Jumbo (BELA) H2 2024 earnings summary

Executive summary

• Achieved 6% year-on-year sales growth in 2024, reaching EUR 1.15 billion, with net profit up 6% to EUR 320 million and EBITDA up 7% to EUR 425 million.

• Q1 2025 sales increased by 8% year-on-year, with Greece up 10% and strong consumer demand across all markets.

• Store network expanded to 89 locations, including new hyperstores in Romania and Cyprus, and two stores reopened after storm-related closures.

Financial highlights

• Gross margin stable at 55.6% for 2024.

• EBITDA grew 7% to EUR 425 million; adjusted EBITDA (excluding insurance compensation) up 4% to EUR 414 million.

• Net cash position at EUR 372.5 million; free cash flow for 2024 at EUR 234.3 million.

• Capex for 2024 totaled EUR 66 million.

• Total shareholder distributions in 2024 reached EUR 218 million.

Outlook and guidance

• Plans to open 1-2 new hyperstores annually in Romania, with further expansion in Cyprus, Bulgaria, and Greece over the next 2-5 years.

• Two new distribution centers to be established in Thessaloniki and Oinofyta, with investment exceeding EUR 60 million over 3-5 years.

• CapEx for 2025 estimated at EUR 60–70 million, mainly for logistics infrastructure.

• Management remains cautious on providing full-year 2025 guidance due to global uncertainties.