The Jumbo Group recorded sales of €519.26 million (+4.42%) and net profits of €120.60 million (+2.92%) in the first half of 2026, while the Board of Directors decided the payment of an extraordinary cash distribution of €1.00 per share.
The first half of 2026 was characterized by increased geopolitical uncertainty, with the ongoing war conflicts maintaining pressure on energy prices, international transport, and supply chains, while also affecting consumer sentiment.
Conditions in the markets where the Group operates are as follows:
• Greece: The Group’s largest market, representing approximately 60% of its activity, maintained a healthy growth trajectory.
• Cyprus: The initial disruption caused by the geographical proximity to the war conflicts in the Middle East gradually subsided, with the market showing normalization during the summer months.
• Bulgaria: Momentum remained particularly positive, supported by the path toward euro adoption, high liquidity, a healthy banking system, low public debt, and strong wage growth.
• Romania: It remained the most demanding market. High inflation, pressure on the RON, fiscal adjustment, and the increase in VAT from 19% to 21% in August 2025 limited real disposable income and consumer demand.
It is noted that with regard to Romania, from August the comparison base becomes more realistic, as sales are now compared with a period during which the increased VAT was already in effect. This development is mainly technical in nature and does not in itself constitute an indication of a substantial improvement in consumption, as inflationary, exchange-rate, and fiscal pressures remain.
Management maintains its estimates for 2026 unchanged: sales growth of approximately +5% and net profits of €310–320 million. It is recalled that the second half of the year traditionally accounts for a larger share of sales and annual profitability.
Gross margin: The marginal decline by 33 basis points mainly reflects the pressure in Romania due to the depreciation of the local currency and the Group’s choice to absorb the VAT increase, limiting its pass-through to final prices.
Offsetting factors were the more favorable euro/dollar exchange rate, the containment of freight costs, and the lower share of sales to franchisees in the overall sales mix. However, recent developments in international transport are once again leading to upward pressure on freight rates, increasing uncertainty for the second half.
Strong financial position: The Group continues to operate without bank borrowing. As of June 30, 2026, cash and cash equivalents exceeded total lease liabilities by €485.65 million.
Distributions to shareholders
The Group’s strong financial position and high liquidity allow Management to continue its policy of rewarding shareholders, alongside the uninterrupted implementation of the Group’s investment and growth program.
In this context, on September 23, 2026, the Board of Directors decided the payment of an extraordinary cash distribution of €1.00 per share, that is, a total of approximately €134.37 million.
As the ex-date for the right to the extraordinary cash distribution has been set Monday, November 16, 2026, as the date for determining beneficiaries (record date) Tuesday, November 17, 2026, and as the payment start date Friday, November 20, 2026.
It is recalled that during 2026 and up to today, Jumbo has already distributed to shareholders €161.2 million or €1.20 per share.
With the new distribution, total cash distributions to shareholders within 2026 amount to €2.20 per share or approximately €295.57 million.
Targeted network expansion
The Group currently has 89 stores: 53 in Greece, 6 in Cyprus, 10 in Bulgaria, and 20 in Romania.
• 2026: In October, the new hyper-store in Baia Mare, Romania, is expected to open.
• 2027: New stores in Romania and Cyprus.
Greece: 2027 will be a transitional year in terms of new openings, as the next four stores are in the preparation stage with an operating horizon from 2028.
Bulgaria: Planning continues to provide for one additional hyper-store within the next two years.
Romania: It remains a key market for further growth, with the long-term target of doubling the number of stores over a ten-year horizon remaining unchanged.
Pop-up: The Group is proceeding with the development of smaller “pop-up” type stores, with a targeted product mix in areas of high footfall and tourist traffic. Suitable locations have already been identified, with the aim of operating the first stores in the 2027–2028 period.
E-commerce and digital presence
The Group has online stores in Greece, Cyprus, Bulgaria, and Romania.
Toward the end of 2026, the launch of an online store in Hungary is planned, which will be served by the existing e-commerce infrastructure in Romania.
Investments in infrastructure and logistics
Strengthening infrastructure is a key element of the strategy.
In this context, the process for the purchase of the Giga distribution center with an area of approximately 60,000 sq.m. in Romania is progressing, significantly enhancing the capacity and efficiency of the country’s supply.
At the same time, the investment for the development of a new distribution center in Thessaloniki is progressing, which is expected to be completed within 2027 and to serve Northern Greece and Bulgaria.
The expansion of cooperation with the BALFIN group and the new supply model for the additional markets included in it are expected to free up capacity in the Group’s existing storage facilities and distribution centers. For this reason, among others, the planning for the new distribution center in Oinofyta is being re-examined as to the timing of the start of its implementation. The Jumbo Group is in discussions with Fox Group in order for the new supply model to be applied also to the markets of Israel and Canada.
External partnerships and international presence
Through partnerships, the Group currently has a presence with 48 stores bearing the JUMBO brand, in 7 countries (Albania, Kosovo, Serbia, North Macedonia, Bosnia and Herzegovina, Montenegro, and Israel).
BALFIN: During the first half of 2026, the cooperation expanded to six new markets - Ukraine, Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. The agreement is based on the existing cooperation in Albania, Kosovo, Bosnia and Herzegovina, Montenegro, and Moldova, where the operation of a store is expected within 2026.
For the six new markets, BALFIN will create a central logistics hub in China and will independently undertake the management of the relevant supply chain.
Fox Group: In Israel, 8 JUMBO stores are now operating, while the first store in Canada (Toronto) is expected to open at the end of 2026, provided no delays arise.