Organic earnings growth at +5% y-o-y in the first half of 2025

The JUMBO Group hereby announces its financial results for the first half of 2025, demonstrating the resilience and adaptability of the company’s business model.

Despite the uncertain international environment, marked by supply chain delays, increased transportation costs, inflationary pressures, and a tariff ‘bras de fer,’ the JUMBO Group continues to offer consumers high-quality products at attractive prices, while at the same time distributing dividends to its shareholder-partners.

The Group grew sales by approximately +8% compared to last year for the period January–August 2025.

Management considers that if the annual growth rate remains at 8%, there is increased likelihood net earnings will be maintained at last year’s organic levels.

The Christmas trading season will be decisive for the performance of the Group’s financials, acting as the strongest link for sustaining the growth momentum on the topline.

• In the first half of 2025, the Group recorded a sales increase of +8,01% y-o-y, reaching EUR 497,28 million.
• The gross profit margin landed at 53,86%, versus 55,27% in the previous year.

Although the strengthening of the EUR against the USD may have a positive impact on stock purchases, this benefit is expected to be reflected mainly in the second half of the year, other things being equal.

In addition, the increasing share of wholesale sales to external partners (franchise), leads to a reduction in the Group’s gross margin, since related sales carry a lower gross profit margin compared to retail sales.

• The Group recorded EBITDA of EUR 165,36 million, compared to EUR 164,68 million in the corresponding period last year.

In the first half of 2024, the Company received EUR 10,21 million as insurance compensation for its stores in Larissa and Karditsa, which had remained closed following the unprecedented flooding event in early September 2023.

• Excluding the impact of insurance compensation, the Group’s EBITDA increased by +7,05% (H1 2024: EUR 154,47 million), while the EBITDA margin remained above 33%.

• The Group’s net earnings amounted to EUR 117,18 million, compared to EUR 121,69 million in the corresponding period last year. On a comparable basis, excluding the impact of insurance compensation, net earnings were up by +5,11% versus EUR 111,48 million in the corresponding period last year.

Liquidity

As of June 30, 2025, cash and cash equivalents exceeded the total amount of borrowings and lease liabilities by EUR 309,79 million, compared to EUR 372,51 million as of December 31, 2024.

Total cash distributions to date amount to EUR 131,5 million.

In 2024 and 2025, the Company implemented a share buyback program, acquiring a total of 1.694.198 shares (1,25%) as of June 30, 2025. On August 4, 2025, all treasury shares were cancelled and delisted from the Athens Stock Exchange.

The JUMBO Group continues its strong growth strategy, currently operating 89 stores: 53 in Greece, 6 in Cyprus, 10 in Bulgaria, and 20 in Romania.

• Through steady steps, the Group aims to open on average two new hyper-stores per year, adjusting the pace of expansion to the conditions of each market and further strengthening its strategy through the acquisition of stores currently operated under lease agreements.

• Greece: In 2025 up to date, the Group has acquired two stores previously operating under lease, while the purchase of an additional two leased stores is expected to be finalized shortly. One new store to be added every three years.
• Cyprus: Two new hyper-stores are expected to be added within the next five years.
• Bulgaria: One new hyper-store is expected to be added over the next 2–3 years.
• Romania: The Group maintains its expansion pace of one new hyper-store per year.

The Group systematically invests in the development of its e-commerce platform across all countries of operation, thereby strengthening its position in online retail.

At the same time, it is implementing significant investments in cybersecurity, artificial intelligence tools, and the modernization of its ERP system, aiming to enhance customer experience, support more effective decision-making, and increase operational efficiency.

The Group is proceeding with the addition of two new distribution centers, representing a total investment expected to exceed EUR 60 million, to be completed within the next 3–5 years.

Through partnerships, the Group also has a presence with 41 JUMBO-branded stores in seven countries: Albania, Kosovo, Serbia, North Macedonia, Bosnia and Herzegovina, Montenegro, and Israel. Management continuously evaluates business proposals for potential partnerships in countries outside the Eurozone.