Overview materials March 2020 Disclaimer
IMPORTANT NOTICE
This presentation includes forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “believes,” “estimates”, “potential” or “continue” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statement. Moreover, new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements.
The forward-looking statements included in this presentation are made only as of the date hereof. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor our advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Neither we nor our advisors undertake any obligation to update any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, except as may be required by law. You should read this presentation with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.
This presentation includes certain financial measures not presented in accordance with IFRS including but not limited to Adjusted EBITDA. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company.
2 Jumia overview
Financial highlights
Appendix
3 Africa is a massive market
1.3Bn 523mm 17mm $4.0tn Population(1) Internet users(1) SMEs and merchants(2) Household and B2B spending(3)
Sources: Euromonitor, Oxford Economics, IHS, McKinsey Global Institute Analysis, United Nations Notes: 1. As of June 2019 2. Categorized by the World Bank Group Finances as “informal” enterprises in Sub-Saharan Africa 4 3. Household, consumer and B2B spending data as of 2015 Our mission: Leverage technology to improve everyday life in Africa
Providing new services Enabling SMEs to grow Creating sustainable impact
Jumia delivers innovative, Jumia takes the entire Jumia creates jobs and skills convenient and affordable African economy online, that empower a new online services to consumers helping small and large generation in Africa in Africa that help them fulfill businesses grow to build their lives and make basic everyday needs and reach new consumers their countries better
5 We are the leading pan-African e-commerce platform
Jumia MarketplaceJumia Logistics JumiaPay
One brand, single sign-on, full integration
Buy Buy Buy Recharge your Pay Order …And many a smartphone shoes your groceries data plan your bills a pizza more
6.1mm >110K €1bn 27mm 29%% Active Transactions via Annual Active GMV3 Orders4 Consumers1 Sellers2 JumiaPay5
Notes: 1. As of December 2019 2. As of December 2019, Active Sellers defined as unique sellers who received an order on our marketplace within the 12-month period preceding the relevant date, irrespective of cancellations or returns 3. As of December 2019, for the precedent 12-month period 4. For the 12-month period ending December, 31 2019 6 5. % Orders completed using JumiaPay in 2019 at group level, irrespective of cancellations or returns Our pan-African presence is a huge asset
Jumia’s footprint Pan-African presence provides strong strategic benefits
Tunisia Morocco ~600MM Macroeconomic diversification Algeria (1) Egypt People
Natural partner for global brands Senegal
Nigeria Cote d’Ivoire Ghana
Uganda 70%+ Economies of scale Kenya of Africa’s GDP(2)
Best practice sharing ~70% Talent attraction and retention South Africa of Africa’s Internet users(3)
Sources: Euromonitor, Statcounter Globalstats as of 2019 Notes: 1. IMF and Datastream as of 2019 7 2. Internet World Stats as of 2019 Our platform is custom built for Africa
Our seller Our integrated platform ecosystem Scalable platform with deep local Our Our technology brand and data expertise
Jumia Jumia Our team Logistics Pay and culture
8 Our integrated ecosystem drives consumer engagement
Split of number of items sold by category, 2019 (%)
% % (2) Home FMCG 20 % 12 Beauty & Fashion 13 Phones Phones Perfumes Digital Services(1)
Fashion Electronics STRONG VALUE PROPOSITION % % Through Broad 10 % 12 Utilities Bill Food 10 Product and Food Home & Payment Service Offering Delivery Delivery Beauty & Perfumes Living Airtime Instant Recharge Delivery % % Classifieds 9 9 (2) Electronics FMCG 3% Other
Notes: 1. includes services offered via the JumiaPay app, Jumia One. Excludes Hotels and Flights booking services 9 2. Fast-moving consumer goods We provide sellers with an attractive value proposition
Access to Large and Growing Consumer Base
BRANDS LocalizedLocal Language seller center interface
Integration with Jumia Logistics
