Half Year 2026 Jumbo SA Earnings Call

September 24, 2026

Speaker #1: Ladies and gentlemen, thank you for standing by. I'm Costantino, your Chorus Call operator. Welcome, and thank you for joining the Jumbo conference call and live webcast to present and discuss the first half 2026 financial results.

Operator 2: Ladies and gentlemen, thank you for standing by. I'm Constantinos, your conference call operator. Welcome, and thank you for joining the Jumbo conference call and live webcast to present and discuss the H1 2026 financial results. All participants will be in listen only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. For the webcast participants, you can submit your questions in English. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Apostolos Vakakis, Chairman of the Board of Directors, Mr. Polys Polycarpou, CFO, and Ms. Karamitssi Amalia, Head of Investor Relations. Ms. Karamitssi, you may now proceed.

Operator: Ladies and gentlemen, thank you for standing by. I'm Constantinos, your conference call operator. Welcome, and thank you for joining the Jumbo conference call and live webcast to present and discuss the H1 2026 financial results. All participants will be in listen only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. For the webcast participants, you can submit your questions in English. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Apostolos Vakakis, Chairman of the Board of Directors, Mr. Polys Polycarpou, CFO, and Ms. Amalia Karamitsoli, Head of Investor Relations. Ms. Karamitsoli, you may now proceed.

Speaker #1: All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a question-and-answer session. Anyone who wishes to ask a question may press star followed by one on the telephone.

Speaker #1: For the webcast participants, you can submit your questions in English. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone.

Speaker #1: At this time, I would like to turn the conference over to Mr. Apostolos Evangelios Vakakis, Chairman of the Board of Directors; Mr. Polis Polikarpou, CFO; and Ms. Kara Mitsoulou Amalia, Head of Investor Relations.

Speaker #1: Ms. Kara Mitsoulou, you may now proceed.

Karamitssi Amalia: Thank you, Constantinos. Good afternoon. Thank you for joining us. Today, I will take you through Jumbo's H1 results, the performance of our main markets, and the priorities for the rest of the year. I will keep this presentation brief so we could have enough time for your questions at the end. Let me start with our main numbers. Group sales reached EUR 590 million in H1, an increase of 4% year-on-year. Net profit was EUR 121 million, up 3%. Gross margin was at 53.5%, 33 basis points lower than last year. The main pressure in the gross margin came from Romania. We absorbed the VAT increase, and we faced a weaker local currency. On the other hand, more favorable euro/dollar exchange rate, manageable freight costs during most of the period, and sales mix helped to offset some of this pressure.

Amalia Karamitsoli: Thank you, Constantinos. Good afternoon. Thank you for joining us. Today, I will take you through Jumbo's H1 results, the performance of our main markets, and the priorities for the rest of the year. I will keep this presentation brief so we could have enough time for your questions at the end. Let me start with our main numbers. Group sales reached EUR 590 million in H1, an increase of 4% year-on-year. Net profit was EUR 121 million, up 3%. Gross margin was at 53.5%, 33 basis points lower than last year. The main pressure in the gross margin came from Romania. We absorbed the VAT increase, and we faced a weaker local currency. On the other hand, more favorable euro/dollar exchange rate, manageable freight costs during most of the period, and sales mix helped to offset some of this pressure.

Speaker #2: Thank you, Costantinos. Good afternoon. Thank you for joining us. Today I will take you through Jumbo's first half results, the performance of our main markets, and the priorities for the rest of the year.

Speaker #2: I will keep this presentation brief so we have enough time for your questions at the end. Let me start with our main numbers.

Speaker #2: Group sales reached €519 million in the first half, an increase of 4% year on year. Net profit was €121 million, up 3%.

Speaker #2: Gross margin was at 53.5%, 33 basis points lower than last year. The main pressure on the gross margin came from Romania. We absorbed the VAT increase, and we faced a weaker local currency.

Speaker #2: On the other hand, a more favorable euro-dollar exchange rate, manageable freight costs during most of the period, and sales mix helped to offset some of this pressure.

Speaker #2: Sales for the first eight months increased by 6%. Our full year outlook remains around 5% sales growth and net profit of 310 to 320 million euros.

Karamitssi Amalia: Sales for the first 8 months increased by 6%. Our full year outlook remains around 5% sales growth and net profit of EUR 310 to 320 million. Performance differs across the markets. Greece, which represents 60% of the group sales, grew by 7%. Cyprus grew by 4%. Bulgaria remained strong with sales up to 11%. Romania was the most challenging market, with sales down by 6.5%. Inflation, pressure on their own, fiscal measures, and the VAT increase affected consumer demand. Separately, sales to franchise partners increased to about EUR 43 million from EUR 38 million last year. At this point, I would like to highlight the balance sheet. At the end of June, cash stood EUR 546 million. Group has no debt. That give us the capacity to invest in the business while continuing to return cash to the shareholders.

Amalia Karamitsoli: Sales for the first 8 months increased by 6%. Our full year outlook remains around 5% sales growth and net profit of EUR 310 to 320 million. Performance differs across the markets. Greece, which represents 60% of the group sales, grew by 7%. Cyprus grew by 4%. Bulgaria remained strong with sales up to 11%. Romania was the most challenging market, with sales down by 6.5%. Inflation, pressure on their own, fiscal measures, and the VAT increase affected consumer demand. Separately, sales to franchise partners increased to about EUR 43 million from EUR 38 million last year. At this point, I would like to highlight the balance sheet. At the end of June, cash stood EUR 546 million. Group has no debt. That give us the capacity to invest in the business while continuing to return cash to the shareholders.

Speaker #2: Performance differed across the markets. Greece, which represents 60% of group sales, grew by 7%. Cyprus grew by 4%. Bulgaria remained strong, with sales up by 11%.

Speaker #2: Romania was the most challenging market, with sales down by 6.5%. Inflation pressure on the run fiscal measures and the VAT increase affected consumer demand.

Speaker #2: Separately, sales to franchise partners increased to approximately €43 million, from €38 million last year. At this point, I would like to highlight the balance sheet.

Speaker #2: At the end of June, cash stood 546 million euros. Group has no debt. That gives us the capacity to invest in the business while continuing to return cash to the shareholders.

Speaker #2: We have already paid one euro and 20 cents per share this year, 50 cents in March, 70 cents in dividend in July, and yesterday the board resolved a pay for further cash distribution of one euro per share.

Karamitssi Amalia: We have already paid EUR 1.20 per share this year, EUR 0.50 in March, EUR 0.70 in dividend in July. Yesterday, the board resolved to pay for further cash distribution of EUR 1 per share. Including that amount, the total cash distribution in 2026 will reach EUR 2.20 per share or approximately EUR 296 million. Looking ahead, we expect a new Baia Mare hyper store in Romania to open in October. We also plan openings in Romania and Cyprus in 2027. In Greece, 4 stores are in preparation, with opening expecting in 2028. Bulgaria remains in our plans for 1 additional hyper store within the next 2 years. Over the longer term, our objective in Romania is to double the number of stores. We are also developing a small pop-ups format for selective locations, with the first opening targeting in 2027 and 2028.

Amalia Karamitsoli: We have already paid EUR 1.20 per share this year, EUR 0.50 in March, EUR 0.70 in dividend in July. Yesterday, the board resolved to pay for further cash distribution of EUR 1 per share. Including that amount, the total cash distribution in 2026 will reach EUR 2.20 per share or approximately EUR 296 million. Looking ahead, we expect a new Baia Mare hyper store in Romania to open in October. We also plan openings in Romania and Cyprus in 2027. In Greece, 4 stores are in preparation, with opening expecting in 2028. Bulgaria remains in our plans for 1 additional hyper store within the next 2 years. Over the longer term, our objective in Romania is to double the number of stores. We are also developing a small pop-ups format for selective locations, with the first opening targeting in 2027 and 2028.

Speaker #2: Including that amount, the total cash distribution in 2026 will reach 2 euros and 20 cents per share, or approximately 296 million euros. Looking ahead, we expect a new buyer market hypersole in Romania to open in October.

Speaker #2: We also plan openings in Romania and Cyprus in 2027. In Greece, four stores are in preparation, with openings expected in 2028. Bulgaria remains in our plans for one additional hyperstore within the next two years.

Speaker #2: Over the longer term, our objective in Romania is to double the number of stores. We also developing a small pop-up format for selective locations, with the first openings targeting in 2027 and 2028.

Speaker #2: Finally, we'll plan to launch the Hungary online store towards the end of this year, supported by existing infrastructure in Romania. Our franchise partners currently operate 48 Jumbo-branded stores in seven countries.

Karamitssi Amalia: Finally, we plan to launch the Hungary online store towards the end of this year, supported by existing infrastructure in Romania. Our franchise partners currently operate 48 Jumbo-branded stores in 7 countries. Our revenue, this activity has 2 parts, sales of products to the partners and royalty income. Balfin Group plans its first store in Moldova this year and has extended our cooperation to 6 additional markets. For those new markets, Balfin Group, we manage the supply chain through the hub with China. Fox Group operates Jumbo brand stores in Israel, and it is targeting to first store in Toronto by the end of 2026. Our investment focus on logistic capacity, the store network, and our systems. In Romania, the progress of acquiring a 60,000 square meter giga distribution center is progressing. Also in Thessaloniki, the new 50,000 square meter facility is expected to be completed in 2027.

Amalia Karamitsoli: Finally, we plan to launch the Hungary online store towards the end of this year, supported by existing infrastructure in Romania. Our franchise partners currently operate 48 Jumbo-branded stores in 7 countries. Our revenue, this activity has 2 parts, sales of products to the partners and royalty income. Balfin Group plans its first store in Moldova this year and has extended our cooperation to 6 additional markets. For those new markets, Balfin Group, we manage the supply chain through the hub with China. Fox Group operates Jumbo brand stores in Israel, and it is targeting to first store in Toronto by the end of 2026. Our investment focus on logistic capacity, the store network, and our systems. In Romania, the progress of acquiring a 60,000 square meter giga distribution center is progressing. Also in Thessaloniki, the new 50,000 square meter facility is expected to be completed in 2027.

Speaker #2: Our revenue from this activity has two paths: sales of products to the partners and royalty income. Balkan plants its first store in Moldova this year and has extended our cooperation to six additional markets.

