JMIA

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia's results conference call for the first quarter of 2026. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a question and answer session. With us today are Francis Dufay, CEO of Jumia, and Antoine Maillet-Mezeray, Executive Vice President, Finance and Operations. 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 24th, 2026, as well as our other submissions with the SEC. In addition, on this call, we will refer to certain financial measures not reported in accordance with IFRS. 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. With that, I will hand the call over to 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. 2026 is the year we plan to demonstrate our path to profitability. Q1 2026 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 2026 confirmed that the flywheel is turning. 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.

Profitability metrics continue to move in the right direction. Adjusted EBITDA loss narrowed to $10.7 million from $15.7 million in Q1 2025. The business absorbed higher volumes with increasing efficiency while maintaining a disciplined approach on costs. Excluding the one-time cost related to our Algeria exit in February 2026, adjusted EBITDA loss would have been $9.7 million, reflecting an underlying improvement of 38% year-over-year in our core business. Based on the progress we made in 2025 and the momentum continuing into Q1 2026, we remain focused on achieving our target of adjusted EBITDA breakeven and positive cash flow in the fourth quarter of 2026 and delivering full-year profitability and positive cash flow in 2027.

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 their potential effects on global supply chains, shipping costs, and commodity prices. 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 diversity of our supplier base positions us well to navigate this uncertain environment. Notwithstanding these external matters, we reiterate our guidance for 2026. 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.

Our focus remains clearly on physical goods, which accounted for nearly all orders in 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 payment gateway transactions have become less meaningful as indicators of our operating performance and effective as of the first quarter of 2026, we will discontinue the quarterly disclosure of these KPIs. 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 2025 making a repeat purchase within 90 days, up from 45% in Q4 2024.

Demand was broad-based across electronics, home and 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. Average order value for physical goods increased to $36 from $35 in Q1 2025. 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. 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.

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. 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. 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. 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. As a result, adjusted EBITDA loss narrowed to $10.7 million from $15.7 million in Q1 2025. Loss before income tax was $17.8 million, an 8% increase year-over-year or 21% decline on a constant currency basis, primarily reflecting non-cash foreign exchange losses. Quarterly cash burn increased to $15.3 million in Q1 2026 compared to $4.7 million in Q4 2025. 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 2025, demonstrating improvement in our financial trajectory. Now turning to operational highlights and execution at the country level. Q1 2026 demonstrated continued execution strength across our markets. Supply fundamentals remained 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. Efficient marketing deployment, including CRM, paid online, SEO channels, supported customer acquisition at attractive unit economics. In the first quarter, we sourced 4.9 million growth 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 volume from our supply base from affordable fashion in Turkey.

Operationally, we continued 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. Our value proposition continues to resonate strongly, driving both adoption and repeat purchase. 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 and living performing particularly strongly alongside continued traction from upcountry 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. 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 and living driven by local suppliers and in fashion driven by international suppliers more than offset the tighter supply in phones. Kenya remains a relatively under-penetrated market for Jumia, with vast opportunities upcountry, and we continue to invest in expanding our reach. 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 a market where we have our highest penetration levels. 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. 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. 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 2025 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. 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. Ghana delivered an exceptional first quarter, with physical goods GMV increasing 142%, driven by upcountry expansion, a scaling of local marketplace, and strong supply from international sellers.

Ghana was largely unaffected by the disruption in the electronic segment. 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 1-week internet blackout during the quarter, temporarily impacting volumes, though the market still delivered growth for the period. In February 2026, we completed our exit from Algeria, which represented approximately 2% of GMV in 2025. The wind down resulted in total 1-time exit costs of approximately $1 million, reflecting employee termination benefits and asset impairment, which were all recognized in our Q1 2026 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.

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. 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 2 main developments having the potential to impact our business. 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 2025 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. 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. 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. 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 in renegotiations. That said, our strategy of building pickup stations throughout countries is very helpful in this regard, as it means that we have already de-correlated a significant share of our delivery costs from fuel prices.

In particular, 74% of our shipped packages are fulfilled through pickup stations rather than door delivery in Q1 2026, up from 67% in Q1 2025, both adjusted for perimeter effects. We have also taken steps to electrify our last mile delivery fleet in Uganda, we are looking to replicate this successful pilot in more countries as we continue to reduce our dependence on fuel in logistics operations. 2025 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. 2026 is the year when we intend to show that this model will take us to profitability. In this regard, Q1 is a strong data point that is consistent with Q4 2025 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 the trajectory to break even by chasing more scale in a disciplined way, improving operational execution, and further streamlining our fixed cost base. 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. With that, I will now turn the call over to Antoine to walk you through the financials in more details.

