Jumia Technologies (JMIA) investor relations material

Market opportunity and macro trends

• Africa's e-commerce market is rapidly expanding, with retail e-commerce sales projected to grow from $12bn in 2019 to $40bn by 2029, driven by the world's fastest-growing population and increasing internet penetration.

• Structural headroom remains significant, as e-commerce penetration in Jumia's markets is only 2% compared to much higher rates in other regions.

• Macro tailwinds include strong population growth, rising GDP per capita, expanding internet access, and a growing tech-savvy youth demographic.

• Advancing fintech infrastructure and micro-financing options are enabling greater e-commerce adoption.

• Merchant digitization and improved logistics infrastructure are deepening local supply and expanding product assortment.

Business model and competitive positioning

• Operates a scalable, pan-African platform with an asset-light, partner-enabled logistics model and deep reach into secondary cities.

• Maintains a leadership position as Africa's only scaled and publicly listed e-commerce platform, present in 9 countries with a $1.3bn market cap as of November 2025.

• Competitive moats include a strong logistics network, cash-on-delivery leadership, and a playbook tailored to Africa's unique challenges.

• Combines global reach (notably China supply) with local depth, empowering both international and local merchants.

• Outperforms both local and global entrants through scale, technology, dense logistics, and a trusted brand.

Strategic evolution and operational turnaround

• Shifted from a growth-first, promo-led strategy to disciplined expansion, exiting unprofitable verticals and markets.

• Refocused on core e-commerce, prioritized high-margin categories, and implemented rigorous cost management.

• Enhanced operational efficiency, reduced cash burn, and improved contribution margin per order.

• Built a fit-for-Africa value proposition targeting the lower-middle class, who represent the majority of the population.

• Leveraged both online and offline marketing channels for broad customer acquisition.