UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 6-K
________________________________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
August 6, 2024
________________________________________________
Commission File Number: 001-38863
________________________________________________
Jumia Technologies AG
(Translation of registrant’s name into English)
________________________________________________
Skalitzer Straße 104
10997 Berlin, Germany
+49 (30) 398 20 34 54
(Address of principal executive offices)
________________________________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F  x            Form 40-F  o


On August 6, 2024, Jumia Technologies AG will hold a conference call regarding its unaudited financial results for the quarter ended June 30, 2024. A copy of the related press release is furnished as Exhibit 99.1 hereto.

In addition, Jumia Technologies AG files its unaudited interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2024 and the related management’s discussion and analysis of financial condition and results of operation as Exhibits 99.2 and 99.3 hereto.


INCORPORATION BY REFERENCE
    Exhibit 99.1 to this Report on Form 6-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
Exhibits 99.2 and 99.3 to this Report on Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form F-3 (Registration Number 333-274004 ) of Jumia Technologies AG and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.





EXHIBIT INDEX


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Jumia Technologies AG
By/s/ Francis Dufay
Name:Francis Dufay
Title:Chief Executive Officer and Member of the Management Board
Jumia Technologies AG
By/s/ Antoine Maillet-Mezeray
Name:Antoine Maillet-Mezeray
Title:Executive Vice President, Finance & Operations and Member of the Management Board
Date: August 6, 2024


Exhibit 99.1
jumia.jpg
Jumia Reports Second Quarter 2024 Results
Execution Against Strategic Priorities Drives Continued Acceleration in Usage Trends
Cash Management Initiatives Deliver Further Improvements in Cash Utilization
Lagos, August 6, 2024 – Jumia Technologies AG (NYSE: JMIA) (“Jumia” or the “Company”) announced today its financial results for the second quarter ended June 30, 2024.
Results highlights for the second quarter 2024
•Revenue of $36.5 million, down 17% year-over-year, or up 15% in constant currency.
•GMV of $170.1 million, down 5% year-over-year, or up 35% in constant currency.
•Operating loss of $20.2 million compared to $22.1 million in the second quarter of 2023, down 8% year-over-year, and down 5% in constant currency.
•Adjusted EBITDA loss of $16.3 million as compared to a loss of $18.2 million in the second quarter of 2023, down 10% year-over-year, and down 11% in constant currency.
•Loss before income tax from continuing operations of $22.5 million in the second quarter of 2024, down 27% year-over-year or up 1% in constant currency.
•Liquidity position of $92.8 million, a decrease of $8.7 million in the second quarter of 2024 as compared to a decrease of $39.1 million in the second quarter of 2023.
•Net cash flows used in operating activities of $8.4 million as compared to net cash flows used in operating activities of $19.5 million in the second quarter of 2023.
Company Commentary
“Jumia delivered another quarter of acceleration in its usage trends along with improved cash efficiency. Continued execution against our strategic priorities drove a 7% year-over-year increase in Orders, while Orders per Customer, excluding JumiaPay app Orders, which do not incur logistics costs, climbed to 2.1 Orders in the second quarter of 2024. GMV improved 35% year-over-year in constant currency and we delivered GMV growth in reported currency in six of our countries in the second quarter, up from five in the first quarter of 2024, a sign that the Jumia value proposition continues to resonate with the African consumer.
Our quarterly cash burn1 declined 55%, or $10.4 million, quarter-over-quarter to $8.7 million in the second quarter of 2024 as a result of disciplined cost management and reductions in finance costs. Year-over-year our marketing spend declined 19% as we continued to invest in proven channels, such as CRM, SEO and local offline channels. These efforts delivered a 6% sequential increase in our active customer count and continued improvements in our 90 day repurchase rate.
Our performance this quarter reinforces our belief that our strategy is working. Our deep understanding of the African e-commerce market as well as our unique asset base and strategy position Jumia for growth as we progress on the path towards profitability.” - Francis Dufay, CEO

1 Cash burn is defined as the use of Jumia’s Liquidity Position, which is comprised of Jumia’s cash and cash equivalents and term deposits and other financial assets.


Financial Results for the second quarter ended June 30, 2024
For the three months endedFor the six months ended
As reported
 YoY  
Change
Constant currency
 YoY  
Change
As reportedYoYConstant currencyYoY
In USD million, unless otherwise statedJune 30, 2023June 30, 2024June 30, 2024June 30, 2023June 30, 2024ChangeJune 30, 2024Change
Revenue44.0 36.5 (17.2)%50.7 15.2 %85.385.40.1 %115.535.4 %
Gross Profit
22.9 21.6 (5.7)%30.8 34.5 %47.852.810.4 %72.451.5 %
Fulfillment expense
(10.6)(9.3)(12.2)%(12.5)17.7 %(22.4)(18.7)(16.6)%(24.9)11.1 %
Sales and Advertising expense(5.5)(4.4)(19.2)%(6.6)19.7 %(10.8)(8.2)(24.5)%(12.0)11.4 %
Technology and Content expense(10.7)(8.7)(18.5)%(9.2)(14.4)%(21.9)(17.8)(18.5)%(18.4)(15.8)%
G&A expense, excluding SBC(1)
(17.2)(17.6)1.9 %(21.6)25.6 %(41.4)(32.9)(20.7)%(40.2)(3.1)%
Adjusted EBITDA(1)
(18.2)(16.3)(10.2)%(16.1)(11.4)%(42.8)(20.6)(51.9)%(17.5)(59.2)%
Operating Income/ (Loss)(22.1)(20.2)(8.3)%(21.0)(5.0)%(50.5)(28.6)(43.4)%(27.0)(46.6)%
Loss before Income tax from continuing operations(2)
(30.9)(22.5)(27.1)%(22.9)1.1 %(60.1)(62.1)3.4 %(46.8)(6.3)%
_________________________
(1) See “Non-IFRS and Other Financial and Operating Metrics” for a reconciliation of non-IFRS measures to IFRS measures.
(2) Loss before income tax from continuing operations in constant currency excludes the impact of foreign exchange recorded in finance income/costs.