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. Marketplace revenue for the first quarter totaled $27 million, up 50% year-over-year and up 35% on a constant currency basis. Third-party sales were $23.2 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.

Marketing and advertising revenue was $2.2 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. 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 $1.7 million in the first quarter of 2026, compared to $0.6 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 $23.1 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. Turning to gross profits. First quarter gross profit was $29.4 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 basis points to 13.9% for the quarter, compared to 12.3% in the first quarter of 2025, reflecting continued progress in marketplace monetization. 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 basis points 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. Moving to expenses. We continued 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 $12.2 million, up 29% year-over-year and up 17% in constant currency, primarily due to higher volumes.

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 $5.1 million for the first quarter, up 64% year-over-year and up 54% in constant currency. We view this increase positively. We are scaling high ROI marketing investment on the back of stronger product fundamentals, improved quality of service. Higher platform reliability, driving not only top line growth, but also better unit economics and higher volumes and improved customer retention contribute directly to operating leverage and margin improvement.

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. 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 $9.1 million, driven by approximately $0.8 million in one-time termination benefits related to our Algeria exit and the appreciation of local currencies against the U.S. dollar compared to the first quarter of 2025. We continue to streamline the organization.

The total headcount has declined by 8% since December 31st, 2024, with just over 1,980 employees on payroll as of March 31st, 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 headcounts, 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 2 quarters. More broadly, AI and automation are becoming meaningful drivers of efficiency across Jumia. We are deploying AI tools across core operations, finance processes, headcount efficiency programs in our technology organization, encompassing cybersecurity monitoring and software development, which supported a net FTE reduction and raw efficiency gains year-over-year. 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. 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. 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 non-cash foreign exchange losses. Turning to the balance sheet and cash flow.

We ended the first quarter with a liquidity position of $62.6 million, including $61.5 million in cash and cash equivalent 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. 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. 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. I now turn the call back over to Francis for a discussion of our updated guidance.

Thank you, Antoine. Let me now turn to our expectations for 2026. Our focus for 2026 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 2026 outlook. We are navigating an evolving international environment. 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 2026 results demonstrate continued execution, and we have not changed our midterm profitability targets or our belief in Jumia's long-term opportunity for growth. For the full year 2026, we anticipate GMV to grow between 27%-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 2026, and to deliver full year profitability and positive cash flow in 2027. Looking specifically at the second quarter, GMV is projected to grow between 27% and 32% year-over-year, adjusted for perimeter effects. Thank you for your attention. We'll now be happy to take your questions.

Certainly. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, that is star one to ask a question. One moment, please, while we poll for questions. Your first question for today is from Jack Halbert with Cantor Fitzgerald.

Thanks, guys, for taking my question. I just have 2 please. 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? Is it more about consumers like deferring purchases, trading down, or is it more of a supply availability issue? That's the first question. 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?

Maybe on the AI side, what are a few examples of areas you're seeing the most efficiency in the business from AI currently? Thanks.

Hi, Jack. Let me take those two questions, and Antoine Maillet-Mezeray will also comment on the AI impact across our business. Starting with memory chips, CPU prices inflation. To quantify the impact, you can look at our presentation where we show the share of smartphones category in our mix. You'll see the whole smartphones category, I mean, is directionally roughly 10% of all sales in GMV. This is usually a category with lower unique contributions. It's lower margins than, let's say, fashion, for example. 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. 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 a global trend, and it's relevant for our business. 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. A lot of people asked us question, sorry, late 2025 and in the first month of 2026, really not much was changing on the market at this time.

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. 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. 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're seeing on the market. Some brands will be running out of stock. 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.

Basically, we see it as temporary disruption as the supply chain reorganizes. When it comes to consumer impact, which you were asking, we see a mix of both, right? We see a mix of course, prices increasing, so consumers are trading down. I mean, people are still buying smartphones. That will never change. They're buying lower specs with the same amount of money in their pocket. On the other hand, we also see supply, I mean, pure supply, availability issues on very specific brands in very specific markets. As we mentioned earlier in the call, we've been more impacted in the Ivory Coast, for example, than in Kenya in terms of pure supply availability.

