Jumia Technologies AG (JMIA) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia's results conference call for the first quarter of 2026. (Operator Instructions) With us today are Francis Dufay, CEO of Jumia; and Antoine Maillet-Mezeray, Executive Vice President, Finance and Operations.

各位女士、先生，早安。感謝各位稍候。歡迎參加 Jumia 2026 年第一季業績電話會議。（接線員指示）今天與會者包括 Jumia 執行長 Francis Dufay，以及財務與營運執行副總裁 Antoine Maillet-Mezeray。

We'll start by covering the Safe Harbor. 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. 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 February 24, 2026, as well as our other submissions with the SEC.

我們將先說明安全港聲明（Safe Harbor）。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所示存在重大差異。此外，這些前瞻性陳述僅反映我們截至今日的預期。我們不承擔公開更新或修訂此等陳述的任何義務。關於可能導致實際結果與今日所表達之前瞻性陳述不同的部分風險因素，請參閱我們於 2026 年 2 月 24 日發布之 20-F 年報中的「風險因素」章節，以及我們向美國證券交易委員會（SEC）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，我們將提及若干未依國際財務報導準則（IFRS）呈報的財務衡量指標。您可在我們的財報新聞稿中找到這些非 IFRS 財務衡量指標與相對應 IFRS 財務衡量指標之調節表；該新聞稿可於我們的投資人關係網站取得。

With that, I will hand the call over to Francis.

接下來，我把電話交給 Francis。

Good morning, everyone, and thank you for joining Jumia's first quarter 2026 earnings call. 2025 was the year we demonstrated the resilience and scalability of our model and '26 is the year we plan to demonstrate our path to profitability.

各位早安，感謝各位參加 Jumia 2026 年第一季財報電話會議。2025 年是我們證明商業模式具韌性與可擴展性的一年，而 2026 年是我們計畫展示通往獲利之路的一年。

Q1 '26 showed that our momentum towards profitability is continuing and in several important ways, accelerating. Over the past few years, Jumia has been building an e-commerce model designed specifically for Africa, adapted to the unique structural supply, logistical, and consumer realities of our markets. In 2025, we proved that this model delivers scale with improving economics and Q1 '26 confirms that the flywheel is turning.

2026 年第一季顯示，我們朝向獲利的動能持續，且在幾個重要面向上正在加速。過去幾年，Jumia 一直在打造專為非洲設計的電商模式，以因應我們市場獨特的供給結構、物流條件與消費者現實。2025 年，我們證明此模式能在改善經濟效益的同時帶來規模，而 2026 年第一季也確認這個飛輪正在轉動。

This foundation drove our strong operating momentum in the first quarter. GMV grew 32% year-over-year adjusted for perimeter effects. Growth was broad-based across our core markets, reflecting the continued strengthening of our marketplace fundamentals and efficient execution.

這一基礎帶動我們在第一季強勁的營運動能。若排除範圍（perimeter）變動影響，商品交易總額（GMV）年增 32%。成長遍及我們的核心市場，反映我們市集（marketplace）基本面持續強化，以及高效率的執行。

Profitability metrics continue to move in the right direction. Adjusted EBITDA loss narrowed to $10.7 million from $15.7 million in Q1 '25. The business absorbed higher volumes with increasing efficiency while maintaining a disciplined approach on costs. Excluding the onetime costs related to our Algeria exit in February '26, adjusted EBITDA loss would have been $9.7 million, reflecting an underlying improvement of 38% year-over-year in our core business.

獲利能力指標持續朝正確方向前進。經調整 EBITDA 虧損由 2025 年第一季的 1,570 萬美元收斂至 1,070 萬美元。在維持成本紀律的同時，業務以更高效率承接更大的交易量。若排除與我們於 2026 年 2 月退出阿爾及利亞相關的一次性成本，經調整 EBITDA 虧損將為 970 萬美元，反映核心業務年增基礎上的實質改善達 38%。

Based on the progress we made in '25 and the momentum continuing into Q1 '26, we remain focused on achieving our target of adjusted EBITDA breakeven and positive cash flow in the fourth quarter of '26 and delivering full year profitability and positive cash flow in '27. I should also note that we are monitoring the broader macro environment, including cost increases in memory chips and the ongoing geopolitical tensions in the Middle East as well as the potential effects on global supply chain, shipping costs and commodity prices.

基於我們在 2025 年取得的進展，以及動能延續至 2026 年第一季，我們仍聚焦於在 2026 年第四季達成經調整 EBITDA 損益兩平與正向現金流的目標，並在 2027 年實現全年獲利與正向現金流。我也要指出，我們正監測更廣泛的總體環境，包括記憶體晶片成本上升、中東地緣政治緊張局勢持續，以及其對全球供應鏈、運輸成本與大宗商品價格的潛在影響。

While we have observed limited impact on our business to date, we remain attentive to downstream risks, including potential pressure on smartphone components availability and transport costs. We believe the resilience of our model and the diversity of our supplier base positions us well to navigate this uncertain environment. Notwithstanding these external matters, we reiterate our guidance for 2026.

截至目前，我們觀察到對業務的影響有限，但仍密切關注下游風險，包括智慧型手機零組件供應可得性與運輸成本可能承壓。我們相信，我們模式的韌性以及供應商基礎的多元性，使我們能妥善因應此不確定環境。儘管存在這些外部因素，我們仍重申 2026 年的財測指引。

Let me walk you through the key highlights of the quarter. Usage trends remain strong across our platform. Adjusted for perimeter effects, physical goods orders grew 31% year-over-year, driven by expanding in-country geographic coverage, improved assortment and sustained consumer demand.

接下來我將帶各位回顧本季重點。平台使用趨勢依然強勁。若排除範圍（perimeter）變動影響，實體商品訂單量年增 31%，主要受益於國內地理覆蓋範圍擴大、品類組合改善，以及消費需求持續。

Our focus remains clearly on physical goods, which accounted for nearly all 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. Relatedly, TPV and Jumia Payments gateway transactions have become less meaningful as indicators of our operating performance and effective as of the first quarter of '26, we will discontinue the quarterly disclosure of these KPIs.

我們的重點仍明確放在實體商品，本季幾乎所有訂單與 GMV 都來自實體商品。透過 JumiaPay App 的數位交易目前僅占我們訂單的剩餘性比重，因我們持續優先推動經濟效益更佳的交易。相應地，總支付額（TPV）與 Jumia Payments 支付閘道交易量作為營運表現指標的重要性已降低；自 2026 年第一季起，我們將停止按季揭露這些 KPI。

Adjusting for perimeter effects, quarterly active customers increased 25% year-over-year, reflecting continued traction in both acquisition and retention. Repeat behavior continued to improve with 47% of new customers from Q4 '25 making a repeat purchase within 90 days, up from 45% in Q4 '24.

若排除範圍（perimeter）變動影響，季度活躍客戶數年增 25%，反映我們在獲客與留存兩方面持續取得進展。回購行為持續改善：2025 年第四季的新客中，有 47% 在 90 天內完成再次購買，高於 2024 年第四季的 45%。

Demand was broad-based across electronics, home & living, fashion and beauty and consistent across most countries, reflecting a similar quality of execution and inputs across our markets. Adjusted for perimeter effects, GMV grew 32% year-over-year in reported currency.

需求在電子產品、家居生活、時尚與美妝等品類均呈現廣泛成長，且在多數國家表現一致，反映我們各市場在執行與投入上的品質相近。若排除範圍（perimeter）變動影響，以報告幣別計，GMV 年增 32%。

Average order value for physical goods increased to $36 from $35 in Q1 '25. Revenue totaled $50.6 million, up 39% year-over-year, driven by higher usage and improved monetization. First-party sales represented 46% of total revenue, supported by continued strength from international partnerships, including Starlink in Nigeria and Kenya.

實體商品平均客單價由 2025 年第一季的 35 美元提升至 36 美元。營收為 5,060 萬美元，年增 39%，主要由使用量提升與變現能力改善所帶動。第一方（1P）銷售占總營收 46%，並受惠於國際合作夥伴關係持續強勁，包括 Starlink 在奈及利亞與肯亞的合作。

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. In addition, we renegotiated third-party logistics contracts in February and March and implemented increases in commissions and take rates across most countries in mid-January '26. This reflects the scale of our platform and improved service levels delivered to sellers.

接著談獲利能力。過去三年取得的進展持續轉化為可衡量的營運槓桿。一般及行政、技術以及履約（fulfillment）等成本改善屬結構性。此外，我們在 2 月與 3 月重新談判第三方物流合約，並於 2026 年 1 月中旬在多數國家上調佣金與抽成率（take rates）。這反映我們平台的規模，以及我們為賣家提供的服務水準提升。

Importantly, these commission increases had limited impact on growth, validating our strategy of progressive monetization increases on the back of greater volumes and better seller experience. We also drove meaningful growth in higher-margin revenue streams with marketing and advertising revenue up 44% year-over-year and value-added services revenue nearly tripling, which both reflect improved platform monetization. These changes are consistent across markets and reflect stronger marketplace fundamentals.

重要的是，這些佣金上調對成長的影響有限，驗證了我們在更大交易量與更佳賣家體驗的基礎上，逐步提高變現的策略。我們也推動高毛利營收來源的顯著成長：行銷與廣告營收年增 44%，加值服務營收接近三倍成長，兩者皆反映平台變現能力提升。這些變化在各市場一致，並反映更強健的市集基本面。

Fulfillment cost per order was $2.06, flat year-over-year on a reported basis or down 10% year-over-year on a constant currency basis. This reflects productivity gains and economies of scale in fulfillment operations, increased call center automation and improved logistics partner rates.