Revenue
•Revenue of $36.5 million, down 17% year-over-year or up 15% year-over-year on a constant currency basis.
◦Marketplace revenue, comprised of commissions, fulfillment revenue, value added services and marketing and advertising revenue was $20.0 million, down 10% year-over-year or up 27% year-over-year on a constant currency basis. The decline in USD was primarily driven by the impact of foreign exchange devaluations. These declines were partially offset by increases in commissions from third-party corporate sales.
◦First-Party sales revenue was $16.1 million, down 24% year-over-year or up 4% year-over-year on a constant currency basis, driven by lower first party corporate sales in Egypt, and the impact of foreign exchange.
Gross Profit
•Gross profit was $21.6 million, down 6% year-over-year or up 35% year-over-year on a constant currency basis.
•Gross profit as a percentage of GMV was 13%, flat when compared to the second quarter of 2023 as a result of improved marketplace margins and a reduction in spending on customer incentives offset by foreign exchange devaluations.
◦The percentage of orders of physical goods benefiting from customer incentives decreased from 31% in the second quarter of 2023 to 28% in the second quarter of 2024.


Expenses
•Fulfillment expense amounted to $9.3 million, down 12% year-over-year or up 18% year-over-year on a constant currency basis.
◦Fulfillment expense per Order, excluding JumiaPay app Orders, which do not incur logistics costs, decreased by 16% year-over-year to $2.2, reflecting an increase of 13% year-over-year on a constant currency basis.
•Sales and Advertising expense was $4.4 million, down 19% year-over-year or up 20% year-over-year on a constant currency basis.
•Technology and Content expense was $8.7 million, down 18% year-over-year or down 14% year-over-year on a constant currency basis.
•General and Administrative expense was $19.2 million, up 4% year-over-year or up 26% year-over-year on a constant currency basis.
◦General and Administrative expense, excluding share-based compensation, was $17.6 million, up 2% year-over-year or up 26% year-over-year on a constant currency basis.
◦This increase was due to the release of tax provisions in the second quarter of 2023, which did not recur in the second quarter of 2024. A decline in staff costs had a partially offsetting effect.
Operating loss
•Operating loss was $20.2 million, down by 8% year-over-year or down 5% year-over-year on a constant currency basis, primarily reflecting the impact of cost reductions in the quarter.
•Loss before income tax from continuing operations was $22.5 million, down 27% year-over-year, driven by cost savings initiatives in the quarter and a decrease in finance costs mostly driven by a decrease in net foreign exchange losses compared to the second quarter of 2023. The finance costs for the second quarter of 2024 were mainly influenced by losses recognized on the sale of financial assets. These assets, consisting of investments in securities measured at fair value, only impact our income statement upon disposal. This shift in the nature of finance costs between the two quarters highlights the varying financial factors affecting our performance.
•Loss before income tax from continuing operations, which excludes the impact of foreign exchange recorded in finance income and finance costs, was up 1% in constant currency.
Cash Position
•As of June 30, 2024, the Company’s liquidity position was $92.8 million, comprised of $45.1 million in cash and cash equivalents and $47.7 million in term deposits and other financial assets.
•Jumia’s liquidity position decreased $8.7 million in the second quarter of 2024 as compared to a decrease of $39.1 million in the second quarter of 2023, and a decrease of $19.1 million in the first quarter of 2024.
•The continued improvement in Jumia’s cash management illustrates its ongoing efforts to effectively preserve its cash resources as it executes on its growth strategy. As of the second quarter of 2024, 67% of the Company’s liquidity position was held in USD, as the Company continues to refine its cash repatriation strategy.



SELECT OPERATIONAL KPIs
1.Marketplace KPIs
For the three months endedFor the six months ended
As Reported
 YoY  
Change
Constant currency
 YoY  
Change
As Reported
 YoY  
Change
Constant currencyYoY Change
June 30, 2023June 30, 2024June 30, 2024June 30, 2023June 30, 2024June 30, 2024
Quarterly Active Customers (million)2.0 2.0 (0.6)%n.a.n.a.n.a.n.a.n.a.n.a.n.a.
Orders (million)4.5 4.8 6.9 %n.a.n.a.9.0 9.4 4.4 %n.a.n.a.
GMV (USD million)179.2 170.1 (5.0)%241.8 35.0 %352.4 351.6 (0.2)%482.1 36.8 %
TPV (USD million)49.4 45.9 (7.1)%73.5 48.7 %90.6 91.3 0.8 %152.3 68.2 %
JumiaPay Transactions (million)1.4 1.9 30.8 %n.a.n.a.2.7 3.8 40.7 %n.a.n.a.
•GMV declined by 5% year-over-year to $170.1 million and Orders increased by 7% year-over-year. The decline in GMV was impacted mainly by currency devaluations. The growth in Orders was driven by continued efforts to enhance and diversify Jumia’s product assortment as part of the increased focus on the customer value proposition.
◦Jumia continues to take a disciplined and targeted approach to marketing spend focused on targeting more efficient marketing channels, such as search engine optimization (“SEO”), customer relationship management (“CRM”) and relevant offline local channels while also leveraging its JForce network.
◦As a result of these efforts, Jumia is attracting a stickier and higher quality customer base as evidenced by a 262 basis point year-over-year improvement in repurchase rates in the first quarter of 2024.
▪Jumia’s cohort analysis indicates that 36% of new customers, who placed an order for a product or a service on our platform in the first quarter of 2024, completed a second purchase within 90 days. This represents an improvement compared to 33% of new customers from the first quarter of 2023, who reordered within 90 days.
•JumiaPay Transactions reached 1.9 million, an increase of 31% year-over-year mainly driven by increased penetration of JumiaPay on delivery as well as the implementation of cashback campaigns and incentives conducted in the second quarter of 2024.
◦Ongoing efforts to streamline the user experience and the continued rollout of JumiaPay on delivery to increase cashless orders positions JumiaPay as a strong enabler of the Company’s e-commerce platform.
•TPV decreased by 7% year-over year, largely in line with the evolution of GMV. TPV as a percentage of GMV remained relatively stable at 27% in the second quarter of 2024 compared to 28% in the second quarter of 2023. The decrease in TPV was primarily due to currency devaluations.
◦In June 2024, Jumia terminated its commercial agreement with Mastercard Asia/Pacific. While JumiaPay will continue to accept Mastercard as a method of payment, the termination will allow Jumia to broaden and deepen its relationship with other payment services providers.