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'll keep on selling smartphones, and the market will reorganize. 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. And then to your second question about headcount, the 200 target is not tied to Algeria. Most of the impact on Algeria is already behind us. The 200 headcount reduction that we mentioned has nothing to do with the exit from Algeria.

Antoine, do you want to comment on the use of AI across our business? 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 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 changes pricing policy overnight. 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.

Awesome. Thank you, guys.

Your next question is from Brad Erickson with RBC Capital Markets.

Hey, guys. Just a couple follow-up on that first question. I guess with maintaining the full-year guide, 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, you know, some of these headwinds you're talking about are sort of dynamic and adjusting and reflected in Q two, but then sort of stabilize through the year? Or is there any contemplation in the range that maybe things get worse?

Well, in the current international environment, if Brad, if you know for sure what's gonna happen, please tell me. We could make a lot of money. Well, more seriously, we acknowledge some level of uncertainty in the international environment with very specific aspects that can have a negative impact on our, on our P&L. We mentioned chips prices and fuel costs. We remain confident in the range that we have given as guidance for the full year and for the second quarter. It, I mean, it covers, it includes some level of uncertainty. But, I think it reflects, I mean, the fact that we stabilize that range, reflects the our opinion that most of the disruption we're seeing is temporary.

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. Smartphones price increases and supply disruption is real and can be felt on the markets. We all see that as quite temporary and really not disrupting the fundamentals of our business, neither the midterm or long-term opportunity. We also seeing continued strength in the trends in several countries, especially Nigeria, which is still growing over 40%, Ghana, which is growing over 100%. In short, those headwinds and, I mean, that level of uncertainty is not structurally challenging our business, and it's not something we expect for the long run.

This range of 27%-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.

Got it. 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, giving some of these other headwinds you're talking about? I guess how much kind of like offense do you feel like you can play here in 2026 in terms of, you know, 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.

I think 3 things on the marketing side. First of all, I think we remain at spend ratios that are very reasonable for an e-commerce company of our size. Our ratio spend is slightly lower than much, much bigger players in emerging markets, which shows frugality and efficiency in that field. We were very, I mean, we're confident in our ability to spend very efficiently our marketing budget and driving strong returns. Second, we still have major improvements coming over the year in terms of efficiency and the better use of our marketing channels, especially online. 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.

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

Got it. 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, what are kind of the, some of the major pain points on reaching that goal, that you feel like you still have to get through?

You mean the goal of cash flow positive?

Correct.

I would not talk about pain points. I mean, I let Antoine Maillet-Mezeray comment as well, I think the path is pretty clear, right? I mean, if you look at our numbers, now 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. There's a very clear trajectory that takes us to break even. 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 the fixed costs.

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.

Understood. Thank you.

Your next question for today is from Ryan Sigdahl with 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, 'cause you reiterated the guide, the outperforming Q1, Q2 guide is in line despite kind of all of those challenges. 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?

Yeah. Thanks, Ryan, for putting it this way. I mean, Antoine Maillet-Mezeray and I are very deeply in the business, and it's sometimes good to step back and realize the progress. I mean, we have a tendency to look more at the problems than at the successes, it's how we manage to push it forward. Yeah, I think there are very clear bright side this quarter. It's very clear, and that's what you see in our presentation on the operating leverage. We see that we, again, this quarter, just like in the fourth quarter of 2025, we're able to show significant GMV growth, so the business model is working, while clearly improving all the unit economics.

31% GMV growth, that translates into a significant improvement of 64% of all gross profit after fulfillment and marketing costs. That's real operating leverage, and we're able to further reduce our fixed costs, 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. You see the 32, the one-third, the 32% improvement in adjusted EBITDA. 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. We expect that to continue.

There's no reason why the trends to change in the coming quarters.

Very good. We've noticed, you mentioned, you know, 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 right-sized the cost structure, infrastructure and overall company.

Yeah. I'll talk about Nigeria right afterwards, but overall across countries, we keep on expanding our reach, 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, I mean, if we do not build the distribution network in a given city, it means that city is outside of our addressable market. 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. Nigeria is the most striking example.

A few months back, in Nigeria, we were still covering about one-third of the addressable market of the population. If we looked at the cities where we had this established distribution, it, total population was about one-third of total population, which leaves massive room for improvement. In our more mature markets, we're close to 60% in Ivory Coast, for example. It gives you an idea of the potential that's still untapped in a country like Nigeria. 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 upcountry, so distribution expansion. That's a big driver.

