Thank you, Maria. Good afternoon, ladies and gentlemen.

Thank you for joining Jumbo's annual investor and analyst conference call. Before we begin, I would like to briefly walk you through the key highlights of our performance, and then I will hand over to our Chairman, Mr.

Apostolos-Evangelos Vakakis, for further comments. 2025 was another year of solid performance and resilience for the group.

Total sales increased by 7% on a year-on-year, reaching approximately €1.23 billion, reflecting sustained demand across all our markets. Gross margins stood at 54.7%, slightly lower compared to last year, mainly due to the increased contribution of franchise operations, which carry lower margins.

On a comparable basis, EBITDA rose by 5% to €436 million, while net profit increased by 4% to €320 million. Importantly, we continue to maintain a very strong balance sheet, with a net cash position of €473 million, providing us significant flexibility to support our investment plans.

Return on capital employed remained very high at 27%, underlining the efficiency of our capital allocation. During the year, we continued to return value to our shareholders.

Total cash distribution reached €131.5 million, while we also proceeded with the buyback and canceling of 1.25% of the total shares. At the same time, we continued to expand our footprint.

We opened our second store in Timisoara, we launched our online store in Bulgaria, and we acquired three previously leased stores in Greece, further strengthening our asset base. Growth was broad-based in all our regions.

Greece recorded a 9% increase in sales, Cyprus grew by 8%, Bulgaria by 5%, and Romania by 4%. This performance reflects both the strength of our brand and also our ability to adapt in local market conditions.

Moving to the year ahead, we started 2026 on a positive note. Group sales for the first quarter increased by 7% year-on-year.

Greece and Bulgaria posted a double-digit growth of 11%, while Cyprus recorded a 4% increase, and Romania, on the other hand, showed a decline of 4%, reflecting more challenging macroeconomic environment in the country. Also during the first quarter, we proceeded with a cash distribution of approximately €67 million or €0.50 per share, further demonstrating our commitment to our shareholder returns.

Our strategy remains focused on expansion and long-term value creation. In Greece, we plan to develop at least four new stores in the next three years, while in Cyprus, we see that there is room for two additional stores in the medium term.

In Bulgaria, we expect to add one more hyperstore within the next two years, and in Romania, a new store in Baia Mare is scheduled to open in 2026. More broadly, our plan in Romania is to open at least one new store per year, with the objective to double the number of the stores in the next decade.

At the same time, our franchise network continued to grow dynamically, both within existing markets and in new territories. Currently, our partners operate 45 stores across seven countries.

Specifically in Israel, we expect three to four new stores openings in 2026, while their entry in Canada is progressing, and the first store in Toronto is expected in early 2027. We also continue to invest in the improvement of our e-commerce platform.

Our focus is on improving customer experience, operational efficiency, and we also exploring the expansion of in a new markets. At the same time, we invest in our logistics infrastructure, which is critical to support our expansion.

We have pre-agreed to acquire a 60,000 square meter distribution center in Romania, while two additional distribution centers are under development in Greece. Total investments in logistics are expected to exceed €95 million over the next three years.

Looking ahead for 2026, we expect sales growth at around 5%, net income to range between €310 to €320 million, and capital expenditure close to €60 million. To conclude, Jumbo continues to demonstrate strong fundamentals, consistent profitability, and a clear strategic direction for future growth.

Thank you for your attention, and now hand over the call to our Chairman, Mr. Apostolos-Evangelos Vakakis, for your questions.

Good afternoon to everybody. I'm ready for the first question.

Yeah. Hi there.

Thank you for taking my questions. Could I start with Turkey?

Could you maybe elaborate on the strategic rationale behind the e-commerce launch approach? Should investors see this as a low-capex way to test demand, brand awareness, and price positioning before a physical rollout, or is it just a standalone channel opportunity?

Thank you.

Yeah. Practically you are asking how we are going to approach the Turkish ordeal.

We are going to employ our facilities in Romania, where we have established a state-of-the-art distribution center, and gradually we will enter under the radar in the Turkish market in order to gain experience and market share. That would be only an e-commerce exercise, nothing more than that, nothing less than that.

