一下，您能否提醒我們一下，貴公司是否在市場上提供該產品？如果不是這樣，您如何看待該產品服務作為未來成長驅動力的潛力？

Sure. So what's specific about Africa when you mention fintech and as part of fintech, consumer finance, is that it's heavily fragmented. The regulation is very different market by market, and you end up with very, very different local ecosystems.

當然。所以，提到金融科技，尤其是金融科技中的消費金融領域，非洲的特殊之處在於它的高度分散性。各個市場的監管差異很大，最終會形成非常非常不同的本地生態系統。

Typically, in Egypt, the ecosystem is very well-structured. Banking regulation is very strong. Enforcement is strong. And there has been a very strong ecosystem for buy now, pay later with strong local providers who are willing to integrate with e-commerce platforms. So we've done a big push, and I think we've been the leaders in onboarding as many of those players as possible.

通常來說，埃及的生態系結構非常完善。銀行業監理非常嚴格。執法力度很強。而且，先買後付的生態系統非常強大，擁有許多願意與電子商務平台整合的實力雄厚的本地供應商。所以我們大力推廣，我認為我們在吸引盡可能多的玩家方面一直處於領先地位。

We've done a big push in onboarding for consumer finance providers fully online. And now it's a significant share of our sales in Egypt, particularly for high-value items like appliances, TV devices, and so on. But that's also quite specific to Egypt.

我們大力推動了消費金融服務提供者的線上註冊流程。現在，這在我們埃及的銷售額中佔了相當大的比例，尤其是家電、電視設備等高價值商品。但這也很僅限於埃及。

What we see in the other markets is that we don't find the same kind of ecosystem. There are much fewer players in some countries. Like in Eastern Africa, it's only asset-backed BNPL, so based on phones that can be disabled. And in most of the other countries where we operate, sorry, the ecosystem is just not ready at this stage. So it's on a country-by-country basis. And I cannot comment about when we would be able to expand that across more countries.

我們在其他市場看到的是，我們沒有找到同樣的生態系統。有些國家的玩家數量要少得多。與東非的情況類似，它只是以資產為支撐的先買後付，因此是基於可以禁用的手機。而在我們開展業務的大多數其他國家，很抱歉，目前的生態系統尚未準備就緒。所以這是按國家逐一進行的。至於何時才能將這項計劃推廣到更多國家，我無法置評。

Understood. I appreciate your feedback.

明白了。感謝您的回饋。

Thanks, Fawn.

謝謝你，小鹿。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum Capital Group。

Good day, Francis, Antoine. Thanks for taking our questions.

法蘭西斯，安托萬，你們好。謝謝您回答我們的問題。

Hi, Ryan.

嗨，瑞恩。

Man, a lot has been asked here. I'm going to ask one and then just one follow-up here. I guess to be clear, I mean, very, very strong operational performance, nice acceleration fundamental, a lot of things going very well. Curious if anything negatively surprised you in Q4. And I know we don't want to focus necessarily, but just looking at Q4 results relative to your guidance, anything to call out there?

哇，這裡問的問題真是不少。我會問一個問題，然後只問一個後續問題。我想說清楚一點，我的意思是，營運表現非常非常強勁，基本面成長良好，很多方面都進展順利。想知道第四季有沒有什麼讓你感到意外的負面事件。我知道我們不一定想把重點放在這上面，但就第四季業績與你們的預期相比，有什麼需要特別指出的嗎？

Yeah. I mean, of course, not everything went well. I will not give you the whole list, but I think I'll give you one point, for example, the advertising. So basically, monetization on the advertising side, as I was mentioning earlier, is still lower than our expectations in Q4 included across the whole year, actually. And that's the reason for deviation on the bottom line on our end, unfortunately.

是的。當然，事情並非一帆風順。我不會列出全部清單，但我認為我可以舉一個例子，那就是廣告。所以基本上，正如我之前提到的，第四季以及全年的廣告變現情況仍然低於我們的預期。很遺憾，這就是我們最終業績出現偏差的原因。

But yeah, we did expect more in 2025 and definitely at the end of the year from monetization, advertising, sorry. What matters here is that we believe we have taken the right steps. So we've made a lot of changes on Sponsored Products or retail advertising earlier in the year. And we see that revenues are really improving literally on a weekly basis.