每筆訂單的履約成本為 2.06 美元，以報告口徑計年比持平；以固定匯率口徑計年減 10%。這反映履約營運的生產力提升與規模經濟、客服中心自動化程度提高，以及物流合作夥伴費率改善。

Most fulfillment operating expenses are incurred in local markets and denominated in local currencies. Technology and content expenses declined 8% year-over-year, reflecting ongoing headcount optimization, automation, platform simplification and the benefit of renegotiated seller agreements, including cloud infrastructure.

多數履約營運費用發生於當地市場，並以當地貨幣計價。技術與內容費用年減 8%，反映持續的人力編制優化、自動化、平台簡化，以及重新談判賣家協議（包括雲端基礎設施）所帶來的效益。

As a result, adjusted EBITDA loss narrowed to $10.7 million from $15.7 million in Q1 '25. Loss before income tax was $17.8 million, an 8% increase year-over-year or 21% decline on a constant currency basis, primarily reflecting noncash foreign exchange losses. Quarterly cash burn increased to $15.3 million in Q1 '26 compared to $4.7 million in Q4 '25. The shift from the previous quarter is consistent with typical seasonal dynamics. This compares favorably to the $23.2 million decrease in liquidity in Q1 '25, demonstrating the improvement in our financial trajectory.

因此，經調整 EBITDA 虧損由 2025 年第一季的 1,570 萬美元收斂至 1,070 萬美元。所得稅前虧損為 1,780 萬美元，年增 8%；若以固定匯率口徑則年減 21%，主要反映非現金的外匯損失。2026 年第一季季度現金消耗增加至 1,530 萬美元，較 2025 年第四季的 470 萬美元上升。相較前一季的變動符合典型季節性動態。與 2025 年第一季流動性減少 2,320 萬美元相比，本季表現更佳，顯示我們財務軌跡的改善。

Now turning to operational highlights and execution at the country level. Q1 '26 demonstrated continued execution strength across our markets. Supply fundamentals remain solid with improvements in both local and international sourcing. Growth was supported by strong performance across multiple categories with fashion and beauty among the top contributors to items sold growth year-over-year and with international items continuing to gain share.

接下來談各國層級的營運亮點與執行。2026 年第一季顯示我們在各市場持續具備強勁的執行力。供給端基本面仍然穩健，本地與國際採購皆有所改善。成長受多品類強勁表現支撐，其中時尚與美妝是年比商品售出件數成長的主要貢獻者之一，且國際商品持續提升占比。

Efficient marketing deployment, including CRM, paid online, SEO channels, supported customer acquisition at attractive unit economics. In the first quarter, we sold 4.9 million gross items internationally, up 87% year-over-year adjusted for perimeter effects. This reflects the continued scaling of our Chinese seller base as well as growing volumes from our supply base from affordable fashion in Turkey.

高效率的行銷投放（包括 CRM、付費線上與 SEO 渠道）以具吸引力的單位經濟效益支持獲客。第一季我們國際商品總售出件數為 490 萬件，若排除範圍（perimeter）變動影響，年增 87%。這反映我們中國賣家基礎持續擴張，以及來自土耳其平價時尚供應來源的出貨量增加。

Operationally, we continue to extend our reach beyond major urban centers. Orders from upcountry regions accounted for 62% of total volumes, up from 58% in the prior year quarter, both adjusted for perimeter effects. These regions are delivering strong growth while benefiting from a cost structure that scales efficiently with volume. 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.

在營運上，我們持續將觸及範圍延伸至主要都會區以外。若排除範圍（perimeter）變動影響，來自外地（upcountry）地區的訂單占總量 62%，高於去年同期的 58%。這些地區在帶來強勁成長的同時，也受惠於可隨交易量有效擴張的成本結構。在次級城市，我們正解決明確的客戶痛點，包括商品可得性有限，以及當地商販導致的價格偏高。因此，我們的價值主張持續強烈引起共鳴，推動採用與回購。

Now at the country level. Nigeria delivered a strong quarter. Physical goods GMV increased 42% year-over-year. Sustained growth was driven by a broad range of categories with home & living performing particularly strongly alongside continued traction from a country expansion, where a large part of the addressable market remains untapped. We opened over 80 additional pickup stations during the quarter, further extending our delivery network. I should note that Nigeria experienced a significant increase in local fuel prices during March, which created headwinds in our 3PL cost negotiations.

現在來看各國層面。奈及利亞交出強勁的一季。實體商品 GMV 年增 42%。持續成長由廣泛的品類所帶動，其中家居與生活表現尤為強勁，同時也受惠於國家擴張帶來的持續動能；在該市場中，可觸及市場仍有很大一部分尚未被開發。我們在本季新增超過 80 個取貨站，進一步延伸我們的配送網路。我也要指出，奈及利亞在 3 月當地燃油價格大幅上漲，對我們與第三方物流（3PL）成本談判造成逆風。

However, consumer demand remains sustained and strong. Kenya performed strongly with physical goods GMV up just below 50% year over year. Performance was driven by continued strong supply fundamentals and efficient marketing despite similar headwinds to other countries in the phones category. Strong performance in home & living driven by local suppliers and in fashion, driven by international suppliers more than offset the tighter supply in phones. Kenya remains a relatively underpenetrated market for Jumia with vast opportunities up country and we continue to invest in expanding our reach.

然而，消費者需求仍然持續且強勁。肯亞表現亮眼，實體商品 GMV 年增接近 50%。表現主要由持續強勁的供給基本面與高效率行銷所驅動，儘管在手機品類面臨與其他國家類似的逆風。由本地供應商帶動的家居與生活強勁表現，以及由國際供應商帶動的時尚品類，已足以抵銷手機供給趨緊的影響。對 Jumia 而言，肯亞仍屬相對滲透率偏低的市場，內陸地區機會廣大，我們將持續投資以擴大觸及範圍。

Ivory Coast growth gradually moderated over the course of the quarter. Physical goods GMV was up 16% year-over-year. Growth was affected by two converging headwinds. First, supply disruption in appliances, which is market specific and in smartphones, which is a global dynamic, both felt directly in the market where we have our highest penetration levels. And second, a sharp decline in regulated cocoa farm gate prices down nearly 60% effective in March '26, which reduced the purchasing power of a large share of the upcountry population.

象牙海岸的成長在本季期間逐步放緩。實體商品 GMV 年增 16%。成長受到兩股同時出現的逆風影響。第一，家電品類的供應中斷（屬於該市場特有），以及智慧型手機的供應中斷（屬於全球性動態），兩者都直接衝擊了我們滲透率最高的市場。第二，受管制的可可農場收購價自 26 年 3 月起大幅下調、跌幅接近 60%，降低了大量內陸人口的購買力。

Cocoa is the primary export of Ivory Coast and approximately 6 million people depend on it for their livelihoods. This is a meaningful demand side headwind that we expect to persist in the second quarter. However, we remain confident in the fundamentals of our business in Ivory Coast, where we hold a very strong position with a trusted brand and healthy monetization.

可可是象牙海岸的主要出口品，約有 600 萬人仰賴其維生。這是顯著的需求端逆風，我們預期將延續至第二季。不過，我們仍對象牙海岸業務的基本面充滿信心；我們在當地擁有非常強勢的地位、值得信賴的品牌，以及健康的變現能力。

Egypt's performance this quarter confirmed sustained recovery. Physical goods GMV grew 3% year-over-year, excluding corporate sales, which were still material in Q1 '25, but has since been deprioritized. Physical goods GMV grew 56% year-over-year, confirming genuine market level recovery. Very strong dynamics on the supply side of our marketplace are driving top line acceleration, supported by improved assortment and seller engagement.

埃及本季表現確認復甦持續。若排除企業銷售（其在 25 年第一季仍具一定規模，但此後已被降低優先順序），實體商品 GMV 年增 3%。若納入比較基礎調整後，實體商品 GMV 年增 56%，確認市場層級的真正復甦。我們市集在供給端的動能非常強勁，並在品項組合改善與賣家參與度提升的支持下，推動營收加速成長。

Our buy now, pay later offering continued to gain traction with strong penetration in high-value categories. Egypt experienced a fuel price increase in March as well, which we are monitoring. However, core marketplace dynamics remain positive. We are also expanding our delivery network through pickup stations in more remote regions, which are poorly served by physical retail.

我們的「先買後付」方案持續獲得市場採用，在高單價品類的滲透率強勁。埃及也在 3 月經歷燃油價格上漲，我們正持續監測。不過，核心市集動能仍然正向。我們也透過在較偏遠地區設置取貨站來擴張配送網路，這些地區的實體零售服務相對不足。

Ghana delivered an exceptional first quarter with physical goods GMV increasing 142%, driven by a country expansion, the scaling of local marketplace and strong supply from international sellers. Ghana was largely unaffected by the disruption in the electronics segment.

迦納交出卓越的第一季，實體商品 GMV 成長 142%，主要由國家擴張、本地市集規模化，以及國際賣家強勁供給所帶動。迦納基本未受到電子產品領域供應中斷的影響。

Our current focus is to continue building logistics capacity to sustain this rapid expansion with stronger customer experience and cost efficiency. Our other markets portfolio also performed well, collectively delivering 10% physical goods GMV growth. Uganda experienced a nearly one-week internet blackout during the quarter, temporarily impacting volumes, though the market still delivered growth for the period.

