Jumbo (BELA) Company presentation summary

Business profile and model

• Retail assortment of ~35,000 SKUs across toys, home goods, stationery and seasonal products; large-format stores average 9,000 sqm.

• 89 stores in Greece, Cyprus, Bulgaria and Romania; franchise partners operate 48 stores across 7 non-EU countries, while e-commerce represents 3% of sales.

• Centralized procurement, direct sourcing and owned logistics support a value-for-money model, cost leadership and margin resilience.

H1 2026 performance

• Sales €519.26m, up 4.42% YoY; gross margin 53.53%, down 33 bps YoY; net profit €120.65m, up 2.96% YoY.

• Reported P&L: gross profit €278m, up 3.8%; EBITDA €170m, up 2.81%, with 32.7% margin; operating profit €149m, up 3.2%.

• Cash and cash equivalents €546.14m at 30 June 2026; no bank debt. Net cash was €485.7m and H1 free cash flow €85.5m.

• Romania faced RON depreciation and higher VAT; favorable EUR/USD, manageable freight costs and sales mix partly offset gross-margin pressure.

Regional performance and outlook

• H1 sales: Greece €323.83m, +7.08% YoY; Cyprus €57.11m, +3.92%; Bulgaria €48.21m, +10.78%; Romania €90.11m, -6.50%.

• 9M 2026 sales rose 6% YoY; Greece +8%, Cyprus +7%, Bulgaria +14% and Romania -5%. September sales increased 8% YoY.

• 2026 budget targets sales growth of 5% and net profit of €310-320m; Greece is the strongest market, while Romania remains challenged by macro conditions and sticky inflation.

• Franchisee sales were €43m in H1, up 13% YoY; partners supply and operate their stores, with partner turnover excluded from reported revenue.