A. History and Development of the Company Corporate History and Recent Transactions We were incorporated on June 26, 2012 as a limited liability company (Gesellschaft mit beschränkter Haftung) under German law. On December 17 and 18, 2018, our shareholders resolved upon the change of our legal form into a German stock corporation (Aktiengesellschaft) and the change of our company name to Jumia Technologies AG. The change of our legal form and company name became effective upon registration with the commercial register (Handelsregister) of the local court (Amtsgericht) in Berlin, Germany, on January 31, 2019. The legal effect of the conversion on Africa Internet Holding GmbH under German law is limited to the change in the legal form. Africa Internet Holding GmbH was neither dissolved nor wound up, but continues its existence as the same legal entity with a new legal form and name. Our agent for service of process in the United States is Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711. On April 12, 2019, our ADSs, each representing two of our ordinary shares, commenced trading on the New York Stock Exchange under the symbol “JMIA”. Concurrently with our initial public offering, Mastercard purchased from us €50.0 million of our ordinary shares in a private placement. We received $280.2 million in net proceeds from our initial public offering and corresponding private placement with Mastercard and issuance of shares to existing shareholders, after deducting underwriting commissions and discounts and the offering expenses payable by us. In December 2020, we completed an equity offering. We received $231.4 million in net proceeds from our equity offering, after deducting underwriting commissions and discounts and the offering expenses, payable by us. In March 2021, we completed a second equity offering. We received $341.0 million in net proceeds from this second equity offering, after deducting underwriting commissions and discounts and the offering expenses, payable by us. In August 2024, we completed another equity offering. We received $94.7 million in net proceeds from this equity offering, after deducting underwriting commissions and discounts and the offering expenses, payable by us. As appropriate opportunities present themselves, we have pursued and, in the future, we intend to continue to pursue additional dispositions and other strategic growth opportunities and initiatives that we believe are strategic and will be accretive to earnings. In connection with our ongoing review of our business and strategy, we decided to close our food delivery business called Jumia Food in 2023 and to exit two geographies, Tunisia and South Africa, in 2024. Furthermore, the standalone JumiaPay App was discontinued in all markets (except Egypt where it remained live to manage certain legacy payment partnerships) in 2025, and we decided to exit Algeria in 2026. We are also exploring options to sell our payment service licensed entities in Nigeria and Egypt. Our objective is to allocate our resources to our core business and to the geographies we believe offer the best opportunities to support our long-term growth and path to profitability. Corporate Information We are registered with the commercial register (Handelsregister) of the local court (Amtsgericht) in Berlin, Germany, under number HRB 203542 B. Our principal executive offices are located at Skalitzer Straße 104, 10997 Berlin, Federal Republic of Germany (“Germany”). Our telephone number is +49 (30) 398 20 34 54. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers, such as us, that file electronically with the SEC at www.sec.gov. Our website address is https://group.jumia.com. The information contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report, and you should not consider any information contained on, or that can be accessed through, our website as part of this Annual Report or in deciding whether to purchase our ADSs. 35 Table of Contents B. Business Overview Our Mission Our mission is to improve the quality of everyday life in Africa by leveraging technology to deliver innovative, convenient and affordable online services to customers, while helping businesses grow as they use our platform to reach and serve customers. Overview We are the leading pan-African e-commerce platform. Our platform consists of our marketplace, which connects sellers with customers, our logistics service, which enables the shipment and delivery of packages from sellers to customers, and our payment gateways, which, together with their network of licensed payment service providers and other partners, facilitate transactions among participants active on our platform in selected markets. As of December 31, 2025, we were active in nine countries in Africa that together accounted for approximately 51% of Africa’s GDP of $3.1 trillion as of 2025, according to estimates by the International Monetary Fund. Though still nascent, we believe that e-commerce in Africa is well positioned to grow. We intend to benefit from the expected growth of e-commerce in Africa through the investments that we have made and the extensive local expertise that we have developed since our founding in 2012. Through our operations, we have developed a deep understanding of the economic, technical, geographic and cultural complexities that are unique to Africa, and which vary from country to country. We believe that our deep understanding has enabled us to create solutions that address the needs and preferences of our sellers and customers in the most comprehensive and efficient way. We possess extensive local knowledge of the logistics and payment landscapes in the markets in which we operate, which we consider to be a key component of the success of our company. In addition, we take full advantage of the multi-channel aspects of the African market, having for example adopted a “mobile-first” approach in our product development while exploring highly-localized offline marketing channels, which allows us to expand the audience for our goods and services, increase engagement and conversion and reduce our customer acquisition costs. On our marketplace, a large and diverse group of approximately 70 thousand sellers offer goods across a wide range of categories, such as phones, electronics, home & living, fashion, beauty and other including fast-moving consumer goods, to customers (i.e., consumers, retailers, distributors and other local buyers). A diverse and competitive marketplace is critical to our ability to provide a broad selection of products and deliver value to our customers who have limited disposable income. In connection with our marketplace offering, we also engage in corporate sales, where we sell physical goods to local and regional retailers, distributors and other corporate buyers. We had 6.0 million Annual Active Customers as of December 31, 2025. We believe that the number and quality of sellers on our marketplace, and the breadth of their respective offerings, attract more customers to our platform, increasing traffic and orders, which in turn attracts even more sellers to Jumia, creating powerful network effects. Our marketplace operates with limited inventory risk, as the goods sold via our marketplace are predominantly sold by third-party sellers, meaning the cost and risk of inventory remains with the seller. In 2025, over 91% of the items sold through our marketplace were offered by third-party sellers. Our logistics service, Jumia Logistics, facilitates the delivery of goods in a convenient and reliable way. It consists of a large network of leased warehouses, pick up stations for customers and drop-off locations for sellers and a significant number of local third-party logistics service providers, whom we integrate and manage through our proprietary technology, data and processes. This integrated logistics ecosystem is essential to our ability to scale operations efficiently across our markets with minimal capital expenditure requirements. Our payment gateways, available in all our markets, have been designed to facilitate cashless online transactions between participants at checkout on our platform as well as upon customer delivery, perfectly integrated with our backend. They encompass a number of functionalities positioning African customers, who have traditionally relied on cash, to transact in a cash-less manner. Our payment gateways, make use of a network of licensed payment service providers and other partners and provide digital payment processing on our platform allowing for a fast and secure payment experience at checkout or on delivery. Our operations benefit from a uniform technology platform coupled with coordinated local presence. Our unified, scalable technology platform has been developed by our technology and data team, which is predominantly located in Portugal and Egypt. This technology platform covers all relevant aspects of our operations, from data management, 36 Table of Contents business intelligence, traffic optimization and customer engagement to infrastructure, logistics and payments. We constantly collect and analyze data to help us optimize our operations, make our customer experience more personal and relevant, and enable us, selected sellers and logistics partners to make informed real-time decisions. Our local teams in each of our countries of operations have access to, and may benefit from, the centralized data collection and analytics and are empowered to use the insights gained from our platform in order to take action locally. We remain committed to taking the business to profitability through disciplined execution of our strategy, focusing on fundamentals-led growth, improved cash-efficiency and strengthening the consumer value proposition. Throughout 2025, we operated in a challenging macroeconomic environment while continuing to execute strategic initiatives aimed at strengthening our financial foundation and improving operational efficiency. Following the strategic exit from Tunisia and South Africa in late 2024, we focused our resources on geographies that we believed offered the strongest opportunities for sustainable growth and profitability. In 2025, these actions contributed to improved operating performance across our remaining nine countries of operation, as reflected in growth in GMV, orders, and active customers, alongside continued progress in cost discipline and cash efficiency. In 2025, our focus has been on strengthening operational leverage and maintaining strict discipline across our cost structure. We continued to optimize our logistics and technology infrastructure to improve efficiency and reduce fulfillment and platform costs. We also expanded the use of automation and AI-enabled tools across several functions, including forecasting, customer service, marketing execution, and fraud prevention. These actions, combined with disciplined spend management, contributed