GUIDANCE
Jumia remains committed to reducing its losses and accelerating its progress towards cash efficiency and profitable growth.
The Company reiterates its outlook for 2024:
•It aims to further reduce its cash utilization as compared to FY 2023.
•Based on the positive impact of its growth strategy, Jumia projects an increase in both orders and GMV in 2024, excluding the potential impact of foreign exchange.
The above forward-looking statements reflect Jumia’s expectations as of August 6, 2024, are subject to change and involve inherent risks, which are partially or fully beyond its control. These risks include but are not limited to political and economic conditions across countries where it operates, the broader economic impact of the ongoing regional conflicts and global supply chain issues.




CONFERENCE CALL AND WEBCAST INFORMATION
Jumia will host a conference call to discuss its second quarter 2024 results at 8:30 AM ET on August 6, 2024.

Interested parties can access the conference at :
US Dial-in (Toll Free): 888-506-0062
International Dial-in: 973-528-0011
United Kingdom Dial-in: 44 20 3355 4169
Entry Code: 336704

The live call will also be available via webcast on Jumia’s Investor Relations Website: https://investor.jumia.com/investor-relations/default.aspx.

A replay of the call will be available until Tuesday, August 20, 2024 and can be accessed by dialing 877-481-4010 for toll free access or 919-882-2331 for international access using the replay passcode: 50833.



(UNAUDITED)
Consolidated statement of comprehensive income as of June 30, 2023 and 2024
For the three months endedFor the six months ended
In thousands of USDJune 30, 2023June 30, 2024June 30, 2023June 30, 2024
Revenue44,032 36,474 85,281 85,367 
Cost of revenue
(21,141)(14,895)(37,483)(32,604)
Gross profit
22,891 21,579 47,798 52,763 
Fulfillment expense
(10,612)(9,322)(22,429)(18,700)
Sales and advertising expense(5,472)(4,423)(10,811)(8,165)
Technology and content expense(10,695)(8,722)(21,878)(17,831)
General and administrative expense
(18,527)(19,208)(43,689)(36,660)
Other operating income368 223 578 473 
Other operating expense(18)(357)(64)(443)
Operating loss(22,065)(20,230)(50,495)(28,563)
Finance income2,895 691 6,012 1,984 
Finance costs(11,689)(2,949)(15,618)(35,544)
Loss before Income tax from continuing operations(30,859)(22,488)(60,101)(62,123)
Income tax benefit / (expense)169 476 70 (546)
Loss for the period from continuing operations(30,690)(22,012)(60,031)(62,669)
Loss for the period from discontinued operations(1,201)— (3,629)— 
Loss for the period(31,891)(22,012)(63,660)(62,669)
Attributable to:
Equity holders of the Company(31,877)(22,004)(63,637)(62,654)
   from continuing operations(30,676)(22,004)(60,008)(62,654)
   from discontinued operations(1,201)— (3,629)— 
Non-controlling interests(14)(8)(23)(15)
   from continuing operations(14)(8)(23)(15)
Loss for the period(31,891)(22,012)(63,660)(62,669)
Other comprehensive income / (loss) to be classified to profit or loss in subsequent periods
Exchange differences gain on translation of foreign operations120,415 33,105 179,881 202,778 
Other comprehensive loss on net investment in foreign operations(127,027)(31,903)(187,389)(190,487)
Other comprehensive income / (loss) on financial assets at fair value through OCI366 1,771 619 3,152 
Other comprehensive income / (loss)(6,246)2,973 (6,889)15,443 
Total comprehensive loss for the period(38,137)(19,039)(70,549)(47,226)
Attributable to:
Equity holders of the Company(38,118)(19,035)(70,515)(47,224)
Non-controlling interests(19)(4)(34)(2)
Total comprehensive loss for the period(38,137)(19,039)(70,549)(47,226)


(UNAUDITED)
Consolidated statement of financial position as of December 31, 2023 and June 30, 2024
As of
 In thousands of USDDecember 31,
2023		June 30,
2024
Assets
Non-current assets
Property and equipment14,361 14,849 
Deferred tax assets531 517 
Other taxes receivables4,721 4,107 
Other non-current assets1,289 979 
Total Non-current assets20,902 20,452 
Current assets
Inventories9,699 7,239 
Trade and other receivables23,157 14,127 
Income tax receivables2,000 2,486 
Other taxes receivable4,143 4,354 
Prepaid expenses9,470 7,465 
Term deposits and other financial assets85,088 47,747 
Cash and cash equivalents35,483 45,057 
Total Current assets169,040 128,475 
Total Assets189,942 148,927 
Equity and Liabilities
Equity
Share capital236,800 239,163 
Share premium1,736,469 1,736,469 
Other reserves160,729 177,358 
Accumulated losses(2,064,763)(2,127,440)
Equity attributable to the equity holders of the Company69,235 25,550 
Non-controlling interests(511)(513)
Total Equity68,724 25,037 
Liabilities
Non-current liabilities
Non-current borrowings2,357 5,524 
Trade and other payables125 55 
Deferred tax liabilities204 1,381 
Other taxes payable474 862 
Provisions for liabilities and other charges514 454 
Total Non-current liabilities3,674 8,276 
Current liabilities
Current borrowings3,718 2,725 
Trade and other payables55,425 48,432 
Income tax payables13,427 12,252 
Other taxes payable23,452 21,084 
Provisions for liabilities and other charges18,420 14,761 
Deferred income3,102 16,360 
Total Current liabilities117,544 115,614 
Total Liabilities121,218 123,890 
Total Equity and Liabilities189,942 148,927 
    