Speaker #2: For those new markets, Balkan Group will manage to supply will manage the supply chain through the Habib China. Fox Group operates Jumbo brand stores in Israel and its targeting to first store in Toronto, by the end of 2026.

Speaker #2: Our investment focus on logistic capacity, the store network, and our systems. In Romania, the progress of acquiring a 60,000 square meter giga distribution center is progressive.

Speaker #2: Also, in Thessaloniki, the new 50,000-square-meter facility is expected to be completed in 2027. We are also investing in cybersecurity and modernizing our systems.

Karamitssi Amalia: We are also investing in cybersecurity and modernize our systems. All these projects support the long-term efficiency of the business. To sum up, the H1 delivered growth both in sales and profits. Greece and Bulgaria performed well, while Romania remained challenging. We have maintained our full year outlook, and we continue to invest in the network and logistics while returning cash to the shareholders. Thank you for your attention. Now, Mr. Vakakis will take your questions.

Amalia Karamitsoli: We are also investing in cybersecurity and modernize our systems. All these projects support the long-term efficiency of the business. To sum up, the H1 delivered growth both in sales and profits. Greece and Bulgaria performed well, while Romania remained challenging. We have maintained our full year outlook, and we continue to invest in the network and logistics while returning cash to the shareholders. Thank you for your attention. Now, Mr. Vakakis will take your questions.

Speaker #2: All these projects support the long-term efficiency of the business. To sum up, the first half delivered growth both in sales and profit, Greece and Bulgaria performed well, while Romania remained challenging.

Speaker #2: We have maintained our full year outlook, and we continue to invest in the network and logistics while returning cash to the shareholders. Thank you for your attention.

Speaker #2: Now, Mr. Vakakis will take your questions.

Speaker #3: Good afternoon.

Apostolos Vakakis: Good afternoon.

Speaker #1: Ladies and gentlemen, at this time we'll begin the question and answer session. Anyone who wishes to ask a question using telephone or the conference may press star followed by one on the telephone.

Operator 2: Ladies and gentlemen, at this time we will begin the question and answer session. Anyone who wishes to ask a question using telephone audio conference may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. For the webcast participants, you can submit your written questions in English. Audio conference participants, please use your headset when asking your question for better quality. Anyone who has a question may press star and one at this time. In the interest of time, please limit yourselves to one question and one follow-up question. One moment for the first question, please. The first question comes from the line of Stamatis Draziotis with Eurobank Equities. Please go ahead.

Operator: Ladies and gentlemen, at this time we will begin the question and answer session. Anyone who wishes to ask a question using telephone audio conference may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. For the webcast participants, you can submit your written questions in English. Audio conference participants, please use your headset when asking your question for better quality. Anyone who has a question may press star and one at this time. In the interest of time, please limit yourselves to one question and one follow-up question. One moment for the first question, please. The first question comes from the line of Stamatios Draziotis with Eurobank Equities. Please go ahead.

Speaker #1: If you wish to remove yourself from the question queue, then you may press star and two. For the webcast participants, you can submit your written questions in English.

Speaker #1: Audio conference participants, please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time.

Speaker #1: In the interest of time, please limit yourself yourselves to one question and one follow-up question. One moment for the first question, please. The first question comes from the line of Stamatis Draziotis with Eurobank Equities.

Speaker #1: Please go ahead.

Speaker #3: Yes, hello there, and thank you for taking my questions. Let me start with the first one, which is on the gross margins. You mentioned the gross margin was down 33 basis points in H1.

Stamatis Draziotis: Yes. Hello there, and thank you for taking my questions. Let me start with the first one, which is on the gross margins. You mentioned the gross margin was down 33 BPS in H1. Could you maybe help us quantify the main moving parts, i.e., FX, freight, franchise mix, Romania, and more importantly, how much of the favorable procurement backdrop is left to flow through in the H2, please? Thank you.

Stamatios Draziotis: Yes. Hello there, and thank you for taking my questions. Let me start with the first one, which is on the gross margins. You mentioned the gross margin was down 33 BPS in H1. Could you maybe help us quantify the main moving parts, i.e., FX, freight, franchise mix, Romania, and more importantly, how much of the favorable procurement backdrop is left to flow through in the H2, please? Thank you.

Speaker #3: Could you maybe help us quantify the main moving parts? IFX, freight, franchise mix, Romania, and, more importantly, how much of the favorable procurement backdrop is left to flow through in the second half, please?

Speaker #3: Thank you.

Apostolos Vakakis: I understood nothing. I am confused. What exactly are you asking?

Speaker #4: I understood nothing. I'm confused. What exactly are you asking?

Speaker #3: What drove the 33 bps margin contraction in H1 is the first leg of the question.

Stamatis Draziotis: What drove the 33 basis points margin contraction in H1 is the first leg of the question.

Stamatios Draziotis: What drove the 33 basis points margin contraction in H1 is the first leg of the question.

Speaker #4: I would say that the impact—the reduction, I mean—on the gross margin, I would say that it came all from Romania. While improvements of the gross margin in other markets have rebalanced that a little bit upwards.

Apostolos Vakakis: Well, I would say that the impact, the reduction you mean, on the gross margin, I would say that it came all from Romania. While improvements of the gross margin in other markets have rebalanced that a little bit upwards. But all in all, we lost about half a percentage point, which is within our budgeted numbers.

Speaker #4: But all in all, we lost about half a percentage point, which is within our budgeted numbers.

Speaker #3: And based on the rates that you have secured for the second half of the year, how do you expect gross margins to evolve, please?

Stamatis Draziotis: Based on the rate that you have secured for the H2 of the year, how do you expect gross margins to evolve, please? Thank you.

Stamatios Draziotis: Based on the rate that you have secured for the H2 of the year, how do you expect gross margins to evolve, please? Thank you.

Speaker #3: Thank you.

Speaker #4: We expect the gross margin to be flat; it would be in line with the first six months. But having said that, anything goes. I mean, we are seeing a little bit now, with the dollar strengthening.

Apostolos Vakakis: We expect the gross margin to be flat. It would be in line with the first 6 months. Having said that, everything goes. We see a little bit now the USD strengthening against the EUR. We see that the cost of transport is holding steady and in some cases increasing. My opinion, which is subjective and not objective, is in the direction that all these changes will not impact negatively the gross margin on the remaining months of the year.

Speaker #4: Against the against the euro. We see that the cost of transport is holding steady and in some cases increasing. But my opinion which is subjective and not not objective is in the direction that all these changes will not impact negatively the gross margin on the remaining months of the year.

Speaker #3: That's great, thank you. And just a final question on shareholder returns: you've said you've distributed, or are about to distribute, a total of more than €2 per share in 2026.

Stamatis Draziotis: That's great. Thank you. Just a final question on shareholder returns. You've said you've distributed or are about to distribute a total of more than EUR 2 per share in 2026. With the group still carrying a very large net cash position, how should we think about the sustainable annual cash return from here? Should we view, I don't know, EUR 1.5, EUR 2 per share as a reasonable range during a period when growth is not as it used to be a few years ago? Thank you.

Stamatios Draziotis: That's great. Thank you. Just a final question on shareholder returns. You've said you've distributed or are about to distribute a total of more than EUR 2 per share in 2026. With the group still carrying a very large net cash position, how should we think about the sustainable annual cash return from here? Should we view, I don't know, EUR 1.5, EUR 2 per share as a reasonable range during a period when growth is not as it used to be a few years ago? Thank you.

Speaker #3: With the group still carrying a very large net cash position, how should we think about the sustainable annual cash return from here? Should we view, I don't know, one and a half to euros per share as a reasonable range during a period when growth is not as it used to be a few years ago?

Speaker #3: Thank you.

Speaker #4: Again, I'm a little bit confused. The direction of the company is towards growth—generic growth—and we are working towards this goal. If market conditions do not allow this to happen in the short term, the only alternative is to pay dividends.

Apostolos Vakakis: Again, I'm a little bit confused. The direction of the company is towards growth. Generic growth. We are working towards this goal. If market conditions do not allow this to happen in the short term, the only alternative is to pay dividends. If we have the option to direct money towards further investments and growth potential, this is our first option. We live in turbulent times and, therefore, one can have to be very careful in what he says because market realities may force him towards a different direction. All in all, however, despite the roughness of the trip, we seem to be coping in line with the last 20, 25 years of the past. We don't feel more unsecure, let's put it this way.

Speaker #4: If we have the option to direct money towards further investments and growth potential, this is our first option. But we live in turbulent times, and therefore one has to be very careful in what he says, because the market realities may force him towards a different direction.

Speaker #4: All in all, however, despite the roughness of the trip, we seem to be coping in line with the last 20–25 years of the past.

Speaker #4: We don't feel more unsecure, let's put it this way.

Speaker #3: Great. Thank you.

Stamatis Draziotis: Great. Thank you.

Stamatios Draziotis: Great. Thank you.

Speaker #1: The next question comes from the line of Iacovos Kourtesis with Piraeus Securities. Please go ahead.

Operator 2: The next question comes from the line of Jacobo Corteses with Bureau Securities. Please go ahead.

Operator: The next question comes from the line of Iakovos Kourtesis with Pireaus Securities. Please go ahead.

Speaker #3: Yes, good afternoon. My first question has to do with Hungary and the fact that you plan to launch the first online store in the country by the end of the year.

Jacobo Corteses: Yes. Good afternoon. My first question has to do with Hungary and the fact that you plan to launch the first online store in the country by the end of the year. If you could, assuming that things will go as you expect to go in the country, would the next step be the deployment of physical stores as you mentioned in previous times, and what will be the timing back gap before we see this happening?

Iakovos Kourtesis: Yes. Good afternoon. My first question has to do with Hungary and the fact that you plan to launch the first online store in the country by the end of the year. If you could, assuming that things will go as you expect to go in the country, would the next step be the deployment of physical stores as you mentioned in previous times, and what will be the timing back gap before we see this happening?

Speaker #3: If you could, assuming that things will go as you expect them to go in the country, would the next step be the deployment of physical stores, as you mentioned previously? And what would be the timing gap before we see this happening?

Speaker #4: What we have said is that we will remain focused on markets that we are currently operating in. And for somebody who reads our announcement, he sees that we are back into rapid growth of new stores between 2027 and 2028.