to improved cash efficiency and a reduction in operating losses. In parallel, we strengthened our business fundamentals by enhancing our value proposition through broader logistics coverage and improved service reliability. We also sharpened our marketing execution, driving more effective customer acquisition and contributing to meaningful improvements in sales trends in 2025. Annual Active Customers reached 6.0 million in 2025, an increase of 11% compared to 2024. Orders reached 23.3 million in 2025, an increase of 3% compared to 2024. GMV reached $818.6 million in 2025, an increase of 14% compared to 2024. In terms of financial indicators, our Operating loss for 2025 decreased by 4% from $66.0 million in 2024 to $63.2 million in 2025, primarily reflecting the impact of cost reductions over the period. Our Adjusted EBITDA loss for 2025 decreased by 2% from $51.3 million in 2024 to $50.5 million in 2025, reflecting continued investment to support growth initiatives, partially offset by cost discipline. For the year 2025, our Loss before Income Tax from continuing operations improved significantly, reaching $60.1 million in 2025 compared to $97.6 million in 2024, reflecting improving operating performance and lower foreign exchange losses. Our Market Opportunity Comprised of 54 countries and with a total population of 1.5 billion people, Africa is the second-largest continent in the world by land mass and population. According to the United Nations and IMF, in 2025, the nine countries in which we operated counted around 637 million people and 51% of Africa's GDP. Internet penetration continues to grow in Africa with 57% of Africa’s internet users based in the countries in which we operate. The African e-commerce landscape is characterized by certain relevant favorable macroeconomic factors and favorable demographic conditions, including strong expected real GDP growth over the medium term, a young population and an expected rapid increase in mobile internet penetration. Attractive Fundamentals Africa represents a large and growing customer market that is positioned for growth, driven by the following key macroeconomic facts and trends: •Economic development: Despite a challenging environment, economic growth across Africa was positive in 2025. According to the IMF, Africa’s real GDP is estimated to have grown 4.2% in 2025, faster than global GDP growth, which is estimated to have been 3.1%. Africa is expected to grow by 4.3% in 2026 and averaging 4.4% for 2025 to 2030. This compares to expected global averages of 3.1% in 2026 and 3.2% for 2025 to 2030. In parallel, household spending is expected to grow at robust rates. According to the Brookings Institution, household consumption in Africa is expected to reach 2.5 trillion by 2030. •Large, fast-growing and young population: As of 2025, Africa comprised approximately 19% of the world’s population, according to the United Nations. The United Nations projects a 64% increase in Sub-Saharan Africa's 37 Table of Contents population by the year 2050. The United Nations also projects that Nigeria will become the 5th most populated country in the world by 2050, after India, China, the United States and Pakistan. The average age across the African continent was 19.3 years in 2025, approximately twelve years younger than the global average of 30.9 years in 2025, according to the United Nations. We believe that this younger generation, born into an “online” world is increasingly seeking access to a wider choice of consumer goods and entertainment options as it becomes increasingly connected to, and aware of, global customer trends. •Increasing urbanization: Urban centers play a critical role in driving economic growth. As of 2025, it is estimated that only 45% of Africans lived in urban centers, compared to 83% in North America and 53% in Asia, according to a report from United Nations Department of Economic and Social Affairs. However, Africa has the fastest urban growth in the world with approximately 59% of Africans expected to be living in urban areas by 2050, indicating an organic and migration-driven growth of over 700 million people to urban centers during that period, according to the OECD: Planning for urban expansion - Africa's Urbanization Dynamics 2025. Increasing Internet Penetration Africa is rapidly becoming a “connected” market, representing a large opportunity for internet-based businesses. According to Digital 2026: Local country headlines report - DataReportal , as of October 2025, Africa had an estimated 671.0 million internet users and, as of October 2025, 336.0 million social media user identities across the continent. 57% of internet users and 30% of social media user identities lived in the regions in which we operate. Some of the key factors driving this evolution are: •Investments in mobile network infrastructure: According to GSMA, in 2023, telecommunication operators invested over $7 billion in Sub-Saharan Africa and telecommunication operators across the continent are committed to making additional significant investments in cellular network infrastructure in order to meet rising demand. GSMA estimates the total investments in capex within Africa will be $77 billion from 2024 until 2030. •Growing mobile internet penetration: According to GSMA 2025 estimates, 4G adoption across Africa is expected to reach 54% of total connections by the end of 2030, thereby surpassing 3G as the most widely adopted mobile network generation in Africa. 5G is gaining traction across Africa as operators prioritize network modernization in preparation for its rollout. The adoption of 5G on the continent is anticipated to accelerate in the latter half of the decade and expected to reach 21% by 2030 (equivalent to 250 million 5G connections). According to GSMA 2024 estimates, the adoption of 5G across Africa shows notable variation between countries. South Africa, Nigeria, and Kenya are expected to contribute over half of the continent's 5G connections by 2030. Although the growth of 5G in the region will be steady, the majority of users will continue transitioning to 4G, which will remain the predominant technology for some time. •Increasing smartphone adoption: While feature phones remain popular in Africa, smartphone penetration as a percentage of the total mobile connections is growing, amounting to 54% in Sub-Saharan Africa and to 84% in Northern Africa in 2024, and is expected by GSMA to increase to 81% and 90%, respectively, by 2030. By 2030, GSMA anticipates that the leading five smartphone markets in Sub-Saharan Africa will be located in Nigeria, South Africa, Ethiopia, Tanzania and Kenya. Evolving Shopping Trends from Offline to Online As African customers become more affluent and “connected”, we believe that African customers will increasingly become aware of online shopping. Moreover, organized retail is underdeveloped across most of the continent, making the distribution of goods less efficient than in other regions in the world. Against this backdrop, we believe that e-commerce is an attractive alternative to the general lack of organized retail outlets. We believe that the expansion and success of e-commerce solutions across Africa will be driven by the following factors: •Increasing customer awareness and trust: As e-commerce and the internet are both relatively new to Africa, educating African customers about the benefits of online shopping (including for “non-standard” items such as apparel) will be a key factor driving customer adoption. •Availability and quality of logistics infrastructure: Outside of certain major cities, many Africans live in areas that lack clear addresses, including in rural areas that are often far from the nearest warehouse or distribution center. As infrastructure continues to improve across Africa and urbanization rates increase, we expect increasing 38 Table of Contents availability of reliable, high-quality and cost effective delivery solutions to contribute to the rise of e-commerce in Africa. •Customer adoption of mobile and digital payments: Electronic payments in the form of mobile phone-based solutions, credit, debit or prepaid card or other similar methods are already an important form of payment in Africa. According to data from GSMA, Africa was home to $1,100 million registered mobile money accounts in 2024, 53% of mobile money accounts globally, with a transaction value of $1,100 billion, 66% of global mobile money transaction value. Mobile payment allows customers to participate in the formal economy while enabling electronic payment of e-commerce orders, driving higher delivery success rate vs. cash on delivery transactions, thus increasing the overall efficiency of e-commerce. Our Value Proposition Our Value Proposition to Sellers •Access to a large and growing customer base: We believe that our brand has become synonymous with online and mobile shopping in our markets, and we have built a logistics service that provides sellers with access to customers across a wide delivery footprint. As a result, through our platform, local sellers can efficiently reach customers across a particular country without dealing with delivery challenges themselves, and international sellers can efficiently reach a large number of customers across most major markets in Africa. In 2025, we connected sellers with 6.0 million Annual Active Customers. •Unique data: We offer our sellers data and analytics services, helping them to more effectively tailor and customize their offerings and marketing efforts. For example, we are able to inform sellers which products have the best conversion rates and at which price points, positioning them to adjust their assortment, price points and marketing campaigns to enhance their performance. This data may also help sellers improve their inventory management processes from forecasting to buying to end-of-life promotions, leading to increased business and capital efficiency. •Brand building & advertising: We offer our sellers and third-party advertisers access to millions of users across nine African countries with the ability to target audiences in a very granular manner. Leveraging extensive user signals data and the multiple touch points we have with customers, we offer sellers and advertisers a comprehensive range of ad solutions including sponsored product ads, sponsored display banners, CRM ad products and many more. In 2025, we launched an advanced seller advertising platform as part of our retail media strategy, expanding our performance-driven advertising capabilities and creating an additional high-margin revenue stream within our marketplace. Many sellers have successfully built their brand awareness and run successful advertising campaigns on our marketplace, embracing our platform as a way to distinguish their own brand identities and build brand awareness. •Infrastructure & business support: Sellers rely on our