我們目前的重點是持續建置物流產能，以在提升客戶體驗與成本效率的同時，支撐這波快速擴張。我們的其他市場組合也表現良好，合計實體商品 GMV 成長 10%。烏干達在本季期間經歷近一週的網路中斷，短暫影響交易量，但該市場在本期仍實現成長。

In February '26, we completed our exit from Algeria, which represented approximately 2% of GMV in '25. The winddown resulted in total onetime exit costs of approximately $1 million, reflecting employee termination benefits and asset impairment, which were all recognized in our Q1 '26 results. 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.

在 26 年 2 月，我們完成退出阿爾及利亞市場；該市場在 25 年約占 GMV 的 2%。縮減營運導致約 100 萬美元的一次性退出成本，主要反映員工終止福利與資產減損，並已全數認列於我們 26 年第一季的業績中。從中長期來看，這項決策簡化了我們的版圖並提升營運聚焦，使我們能更有效率地將資源配置至成長與獲利能力更佳的市場。

We have not seen significant changes in our competitive environment in Q1 '26. The softening of competitive intensity trends observed in the second half of '25 has continued with competitive intensity remaining subdued across our core markets. The recent disruption of air freight going through the Middle East is expected to create headwinds for non-resident platforms that rely on direct international shipping, contributing to a more level playing field for locally embedded operators like Jumia.

在 26 年第一季，我們未觀察到競爭環境出現重大變化。25 年下半年所見的競爭強度趨緩仍在延續，我們核心市場的競爭強度維持低檔。近期經由中東的空運受阻，預期將對仰賴國際直送的非本地平台造成逆風，進而讓像 Jumia 這類深耕在地的業者擁有更公平的競爭環境。

Most of our supply comes via sea freight, which was not impacted. We are also seeing increased regulatory scrutiny on cross-border platforms across several of our markets, further reinforcing this dynamic. We are navigating an international environment that is evolving quickly with two main developments having the potential to impact our business.

我們的大部分供給來自海運，因此未受影響。我們也看到多個市場對跨境平台的監管審查加強，進一步強化了上述趨勢。我們正處於快速演變的國際環境中，其中有兩項主要發展可能影響我們的業務。

First, the memory chips and CPU price increases. We saw a delayed impact on entry-level phone prices and the availability of components for products like smart TVs taking place gradually over Q1. Phone prices increased by approximately 20% between late '25 and early April. We do not see this as a fundamental long-term shift, but it is impacting our business in the near term as supply chains reorganize.

第一，記憶體晶片與 CPU 價格上漲。我們看到入門級手機價格的影響有所延後，而智慧電視等產品的零組件供應可得性在第一季逐步受到影響。手機價格在 25 年底至 4 月初之間上漲約 20%。我們不認為這是長期的根本性轉變，但在供應鏈重新調整期間，短期內確實影響我們的業務。

Distributors remain temporarily reluctant to release fresh inventory, while prices may increase further and older, cheaper inventory in some markets is still temporarily competing with our more recent supply. We are mitigating this by diversifying our supplier base for smartphones and scaling our marketplace across both local and international sellers.

經銷商暫時仍不願釋出新庫存，因為價格可能進一步上漲；同時，在部分市場中，較舊且成本較低的庫存仍暫時與我們較新的供給競爭。我們透過分散智慧型手機供應商來源，並在本地與國際賣家兩端擴大市集規模，以降低影響。

Second, the war in the Middle East. The most immediate impact was the disruption of air freight through the UAE from Asia, which affected some smartphone distributors. Supply routes have since reorganized through other hubs. There are also delayed effects.

第二，中東戰爭。最直接的影響是來自亞洲、經由阿聯酋的空運受阻，影響了部分智慧型手機經銷商。此後供應路線已透過其他樞紐重新調整。此外也存在延後性的影響。

Disruption to helium supplies creates additional uncertainty for chip production and the majority of our markets have seen fuel prices begin to rise from March, which is expected to weigh on local logistics costs, particularly for middle-mile trucking operations run by our local partners. The impact on our Q1 P&L has been limited with extra costs primarily in Nigeria. If high fuel prices persist, we should expect greater pressure in Q2, potentially partially offsetting the savings from our 3PL rates renegotiations.

氦氣供應受擾為晶片生產帶來額外不確定性；而自 3 月起，我們多數市場的燃油價格開始上升，預期將推升本地物流成本，尤其是由本地合作夥伴營運的中段運輸（middle-mile）卡車作業。對我們第一季損益表（P&L）的影響有限，額外成本主要出現在奈及利亞。若高油價持續，我們應預期第二季壓力更大，並可能部分抵銷我們重新談判 3PL 費率所帶來的節省。

That said, our strategy of building pickup stations throughout countries is very helpful in this regard as it means that we have already decorrelated a significant share of our delivery costs from fuel prices. In particular, 74% of our ship packages are fulfilled through pickup stations rather than door delivery in Q1 '26, up from 67% in Q1 '25, both adjusted for perimeter effects.

即便如此，我們在各國建置取貨站的策略在此方面非常有幫助，因為這意味著我們已將相當大比例的配送成本與燃油價格脫鉤。具體而言，26 年第一季我們 74% 的出貨包裹是透過取貨站完成履約，而非到府配送；經周邊範圍（perimeter）效應調整後，較 25 年第一季的 67% 明顯提升。

We have also taken steps to electrify our last-mile delivery fleet in Uganda and we are looking to replicate this successful pilot in more countries as we continue to reduce our dependence on fuel in logistics operations. '25 was the year when we showed that our business model is on the right track. It delivered growth and improved economics at the same time. '26 is the year when we intend to show that this model will take us to profitability.

我們也已在烏干達採取措施，推動末端配送車隊電動化，並希望在更多國家複製這項成功的試點，持續降低物流營運對燃油的依賴。25 年是我們證明商業模式走在正確軌道的一年：在成長的同時也改善了經濟性。26 年則是我們打算證明此模式將帶領我們走向獲利的一年。

In this regard, Q1 is a strong data point that is consistent with Q4 '25 trends. We see sustained growth despite an uncertain environment, continued operational leverage and improved unit economics across the whole P&L, resulting in significantly reduced losses. We are committed to delivering trajectory to breakeven by chasing more scale in a disciplined way, improving operational execution and further streamlining our fixed cost base.

在此方面，第一季是一個強而有力的數據點，與 25 年第四季的趨勢一致。即使在不確定的環境下，我們仍看到持續成長、營運槓桿持續釋放，以及整體損益表各項目單位經濟性改善，從而顯著縮小虧損。我們致力於以自律的方式追求更大規模、提升營運執行力，並進一步精簡固定成本基礎，以推動走向損益兩平的軌跡。

While we are currently navigating an uncertain international environment, we believe that our business fundamentals, which were rebuilt from '22 to '25, mostly in much tougher times than this are strong. We do expect some temporary disruption, but it does not change our midterm profitability targets or our belief in Jumia's long-term opportunity for growth.

雖然我們目前正處於不確定的國際環境中，我們相信自身的業務基本面是強健的；這些基本面在 22 年至 25 年間重建完成，而當時的環境多數比現在更艱難。我們確實預期會有一些短期擾動，但這不會改變我們的中期獲利目標，也不會改變我們對 Jumia 長期成長機會的信念。

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

接下來，我將把電話會議交給 Antoine，請他為各位更詳細地說明財務表現。

Thank you, Francis, and thank you, everyone, for joining us today. I will now walk you through our financial performance for the first quarter. Starting with revenue. First quarter revenue reached $50.6 million, up 39% year-over-year or up 28% on a constant currency basis. Results reflect sustained customer demand and consistent execution across our platform.

謝謝你，Francis，也謝謝各位今天加入。我現在將帶各位回顧我們第一季的財務表現。先從營收開始。第一季營收達 5,060 萬美元，年增 39%；以固定匯率計算年增 28%。結果反映客戶需求持續，以及我們在平台上的一致執行力。

Marketplace revenue for the first quarter totaled USD27 million, up 50% year-over-year and up 35% on a constant currency basis. Third-party sales were USD23.2 million, up 45% year-over-year or up 31% on a constant currency basis. Growth was driven by solid performance in the marketplace, including healthy usage trends and higher effective take rates.

第一季市集營收合計 2,700 萬美元，年增 50%；以固定匯率計算年增 35%。第三方銷售為 2,320 萬美元，年增 45%；以固定匯率計算年增 31%。成長由市集的穩健表現所帶動，包括健康的使用趨勢以及更高的有效抽成率（effective take rates）。

Marketing and advertising revenue was USD2.2 million, up 44% year-over-year or up 31% on a constant currency basis. The improvement was driven by continued growth in sponsored products, supported by strong tools rolled out in mid-2025 that increased seller adoption, improved return on ad spend and drove greater density and competition on our marketplace.

行銷與廣告收入為 220 萬美元，年增 44%，或以固定匯率計年增 31%。改善主要來自贊助商品（sponsored products）持續成長；我們於 2025 年年中推出的強大工具提升了賣家採用率、改善廣告投放報酬率（ROAS），並推動平台市集上的廣告密度與競爭程度提升。

With advertising revenue currently representing roughly 1% of GMV as we are improving this figure, we see meaningful opportunity to scale this profitable source of revenue. Value-added services revenue was USD1.7 million in the first quarter of 2026, compared to USD0.6 million in the first quarter of 2025, driven by strong growth in warehousing fees, reflecting higher volumes flowing through our storage infrastructure, largely driven by demand from Chinese sellers and improved monetization of our warehousing services. Revenue from first-party sales was USD23.1 million, up 30% year-over-year or up 21% year-over-year on a constant currency basis, driven by strong momentum with key international brands.