Local LanguageLOCAL SELLERS Marketplace Access to Financial Services
CROSS- Unique Data and BORDER Insights SELLERS
Brand Building and consumer targeting
10 We deliver a superior, localized experience to consumers
Selection, Price and Convenience
LocalLocal LanguageLanguage
Local Currency
Marketplace Product Quality / Consumer Protection
Local and Secure Payments
Fast and Reliable Delivery
11 The launch of Jumia Mall further enhances our value proposition for brands and consumers
Key benefits for brands Strong momentum at launch
Tailored e-shop and Selected brands content
Marketing & data analytics
Jumia Express: effortless fulfillment
Key benefits for consumers
Product authenticity c.500 c.50% c.35k e-shops1 of Forbes top Live product Warranty available 1 100 brands 2 listings
Faster delivery
Notes: 1. As of September 30, 2019 12 2. Forbes top 100 consumer brands Our well-recognized and highly-trusted brand wins over African online shoppers
PREFERRED ONLINE HIGH LOYALTY TRUSTED BRAND DESTINATION 78% 88% 89% of online shoppers of Jumia shoppers over the of Jumia shoppers bought on Jumia over last twelve months said they would recommend the last twelve months (1) repurchased on Jumia over it to a friend the same period
Sources: Sagaci Research Jumia brand surveys in Nigeria, Kenya, Morocco and Ivory Coast, February 2019. Company calculations based on an average of the total amount of respondents from each country Notes: 13 1. % of online shoppers who bought on Jumia within the last 12 months prior to the survey date As consumer adoption of e-commerce grows, we are well positioned for growth
HIGH RECOGNITION HIGH CONSIDERATION BARRIERS TO UNLOCK (1)
“I don't know how to shop”
74% 62% “I don't think products are genuine of respondents of non online shoppers who know when purchasing online” who are non online shoppers #Jumia consider Jumia know Jumia for trial in the next 6/12 months “I cannot check the quality of the products”
Sources: Sagaci Research Jumia brand surveys in Nigeria, Kenya, Morocco and Ivory Coast, February 2019. Company calculations based on an average of the total amount of respondents from each country Note: 14 1. Three main answers from surveys respondents Jumia Logistics is a technology and data-driven answer to Africa’s logistics challenges
POWERED BY JUMIA TECHNOLOGY
Broad set of proprietary data and technology tools
EXTENSIVE PARTNER NETWORK WIDE PHYSICAL PRESENCE
Seller drop-off network Logistics partners ranging from individual + warehousing facilities entrepreneurs to large companies + consumer pick-up-stations
15 Sources: Company information Jumia Logistics is scalable, asset-light, and a key competitive barrier
CONTROL OMNIPRESENCE
25% % Rural MONETIZATION 92 Areas SCALE of deliveries ASSET-LIGHT Packages delivered per 50% are with fully Primary integrated region Cities partners for 2018 rd MM 25% 3 party ~13 % Secondary monetization packages1 5.9 Cities potential 5x peak volume PP&E of total assets2
WAREHOUSING INBOUND DELIVERIES PICKING & PACKING LAST-MILE & PAYMENT TRACKING RETURN HANDLING
Sources: Company information Notes: 1. For the full year 2018 2. Calculated based on property, plant and equipment as of September 30, 2019 over Total assets as of December 31, 2019 16 3. For Jumia’s 5 biggest markets: Nigeria, Egypt, Kenya, Morocco and the Ivory Coast E-commerce is a strong driver of online payments adoption
17 Jumia’s ecosystem is a powerful flywheel to drive payments adoption
6.1mm 110k+ Annual Active Annual Active Consumers Sellers
+ ~200 1bn Third Party Logistics Visits Partners
60k+ ~600 Independent Sales Pick-Up Stations Consultants
Note: Data for the full year 2019
18 JumiaPay powers our ecosystem through digital payments and financial services
Illustration: launch of JumiaPay app in Kenya • Integrate relevant digital payment methods locally • Remove friction at checkout Airtime Electricity • Prepayment penetration enhances operational On-platform efficiencies payment • Constant improvement of customer experience processing TV Water through new feature launches • Currently available in 6 markets
Illustration: snapshot of Jumia Lending1 Connecting Financial Sellers SELLERS CONSUMERS institutions to Financial institutions ~ €4.5mm ~ 770 Financial of loans originated Unique Sellers Services marketplace Financing Credit scoring Wealth Insurance management ~ €3,200 ~ 5-month Average loan amount Average duration