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. 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. 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, well, it's quite profitable to scale in Nigeria, to put it this way.

Setting times. Well done, guys. Thanks.

Thanks, Ryan.

Your next question is from Fawne Jiang with The 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 merchants ramp up, and the typical lead time from onboarding to more meaningful GMV contribution, particularly considering, you know, you are opening a new sourcing center in Yiwu, and how would that potentially impact your take rate going forward?

Hi. Hi, Fawn. That's an important question, I guess. How can I put it? The growth we're seeing today, in volumes, items sold and whole business from international sellers, is actually the result of the last 3 to 4 years of work. Typically, the timelines when a supplier, when a new Chinese vendor is onboarded, we expect meaningful contribution after more than 1 year, sometimes 2 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. 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. This process does take time.

They learn the market, and they commit more and more working cap and inventory to our countries. What you see today is really the result of like 3 to 4 years of real hard work. What you see on the ground in China, I mean, since since the whole tariffs thing last year, we've seen like 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 still consistent now. This increased volumes of onboarding of vendors is going to reflect over time, but is not yet fully felt in the numbers.

The good news here is that we really have a pipeline of vendors and a pipeline of supply coming to Africa that will get, and it should get stronger over time due to the medium to long-term structural nature of the work we're doing with our Chinese vendors. In terms of margins, as we mentioned in the past, the rise of international so international supply is accretive to our margins. These vendors typically operate in categories that have highest, higher, sorry, growth profit ratios such as fashion, accessories, home and 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.

At the end of the day, it enables us to get higher monetization from those sellers than from the local marketplace.

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

Thanks, Fawne. I spent some time on fulfillment. It's an important front 'cause it's our biggest cost bucket. First of all, I mean, we still seeing some leverage on cost 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. We're not happy with the progress, right? In dollars we're flat year-over-year at $2.1 per gross order. We want to do better than that. Just to set the stage, we're not happy with the progress here, although there is some leverage that's visible in local currency.

We believe those costs 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. Looking specifically at the, at the improvements and the leverage we have on the, on the, on that fulfillment cost per order, we have a lot of work that has been ongoing over the past two quarters already. On fulfillment staff cost, which is about one-third of the cost here, we have a big push for tight, 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. We believe we have some potential to improve there. On the transport side, which is around 2/3 of the fulfillment staff cost, about 60%. 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. Over the long run, as prices will normalize, we expect the surcharges to go away.

We are working to improve also the efficiency of our local partners for logistics so we can renegotiate their fees. 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, this will be operational later this year. 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. Scale should be a tailwind in this regard. Yeah.

I hope that answers the question.

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

yes. Antoine, you want to take FX?

Yes. You can see that we had a disconnect between the progress we made on the big adjusted EBITDA basis and the net loss before tax. This was driven by Forex exchange, which was non-cash. If you compare to Q1 2025 last year, we had a net FX gain of $2.1 million, and this year we have recorded a loss of $3.5. Again, that swing is not cash-based. There is no cash impact. This reflects the impact of FX swing on intercompany balances that we have between the top 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 from the finance and accounting parts. On the business side, before Francis comments, if you want, we see some impact, but what is important for us is that the movement are not too violent so that our vendors do not hesitate to import in the countries, which has been the case this year. So far we are able to handle properly the FX swing that we are seeing.

Yeah. I'll just add briefly on that. We've seen huge swings in FX over the past 4 years across all key countries like Nigeria and Egypt. There's no such thing happening right now. Our local currencies have been behaving much more strongly over the past few months. 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 ways. We're not seeing any disruption in the business because of this.

Understood. Thank you both.

We have reached the end of the question and answer session and conference call. You may disconnect your phone lines at this time. Thank you for your participation.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia's Results Conference Call for the Fourth Quarter of 2025. [Operator Instructions] I would now like to turn the call over to Ignatius Njoku, Head of Investor Relations for Jumia. Please go ahead.

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. 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 March 7, 2025, as well as our other submissions with the SEC. In addition, on this call, we will refer to certain financial measures not reported in accordance with IFRS. 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. With that, I'll hand over to Francis.