目前廣告收入約占 GMV 的 1%，隨著我們持續改善此一比重，我們看見擴大這項高獲利收入來源的重大機會。2026 年第一季加值服務收入為 170 萬美元，較 2025 年第一季的 60 萬美元成長，主要由倉儲費用強勁成長所帶動，反映更多貨量流經我們的倉儲基礎設施，主要由中國賣家需求驅動，並且我們對倉儲服務的變現能力提升。第一方銷售收入為 2,310 萬美元，年增 30%，或以固定匯率計年增 21%，主要受惠於與關鍵國際品牌合作的強勁動能。

Turning to gross profit. First quarter gross profit was USD29.4 million, up 48% year-over-year or up 33% year-over-year on a constant currency basis. Gross profit margin as a percentage of GMV increased by 160 bps to 13.9% for the quarter compared to 12.3% in the first quarter of 2025, reflecting continued progress in marketplace monetization.

接著談毛利。第一季毛利為 2,940 萬美元，年增 48%，或以固定匯率計年增 33%。以 GMV 百分比計的毛利率較 2025 年第一季的 12.3% 提升 160 個基點至本季的 13.9%，反映我們在市集變現方面持續取得進展。

As we enter 2026, we implemented broad-based increases in commissions across most countries, leveraging the scale and improved service levels we have built with sellers. Q1 2026 was already tracking the expected impact with gross profit margin expanding by 160 bps year-over-year, marketing and advertising revenue up 24% and value-added services revenue nearly tripling. We expect these trends to continue supporting gross profit growth going forward.

進入 2026 年，我們在多數國家實施了全面性的佣金調升，運用我們與賣家共同建立的規模與提升後的服務水準。2026 年第一季已呈現符合預期的影響：毛利率年增擴張 160 個基點、行銷與廣告收入成長 24%，加值服務收入接近三倍成長。我們預期這些趨勢將持續支撐未來毛利成長。

Now moving to expenses. We continue to see the benefits of our cost initiatives in the first quarter with additional improvements expected to materialize over the coming quarters. Fulfillment expense for the first quarter was USD12.2 million, up 29% year-over-year and up 17% in constant currency, primarily due to higher volumes.

接著談費用。我們在第一季持續看見成本措施帶來的效益，並預期未來幾季將有更多改善逐步顯現。第一季履約費用為 1,220 萬美元，年增 29%，以固定匯率計成長 17%，主要因貨量增加所致。

Fulfillment expense per order, excluding JumiaPay app orders, was $2.06, flat year-over-year or down 10% 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. Sales and advertising expense was USD5.1 million for the first quarter, up 64% year-over-year and up 54% in constant currency.

每筆訂單履約費用（不含 JumiaPay App 訂單）為 2.06 美元，與去年同期持平，或以固定匯率計年減 10%，反映履約營運的生產力提升與規模經濟、客服中心自動化程度提高，以及物流合作夥伴費率改善。第一季銷售與廣告費用為 510 萬美元，年增 64%，以固定匯率計成長 54%。

We view this increase positively. We are scaling high ROI marketing investment on the back of stronger product fundamentals, improved quality of service and higher platform reliability, driving not only top line growth, but also better unit economics as higher volumes and improved customer retention contribute directly to operating leverage and margin improvement.

我們正面看待這項增加。基於更強的產品基本面、改善的服務品質與更高的平台可靠性，我們正在擴大高投資報酬率（ROI）的行銷投入，不僅帶動營收成長，也改善單位經濟效益；更高的交易量與更佳的客戶留存，直接促成營運槓桿與利潤率提升。

Technology and content expense was $8.9 million for the first quarter, representing a decrease of 8% year-over-year or a decrease of 10% on a constant currency basis, driven primarily by continued headcount optimization and ongoing renegotiated seller contracts. First quarter G&A expense, excluding share-based compensation expense, was $16.8 million, up 4% year-over-year and down 3% on a constant currency basis.

第一季技術與內容費用為 890 萬美元，年減 8%，或以固定匯率計年減 10%，主要由持續的人力編制優化與持續重新議定的賣家合約所帶動。第一季一般及行政（G&A）費用（不含股份基礎給付費用）為 1,680 萬美元，年增 4%，以固定匯率計年減 3%。

The year-over-year increase was primarily driven by staff costs with general and administrative expense, excluding share-based compensation expense, which increased by 16% to USD9.1 million, driven by approximately USD0.8 million in onetime termination benefits related to our Algeria exit and the appreciation of local currencies against the US dollar compared to the first quarter of 2025.

年增主要由人員成本所帶動：一般及行政費用（不含股份基礎給付費用）增加 16% 至 910 萬美元，原因包括約 80 萬美元與我們退出阿爾及利亞相關的一次性解雇福利，以及相較 2025 年第一季，當地貨幣兌美元升值。

We continue to streamline the organization. The total headcount has declined by 8% since December 31, 2024, with just over 1,980 employees on payroll as of March 31, 2026. At the end of the fourth quarter of 2022, when current leadership was installed, we had 4,318 employees. We are actively working to further reduce headcount, continue process automation and leverage AI tools. We expect to reduce our headcount by at least an additional 200 full-time employees over the next two quarters.

我們持續精簡組織。自 2024 年 12 月 31 日以來，總員工數已下降 8%；截至 2026 年 3 月 31 日，薪資名冊上員工略高於 1,980 人。於 2022 年第四季末、現任管理團隊上任時，我們共有 4,318 名員工。我們正積極進一步降低人力、持續流程自動化並運用 AI 工具。我們預期在未來兩季至少再減少 200 名全職員工。

More broadly, AI and automation are becoming meaningful drivers of efficiency across Jumia. We are deploying AI tools across our operations, finance processes, headcount efficiency programs in our technology organization, encompassing cybersecurity monitoring and software development, which supported the net FTE reduction and drove efficiency gains year-over-year.

更廣泛而言，AI 與自動化正成為 Jumia 提升效率的重要驅動力。我們在營運、財務流程，以及技術組織的人力效率計畫中部署 AI 工具，涵蓋資安監控與軟體開發；這些措施支持了淨全職人力（FTE）下降，並帶來年對年效率提升。

Importantly, AI is also helping us solve problems on the ground. In logistics, it improves routing and reduces failed deliveries. In customer services, it enables faster resolution with fewer agents and in sellers operation, it streamlines onboarding and compliance monitoring. This is not only reducing cost but also improving the quality of service we deliver to customers and sellers, reflecting our ongoing commitment to structural cost efficiency.

重要的是，AI 也在協助我們解決第一線的實務問題。在物流方面，它改善路線規劃並降低配送失敗率；在客服方面，它讓我們以更少的客服人員更快解決問題；在賣家營運方面，它簡化上架導入與合規監控。這不僅降低成本，也提升我們提供給客戶與賣家的服務品質，體現我們對結構性成本效率的持續承諾。

Turning to profitability, adjusted EBITDA for the quarter was negative $10.7 million or negative $10.9 million on a constant currency basis. Loss before income tax was $17.8 million, an 8% increase year-over-year or 21% decline on a constant currency basis, primarily reflecting noncash foreign exchange losses.

接著談獲利能力，本季調整後 EBITDA 為負 1,070 萬美元，或以固定匯率計為負 1,090 萬美元。所得稅前虧損為 1,780 萬美元，年增 8%，或以固定匯率計年減 21%，主要反映非現金的外匯損失。

Turning to the balance sheet and cash flow. We ended the first quarter with a liquidity position of $62.6 million, including USD61.5 million in cash and cash equivalents and $1.1 million in term deposits and other financial assets. Our liquidity position decreased by $15.3 million in Q1 2026 compared to a decrease of $23.2 million in Q1 2025.

接著談資產負債表與現金流。我們在第一季末的流動性部位為 6,260 萬美元，其中包括 6,150 萬美元的現金及約當現金，以及 110 萬美元的定期存款與其他金融資產。相較於 2025 年第一季減少 2,320 萬美元，我們在 2026 年第一季的流動性部位減少 1,530 萬美元。

Net cash flow used in operating activities was $12.5 million in the quarter, including a broadly neutral working capital contribution. The improvement reflects the continued strengthening of our marketplace flywheel driven by higher volumes, improved payment flows and stronger bargaining power with large third-party accounts.

本季營運活動使用的淨現金流為 1,250 萬美元，其中營運資金貢獻大致中性。改善反映我們市集飛輪持續強化，受更高交易量、改善的支付流程，以及與大型第三方帳戶更強的議價能力所驅動。

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. 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.

總結而言，我們在持續提升成本效率的同時，再次交出穩健的執行成果與強勁的營收成長。結構性降本、自動化與現金紀律的進展，強化了我們達成短期目標並更接近獲利的信心。展望未來，我們將持續聚焦營運紀律、利潤率擴張，以及審慎且有依據的資本配置，讓 Jumia 具備可持續成長與長期價值創造的定位。

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

我現在把電話交回給 Francis，請他說明我們更新後的財測指引。

Thank you, Antoine. Let me now turn to our expectations for 2026. Our focus for '26 remains on accelerating growth, driving further operating efficiency and continuing our progress towards profitability. We are seeing continued strong momentum validated by our Q1 results, which give us confidence in reaffirming our full year '26 outlook. We are navigating an evolving international environment.