(UNAUDITED)
Consolidated statement of cash flows as of June 30, 2023 and 2024
For the three months endedFor the six months ended
In thousands of USDJune 30,
2023		June 30,
2024		June 30,
2023		June 30,
2024
Loss before Income tax from continuing operations(30,859)(22,488)(60,101)(62,123)
Loss before Income tax from discontinued operations(1,201)— (3,629)— 
Loss before Income tax(32,060)(22,488)(63,730)(62,123)
Depreciation and amortization of tangible and intangible assets2,641 2,238 5,511 4,119 
Impairment losses on loans, receivables and other assets(101)(8)6 (76)
Impairment losses/(reversals) on obsolete inventories233 40 347 200 
Share-based payment (income) / expense1,302 1,650 2,252 3,806 
Net (gain)/loss from disposal of tangible and intangible assets(2)352 (14)307 
Change in provision for other liabilities and charges(4,062)350 (3,612)(1,605)
Lease modification (income)/expense(21)(67)9 (72)
Interest (income)/expense(923)11 (1,757)824 
Discounting effect (income) / expense141 (87)56 (206)
Net foreign exchange loss8,644 646 10,816 13,939 
Net (gain)/loss on financial instruments at fair value through profit or loss— 65 (237)16,163 
Impairment reversals on financial assets at fair value through OCI(7)(17)(7)(17)
Net loss recognized on disposal of debt instruments held at FVOCI1,372 2,196 1,372 3,427 
Share-based payment expense - settlement(64)(14)(248)(142)
(Increase)/Decrease in trade and other receivables, prepaid expenses and other tax receivables417 1,081 3,494 5,017 
(Increase)/Decrease in inventories(270)1,593 (1,143)240 
Increase/(Decrease) in trade and other payables, deferred income and other tax payables3,626 4,836 9,462 14,364 
Income taxes paid(391)(769)(1,478)(2,075)
Net cash flows used in operating activities(19,525)(8,392)(38,901)(3,910)
Cash flows from investing activities
Purchase of property and equipment(331)(681)(1,142)(926)
Proceeds from sale of property and equipment15 4 50 84 
Interest or other charges received/(paid)1,798 810 2,533 (13)
Movement in other non-current assets203 91 251 48 
Movement in term deposits and other financial assets12,499 25,019 51,329 21,579 
Net cash flows (used in) / from investing activities14,184 25,243 53,021 20,772 
Cash flows from financing activities
Payment of lease interest(318)(259)(678)(436)
Repayment of lease liabilities(1,161)(1,572)(3,499)(2,381)
Equity transaction costs(6)— (18)— 
Net cash flows (used in) / from financing activities(1,485)(1,831)(4,195)(2,817)
Net (decrease)/increase in cash and cash equivalents(6,826)15,020 9,925 14,045 
Effect of exchange rate changes on cash and cash equivalents(18,995)1,410 (20,464)(4,471)
Cash and cash equivalents at the beginning of the period86,861 28,627 71,579 35,483 
Cash and cash equivalents at the end of the period61,040 45,057 61,040 45,057 



Forward Looking Statements
This release includes forward-looking statements. All statements other than statements of historical facts contained in this release, 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, including, without limitation, the risks described under Item 3. “Key Information—D. Risk Factors,” in our Annual Report on Form 20-F as filed with the US Securities and Exchange Commission for the year ended December 31, 2023. 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. Considering these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release 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 release 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 release to conform these statements to actual results or to changes in our expectations, except as may be required by law. You should read this release with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.



Non-IFRS Financial and Operating Metrics
Changes, percentages, ratios and aggregate amounts presented have been calculated on the basis of unrounded figures.
This release includes certain financial measures and metrics not based on IFRS, including Adjusted EBITDA, as well as operating metrics, including Annual Active Customers, Quarterly Active Customers, Orders and GMV. We define Annual Active Customers Quarterly Active Customers, Orders, GMV, Total Payment Volume, JumiaPay Transactions and Adjusted EBITDA as follows:
Annual Active Customers means unique customers 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.
Quarterly Active Customers means unique customers who placed an order for a product or a service on our platform, within the 3-month period preceding the relevant date, irrespective of cancellations or returns.
We believe that Annual Active Customers and Quarterly Active Customers are useful indicators of the adoption of our offering by customers in our markets.
Orders corresponds to the total number of orders for products and services on our platform, irrespective of cancellations or returns, for the relevant period.
We believe that the number of orders is a useful indicator to measure the total usage of our platform, irrespective of the monetary value of the individual transactions.
Gross Merchandise Value (“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 for the relevant period. We believe that GMV is a useful indicator for the usage of our platform that is not influenced by shifts in our sales between first-party and third-party sales or the method of payment.
We use Quarterly Active Customers, Orders and GMV as some of many indicators to monitor usage of our platform.
Total Payment Volume (“TPV”) corresponds to the total value of orders for products and services for which JumiaPay was used including shipping fees, value-added tax, and before deductions of any discounts or vouchers, irrespective of cancellations or returns, for the relevant period.
We believe that TPV, which corresponds to the share of GMV for which JumiaPay was used, provides a useful indicator of the development, and adoption by customers, of the payment services offerings we make available, directly and indirectly, through JumiaPay.
JumiaPay Transactions corresponds to the total number of orders for products and services on our marketplace for which JumiaPay was used, irrespective of cancellations or returns, for the relevant period.
We believe that JumiaPay Transactions provides a useful indicator of the development, and adoption by customers, of the cashless payment services offerings we make available for orders on our platform irrespective of the monetary value of the individual transactions.
We use TPV and the number of JumiaPay Transactions to measure the development of our payment services and the progressive conversion of cash on delivery orders into prepaid orders.
Customer Incentives corresponds to incentives that we grant to our end customers, which include discounts and vouchers. These incentives are consideration payable to a customer and are recognized as a reduction of revenue.
We believe that the level of customer incentives is a useful indicator to measure our targeted marketing expenses related to customer discounts and vouchers.