Apostolos Vakakis: Well, what we have said is that we will remain focused on markets that we are currently operating. For somebody who reads our announcement, it says that we are back into rapid growth of new stores between 2027 and 2028. More in 2028, but we are building currently a lot of stores and buying, securing land and property around. To put into the work plan also Hungary would be not a prudent option. We would stay with a shop, read the market, learn from the shop, and then we will be ready later. I do not believe that we will see an activity happening in Hungary in a period less than three years.

Speaker #4: More in '28 because but we are building currently a lot of stores and buying securing land and and property around. So to put into the war plan also Hungary would be not a prudent option.

Speaker #4: We will stay with a shop, read the market, learn from the shop, and then we'll be ready later. I don't believe that we will see any activity happening in Hungary in a period less than three years.

Speaker #3: Okay. And since you've mentioned that you are in the progress of preparing for stores in Greece, would it be too much to ask where are these locations that you plan to open these stores in 2028?

Jacobo Corteses: Okay. Since you have mentioned that you are in the progress of preparing for stores in Greece, would it be too much to ask where are these locations that you plan to open the stores in 2028?

Iakovos Kourtesis: Okay. Since you have mentioned that you are in the progress of preparing for stores in Greece, would it be too much to ask where are these locations that you plan to open the stores in 2028?

Speaker #4: Deliberately, we have not announced that because we believe that it doesn't help the way we approach authorizations and the rest. I mean, there is no need to create further resentment than absolutely necessary.

Apostolos Vakakis: Deliberately, we have not announced that because we believe that that doesn't help the way we approach authorizations and the rest. There is no need to create further resentment than the absolute necessary.

Jacobo Corteses: Okay. If I may, one last question. Would you be kind enough to let us know what is happening with Ioannina? Do you have the land plot there? Did you acquire it?

Iakovos Kourtesis: Okay. If I may, one last question. Would you be kind enough to let us know what is happening with Ioannina? Do you have the land plot there? Did you acquire it?

Speaker #3: Okay, and if I may, one last question: would you be kind enough to let us know what is happening within Ofta? Do you—do you have the land plot there?

Speaker #3: Did you acquire it?

Speaker #4: Yes, we have acquired all all all lots have been already bought.

Apostolos Vakakis: Yes, we have acquired. All lots have been already bought.

Speaker #3: Okay. And.

Jacobo Corteses: Okay.

Iakovos Kourtesis: Okay.

Apostolos Vakakis: We don't announce a new store unless we have secured the land.

Speaker #4: We don't announce a new store unless we have secured the land.

Speaker #3: Okay. And since you acquired the land plot there, and you seem to reassess the logistics center there, due to, as far as I understand, you plan to apply the Balfing Group model with Fox Group—or this is maybe your intention.

Jacobo Corteses: Okay. Since you acquired the land plot there, you seem to reassess the logistics center there. As far as I understand, you plan to apply the Balfin Group model with Fox Group, or this is maybe your intention. What do you plan to do with it going forward?

Iakovos Kourtesis: Okay. Since you acquired the land plot there, you seem to reassess the logistics center there. As far as I understand, you plan to apply the Balfin Group model with Fox Group, or this is maybe your intention. What do you plan to do with it going forward?

Speaker #3: What do you plan to do with it going forward?

Speaker #4: We the the idea is that we are refocusing on our own stores so regarding the franchise activity we want to rebalance it against our main activity we see a danger in our franchise activity growing too fast too quickly that this may infringe our growth potential of our own properties and our own markets and stores.

Apostolos Vakakis: The idea is that we are refocusing on our own stores. Regarding the franchise activity, we want to rebalance it against our main activity. We see a danger in our franchise activity growing too fast, too quickly, that this may infringe our growth potential of our own properties and our own markets and stores. For this reason, we have made alliances with Fox Group and Group Balfin in order to take some pressure out of that and refocus into our main activity, which is generic growth of our own destinations and properties.

Speaker #4: For this reason, we have made alliances with Fox Group and Group Malfin, in order to take some pressure out of that and refocus on our main activity, which is the generic growth of our own destinations and properties.

Speaker #3: Thank you very much.

Jacobo Corteses: Thank you very much.

Iakovos Kourtesis: Thank you very much.

Speaker #1: The next question comes from the line of Yannis Kalogeropoulos with Beta Securities. Please go ahead.

Operator 2: The next question comes from the line of Yannis Kalogeropoulos with Beta Securities. Please go ahead.

Operator: The next question comes from the line of Yiannis Kalogeropoulos with Beta Securities. Please go ahead.

Speaker #4: Hello. I had a question regarding your new, smaller stores that you mentioned you would operate in 2027 and 2028. Would you consider that this marks a shift in Jumbo's current operating model with the bigger stores or hyper stores, now that you are expanding into touristic or popular areas with smaller stores, as you say?

Yannis Kalogeropoulos: Hello. I have a question regarding your new smaller stores that you mentioned that you would operate in 2027 and 2028. Would you consider that this marks a shift on Jumbo's current operating model with the bigger or the hyper stores now that you are expanding in touristic or popular areas with smaller stores, as you say? Would you predict that these new stores would enhance, dilute, or do not affect your operating profitability margins? Thank you.

Yiannis Kalogeropoulos: Hello. I have a question regarding your new smaller stores that you mentioned that you would operate in 2027 and 2028. Would you consider that this marks a shift on Jumbo's current operating model with the bigger or the hyper stores now that you are expanding in touristic or popular areas with smaller stores, as you say? Would you predict that these new stores would enhance, dilute, or do not affect your operating profitability margins? Thank you.

Speaker #4: And would you predict that these new stores would enhance, dilute, or do not affect your operating profitability margins? Thank you. If one wants to elaborate a little bit more as part of his activity towards areas that are more expensive to operate, it makes sense to run smaller stores and product ranges that have the gross margin to support such an alternative option.

Apostolos Vakakis: If one wants to elaborate a little bit more as part of his activity towards areas that are more expensive to operate, it makes sense to run smaller stores and product ranges that have the gross margin to support such an alternative option. Although it is early to say, our planning is based on the assumption that increased costs of smaller stores would be counterbalanced by a better gross margin on these stores.

Speaker #4: So, although it is early to say, our planning is based on the assumption that increased costs of smaller stores would be counterbalanced by a better gross margin.

Speaker #4: On these stores. Okay. And have I confused you? Yeah. Yeah. It's quite helpful. And do you consider this switch this shift to smaller type of stores in more density or more popular or more touristic areas something like a change in Jumbo's operating model?

Yannis Kalogeropoulos: Okay.

Yiannis Kalogeropoulos: Okay.

Apostolos Vakakis: Have I confused you?

Yannis Kalogeropoulos: Yeah. It is quite helpful. Do you consider this switch to smaller type of stores in more density or more popular or more touristic areas, something like a change in Jumbo's operating model? Because up to now, your strategy, I think, was both for Greece and the Balkans, Romania, Bulgaria, and wherever, to operate big or hyper stores. Now that you are switching to smaller ones, is it roughly like becoming a more oriented, I do not know if it is proper to say, like a supermarket retailer?

Yiannis Kalogeropoulos: Yeah. It is quite helpful. Do you consider this switch to smaller type of stores in more density or more popular or more touristic areas, something like a change in Jumbo's operating model? Because up to now, your strategy, I think, was both for Greece and the Balkans, Romania, Bulgaria, and wherever, to operate big or hyper stores. Now that you are switching to smaller ones, is it roughly like becoming a more oriented, I do not know if it is proper to say, like a supermarket retailer?

Speaker #4: Because up to now, your strategy, I think, was both for Greece and the Balkans—Romania, Bulgaria, and wherever—to operate big or hyper stores. Now that you are switching to smaller ones, isn't it roughly like becoming a more oriented, I don't know if it's proper to say, like a supermarket retailer?

Speaker #4: No, our strategy is a little bit like the e-commerce strategy. We hope to approach areas that were not approachable in the past for the reason that, first of all, you cannot find locations with the magnitude of the size that we are talking about—Jumbo.

Apostolos Vakakis: No. Our strategy is a little bit like the e-commerce strategy. We hope to approach areas that were not approachable in the past for the reason that, first of all, you cannot find locations with a magnitude of the size that we are talking about Jumbo, without paying your share. So you will need to run a limited range of products that would house the necessary gross margin, as I said, that would finance the additional costs. So we see this operation as a complementary one, as an add-on exercise, rather than as a competing exercise to the existing network of stores. Plus the fact that Greece's future, whether we like it or not, will be based on tourism more and more. So the store has to approach the tourist rather than the tourist the store.

Speaker #4: Without paying your share. So you will need to run a limited range of products that will house the necessary gross margin, as I said, that will finance the additional costs.

Speaker #4: So, we see this operation as a complementary one, as an add-on exercise rather than as a competing exercise to the existing network of stores.

Speaker #4: Plus, the fact that Greece's future, whether we like it or not, will be based more and more on tourism. So the store has to approach the tourist, rather than the tourist approaching the store.

Speaker #4: Okay, very clear. Thanks for your answers.

Yannis Kalogeropoulos: Okay. Very clear. Thanks for your answers.

Yiannis Kalogeropoulos: Okay. Very clear. Thanks for your answers.

Speaker #1: As a reminder, if you'd like to ask a question, please press star-one on your telephone. The next question is a follow-up from the line of Iakovos Kourtesis with Piraeus Securities.

Operator 2: As a reminder, if you would like to ask a question, please press star one on your telephone. The next question is a follow-up question from the line of Jacob Corteses with Bureau Securities. Please go ahead.

Operator: As a reminder, if you would like to ask a question, please press star one on your telephone. The next question is a follow-up question from the line of Iakovos Kourtesis with Piraeus Securities. Please go ahead.

Speaker #1: Please go ahead.

Jacobo Corteses: Hi again. As a follow-up to Yannis' questions, if I may ask, taking into account that these pop-up stores will be small stores, should we assume that they should have some proximity to existing large stores that will help them with logistics and inventories? Does this make sense?

Iakovos Kourtesis: Hi again. As a follow-up to Yannis' questions, if I may ask, taking into account that these pop-up stores will be small stores, should we assume that they should have some proximity to existing large stores that will help them with logistics and inventories? Does this make sense?

Speaker #3: Hi again. As a follow-up to Yannis' question, if I may ask: taking into account that these pop-up stores will be small, should we assume that they should have some proximity to existing large stores that will help them with logistics and inventories?