但是，是的，我們確實期望在 2025 年，尤其是在年底，透過盈利和廣告等方式獲得更多收益。重要的是，我們相信我們已經採取了正確的措施。今年早些時候，我們對贊助商品或零售廣告進行了許多調整。我們看到，收入確實在每週穩定成長。

We've been rebuilding the team and rebuilding the processes so we can now go ahead and also monetize brands with bigger campaigns. We're looking forward to seeing the results in 2026 on the back also of much bigger volumes that definitely help when you want to sell advertising.

我們一直在重建團隊和流程，以便現在能夠繼續推進，並透過更大規模的行銷活動實現品牌變現。我們期待在 2026 年看到成果，同時也期待更大的銷售能幫助我們銷售廣告。

Good segue, Francis. That'll be my next question. It's just on the ads. I think it was mentioned 1% of GMV. Where do you think that can go in 2026, or what's implied? Where can that go longer term? And then what are you specifically doing today that you're going to improve brand advertising campaigns, et cetera? But is this sponsored listings? Is this advertising around the outside of the website? But help explain, I guess, really what you guys are doing and what you're going to do incrementally. Thank you.

過渡得很好，弗朗西斯。那將是我的下一個問題。只在廣告裡有。我記得好像有提到佔GMV的1%。你認為到 2026 年這會發展成什麼樣子？或者說，這其中蘊含著什麼？長遠來看，這會走向何方？那麼，你今天具體會採取哪些措施來改善品牌廣告宣傳活動等等？但這是贊助廣告嗎？這是網站外圍的廣告嗎？但我想請你們解釋一下，你們到底在做什麼，以及你們將如何逐步前進。謝謝。

Sure. So in Q4, our advertising revenue was about 1% of GMV. We believe that over the medium term, we should get closer to 2%, and that's the right benchmark for e-commerce players in emerging markets. It will not happen in 2026, right? It will take a few years to get to 2%, but that's the right target for us with gradual improvements.

當然。因此，在第四季度，我們的廣告收入約佔 GMV 的 1%。我們認為，從中長期來看，我們應該接近 2%，這對新興市場的電子商務企業來說才是正確的基準。2026年不會發生這件事，對吧？達到 2% 的目標還需要幾年時間，但對我們來說，透過逐步改進，這是一個正確的目標。

What we've done in 2025 to start getting there so we have two different segments here. We have sponsored products, so retail advertising that we mostly sell to medium-size and smaller marketplace vendors, sorry. And then we have marketing campaigns that we sell to official distributors and brands.

我們在 2025 年所做的工作是為了開始實現這個目標，所以我們這裡有兩個不同的部分。我們有贊助產品，所以主要是零售廣告，我們主要向中小型市場商家銷售產品，抱歉。然後我們也會向官方經銷商和品牌商出售行銷活動方案。

On the first topic, so retail advertising, we've rolled out a new tool from a company called Mirakl that was implemented in the first half of the year to cut off I mean, it took some time. It was quite well executed, I must say, from their end, but it took some time, and it kind of disrupted our operations, of course, due to the transition. But we're now back on track.

關於第一個主題，也就是零售廣告，我們推出了一款來自 Mirakl 公司的新工具，該工具在今年上半年投入使用，目的是…我的意思是，這花了一些時間。我必須說，他們那邊執行得相當好，但這花了一些時間，而且由於過渡的原因，當然也對我們的營運造成了一定程度的干擾。但我們現在已經重回正軌。

The teams really like the tool. The vendors give us really good feedback. It's reliable. It's stable, and they see good profitability on the ads. So we are really seeing renewed momentum on that revenue line. And we're clearly going to beat last year's numbers in 2026 by a margin.

各個團隊都很喜歡這個工具。供應商們給了我們非常好的回饋。它很可靠。它很穩定，而且他們從廣告中獲得了良好的利潤。因此，我們確實看到營收方面出現了新的成長動能。我們很可能會大幅超越2026年的數字。

And then the second stream of revenue here is campaigns, mostly sold to big distributors and brands. 2025 has been disappointing, that's for sure. Mostly, as we I mean, one of the big drivers has been the reduction of revenues we get from FMCG brands because we deprioritized FMCG back in 2023, 2024. And of course, the marketing dollars reduced as well in the process.