General and administrative expense, excluding SBC, corresponds to the General & Administrative (“G&A”) expense excluding share-based payment expense (“SBC”). We use this metric to measure the development of our G&A costs exclusive of the impact of SBC which is mainly a non-cash expense, influenced, in part, by share price fluctuations.
Adjusted EBITDA corresponds to loss for the period from continuing operations, adjusted for income tax expense (benefit), finance income, finance costs, depreciation and amortization and further adjusted for share-based payment expense.
Adjusted EBITDA is a supplemental non-IFRS measure of our operating performance that is not required by, or presented in accordance with, IFRS. Adjusted EBITDA is not a measurement of our financial performance under IFRS and should not be considered as an alternative to loss for the period, loss before income tax or any other performance measure derived in accordance with IFRS. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate Adjusted EBITDA in the same manner. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our operating performance. Management believes that investors’ understanding of our performance is enhanced by including non-IFRS financial measures as a reasonable basis for comparing our ongoing results of operations. By providing this non-IFRS financial measure, together with a reconciliation to the nearest IFRS financial measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.
Management uses Adjusted EBITDA:
•as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of items not directly resulting from our core operations;
•for planning purposes, including the preparation of our internal annual operating budget and financial projections;
•to evaluate the performance and effectiveness of our strategic initiatives; and
•to evaluate our capacity to expand our business.
Items excluded from this non-IFRS measure are significant components in understanding and assessing financial performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation, or as an alternative to, or a substitute for analysis of our results reported in accordance with IFRS, including loss for the period. Some of the limitations are:
•Adjusted EBITDA does not reflect our share-based payments, income tax expense (benefit) or the amounts necessary to pay our taxes;
•although depreciation and amortization are eliminated in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and
•other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. We compensate for these and other limitations by providing a reconciliation of Adjusted EBITDA to the most directly comparable IFRS financial measure, loss for the period. The following table provides a reconciliation of loss for the period from continuing operations to Adjusted EBITDA for the periods indicated:



For the three months endedFor the six months ended
(USD million)June 30, 2023June 30, 2024June 30, 2023June 30, 2024
Loss for the period from continuing operations(30.7)(22.0)(60.0)(62.7)
Income tax expense(0.2)(0.5)(0.1)0.5 
Net Finance costs / (income)8.8 2.3 9.6 33.6 
Depreciation and amortization2.6 2.3 5.5 4.2 
Share-based payment (income) / expense1.3 1.7 2.3 3.8 
Adjusted EBITDA(18.2)(16.3)(42.8)(20.6)
Constant currency data
Certain metrics have also been presented on a constant currency basis. We use constant currency information to provide us with a picture of underlying business dynamics, excluding currency effects.
Constant currency metrics are calculated using the average foreign exchange rates for each month during 2023 and applying them to the corresponding months in 2024, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations. Constant currency information is not a measure calculated in accordance with IFRS. While we believe that constant currency information may be useful to investors in understanding and evaluating our results of operations in the same manner as our management, our use of constant currency metrics has limitations as an analytical tool, and you should not consider it in isolation, or as an alternative to, or a substitute for analysis of our financial results as reported under IFRS. Further, other companies, including companies in our industry, may report the impact of fluctuations in foreign currency exchange rates differently, which may reduce the value of our constant currency information as a comparative measure.
The following table sets forth the constant currency data for selected metrics.
For the three months endedFor the six months ended
As reported
 YoY  
Change
Constant currency
 YoY  
Change
As reportedYoY
In USD million, except percentagesJune 30, 2023June 30, 2024June 30, 2024June 30, 2023June 30, 2024Change
Revenue44.0 36.5 (17.2)%50.7 15.2 %85.3 85.4 0.1 %
Gross Profit
22.9 21.6 (5.7)%30.8 34.5 %47.8 52.8 10.4 %
Fulfillment expense
(10.6)(9.3)(12.2)%(12.5)17.7 %(22.4)(18.7)(16.6)%
Gross Profit after Fulfillment expense12.3 12.3 (0.2)%18.3 49.1 %25.4 34.1 34.3 %
Sales and Advertising expense(5.5)(4.4)(19.2)%(6.6)19.7 %(10.8)(8.2)(24.5)%
Technology and Content expense(10.7)(8.7)(18.5)%(9.2)(14.4)%(21.9)(17.8)(18.5)%
G&A expense, excluding SBC
(17.2)(17.6)1.9 %(21.6)25.6 %(41.4)(32.9)(20.7)%
Adjusted EBITDA(18.2)(16.3)(10.2)%(16.1)(11.4)%(42.8)(20.6)(51.9)%
Operating Income/ (Loss)(22.1)(20.2)(8.3)%(21.0)(5.0)%(50.5)(28.6)(43.4)%
Loss before Income tax from continuing operations(1)
(30.9)(22.5)(27.1)%(22.9)1.1 %(60.1)(62.1)3.4 %
GMV179.2 170.1 (5.0)%241.8 35.0 %352.4 351.6 (0.2)%
TPV49.4 45.9 (7.1)%73.5 48.7 %90.6 91.3 0.8 %
TPV as % of GMV27.6 %27.0 %30.4 %25.7 %26.0 %
_________________________
(1) Loss before Income tax from continuing operations in constant currency excludes the impact of foreign exchange recorded in finance income/costs.