Future off- platform • Payment services • Payment services payment ONLINE MERCHANTS • Online distribution OFFLINE MERCHANTS • OTC Agency processing
Notes: 19 1. Data as of September 30, 2019. Amount of loans originated and Unique Sellers are cumulative figures, starting from January 2017 A scalable and proprietary technology platform – custom-built for the needs of e-commerce in Africa
TECHNOLOGY PLATFORM
Payments & Consumer Consumer Shop Business Logistics Infrastructure Lending Growth Engagement Management Intelligence
Fleet Web & Native Merchandising Real-time Mobile Wallet CRM System Single Sign-On Management Apps System Reporting
Payment Marketing Automated Joint Consumer Demand 3PL Integrations Loyalty Program Integration Automation Personalization Database Forecasting
Carrier Attribution Merchant Data Science Credit Scoring Onsite Search ERP Integration Optimization Modeling Platform platform
…………………
20 Powerful data insights that benefit the whole ecosystem
JUMIA MARKETPLACE MORE VALUE FOR CONSUMERS
More TrafficConsumer Purchase Personalization relevant offering
Faster and Enhanced Product Feedback Returns better delivery experience Trends
MORE VALUE FOR SELLERS JUMIA LOGISTICS
Enhanced Better consumer view pricing Shipping Info Location Smart route
Inventory Tailored JumiaPay management marketing DATA WAREHOUSE MORE VALUE FOR JUMIA
Purchase Fraud Payment data Events Method Single view Real-time of consumer analytics
Validated Refunded Transactions Transactions Personalized Better engagement processes
21 Strong corporate culture – our values drive our actions
Think big and act fast You don’t need a title to be a leader 92% When there is a will there is a way I am proud to be a part of Jumia family Let the best people and ideas grow Play for the team Do what is right, not what is easy 92% Work hard, dance hard I understand the vision of Jumia Fly high and dive deep 96% Simple is smart I am committed Think, decide, and execute nimbly to the success of Innovate with thriftiness Jumia
Sources: Company information, Internal HR Survey of Jumia employees as of 2018 22 Jumia overview
Financial highlights
Appendix
23 Q4 2019 highlights
Growth 6.1mm 49% Rebalancing of mix towards higher Annual Active YoY Orders Growth consumer lifetime value business Consumers
JumiaPay 57% 110% Continued volume and transaction YoY JumiaPay YoY TPV Growth momentum Transactions Growth
Monetization 50% 64% Promotional discipline and continued YoY Marketplace YoY Gross Profit progress on Marketing & Advertising Revenue Growth Growth
Cost efficiency €1.0mm 5.4% Portfolio optimization and headcount Gross Profit after YoY Adjusted EBITDA reductions Fulfillment Expense loss1 Growth
Notes: 1. Adjusted EBITDA loss excludes €2.2mm of restructuring G&A expense related to portfolio optimization and headcount rationalization initiatives 24 We are rebalancing our business mix towards higher consumer lifetime value business
GMV contraction concentrated in selected categories Sustained volume momentum across categories Q4 2019 - GMV YoY Growth Q4 2019 – Items Sold YoY Growth
Digital services1
Food Delivery
Beauty
Fashion
FMCG
Home & Living
Other2
Electronics Enhanced promotional discipline in selected categories Phones & Accessories (20)% 0% 20% 50% 0% 20% 50% 80%
Notes: Charts are on different scales and exclude Jumia Travel categories: flights and hotel bookings 1. Digital Services includes services offered on the JumiaPay app. Digital Services grew at almost 100% in GMV terms and above 130% in terms of Items Sold 2. “Other” product categories includes auto accessories, books etc. 25 Robust growth of topline drivers
GMV1 Annual Active Consumers Orders €mm mm mm (3)% 54% 49% 8.3
311.0 301.2 6.1 5.5
4.0
Q4 2018 Q4 2019 Q4 2018 Q4 2019 Q4 2018 Q4 2019
Notes: 1. Adjusting for perimeter changes as a result of the portfolio optimization undertaken during Q4 2019, as well as previously reported improper sales practices, GMV of Q4 2019 would have been €293 million, up 6% 26 from €275 million in Q4 2018. Strong repeat purchase momentum across our cohorts
Average Order Value2 for repeat consumers1 by Annual Orders by repeat consumers1 by cohort cohort (€)
6.9 6.9 57 56
