Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Jumia's Results Conference Call for the Third Quarter of 2023. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. With us today are Francis Dufay, CEO of Jumia; and Antoine Maillet-Mezeray, Executive Vice President, Finance and Operations. We will start by covering the Safe Harbor. We would like to remind you that our discussions today will indicate forward-looking statements. Actual results may differ materially from those indicated in the forward-looking statements. Moreover, these forward-looking statements may speak only to our expectations as of today. We undertake no obligation to publicly update or revise these statements. For a discussion of some of the risk factors that could cause actual results to differ from the forward-looking statements expressed today, please see the risk factors section of our annual report on Form 20-F as published on May 16, 2023, as well as our other submissions with the SEC. In addition, on this call, we will refer to certain financial measures not reported in accordance with IFRS. You can find reconciliations of these non-IFRS financial measures to the corresponding IFRS financial measures in our earnings press release, which is available on our Investor Relations website. With that, I'll hand over to Francis.

Thank you. Welcome everyone, and thanks for joining us today. The third quarter was very important for Jumia, as we were able to achieve much of what we had planned when we changed both the strategy and the leadership of the company. We made clear then that the overriding objective was to reduce losses and move towards profitability. We are happy to report that this quarter has seen further significant progress in loss reductions, as well as cash management while we now see the impact of our growth strategy. Let's now look at a few key indicators. The adjusted EBITDA loss of $15 million in Q3 ‘23 was the lowest since our IPO in 2019. This represents a decrease in adjusted EBITDA losses by $31 million versus Q3 ‘22, down by 67% year-over-year and by 70% on a constant currency basis. For year-to-date, the adjusted EBITDA loss is $61 million, down by 61% compared to the $158 million in the first nine months of 2022. Our liquidity position amounted to $147 million at the end of Q3 ‘23, which reflects a decrease of $19 million in Q3 ‘23, compared to a decrease by $66 million in Q3 ‘22, down by 71% year over year. This is the result of our comprehensive plan to build a lean organization, stop certain unprofitable activities, and capture efficiencies in operations and marketing. We strive to run our business with a key focus on achieving profitability and positive cash flow, and Q3 ‘23 has shown great progress in that regard. There is, of course, still a lot of work, but we are excited by the next phase of the turnaround at Jumia. As also explained previously, growth is crucial and we are not only focused on cost reduction. We believe in our growth plan as…

Thank you, Francis. Hello, everyone. Let's start with the review of our top line performance on Page 11. Revenue reached $44.9 million in Q3 ‘23 down 11% year-over-year and up 19% on a constant currency basis. FX was a significant headwind to revenue performance. First party revenue was $21.9 million, up 33% year-over-year, and 85% on a constant currency basis. We experienced significant growth in first party revenue from business opportunities in Egypt. This is consistent with our focus on improving supply from retail whenever relevant. Turning now to growth profit. Growth profit reached $25.1 million in Q3 ‘23, down 23% year-over-year and up 2% on a constant currency basis. Gross profit margin as a percentage of GMV reached 13.9% compared to 13.5% in Q3 ’22, supported by improved retail margins and reduced spending on consumer incentives and promotions. Let's now move to cost, where we continue making significant progress. Fulfillment expense amounted to $12 million, down 48% year-over-year and 35% on a constant currency basis. Importantly, we continue achieving record levels of logistics efficiency. Fulfillment expense per order excluding JumiaPay app orders which do not incur logistics costs decreased by 26% year-over-year to $2.1 from $2.9 in Q3 ‘22 and 8% on a constant currency basis. As a percentage of GMV, fulfillment expense improved from 9.6% to 6.6%. This consistent improvement reaffirms the significance of our ongoing logistics transformation as we continue to build upon the success of our logistics optimization initiatives. These include a higher share of pickup station deliveries, which increased from 36% of shipped physical goods orders in Q3 ‘22 to 44% in Q3 ‘23. We persist in our strategic expansion of the pickup station network to penetrate under tapped areas of the market in a cost-effective manner. We've expanded our footprint beyond main cities, enhanced…

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So mainly I'm going to do it. We remain committed to reducing our losses, improving our cash efficiency, and progressing towards profitable growth. Considering the meaningful expense reductions made in the nine months ended September 30, 2023, we currently expect the adjusted EBITDA loss of $80 million to $90 million compared to the previously communicated range of $90 million to $100 million. This implies a 57% to 61% year overall reduction in adjusted EBITDA loss. Our initial guidance for adjusted EBITDA loss ranged from $100 million to $120 million. As you can see, we are ahead of our projections, thanks to strong execution. This quarter was an important for Jumia, as we believe it shows that we can achieve the ambition that we set about one year ago when we outlined our new strategy. We have made steady progress on cash efficiency and our growth strategy is now developing positive signs. Going forward, we are focused on further improving our economics and achieving profitable growth. More than ever, we believe that we are doing the right thing to grow a profitable business, and we are confident in our ability to capture the amazing potential of e-commerce across Africa. End of Q&A: Thank you. At this time, we will be conducting our question-and-answer session. [Operator Instructions] As we have no questions in queue, at this time, this concludes today's conference. And you may disconnect your lines and we thank you for your participation.