Jumbo (BELA) H1 2024 earnings summary

Executive summary

• H1 2024 sales grew 8–8.37% year-over-year to €460–€460.38 million, with net profit up 14–14.32% to €121.69–€122 million and adjusted net profit up 4.73–5% to €111 million, supported by stable margins and strong cash.

• Store network expanded to 86 stores across Greece, Cyprus, Bulgaria, and Romania, with new openings in Romania and Israel, and re-openings after storm-related closures.

• Cash distributions of €0.60/share in March and €1.00/share in July, with a share buyback program approved or proposed.

• Extraordinary insurance compensation of €10.21 million recognized for stores affected by 2023 floods, offset by one-off war-related costs.

• Net cash position at €351–€461.6 million (depending on lease inclusion), with strong free cash flow and no new loans.

Financial highlights

• Gross margin stable at 55–55.3% in H1 2024.

• EBITDA increased 12% to €164.54–€165 million; adjusted EBITDA up 5% to €154–€154.34 million.

• Free cash flow for H1 2024 was €62.1 million, up from €16.8 million in H1 2023.

• Capital expenditure for H1 2024 was €35–€35.07 million.

• Shareholders' equity at €1,231 million as of June 2024.

Outlook and guidance

• 2024 sales growth expected at 4%, with organic net income projected near 2023 levels.

• CapEx for 2024 budgeted at €60–65 million, subject to store rollout.

• New store openings planned in Cyprus and Bucharest in late 2024, and further expansion in Romania through 2026.

• Persistent supply chain delays due to Suez Canal disruptions and other external risks factored into guidance.

• Full-year gross margin expected to be close to previous year's 55.8%.