Speaker #3: Does this make sense?

Speaker #4: No. No it doesn't make sense. There will be freestanding operations when we say small stores this is a a relative term. Smaller than existing stores we are not talking about small small stores because we are not we are not a boutique concept.

Apostolos Vakakis: No, it does not make sense. They would be freestanding operations. When we say small stores, this is a relative term, smaller than existing stores. We are not talking about small stores because we are not a boutique concept. But anything over 2,000 to 3,000 meters would be considered as a possible option for us to operate if the demographics, the location, and the cost implications make sense. If they do not make sense, of course, we will shy away. We are not changing the model. We are adding to the model, a twist. What would be the future? Nobody knows. Also, you have to always bear in mind that we have in areas franchise operations also in Greece, that in the future may be substituted by our own stores. The whole idea is that all the profit should benefit the company if the numbers support that.

Speaker #4: But anything over 2,000 to 3,000 meters would be considered as a possible option for us to operate, if the demographics, the location, and the cost implications make sense.

Speaker #4: If they don't make sense, of course we will shy away. We are not changing the model; we are adding to the model a twist.

Speaker #4: What would be the future nobody knows. Also you have to bear to to always to bear in mind that we in area we have in areas franchise operations also in Greece.

Speaker #4: That, in the future, may be substituted by our own stores. The whole idea is that all the profit should benefit the company, if the numbers support that.

Jacobo Corteses: Okay. Thank you very much.

Iakovos Kourtesis: Okay. Thank you very much.

Speaker #3: Okay. Thank you very much.

Speaker #1: Ladies and gentlemen there are no further further audio questions at this at this time and we will now move on to the webcast questions.

Operator 2: Ladies and gentlemen, there are no further audio questions at this time, and we will now move on to the webcast questions. The first webcast question comes from Nicholas Gordane with Lexcor Capital. I quote, "You had mentioned the possible acquisition of a new large distribution center in Romania. Is there any update on that you can share with us? Thank you.

Operator: Ladies and gentlemen, there are no further audio questions at this time, and we will now move on to the webcast questions. The first webcast question comes from Nicholas Gordane with Lexcor Capital. I quote, "You had mentioned the possible acquisition of a new large distribution center in Romania. Is there any update on that you can share with us? Thank you.

Speaker #1: The first webcast question comes from Nicolas Gourdain with Lexcore Capital, and I quote: You had mentioned the possible acquisition of a new large distribution center in Romania.

Speaker #1: Is there any update on that you can share with us? Thank you.

Apostolos Vakakis: As a matter of fact, we paid the advance payment today, so it is ours now. We are going through the due diligence in order to pay the balance. We hope to have that concluded within the next 1.5 months. We can now announce that was a big factory in Ploiești, which was owned by a Chinese company called Haier. It is almost a brand new building with ultra-modern facilities and the rest. The way we see it is that we are investing heavily in Romania since we have a plan of doubling our store presence there, and we need the infrastructure to support such moves. I want to make a small mention here. For us, Romania going through a turbulent period is an opportunity, not a threat.

Speaker #4: As a matter of fact, we paid the advance payment today. So it is ours now. We are going through the due diligence in order to pay the balance, and we hope to have that concluded within the next month and a half.

Speaker #4: We can now announce that that was a big factory in Ploiesti, which was owned by a Chinese company called Haier. And it's almost a brand new building with ultra-modern facilities and the rest.

Speaker #4: So the way we see it is that we are investing heavily in Romania, since we have a plan of doubling our store presence there.

Speaker #4: And we need the infrastructure to support such moves. Also I want to make a small mention here for us Romania going through a turbulent period is an opportunity.

Speaker #4: Not a threat. We are very strongly believing in the Romanian market and we believe that we are offered now opportunities to acquire assets at prices that would make sense in the future.

Apostolos Vakakis: We are very strongly believing in the Romanian market, and we believe that we are offered now opportunities to acquire assets at prices that would make sense in the future. The strategy of Jumbo is never to buy turnover, but when the going in an area or in a country is rough, we increase our investment in this country. Therefore, we have the benefit of a windfall also from the asset appreciation. We never reflect this asset appreciation in our books since this is the vehicle to do our business, and we will never dispose it. It helps on the numbers, it helps on the gross margin and on our profitability, which remains on the upper end of the industry.

Speaker #4: So, the strategy of Jumbo is never to buy its turnover. But when the going in an area or in a country is rough, we increase our investment in this country, and therefore we have the benefit of a windfall also from the asset appreciation, although we never reflect this asset appreciation in our books.

Speaker #4: Since this is the vehicle to do our business and we will never dispose of it, it helps with the numbers. It helps with the gross margin and our profitability, which remains at the upper end of the industry.

Speaker #1: The next webcast question comes from Uria Cohen with KAI Capital, and I quote: "At what CAGR, approximately, do you see revenue growing in the next five years?"

Operator 2: The next webcast question comes from Uri Cohen with Kai Capital. I quote, "At what CAGR approximately you see revenue growing in the next five years? Thank you.

Operator: The next webcast question comes from Uri Cohen with Kai Capital. I quote, "At what CAGR approximately you see revenue growing in the next five years? Thank you.

Speaker #1: Thank you.

Speaker #4: I've never thought of five years ahead. But I would be disappointed if I we didn't have a revenue increase which compounded with a let's say strong single digit number.

Apostolos Vakakis: I've never thought of 5 years ahead, but I would be disappointed if we didn't have a revenue increase which compounded with a, let's say, strong single-digit number per year.

Speaker #4: Per year.

Speaker #1: The next webcast question comes from Georgios Andriopoulos with Piraeus Asset Management IDAC, and I quote: "Hi, and thank you very much for taking my questions."

Operator 2: The next webcast question comes from Georgios Andriopoulos with Piraeus Asset Management, and I quote, "Hi, and thank you very much for taking my questions. First question, does the new EUR 3 EU customs duty on direct-to-consumer parcels in effect from July show up yet in your competitive position against platforms like Temu and Shein?" That was the first part of the question. Thank you.

Operator: The next webcast question comes from Georgios Andriopoulos with Piraeus Asset Management, and I quote, "Hi, and thank you very much for taking my questions. First question, does the new EUR 3 EU customs duty on direct-to-consumer parcels in effect from July show up yet in your competitive position against platforms like Temu and Shein?" That was the first part of the question. Thank you.

Speaker #1: First question: Does the new €3 EU customs duty on direct-to-consumer parcels, in effect from July, show up yet in your competitive position against platforms like Temu and Shein?

Speaker #1: That was the first part of the question. Thank you.

Speaker #4: Yeah, this is common sense. Europe has reacted, and it’s going to react further, making the environment more fair. Because before, we had an environment where the competition coming from other retailers was, to a degree, unfair because they had lower cost implications for them.

Apostolos Vakakis: Well, this is common sense. Europe has reacted, and it's going to react further, making the environment more fair. Because before we had an environment where the competition coming from other retailers was to a degree unfair because they had a lower cost implication for them. Now, Europe is taking steps and has announced that it will take further steps to balance this. But as I keep saying, this is a, let's say, a benefit for our numbers, while at the same time, we also face conditions without the same benefit, but a negative implication. But the plus-minus of this operation makes us relatively confident that we can reproduce successfully what we have been doing up to now.

Speaker #4: Now, Europe is taking steps and has announced that it will take further steps to balance this. But as I keep saying, this is, let's say, a benefit for our numbers.

Speaker #4: While at the same time, we also face conditions without the same benefit but a negative implication. But the plus-minus of this operation makes us relatively confident that we can reproduce successfully what we have been doing up to now.

Operator 2: Second part of the question. What like-for-like growth do you think Greece can sustain?

Operator: Second part of the question. What like-for-like growth do you think Greece can sustain?

Speaker #1: Second part of the question: What like-for-like growth do you think Greece can sustain?

Apostolos Vakakis: That is a good question. Greece is currently over-performing against all logic. What will happen in the future will depend on how Greece will balance after the next year's election. This is something for the Greek population to decide, and we will just follow their decision. It is premature for somebody to say something more than that. It is a surprise that Greece over-performs.

Speaker #4: That's a good question. Greece is currently overperforming—against all logic. But what will happen in the future will depend on how Greece will balance after next year's election.

Speaker #4: This is something for the Greek population to decide, and we will just follow their decision. It is premature for somebody to say anything more than that.

Speaker #4: It it is a surprise that Greece overperforms.

Speaker #1: Third question: For the new smaller pop-up stores, what's the sales per square meter versus hyperstores? Thank you.

Operator 2: Third question. For the new smaller pop-up stores, what is the sales per square meter versus hyper stores? Thank you.

Operator: Third question. For the new smaller pop-up stores, what is the sales per square meter versus hyper stores? Thank you.

Speaker #4: The idea is to have the same sales per square meter. As in a bigger store. But I as I said since we will be running a reduced portfolio of products we will be more selective towards higher contributing gross margin options.

Apostolos Vakakis: The idea is to have the same sales per square meter as in a bigger store. As I said, since we will be running a reduced portfolio of products, we will be more selective towards higher contributing gross margin options.

Speaker #1: The next webcast question comes from Jonathan Neuschuller with Abilitato GmbH, and I quote: "Good afternoon. Will the new pop-up stores be comparable to the Action stores, or will they be better?"

Operator 2: The next webcast question comes from Jonathan Neuschler with Alster Research. I quote, "Good afternoon. Will the new pop-up stores comparable to the Action stores, or will they be better? Thank you.

Operator: The next webcast question comes from Jonathan Neuschler with Alster Research. I quote, "Good afternoon. Will the new pop-up stores comparable to the Action stores, or will they be better? Thank you.

Speaker #1: Thank you.

Apostolos Vakakis: Action stores as well as other competitor stores, have a completely different philosophy. They are relatively small stores focusing on a relatively limited product range. They are direct competitors to mom-and-pop stores, not to our stores. Gradually they substitute this type of stores into the market. As far as we are concerned, the competition we face from them is very helpful because practically it helps us get better. We are not inactive. We follow them very closely, and we are very sure that we cannot be beaten by small joints like the ones you mentioned.

Speaker #4: Action stores as well as other competitive stores have a completely different philosophy. They are relatively small stores focusing on a relatively limited product range.