謝謝你，Antoine。接下來我談談我們對 2026 年的展望。我們對 2026 年的重點仍是加速成長、進一步提升營運效率，並持續朝獲利邁進。我們從第一季結果看見持續的強勁動能並獲得驗證，這讓我們有信心重申 2026 全年展望。我們也正在因應不斷演變的國際環境。

While we expect some temporary disruption from memory chips and CPU price pressures and the ongoing conflict in the Middle East, our business fundamentals are strong. Our Q1 '26 results demonstrate continued execution and we have not changed our midterm profitability targets or our belief in Jumia's long-term opportunity for growth.

雖然我們預期記憶體晶片與 CPU 價格壓力，以及中東持續衝突，可能帶來一些短期擾動，但我們的業務基本面依然強勁。我們 2026 年第一季的結果展現持續的執行力；我們並未改變中期獲利目標，也未改變我們對 Jumia 長期成長機會的信念。

For the full year '26, we anticipate GMV to grow between 27% and 32% year-over-year adjusted for perimeter effects. 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 breakeven on an adjusted EBITDA basis and positive cash flow in the fourth quarter of '26 and to deliver full year profitability and positive cash flow in '27. Looking specifically at the second quarter, GMV is projected to grow between 27% and 32% year-over-year adjusted for perimeter effects.

就 2026 全年而言，在剔除範圍（perimeter）效應調整後，我們預期 GMV 年增介於 27% 至 32%。在獲利方面，我們預期調整後 EBITDA 介於負 2,500 萬美元至負 3,000 萬美元。我們確認策略目標：於 2026 年第四季在調整後 EBITDA 基礎上達到損益兩平並實現正向現金流，並於 2027 年達成全年獲利與正向現金流。就第二季而言，在剔除範圍效應調整後，GMV 預計年增介於 27% 至 32%。

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

感謝各位的關注。接下來我們很樂意回答各位的提問。

(Operator Instructions) Jack Halpert, Cantor Fitzgerald.

（接線員指示）Cantor Fitzgerald 的 Jack Halpert。

Thanks, guys, for taking my question. So I just have two, please. So on the memory chip inflation, are you maybe able to quantify this at all in terms of the impact in the quarter? And maybe how much of this has been resolved already versus expected to continue in 2Q and beyond? And just is it more about consumers like deferring purchases trading down? Or is it more of a supply availability issue? That's the first question.

謝謝各位讓我提問。我有兩個問題。關於記憶體晶片通膨，你們是否能在本季影響方面做一些量化？以及其中有多少已經解決、相較之下有多少預期會在第二季及之後持續？另外，這比較像是消費者延後購買、轉向較低價產品的需求面因素，還是供給可得性問題？這是第一個問題。

And then the second question, just on the AI efficiency you guys mentioned and I think the planned 200 reduction in headcount. First, just how much of this headcount reduction is tied to the Algeria exit, if at all? And then maybe on the AI side, what are a few examples of areas you're seeing the most efficiency in the business from AI currently?

然後第二個問題，關於你們提到的 AI 效率，以及我想是計畫裁減 200 人的編制。首先，這次人力縮減有多少是與退出阿爾及利亞相關（如果有的話）？另外在 AI 方面，目前你們看到 AI 在業務中帶來最高效率提升的幾個領域例子是什麼？

Let me take the two questions and Antoine will also comment on the AI impact across our business. Starting with memory chips, CPU prices inflation. So to quantify the impact, you can look at our presentation where we show the share of smartphones category in our mix. You'll see that the whole smartphones category, I mean, is directionally roughly 10% of our sales in GMV. This is usually a category with lower unique contribution.

我先回答這兩個問題，Antoine 也會補充 AI 對我們整體業務的影響。先從記憶體晶片、CPU 價格通膨談起。要量化影響，你可以看我們的簡報，我們在那裡展示了智慧型手機品類在我們組合中的占比。你會看到整個智慧型手機品類，大方向來說約占我們 GMV 銷售的 10%。這通常是一個單位貢獻（unique contribution）較低的品類。

It's lower margins than, let's say, fashion, for example. So it definitely has -- I mean, it's not 10% of our gross profit, as you can imagine. It's not the whole category that's in danger. Obviously, it can impact the growth of the category and it has in the first quarter. It's likely to continue in the second quarter.

它的毛利率比方說像時尚品類要低。因此它確實會——我的意思是——如你所想，它不會占我們毛利的 10%。並不是整個品類都面臨風險。當然，它可能影響該品類的成長，而且在第一季確實有影響。第二季很可能會持續。

But we're not talking of a major impact over the whole top line of Jumia, okay? It's something that we have to flag because it's global trends and it's relevant for our business, but we're talking impact on a fraction of our total business and it will not wipe out like half of the sales, obviously. It's limited. And most importantly, we see it as temporary. The timing here is that we had delayed impact really.

但我們談的不是對 Jumia 整體營收（top line）造成重大影響，好嗎？這是我們必須提出來提醒的，因為這是全球趨勢且與我們業務相關，但我們談的是對我們總業務中一小部分的影響，顯然不會把銷售砍掉一半之類的。影響是有限的。而且最重要的是，我們認為這是暫時性的。這裡的時間點是，我們其實是延遲受到影響。

A lot of people asked us questions, sorry, late 2025 and in the first month of '26 and really not much was changing on the market at this time. And then prices -- the price increase of directionally 20% that we've mentioned on entry-level smartphones was mostly felt in the month of March across key countries. So that's directionally what happened. We believe it's a matter of timing. I mean we're used to those kind of supply disruptions and market reorganizations.

很多人問我們問題，抱歉，是在 2025 年底以及 26 年的第一個月，當時市場其實沒有太多變化。然後我們提到入門級智慧型手機大方向約 20% 的漲價，主要是在 3 月份於幾個主要國家明顯感受到。大致就是這樣。我們認為這是時間點的問題。我的意思是，我們已經習慣這類供應中斷與市場重整。

So it doesn't last forever, but we know that for a couple of months, supply may be disrupted. Some brands may be doing better and some brands may be more disrupted, which we've seen in the market. Some brands will be running out of stocks. Some brands will still be available with sometimes lower price increases. For example, we see that Samsung has had lower price increases because they have much better integration of the whole supply chain.

所以它不會永遠持續，但我們知道在幾個月內，供應可能會受到干擾。有些品牌可能表現更好，有些品牌可能受影響更大，我們在市場上也看到了。有些品牌會缺貨；有些品牌仍然有貨，但有時漲幅較小。舉例來說，我們看到 Samsung 的漲幅較低，因為他們在整體供應鏈的整合度更高。

But basically, we see it as temporary disruption as the supply chain reorganizes. And when it comes to consumer impact that you were asking, we see a mix of both, right? We see a mix of, of course, prices increasing, so consumers are trading down. When people are still buying smartphones, that will never change, but they are buying lower specs with the same amount of money in their pocket. And on the other hand, we also see supply, I mean, pure supply availability issues on very specific brands in very specific markets.

但基本上，我們把它視為供應鏈重整過程中的暫時性干擾。至於你問到的消費者影響，我們看到兩種情況的混合，對吧？我們看到一方面價格上漲，所以消費者在降級購買（trade down）。人們仍然會買智慧型手機，這點不會改變，但他們用口袋裡同樣的錢，買到的是規格更低的產品。另一方面，我們也看到供應端——也就是純粹的供應可得性——在某些特定市場的某些特定品牌上出現問題。

So as we mentioned in the -- earlier in the call, we've been more impacted in the Ivory Coast, for example, than in Kenya in terms of pure supply availability. So all of that is having an impact, some level of impact, but we see it as clearly temporary. It's not -- I mean, it's not a long-term challenge. We will keep on selling smartphones and the market will reorganize. And what matters is that we have access to the best supply, the best prices and our distribution is a huge advantage when it comes to selling smartphones across Africa.

所以如同我們在——先前在電話會議中提到的——以純供應可得性而言，例如我們在象牙海岸受到的影響比在肯亞更大。所有這些都帶來一定程度的影響，但我們清楚地認為這是暫時性的。它不是——我的意思是——不是長期挑戰。我們會持續銷售智慧型手機，市場也會重新調整。重要的是，我們能取得最好的供應、最好的價格，而我們的配送網路在非洲銷售智慧型手機方面是一個巨大優勢。

And then to your second question about headcount, the 200 target is not tied to Algeria. So most of the impact on Algeria is already behind us. So the 200 headcount reduction that we mentioned has nothing to do with the exit from Algeria.

然後回答你第二個關於人力編制的問題，裁減 200 人的目標與阿爾及利亞無關。所以阿爾及利亞的影響大多已經在我們身後了。我們提到的 200 人縮編與退出阿爾及利亞完全沒有關係。

Antoine, do you want to comment on the use of AI across our team?

Antoine，你要不要評論一下我們團隊在各方面使用 AI 的情況？

Yes, I can take this one. Thank you. Obviously, we're using AI in tech, be it in cybersecurity or coding. We are able to be much, much more productive thanks to the different tools that we are using. We pay a lot of attention to be agnostic in terms of tools so that we don't end up with one or two suppliers that will change pricing policy overnight.

好的，我可以回答這題，謝謝。很明顯地，我們在技術領域使用 AI，不論是在資安或寫程式（coding）方面。透過我們使用的各種工具，我們能夠大幅提升生產力。我們非常注意在工具選擇上保持中立（agnostic），避免最後只依賴一兩家供應商，然後他們一夜之間改變定價政策。

But we are going much further than pure tech. We're using AI in accounting, for instance, to automate bank reconciliations. If you want a very pragmatic example, we're also using AI in HR. Basically, we have a lot of database, which are very structured and ready to be used consumed by AI, allowing us to produce smarter reporting in a much faster way and being able to share the information across our very large footprint, resulting in better efficiency.

