Jumia Technologies : Annual Report 2021 including the consolidated financial statements and the group management report as well as the supervisory board report (agenda item 1)

ENGLISH TRANSLATION

Annual Report 2021

Table of Content
To our Shareholder
Report of the supervisory board ..............................................................................................	3
Group Management Report
Group fundamentals .................................................................................................................	8
Economic report ........................................................................................................................	9
Key features of the accounting related internal control an risk management system ......	21
Declaration on corporate management .................................................................................	30
Events after the balance sheet date........................................................................................	31
Group financial statements
Independent auditor's report .................................................................................................	33
Group financial statements ....................................................................................................	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

Report of the Supervisory Board

Dear Shareholders,

2021 was an important year for Jumia Technologies AG ("Jumia" or the "Company"). The Company continued to implement its strategic plan. The Company navigated the duration of the COVID-19 pandemic which has introduced a new set of challenges and opportunities in its markets of operation. The Company has remained focused on its mission to improve the quality of everyday life in Africa by leveraging technology to deliver innovative, convenient and affordable online services to consumers, while helping businesses grow as they use our platform to reach and serve consumers. The company continued to invest in technology, our JumiaPay business and our core infrastructure.

Below, we would like to inform you about the work of the supervisory board and its committees in fiscal year

2021 to support Jumia in its mission:

Cooperation between Supervisory Board and Management Board

In the financial year 2021, the supervisory board of Jumia has cooperated with the management board on a basis of trust. The main focus was on the financial position of Jumia and the economic environment including the COVID-19 pandemic, the medium-term corporate planning and the strategic development of the group, the equity offering completed in the first quarter of 2021, the coordination and monitoring of the company's system of internal controls and SOX compliance, renumeration system for management board members and ESG reporting. The supervisory board has on a regular basis supervised, and accompanied in an advisory capacity, the work of the management board in compliance with the laws, the company's articles of association and the German Corporate Governance Code [Deutscher Corporate Governance Kodex].

The management board has on a regular basis informed the supervisory board promptly and comprehensively, in writing and orally, about the state of Jumia and discussed with it in detail the development of the business and decisions. The management board has fully complied with its duties to inform the supervisory board.

Monitoring of the management board's management activities and other main areas of activity of the supervisory board

The supervisory board has ensured that legal regulations, the articles of association and the rules of procedure of both the supervisory board and the management board have been complied with. It has taken the decisions required by any law and the articles of association. Where a business transaction required the approval of the supervisory board, it has discussed it thoroughly with the management board before adopting a resolution.

The cooperation between the supervisory board and the management board always was constructive and target-oriented.

As part of its supervisory functions, the supervisory board dealt with the following focal topics, among others:

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• Business development during the year
• Individual and consolidated annual financial statements for the financial year 2021
• Audit planning and reporting of the internal accounting control system, in particular compliance with the provisions of the Sarbanes-OxleyAct of 2002
• Fundraising and the completion of an equity offering in the first quarter of 2021
• Assessment and adjustment of the remuneration components of the management board
• Budget planning of the Jumia group for the financial year 2022
• Declaration of compliance with the German Corporate Governance Code

Changes to the supervisory board

The supervisory board of Jumia Technologies AG had eight (8) members as of 31 December 2021, which is in line with the articles of association, that the Supervisory Board consists of eight members. In the year under report, Anne Eriksson was appointed to the Supervisory Board by the Annual Shareholders' Meeting of June 9, 2021.

Composition of the supervisory board and the committees

All members of the supervisory board are elected by the general meeting to be representatives of the shareholders. The supervisory board is not subject to the German Co-determination Act [Gesetz über die Mitbestimmung der Arbeitnehmer].

In the financial year 2021, the supervisory board had four committees:

• Audit committee
• Remuneration committee
• Corporate governance and nominations committee
• Capital increase committee 2021 (temporary from March to December 2021)

Meetings of the supervisory board

In 2021, the supervisory board held four ordinary supervisory board meetings to exercise its functions. Six (6) of seven (7) supervisory board members were represented in the meeting held on 22 February, seven (7) of seven (7) in the meeting held on 22 April, eight (8) of eight (8) in the meeting held on 27 September and seven (7) of eight (8) in the meeting held on 9 December.

In the year under report, the supervisory board primarily dealt with the development of the business and the general financial and strategic position of the company, the planning and definition of the budget targets for the year 2022 and the reports of the committees. The management board also informed the supervisory board in detail about the development of the business and financial situation, the risk situation, the market and competitive situation and the human resources situation. The reports of the management board complied with

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the legal requirements, the principles of good corporate governance and the requirements defined by the supervisory board.

Activities of the supervisory board committees

The supervisory board has appointed four committees, one of which was a special committee of limited term which dissolved on December 31, 2021.

• The compensation committee deals with the contracts of employment and personnel matters of the management board. The meetings were attended by all committee members in the course of the financial year. The committee convened four (4) times during the year. Among other things, it dealt with the structure of the management board's remuneration. As regards this, particular attention is given to compliance with the requirements of the German Corporate Governance Code.
• The audit committee in particular deals with questions regarding the accounting process, risk management and audit planning, the company's system of internal controls over financial reporting, and communication with the internal audit department. The committee convened thirteen (13) times during the year, one meeting serving to prepare the approval of the annual financial statements and the approval of the consolidated annual financial statements. The meetings were attended by all committee members.
• The corporate governance and nominations committee controls compliance with the rules of the German Corporate Governance Code, nominates members of the management board and proposes members for election to the supervisory board. At the recommendation of the corporate governance and nominations committee, the supervisory board issued the declaration of compliance in accordance with Section 161 AktG [German Stock Corporation Act] on 22 December 2021. The company complies with most of the recommendations of the Code. The few deviations are also explained in the corporate governance report that has been published in connection with the corporate governance declaration on the website www. investor.jumia.com/Corporate_Governance.
• The capital increase committee 2021 was established for a limited term to carry out the March 2021 capital increase. The committee was dissolved as of 31 December 2021.

Audit of the consolidated annual financial statements of Jumia Technologies AG

The general meeting of Jumia Technologies AG held on 9 June 2021 adopted a resolution to appoint Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft as auditor of the consolidated annual financial statements. That audit firm has audited the consolidated annual financial statements and the group management report for the period 1 January to 31 December 2021 and issued an unqualified audit opinion for both.

All supervisory board members have been provided with the auditor's audit report upon preparation and in due time before the meeting in which the annual financial statements were approved. Following preparatory deliberations and approval by the audit committee, the full supervisory board dealt with these documents on 28 April 2022. In addition to the members of the management board, the representatives of the auditor attended the audit committee meeting. They reported on the audit generally, the audit focal points they had defined, the essential findings of the audit and the services that the auditor had provided in addition to the

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