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Exhibit 99.2

JUMIA TECHNOLOGIES AG
INDEX TO FINANCIAL STATEMENTS
1

JUMIA TECHNOLOGIES AG
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2024 AND DECEMBER 31, 2023
As of
In thousands of USD    Note    December 31, 2023June 30, 2024
Assets        
Non-current assets        
Property and equipment 5 14,361 14,849 
Deferred tax assets 6 531 517 
Other taxes receivable184,721 4,107 
Other non-current assets71,289 979 
Total Non-current assets    20,902 20,452 
Current assets        
Inventories 8 9,699 7,239 
Trade and other receivables 11 23,157 14,127 
Income tax receivables272,000 2,486 
Other taxes receivable 18 4,143 4,354 
Prepaid expenses 12 9,470 7,465 
Term deposits and other financial assets1085,088 47,747 
Cash and cash equivalents 9 35,483 45,057 
Total Current assets  169,040 128,475 
Total Assets  189,942 148,927 
Equity and Liabilities      
Equity      
Share capital 13 236,800 239,163 
Share premium 13 1,736,469 1,736,469 
Other reserves 14 160,729 177,358 
Accumulated losses  (2,064,763)(2,127,440)
Equity attributable to the equity holders of the Company  69,235 25,550 
Non-controlling interests  (511)(513)
Total Equity  68,724 25,037 
Liabilities      
Non-current liabilities
Non-current borrowings172,357 5,524 
Trade and other payables16125 55 
Deferred tax liabilities6204 1,381 
Other taxes payable18474 862 
Provisions for liabilities and other charges19 514 454 
Total Non-current liabilities3,674 8,276 
Current liabilities      
Current borrowings 17 3,718 2,725 
Trade and other payables 16 55,425 48,432 
Income tax payables 27 13,427 12,252 
Other taxes payable 18 23,452 21,084 
Provisions for liabilities and other charges 19 18,420 14,761 
Deferred income 20 3,102 16,360 
Total Current liabilities  117,544 115,614 
Total Liabilities  121,218 123,890 
Total Equity and Liabilities  189,942 148,927 
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
2

JUMIA TECHNOLOGIES AG
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023
For the three months ended June 30For the six months ended June 30
In thousands of USDNote2023202420232024
Revenue2144,032 36,474 85,281 85,367 
Cost of revenue(21,141)(14,895)(37,483)(32,604)
Gross profit22,891 21,579 47,798 52,763 
Fulfillment expense22(10,612)(9,322)(22,429)(18,700)
Sales and advertising expense23(5,472)(4,423)(10,811)(8,165)
Technology and content expense24(10,695)(8,722)(21,878)(17,831)
General and administrative expense25(18,527)(19,208)(43,689)(36,660)
Other operating income368 223 578 473 
Other operating expense(18)(357)(64)(443)
Operating loss(22,065)(20,230)(50,495)(28,563)
Finance income262,895 691 6,012 1,984 
Finance costs26(11,689)(2,949)(15,618)(35,544)
Loss before Income tax from continuing operations(30,859)(22,488)(60,101)(62,123)
Income tax benefit / (expense)27169 476 70 (546)
Loss for the period from continuing operations(30,690)(22,012)(60,031)(62,669)
Loss after Income tax for the period from discontinued operations(1,201)— (3,629)— 
Loss for the period(31,891)(22,012)(63,660)(62,669)
Attributable to:
Equity holders of the Company(31,877)(22,004)(63,637)(62,654)
   from continuing operations(30,676)(22,004)(60,008)(62,654)
   from discontinued operations(1,201)— (3,629)— 
Non-controlling interests(14)(8)(23)(15)
   from continuing operations(14)(8)(23)(15)
Loss for the period(31,891)(22,012)(63,660)(62,669)
Other comprehensive loss that may be classified to profit or loss in subsequent periods
Exchange differences gain / (loss) on translation of foreign operations120,415 33,105 179,881 202,778 
Other comprehensive loss on net investment in foreign operations(127,027)(31,903)(187,389)(190,487)
Other comprehensive income / (loss) on financial assets at fair value through OCI366 1,771 619 3,152 
Other comprehensive income / (loss)(6,246)2,973 (6,889)15,443 
Total comprehensive loss for the period(38,137)(19,039)(70,549)(47,226)
Attributable to:
Equity holders of the Company(38,118)(19,035)(70,515)(47,224)
Non-controlling interests(19)(4)(34)(2)
Total comprehensive loss for the period(38,137)(19,039)(70,549)(47,226)
Earnings per share (EPS) from continuing operations in USD:
Basic and Diluted Loss for the period attributable to ordinary equity holders of the parent28(0.15)(0.11)(0.30)(0.31)
Earnings per share (EPS) from discontinued operations in USD:
Basic and Diluted Loss for the period attributable to ordinary equity holders of the parent28(0.01)— (0.02)— 
Earnings per share (EPS) in USD:
Basic and Diluted Loss for the period attributable to ordinary equity holders of the parent28(0.16)(0.11)(0.32)(0.31)
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
3

JUMIA TECHNOLOGIES AG
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
Attributable to equity holders of the Company
In thousands of USDShare
Capital		Share
premium		Accumulated
losses		Other
reserves		TotalNon-
controlling
interests		Total
Equity
As of January 1, 2023235,659 1,736,469 (1,960,584)163,174 174,718 (469)174,249 
Loss for the period— — (63,637)— (63,637)(23)(63,660)
Other comprehensive loss— — — (6,878)(6,878)(11)(6,889)
Total comprehensive loss for the period— — (63,637)(6,878)(70,515)(34)(70,549)
Capital contribution (Note 13)1,141 — — (1,141)— — — 
Share-based payments (Note 15)— — — 2,151 2,151 (1)2,150 
Change in Non-controlling interests — — (8)— (8)— (8)
As of June 30, 2023236,800 1,736,469 (2,024,229)157,306 106,346 (504)105,842 
As of January 1, 2024236,800 1,736,469 (2,064,763)160,729 69,235 (511)68,724 
Loss for the period— — (62,654)— (62,654)(15)(62,669)
Other comprehensive loss— — — 15,430 15,430 13 15,443 
Total comprehensive loss for the period— — (62,654)15,430 (47,224)(2)(47,226)
Stock units issued2,363 — — (2,361)2 — 2 
Share-based payments (Note 15)— — — 3,560 3,560 — 3,560 
Equity transaction costs (Note 13)— — (32)— (32)— (32)
Change in Non-controlling interests— — 9 — 9 — 9 
As of June 30, 2024239,163 1,736,469 (2,127,440)177,358 25,550 (513)25,037 
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
4