其次，公司還有第二大收入來源──廣告推廣活動，主要賣給大型經銷商和品牌商。 2025年確實令人失望。就我們而言，主要原因之一是我們從快速消費品品牌獲得的收入減少，因為我們在 2023 年和 2024 年降低了快速消費品的優先順序。當然，行銷預算也隨之減少了。

What we've done this year is that we've rebuilt the team. We organized the teams and the processes, set new targets, and the right incentives. We're rolling out a few specific tools and features that will be relevant for brands such as Sponsored Brands, for example. So you can bid for Sponsored Brands on the platform now. It's been released only a few weeks back.

我們今年所做的就是重建了球隊。我們重組了團隊和流程，設定了新的目標和適當的激勵措施。我們正在推出一些特定的工具和功能，例如贊助品牌等，這些工具和功能將與品牌相關。現在你可以在平台上競標贊助品牌廣告了。它才發布幾週而已。

And now we have a much more focused and better organized team on the back of bigger volumes for our brands on the platform, thanks to growth in most of our markets. And so we believe it should put us in a much better place for 2026.

現在，由於我們在大多數市場實現了成長，平台上的品牌銷售也隨之增加，因此我們擁有了一支更專注、組織更完善的團隊。因此，我們相信這將使我們在 2026 年處於更有利的地位。

Very helpful. Thanks, Francis. Good luck, guys.

很有幫助。謝謝你，法蘭西斯。祝你們好運。

Thanks, Ryan.

謝謝你，瑞恩。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Hey, guys. Thanks for taking the question. This is Jack on for Deepak. I'll start with just a little bit on competition. I know you said things are relatively rational from a competitive standpoint, but are you kind of seeing any outside competitive pressure more from the local or international side? Can you just talk to that a little bit more about the dynamics you're seeing there?

嘿，夥計們。感謝您回答這個問題。這是傑克替迪帕克報道。我先簡單談談競爭。我知道你說過從競爭的角度來看，情況相對理性，但你是否感受到來自本地或國際方面的外部競爭壓力？您能否再詳細談談您觀察到的那方面的動態？

Hi, Jack. So to be honest, we haven't seen much change in the fourth quarter. I mean, I would say we've seen some softening from international competitors and not much change from local platforms. I mean, there are a few countries where we're competing against local platforms.

嗨，傑克。坦白說，第四季我們並沒有看到太大的變化。我的意思是，國際競爭對手的攻勢有所減弱，而本地平台的變化不大。我的意思是，在某些國家，我們是與當地平台競爭的。

We're by far the market leaders in those countries. That would be Kenya, Nigeria, or Morocco, for example. No, really no change. I mean, as usual, as I like to repeat, we believe that we have an edge against those local platforms because of I mean, thanks to our scale, thanks to the learnings we can get across Africa, thanks to our sourcing infrastructure in China, and with international brands, that's harder for them to reach. And thanks to our tech infrastructure that requires significant investment that's not sustainable for one single market.

在這些國家，我們絕對是市場領導者。例如，肯亞、奈及利亞或摩洛哥。不，真的沒有任何變化。我的意思是，就像我經常重複的那樣，我們相信我們比那些本地平台更有優勢，因為，這要歸功於我們的規模，歸功於我們在整個非洲獲得的經驗，歸功於我們在中國的採購基礎設施，而且對於國際品牌來說，這更難觸及。而且，由於我們的技術基礎設施需要大量投資，這對單一市場而言是不可持續的。

And then regarding international platforms, I think no meaningful change. We've seen Temu still active in Nigeria, still active in Ghana, active in Morocco. But we've seen the pressure slightly decreasing, actually, over the past two, three quarters. We've seen big pushes and then a slowdown through the year of 2025.

至於國際平台方面，我認為不會有任何實質的改變。我們看到 Temu 仍然活躍在尼日利亞、加納和摩洛哥。但實際上，在過去的兩個、三個季度裡，我們已經看到壓力略有下降。我們看到，到 2025 年，成長勢頭強勁，但隨後成長放緩。

What we're seeing now that's interesting is that local regulators are looking into the issue of international platforms, non-resident platforms. It took a bit of time, like everywhere in the world. But basically, local regulators are starting to address the fact that, well, international non-resident platforms are not contributing at all to the local economy. So we've seen new regulation in the Ivory Coast, in Ghana, to make sure that VAT is implemented on their sales, that there's a tax on their profits.