50 5.3 5.1 43 4.8 41 4.3 38
2017 2018 2019 2017 2018 2019
Cohort Year 1 Cohort Year 2 Cohort Year 3 Notes: 1. Active consumers that have placed more than one order on the platform during the period 2. Average Order Value calculated as total repeat consumer spend for the year divided by number of Orders placed during the relevant year 27 Consumer engagement case study: Black Friday 2019
Curated content Gamification features Tailored marketing
28 We continue to expand the range and relevance of JumiaPay services for both consumers and sellers
Extended range of services on JumiaPay app Mastercard commercial activities
Financial services Everyday services Gamification features Mastercard Tuesdays
Consumer facing initiatives
Money Market Fund University tuition fees Shake & Win
UEFA Champions League JumiaPay Business platform pilot
Payment Financial services Marketing tools Merchant facing initiatives
JumiaPay business Working capital loans Consumer wallet wallet for merchant for Jumia sellers top-up settlement
29 JumiaPay TPV grew by 57% taking on-platform penetration to 15% of GMV
JumiaPay Total Payment Volume (“TPV”) JumiaPay TPV as % of GMV €mm % on-platform penetration 57% 580bps
45.6 15.2%
29.1
9.4%
Q4 2018 Q4 2019 Q4 2018 Q4 2019
30 JumiaPay transactions grew by 110% taking on-platform penetration to 29% of total orders
JumiaPay Transactions JumiaPay Transactions as % of total Orders mm % on-platform penetration 110% 852bps
2.4 29.5%
21.0%
1.2
Q4 2018 Q4 2019 Q4 2018 Q4 2019
31 In parallel with growing Jumia usage, we are driving further monetization of our platform
Marketplace revenue growth Gross profit €mm €mm 50% 64%
26.0 24.8
17.3 15.2
1 Q4 2018 Q4 2019 Q4 20181 Q4 2019
Gross profit 4.9% 8.2% % of GMV Notes: 1. Q4 2018 period has been restated to reflect the impact of the reclassification of certain types of vouchers, consumer and partner incentives from Sales & Advertising expense to Revenue. The reclassification affecting Gross 32 profit is €0.5mm, of which €0.4mm affecting Marketplace revenue. Reclassification details have been provided in our report on third quarter results, dated November 12, 2019. We monetize the usage of Jumia through diversified revenue streams Marketplace revenue breakdown YoY Growth €mm 50%
26.0 120%
22% 17.3 Marketing & Advertising
Value Added Services1 52%
Fulfilment
62% Commissions2
Q4 2018 Q4 2019 Notes: 1. Value Added Services are included in “Other revenue” in our consolidated financial statements 2. Q4 2018 period has been restated to reflect the impact of the reclassification of certain types of vouchers, consumer and partner incentives from Sales & Advertising expense to Revenue. The reclassification affecting Commissions revenue in Q4 2018 is €0.4 million. Reclassification details have been provided in our report on third quarter results, dated November 12, 2019. 33 Jumia Advertising is our dedicated offering for sellers and third-parties to benefit from our unique reach and data
Selected ad solutions
Sponsored Product Ads Sponsored Brands Sponsored Display
Stores Benefits for advertisers
Granular targeting of audience CRM
Ability to engage consumers at different stages of their journey
Drive measurable results (e.g. campaign reporting)
Features in newsletter / push notifications
34 Gross Profit after fulfillment expense turned positive in Q4 2019
Q4 2018 Q4 2019 €mm €mm
Gross Profit 15.2 24.8
Fulfillment expense (17.2) (23.9)
Gross Profit after Fulfillment expense (2.1) 1.0
35 Increased volumes drive fulfillment cost efficiencies Case study # of Packages (‘000)
Small and medium sized packages – Nairobi, Kenya
Freight & Shipping cost per package1 Number of packages1 Number of logistics partners
(24)% 128% 123% 100 228 29 97
23
162
82 16
76 13 108 100 Q1'19 Q2'19 Q3'19 Q4'19 Q1'19 Q2'19 Q3'19 Q4'19 Q1'19 Q2'19 Q3'19 Q4'19
Notes: Charts are on different scales. 1. Rebased to 100 in Q1 2019 36 Strong discipline drives Sales & Advertising efficiencies
Sales & Advertising expense Annual Sales & Advertising / Annual Active Consumer €mm €/ Annual Active Consumer
14% (21)% 15.5 13.6
11.6
9.2
1 1 Q4 2018 Q4 2019 FY 2018 FY 2019
