Jumia Technologies : Annual Report 2023 including adopted financial statements of Jumia Technologies AG, consolidated financial statements, management report for the Jumia Group and Supervisory Board report for the financial year 2023

Jumia Technologies AG Berlin

Short-form audit report Consolidated financial statements and group management Report 31 December 2023

Translation from the German language

EY GmbH & Co. KG

Wirtschaftsprüfungsgesellschaft

Translation from the German language

Table of contents

Audit opinion

Financial reporting

Engagement Terms. Liability and Conditions of Use

General Engagement Terms

Note:

We have issued the audit opinion presented below in compliance with legal and professional requirements subject to the conditions described in the enclosed "Engage- ment Terms, Liability and Conditions of Use".

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Translation from the German language

Independent auditor's report

To die Jumia Technologies AG

Opinions

We have audited the consolidated financial statements of Jumia Technologies AG, Ber- lin, and its subsidiaries (the Group), which comprise the consolidated balance sheet as at 31. December 2023, and the consolidated income statement, consolidated statement of other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the fiscal year from 1. January to 31. Decem- ber 2023, and notes to the financial statements, including a summary of significant accounting policies. In addition, we have audited the group management report of Jumia Technologies AG for the fiscal year from 1. January to 31. December 2023. In accordance with the German legal requirements, we have not audited the content of the corporate governance statement published on the website indicated in the group management report, which forms part of the group management report.

In our opinion, on the basis of the knowledge obtained in the audit,

• the accompanying consolidated financial statements comply, in all material re- spects, with the IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to Sec. 315e (1) HGB and, in compliance with these requirements, give a true and fair view of the assets, liabilities and financial position of the Group as at 31. December 2023 and of its financial performance for the fiscal year from 1. January to 31. December 2023, and
• the accompanying group management report as a whole provides an appropriate view of the Group's position. In all material respects, this group management re- port is consistent with the consolidated financial statements, complies with Ger- man legal requirements and appropriately presents the opportunities and risks of future development. We do not express an opinion on the content of the group non- financial statement referred to above or the content of the group statement on corporate governance referred to above.

Pursuant to Sec. 322 (3) Sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the group management report.

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Translation from the German language

Basis for the opinions

We conducted our audit of the consolidated financial statements and of the group management report in accordance with Sec. 317 HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and of the group management report" section of our auditor's report. We are independent of the Group entities in accordance with the requirements of German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated financial statements and on the group management report.

Other information

The supervisory board is responsible for the report of the supervisory board. The legal representatives and the supervisory board are responsible for the declaration pursuant to Sec. 161 AktG of the German Corporate Governance Code, which is part of the declaration on corporate management, as well as for the remuneration report pursuant to Sec. 162 AktG. In all other respects, the legal representatives are responsible for the other information. The other information comprises the components of the annual report listed in the annex to the opinion.

Our opinions on the consolidated financial statements and on the group management report do not cover the other information, and consequently we do not express an opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the other information

• is materially inconsistent with the consolidated financial statements, with the group management report or our knowledge obtained in the audit, or
• otherwise appears to be materially misstated.

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Translation from the German language

Responsibilities of the executive directors and the supervisory board for the consolidated financial statements and the group management report

The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Sec 315e (1) HGB and that the consolidated financial statements, in compliance with these require- ments, give a true and fair view of the assets, liabilities, financial position and financial performance of the Group. In addition, the executive directors are responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the consolidated financial statements, the executive directors are responsible for assessing the Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting, unless there is an intention to liquidate the Group or to cease opera- tions, or there is no realistic alternative but to do so.

Furthermore, the executive directors are responsible for the preparation of the group management report that, as a whole, provides an appropriate view of the Group's position and is, in all material respects, consistent with the consolidated financial state- ments, complies with German legal requirements and appropriately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a group management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the group management report.

The supervisory board is responsible for overseeing the Group's financial reporting process for the preparation of the consolidated financial statements and of the group management report.

Auditor's responsibilities for the audit of the consolidated financial statements and of the group management report

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to

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Translation from the German language

fraud or error, and whether the group management report as a whole provides an appropriate view of the Group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our opinions on the consolidated financial statements and on the group management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Sec. 317 HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre- gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this group management report.

We exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements and of the group management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit of the consoli- dated financial statements and of arrangements and measures (systems) relevant to the audit of the group management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of these systems.
• Evaluate the appropriateness of accounting policies used by the executive direc- tors and the reasonableness of estimates made by the executive directors and re- lated disclosures.

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Translation from the German language

• Conclude on the appropriateness of the executive directors' use of the going con- cern basis of accounting and, based on the audit evidence obtained, whether a ma- terial uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's re- port to the related disclosures in the consolidated financial statements and in the group management report or, if such disclosures are inadequate, to modify our respective opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated finan- cial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Sec. 315e (1) HGB.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express opinions on the con- solidated financial statements and on the group management report. We are re- sponsible for the direction, supervision and performance of the group audit. We remain solely responsible for our opinions.
• Evaluate the consistency of the group management report with the consolidated financial statements, its conformity with [German] law, and the view of the Group's position it provides.
• Perform audit procedures on the prospective information presented by the execu- tive directors in the group management report. On the basis of sufficient appropri- ate audit evidence we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate opinion on the prospective information and on the assump- tions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

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Translation from the German language

We communicate with those charged with governance regarding, among other mat- ters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Berlin, 14. May 2024

EY GmbH & Co. KG

Wirtschaftsprüfungsgesellschaft

Patzelt	Kausch-Blecken von Schmeling
[German Public Auditor]	[German Public Auditor]

Attachments to the auditor's report:

1. Elements of the Group Management Report Not Included in the Substantive Re- view

We did not audit the following components of the combined management report:

• Declaration on corporate management

2. Other information

"Other Information" comprises the following part of the Annual Report, a version of which we have obtained up to the time of the issuance of this auditor's report:

• Report of the supervisory board

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ENGLISH TRANSLATION

Annual Report 2023

Table of Content
To our Shareholders	3
Report of the supervisory board	3
Group Management Report	7
Group fundamentals	8
Economic report	9
Key features of the accounting related internal control an risk management system	21
Declaration on corporate management	28
Events after the balance sheet date	28
Group financial statements
Group balance sheet	40
Group statements of operations and comprehensive income	41
Group statements of changes in Equity	42
Group statements of cash flows	43
Notes to the Group financial statements	44