JUMIA TECHNOLOGIES AG
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023
For the three months ended June 30For the six months ended June 30
In thousands of USD    Note2023202420232024
Cash flows from operating activities
Loss before Income tax from continuing operations(30,859)(22,488)(60,101)(62,123)
Loss before Income tax from discontinued operations(1,201)— (3,629)— 
Loss before Income tax   (32,060)(22,488)(63,730)(62,123)
Depreciation and amortization of tangible and intangible assets 2,641 2,238 5,511 4,119 
Impairment losses / (reversals) on loans, receivables and other assets 11(101)(8)6 (76)
Impairment losses on obsolete inventories 233 40 347 200 
Share-based payment expense 151,302 1,650 2,252 3,806 
Net (gain) / loss from disposal of tangible and intangible assets (2)352 (14)307 
Change in provision for liabilities and other charges (4,062)350 (3,612)(1,605)
Lease modification (income)/expense (21)(67)9 (72)
Interest (income) / expense 26(923)11 (1,757)824 
Discounting effect (income) / expense141 (87)56 (206)
Net foreign exchange loss 8,644 646 10,816 13,939 
Net (gain) / loss on financial instruments at fair value through profit or loss26— 65 (237)16,163 
Impairment reversals on financial assets at fair value through OCI(7)(17)(7)(17)
Net loss recognized on disposal of debt instruments held at fair value through OCI261,372 2,196 1,372 3,427 
Share-based payment expense - settlement(64)(14)(248)(142)
Decrease in trade and other receivables, prepaid expenses and other tax receivables 417 1,081 3,494 5,017 
(Increase)/Decrease in inventories (270)1,593 (1,143)240 
(Decrease) in trade and other payables, deferred income and other tax payables 3,626 4,836 9,462 14,364 
Income taxes paid (391)(769)(1,478)(2,075)
Net cash flows used in operating activities (19,525)(8,392)(38,901)(3,910)
Cash flows from investing activities 
Purchase of property and equipment (331)(681)(1,142)(926)
Proceeds from sale of property and equipment 15 4 50 84 
Interest received1,798 810 2,533 (13)
Movement in other non-current assets 203 91 251 48 
Movement in term deposits and other financial assets12,499 25,019 51,329 21,579 
Net cash flows (used in) / from investing activities14,184 25,243 53,021 20,772 
Cash flows from financing activities 
Payment of lease interest(318)(259)(678)(436)
Repayment of lease liabilities(1,161)(1,572)(3,499)(2,381)
Equity transaction costs(6)— (18)— 
Net cash flows (used in) / from financing activities (1,485)(1,831)(4,195)(2,817)
Net increase / (decrease) in cash and cash equivalents (6,826)15,020 9,925 14,045 
Effect of exchange rate changes on cash and cash equivalents (18,995)1,410 (20,464)(4,471)
Cash and cash equivalents at the beginning of the period 986,861 28,627 71,579 35,483 
Cash and cash equivalents at the end of the period 961,040 45,057 61,040 45,057 
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
5

JUMIA TECHNOLOGIES AG
NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, 2024
1 Corporate information
The accompanying unaudited interim condensed consolidated financial statements and notes present the operations of Jumia Technologies AG (the “Company” or “Jumia Tech”) and its subsidiaries (the “Group” or “Jumia”).
The Company was incorporated as Africa Internet Holding GmbH on June 26, 2012, and was transformed into Jumia Technologies AG, a German stock corporation on January 31, 2019. The Company is domiciled in Germany and has its registered office located at Skalitzer Strasse 104, 10997 Berlin, Germany. The Group operates in e-commerce across the African continent.
In April 2019 Jumia Tech became a listed company on New York Stock Exchange (NYSE), with ticker symbol “JMIA”.
Jumia is the leading pan-African e-commerce platform. Jumia’s platform consists of a marketplace, which connects sellers with customers, a logistics service, which enables the shipping and delivery of packages from sellers to customers, and a payment service, which facilitates transactions among participants active on Jumia’s platform.
The Group has incurred significant losses since its incorporation. The Group expects to continue generating losses as it makes the necessary investments to grow and/or rebalance its business. The Group will therefore continue to require additional funding either from existing or new shareholders.
The interim condensed consolidated financial statements disclose all matters of which the Group is aware, and which are relevant to the Group’s ability to continue as a going concern, including all significant events and mitigating factors. Further details can be found in Note 31. The interim condensed consolidated financial statements have been prepared on a basis which assumes that the Group will continue as a going concern, and which contemplates the recoverability of assets and the satisfaction of the liabilities and commitments in the normal course of business. The Group has sufficient resources to operate as a going concern for the next 12 months.
2 Basis of preparation
These unaudited condensed interim consolidated financial statements for the quarterly reporting period ended June 30, 2024 have been prepared in accordance with International Financial Reporting Standards («IFRS») applicable to the preparation of interim financial statements, including International Accounting Standard («IAS») 34, Interim Financial Reporting, as issued by the International Accounting Standard Board («IASB»).
Our business is seasonal and, consequently, our results tend to fluctuate from quarter to quarter. However, the comparability of the Group's results and financial position of the interim period, is not significantly affected by the level of seasonality.
The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the consolidated financial statements for the year ended December 31, 2023.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the adoption of the new standards effective as of January 1, 2024 (Note 4 a)).
The interim condensed consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand ($000), except when otherwise indicated.