One can say that for '26 it is a period of testing the waters.

Great. Thank you.

If I could just follow up on the guidance. Just wondering what is the gross margin assumption underpinning your '26 forecast about net profit settling well flat to -3% year-on-year, as indicated by the guidance?

Thank you.

It is really something that no one can give a clear understand, because all variables are unstable as we go through '26. We don't know the currency, we don't know the interest rates, we don't know how long the war will take, or whatever.

We have always cleared to the market that when we start guiding analysts about next year's performance or current year's performance, we only give the budgeted number. Therefore these are not exact numbers.

These are numbers that are compromises between various factors that move within a range. If one wants to be more specific, I would say that it won't be unsafe if people reduce the gross margin by one or two points.

Great. Thank you.

Yes, good afternoon. My first question has to do with Balfin Group.

You've said you are examining penetration in new markets along with Balfin Group. Would you be kind enough to let us know which markets do you currently examine?

Second question has to do with the possibility to deploy some pop-up stores, I don't know if it will be Romania or other markets, if you could further clarify on this, please.

Okay. I want to clarify that we have more work than what we can cope with.

What makes interesting the proposal of the gentleman you just mentioned is that he is willing to invest in infrastructure in order to serve new countries that will be in the north. It is let's say, a franchise by trust.

It's still a premature effort, but we have signed or we are about to sign a franchise agreement and to go forward since we will be having let's say, benefits without really committing resources or time in that direction. That answers part of your question.

Can you remind me what was the second part of the question?

Which markets do you plan to proceed with the franchise agreement with Balfin Group? If you plan to deploy a new model with the opening of smaller stores in some of your markets?

Hang on. These are two completely different issues.

As I said, this gentleman is going to focus on what we call new northern markets, and he's going to run the operation from A to Z himself by creating warehousing in China and serving this country directly. Which countries will start first, which countries will start second, it's a little bit premature to say at this stage.

We have offered to him four countries. They have funny names.

If you want, you can ask Amalia later to define. I don't remember the names of these countries, but they're decent countries, and according to him, they're of great interest.

Regarding the pop-up issue, this is, as I said, a new effort that we have start studying for the Canadian market, since it is there where we are going to exercise this new concept of, let's say, smaller stores inside shopping centers. Because of this studying, most probably we are going to introduce such stores in all countries where we operate in order to gain know-how and experience in parallel with the effort that we are going to go through in Canada.

Thank you very much.

Hi, hello on my end, and thank you for the presentation. Just a quick one on my end, and maybe a follow-up later.

Could you please elaborate on the rationale behind acquiring your leased stores going forward?

The rationale of acquiring stores?

Yes, your own stores, yes.

Yes. Because it makes a lot of sense.

We don't acquire stores any store. We acquire stores that the financials prove that they are a good investment.

Owning the property takes out the uncertainty of future negotiations, and we believe that since we are very profitable and very cash-rich, it is a no-brainer. We should do so, unless we can have as an alternative new stores, whether rented or bought, which always would be preferred, but usually they work on the opposite direction.

When the the the uncertainty is around, it makes more sense to buy stores. When certainty is resolved, then it makes more sense to focus on generic growth rather than buy stores.

All in all, the mission statement is one day to own all the stores that are of interest to us and are offered at prices that make sense.

Thank you so much. Maybe one follow-up.

You mentioned about the three distribution centers you're currently in negotiation for a distribution center in Romania. Maybe when do you think this is going to be fully operational, sorry if I missed that already, and you mentioned also a capex of close to €100 million over the next three years for this project.

Is that correct? Could you please allocate that in the window of the next three years?

Thank you.

No. What what we have said in a simplified way is that a part of our capex is directed towards new distribution centers.

One distribution center is in Romania. I want to bring to your attention that Romania is still early stages.

We we will more or less double our stores in the coming years, infrastructure should be in place there. The other couple of stores the other couple of distribution centers, was one is in the north of Greece and one is in the south of Greece.