platform for a range of essential support services to operate their businesses, such as content creation facilities and web-based and mobile interfaces to manage listings, orders or promotional campaigns. We have rolled out in 2024 a new seller platform ("Vendor Center"), with improved features, in order to boost seller experience. Our Value Proposition to Customers •Selection and value for money: With approximately 70 thousand sellers active on our platform in 2025, customers have access to goods from a wide range of categories, such as phones, electronics, home & living, fashion, beauty and other including fast-moving consumer goods. As part of our strategic priorities for 2025, we have focused our attention on priority categories (phones, electronics, home & living, fashion and beauty), in which we aim to offer a wide choice of assortment and attractive prices. Our marketplace includes high volume items as well as more niche, tailored and personalized goods, which we refer to as “long-tail” goods. These long-tail goods offer customers greater selection and help us increase customer loyalty. The large number of sellers on our marketplace, and the pricing transparency that is inherent to our platform, lead to competition among our sellers and attractive prices for our customers. Given the relatively low disposable income per capita for middle class consumers in our markets, we place a strong emphasis on price, or "value for money". We have strategically oriented our value proposition toward lower-middle-income customers, who represent the majority of the population in our markets. This customer segment seeks access to a broad range of affordable goods, and we have 39 Table of Contents focused on deepening our assortment of entry-price products through both local merchants and international suppliers. •Product quality and customer protection: In order to provide a quality experience, we have implemented standards that encourage our sellers to make quality their priority. Many of our sellers offer customer protection programs, such as product warranties. We have established a data-driven seller scoring program that rewards sellers who consistently offer high-quality goods and are responsive to customer needs, and we have a policy to delist sellers who violate our defined standards and rules. Our approach provides strong incentives for sellers to improve their operations. •Secure and convenient payments: Given that many customers in Africa are new to e-commerce, reliability and security are critical in convincing customers to make purchases online. We have developed tools and processes to enable customers who prefer not to use cashless payment to pay in cash on delivery for most transactions. We have also developed our own integrated payments layer which aggregates and seamlessly integrates the most relevant local and international payment methods in each market to deliver a secure, fast, and consistent user experience across desktop and mobile devices, whether customers choose to prepay at checkout or pay on delivery. •Reliable service: While our primary focus is on delivering exceptional value for money, we also address the need for convenience by emphasizing reliability. We offer simple and affordable delivery services, that are fully reliable and predictable. We have developed an integrated logistics service, Jumia Logistics, enabling us to fulfill and deliver orders even outside main urban centers in a timely and reliable manner. Through Jumia Express, we seek to provide customers with a reliable experience, as we store goods in our warehouses, seek to ensure full availability of all Jumia Express labeled goods and handle the packaging and delivery process, thus providing customers with even faster delivery and more reliable fulfillment. Real-time information on delivery status makes the delivery process transparent for customers. •Availability beyond main urban centers: Inefficient local supply chains in cities outside the main urban centers have resulted in limited product selection and higher price points compared to major urban centers. Leveraging our broad and efficient delivery network, which relies heavily on pick-up stations, we can competitively serve customers in secondary and rural areas. This capability allows us to offer the same broad product selection available in capital cities, creating new opportunities for local shoppers while expanding market access for our sellers. Our Strengths We believe that the following competitive strengths have contributed to our success and position us well for future growth. Strengths Related to Our Competitive Position Pan-African leader. We believe that we are the only e-commerce business successfully operating across multiple regions in Africa. Our reach and capabilities position us as the preferred partner in Africa for sellers, from individuals to large global brands, and as the preferred digital shopping destination for customers. On our platform, we had a total of 6.0 million Annual Active Customers as of December 31, 2025. Deep local expertise. Africa has unique economic, technical, geographic and cultural complexities that must be overcome to build a successful business. We operate exclusively in Africa and have invested significant resources to innovate and tailor our platform to reflect local market characteristics since our founding in 2012. Through our operations, we have developed a deep understanding of the needs and preferences of our sellers and the growing African middle-class, which has enabled us to develop solutions that address those needs in the most comprehensive and efficient way. We possess extensive local knowledge of the logistics and payment landscapes in the markets in which we operate. Our ability to manage the key complexities in Africa is an advantage relative to potential international entrants, who may lack our on-the-ground capabilities and local seller and customer insights. We are also well positioned against local competitors within individual markets, who may struggle to expand their reach across multiple markets or build the capabilities necessary to support their operations at scale. 40 Table of Contents Trusted brand. Trust is critical in Africa, where people traditionally rely on face-to-face interaction to transact business. We believe that our targeted marketing efforts and consistent focus on delivering a high-quality seller and customer experience have helped us to build a strong reputation and create a leading brand that customers and sellers recognize and trust. Our brand is well known by customers and sellers and is among the most recognizable in our regions of operation. For example, Jumia was a leading online marketplace in Africa as of 2023, based on number of monthly visits, according to Statista. Logistics and delivery capabilities. Operating a reliable logistics network in Africa requires deep local expertise and significant infrastructure. Our logistics platform, Jumia Logistics, is designed to address the diverse geographic, infrastructural and last-mile challenges across our markets. We manage a network of warehouses, sorting hubs, pickup stations and delivery partners, supported by technology systems that optimize routing, tracking and delivery performance. In 2025, we expanded our logistics offering with Jumia Delivery, a logistics-as-a-service platform that enables third-party sellers, social commerce vendors and individuals to ship parcels using our last-mile infrastructure. The service is currently live in select markets and enables us to monetize our logistics infrastructure beyond our core marketplace while improving route density and cost efficiency across our network. Leading seller platform that fuels powerful network effects. From large international brands to smaller local sellers, we are the go-to partner for e-commerce transactions in Africa. We offer sellers a wide variety of services, including integration to our platform and training on e-commerce, content production, pricing, sales and marketing services, payments, logistics and seller support. These services help our sellers market, sell and deliver goods to customers across Africa. In addition, we enable thousands of international sellers from selected non-African countries (predominantly China) to list their goods on our marketplace, providing them with efficient and scalable access to African markets. The number and quality of sellers on our platform, including an increasing number of international sellers, and the breadth of their product offerings attract more customers, increasing traffic and orders, which in turn attracts even more sellers to our marketplace. Powerful data insights. Our advanced technology platform enables us to collect significant amounts of data that in turn drives our proprietary algorithms, unlocking new capabilities and generating incremental value for our platform. Our data management system, including powerful data analytics services and machine learning algorithms, helps us run our business more efficiently and enables our sellers, customers and partners to maximize the value of our platform. For example, we provide data to sellers to enable them to better understand demand for their goods, help them optimize their assortment and pricing and target and acquire a broader base of customers with similar attributes. For customers, we use our data to create a better shopping experience by personalizing as much as possible every step of the experience, from browsing to delivery. We also leverage our data to help our logistics partners improve their fulfillment and delivery processes. Strengths Related to Our Business Model Proven and efficient business model. We operate a marketplace that has by design proven successful in many non-African markets. Our operations center predominantly around our e-commerce marketplace. We also directly sell goods to customers (i.e., consumers, retailers, distributors and other local buyers). Our direct sales to consumers focus on selected categories where we see unmet demand or the need to better control the customer experience. In response to any sales we make, third-party sellers often decide to offer the same or similar goods, allowing us to discontinue our own sales of the relevant product. Accordingly, we typically hold limited inventory. Scalable, asset-light logistics. We believe that Jumia Logistics is the leading e-commerce fulfillment and express delivery service in Africa. It seamlessly integrates a significant number of logistics partners across Africa, offering sellers on our marketplace the benefits of a distributed and scalable logistics service and customers more rapid access to the goods that they desire. Jumia Logistics is technology and data-centric and asset-light given that most of the last-mile deliveries are made by our logistics partners. Jumia Logistics facilitates the delivery of packages