6

3 Significant changes in the current reporting period
The financial position and performance of the Group, during the six months ended June 30, 2024, was affected by Egypt and Nigeria currency fluctuations.
Both Egypt and Nigeria face significant macroeconomic challenges, further exacerbated by ongoing regional conflicts. In 2023, the Egyptian government, while seeking increased access to a support program, collaborated with the International Monetary Fund (IMF) to implement policies aimed at promoting exchange rate flexibility and enhancing economic resilience. This resulted in a devaluation of the Egyptian Pound (EGP). The EGP was allowed to float more freely on the market, aligning with IMF loan conditions. During Six months ended June 30, 2024, the accumulated devaluation of the EGP against the US Dollar (USD) was 55%.
Similarly, in June 2023, Nigeria experienced a significant devaluation of the Nigerian Naira (NGN) against the US Dollar following a policy shift by the Central Bank of Nigeria. They abandoned their previous system of multiple exchange rates and allowed the NGN to trade more freely on the foreign exchange market. In February 2024, there was a further devaluation as the methodology for calculating the official exchange rate was revised, bringing it closer to the freely traded rate. During the Six months ended June 30, 2024, the accumulated devaluation of the NGN against the US Dollar (USD) was 71%.
Changes in accounting policies, estimates and assumptions
There have been no material changes in the accounting policies and basis of consolidation adopted in prior periods. None of the standards and interpretations that have been adopted for the first time have had a material impact on the Group's accounting policies.
There have been no material revisions to the nature and amount of estimates and assumptions reported in prior periods. In view of the business activities in which the Group engages, transactions are not substantially cyclical or seasonal in nature. Therefore, no specific disclosures are included in this connection in the explanatory notes to the interim condensed consolidated financial statements.
4 New accounting pronouncements
a) New standards, interpretations and amendments adopted by the Group
During the current period the Group has adopted the following amendments, which have no material impacts on the Group’s interim consolidated financial statements.

•Amendments to IAS 1: Classification of Liabilities as Current or Non-Current
•Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
•Amendments to IAS 1: Non-current Liabilities with Covenants
•Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
b) Standards issued during the interim period but not yet effective in the interim condensed consolidated financial statements
IAS 21 ("The Effects of Changes in Foreign Exchange Rates") amendment on lack of exchangeability
On 15 August 2023, the IASB issued ‘The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendment to IAS 21)' that adds requirements for determining whether a currency can be exchanged for another currency (exchangeability) and defining how to determine the spot exchange rate to be used when it is not possible to exchange a currency for a long period of time. This change also requires the disclosure of information that allows understanding how the currency that cannot be exchanged for another currency affects, or is expected to affect, the financial performance, financial position and cash flows of the entity, in addition to the spot exchange rate used on the reporting date and how it was determined. The amendment is effective for annual reporting periods beginning on or after January 1, 2025.
The group does not expect a material impact upon adoption of this amendment.
Amendments IFRS 9 ("Financial Instruments") and IFRS 7 ("Financial Instruments: Disclosures") regarding the classification and measurement of financial instruments
On 30 May 2024, the IASB issued ‘Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)'. These amendments intend to: i) clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; ii) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; iii) add new disclosure requirements for instruments with contractual conditions that can change cash flows, like those linked to ESG targets; and iv) update the disclosure requirements for equity instruments designated at fair value through other comprehensive income, separating the fair value reserve into the fair value gains or losses of the investments derecognised and those held at the end of the period. These amendments apply at the date they become effective without restating the comparatives. The amendments are effective for annual reporting periods beginning on or after January 1, 2026.
The group does not expect a material impact upon adoption of these amendments.
IFRS 18 Presentation and Disclosures in Financial Statements
On 9 April 2024, the IASB issued ‘IFRS 18 - Presentation and Disclosures in Financial Statements'. This new standard will replace the current IAS 1. While retaining many of the existing principles of IAS 1, it is focused on the specification of a structure for the statement of profit or loss, composed of categories and required subtotals. Items in the statement of profit or loss will be classified into one of three categories: operating, investing, financing. Specified subtotals and totals will be required being the main change the mandatory inclusion of the subtotal “Operating profit or loss”. This standard also includes improvements to the disclosure of management performance measures including the reconciliation with the most similar specified subtotal in IFRS Accounting standards. This standard also enhances guidance on the principles of aggregation and disaggregation of information in the financial statements and respective notes, based on their shared characteristics. This standard applies retrospectively. The standard is effective for annual reporting periods beginning on or after January 1, 2027.
The group is analyzing the potential impacts of adoption of this standard in the presentation of financial statements (in particular comprehensive income statement), and disclosures of management performance measures.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
On 9 May 2024, the IASB issued ‘IFRS 19 Subsidiaries without Public Accountability: Disclosures'. This new standard is still subject to endorsement by the European Union. IFRS 19 is a voluntary standard which allows “Eligible” subsidiaries to use IFRS Accounting Standards with reduced disclosure requirements. IFRS 19 is a disclosure-only standard and works alongside other IFRS Accounting Standards for recognition, measurement, and presentation requirements. A subsidiary is “Eligible” if (i) it does not have public accountability; and (ii) has a parent that prepares consolidated financial statements available for public use that comply with IFRS Accounting Standards. IFRS 19 can be applied by “Eligible” subsidiaries when preparing their own consolidated, separate or individual financial statements. Complete comparative information needs to be prepared under IFRS 19 unless any exemption applies. The standard is effective for annual reporting periods beginning on or after January 1, 2027.
The group will not have a material impact upon adoption of this standard.
7

5 Property and Equipment
Movements in the carrying amount of property and equipment were as follows:
In thousands of USDBuildingsTechnical
equipment and
machinery		Transportation
equipment,
office
equipment
and other
equipment		Right of use
assets - Office
and Warehouse		Total
Cost
Balance as of December 31, 20232,483 5,263 18,524 20,593 46,863 
Additions
139 418 408 6,547 7,512 
Lease modifications— — — (2,803)(2,803)
Disposals(613)(283)(3,190)— (4,086)
Impairment(111)— (126)— (237)
Effect of translation(132)(548)(2,640)(1,932)(