我們現在看到的有趣的是，地方監管機構正在調查國際平台、非居民平台的問題。和世界各地一樣，這花了一些時間。但從根本上來說，地方監管機構開始正視這樣一個事實：國際非居民平台對當地經濟沒有任何貢獻。因此，我們看到科特迪瓦和加納推出了新的法規，以確保對其銷售額徵收增值稅，對其利潤徵稅。

And I mean, it's good news for us, right, because it contributes to a more level playing field for e-commerce players. Some of the slightly unfair advantage that these guys used to have will be removed because then they'll have to compete and, well, also paying their taxes like everyone else.

我的意思是，這對我們來說是好消息，對吧，因為它有助於為電子商務參與者創造一個更公平的競爭環境。這些人過去享有的一些不公平優勢將被消除，因為那樣他們就必須參與競爭，而且，嗯，還要像其他人一樣繳稅。

Great. No, that makes a lot of sense. And then just my second question sort of around fulfillment. Obviously, down again, year-over-year, excluding the digital, how much runway is there for kind of more structural improvements through efficiency gains and whatnot versus do you guys expect to get leverage just from pure order volumes going forward?

偉大的。沒錯，這很有道理。然後，我的第二個問題是關於成就感的。顯然，如果排除數位業務，則比去年同期再次下降。那麼，透過提高效率等方式進行更多結構性改進的空間有多大？相比之下，你們預計未來僅靠純粹的訂單量就能獲得優勢嗎？

Yeah. So on that front, we have two things at play. We have productivity improvement, like pure productivity improvement. And then we have, well, benefiting from scale effect and doing some work on it. So on pure productivity improvement, we still have some room to go. So we can still push more automation to our call centers so we can manage more volumes with fewer people.

是的。所以在這方面，我們有兩個因素要考慮。我們實現了生產力提升，純粹的生產力提升。然後，我們還可以利用規模效應並在這方面做一些工作。因此，就單純的生產力提升而言，我們還有進步的空間。因此，我們仍然可以向呼叫中心推進更多自動化，以便用更少的人處理更多的工作量。

We are looking to rebuild some of our warehouse management system features this year to have faster picking, faster packing, faster inbound, and so on. So still a lot we can do on pure productivity topics. And we've massively improved tracking as well on those matters. And then we benefit from scale in many ways. Of course, in the fulfillment operations, there's a dimension of fixed costs, and scale definitely helps.

今年我們計劃對倉庫管理系統的一些功能進行改造，以實現更快的揀貨速度、更快的包裝速度、更快的入庫速度等等。所以，在純粹的生產力提升方面，我們仍然有很多工作要做。而且我們在這些方面的追蹤工作也得到了極大的改進。然後，我們還可以從規模中受益匪淺。當然，在物流運作中，存在固定成本，而規模肯定會有所幫助。

But also in the logistics or distribution operations, we are actually able to get much better prices from our 3PLs thanks to volumes. A lot of our third-party logistics are running pickup stations. So they're running mostly fixed costs in those pickup stations. So when we increase volumes for them, we're actually able to discuss a new profit-sharing kind of and reduce their fees for each package.

但同樣在物流或配送營運方面，由於銷售量大，我們實際上能夠從第三方物流供應商獲得更優惠的價格。我們許多第三方物流公司都設有提貨點。所以這些提貨站的成本主要都是固定的。所以，當我們增加他們的訂單量時，我們實際上可以討論一種新的利潤分成方式，並降低他們每包產品的成本。

We're also able to optimize our moves for middle miles, for the truck moves, and we can renegotiate better fees, better costs for all that part of logistics. So this is actually what we've been doing through the month of January and early February as well. So we've renegotiated lower fees with most of our 3PLs in all countries, both for last mile, for door delivery and pickup stations, but also for middle mile, for the truck moves.

我們還可以優化中間里程的運輸，例如卡車運輸，並且可以重新協商更優惠的費用，降低物流這一部分的成本。所以，這其實也是我們在整個一月和二月初一直在做的事情。因此，我們與所有國家的大多數第三方物流公司重新協商了更低的費用，包括最後一公里（送貨上門和取貨站）以及中間公里（卡車運輸）。

That's definitely a byproduct of scale, again, and that will keep on improving over time as we're able to sustain this growth rate. And ballpark, we're looking for --

這無疑是規模經濟的副產品，而且隨著我們能夠保持這種成長速度，這種情況會隨著時間的推移而不斷改善。大致範圍，我們正在尋找--

Oh, yeah.

哦，是的。

Sorry, Jack. Ballpark, we're looking for about 10% year-over-year improvement in unit cost per package delivered.