generated from transactions on our marketplace, from the large cities to remote rural villages of Africa. We are deeply engaged with our logistics partners and take an active role in designing and monitoring processes and tools that allow them to operate their businesses in a more effective way. Diversified pan-African footprint. As of December 31, 2025, we operated in nine countries which provides us with macroeconomic and foreign exchange diversification benefits as we are not overly reliant on any one currency or market. In addition, our large footprint makes us a valuable partner for our sellers, especially international brands and overseas sellers, as they are able to access multiple large markets in Africa through a single platform and partner. Our 41 Table of Contents diversified footprint provides us with economies of scale. For instance, we invest centrally in product development and technology and are able to deploy a unified technology backbone, processes and tools across all markets. We believe that the fundamental dynamics of supply and demand are fairly similar across our countries of operation, enabling us to implement a consistent strategy across our footprint, with limited levels of customization in specific activities (such as marketing strategies). Proprietary technology infrastructure. We have built a highly reliable and scalable technology infrastructure that can handle the large transaction volumes generated on our platform, and we continue to invest in technology to support the strong growth of our business and the ongoing evolution of our services. We have focused the development of our technology infrastructure on building a comprehensive platform rather than disconnected products, which we believe support our ability to handle significant increases in traffic and the number of customers, sellers and orders throughout the Jumia ecosystem. Multi-channel approach in a channel-agnostic market. Value for money is the main driver for customer decisions, and, while smartphone penetration in Africa is expected to increase, a large part of our addressable market remains used to shopping offline. We have adopted a flexible approach in our product development and marketing efforts: Our focus on "mobile first" product development and marketing channels allows us to expand the audience for our goods and services, drive up engagement and conversion and reduce our customer acquisition costs. We believe that we have developed a deep understanding of the shopping habits of mobile customers in Africa and deliver the mobile experience to our customers through three types of mobile technologies: native applications, progressive web applications and light browsers (an interface that is compatible with low data consumption browsers). We have developed a localized playbook of highly relevant offline marketing channels, such as print and radio, and sales networks, including our "J-Force" sales consultants, to address the needs of populations with limited internet access. On the product side, we have developed our seller, logistics and marketing apps to be more user-friendly for local partners with no prior IT experience. Our ability to learn from our customers and partners and adapt to their varying levels of technical knowledge and internet fluency is a valuable asset. This adaptability allows us to extend our network effect beyond major cities and "tech savvy" customers. Strong corporate culture. We have a diverse management team which is largely based within our operating countries and possess the necessary skills, experience and leadership qualities to effectively guide the organization towards achieving its strategic objectives. Our corporate culture is central to our success and is based on core values shared by everyone at Jumia. We believe that all our employees are leaders, that every challenge has a solution, that even big organizations need to be innovative and that diversity, meritocracy and team work are paramount to success. We invest in the career development of our employees, knowing that diversity of perspective, backgrounds and talents strengthens our business. We recognize the importance of diversity and are committed to increasing diversity within Jumia taking into account the particular environment in our local markets. As we have just been through a couple of intense years of restructuring and tough macroeconomic conditions, we believe that our strong corporate culture has been a critical asset to keep the teams together and build a stronger business. Our Growth Strategy In determining our strategy, we seek to balance usage growth, platform monetization and cost efficiency. The key elements of our growth strategy include: Strengthen and expand our leadership position across our current markets. We will focus on leveraging our e-commerce platform to further increase penetration across our current markets, by enhancing customer engagement, expanding product assortment, and improving operational efficiencies. We believe the markets in which we currently operate present substantial growth opportunities. We believe that the opportunities within our existing geographic footprint provide a significant runway for future growth without requiring substantial incremental investments. Deliver significant value to customers by offering an assortment of key products at attractive price points. We aim to strengthen our product assortment by expanding our supply through a diversified mix of sources, including established brands, local marketplace sellers and international sellers. Our strategy prioritizes key product categories (fashion, beauty, home & living, electronics and phones) that drive customer demand while also emphasizing entry-level products designed to meet the needs of customers with limited discretionary income. We believe this approach may require investment in working capital to ensure the availability of competitively priced products. 42 Table of Contents Leverage operational efficiencies to further enhance the Jumia value proposition. We are committed to further enhancing operational efficiencies across our platform to ensure cost-effectiveness for both customers and sellers. For customers, this is reflected in reduced shipping fees and transparent pricing without hidden costs. For sellers, we offer competitive commission rate to foster sustainable business growth. To achieve this, we are optimizing our cost structure to effectively serve cost-conscious customers while maintaining profitability. This includes disciplined expense management across our operations, with particular emphasis on our logistics network and customer experience functions. Grow our customer base through upcountry expansion. Our strategy focuses on acquiring new customers by utilizing our efficient and scalable delivery model to reach underserved regions. Outside of the main urban centers in our markets, inefficiencies in traditional retail supply chains usually leave customers with very limited choice and high price points. This strategic initiative positions us to provide these customers with Jumia's broad product selection and competitive pricing, by leveraging our robust logistic capabilities and localized approach. Increase customer adoption and repurchase rates through efficient and relevant marketing channels. To drive new customer acquisition and encourage repurchases, we plan to invest in what we believe to be the most efficient and relevant marketing channels. Given that the markets in which we operate are still predominantly offline, we believe traditional advertising methods, such as local print media, radio and sales agents provide an effective means of fostering customer adoption. Additionally, we leverage low-cost online marketing channels, including customer relationship management, to re-engage and drive usage among customers who have previously purchased through our platform. This balanced approach is designed to maximize reach and efficiency while supporting sustained customer growth and retention. Monetize usage and assets of our platform through diversified revenue streams. We consider monetization a by-product of scale and intend to generate more revenue as we drive sales for our partners and expand our customer base beyond capital cities and primary urban centers. We monitor our "Take Rate" to track the monetization of our platform offerings. Take Rate corresponds to Gross Profit divided by GMV, expressed as a percentage. With respect to marketing revenues, we will focus on building strong joint business plans with our top brands and enhancing advertising inventory for our marketplace sellers through sponsored products. We will continue to improve the monetization of our Jumia Express service by charging sellers a premium to store their products in our warehouse, enabling faster delivery to customers. We plan to scale our logistics service offerings to third-party customers, including non-ecommerce businesses. These services have been successfully piloted at scale in the Ivory Coast for several years, leveraging our extensive and efficient distribution network, and are well-positioned for rollout across additional markets. Increase cost efficiencies. We intend to grow usage of our platform in a cost effective, cash disciplined manner. We are seeking to drive efficiencies across the full cost structure, which will include the following measures: •On fulfillment expense, we intend to increase our efforts on the efficiency initiatives introduced in late 2022. We aim to further improve the freight and shipping costs of deliveries by consolidating our pool of third party logistics providers and negotiating better rates. Additionally, we intend to improve efficiencies in our physical infrastructure by increasing staff productivity and reducing packaging materials usage. In 2024, we transitioned into larger, more modern warehouse facilities in several countries, enabling us to consolidate several smaller locations and achieve greater productivity. In addition, as part of our broader fulfillment strategy, we continue to consider the challenging fulfillment economics of certain product categories in our product development and overall strategic planning. •With respect to marketing expenses, we intend to improve marketing efficiency by adopting best practices from countries with the highest efficiency ratios and focusing our spend on the marketing channels that deliver the strongest returns on investment. In particular, we will place greater emphasis on "free" channels such as Customer Relationship Management (CRM) and Search Engine Optimization (SEO). Additionally, we will focus on local marketing channels, including above-the-line education and activation initiatives, while shifting a larger share of marketing expense into local currency denominations. This strategy includes adopting a hyperlocal approach tailored to our addressable