Speaker #4: They are direct competitors to mom and pop stores. Not to our stores. And gradually they substitute this type of stores into the market. As far as we are concerned the competition we face from them is very helpful because practically it helps us get better.

Speaker #4: But we are not inactive we follow them very closely and we are very sure that we cannot be beaten by small joints like the ones you mentioned.

Speaker #1: Next question comes from Maxim Nekrasov with Citi and I quote. How much of the benefit from the stronger euro do United States dollar has already reached gross margin?

Operator 2: Next question comes from Maxim Nekrasov with Citi. I quote, "How much of the benefit from the strong euro to United States dollar has already reached gross margin? How much benefit is still left for H2 2026 and 2027? Thank you.

Operator: Next question comes from Maxim Nekrasov with Citi. I quote, "How much of the benefit from the strong euro to United States dollar has already reached gross margin? How much benefit is still left for H2 2026 and 2027? Thank you.

Speaker #1: How much benefit is still left for the second half of 2026 and for 2027? Thank you.

Speaker #4: We don't have a clue currently we face a situation that the dollar is strengthening against logic. Or within logic because nobody knows these things.

Apostolos Vakakis: We don't have a clue. Currently, we face a situation that the dollar is strengthening against logic or within logic because nobody knows these things. If we see vicious change, this will be reflected on the prices. It could be for everybody. As it hovers within a range, I would say that the impact has been relatively positive up to now and since now, relatively unpositive, but nobody knows what would happen after the midterm elections in US. We don't lose too much sleep with currencies because, as you know, we are hedged with products, and if conditions in the market change, prices of products will change. However, if we hover within what we call acceptable ranges, for us, we pass every advantage to the consumer. Otherwise, in markets where the demographics don't help, we wouldn't have like-for-like growth.

Speaker #4: If we see a vicious change, this would be reflected in the prices, and it would be for everybody. But as it hovers within a range, I would say that the impact has been relatively positive up to now, relatively unpositive, but nobody knows what will happen after the midterm elections in the US.

Speaker #4: We don't we don't lose too much sleep. With currencies because as you know we are hedged with products. And if conditions in the market change prices of products will change.

Speaker #4: However, if we hover within what we call acceptable ranges for us, we pass every advantage to the consumer. Otherwise, in markets where the demographics don't help, we wouldn't have like-for-like growth.

Operator 2: Next question is a follow-up question from Maxim Nekrasov. I quote, "What sales margins and returns do you expect from new stores and the pop-up format? Could pop-ups meaningfully speed up store expansion? Thank you.

Operator: Next question is a follow-up question from Maxim Nekrasov. I quote, "What sales margins and returns do you expect from new stores and the pop-up format? Could pop-ups meaningfully speed up store expansion? Thank you.

Speaker #1: Next question is a follow-up from Maxim Nekrasov, and I quote: "What sales margins and returns do you expect from new stores and the pop-up format?"

Speaker #1: Could pop-ups meaningfully speed up store expansion? Thank you.

Apostolos Vakakis: No. Pop-up stores are like drones, for example, supporting aircrafts or airplanes, fighter airplanes. They cannot substitute them, at least in the foreseeable future. Jumbo is a unique concept. It is well-received and well-accepted by the consumer, and I don't think it would be affected by, let's say, variations in our strategy the same way that it has not been affected by the e-commerce activity.

Speaker #4: No. Pop-up stores are like drones for example supporting aircrafts. Or airplanes fighter airplanes. They cannot substitute them. At least in the foreseeable future. Jumbo is a unique concept it is well received and well accepted by the consumer.

Speaker #4: And I don't think it would be affected by let's say variations in our strategy the same way that it has not been affected by the e-commerce activity.

Speaker #1: The next question is a follow-up question from Jonathan Neuschuller. Cass is at 5:50 Meo. Euros. And keeps accumulating. That is a lot more than 25% of revenues.

Operator 2: The next question is a follow-up question from Jonathan Neuschler. Cash is at EUR 550 million and keeps accumulating. That is a lot more than 25% of revenues. What does Jumbo plan to do with excess cash? Thank you.

Operator: The next question is a follow-up question from Jonathan Neuschler. Cash is at EUR 550 million and keeps accumulating. That is a lot more than 25% of revenues. What does Jumbo plan to do with excess cash? Thank you.

Speaker #1: What does Jumbo plan to do with excess cash? Thank you.

Speaker #4: In the short term, we are paying a dividend and an extraordinary dividend. In the medium and long term, we have either the option of paying, let's say, bigger dividends or expanding in what we call generic opportunities around border countries that we involve ourselves in.

Apostolos Vakakis: In the short term, we are paying a dividend, an extraordinary dividend. In the medium and long term, we have either the option of paying, let's say, bigger dividends or expanding in what we call generic opportunities around border countries that we involve ourselves. I have always indicated that my first option is expansion, but never to buy the turnover. If the market creates opportunities for mid to long-term expansion, we would take them proactively, and this is what we are doing, for example, in Romania, where some people may question why the hell are we investing if the market is retracting. The answer is that the market very logically retracts until it rebalances. Then people who have invested in new cities or new warehouses or new formats of retail opportunities would benefit better than other people who got frightened and stopped doing so.

Speaker #4: I have always indicated that my first option is expansion but never to buy the turnover. If the market creates opportunities for mid to long term expansion we will take them.

Speaker #4: Proactively, and this is what we are doing, for example, in Romania, where some people may question, "Why the hell are we investing if the market is retracting?"

Speaker #4: The answer is that the market very logically retracts until it rebalances. And then people who have invested in new cities or new warehouses or new formats of retail opportunities would benefit better than other people who got frightened and stopped doing so.

Speaker #4: I have.

Operator 2: The next webcast question comes from Gregorios Papadopoulos, and I quote, is Hungary e-commerce pilot similar to Turkey, or do you have more confidence that this can be a candidate for Jumbo owned stores in the future given it is in the EU? Thank you.

Operator: The next webcast question comes from Gregorios Papadopoulos, and I quote, is Hungary e-commerce pilot similar to Turkey, or do you have more confidence that this can be a candidate for Jumbo owned stores in the future given it is in the EU? Thank you.

Speaker #1: The next question. The next question. Webcast question comes from Grigorios Papadopoulos and I quote. Is Hungary e-commerce pilot similar to Turkey or do you have more confidence that this can be a candidate for Jumbo owned stores in the future given it is in the EU?

Speaker #1: Thank you.

Apostolos Vakakis: Turkey, in order to defend itself against platforms like Temu and other platforms that were importing directly into Turkey, it created an environment which was totally unfriendly for such activity. I am sure that it will come a time that they will revisit their strategies and then Turkey will become a future candidate for e-commerce activity. Definitely, we do not intend to establish a warehouse in Turkey, and the answer is that we do not like to involve ourselves into countries that are not part of the EC strong currency environment. Therefore, it will not be, let us say, a first option for us in the future. Now we have involved ourselves into another country, and then maybe another country, but always our mind would be open for any store in Turkey on the assumption that we will not warehouse products in Turkey.

Speaker #4: Turkey, in order to defend itself against platforms like Temu and other platforms that were importing directly into Turkey, created an environment which was totally unfriendly for such activity.

Speaker #4: I'm sure that it will come a time that they will revisit their strategies and then Turkey will become a future candidate for e-commerce activity.

Speaker #4: Definitely we do not intend to establish a warehouse in Turkey. And the answer is that we don't like to involve ourselves into countries that are not part of the EEC strong currency environment.

Speaker #4: And therefore it won't be let's say a first option for us. In the future. Now we have involved ourselves into another country and then maybe another country and and but always our mind will be open for any store in in Turkey on the assumption that we will not warehouse products in Turkey.

Speaker #1: The next question comes from Harry Welpton with Virgin AM and I quote. The first part of the question is please can you please share your expectations for growth rates for each market for second half 26?

Operator 2: The next question comes from Harry Whelpton with Vergent Asset Management, and I quote, the first part of question is, "Can you please share your expectations for growth rates for each market for H2 2026?

Operator: The next question comes from Harry Whelpton with Vergent Asset Management, and I quote, the first part of question is, "Can you please share your expectations for growth rates for each market for H2 2026?

Apostolos Vakakis: I would say that they would be in line with the first part. The only area that secretly I would like to see an improvement is Romania. All other areas are growing very strongly, and as a result, we do not want anything more than that.

Speaker #4: I would say that it they would be in line with the first part. The only area that secretly I would like to see an improvement is Romania.

Speaker #4: All other areas are a growing very strongly and as a result we don't want anything more than that.

Operator 2: Second part of the question is, CapEx spend seems light year to date. Why is that?

Operator: Second part of the question is, CapEx spend seems light year to date. Why is that?

Speaker #1: The second part of the question is, CapEx spend seems light year-to-date. Why is that?

Apostolos Vakakis: Pardon, what is CapEx?

Speaker #4: Pardon? What is CapEx?

Speaker #1: CapEx spends spend seems light.

Operator 2: CapEx spend seems light.

Operator: CapEx spend seems light.

Apostolos Vakakis: Light?

Speaker #4: Light?

Speaker #1: YTD, I suppose, means "year to date." Why is that?

Operator 2: YTD, I suppose, year to date. Why is that?

Operator: YTD, I suppose, year to date. Why is that?

Speaker #4: Why is what? Is it higher or smaller? I don't follow this number very closely because our CapEx number really is a three year a three year number since this is the way we approach store investment strategy.

Apostolos Vakakis: Why is what? Is it higher or smaller? I do not follow this number very closely because our CapEx number really is a three-year number, since this is the way we approach store investment strategy. A store cannot be active before 2.5 years of pre-investment activity. I do not have a clue how much is our CapEx for this year. I think it must be a little bit smaller up to now than necessary, but now we bought the new distribution center, so that will rebalance.

Speaker #4: A store cannot be active before two two to two and a half years of pre investment activity. I I don't have a clue how how much is our CapEx for this year.

Speaker #4: I mean, I think it must have been a little bit smaller up to now than necessary. But now, we bought the new distribution center so that we can rebalance.

Speaker #1: The next question: What is your outlook for margins in each segment for the rest of the year?

Operator 2: The next question, what is your outlook for margins in each segment for the rest of the year?

Operator: The next question, what is your outlook for margins in each segment for the rest of the year?

Speaker #4: What is the what?