但我們做得遠不只純技術面。例如我們在會計上使用 AI 來自動化銀行對帳（bank reconciliations）。如果你想要一個非常務實的例子，我們也在 HR 使用 AI。基本上，我們有大量資料庫，結構非常完整，已經準備好可供 AI 使用與處理，讓我們能更快產出更聰明的報表，並能在我們非常廣泛的營運版圖中分享資訊，進而提升效率。

Awesome. Thank you, guys.

太好了。謝謝各位。

Brad Erickson, RBC Capital Markets.

Brad Erickson，RBC Capital Markets。

Hey guys, just a couple of follow-ups on that first question. I guess with maintaining the full year guide, it looks like maybe a little bit of deceleration built in there through the year. I guess would you say that outlook kind of reflects this idea that some of these headwinds you're talking about are sort of dynamic and adjusting and reflected in Q2, but then sort of stabilize through the year? Or is there any contemplation in the range that maybe things get worse?

嗨各位，針對第一個問題我有幾個追問。我想在維持全年指引的情況下，看起來你們可能在全年內隱含了一點增速放緩。我想問，你們的展望是否反映了這樣的想法：你們提到的一些逆風是動態的、會調整，並在 Q2 反映出來，但之後在全年趨於穩定？還是說在這個區間裡也有考慮到情況可能變得更糟？

Well, in the current international environment, if you -- Brad, if you know for sure what's going to happen, please tell me. We could make a lot of money. Well, more seriously, we acknowledged some level of uncertainty in the international environment with very specific aspects that can have a negative impact on our P&L. We mentioned chip prices and fuel prices. We remain confident in the range that we have given as guidance for the full year and for the second quarter.

嗯，在目前的國際環境下，如果你——Brad——能確定接下來會發生什麼，請告訴我。我們可以賺很多錢。好吧，更嚴肅地說，我們承認國際環境存在一定程度的不確定性，其中有一些非常具體的因素可能對我們的損益表（P&L）造成負面影響。我們提到了晶片價格與燃油價格。我們仍然對我們給出的全年與第二季指引區間有信心。

It accounts -- I mean, it covers, it includes some level of uncertainty. But I think it reflects -- I mean, the fact that we stabilized that range reflects our opinion that most of the disruption we're seeing is temporary. So we're seeing real headwinds like the demand side headwinds in the Ivory Coast due to cocoa prices is real and can be felt on the ground.

它已經——我的意思是——涵蓋並包含了一定程度的不確定性。但我認為它反映了——我的意思是——我們把區間穩定下來，反映了我們的看法：我們看到的大部分干擾是暫時性的。所以我們看到一些真實的逆風，例如象牙海岸因可可價格造成的需求端逆風，這是真實存在、在當地能感受到的。

Smartphone price increases and supply disruption is real and can be felt on the markets. But we all see that as quite temporary and really not disrupting the fundamentals of our business, neither the midterm or long-term opportunity.

智慧型手機漲價與供應中斷也是真實存在、在市場上能感受到的。但我們都認為這是相當暫時的，並不會破壞我們業務的基本面，也不會影響中期或長期的機會。

And we're also seeing continued strength in the trends in several countries, especially Nigeria, which is still growing over 40%; Ghana, which is growing over 100%. So in short, those headwinds and that level of uncertainty is not structurally challenging our business and it's not something we expect for the long run. So this range of 27% to 32% top line growth that we're giving for the second quarter as well is our best assessment in the current environment based on the early results of the quarter that we're already seeing and reflects the level of confidence in our business model.

同時，我們也看到多個國家的趨勢持續強勁，尤其是奈及利亞仍然成長超過 40%；迦納成長超過 100%。總之，這些逆風與不確定性並未在結構上挑戰我們的業務，也不是我們預期會長期存在的狀況。因此，我們給出的第二季營收（top line）成長 27% 到 32% 的區間，是我們在目前環境下、基於我們已經看到的本季初步結果所做的最佳評估，也反映了我們對商業模式的信心程度。

Got it. And then you called out marketing and being a strong point in your prepared remarks. I guess just within your outlook, how much kind of flexibility do you think you have on marketing given some of these other headwinds you're talking about? And I guess how much kind of like offense do you feel like you can play here in 2026 in terms of putting your foot down on marketing? Or is it still fairly measured given how some of the macro factors you're talking about? Just kind of the upside, downside considerations there with marketing spend. Thanks.

了解。然後你在事先準備的講稿中提到行銷是強項。我想問，在你們的展望中，考量到你們提到的其他逆風，你覺得在行銷上有多少彈性？另外，就 2026 年而言，你覺得你們在行銷上能有多大的進攻空間（offense），也就是更積極加大行銷力道？還是說，考量到你提到的一些總體因素，仍會相對審慎？想請你談談行銷支出的上行、下行情境考量。謝謝。

Yeah. I think three things on the marketing side. So first of all, I think we remain at spend ratios that are very reasonable for an e-commerce company of our size, right? Our ratio of spend is slightly lower than much, much bigger peers in emerging markets, which shows frugality and efficiency in that field. So we were very -- I mean we're confident in our ability to spend very efficiently our marketing budget and driving strong returns.

好的。我想在行銷面有三點。第一，我認為以我們這個規模的電商公司來說，我們的支出比率仍然非常合理，對吧？我們的支出比率略低於新興市場中規模大得多的同業，這顯示我們在這方面的節制與效率。因此我們非常——我的意思是——對我們能夠非常有效率地運用行銷預算並帶來強勁回報的能力有信心。

Second, we still have major improvements coming over the year in terms of efficiency and the better use of our marketing channels, especially online. And third, we are very reactive as well. A large part of those budgets are spent on online channels where it's very easy to pilot on a monthly, weekly, daily basis.

第二，我們在今年仍將在效率以及更好地運用行銷通路（尤其是線上）方面帶來重大改善。第三，我們也非常具備即時反應能力。這些預算中有很大一部分花在線上通路上，因此非常容易以每月、每週、每日的節奏進行調整與控管。

So we are able to make decisions if needed, if we see lower traction in a given market. We're very dynamic in reallocating budgets when we need to on a daily or weekly basis. At this stage, we believe we still have -- I mean we do have sufficient traction and that justifies the amount that we're spending. But we are very flexible and we can be extremely reactive if we see different trends.

因此，如果有需要、如果我們看到某個市場的拉動力（traction）較弱，我們就能做出決策。我們在需要時能以每日或每週的頻率非常動態地重新分配預算。在目前這個階段，我們相信我們仍然——我的意思是，我們確實有足夠的拉動力，這也合理化了我們的支出金額。但我們非常有彈性，如果看到不同的趨勢，我們可以極度迅速地反應。

Got it. And then one last one. Just when you think about the journey to cash flow positive in the next year, you talked about the headcount reduction here in the next few quarters. Besides that, just what are kind of some of the major pain points on reaching that goal that you still -- you feel like you still have to get through?

了解。最後一個問題。當你們思考明年邁向現金流轉正的路徑時，你提到接下來幾個季度會進行人力縮減。除此之外，為了達成這個目標，你覺得還有哪些主要的痛點是你們仍然——你覺得還需要克服的？

You mean the goal of cash flow positive?

你是指現金流轉正的目標嗎？

Correct.

沒錯。

I would not talk about pain points. I mean I'll let Antoine comment as well, but I think the path is pretty clear, right? I mean if you look at our numbers, now it's just -- it's not just us talking. You have very clear verifiable numbers showing that we're able to scale, we're able to improve the unit economics, get operating leverage and further reduce the fixed costs. So that's a very clear trajectory that takes us to breakeven.

我不會把它稱為痛點。我的意思是，我也會讓 Antoine 一起補充，但我認為路徑其實相當清楚，對吧？如果你看我們的數字，現在不只是我們在講。你可以看到非常清楚、可驗證的數據，顯示我們能夠擴張、能夠改善單位經濟（unit economics）、取得營運槓桿，並進一步降低固定成本。所以這是一條非常清晰的軌跡，會帶我們走向損益兩平。

It's mostly an execution game. It's mostly an execution game. I would not say we have blockers or pain points. We know very much what we're working on. We need to keep on scaling the top line and keep on delivering those improvements in the unit economics and further reducing in absolute terms of fixed costs.

這主要是一場執行力的競賽，主要就是執行。我不會說我們有阻礙或痛點。我們非常清楚我們在做什麼。我們需要持續擴大營收規模，持續交付單位經濟的改善，並在固定成本的絕對金額上進一步降低。

I think you can see a clear trajectory in the last two quarters. It's extremely consistent. It's all about execution unless there would be a major macro disruption that we're not seeing at this stage, it's really about execution.

我想你可以在過去兩個季度看到一條清楚的軌跡，而且極為一致。除非出現我們目前尚未看到的重大宏觀層面衝擊，否則這真的就是執行的問題。

Thanks.

謝謝。

Ryan Sigdahl, Craig-Hallum.

Ryan Sigdahl，Craig-Hallum。

Hey, guys. Very nice quarter and execution. Laundry list of, let's call them, crosswinds, some headwinds in Q1 into Q2. Outside of those, it feels like the business is actually outperforming because you reiterated the guide, you outperformed in Q1. Q2 guide is in line despite kind of all of those challenges. So I guess trying to take a step back and maybe normalizing for a lot of those outside factors, how you feel about the progress thus far in the year internally?