markets. •While we plan to continue investing in our technology backbone, we intend to prioritize our development roadmap on products and features that deliver immediate benefits in terms of user experience to customers and sellers, or that enable significant simplification and efficiencies in our operations. •With respect to general and administrative expense, we reduced staff costs by streamlining our management structure to create a leaner and more agile organization. This included relocating senior leadership and decision-making centers closer to our customers and sellers in Africa. Beyond the management restructuring, we remain 43 Table of Contents focused on optimizing staffing and administrative expenses across functions and countries while improving our internal processes and IT systems. We seek to lever our strategies to monetize usage and to increase cost efficiencies to support progress towards our strategic goal to achieve breakeven on an Adjusted EBITDA basis and positive cash flow in the fourth quarter of 2026 and full-year profitability and positive cash flow in 2027. Our Geographic Footprint As of December 31, 2025, we operated in nine African countries: Algeria, Egypt, Ghana, Ivory Coast, Kenya, Morocco, Nigeria, Senegal and Uganda. As of December 31, 2025, our footprint allowed us to reach 41% of Africa’s 1.5 billion population and 57% of the 671 million internet users on the African continent. The nine countries in our footprint accounted for almost 51% of Africa’s 3.1 trillion gross domestic product. Our reach and capabilities position us as a preferred e-commerce partner in Africa for sellers, from individuals to large global brands, and as the preferred shopping destination for customers. Our presence across Africa positions us to address the diverse needs of the continent's e-commerce environment. Our unified platform and operating model ensure consistency in core functionalities. This allows us to leverage economies of scale and best practices, while maintaining the flexibility to adapt specific elements to local requirements. We operate under the brand “Jumia”. Our Platform We believe that our integrated platform, consisting of Jumia Marketplace, Jumia Logistics and our payment gateways, helps sellers and customers to easily connect and transact with each other. We have developed our platform based on a centralized approach that allows for strong local execution. We operate on the basis of standardized principles, software and processes, in particular with respect to our strategy, brand, overall marketing strategy and our technology platform. This allows us to realize synergies and increase efficiency for elements that are best handled centrally as well as to share our knowledge and best practices gained with our local teams in the markets in which we operate. Jumia Marketplace Our marketplace allows customers to discover, research and buy goods and services and allows sellers to establish their own online presence and efficiently manage their online operations. Our sellers are divided into local sellers, i.e., sellers from the markets in which we operate, and international sellers, i.e., from all other markets, based on their tax classification. Local sellers, which accounted for 75% of our sellers in 2025, include key accounts such as large brands, official distributors, large manufacturers or assemblers of goods, and medium to large local retailers, as well as professional traders, shop owners, small manufacturers, and individual sellers. The remaining 25% are international sellers primarily based in Asia (predominantly China). These sellers are generally experienced in conducting cross-border business and are familiar with the processes of e-commerce. We also act as a seller ourselves, selling goods to customers, including consumers, retailers, distributors and other local buyers. We refer to sales to retailers, distributors and other corporate buyers as corporate sales. On our marketplace, sellers offer goods from a wide range of categories, such as phones, electronics, home & living, fashion, beauty and other including fast-moving consumer goods. 44 Table of Contents The following chart shows the share of GMV and items sold by category in 2025 and 2024: Source: Company information (1) Other includes fast-moving consumer goods and other categories In 2025, we focused on improving our supply in our priority product categories (phones, electronics, home & living, fashion and beauty). The successful implementation of that strategy has driven changes in our category mix. In particular, we have improved our performance in our home & living and electronics categories, driven by increased supply and the expansion products sourced from Asia. In 2025, we had over 900 million visits. We believe that our marketplace is a starting point for many customers to discover, research and buy goods and services. We believe that our marketplace has the most extensive and relevant online collection of goods across Africa. In 2025, over 91% of items sold on our platform were offered by third-party sellers (i.e., third-party sales). However, we also act as a seller ourselves by directly selling goods to consumers (i.e., first-party sales) and we engage in corporate sales, selling goods directly to local and regional retailers, distributors and other corporate buyers; we refer to these sales (i.e., both sales to consumers and corporate sales) as first-party sales. Sales to consumers focus on selected categories where we see unmet demand or the need to better control the customer experience. While most of our sellers are located in the countries where transactions occur, we are strategically enhancing our supply by expanding partnerships with sellers from non-African countries, particularly in Asia. Such sellers often offer goods that are not readily available in Africa or have better prices, which improves our attractiveness to African customers. We drive customer engagement by focusing on a product selection along three dimensions: anchor brands (e.g., iconic, sought-after brands), bestsellers (e.g., fastest moving goods in the market) and “long-tail” goods (e.g., wide selection of goods not often sought, but that address specific customer needs). We believe that our offering appeals to customers, who value ease-of-use, a large product selection and competitive prices. Most of our sellers are required, either by local regulations or by our operating standards, to allow customers to return goods within a certain number of days, providing our customers with the certainty that they will only keep those goods they actually want to keep. The ability to easily return undesired goods is a fundamental pillar of our value proposition to customers, and we believe that it helps us to increase customer trust and loyalty. We seek to minimize returns and the costs associated with our return policy, in particular by improving the presentation of goods and the information available on goods on our marketplace, offering customer service through our telephone hotline and other online channels, seller education and maintaining and improving our strict quality control. Based on our experience, the vast majority of goods returned to us have not been opened or used and may be resold through the original channel at full price. In connection with our ongoing review of our business and strategy, we decided to exit three geographies, Tunisia and South Africa, in 2024 and Algeria in 2026. Our objective is to allocate our resources to our core business and to the geographies we believe offer the best opportunities to support our long-term growth and path to profitability. 45 Table of Contents Jumia Logistics The logistics landscape in Africa is characterized by a high degree of fragmentation, often with no clear leading player in a particular country or region, a high degree of variability between regions and players, a general lack of automation of logistic centers and an overall challenging infrastructure. While some of Africa’s major cities are reasonably well-served by third-party logistics sellers, such sellers often do not operate with the standards required to ensure a good seller and customer experience in the context of e-commerce. In addition, many Africans live in settings which lack clear addresses and are often far from the nearest warehouse or distribution center. As a result, logistics and delivery services are not readily available in such areas or may be prohibitively expensive. Furthermore, many local logistics companies operate without the technology required to provide customers with high quality service (e.g., tracking of their order, timely delivery). Finally, logistics companies may struggle to gain access to financing, making it difficult for them to expand and grow their businesses. We have built an innovative logistics and delivery infrastructure that we believe is the leading e-commerce fulfillment and express delivery service in Africa. Our technology and data allow us to integrate our service providers, our own logistics management solutions and our partner network solutions. We support local entrepreneurs to help them enter into and succeed in the logistics industry by offering them relevant know-how, data, technology and tools. We have also developed a number of processes to benchmark the performance of service providers and to promote healthy competition between such service providers. Jumia Logistics covers all stages of the fulfillment chain, including warehousing, inbound deliveries, picking and packing, last-mile and payment, tracking and return handling. Our warehouse infrastructure is based on a standardized model and software technology, operated and executed on a local level, and specifically tailored to e-commerce needs. It is designed to increase mid-mile efficiency and reduce lead times in fulfillment processes. As of December 31, 2025, Jumia Logistics platform consisted of 230 logistics partners, approximately 120,000 sqm of warehousing space, almost 563 drop-off stations for sellers and almost 2,422 pick-up stations for customers. All of our warehouse space is leased from third parties. We control the vast majority of inbound deliveries, whether they are made by sellers at our drop-off stations, picked-up from seller facilities, or picked and packed orders on behalf of sellers who use our storage service. Our tracking solution provides full visibility over the package journey. As part of our full-service fulfillment and express delivery infrastructure, we also control the collection and processing of returned merchandise for our sellers. For international sellers, we provide additional support concerning the import/export process. Through our Jumia Express program, we seek to provide our customers and sellers with a superior experience. Goods offered under our Jumia Express program are stored in our warehouses, allowing faster