Q2 FY2026
Filed Aug 12, 2026Jumia Reports Second Quarter 2026 Results and Announces Capital Raise
Revenue grew 14% year-over-year, GMV adjusted for perimeter effects grew 23%, gross profit grew 28%, and Adjusted EBITDA loss narrowed 36%. The company updated its 2026 GMV growth target while maintaining its Adjusted EBITDA and cash flow targets amid supply, fuel-cost, and Ivory Coast demand headwinds.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | $52.0 million | – | up 14% year-over-year |
| Revenue, constant currencynon-GAAP | $52.3 million | – | up 15% year-over-year |
| Gross Profitother | $30.7 million | – | up 28% year-over-year |
| Gross Profit, constant currencynon-GAAP | $31.2 million | – | up 31% year-over-year |
| Gross profit as a percentage of GMVother | 14.2% | – | – |
| GMVother | $216.3 million | – | 20% |
| GMV adjusted for perimeter effectsother | $216.3 million | – | 23% |
| GMV, constant currencynon-GAAP | $207.1 million | – | 15% |
| GMV adjusted for perimeter effects, constant currencynon-GAAP | $207.1 million | – | 17% |
| Fulfillment expenseother | $12.7 million | – | 18% |
| Fulfillment expense per physical goods Orderother | $2.04 | – | down 7% year-over-year |
| Sales and Advertising expenseother | $5.5 million | – | 33% |
| Technology and Content expenseother | $9.0 million | – | down 2% year-over-year |
| General and Administrative expenseother | $16.8 million | – | down 1% year-over-year |
| G&A expense, excluding SBCnon-GAAP | $15.2 million | – | down 5% year-over-year |
| Operating lossother | $12.4 million | – | down 25% year-over-year |
| Adjusted EBITDA lossnon-GAAP | $8.7 million | – | down 36% year-over-year |
| Loss before Income taxother | $10.9 million | – | down 33% year-over-year |
| Loss for the periodother | $11.7 million | – | – |
| Income tax expenseother | $0.9 million | – | – |
| Quarterly Active Customers adjusted for perimeter effectsother | 2.6 million | – | 23% |
| Orders Physical Goods adjusted for perimeter effectsother | 6.3 million | – | 28% |
| Orders JumiaPay Appother | 0.0 million | – | (88)% |
| Revenue, six months ended June 30other | $102.6 million | – | 25% |
| Gross Profit, six months ended June 30other | $60.1 million | – | 37% |
| Adjusted EBITDA loss, six months ended June 30non-GAAP | $19.4 million | – | down 34% year-over-year |
| Operating loss, six months ended June 30other | $26.2 million | – | down 25% year-over-year |
| Loss before Income tax, six months ended June 30other | $28.7 million | – | down 12% year-over-year |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Marketplace revenueThird-party sales, marketing and advertising revenue, and value-added services. | $28.8 million | – | up 34% year-over-year |
| Third-party sales revenueStrong marketplace execution, rising customer usage, and higher effective take rates. | $23.5 million | – | up 26% year-over-year |
| Marketing and advertising revenueGrowth in sponsored products and increased seller adoption of retail media advertising. | $3.5 million | – | up 88% year-over-year |
| Value-added services revenueGrowth in warehousing fees, higher storage-infrastructure volumes, demand from Chinese sellers, and improved warehousing monetization. | $1.9 million | – | up 61% year-over-year |
| First-party sales revenueSupply and demand headwinds in higher-value electronic items alongside marketplace growth. | $22.8 million | – | down 3% year-over-year |
| Other revenueOther revenue. | $0.3 million | – | (22)% |
Full-year 2026 and third quarter 2026 outlook
- NoteFull-year 2026 GMV is projected to grow between 20% and 30% year-over-year, adjusted for perimeter effects.
- NoteFull-year 2026 Adjusted EBITDA loss is forecast to be between $25 million and $30 million.
- NoteStrategic goal to achieve breakeven on an Adjusted EBITDA basis and positive cash flow in the fourth quarter of 2026.
- NoteStrategic goal to deliver full-year profitability on an Adjusted EBITDA basis and positive cash flow in 2027.
- NoteThird quarter 2026 GMV is projected to grow between 15% and 25% year-over-year, adjusted for perimeter effects.
What drove it
- Physical goods Orders adjusted for perimeter effects grew 28% year-over-year and Quarterly Active Customers adjusted for perimeter effects grew 23% year-over-year.
- Nigeria GMV increased 36% year-over-year and Orders increased 34% year-over-year.
- Gross items sold from international sellers grew 96% year-over-year, supported by scaling of the Chinese seller base and volumes from the affordable-fashion supply base in Turkey.
- The mix shifted toward fashion, beauty, and home and living, which have lower average item value but higher take rates.
- Retail media advertising reached 26% of sellers in the second quarter of 2026, compared to 19% in the second quarter of 2025.
- Pickup stations fulfilled 75% of shipped packages, compared to 71% in the second quarter of 2025, both adjusted for perimeter effects.
- Total headcount declined by 11% since March 31, 2026, to just over 1,770 employees on payroll as of June 30, 2026.
Concerns
- Memory chip and CPU price increases disrupted smartphone supply, while specific supplier shortages slowed other electronics subcategories.
- The war in the Middle East disrupted air freight through the Gulf and, together with broader oil market dynamics, increased fuel prices and logistics-partner surcharges.
- Demand in Ivory Coast softened following declines in cocoa farmgate prices.
- First-party sales revenue declined 3% year-over-year.
- Working-capital movements shifted from a $4.1 million cash inflow in the second quarter of 2025 to a $3.0 million cash outflow in the second quarter of 2026.