Apostolos Vakakis: What is the what?

Speaker #1: What is your outlook for margins in each segment for the rest of the year?

Operator 2: What is your outlook for margins in each segment for the rest of the year?

Operator: What is your outlook for margins in each segment for the rest of the year?

Speaker #4: I cannot understand the question. Margins by geography. More or less we try to keep them constant. By altering the product mix but with the exception of Romania all other countries either we enjoy the margin or we don't sell the product.

Apostolos Vakakis: I cannot understand the question.

Polys Polycarpou: Margins by geography.

Apostolos Vakakis: Margins by geography. More or less, we try to keep them constant by altering the product mix. But, with the exception of Romania, all other countries, either we enjoy the margin or we do not sell the product.

Speaker #1: The next question. Why was franchise sales per franchise store down minus 3.6%?

Operator 2: The next question, why was franchise sales per franchise store down minus 3.6%?

Operator: The next question, why was franchise sales per franchise store down minus 3.6%?

Apostolos Vakakis: These are numbers that are marginal. We do not control the franchise operation ourselves directly. This has to do more with the activity of the owners of the franchise themselves. I would say that all in all, I do not see any resentment or any unhappiness in this part of business, although it is an area that we do not want to grow ourselves. We try to discourage people from entering franchise agreements with us.

Speaker #4: These are numbers that are marginal. I mean, we do not control the franchise operation or source directly, and this has to do more with the activity of the owners of the franchise themselves.

Speaker #4: I would say that, all in all, I don't see any resentment or unhappiness in this part of the business. Although it is an area that we don't want to grow ourselves.

Speaker #4: We we try to discourage people from entering franchise agreements with us.

Speaker #1: The next question. Details behind improved working capital cycle and whether this should remain.

Operator 2: The next question. Details behind improved working capital cycle and whether this should remain.

Operator: The next question. Details behind improved working capital cycle and whether this should remain.

Speaker #4: What?

Apostolos Vakakis: What?

Speaker #1: Any details behind improved working capital cycle and whether this this should remain.

Operator 2: Any details behind improved working capital cycle and whether this should remain.

Operator: Any details behind improved working capital cycle and whether this should remain.

Speaker #4: I don't know what answer. I I haven't understood the question. One second to.

Apostolos Vakakis: I do not know what answer. I have not understood the question. One second.

Polys Polycarpou: Because the working capital was better in the H1 of this year.

Polys Polycarpou: Because the working capital was better in the H1 of this year. That is what the question is.

Speaker #3: Our working capital was better in the first half of this year, and that's what the question is.

Polys Polycarpou: That is what the question is.

Speaker #4: If conditions if conditions turn in our favor which is something that we have not experienced up to now because the cost of transportation is high and the cost of.

Apostolos Vakakis: If conditions turn in our favor, which is something that we have not experienced up to now because the cost of transportation is high and the cost of the war is high, one would say that we should not be over-aggressive. We believe better times will come. We cannot have infinite periods of war or infinite periods of distribution destruction. I think we are well-balanced all in all. We do not have any, let us say, vicious number alterations.

Speaker #1: The risk of war is high. One would say that we should not be over-aggressive, but we believe better times will come. We cannot have infinite periods of war or infinite periods of distribution destruction.

Speaker #1: I think we are well balanced. All in all. We don't have any let's say vicious number alterations. Next question. Is with business growing its franchise model do you think the level of cash required to sustain operations will be lower in the future than it has been in the past?

Operator 2: Next question is, with the business growing its franchise model, do you think the level of cash required to sustain operations will be lower in the future than it has been in the past? Thank you.

Operator: Next question is, with the business growing its franchise model, do you think the level of cash required to sustain operations will be lower in the future than it has been in the past? Thank you.

Speaker #1: Thank you.

Apostolos Vakakis: Depends how much of this cash will be redistributed to shareholders or invested in properties owned by us. Definitely we do not want to hold significantly more cash than necessary, but the model that we have in our mind is for a company that can sustain also a very big crisis. Jumbo is in a position to sustain a very big crisis although we do not have signs of such a crisis. As you know better than me, crises come when no one expects them.

Speaker #4: Depends how much of this cash will be redistributed to shareholders or invested in properties owned by us. Definitely we don't want to to hold significantly more cash than necessary.

Speaker #4: But the model that we have in our mind is for a company that can sustain also a very big crisis. I mean, Jumbo is in a position to sustain a very big crisis, although we don't have signs of such a crisis. But as you know better than me, crises come when no one expects them.

Speaker #1: The next webcast question comes from Luca Baroni with Orsane. I quote: Looking a few years ahead, would you consider entering directly the most successful countries?

Operator 2: Next webcast question comes from Luca Baroni with Orsan. Looking a few years ahead, would you consider entering directly the most successful countries?

Operator: Next webcast question comes from Luca Baroni with Orsan. Looking a few years ahead, would you consider entering directly the most successful countries?

Speaker #4: We don't have we don't have the size or the appetite for what we call bigger growth to the one that we have planned. We want to consolidate our act.

Apostolos Vakakis: We don't have the size or the appetite for what we call bigger growth to the one that we have planned. We want to consolidate our act. I keep saying that Jumbo flies as a plane and not as a rocket. We have no intention of changing the strategy that has supported the company for many, many years.

Speaker #4: I keep saying that Jumbo flies as a plane and not as a rocket. And we have no intention of changing the strategy that has supported the company for many many years.

Speaker #1: The next webcast question comes from Thanh Hoang with FNZN. I quote: Hi, thank you for your presentation. I have a question. How is the group planning to control the inventory, given it has been increasing since the second half of 2025?

Operator 2: The next webcast question comes from Thang Hong with FNZ. I quote, "Hi, thank you for your presentation. I have a question. How is the group planning to control the inventory given it has been increasing since H2 2025? Are you expecting it to be significantly down once the distribution center has been finished in Romania? Thank you.

Operator: The next webcast question comes from Thang Hong with FNZ. I quote, "Hi, thank you for your presentation. I have a question. How is the group planning to control the inventory given it has been increasing since H2 2025? Are you expecting it to be significantly down once the distribution center has been finished in Romania? Thank you.

Speaker #1: And are you expecting it to be significant significantly down once the distribution center has been finished in Romania? Thank you.

Apostolos Vakakis: My feeling is that the inventory is coming down, not coming up. We are running with 3% less inventory than last year up to now. As a matter of fact, we want to beef up this inventory, but the market does not give us the opportunity to be more aggressive because of the indirect cost still affecting this direction. Staying stable or even marginally reducing the inventory levels is the correct strategy in the current environment.

Speaker #4: My feeling is that the inventory is coming down, not coming up. I mean, we are running with 3% less inventory than last year.

Speaker #4: Up to now. As a matter of fact we want to beef up this inventory but the market does not give us the opportunity to be more aggressive because of the indirect cost.

Speaker #4: Still affecting this direction. So staying stable or even marginally reducing the inventory levels is the correct strategy in the current environment.

Speaker #1: The next webcast question is a follow-up from Jonathan Neuschaller, and I quote: "Is Jumbo successful in buying more rented stores to lower the rent expenses?"

Operator 2: The next webcast question is a follow-up question from Jonathan Neuschler. I quote, "Is Jumbo successful in buying more rented stores to lower the rent expenses? Any progress on the 30% of the stores that are currently rented?" Thank you.

Operator: The next webcast question is a follow-up question from Jonathan Neuschler. I quote, "Is Jumbo successful in buying more rented stores to lower the rent expenses? Any progress on the 30% of the stores that are currently rented?" Thank you.

Speaker #1: Any progress on the 30% of the stores that are currently rented? Thank you.

Speaker #4: Yeah, we are always around if somebody wants to sell the store. And up to now, a lot of funds think about that. But the question is that they have to sell it cheap.

Apostolos Vakakis: Yeah, we are always around if somebody wants to sell the store. Up to now, a lot of funds think about that. But the question is that they have to sell it cheap. So we are open to calls, but we are not Santa Claus. We don't buy at any price, and we don't buy our name. I mean, the building is a building. We have the strength of the brand.

Speaker #4: So we are open to calls but we are not Santa Claus. We don't buy at any price. And we don't buy our name. I mean the building is a building.

Speaker #4: We have the strength of the brand.

Speaker #1: The next webcast question comes from Dimitra Manifava with Kathy Merini, and I quote: Could you give us more details regarding the pop-up stores—number, square meters, countries?

Operator 2: The next webcast question comes from Dimitra Manifava with Kathimerini. I quote, "Could you give us more details regarding the pop-up stores, number, square meters, countries? Thank you.

Operator: The next webcast question comes from Dimitra Manifava with Kathimerini. I quote, "Could you give us more details regarding the pop-up stores, number, square meters, countries? Thank you.

Speaker #1: Thank you.

Apostolos Vakakis: A concept that is successful gradually will be employed in every direction that it makes sense. But as we stand today, we are still on a project and it's at its infancy. So practically speaking, I think it's premature to talk too much about that. I would be happy if by next year we have 3, 4, 5 pop-up stores, and that's it. Then another year, maybe a few more, and so on.

Speaker #4: A concept that is successful gradually will be employed in every direction that it makes sense. But as we stand today, we are still on a project, and it is at its infancy.

Speaker #4: So practically speaking I think it's premature to talk too much about that. I would be happy if by next year we have three four five pop up stores and that's it.

Speaker #4: And then another year maybe a few more and so on.

Speaker #1: The next question is a follow up question from Dimitra Manifava and I quote. Will the pop up stores be be open the whole year or only during the summer?

Operator 2: The next question is a follow-up question from Dimitra Manifava, and I quote, "Will the pop-up stores be open the whole year or only during the summer? Thank you.

Operator: The next question is a follow-up question from Dimitra Manifava, and I quote, "Will the pop-up stores be open the whole year or only during the summer? Thank you.

Speaker #1: Thank you.

Apostolos Vakakis: All year, since there would be always central stores in highly populated areas and malls or freestanding. As a result of that, they should be viable year-round.

Speaker #4: All year since there would be always central stores in highly populated areas and and malls. Or free standing. And as a result of that they should be viable year round.

Speaker #1: The next webcast question comes from George Athanasakis with Mandelaki Securities. And I quote. Romania Romania real real estate. Do you see any opportunities to expand your store network more aggressively now given the macro political difficulties the country is going through?

