Jumbo (BELA) H1 2026 earnings summary

Executive summary

• Group sales for H1 2026 reached €519.26 million, up 4.42% year-over-year, with net profit at €120.65 million, a 2.96% increase year-over-year.

• Gross margin was 53.53%, down 33 bps, mainly due to Romania's VAT increase and currency weakness, partially offset by favorable euro/dollar rates and manageable freight costs.

• Greece (62% of sales) grew 7.08%, Cyprus 3.92%, Bulgaria 10.78%, while Romania declined 6.5% due to inflation, currency, and fiscal pressures.

• Cash and cash equivalents stood at €546.14 million as of June 30, 2026, with no debt, supporting investments and shareholder returns.

• The Group operated 89 stores across four countries and expanded its online presence.

Financial highlights

• EBITDA reached €170 million (margin 32.7%), up 2.81% year-over-year.

• Operating profit increased to €149 million, up 3.2% year-over-year, with an EBIT margin of 28.7%.

• Net profit margin was 23.2% in H1 2026.

• Free cash flow improved to €85.5 million from €19.6 million year-over-year.

• Earnings per share for the Group increased 3% to €0.8979.

Outlook and guidance

• Full-year 2026 guidance maintained: approximately 5% sales growth and €310–320 million net profit.

• New store openings planned in Romania (Baia Mare in October), Cyprus (2027), Greece (four stores by 2028), and Bulgaria (one hyper store within two years).

• Online store launch in Hungary planned for end-2026; physical stores in Hungary not expected before 2029.

• Revenue CAGR targeted at strong single-digit growth over the next five years.

• Management remains focused on disciplined growth, operational efficiency, and high liquidity.