Good morning, everyone, and thank you for joining Jumia's Fourth Quarter and Full year '25 Earnings Call. 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. 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. This 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. Adjusted EBITDA improved, cash burn was meaningfully reduced and the business absorbed higher volumes with increased efficiency. Based on the progress we made in '25 and the momentum exiting the year, 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 2027. 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. 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 '25 making a repeat purchase within 90 days, up from 42% in Q3 '24. Demand was broad-based across electronics, phones, Home & Living, Fashion and beauty and consistent across both countries, reflecting a similar quality of execution and inputs across our markets. 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 '24, reflecting a mix shift towards higher-value categories such as appliances. 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. Now turning to profitability. The progress made over the past 3 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 and implemented increases in commissions and take rates across most countries in mid-January '26, reflecting the scale of our platform and improved service levels delivered to vendors. These changes are consistent across markets and reflect stronger marketplace fundamentals. Headcount declined 7% in '25 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 '26, primarily across technology and G&A, driven by continued efficiency initiatives and organizational streamlining. 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. 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 (sic) [ $13.7 ] million in the prior year quarter. 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 '25 compared to $15.8 million in Q3 '25, reflecting tighter working capital management and improved operating efficiency. 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. 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. 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 commodities. 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. In the fourth quarter, we saw 6.1 million gross 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 continue to extend our reach beyond major urban centers. Orders from upcountry 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. 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. Now at the country level. Nigeria delivered a standout 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. Initiatives launched in the Northern region in the third quarter of '25 are translating into steady active customer growth, while the South-South and Southeast regions sustained strong performance. This momentum was supported by an improving macro environment in '25, including greater currency stability as well as the positive effects of structural reforms. 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. 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. 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. The buy now, pay later offering continued to deepen with record penetration in high-value categories, driving stronger conversion and higher ticket sizes. Upcountry expansion remained a tailwind with volumes shifting further towards these areas. 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. Our other markets portfolio also performed well, collectively delivering 18% physical goods, GMV growth and a 16% increase in physical goods orders. In February '26, we announced our decision to cease operations in Algeria, which represented approximately 2% of GMV in 2025. We expect a short-term impact from employees and lease exit costs and asset 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. 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 nonresident and cross-border platforms across several countries. Recent examples include the introduction of a new tax on the profits of nonresident e-commerce platforms in the Ivory Coast as well as Ghana's VAT Amendment Act, which requires nonresident 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. As we begin '26, our focus shifts from rebuilding to scaling. First, we plan to accelerate top line growth across our existing markets. Upcountry 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. 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. Third, marketing represents a meaningful growth lever for -- in 2026 and an important contributor to operating leverage. After rebuilding and stabilizing our off-line channels, we see significant opportunity to scale and optimize online marketing channels that remain underpenetrated, 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. Fourth, '26 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. We also intend to scale high-margin revenue streams. We believe that advertising remains underpenetrated and offers meaningful upside while Jumia delivery improves asset utilization and contributes incremental margin with limited additional cost. 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 breakeven. Let me close with this. Jumia operates in markets that remain significantly underpenetrated 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. With that, I will now turn the call over to Antoine to walk you through the financials in more detail.

Thank you, Francis, and thank you, everyone, for joining us today. I will now walk you through our financial performance for the fourth quarter. Starting with revenue. Fourth quarter revenue reached USD 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 USD 31 million, up 36% year-over-year and up 24% on a constant currency basis. Third-party sales were USD 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 USD 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, with advertising revenue currently representing roughly 1% of GMV, we see meaningful opportunity to scale this channel. Value-added services revenue was USD 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 USD 29.1 (sic) [ USD 29.9 ] 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. Turning to gross profit. Fourth quarter gross profit was USD 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. 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 vendors. These changes are expected to support gross profit growth going forward. 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 USD 14.8 million, up 15% year-over-year and up 5% in constant currency, primarily due to higher volumes. Fulfillment expense per order, excluding JumiaPay 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. 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. Sales and advertising expense was USD 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. Technology and content expense was USD 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 G&A expense, excluding share-based payment expense, was USD 13 million, up 1% year-over-year and down 3% on a constant currency basis. Staff costs within general and administrative expense, excluding share-based compensation expense, decreased by 18% to USD 8.2 million. The fourth quarter of 2025 included a tax benefit of USD 4.3 million compared to $8.4 million tax benefit in the fourth quarter of 2024. 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 $9.7 million, a 45% decrease year-over-year or 17% decline on a constant currency basis. Turning to the balance sheet and cash flow. We ended the fourth quarter with a liquidity position of USD 77.8 million, including $76.7 million in cash and cash equivalents and $1.2 million in term deposits and other financial assets. Our liquidity position decreased by USD 4.7 million in Q4 '25 compared to a decrease of $13.6 million in Q4. 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 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. CapEx in Q4 '25 was USD 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. 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. I'll now turn the call back over to Francis for a discussion of our updated guidance.