對不起，傑克。粗略估計，我們希望每件包裹的單位成本能比前一年降低約 10%。

Great. Thank you.

偉大的。謝謝。

Tracy Kivunyu, SBG Securities.

Tracy Kivunyu，SBG 證券公司。

Thank you very much for your presentation. One question from me on GMV guidance for next year. I appreciate the feedback you've given on the question on whether you're looking at constant currency performance or not. But even on a constant currency basis, the guidance looks quite light considering there's the low base effects of corporate sales in the first quarter of 2025 that should help to boost that year-on-year comparison.

非常感謝您的演講。我有一個關於明年GMV預期的問題。感謝您就「您是否關注的是固定匯率表現」這一問題提供的回饋。但即使以固定匯率計算，考慮到 2025 年第一季企業銷售額的基數較低，該指引看起來也相當疲軟，這應該有助於提高同比比較的幅度。

So I was just wondering if there are any risks to that guidance in the markets that you're factoring in, or are you just taking a more conservative approach than you were possibly when you were releasing your third-quarter results? Thanks.

所以我想知道，您在製定業績指引時是否考慮到了市場風險，或者您是否採取了比發布第三季業績時更為保守的做法？謝謝。

So we're not factoring any specific risk at market level. I think, as I was mentioning, we're fairly confident with the macro environment. There are no specific events in the countries where we operate that will take place this year that might disrupt the market, as far as we know. So I would say, I mean, we're providing a guidance that's realistic and related, I mean, hopefully a bit conservative.

因此，我們沒有考慮市場層面的任何具體風險。正如我剛才提到的，我認為我們對宏觀環境相當有信心。據我們所知，在我們開展業務的國家，今年不會發生任何可能擾亂市場的具體事件。所以我想說，我的意思是，我們提供的指導是現實的、相關的，我的意思是，希望是稍微保守一點的。

Thank you.

謝謝。

And, sorry, and Tracy, I would add to that as well. I mean, we're providing this guidance. To your question, maybe it looks a bit shy compared to the growth rate we're delivering in Q4. But it's also a guidance that we want to deliver while improving the take rate. So we're increasing commissions. We're increasing fees. We'll be tighter on some dimensions of spend. So we'll be looking for better marketing ratios and so on. So we're adding additional constraints on that growth. So we believe it's the right balance here.

還有，抱歉，Tracy，我也想補充一點。我的意思是，我們正在提供這方面的指導。至於你的問題，與我們在第四季度實現的成長率相比，它可能看起來有點遜色。但這也是我們希望在提高採納率的同時提供的指引。所以我們要提高佣金。我們要提高收費了。我們將在某些方面的支出上更加嚴格。所以我們會尋求更好的行銷比例等等。因此，我們正在對這種增長施加額外的限制。所以我們認為這是恰當的平衡。

Okay. That's helpful. Thank you so much. Sorry, please.

好的。那很有幫助。太感謝了。抱歉，請原諒。

Maybe also, corporate sale GMV was not extremely high in 2025, so less than $20 million, which is not very material.

或許，2025 年企業出售的 GMV 也不算特別高，不到 2,000 萬美元，這並不算多。

Okay. What is the scope of the commission increase in percentage terms, if you could share, that you've implemented this year so far?

好的。如果可以的話，請您透露今年迄今為止您實施的佣金成長幅度（以百分比表示）是多少？

So we have not disclosed, but actually, it's public information in each country because we communicate those numbers to vendors. So it depends on countries. In some countries, we've increased by a few decimals.

所以我們沒有公開，但實際上，這在每個國家都是公開訊息，因為我們會將這些數據告知供應商。所以這取決於各國。在一些國家，我們已經增加了幾個小數位。

In some other countries, we've increased by almost 2 points. We've had a more aggressive increase on our international vendors because we believe that we're providing now a much better service with much better volumes for them. So we need to monetize that a little bit as well and make sure it remains profitable for them. So all in all, at group level, I mean, we should be between 0.5 point and one point over GMV, ballpark.

在其他一些國家，我們提高了近 2 個百分點。我們對國際供應商的投入大幅增加，因為我們相信，我們現在能夠為他們提供更好的服務和更大的訂單。所以我們也需要將其貨幣化，並確保它能為他們帶來利潤。總的來說，就集團層面而言，我的意思是，我們應該比 GMV 高出 0.5 到 1 個百分點，大概是這樣。

Yeah. Thank you.

是的。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您可以斷開線路了。感謝您的參與。