Jumbo (BELA) H2 2025 earnings summary

Executive summary

• Full-year 2025 sales rose 7% year-over-year to €1.233 billion, with net profit up 4% to €320 million, driven by sustained demand across all markets.

• EBITDA increased 5% to €436 million.

• Maintained a strong net cash position of €473 million, supporting investment flexibility.

• Continued shareholder returns with €131.5 million in cash distributions in 2025 and an additional €67.18 million extraordinary distribution in Q1 2026.

• Expanded footprint with new stores in Timișoara, Bulgaria (online), and acquisition of three stores in Greece.

Financial highlights

• Gross margin for FY 2025 was 54.7%, slightly lower due to higher franchise contribution.

• EBITDA margin at 35.3% for FY 2025.

• Free cash flow reached €258.5 million in 2025.

• ROCE calculated at 27% for 2025.

• Q1 2026 sales up 7% year-over-year; Greece and Bulgaria posted 11% growth, Cyprus 4%, Romania down 4%.

Outlook and guidance

• 2026 sales growth expected at ~5%, net income guidance €310–320 million, CapEx near €60 million.

• Proposed dividend of €0.70 per share, pending AGM approval.

• Store network could reach 116 stores over the next decade, with significant expansion in Greece, Cyprus, Bulgaria, Romania, Israel, and Canada.

• Franchise network to expand, with 45 stores across seven countries and new entries in Israel and Canada.

• Cautious margin outlook due to macroeconomic uncertainties, war-related inefficiencies, and potential 1–2 point gross margin reduction.