It is safe to say that between 30% of our capex between 30% and 40%, because it depends how you measure it and how you read this capex, will go towards distribution centers in the coming three years. The rest will go either to buy new stores, or to rent, or to start new stores, and so on.

You mentioned in the press release, and sorry to insist on that, that yeah you plan to spend around €95 million over the next three years.

So— €90 million is for distribution centers, not for total capex.

Yes, €95 million in the next three years.

Whatever. Whether it's 90 or 95, it's—

90 or 95. Basically the capex if it's around 30% to 40%—

Of total capex.

Of total yearly capex. Okay.

Anyway, alright, okay, okay. Eventually the distribution center in Romania will be operational in a year from now?

Should we assume that it would be operational in 2027?

We have said that if the deal goes through, the distribution center will be operational, not in full capacity, in '26. In '26.

'26 is in Romania, '27 is in the north of Greece, and '28, '29 is in the south of Greece.

Okay. Brilliant.

Thank you so much. Thank you for your time.

Yes, good afternoon. Thank you so much for the presentation.

I have two follow-up regarding the outlook and the margin guidance. I understand that the future is very uncertain, but still something made you budget slightly lower net profit despite growing sales.

I was just wondering if you can talk about the high-level factors that made you budget decreasing margin this year, and what are those factors are related to? Another question on the competition in Romania, in Bulgaria, in Greece.

Do you see any signs of increasing competition? We've seen a lot of talks about Action in Romania and expanding to Bulgaria.

Any color on the competitive trends? Thank you.

Let me focus a little bit on your question. When we talk about margin erosion, this is always a parameter that should be taken into account when we budget the year.

If one wants to make it very simple in one's mind, he would say that there is a cost implication of the wars around us. We don't really know the outcome of the wars, we don't know when the timing, and so on.

We only know that during wars there is a certain degree of inefficiency which somehow need to be put into the system. Otherwise, we may be guiding people the wrong direction.

It has nothing to do with what you call direct or indirect competition, because practically, I have always said that people who understand the Jumbo concept also understand that there is no competition to Jumbo by all these companies that you mentioned, which are competitive, but in a parallel field, not directly with Jumbo. If one wanted to define who is the number one competitor of Jumbo, he would say the hypers and the mass market stores.

Having said that, Jumbo is a very small player by comparison to the world, and therefore we work like a margin of error rather than a direct competitor to the dinosaurs or to the lions of the jungle. Yes, there is a cost of war.

We call it cost of inefficiency because of the war, because of the various factors. On the other hand, we also have a lot of benefits out of that, because we are a company that has strong warehousing facilities, has positive cash flow, has a lot of money, has this, has the other.

It would be wrong and not prudent to budget optimism during turbulent times. This is one of the classic mistakes inexperienced managers make where they try to address a problem with optimism.

I resent this exercise. When I give the guidance that I'm giving, I want to alert people that almost all parameters that are affecting the bottom line or the top line are under question in today's environment, not for Jumbo, but for the whole industry as a whole, for the whole retail industry as a whole.

Whoever says that he can outguess what is happening today or he is better than Trump, or better than Macron, or better than this, or better than the other, I don't want to hear about it. I am paid to worry.

I'm paid to address not only positive implications on a day-to-day basis, but also negative ones, and I have to pre-account for that even if they are not visible yet. If you want my personal view, which I can say, but after I alert people that nine out of 10 times I'm wrong, is that better times are coming ahead of us, not worse times.

Again, this is a personal view, and usually I'm wrong.

Yes, thank you so much. That's very clear.

Okay. If one reads basic analysis of the Romanian market, one will read that the total market is in a recession mood because of unresolved structural problems still existing in Romania.

If you ask me personally, I have great confidence in Romania. I think it's a nice country, it's a beautiful country, it's a well-structured country, and sooner or later, they will resolve these problems that they have.

We don't lose even one second of our sleep regarding our future presence in Romania, and we have indicated that whatever micro environment may say, we are committed to develop this market to its full. This is not something to be debated.