Thanks, Antoine. Let me now turn to our expectations for '26. 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. Importantly, this does not change our underlying profitability objectives, and we believe we remain on track to achieve adjusted EBITDA breakeven and positive cash flow in the fourth quarter of '26 and delivering full year profitability and positive cash flow in 2027. With that context in mind, our focus for '26 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% 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 2027. Looking specifically at the first quarter, GMV is projected to grow between 27% and 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 '26 and expects to incur related onetime costs. Thank you for your attention. We'll now be happy to take questions.

[Operator Instructions] Your first question for today is from Brad Erickson with RBC Capital Markets.

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, it sounds like, and then there's obviously just kind of the rising tide of underpenetrated 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?

Yes, sure. I think we have 3, maybe 4 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 that's been pushed for the past 3 years. So it's a long-term impact. Second big driver that's quite structural as well is coverage, market coverage. So we've significantly expanded our network back in '24 and in early '25 as well, and it will continue in '26. 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 few years as well. And then marketing started playing a more important role, I would say, in the second half of the year. And 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, and it's been contributing definitely to the acceleration you see in the second half of the year. And then you have a more diffused 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.

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?

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 I'll take that one. When we look at the fulfillment capacity, which is 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 '26 or maybe the end of '27. So the next 2 years should be very manageable with the capacity we have. 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 '27. But most of the countries should be fine. We don't expect major CapEx on that front because we've done a pretty big work on this topic already in '24 and '25, moving to new bigger fulfillment centers in most countries. And then when we look at the tech platform, the tech stack, we believe we have the right tech stack to manage 2 or 3x the volumes we've been running in '25. 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 2 or 3x the volumes.

Got it. That's great. And then 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?

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. 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. We -- 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%. We did not deliver as much as we wanted in '25, 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 '26.

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 in the course?

I'll take 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 de-prioritized that line of business. 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 stable. Antoine, you want to take the FX.

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

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?

So I'll start with the second half of your question. We're not considering entering any new country until we hit full year breakeven. So we don't want to get distracted. And we don't want to delay the target for breakeven because we know that any new country we would open would be loss-making for at least 2 years. So that's not part of the plan until we hit full year breakeven. And then other countries to exit, at this stage, we believe we have the right footprint with 8 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. And 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. But no other country where we're contemplating an exit at this stage or thinking of.

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?

So -- yes, so 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. And so we could push a bit harder on working capital to secure more assortment and better prices like we did last year after the ATM. 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. And 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.

Your next question is from Fawne Jiang with Benchmark.

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

Okay. Sure. Thanks. 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 1.5 years across the continent is that the macro is stabilizing. The most -- I mean, the best KPI for that is currencies. Well, the FX rates have been stable or slightly improving. 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 -- that's changing the whole context for us. 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 that 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 6 months later. So the whole stabilization on the currency front on the macro front is really helping the business. And across our footprint of 8 countries now, there should be no major disturbance in '26, 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. I think the best example is Nigeria. I mean, Nigeria has been through hell for 3, 4 years. They've come back. I mean, 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, and Jumia will be well positioned to take advantage of that. And then when we look at Egypt, yes, we 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 are relatively -- we're still a relatively small business in a big market, and there's definitely a lot of room for expansion. 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 up country like we've done successfully in the other countries. So yes, we have big expectations for Egypt.

Understood. That's helpful. My second question is actually on the operating leverage. You guys have made substantial headway across fulfillment, G&A, R&D. One item like sales and marketing, you guys seem to be still fairly aggressive in 2025. 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 like operating leverage for sales and marketing line for 2026? Any color on that, especially your cohort user behavior, repeat purchase? And yes, any granularity, that would be helpful.

Yes. So just to explain first. So 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 free segment and after marketing. 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 then full year '27, most important. That's the most important thing to us. We need to hit EBITDA breakeven. So we'll remain extremely reasonable in the way we spend our marketing money. So I think ballpark, H2 this year gives you an idea of what aggressive means for us in terms of marketing spend.