delivery to customers without any involvement from the sellers. Sellers benefit as they do not need to arrange for storage of goods they offer via our marketplace or become involved in the fulfillment of individual customer orders. Our current logistics set-up is the result of significant investments we have made to scale our data and technology tools across the value chain, including investments in end-to-end process optimization and back-end fulfillment systems. We believe that our current fulfillment infrastructure positions us well for scaling, in particular due to our standardized model and software technology. When required, we are able to onboard new logistics partners thanks to our automated systems or expand our current warehouse set-up by adding floors. Furthermore, our business operations do not have special requirements that would be hard to meet, which facilitates the opening of additional warehouse facilities. Our current fulfillment set-up generally allows us to keep our operations asset-light, only requiring minimal capital expenditures with respect to our logistics service. Historically, we offered logistics services to third party businesses in certain of our markets and we continue to offer this service in Ivory Coast. In 2025, we expanded this offering with Jumia Delivery, a logistics-as-a-service platform that enables third-party sellers, social commerce vendors and individuals to ship parcels through our last-mile infrastructure. Jumia Delivery is live in select markets and allows us to monetize our logistics network beyond our core marketplace while improving route density and cost efficiency. Our payment gateways The African banking and payment landscape is characterized by a high degree of fragmentation of financial institutions and service providers, a general lack of infrastructure, low customer trust and high perceived levels of fraud. Customers are often wary of using bank accounts or other banking platforms, as they are afraid that their money may not reach the intended recipient. The challenges are relevant in the context of our marketplace because they contribute to the desire of many of our customers to pay in cash and make it especially important that we offer reliable and secure payment options for prepaid transactions on our platform. We do this through our payment gateways. 46 Table of Contents Our payment gateways, together with their network of licensed payment service providers and other partners, enable sellers and customers to transact using a variety of payment methods for transactions conducted on our marketplace. We offer a number of different payment gateways to give our customers multiple payment options and provide our customers with cashback and top-ups, which are similar to vouchers and have the primary purpose of encouraging customer loyalty. Cashback and top ups generally cannot be withdrawn or transferred from a customer's Jumia account. Instead, they can only be used as credit toward subsequent purchases on our platform. TPV reached $232.2 million in 2025, an increase of 18.8% compared to 2024. On-platform use of Jumia payment gateways as a percentage of GMV increased from 27.1% in 2024 to 28.4% in 2025. The number of Jumia Payment Gateways Transactions reached 7.1 million in 2025 compared to 10.1 million in 2024. Jumia Payment Gateways Transactions as a percentage of orders decreased to 30.5% in 2025, compared to 44.6% in 2024. These declines reflect reduced emphasis on lower-value digital transactions through the standalone JumiaPay App, which was discontinued in all markets in 2025 (except Egypt where it remained live to manage certain legacy payment partnerships), consistent with our strategic focus on physical goods. Despite the lower transaction count, higher average transaction values drove TPV growth, positioning our payment gateways as a strong enabler of the Company's e-commerce platform. We also secured payment service licenses in Egypt (through the National Bank of Egypt), in Nigeria, and in Kenya, allowing us to offer payment processing services on our platform in these countries. Marketing We have a coordinated approach to market our offering to sellers and customers across our geographic footprint. Seller Recruitment and Management The vast majority of our sellers join our marketplace through a dedicated online portal where they can easily input information to create their online store on our marketplace. We use a variety of channels to advertise the opportunity for sellers to open a store, including attending conferences and trade shows for traders and local manufacturers. Our objective is to make it easy for sellers to create an online store, while ensuring the quality and the professionalism of the sellers to execute the required operational activities to conduct their online businesses. To manage and further drive seller engagement following successful registration on our platform, we have developed a number of tools that are offered through a self-managed and scalable platform. For example, to build their online reputation and brand image, sellers can refer to a “seller score”, which is a data-driven scoring of the seller’s performance. Based on certain performance indicators, such as tenure, seller score, revenue and key performance indicators at product level (visibility, add to cart rate, number of items sold), we rank our sellers and their products which impacts their visibility in the search algorithms. Furthermore, we have implemented a fully automated operational performance system designed to drive our sellers’ operational performance and improve customer experience. Based on seller performance, we set certain limits on order volumes and implement financial penalties in case of cancellations, product quality or return issues. Finally, our sellers can benefit from our commercial planning tool, which is easily accessible through the sellers’ interface. This tool allows them to participate in and manage promotional and commercial events, such as Jumia Anniversary or Jumia Black Fridays. Finally, sellers can participate in Jumia’s Sponsored Ads program to boost their products’ visibility and sales. Customer Education and Engagement We have built a brand that is well known by customers and among the most recognizable in our regions of operation. Through our customer education and engagement efforts, we continuously work on turning our strong brand into relevant traffic. We believe that educating customers about the options offered by our platform will translate into relevant traffic to our mobile applications, mobile-optimized websites and traditional websites. With a view to increasing e-commerce adoption and growing customer engagement, we leverage both performance channels (i.e., marketing channels where we only pay based on measurable results) and non-performance channels in our marketing activities. Some of our performance marketing channels include: •Search engine optimization / app store optimization: By analyzing the relevance of key search terms and seeking to ensure that our mobile applications, mobile-optimized websites and traditional websites are designed to efficiently utilize such relevant terms, we constantly work to improve our design with a view to ensuring that our 47 Table of Contents mobile applications, mobile-optimized websites and traditional websites are ranked high in organic searches and the maximum relevant traffic is directed to them. •Search engine marketing: We further selectively rely on search engine marketing that involves the promotion of our websites by increasing their visibility in search engine results pages, primarily through paid advertising. •Paid social media: Social media channels help us improve our brand recognition and generate additional word-of-mouth referrals and thereby new customers. Our online marketing strategy follows a full-funnel approach, going beyond direct response ads, which are focused on customer conversion, towards top-of-the-funnel activities such as video advertising to drive brand awareness and customer consideration. •Customer relationship management: Our CRM activities serve as a free engine for re-engagement of our visitors and customers through all type of notifications (e.g., app notifications, SMS, emails). Our artificial intelligence-powered CRM growth tool is a core lever of our marketing efforts allowing us to target our audiences in a more granular manner and push personalized content leveraging data which helps us to both reduce opt-outs and drive usage uplift. Alongside online performance marketing channels, a number of non-performance online channels form a core part of our marketing strategy, including the following: •Social media influencers: To strategically increase our overall reach and enhance brand perception, we also selectively work with influencers (e.g., local celebrities, Key Opinion Leaders, or KOLs, niche publishers and content creators) across a large number of social media channels as well as YouTube. •YouTube: We further leverage our YouTube channel to run video campaigns to maximize our coverage, especially during our promotional events. By using videos as a separate marketing channel, we are able to achieve quantifiable impact over our organic channels, while also using video as a market research tool. While historically the vast majority of our marketing spend was allocated to online performance and non-performance marketing channels, going forward, we intend to shift a higher share of our marketing spend to local, offline marketing channels. A number of offline marketing channels have proven to be highly relevant and effective in driving customer awareness, education and increase traffic to our platform, while being more cost effective than online channels. Offline channels include: •On-the-ground activation. We have a significant on-the-ground presence through agencies and street activation teams. In certain markets, we have launched our sales program JForce, which consists of independent sales consultants that earn commissions by selling the goods and services that we offer on our platform to their personal or professional networks. Our consultants raise awareness of Jumia locally while educating customers about e-commerce, enabling us to further promote our brand. The profile of our consultants is very diverse, comprising students, young professionals as well as small shops and retailers. •Mass media. These channels include localized radio campaigns as well as geotargeted billboards. They help us further build trust and awareness through targeted out-of-home campaigns to increase our reach in strategic yet underpenetrated geographical areas. As part of our general marketing strategy, we create promotional events that are relevant to customers. Large campaigns are typically executed simultaneously in all our major markets. However, start dates may vary by a few days due