If one ask us about the margin that keeps cropping up, I don't know why, one would have to answer what would be the timing of the war, what would be the cost of the transport cost, and things like that. If you focus in what other people are saying, problems may be resolved in one day, or one week, or one month, or one year, or one generation.

Nobody knows at this stage. Again, that doesn't matter, because if a temporary environment turns into let's say, unpleasant but stable environment, we will adjust pricing accordingly in order to take account of this.

We are hedging our bet with products. Therefore, we don't have the same worry that an analyst has, because practically speaking, we are competing with other people who face the same problems with us.

I have mentioned before and I'm mentioning it again, what I call the penguin effect. We don't want to be the first on the water, because the probability of being eaten by the hungry whales is very big.

We don't want to be courageous or whatever. We want to be dumb and stupid and fall into the water once the whales are well-fed.

I don't know why this thing of margin comes back and forward. For me, it is a let's say, an intellectual conversation that is not substantiated by Jumbo's history in the last 40 years.

I believe that 40 years is enough for somebody to understand how Jumbo is working. We don't buy our turnover; we sell our products.

We don't want to bet against a wrong direction of the market. That's all.

I don't know what exactly is the question. We cannot apologize for being successful, but definitely that doesn't come by accident.

It comes by a coherent, simple to execute strategy, which, again, I pre-mentioned, is not based on driving the company like a rocket, but like driving the company as a jumbo plane that lifts, lands, and makes round trips all through the year. Definitely complacency may be one of our biggest enemies, because we are very successful for tens of years.

We love what we are doing, and we want to continue doing it. Because we try to make it more simple, despite the fact that we are gradually aging, we are still in a position to cope with the work needed to do so.

Retail is detail, and there is no bigger and more dangerous competitor than your bad self. I wouldn't worry so much.

There are no signs that something is going wrong.

we believe that we can employ our capital in a more productive way. The option to buy shares is there, but it's the last option, not the first option.

As I said before, personally, I feel optimistic about the future. If one reads our guidance and our plans for the next two to three years, sees an aggressive investment plan based on solid numbers, not on wishful thinking.

Therefore, the option of buying back shares for me is not appropriate during the specific time period.

We were supposed to start this year, but we do not control this process ourselves. We will expand through a franchisee.

This franchisee happens to be an Israeli one. Israel now are at war.

Thank God that they keep working. They fight with one hand and with the other hand they work.

They need to face some calm before they actually refocus as a nation towards expansion and the rest. I am very proud of my partners and what they have done despite the impossible challenges that they face because of the war.

Canada is there, we are going to be there, and thank God we are going to do as well as we did in Israel.

As I said, we control the distribution of our merchandise through our central warehouses. Nothing is shipped directly to anywhere.

Having said that, as I said before, in the future, some countries which are not in the system today would be dealt through a franchise agreement where the warehousing will be in China and not in Greece.

Definitely from Greece.

If there is what? I missed the question.

Supply chain.

With the supply chain. The answer is that because of the cost of the petrol, there is a transport surcharge on all transported goods from around the globe.

For the short run, we are splitting this cost together with our suppliers, because we both feel that this is a temporary implication, and it should not affect prices. Therefore, because of the strength of the euro plus the fact that suppliers are willing to participate in this surcharge for petrol costs, we are still in balance.

If one asks whether there are implications because of the war, the answer is evident, since no container ship passes through the canal, the Suez Canal. They have to go around Africa, and there is a cost implication because of that.

How much of this is justified, how much is let's say, self-serving for the interest of what we call logistic companies, you can make your own judgment on that. For the time being, and because of the war, container ships have to go through Africa.

We don't have a clue what goes on in Turkey. We are currently investigating the mechanics and the realities of the place.

All in all, you can only have an impression from me and not a real experience guidance. The impression is that Turks are willing to pay more for the same product, a European pace.

They make a lot of children. Of course, despite the fact that Turkey is a very big country, a percentage of the population is only involved and active, let's say, in this part of the what we call European or international products.