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 yes, incremental, I think, availability?

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, 3P. So we have plenty of suppliers to support us on, well, electronic accessories, devices and so on. 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. 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.

Understood. Last one on my side. You mentioned -- 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, the driver for future growth?

Sure. So what's specific about Africa when you mentioned 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. 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 we -- I think we've been the leaders in onboarding as many of those players as possible. We've done a big push in onboarding so -- 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. 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 assets backed -- sorry, BNPL, so based on phones that can be disabled. And in most of the other countries where we operate, sorry, the ecosystem is just naturally at this stage. So it's on a country-by-country basis. And I cannot comment about when we could be -- we would be able to expand that across more countries.

Your next question for today is from Ryan Sigdahl with Craig-Hallum Capital Group.

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 fundamentals, 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?

Yes. 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. But yes, we did expect more in '25 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 for retail advertising earlier in the year. And we see that revenues are really improving literally on a weekly basis. And we've been rebuilding the team and rebuilding the processes so we can now go ahead and also monetize brands with bigger campaigns. And we're looking forward to seeing the results in '26 on the back also of much bigger volumes that definitely help when you want to sell advertising.

Good segue, Francis [indiscernible] my next question is just on the ads. I think it was mentioned 1% of GMV. Where do you think that can go in '26? 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 are these 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.

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 '26, right? It will take a few years to get to 2%, but that's the right target for us with gradual improvement. What we've done in '25 to start getting there, so we have 2 different segments here. We have sponsored products or retail advertising that we mostly sell to medium-sized and smaller market size vendors -- marketplace vendors, sorry. And then we have marketing campaigns that we sell to official distributors and brands. 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, took a lot -- 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. The teams really like the tool. The vendors give us really good feedback. It's reliable, it's stable and we 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 '26 by a margin. And then the second stream of revenue here is campaigns, mostly sold to big distributors and brands. '25 has been disappointing [indiscernible] 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 '23, '24. And of course, the marketing dollars reduced as well in the process. 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 has been released only a few weeks back. And now we have a much more focused and better organized team on the back of bigger volumes from -- 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 '26.

Your next question is from Deepak Mathivanan with Cantor Fitzgerald.

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 like talk to that a little bit more about the dynamics you're seeing there?

So to be honest, we haven't seen much change in the fourth quarter. Maybe -- I mean, I would say we've seen some softening from international competitors and not much change from local platforms. We -- I mean, there are a few countries where we're competing against local platforms. We're by far the market leaders in those countries. There would be Kenya, Nigeria, Morocco, for example. No, really no change. I mean, as usual, as I'd 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 are harder for them to reach. And thanks to our tech infrastructure that requires significant investment that's not sustainable for one single market. And then on the -- 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 2, 3 quarters. We've seen big pushes and then its slowdown through the year of '25. What we're seeing now that's interesting is that local regulators are looking into the issue of international platforms, nonresident platforms. It took a bit of time like everywhere in the world. But basically, local regulators are starting to address the fact that international nonresident platforms are not really -- 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. And it all -- I mean, it's good news for us, right, because it contributes to a more level playing field for e-commerce players and some of the slightly unfair advantage that these guys used to have will be removed because they have to compete and also paying their taxes like everyone else.

Great. No, that makes a lot of sense. And then just my second question is 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 like do you guys expect to get leverage just from pure like order volumes going forward?

Yes. So on that front, we have 2 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. 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. But also in the logistics or distribution operations, we are actually able to get much better prices from our 3 peers, 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. We're also able to optimize our moves for middle mile 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 3 peers in all countries, both for last mile for door delivery and pickup stations, but also for middle mile for the truck moves. And 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. Sorry, Jack, ballpark, we're looking for about 10% year-over-year improvement in unit cost per package delivered.

Your next question is from Tracy Kivunyu with SBG Securities.

One question from me on GMV guidance for next year. Considering -- 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 is the low base effect of corporate sales in the first quarter of 2025 that should help to boost that year-on-year comparison. 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're releasing your third quarter results?

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 we've been -- I mean, we're providing a guidance that's realistic and related -- I mean, hopefully, a bit conservative. And -- sorry, and Tracy, I would add to that as well. I mean we're providing this guidance. And 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 look -- 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.

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

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

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. 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 want to -- 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 a full point over GMV ballpark.

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