to local holidays. For other campaigns, more flexibility exists as to the dates and the commercial intensity of the campaign. Our Support Our Seller Support We have developed strong seller support processes to help our sellers manage their operations, further grow their businesses and deepen their level of engagement with us. We take the seller experience beyond the traditional “business only” approach by thinking of, and treating, our sellers as partners. Benefiting from our locally deployed teams with deep knowledge of market characteristics, we offer our sellers fast and localized operational and technological assistance. For 48 Table of Contents example, our seller support teams provide sellers with personalized assistance and answer questions relating to operations, category management, inventory management and pricing. In addition to dedicated Key Account Managers for nominated strategic partners, we have enhanced our support to sellers, by offering an omnichannel support system, offering claim forms and real-time messaging channels to reach out to our dedicated support service teams. We also have an online training platform called “Vendor Hub” in each country that supports seller growth while helping new sellers thrive on our platform. Our Customer Support In line with our focus on providing a superior customer experience, we consider customer support to be a key element of our operations. Our dedicated customer service teams focus on serving customers on our marketplace through telephone hotlines, live chat and social media channels. To provide such services, we operate a multilingual omnichannel customer service center supporting the languages spoken in our markets. In addition, we have enhanced our live chat channel with a Chatbot designed to automate a substantial portion of customer interactions, enabling faster and more efficient support. In order to ensure consistent and high quality customer service, all of our customer service centers operate based on standardized principles, software and processes. By focusing on the high quality of our customer service, we seek to ensure a frictionless customer journey and an enhanced customer experience at each touch point, from product search, checkout, to delivery and after sales support. Technology and Data We believe that we have the most advanced and sophisticated e-commerce platform in the markets in which we operate. Our platform is operated by more than 200 technology professionals, providing us with significant innovative potential as we continually seek to expand and optimize our technology and infrastructure. Our technology experts are predominantly located in our global technology centers in Porto, Portugal, and in Cairo, Egypt. Portugal is well located to serve Africa in terms of time zones and travel options, is part of the European Union, which allows us to recruit talent on a European level and provides a favorable cost of living environment. Our technology center in Egypt allows us to tap into the growing technology talent pool in Egypt and supports all business areas and countries. Technology and Data Platform We have created a custom- and purpose-built modular technology and data platform that is highly adapted to our markets and highly scalable. Our technology and data platform covers all steps along the value chain, from seller recruitment and support to customer acquisition and engagement, traffic optimization, payments, logistics, infrastructure and business intelligence and is built with a service-oriented architecture approach for every component. The following graphic demonstrates the powerful network effects generated by the interactions of our sellers and customers with our platform: 49 Table of Contents Source: Company information To meet customers’ expectations, we have developed our mobile applications, mobile-optimized websites and traditional websites, which are programmed and updated in-house as a resilient storefront for our product offering, focusing on reducing downtime while providing a state-of-the-art customer experience. Our services are designed in a High-Availability (HA) architecture helping us to ensure the stability and reliability of our technology backbone. In our technology operations, we rely on a hybrid infrastructure, based on the cloud computing platform provided by third parties, and a private hosting provider for part of our back-office systems for which services we pay licensing fees. Cloud computing helps us to efficiently store data and maintain and speed up the availability of our mobile applications, mobile-optimized websites and traditional websites. While we offer a variety of different interfaces (e.g., through our mobile applications, mobile-optimized websites and traditional websites), our platform is based on our central authentication system, allowing our customers to access all our services and platform with the same credentials. As mobile traffic accounted for the majority of our overall platform traffic in 2025, our front-end development focuses primarily on features that improve user experience on mobile devices. We specifically optimize our mobile applications for size, in order to make them easier for customers to download or to upgrade. We also invest significant resources in optimizing the performance of our mobile applications to help customers save time and optimize the use of mobile data while browsing our mobile applications. We analyze seller and customer behavior, and we tailor the design and the content of our mobile applications, mobile-optimized websites and traditional websites to ensure that they stay relevant to customers. We prioritize all new developments and new features based on local insights that we are able to gather with our local teams. We make significant investments in our innovation and research and development activities. For example, we currently focus on machine learning and artificial intelligence, Kubernetes and spot instances (e.g., enhanced elasticity and resilience of infrastructure, cost efficiency) applied to both our application and data-lake infrastructure. Those investments typically contribute to improved user experience of our platforms, higher conversion rates as well as improved cost efficiency. We are also leveraging artificial intelligence across key functions to enhance productivity and reduce operating expenses. AI-driven workflows in customer service, marketing, and technology operations are improving efficiency, streamlining processes, and supporting a leaner cost structure. These initiatives are contributing to ongoing reductions in 50 Table of Contents total operating expenses and improved scalability. In 2026, we intend to keep the focus on investments into information technology and systems to protect the security, integrity and confidentiality of our data. Payment Services Technology Our payment gateways integrate relevant local and international payment methods to facilitate payments. This is done either with a direct integration, if the expected transaction volume warrants the effort, or by using aggregators. We generally aim to present a unified experience to our users, irrespective of the payment method used, and process payment information in a secure environment based on the Payment Card Industry Data Security Standard (PCI DSS). At the same time, we offer a unified application programming interface (API) across all payment methods. We have developed our fraud scoring and risk monitoring processes using what we believe to be industry-leading software that utilizes algorithms that analyze different criteria. We are also developing a proprietary tool for fraud and risk monitoring. Our focus on disciplined fraud risk management through our scoring algorithms has allowed us to further reduce the share of bad debts and credit or debit card chargebacks, while at the same time accelerating our growth. Security When expanding and operating our technology platform, we constantly focus on security and reliability. To this end, we undertake administrative and technical measures to protect our systems and the customer data that those systems process and store (e.g., cloud storage, data encryption, VPN network). We have developed policies and procedures designed to manage data security risks (e.g., disaster recovery systems, penetration and security testing) and implemented various security measures, including zero-trust architecture, password security, firewalls, automated backup systems and high-quality antivirus software. We also store proprietary information and business secrets, and we employ third-party service providers that store, process and transmit such information on our behalf, in particular payment details. We also rely on encryption and authentication technology licensed from third parties to securely transmit sensitive and confidential information. We take steps such as the use of password policies and firewalls to protect the security, integrity and confidentiality of sensitive and confidential information that we and our third-party service providers store, process and transmit. Competition The African retail landscape is characterized by a high degree of fragmentation, which often exhibits no clear leading player in the markets in which we operate. On a regional or country level, we face competition from both offline and online companies across our broad offering. The vast majority of customer expenditures is, however, still taking place offline. Our offline competitors vary from market to market but typically include traditional brick-and-mortar retailers such as local or regional retail chains and informal, local stores. Our main online competitors include Amazon and Noon in Egypt, Konga and Temu in Nigeria, Kilimall and Kapu in Kenya, Marjane Mall, Temu, Glovo and Carrefour in Morocco, Temu and Good Pappa in Ghana. Several global websites, such as Amazon, Asos, AliExpress (part of Alibaba group), Temu and Shein also offer shipping services to certain African countries for a selection of products. Employees and Culture Our employees are based in sixteen countries, and 37.2% of our employees were female and 62.8% were male as of December 31, 2025. Our corporate culture is anchored in our entrepreneurial and collegial roots, and our employees are deeply committed to our success. We seek to promote the following core values to drive the action of our employees every day: •We are a group of leaders committed to winning the digital landscape in Africa. •We achieve impact by thinking faster and executing better than any other business. •We grow people who build businesses. 