Notes: 1. 2018 periods have been restated to reflect the impact of the reclassification of certain types of vouchers, consumer and partner incentives from Sales & Advertising expense to Revenue. This reclassification amounted to €0.5 million in the fourth quarter 2018 and €1.5 million for the full year 2018. The cumulative effect for the nine months ended September 30, 2019 was included in the results for the three months ended September 30, 2019. 37 Reclassification details have been provided in our report on third quarter results, dated November 12, 2019 G&A overview
General, Administrative1 (“G&A”) and Tech2 expense G&A expense split €mm % Q4 G&A expense, excluding SBC and restructuring G&A expense 18% 39.4 D&A, provisions and other non-cash Staff costs 33.5 7.7 expense
6.6
31.7 3
26.9 4 Other G&A
Professional fees & sub-contracts Q4 2018 Q4 2019
G&A excluding SBC and restructuring Tech expense
Notes: 3. Excluding restructuring expense of €2.2mm as part of our portfolio optimization and headcount rationalization initiatives 1. Excluding Share Based Compensation expense 38 2. Technology & Content expense 4. Other G&A includes office and infrastructure costs Improving unit economics
Adjusted EBITDA Smaller-sized, more profitable orders €mm Q4 2018 Q4 2019 Q4 2018 Q4 2019
Average Order Value €56.2 €36.4 (AOV2)
Gross Profit / Order €2.74 €3.00
As % of AOV 4.9% 8.2%
Gross Profit after fulfillment expense / €(0.37) €0.12 Order
Opex3 / Order €(8.39) €(6.35)
Adjusted EBITDA €(8.78) €(6.19) loss1,4 / Order
(48.6) (51.2)1 Notes: 1. Excluding restructuring expense of €2.2mm as part of our portfolio optimization and headcount rationalization initiatives 2. Average Order Value calculated as GMV divided by number of Orders 39 3. Opex includes Sales & Advertising expense, Technology & Content expense and G&A, excluding SBC and D&A. 2019 G&A excludes restructuring expense highlighted above 4. Adjusted EBITDA loss includes net other operating loss per order of €0.01 in Q4 2018 and net other operating income per order of €0.04 We continue to pursue our asset-light strategy and have a cash balance of €232mm at the end of Q4 2019
ASSET-LIGHT AND CAPEX ADJUSTED EBITDA IS A CLOSE €5.7mm LIGHT <1.5% PROXY OF CASH UTILIZATION Delta between Cash from CAPEX1 FY 2019 operations and Adj. EBITDA3
LIMITED WORKING CAPITAL REQUIREMENTS €11.1mm €232mm CASH AVAILABLE4 Net change in Working Capital2 FY 2019
Notes 1. Corresponds to Purchase of Property and Equipment, as presented on the Cash Flow Statement 2. Based on Working Capital Adjustments, as presented on the Cash Flow Statement. Corresponds to a cash outflow of €11.1mm 3. Calculated as the delta between Net Cash Flows Used in Operating Activities and Adjusted EBITDA for FY 2019 4. Includes Cash and Cash equivalents of €170mm and €62mm of Term Deposits as of December 31, 2019 40 2019 wrap-up
Illustrative initiatives
6.1mm • Assortment relevance: every-day product categories, digital services Growth • Improvement of consumer value proposition: Jumia Mall, Jumia Prime Annual Active Consumers • Enhanced user interface: on-site user flow, recommendation algorithm
• Mastercard investment and strategic partnership 278% JumiaPay • Expanded geographical footprint: JumiaPay live in 6 countries1 YoY JumiaPay Transactions growth2 • Increased range of payment and digital services on JumiaPay app
72% • Rebalancing of mix towards higher consumer lifetime value business Monetization • Build-out of Marketing & Advertising revenue stream YoY Gross profit growth2 • Enhanced promotional discipline
(21)% • Volume driven Fulfillment costs savings Cost efficiency • Enhanced Sales & Advertising efficiencies YoY reduction in S&A3 per Annual Active Consumer • Portfolio optimization
Notes: 1. Nigeria, Egypt, Morocco, Kenya, Ivory Coast and Ghana 2. Growth between the full year periods 2018 and 2019 41 3. Annual Sales & Advertising expense per Annual Active Consumer, reduction between the full year periods 2018 and 2019 We are building the winning platform in Africa
(1) E-commerce (1) (2) (3) penetration 0.6% 2.4% 9.9% 20.4%
E-commerce
Logistics
Payment/Fintech
Food and on- demand delivery
Digital entertainment
Marketing & Advertising
Cloud and other digital services
Notes: The list above shows a selection of relevant peers businesses in each vertical. This list is for illustrative purposes only 2. E-marketer 2017 42 1. Euromonitor 2017 3. US Census Bureau, Q4 2018 Adjusted for Seasonal variation Jumia overview