As I said, for us, it's a plus business for the time being. It may turn into something else, but it's too early in order for us to lose any sleep.

We are more involved with mechanics and infrastructure and programs and logistics and business partners, and so on. No tangible numbers are still on the table.

Definitely. As we go through, we are overhauling that, and we are not entering Turkey without this overhaul in place.

Definitely that will benefit Bulgaria as well.

A good question, but you will have to ask God. I don't plan to retire.

They will take me out of the company legs first.

As I said, we have three options. The first option is new stores, either rented or bought.

Then we have the second option is to buy the stores that we already rent. The third option is to return money to the shareholders, because the first two options are not very attractive.

Of course, that doesn't have to do with the day-to-day where let's say, a certain amount of capital is allocated for store preservation, as well as new DCs and more generic infrastructure. To repeat again, solid growth or generic growth, then second option, buy existing stores if they're offered to us at a competitive price, and third, if we are not very successful in either one or two, return more money to the shareholders.

I have answered this question by saying that if you're an optimist and you try to go quicker in a difficult environment like the one all the world is facing, for me, it's the least of my options. If we are lucky, we can get better numbers than the ones we have budgeted, but I wouldn't bet on that.

I like to take my time in choosing how the game will be played. Jumbo is a company with a mission statement to be around 800 years from now.

To talk in terms of weeks, or months, or whatever, to me is meaningless. We are talking about quarters or things like that, but everybody understands that the world is not in its best shape.

All parameters have a certain amount of risk involved, but none of these parameters is life-threatening. If one needs to worry is not people being content with what they are achieving.

We are fully alert to the fact that if we are as good as last year, we are dead. We have to be better every year, despite the fact that there are years that may not be as good as we would have liked them.

During Jumbo's history, we have gone through periods like that for many years. We have a track record to really back up what we are saying.

I was born a chicken and I plan to die a chicken.

I really don't know. It's too intellectual for me to answer this type of a question, because I never had this luxury as an option.

As I said in previous presentations, I'm the fat guy hitting the drums so the crew can row stronger as we head for the finish line. No luxury for cruises.

I didn't get the question. What is exactly the question?

The e-commerce is our own venture. We are not doing it with any strategic partner.

We are utilizing idle resources or capacity that it's in place. Turkey is a very, very difficult market, and one needs a lot of preparation if one wants to involve himself on the field.

It's a little bit like the war today. It's one thing bombing from United States, and another thing landing in Iran.

We will try to keep this option for the next generation, unless it's absolutely necessary.

As I said, in '26, it's next to zero. We plan to fly under the radar and measure things in a relaxed way.

We don't have numbers in our budget that reflect the activity that we plan to introduce in Turkey.

The e-commerce activity of Jumbo is a margin contributor, a complementary service. It is not a service that we offer in order to compete with a Jumbo store.

We would be very happy if in each country the e-commerce activity relates to a couple of Jumbo stores.

Thank you for listening to me. As I keep alerting people, our mission statement is the one of a Japanese company.

We want to put in place all the fundamentals in order to be around for generations, and not to create an exercise that has a finite potential. That's why we feel strange when people keep asking us about margins or pace and things like that.

I would say that that doesn't make justice to the efforts everybody's making at Jumbo. At Jumbo, we focus on productivity.

When we say productivity, on all aspects of productivity, whether they are short-term or long-term. We try to stay constantly stupid in order to end up, let's say, successful, not against perfection, but against our competitors.

During good times, but also bad times, and thank God we had a lot of bad times in Greece in the last 10, 20 years, we have managed to prove that our strategy works. It is not a strategy in question.

Nobody really questions our strategy, except some analysts who want to promote another company or something like that. They're free to do so.

One should ask companies like the ones I've just heard, what is their current valuation? Are they growing or slowing?

I want to leave it there, because really, as I said before, we are only interested in what we are doing. What other people are doing, the better they do it, the more we can profit from them, because we can get their best practice and duplicate it.

Thank you for hearing me, and good afternoon.