Operator 2: The next webcast question comes from Georgia Thanasakis with Mandilakis Securities, and I quote, "Romania real estate. Do you see any opportunities to expand your store network more aggressively now, given the macro political difficulties the country is going through? What do you mean when you say the process to acquire a Giga distribution center in Romania is progressing? Have you bought it or not? Thank you.

Operator: The next webcast question comes from Georgia Thanasakis with Mandilakis Securities, and I quote, "Romania real estate. Do you see any opportunities to expand your store network more aggressively now, given the macro political difficulties the country is going through? What do you mean when you say the process to acquire a Giga distribution center in Romania is progressing? Have you bought it or not? Thank you.

Speaker #1: And what do you mean when you say the process to acquire a giga distribution center in Romania is progressing? Have you bought have you bought it or not?

Speaker #1: Thank you.

Speaker #4: I mentioned earlier that today we paid for it, so it was bought today. Of course, we still have to go through due diligence to ensure that all the legal implications are correct.

Apostolos Vakakis: I mentioned earlier that today we paid for it, so it was bought today. Of course, we still have to go through a due diligence that all the legal implications are correct, but assuming that we don't find any hurdle coming from anywhere, we will totally pay the property in the near future. So it's ours.

Speaker #4: But assuming that we don't find any hurdle coming from anywhere it will we will totally pay the the property in the near future. So it's ours.

Speaker #1: The next webcast question comes from George Manetas with OTGR, and I quote: Thank you for the presentation. How concerned are you about the fact that Greece is heading towards national elections?

Operator 2: The next webcast question comes from George Manetas with OT.gr. I quote, "Thank you for the presentation. How concerned are you about the fact that Greece is heading towards national elections? Has this affected any of your major investment decisions? What is your view on the upgrade of the Athens Stock Exchange, and what kind of inflows do you expect it to generate for your stock? Thank you.

Operator: The next webcast question comes from George Manetas with OT.gr. I quote, "Thank you for the presentation. How concerned are you about the fact that Greece is heading towards national elections? Has this affected any of your major investment decisions? What is your view on the upgrade of the Athens Stock Exchange, and what kind of inflows do you expect it to generate for your stock? Thank you.

Speaker #1: Has this affected any of your major investments investment decisions? And what is your view on the upgrade of the Athens stock exchange? And what kind of inflows do you expect it to generate for your stock?

Speaker #1: Thank you.

Speaker #4: The company does not involve itself into politics. And as a result of that it is the the the Greek voter who decide who will manage the country in the future.

Apostolos Vakakis: The company does not involve itself into politics. As a result of that, it is the Greek voter who decide who will manage the country in the future. Definitely, we have not refrained in any form of an investment. As a matter of fact, on the contrary, we are putting back Greece into the picture because of the numbers that we generate out of Greece. I said that to our surprise, numbers are better than expected, which means that either the competition is getting weaker or tourism helps towards a direction.

Speaker #4: Definitely we have not refrained in any form of an investment. As a matter of fact on the contrary we are putting back Greece into the picture because of the numbers that we generate.

Speaker #4: Out of Greece. I I I said that to our surprise numbers are better than expected. Which means that either the competition is getting weaker or tourism helps towards a direction.

Speaker #1: The next webcast question comes from Kostis Hristodulou with CNN Greece. And I quote: "If journalists are allowed to ask questions, I'd like to ask about the Hungarian market."

Operator 2: The next webcast question comes from Kostis Christodoulou with CNN Greece. I quote, "If journalists are allowed to ask questions, I would like to ask about the Hungarian market, where you stated in your presentation that you plan to enter with an online store by the end of 2026. Is there a possibility of opening brick-and-mortar stores depending on how the online store performs? Thank you.

Operator: The next webcast question comes from Kostis Christodoulou with CNN Greece. I quote, "If journalists are allowed to ask questions, I would like to ask about the Hungarian market, where you stated in your presentation that you plan to enter with an online store by the end of 2026. Is there a possibility of opening brick-and-mortar stores depending on how the online store performs? Thank you.

Speaker #1: Were you were you stated in your presentation that you plan to enter with an online store by the end of 2026? Is there a possibility of opening brick and mortar stores depending on how the online store performs?

Speaker #1: Thank you.

Speaker #4: I said previously that we have no intention to involve ourselves in the Hungarian market, before three years from now. And that a lot will also depend on how strong the Romanian market rebalances.

Apostolos Vakakis: I said previously that we have no intention to involve ourselves into Hungarian market before three years from now. A lot will depend also on how strong the Romanian market rebalances.

Operator 2: The next question.

Operator: The next question.

Speaker #4: And it is a very Romania is a very strong country. Well populated. Very strong. And as a result of that we see the difficulties in the Romanian market as temporary.

Apostolos Vakakis: Romania is a very strong country, well-populated, very strong, and as a result of that, we see the difficulties in the Romanian market as temporary.

Operator 2: The next webcast question comes from Jonathan Neuschler. It is a follow-up question. In the last weeks, oil prices increased again. Do you see a slower revenue growth in September? Thank you.

Operator: The next webcast question comes from Jonathan Neuschler. It is a follow-up question. In the last weeks, oil prices increased again. Do you see a slower revenue growth in September? Thank you.

Speaker #1: The next webcast question comes from Jonathan Noachella. It's a follow up question. In the last weeks oil prices increased again. Do you see a slower revenue growth in September?

Speaker #1: Thank you.

Speaker #4: The answer is no. September has been one of our good months, in line with the growth that we experienced in July and August.

Apostolos Vakakis: The answer is no. September has been one of our good months, and in line with the growth that we experienced in July and August. We have no such signs. Bear also in mind that we have a much more, let us say, strong company now because of the various difficulties. We are a better company than what we used to be, let us say, one or 2 years ago. Difficulties serve us well.

Speaker #4: So we have no such signs. There also in mind that we are a much more we have a much more let's say strong company now because of the various difficulties.

Speaker #4: We are a better company that what we used to be let's say one or two years ago. So difficulties serve us well.

Operator 2: The next webcast question comes from Taher Abram with Reading People Limited, and I quote, "Could you elaborate about your expectations from the Canada franchise? Thank you.

Operator: The next webcast question comes from Taher Abram with Reading People Limited, and I quote, "Could you elaborate about your expectations from the Canada franchise? Thank you.

Speaker #1: The next webcast question comes from Tahi Avraham with Reading People Limited. And I quote: "Could you elaborate about your expectations from the Canada franchise?"

Speaker #1: Thank you.

Speaker #4: Again, we don't have a clue. We are going there to win the war. But we are partners indirectly. We are going there through a franchise.

Apostolos Vakakis: Again, we do not have a clue. We are going there to win the war, but we are partners indirectly. We are going there through a franchise. If somebody needs to answer this question, it is the franchisee, not us. We will do whatever is humanly possible to support him, but it is up to his will and expertise to execute the war plan.

Speaker #4: So if somebody needs to answer this question, it's the franchisee, not us. We will do whatever is humanly possible to support him, but it's up to his will and expertise to execute the war plan.

Speaker #1: The next webcast question comes from George Athanasakis with Mandelaki Securities, and I quote: "Temu. How do you expect them to react, given the reportedly severe blow to their business after the Euro 3 charge implemented by the European Union?"

Operator 2: The next webcast question comes from George Athanasakis with Pantelakis Securities, and I quote, "Temu, how do you expect them to react given their reportedly severe blow to their business after the EUR 3 charge implemented by the European Union? Thank you.

Operator: The next webcast question comes from George Athanasakis with Pantelakis Securities, and I quote, "Temu, how do you expect them to react given their reportedly severe blow to their business after the EUR 3 charge implemented by the European Union? Thank you.

Speaker #1: Thank you.

Apostolos Vakakis: What is that?

Speaker #4: What's that? That was imposed by the European Union, but we have answered this before. So we can skip to the next question.

Polys Polycarpou: Three euro levy. This was answered before.

Apostolos Vakakis: Three euro levy?

Polys Polycarpou: Three euro that was imposed by the EU, but we have answered this before, so we can skip to the next question.

Speaker #4: Yeah what we said is that definitely this works in our favor. Definitely it creates problems. That need to be solved by our competitors who let's say utilize various loopholes that gradually are closing.

Apostolos Vakakis: What we said is that definitely this works in our favor. Definitely it creates problems that need to be solved by our competitors who, let's say, utilize various loopholes that gradually are closing. But these are strong companies and strong competitors, and they would come back with a revised war plan on their part. We never lost sleep from the previous, let's say, unfair competition. We would not go to sleep because now we have been gradually protected by such moves. Our competitors are formidable, and they will find ways to rebalance their act. I am a strong believer of competition. I believe that we all work to serve the consumer. I am against oligopolies, and I am against all forms of, let's say, protectionism.

Speaker #4: But these are strong companies and strong competitors, and they will come back with a revised war plan on their part. We never lost sleep from the previous, let's say, unfair competition.

Speaker #4: And we will not go to sleep, because now we have been gradually protected by such moves. Our competitors are formidable, and they will find ways to rebalance their act.

Speaker #4: I'm a strong believer in competition. I believe that we all work to serve the consumer. I'm against oligopolies, and I'm against all forms of, let's say, protectionism.

Speaker #1: The next webcast question is a follow-up question from Dimitra Manifava with Kathimerini. And I quote: What is the surcharge on your operating cost because of the crisis in the Middle East?

Operator 2: The next webcast question is a follow-up question from Dimitra Manifava with Kathimerini, and I quote, "What is the surcharge on your operating cost because of the crisis in Middle East? How this surcharge will affect prices? Thank you.

Operator: The next webcast question is a follow-up question from Dimitra Manifava with Kathimerini, and I quote, "What is the surcharge on your operating cost because of the crisis in Middle East? How this surcharge will affect prices? Thank you.

Speaker #1: How will this surcharge affect prices? Thank you.

Apostolos Vakakis: All the surcharges have been reflected on our gross margin. So practically speaking, we have improved our productivity and successfully we have asked the support from our suppliers to counterbalance this, let's say, hidden cost of the war. This is a situation that cannot stay forever. You cannot teach your dog not to eat. It will die. But in the short term, we can do many things to counterbalance problems that lie around. I am very confident that we are going through a period that the serious implications of the war will gradually eclipse. I am of the firm belief that after the midterm elections in the States, all necessary actions that need to be taken in order to make things happen will be taken. It is a fallacy to believe that after the midterm elections, activity towards resolving these type of issues will subside.