嗨，各位。本季表現與執行都很不錯。Q1 到 Q2 有一長串我們姑且稱之為逆風的因素，其中也有一些更偏向阻力。撇除那些因素之外，感覺業務其實是在超預期表現，因為你們重申了指引、而且 Q1 也超預期。儘管有這些挑戰，Q2 指引仍然符合預期。所以我想退一步、也許把很多外部因素正常化之後，你們內部如何看待今年截至目前的進展？

Yeah. Thanks, Ryan, for putting it this way. I mean we, Antoine and I are very deeply in the business and we -- it's sometimes good to step back and realize the progress. I mean we have a tendency to look more at the problems than the successes, but it's how we managed to push it forward. But yeah, I think there are very clear bright side this quarter.

是的。謝謝你，Ryan，用這樣的方式來提問。我的意思是，我和 Antoine 都非常深入地在經營業務，有時候退一步去意識到進展是件好事。我們往往更關注問題而不是成功，但這也是我們推動事情向前的方式。不過，是的，我認為本季確實有非常明顯的亮點。

It's very clear and that's what you see in our presentation on the operating leverage. And we see that we, again, this quarter, just like in the fourth quarter of '25, we're able to show significant GMV growth. So the business model is working while clearly improving all the unit economics. So 31% GMV growth that translates into a significant improvement of 64% of all gross profit after fulfillment and marketing costs. So that's real operating leverage and we're able to further reduce our fixed cost, thanks to pretty hard work on tech specifically this quarter, but also a lot happening in G&A that will pay off in the coming quarters.

這非常清楚，這也是你在我們簡報中看到的營運槓桿。我們看到我們在本季再次——就像在 25 年第四季一樣——能夠展現顯著的 GMV 成長。因此，商業模式正在奏效，同時也明顯改善所有單位經濟。31% 的 GMV 成長，轉化為在履約與行銷成本之後的總毛利大幅提升 64%。這就是真正的營運槓桿；而且我們也能進一步降低固定成本，這要歸功於本季在技術面非常辛苦的工作，同時在 G&A 方面也有很多進展，將在接下來幾個季度帶來回報。

You see the one thirds 32% improvement in adjusted EBITDA. So I think the bright -- I mean, the key message of this quarter is we're able to show very consistent improvement after Q4 with significant growth that's sustained in spite of the environment and continued progress on the unit economics and fixed costs. And we expect that to continue. There's no reason why the trend should change in the coming quarters.

你也看到調整後 EBITDA 改善了三分之一（32%）。所以我認為亮點——我的意思是，本季的關鍵訊息是：在 Q4 之後，我們能夠展現非常一致的改善；在環境不利的情況下仍維持顯著且可持續的成長，同時持續推進單位經濟與固定成本的改善。我們預期這會延續下去。沒有理由認為這個趨勢在接下來幾個季度會改變。

Very good. We've noticed -- you mentioned Nigeria strength. We've noticed an expanded pickup station footprint there, particularly in secondary cities. Can you talk about Nigeria, but also you mentioned it in Kenya and others, but kind of the upcountry expansion, how you think about that strategy with pickup stations? And then if maybe that strategy has evolved or changed in recent kind of months as you guys have rightsized the cost structure, infrastructure and overall company?

非常好。我們注意到——你提到奈及利亞的強勁表現。我們也注意到那裡的自提站（pickup station）據點版圖有所擴張，特別是在二線城市。你能談談奈及利亞嗎？另外你也提到肯亞等其他市場，但關於這種往外縣市（upcountry）擴張的策略、以及你們如何看待自提站策略？以及在你們近幾個月調整成本結構、基礎設施與整體公司規模之後，這個策略是否有演進或改變？

So I'll talk about Nigeria right afterwards. But overall, across countries, we keep on expanding our reach. So basically opening new pickup stations in new cities that we're not covering or densifying the network in existing bigger cities. This is a very important component of our growth plan because it basically increases the addressable market, right? We are building our distribution network and partnering with local entrepreneurs.

我會接著談奈及利亞。不過整體而言，在各國我們都持續擴大覆蓋範圍。基本上就是在我們尚未覆蓋的新城市開設新的自提站，或是在既有的大城市加密網路。這是我們成長計畫中非常重要的一環，因為它基本上會提高可觸及市場（addressable market），對吧？我們正在建構配送網路，並與在地創業者合作。

And if we don't have -- I mean, if we do not build the distribution network in a given city, it means that city is outside of our addressable market. So by expanding this network of pickup stations, we are increasing our addressable market, which is arguably one of the easiest and cheapest ways to grow our top line. This is happening across all countries, but Nigeria is the most striking example.

如果我們在某個城市沒有——我的意思是，如果我們沒有在某個城市建立配送網路，那就代表那個城市不在我們的可觸及市場之內。因此，透過擴張自提站網路，我們正在擴大可觸及市場；可以說，這是推動營收成長最簡單、也最便宜的方法之一。這在所有國家都在發生，但奈及利亞是最顯著的例子。

A few months back, Nigeria, we are still covering about one-third of the addressable market of the population. If we look at the cities where we had established distribution, the total population was about one-third of total population, which is massive room for improvement.

幾個月前，在奈及利亞，我們仍只覆蓋了人口可觸及市場的大約三分之一。如果看我們已建立配送的城市，其總人口約占全國總人口的三分之一，這代表還有非常大的改善空間。

In our more mature markets, we're close to 60% in Ivory Coast, for example. So it gives you an idea of the potential that's still untapped in a country like Nigeria. So we're very -- I mean, we're happy about the growth in Nigeria. We believe we can still get more than that. The growth in Nigeria is largely driven by up country.

在我們較成熟的市場，例如象牙海岸，我們接近 60%。所以這能讓你理解像奈及利亞這樣的國家仍有大量尚未開發的潛力。因此，我們對奈及利亞的成長非常——我的意思是，我們很滿意；我們相信還能做得更多。奈及利亞的成長很大程度是由外縣市（upcountry）所帶動。

So distribution expansion, that's a big driver. But we're also seeing very favorable trends across categories and supplies. We mentioned home and living as a strong category this quarter in Nigeria. We're seeing strong engagement on our local marketplace. We're seeing increased supply from international vendors, mostly from China, but also from Turkey in Nigeria.

所以配送擴張是很大的驅動因素。但我們也看到各品類與供給端都有非常有利的趨勢。我們提到本季在奈及利亞「家居與生活」是強勢品類。我們看到本地市集（local marketplace）的互動度很強。我們也看到國際賣家的供給增加，主要來自中國，但在奈及利亞也有來自土耳其的供給。

So I think we have lots of tailwinds in Nigeria and the hard work of the past couple of years is really paying off, which is critically important in a market where, first of all, there's so much potential to address. Second, the competitive intensity has reduced around us. And third and quite importantly, it's a market where we have good unit economics after -- especially after the devaluations over the past few years, local unit costs are fairly low and while it's quite profitable to scale in Nigeria to put it this way.

所以我認為奈及利亞有很多順風，而過去幾年的努力正在真正開花結果；這在一個市場中至關重要，因為第一，它有非常大的可開發潛力；第二，我們周遭的競爭強度已經降低；第三，而且相當重要的是，這是一個在過去幾年貨幣貶值之後仍具備良好單位經濟的市場，本地單位成本相對低，換句話說，在奈及利亞擴張規模是相當有利可圖的。

Well done, guys. Thanks.

做得很好，各位。謝謝。

Thanks, Ryan.

謝謝你，Ryan。

Fawne Jiang, Benchmark Company.

Fawne Jiang，Benchmark Company。

Thanks for taking my questions. First of all, your international seller growth appeared very strong. Just wonder how should we think about the merchant ramp-up and the typical lead time from onboarding to more meaningful GMV contribution, particularly considering you are opening a new sorting center (inaudible) and how would that potentially impact your take rate going forward?

謝謝讓我提問。首先，你們的國際賣家成長看起來非常強勁。我想請教我們應該如何看待商家爬坡（ramp-up）以及從上架導入（onboarding）到對 GMV 做出更有意義貢獻的典型時間差（lead time）？特別是考量你們正在開設一個新的分揀中心（聽不清），以及這可能會如何影響你們未來的抽成率（take rate）？

Yeah. So that's an important question, guess -- so how can I put it? So the growth we're seeing today in volumes items sold and the whole business from international sellers is actually the result of the last three to four years of work. Typically, the timelines when a supply -- when a new Chinese vendor is onboarded, we expect meaningful contribution after more than a year, sometimes two years or more to deliver volumes and margins. It's because we onboard vendors who don't always -- I mean, don't know very well our markets.

是的。這是個重要的問題——我想——我該怎麼說呢？我們今天在銷量（items sold）與整體業務上看到的、來自國際賣家的成長，其實是過去三到四年工作的成果。通常在供給端——當一個新的中國供應商完成導入時，我們預期要超過一年、甚至有時兩年或更久，才會在出貨量與毛利上帶來有意義的貢獻。原因是我們導入的供應商並不總是——我的意思是，並不那麼了解我們的市場。

They need to test the waters first, they send small supply to the countries. And then gradually, they will scale their inventory in our most important countries. So this process does take time. So they learn the market and they commit more and more working cap and inventory to our countries. And so what you see today is really the result of like three to four years of real hard work.

他們需要先試水溫，先向各國發送小批量供應。然後逐步在我們最重要的國家擴大庫存規模。所以這個過程確實需要時間。他們會了解市場，並且投入越來越多的營運資金與庫存到我們的國家。因此你今天看到的，其實是過去三到四年非常辛苦努力的成果。

What we see on the ground in China, I mean, since the whole tariff thing last year, we've seen that strong -- I mean, much stronger enthusiasm and strong engagement with Chinese vendors. We've seen more and more vendors willing to join our platform and sell on Jumia. The trend has been very well maintained over the past quarters and consistent now.

