Strong 8M 2025 Sales Preannouncement and relatively easy comps for Christmas period support the investment case going forward
Jumbo announced a strong 8M 2025 sales preannouncement with good performance in all of Group’s markets. We point out that during the 8M period sales growth stood at 8%, y/y with good performance in all of Group’s markets, which stands above our FY 2025 sales growth estimate for 7.3%, y/y. We point out the following:
- Group: Management stated that 8M’s sales were up 8% y/y recording a similar rate of increase to the 7M period; based on our estimates on a Group level August’s sales recorded growth of c. 7.9%, y/y vs. 9% y/y growth for July 2025
- Greece: In August 2025, the parent Company recorded increased sales by 7% (vs. 10% in July 2025); during the 8M’25 period, the parent Company reported increased sales by 9.0%, y/y recording a similar rate of increase to the 7M’25 period
- Cyprus: In August 2025, Cyprus recorded increased sales by 12%, y/y, (vs. 13% in July 2025); during the 8M’25 period, Cyprus reported increased sales by 9%, y/y, vs. 8% in the 7M’25 period
- Bulgaria: In August 2025, Bulgaria reported increased sales by 7% y/y (vs. increased sales by 2% in July 2025); during the 8M’25 period, Bulgaria reported increased sales by 3% vs. increased sales by 2% in the 7M’25 period
- Romania: In August 2025, Romania recorded increased sales by 8%, y/y vs. increased sales by 7% July 2025; during the 8M’25 period, Romania reported increased sales by 7%, y/y recording a similar rate of increase to the 7M’25 period. Based on August’s data it seems that Jumbo Romania coped well with the scheduled VAT rate increases that took place in the country, as of 1-August-2025.
- Increase in Privately Owned Stores: To further contain Operating Expenses, Jumbo continues to acquire leased stores; in the period from 2021-2024, Jumbo invested c. €39mn for the acquisition of 5 previously leased stores in Greece and Romania; Y-t-d two more additional stores were acquired in Greece, while another two will be acquired at Patra and Athens
- New store in Romania: Jumbo announced that an agreement t is underway for the development of a new store in Baia Mare, which is expected to further strengthen the Group’s growth trajectory in the country.