Speaker #4: All these surcharges have been reflected on our gross margin. So, practically speaking, we have improved our productivity. And successfully, we have asked for support from our suppliers to help balance this, let's say, hidden cost of the war.

Speaker #4: This is a situation that cannot stay forever. You cannot teach your dog not to eat; it will die. But in the short term, we can do many things.

Speaker #4: To count the balance problems that lie around, I'm very confident that we are going through a period where the serious implications of the war will gradually eclipse.

Speaker #4: I'm of the firm belief that after the midterm elections in the States all necessary actions that need to be taken in order to to make things happen would be taken.

Speaker #4: It is a fallacy to believe that after the midterm elections activity towards resolving this type of issues will subside. On the contrary I think that it will we will see a completely different environment.

Apostolos Vakakis: On the contrary, I think that we would see a completely different environment once politicians take out the weight of the election implications.

Speaker #4: Once politicians take out the weight of the election implications.

Speaker #1: The next webcast question comes from Grigorios Papadopoulos. And I quote. You now have multiple examples of action stores opening, close to your jumbo stores in Romania.

Operator 2: The next webcast question comes from Gregorios Papadopoulos, and I quote, "You now have multiple examples of Action stores opening close to your Jumbo stores in Romania, for example, Oradea. Can you tell us what the impact was on your sales in stores where Action opened nearby? Thank you.

Operator: The next webcast question comes from Gregorios Papadopoulos, and I quote, "You now have multiple examples of Action stores opening close to your Jumbo stores in Romania, for example, Oradea. Can you tell us what the impact was on your sales in stores where Action opened nearby? Thank you.

Speaker #1: For example, Oradea. Oradea. Can you tell us what the impact was on your sales in stores where Action opened nearby? Thank you.

Apostolos Vakakis: As I said, nobody pays any attention on such activity. I mean, we really don't consider them as direct competitors. I mean, a big hypermarket or a big discounter or whatever, are much more strong competitors than them. They make a living on a different concept, a different strategy. Before Action, there were many more before them, that even exist very close to our stores all around the world.

Speaker #4: As I said nobody pays any attention. Such activity. We we really don't consider them as direct competitors. I mean a big hypermarket or a big discounter or whatever are much more strong competitors than them.

Speaker #4: They make a living on a different concept, a different strategy. And before Action, there were many more before them that even exist very close to our stores.

Speaker #4: All around the world.

Speaker #1: The next webcast question is a follow-up question from Luca Baroni with Orsa. And I quote: "I was meaning to buy out the most successful franchises over time."

Operator 2: The next webcast question is a follow-up question from Luca Baroni with Orsan. I quote, "I was meaning to buy out the most successful franchises over time." I suppose he's referring to his previous question, and consequently, your answer.

Operator: The next webcast question is a follow-up question from Luca Baroni with Orsan. I quote, "I was meaning to buy out the most successful franchises over time." I suppose he's referring to his previous question, and consequently, your answer.

Speaker #1: I suppose he's referring to his previous question and consequently your answer.

Apostolos Vakakis: The answer is no. We only focus ourselves on what we call generic growth within the EU market. We don't offer franchise opportunities within EU market. The franchise, let's say, Action, which we want to redivert into an indirect support for them and not support them through our infrastructure ourselves, are there as a complementary exercise towards our overheads. They are not part of a long-term strategy.

Speaker #4: The answer is no. We only focus ourselves on what we call generic growth within the EEC market. We don't offer franchise opportunities within the EEC market.

Speaker #4: So the franchise let's say action which we want to redivert into an indirect support for them and not support them through the our infrastructure ourselves.

Speaker #4: These are a complimentary exercise towards our overheads. They don't, they don't, they are not part of a long-term strategy.

Speaker #1: The next webcast question comes from Xanthie Gounari with Capital GR. And I quote. You said that Greece is currently overperforming against all logic. What exactly are you seeing in your data that makes you say that?

Operator 2: The next webcast question comes from Xanthi Gounari with Capital.gr. I quote, "You said that Greece is currently overperforming against all logic. What exactly are you seeing in your data that makes you say that? Is it higher traffic, a bigger average basket, stronger tourist spending, or market share gains from competitors? Thank you.

Operator: The next webcast question comes from Xanthi Gounari with Capital.gr. I quote, "You said that Greece is currently overperforming against all logic. What exactly are you seeing in your data that makes you say that? Is it higher traffic, a bigger average basket, stronger tourist spending, or market share gains from competitors? Thank you.

Speaker #1: Is it higher traffic, a bigger average basket, stronger tourist spending, or market share gains from competitors? Thank you.

Speaker #4: Everything and nothing. Everything and nothing because let let's not be misquoted. We were expecting Greece to do worse than what it's doing. But not much worse.

Apostolos Vakakis: Everything and nothing. Everything and nothing, because let's not be misquoted. We were expecting Greece to do worse than what it's doing, but not much worse. We are in a position to benefit from, let's say, a little bit better environment than what we have expected. A little bit of everything is the answer. We believe also our competitors are doing relatively okay.

Speaker #4: We are in a position to benefit from, let's say, a little bit better environment than what we had expected. So, a little bit of everything.

Speaker #4: It is the answer. We believe also our competitors are doing relatively okay.

Speaker #1: The next webcast question is a follow-up question from Thanh Hoang, and I quote: Sorry, follow-up question from my side, but I see the cost of goods sold caught up at the same level within inventory also.

Operator 2: The next webcast question is a follow-up question from Zhang Huang, and I quote, "Sorry, a follow-up question from my side. But I see the cost of goods sold caught up at the same level within inventory also, which were not the cases before H2 2025. Is it something that in the attention of the company, and are you expecting these numbers to be down? Thank you.

Operator: The next webcast question is a follow-up question from Zhang Huang, and I quote, "Sorry, a follow-up question from my side. But I see the cost of goods sold caught up at the same level within inventory also, which were not the cases before H2 2025. Is it something that in the attention of the company, and are you expecting these numbers to be down? Thank you.

Speaker #1: Which was not the case before. Second half of 2025. Is this something that is on the attention of the company, and are you expecting these numbers to be down?

Speaker #1: Thank you.

Speaker #4: I would have answered that. I said that they are already down. I don't—I don't see where you read these numbers. Numbers are only one type of numbers.

Apostolos Vakakis: I have answered them. I said that they are already down. I don't see where you read these numbers. Numbers are only one type of numbers. There can't be two type of numbers. Our overall inventory, I think it's 3% less than last year.

Speaker #4: There can't be two types of numbers. And our overall inventory, I think, is 3% less than last year.

Speaker #1: The next webcast webcast question is from Rhea Cohen with Chi Capital. And I quote. Why the company doesn't repurchase stocks in current low prices?

Operator 2: The next webcast question is from Uri Cohen with Kai Capital, and I quote, "Why the company doesn't repurchase stocks in current low prices? Thank you.

Operator: The next webcast question is from Uri Cohen with Kai Capital, and I quote, "Why the company doesn't repurchase stocks in current low prices? Thank you.

Speaker #1: Thank you.

Apostolos Vakakis: Pardon? If we will buy back? This is the third option. First option is generic growth, second option is return dividends, third option is buy back stock. Since we have a positive view about the near future, I think our first option, which is generic growth, is the one that it's in favor within the management team.

Speaker #4: Pardon? If we will buy back. This is the the third option. First option is generic growth. Second option is return dividends. Third option is buy back stock.

Speaker #4: But since we have a positive view about the near future, I think our first option, which is generic growth, is the one that is in favor within the management team.

Speaker #1: The next question is from Nikolaos Kakavas with Retail Investor. He's an MBA student. And I quote. Given the new EU duty on low value Chinese parcels and your strong cash position would you consider a more aggressive e-commerce strategy?

Operator 2: The next question is from Nikolaos Kakavas with Retail Investor. He's an MBA student, and I quote, "Given the new EU duty on low-value Chinese parcels and your strong cash position, would you consider a more aggressive e-commerce strategy? Thank you.

Operator: The next question is from Nikolaos Kakavas with Retail Investor. He's an MBA student, and I quote, "Given the new EU duty on low-value Chinese parcels and your strong cash position, would you consider a more aggressive e-commerce strategy? Thank you.

Speaker #1: Thank you.

Apostolos Vakakis: The answer is no. Our e-commerce activity would always be complementary because we want to encourage customers to enter the store, and this is where our strong competitive advantage lies. So complementary activity, yes. A competing activity, no.

Speaker #4: The answer is no. Our e-commerce complimentary because we we want to encourage customers to enter the store. And this is where our strong competitive advantage lies.

Speaker #4: So complimentary activity yes. Competing activity no.

Speaker #1: Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Vakakis for any closing comments.

Operator 2: Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Vakakis for any closing comments. Thank you.

Operator: Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Vakakis for any closing comments. Thank you.

Speaker #1: Thank you.

Speaker #4: Okay, thank you for listening to me. My personal view is that companies that do their homework every day only benefit from various types of crises.

Apostolos Vakakis: Okay. Thank you for listening to me. My personal view is that companies that do their homework every day only have to benefit out of various types of crises. If one runs a balance act and does not try to buy his turnover or to fool his business partners, is a better horse to ride than a donkey. Having said that, it is also true that we live in turbulent times, and we may have unexpected shocks that nobody can envision today. My personal view is that we will not have so, but this is not an objective view, this is a personal view, and I always repeat that most of the times I am wrong. My personal view is optimistic. It is not pessimistic. Good afternoon, and thank you for listening to us.

Speaker #4: And if one runs a balanced act and does not try to buy his turnover or to pull his business partners, it is a better course to ride than a donkey.

Speaker #4: Having said that, it is also true that we live in turbulent times, and we may have unexpected shocks that nobody can envision today. My personal view is that we will not have so.

Speaker #4: But this is not an objective view. This is a personal view. And I always repeat that most of the times I'm wrong. But my personal view is optimistic.

Speaker #4: It's not pessimistic. Good afternoon and thank you for listening to us.

Operator 2: Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling. Have a good afternoon.

Operator: Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling. Have a good afternoon.

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Half Year 2026 Jumbo SA Earnings Call

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