51 Table of Contents We believe that we maintain a good working relationship with our employees, and we have not experienced any significant labor disputes or any difficulty in recruiting staff for our operations. While our employees across the countries in which we operate are not represented by any collective bargaining agreement or labor union, other than standard and non-binding personnel representations, a small portion of employees working in our warehouse operations in Morocco have been represented by a labor union since May 2024. Furthermore, we are committed to establishing and developing our workforce through succession planning, internal development and targeted external recruiting. Intellectual Property Our intellectual property, including copyrights and trademarks, is important to our business. We have registered trademarks in most relevant jurisdictions for “Jumia”. Our intellectual property portfolio includes numerous domain names for websites that we use in our business. We control access to, use and distribution of our intellectual property through confidentiality procedures, non-disclosure agreements with third parties and our employment and contractor agreements. We rely on contractual provisions with our partners to protect our proprietary technology, brands and creative assets. We constantly monitor our trademarks in order to maintain and protect our intellectual property portfolio, including by pursuing any infringements by third parties. Insurance Coverage We have taken out a number of group insurance policies that are customary in our industry, such as property and loss of earnings insurance, business liability insurance, including insurance for product liability, transport insurance and environmental liability insurance. We believe that our insurance policies contain market-standard exclusions and deductibles. We regularly review the adequacy of our insurance coverage and consider the scope of our insurance coverage to be customary in our industry. Facilities Our headquarters are located at Skalitzer Straße 104, 10997 Berlin, Germany, under a month-to-month lease. As of the date of this Annual Report, we do not own any real estate property. The following table provides an overview of our material leased real estate property: Location Approximate size of total area Primary use (in square meters) Land 21692, Nairobi, Kenya 9,300 Warehouse Plot 1 Block B, Isolo Industrial Scheme Oshodi Apapa Expressway, Isolo Lagos, Nigeria 18,200 Warehouse Plot M232, Ntinda-Nakawa Industrial area, Uganda 6,700 Warehouse East Cairo Logistics Park Suez Rd, El Shorouk, Cairo Governorate 4751103, Egypt 46,300 Warehouse Gounioubé; PK24 Entrepôt COTIPLAST -Yopougon Zone Industrielle 9WGC+XRG, Abidjan, Côte d’Ivoire 36,400 Warehouse Agility Logistics Parks - Tema Freezones Enclave - Heavy Industrial Area, Tema, Ghana 5,900 Warehouse Zone industrielle Rmel Lahlal, Bouskoura, Province Nouaceur, Maroc 4,400 Warehouse Dépôt jumia Thiaroye Thiaroye N1, Senegal 6,400 Warehouse Unit 1705-06, Building 4, Zhuoyue Meilin Center Plaza (North Zone), No. 128 Zhongkang Road, Meidu Community, Meilin Street, Futian District, Shenzhen 600 Office Kantaria House, 25 Muindi Mbingu Street, Nairobi 1,200 Warehouse Casablanca, Dar El Beida, Bab Ezzouar, Section 1- property group no 145,146, 147, 149, Algiers 3,700 Warehouse 272-273 sector 2 city centre fifth settlement - New Cairo, Egypt 2,200 Office 52 Table of Contents Legal Proceedings We are, from time to time, subject to legal and regulatory proceedings arising in the ordinary course of our business. Regulatory Environment Our business is subject to numerous laws, regulations and requirements. Many of the jurisdictions in which we operate are characterized by evolving and sometimes uncertain legal systems and regulatory regimes. Below we summarize a non-exhaustive list of significant regulations in the jurisdictions where we conduct our material business operations. Data Protection Following the introduction of comprehensive data protection legislation in Senegal in 2008, in Morocco in 2009, in Ghana in 2012, in Ivory Coast in 2013, in Nigeria, Kenya and Uganda in 2019, and in Egypt in 2020, all countries in which we operate have personal data protection laws, although the regulatory authorities responsible for implementation of data protection legislation are not yet fully resourced in some countries but with ongoing efforts to build their full operational capacity. We are furthermore subject to the EU General Data Protection Regulation which came into force in May 2018 and has extra territorial effect in respect of data collected from individuals situated in the European Union. The applicable data protection laws regulate the collection, storage, transfer, disclosure and other use of personal data. The data protection laws in our countries of operations allow the transfer of personal data abroad, but under certain conditions. For example, the destination country shall ensure an equivalent or appropriate level of protection and implement the appropriate contractual safeguards. In some cases, the regulatory authority may require an authorization for transfer of personal data outside the jurisdiction. Our business collects personal data from users of our websites, customers, sellers, suppliers, contractors and other individuals. Compliance with nascent data protection regulations presents a challenge, particularly where practical guidelines on implementation of new legislation have not yet been issued. Our group Data Privacy Policy covers the handling of all personal data in accordance with local and international regulatory requirements. Consumer Protection We are subject to several laws and regulations designed to protect consumer rights. These consumer protection laws typically set out basic consumer rights, which often include the right to obtain clear and accurate information about products and services offered on the consumer market, and the right to obtain clear and accurate terms and conditions of the sale of goods. In Morocco consumer protection legislation grants customers the right to return products within seven days after delivery, and in Egypt we are required to allow returns within fourteen days after delivery, if customers change their mind, known as the right of withdrawal, In 2020, the Standards Organisation of Nigeria ("SON") published draft E-Commerce Guidelines for consultation, which includes proposals for extensive product warranties in respect of products sold online. Other countries in which we operate, including Egypt and Kenya, have announced initiatives to evaluate e-commerce regulation or are in the early stages of preparing draft legislation to expand e-commerce regulations. Product Safety Product safety laws operate across all our markets, with varying degrees of maturity and specificity. Many of the goods sold on our marketplace are offered and delivered by third parties, which makes it difficult for us to predict our liability exposure or establish standard procedures for product safety. Nevertheless, we take a proactive approach to quality control and product safety in all of our markets, with specific quality checks in place based upon the sensitivity of goods and services offered in various markets. We seek to limit liability exposure across markets through standard contractual terms that require all sellers on our marketplace to accept responsibility for any loss or damage caused by their products and indemnify us accordingly. We also penalize sellers who offer prohibited products. Furthermore, we implement country-specific product safety, quality control, and liability-limiting procedures as necessary. 53 Table of Contents Payment Services Some of the countries in which we operate lack advanced financial infrastructure, and the percentage of Africans with a bank account, although increasing rapidly, remains relatively low. Accordingly, most of our transactions are completed using a cash on delivery system. Integrated payment and delivery systems are relatively new in Africa, and regulation of such services is constantly evolving. In a number of jurisdictions, we offer certain payment and financial services to our customers and sellers as a payment service provider (“PSP”). We secured payment service licenses in Egypt (through the National Bank of Egypt), in Nigeria, and in Kenya, allowing us to offer payment processing services on our platform in these countries. While we do not hold licenses to operate as a PSP in all of our markets, we are permitted to offer payment services in certain markets for our marketplace through agreements we have with existing licensed banks or PSPs. Our marketplace enables customers to access and use loans provided by licensed third-party lenders in Nigeria, Kenya, and Egypt. Because we only operate as an intermediary in the lending market in these countries, our partners are responsible for the underwriting and credit scoring process. Other financial regulations and payment standards in Africa vary greatly from country to country. Numerous jurisdictions have enacted legislation to prevent money laundering, fraud and terrorist financing. For example, in 2001, the Egyptian Government established the Information Technology Industry Development Authority and tasked it with regulating online transactions and other aspects of the information technology industry. Other jurisdictions require that we obtain licenses to offer certain of our payment solutions. Furthermore, in Ghana, the Payment Systems and Services Bill has been implemented allowing the Bank of Ghana to regulate an estimated 150,000 active mobile-money agents and enforce anti-money-laundering and data protection standards. Internet activity in Ghana is currently regulated by the National Communications Authority (“NCA”). The NCA enforces the Electronic Transactions Act of 2008, which provides a comprehensive legal framework for, among other things, electronic transactions, data protection and electronic funds transfer. The general inconsistency of financial regulations adds to the security concerns of credit worthy customers that make them reluctant to electronically transfer funds or pre-pay for goods. Resolving the barriers to creating a reliable financial infrastructure would require cooperation between governments, financial institutions and mobile service providers. Shipping Services Logistics and transportation services are regulated and operators, including our 3PL partners, are generally required to secure licenses in our countries of operation. In some of the countries in which we operate the national postal service has monopoly rights. For example, in Morocco, the postal service has monopoly rights for the distribution of letters and parcels weighing no more than one kilogram, limiting our options concerning last-mile delivery. C. Organizational Structure Please refer to Note 5 to our audited consolidated financial statements included elsewhere in this Annual Report for a listing of the company’s consolidated subsidiaries, including name, country of incorporation, and proportion of ownership interest. D. Property, Plants and Equipment See “—B. Business Overview—Facilities.”