Financial highlights
Appendix
43 Non-IFRS Reconciliation (1/2)
For the three months ended December 31
(€ mm) 20182 2019
1 Marketplace revenue 17.3 26.0 Commissions 5.2 8.4 Fulfillment 5.8 8.9 Marketing & Advertising 1.1 2.3 Value Added Services 5.3 6.4 First Party revenue 25.7 23.0 Platform revenue 43.0 49.1 Non-Platform revenue 0.2 0.2 Revenue 43.3 49.3 Cost of revenue (28.1) (24.4) Gross Profit 15.2 24.8
1. Revenue from Marketplace calculated as the sum of revenue from Commissions, Fulfillment, Marketing and Value Added Services, excluding First Party revenue and Non-Platform revenue. 2. 2018 period has been restated to reflect the impact of the reclassification of certain types of vouchers, consumer and partner incentives from Sales & Advertising expense to Revenue. This reclassification amounted to €1.5 million for the full year 2018. The cumulative effect for the nine months ended September 30, 2019 was included in the results for the three months ended September 30, 2019. Reclassification details have been provided in our report on third quarter results, dated November 12, 2019 44 Non-IFRS Reconciliation (2/2)
For the three months ended December 31
(€ mm) 2018 2019
Loss for the period (53.1) (63.6)
Income tax expense 0.4 0.5
Finance (income)/costs – net (0.3) 2.0
Depreciation and amortization 0.6 2.3
Share-Based Compensation expense 3.7 5.3
Adjusted EBITDA (48.6) (53.4)
45 Selected Operating KPIs and financials
(€ million, unless stated otherwise) For the year ended December 31 YoY change 2017 2018 2019 2018 vs 2017 2019 vs 2018 Marketplace Operating KPIs GMV 507 828 1,098 63.3% 32.5% Annual Active Consumers (mm) 2.7 4.0 6.1 46.6% 54.2% Orders (mm) n.a. 14.4 26.5 n.a. 84.8% JumiaPay Operating KPIs JumiaPay TPV n.m. 55 124 n.m. 127.0% As % of GMV 6.6% 11.3% 1.7x JumiaPay Transactions n.m. 2.0 7.6 n.m. 278.2% As % of Orders 14.0% 28.7% 2.0x Selected Financials Gross profit 28.2 44.2 75.9 56.7% 71.7% Fulfillment expense (34.4) (50.5) (77.4) 46.5% 53.4% Gross profit after Fulfillment expense (6.2) (6.3) (1.5) 0.4% (76.2%) Sales & Advertising expense (37.9) (46.0) (56.0) 21.3% 21.7% Technology & Content expense (20.6) (22.4) (27.3) 9.0% 21.6% General & Administrative expense1 (62.8) (77.5) (105.1) 23.5% 35.5% Adjusted EBITDA loss1 (126.8) (150.2) (180.5) 18.4% 20.2% Economics per Order Gross profit after Fulfillment expense n.a. (0.44) (0.06) n.a. (87.1%) Sales & Advertising expense n.a. (3.21) (2.11) n.a. (34.1%) Technology & Content expense n.a. (1.56) (1.03) n.a. (34.2%) General & Administrative expense1 n.a. (5.40) (3.96) n.a. (26.7%) Adjusted EBITDA loss1 n.a. (10.46) (6.80) n.a. (34.9%) Economics as % of GMV Gross profit after Fulfillment expense (1.2%) (0.8%) (0.1%) 47bps 62bps Sales & Advertising expense (7.5%) (5.6%) (5.1%) 192bps 45bps Technology & Content expense (4.1%) (2.7%) (2.5%) 135bps 22bps General & Administrative expense1 (12.4%) (9.4%) (9.6%) 302bps (21)bps Adjusted EBITDA loss1 (25.0%) (18.1%) (16.4%) (687)bps (169)bps
Notes: 1. Excluding SBC and restructuring expense of €2.2mm in Q4 2019 46 Metrics definitions
• “Gross Merchandise Value”, or “GMV”, corresponds to the total value of orders for products and services including shipping fees,
value-added tax, and before deductions of any discounts or vouchers, irrespective of cancellations or returns
• “Orders” corresponds to the total number of orders for products and services on our platform, irrespective of cancellations or returns
• “Annual Active Consumers” corresponds to unique consumers who placed an order for a product or a service on our platform, within
the 12-month period preceding the relevant date, irrespective of cancellations or returns
• “Total Payment Volume”, or “TPV” corresponds to the total value of orders for products and services completed using JumiaPay
including shipping fees, value-added tax, and before deductions of any discounts or vouchers, irrespective of cancellations or returns
• “JumiaPay Transactions” corresponds to the total number of orders for products and services completed using JumiaPay, irrespective
of cancellations or returns
• “Adjusted EBITDA” corresponds to loss for the period, adjusted for income tax expense, finance income, finance costs, depreciation
and amortization and further adjusted for Share Based Compensation expense
47