- The company updated its 2026 GMV growth target given volatility and uncertainty surrounding higher-value categories.
- Total Equity was $367 thousand as of June 30, 2026.
What to watch
- Third-quarter GMV growth against the projected range of 15% to 25% year-over-year, adjusted for perimeter effects.
- Progress toward Adjusted EBITDA breakeven and positive cash flow in the fourth quarter of 2026.
- Persistence of supply volatility in phones and electronics into early third quarter 2026.
- Fuel surcharges and the degree to which pickup-station expansion limits fulfillment-cost exposure.
- Working-capital expansion planned over the third quarter of 2026 to capture supply opportunities.
- Closing of the expected $50.0 million gross-proceeds capital raise in the second half of August 2026.
Balance sheet and cash flow
- Liquidity position of $48.3 million as of June 30, 2026, comprised of $47.4 million in cash and cash equivalents and $0.9 million in term deposits and other financial assets.
- Liquidity position decreased by $14.3 million in the second quarter of 2026, compared to a decrease of $12.4 million in the second quarter of 2025 and a decrease of $15.3 million in the first quarter of 2026.
- Net cash used in operating activities was $11.8 million, compared to $12.7 million in the second quarter of 2025 and $12.5 million in the first quarter of 2026.
- Cash outflow related to an increase in working capital was $3.0 million, compared to a cash inflow related to a decrease in working capital of $4.1 million in the second quarter of 2025.
- Purchase of property and equipment was $976 thousand.
- Non-current borrowings were $9.468 million as of June 30, 2026.
- Current borrowings were $4.459 million as of June 30, 2026.
- On August 11, 2026, investors agreed to purchase 9.1 million ADSs at a price of $5.52 per ADS, resulting in expected gross proceeds to Jumia of $50.0 million. Transactions are expected to close in the second half of August 2026.
Analysis
Jumia reported a stronger operating quarter, with revenue of $52.0 million, up 14% year-over-year, while GMV rose 20% to $216.3 million and grew 23% adjusted for perimeter effects. Physical goods Orders adjusted for perimeter effects grew 28% and Quarterly Active Customers adjusted for perimeter effects grew 23%. The usage outcome came despite supply disruption in phones and electronics, higher fuel costs, and softer Ivory Coast demand tied to cocoa farmgate price declines.
The revenue mix continued to move toward marketplace activity. Marketplace revenue was $28.8 million, up 34% year-over-year, led by third-party sales revenue of $23.5 million, marketing and advertising revenue of $3.5 million, and value-added services revenue of $1.9 million. First-party sales revenue was $22.8 million, down 3% year-over-year, reflecting the electronic-items headwinds. The company stated that third-party transactions generate commission income rather than the full sales price, making gross profit an important companion metric for evaluating the sales mix.
Gross profit increased 28% to $30.7 million and gross profit as a percentage of GMV improved to 14.2% from 13.3%. Jumia attributed this to a shift toward higher-take-rate revenue streams and a focus on category economics and take rates rather than discount-driven volume. Fulfillment expense per physical goods Order was $2.04, down 7% year-over-year, with productivity gains, scale, call-center automation, and logistics-partner rates partly offsetting fuel surcharges and non-recurring termination costs.
Cost discipline drove further operating leverage. Technology and Content expense declined 2% year-over-year, while G&A expense excluding SBC declined 5%. Operating loss narrowed to $12.4 million from $16.5 million, and Adjusted EBITDA loss narrowed to $8.7 million from $13.6 million. Total headcount declined by 11% since March 31, 2026, to just over 1,770 employees. Sales and Advertising expense rose 33% to $5.5 million as Jumia invested in targeted customer acquisition and engagement.
Cash usage remained material. Liquidity was $48.3 million at June 30, 2026, following a $14.3 million second-quarter decrease. Net cash used in operating activities improved to $11.8 million from $12.7 million, but working capital was a $3.0 million cash outflow versus a $4.1 million cash inflow in the prior-year quarter. Jumia plans to increase working capital gradually in the third quarter to capture supply opportunities. The announced $50.0 million expected gross-proceeds capital raise is intended to support growth, efficiency, and the marketplace and logistics network.
Management updated its full-year 2026 GMV growth target to 20% to 30% year-over-year, adjusted for perimeter effects, citing volatility in higher-value categories. It retained guidance for an Adjusted EBITDA loss of between $25 million and $30 million and reaffirmed strategic targets for fourth-quarter 2026 Adjusted EBITDA breakeven and positive cash flow, followed by full-year 2027 Adjusted EBITDA profitability and positive cash flow.
Management, verbatim
Our second quarter results demonstrate the resilience of the model we've built for Africa.
Francis Dufay, CEO
Importantly, we deliberately chose to protect our margins and unit economics this quarter rather than chase GMV at the expense of profitability.
Francis Dufay, CEO
We continue to see ourselves firmly on track toward our target of achieving Adjusted EBITDA breakeven and positive cash flow in the fourth quarter of 2026, and full-year profitability on an Adjusted EBITDA basis and positive cash flow in 2027.
Francis Dufay, CEO
Not in the filing
stated, not guessed- GAAP metrics are not applicable because the company reports under IFRS.
- Diluted EPS and basic EPS were not reported.
- A gross margin calculated as gross profit divided by revenue was not reported.
- Free cash flow was not reported.
- Dividends and share repurchases were not reported.
- Prior-quarter revenue, gross profit, operating loss, Adjusted EBITDA loss, loss before Income tax, loss for the period, and operating-expense comparisons were not reported.
- Previous-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.