Jumbo (BELA) H1 2025 earnings summary

Executive summary

• Sales grew 8% year-over-year in H1 2025 to €497 million, with EBITDA up 7% to €165 million and net profit up 5% to €117 million.

• Dividend payouts of €0.4667/share in March and €0.50/share in July, with total 2025 cash distributions to shareholders reaching €131.5 million.

• Store network expanded to 89 stores, including a new hyperstore in Timișoara, Romania, and the launch of an online store in Bulgaria.

• Share buyback program led to cancellation of 1.69 million shares (1.25% of total) in August 2025.

• Net cash position remained robust at nearly €318 million as of June 2025.

Financial highlights

• Gross margin declined to 53.86% in H1 2025, impacted by higher franchise sales and VAT increases.

• Regional sales growth: Greece +9%, Cyprus +7%, Bulgaria +2%, Romania +8% in H1 2025.

• Franchise sales surged 52% to €38 million; e-commerce accounted for 2.3% of group sales.

• CapEx for H1 2025 at €14 million; full-year guidance below €60 million.

• Free cash flow for H1 2025 was €19.6 million; net cash from operations at €34.6 million.

Outlook and guidance

• Full-year sales growth targeted at 8%, with Christmas season as a key driver.

• Net income expected to be in line with 2024 organic levels, excluding insurance proceeds.

• CapEx for 2025 expected below €60 million; dividend policy remains at one-third of consolidated profits.

• Ongoing investments in ERP modernization, cybersecurity, AI tools, and two new distribution centers (investment exceeding €60 million over 3-5 years).

• Target to reduce Scope 2 greenhouse gas emissions by 7.5% by 2030 at Group level.