我們在中國當地看到的情況是，自從去年整個關稅事件以來，我們看到與中國供應商之間更強——我是說，明顯更強的熱情與高度投入。我們看到越來越多供應商願意加入我們的平台並在 Jumia 上銷售。這個趨勢在過去幾個季度維持得很好，現在也很一致。

And this this increased volumes of onboarding of vendors is going to reflect over time, but it's not yet fully felt in the numbers. So the good news here is that we really have a pipeline of vendors and the pipeline of supply coming to Africa that will get -- should get stronger over time due to the medium- to long-term structural nature of the work we're doing with our Chinese vendors.

而且，這種供應商上線（onboarding）量的增加會隨時間反映出來，但目前在數字上還沒有完全體現。所以這裡的好消息是，我們確實有一個供應商管線，以及一個流向非洲的供應管線；由於我們與中國供應商合作所做工作的中長期結構性特質，這個管線應該會隨時間變得更強。

And in terms of margins, as we mentioned in the past, the rise of international supply is accretive to our margins. These vendors typically operate in categories that have higher -- sorry, gross profit ratios such as fashion, accessories, home & living and so on. They are also much better contributors to our margins when it comes to purchasing advertising services and using our storage services. So at the end of the day, it enables us to get higher monetization from those sellers and from the local marketplace.

至於毛利率方面，如同我們過去提到的，國際供應的提升對我們的毛利率是增益的。這些供應商通常經營毛利率較高的品類——抱歉，是較高的毛利率水準——例如時尚、配件、家居生活等。此外，在購買廣告服務以及使用我們的倉儲服務方面，他們對我們毛利率的貢獻也更大。總之，這讓我們能從這些賣家以及本地市集獲得更高的變現能力。

Understood. Another, I guess, topic I want to touch upon is actually your fulfillment leverage. You guys continue to show the leverage there. Just given you are going to very high growth momentum, especially in some of the countries, how sustainable is, I think, the fulfillment leverage? Are any logistic capacity constraints or upcoming investment we should be mindful?

了解。另一個我想談的主題是你們的履約（fulfillment）槓桿。你們持續展現出這方面的槓桿效益。考量到你們正處於非常高的成長動能，尤其是在某些國家，我想問履約槓桿的可持續性如何？是否有任何物流產能限制或即將到來的投資是我們需要留意的？

Thanks, Frawne. I'll spend some time on fulfillment. It's an important one because it's our biggest cost bucket. So first of all, I mean, we're still seeing some leverage on costs this quarter with the fulfillment cost per order that's declining 10% in local currency and it's almost all local OpEx. So the local currency view is relevant. But we're not happy with the progress, right?

謝謝你，Frawne。我會花點時間談履約。這很重要，因為它是我們最大的成本項目。首先，本季我們仍看到一些成本槓桿：以本地貨幣計算，每筆訂單的履約成本下降了 10%，而且幾乎全部都是本地營運費用（OpEx）。所以用本地貨幣來看是有意義的。但我們對進展並不滿意，對吧？

In dollars, we're flat year over year at $2.1 per gross order. We want to do better than that. So just to set the stage, we're not happy with the progress here, although there is some leverage that visible in local currency. We believe those cost per order should keep on going down going forward. And scale should play in our favor. There can be very specific temporary cases where like very high volumes lead to some level of inefficiency, but that's really not what should happen across countries and over the long run.

以美元計算，我們每筆總訂單（gross order）成本年對年持平在 2.1 美元。我們希望能做得更好。所以先把背景說清楚：我們對這裡的進展不滿意，儘管以本地貨幣看確實有一些槓桿效益。我們相信未來每筆訂單成本應該會持續下降。規模應該會對我們有利。可能會有非常特定的暫時情況，例如極高的訂單量導致某種程度的低效率，但從跨國與長期來看，這不應該成為常態。

So looking specifically at the improvements and the leverage we have on that fulfillment cost per order, we have a lot of work that has -- well, that has been ongoing over the past two quarters already. On the fulfillment -- so on fulfillment staff cost, which is about one-third of the cost here, we have a big push for higher productivity and more automation. We're rolling out at the moment, for example, new tools at the warehouse to increase productivity and tracking of the workforce. So we believe we have some potential to improve there.

具體來看我們在每筆訂單履約成本上的改善與槓桿，我們已經在過去兩個季度持續推進大量工作。在履約方面——就履約人員成本而言，約占這裡成本的三分之一，我們正大力推動更高的生產力與更多自動化。例如，我們目前正在倉庫推出新工具，以提升生產力並追蹤人力配置。因此我們認為這裡仍有改善空間。

And on the transport side, which is around two-thirds of the fulfillment staff cost, about 60%. So on transport, which is basically all the money we're paying to our local logistics partners. We have recently implemented a renegotiation of all the fees, I mean, a reduction of all the fees. Some of that will be partly offset by the fuel price increases, which will lead to surcharges in some countries. But over the long run, as prices will normalize, we expect the surcharges to go away.

在運輸端，約占履約成本的三分之二，大約 60%。所以在運輸方面，基本上就是我們支付給本地物流合作夥伴的所有費用。我們最近已完成所有費率的重新談判——也就是全面降費。其中一部分會被燃油價格上漲所部分抵銷，這會在某些國家導致附加費（surcharge）。但長期來看，隨著價格正常化，我們預期這些附加費會消失。

And we are working to improve also the efficiency of our local partners for logistics, so we can renegotiate their fees. So we're working on new tools to make middle-mile trucking more efficient for our partners so we're able to split the savings with them. And this will be operational later this year.

我們也在努力提升本地物流合作夥伴的效率，這樣我們就能重新談判他們的費率。我們正在開發新工具，讓合作夥伴的中段運輸（middle-mile）卡車運輸更有效率，從而讓我們能與他們分攤節省下來的成本。這些措施將在今年稍晚投入營運。

So we still have a lot to do and we still have a lot of efficiencies to capture there. It's a lot of hard work, right? We're using more and more AI to make it more efficient in supply chain as well. Part of it depends on tech progress, which we're seeing on the ground and scale should be a tailwind in this regard.

所以我們還有很多要做，也還有很多效率可以在那裡釋放。這是一項很辛苦的工作，對吧？我們也越來越多地使用 AI 來提升供應鏈效率。其中一部分取決於技術進展，我們在第一線確實看得到，而規模在這方面也應該會成為順風。

Yeah, I hope that answers the question.

是的，希望這回答了你的問題。

Yeah, that's very helpful. Lastly, more on housekeeping. Can you provide some color on the latest FX trend for your key countries?

是的，這非常有幫助。最後，偏向例行事項（housekeeping）方面，你能否就你們主要國家的最新匯率（FX）趨勢提供一些說明？

Yes, Antoine, you want to take FX?

好的，Antoine，你要來回答匯率（FX）嗎？

Yes. So you can see that we've had a disconnect between the progress we made on the adjusted EBITDA basis and the net loss before tax. And this was driven by Forex exchange, which was noncash. If you compare to Q1 '25 last year, we had a net FX gain of USD2.1 million. And this year, we have recorded a loss of USD3.5 million.

好的。所以你可以看到，我們在調整後 EBITDA 層面的改善進展，與稅前淨虧損之間出現了落差。而這是由外匯匯兌所驅動的，且屬於非現金項目。若與去年 Q1 '25 相比，我們當時有 210 萬美元的淨匯兌收益；而今年我們記錄了 350 萬美元的損失。

Again, that swing is not cash-based. There is no cash impact. And this reflects the impact of FX swing on intercompany balances that we have between the total holding and the operations. We are working actively on this one to reduce the impact of the Forex by accelerating repatriating cash and other restructuring operations. This was for the finance and accounting part.

再次強調，這個波動不是以現金為基礎，沒有現金影響。這反映的是外匯波動對我們控股公司與營運公司之間的關聯公司往來餘額（intercompany balances）的影響。我們正積極處理，透過加速資金匯回（repatriating cash）以及其他重組作業來降低外匯影響。以上是財務與會計部分。

On the business side, before Francis comments, if you want, we see some impact, but what is important for us is that the movements are not too violent so that our vendors do not hesitate to import in the countries, which has been the case this year. So so far, we are able to handle properly the FX swing that we are seeing.

在業務端，在 Francis 補充之前，如果你願意的話，我們確實看到一些影響，但對我們而言重要的是匯率變動不要太劇烈，這樣供應商才不會因而猶豫是否要向這些國家進口——而今年確實是如此。所以到目前為止，我們能夠妥善應對我們所看到的匯率波動。

Yeah. I'll just add briefly on that. We've seen huge swings in FX over the past four years across our key countries like Nigeria and Egypt. There's no such thing happening right now. Local currencies have been behaving much more strongly even over the past few months. And as Antoine mentioned, the most important part here is that it's not impacting suppliers' confidence. It's not impacting customers' purchasing power in any significant way and we're not seeing any disruption in the business because of this.

是的。我再簡短補充一下。過去四年，我們在尼日利亞、埃及等主要國家看到非常大的匯率波動。現在並沒有發生那種情況。即使在過去幾個月，本地貨幣的表現也強得多。正如 Antoine 提到的，最重要的是這並未影響供應商的信心，也沒有以任何顯著方式影響客戶的購買力，而且我們沒有看到因此造成任何業務中斷。

Understood. Thank you, both.

了解。謝謝你們兩位。

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