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Kogan.com (KGN) investor relations material
Kogan.com H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
FY25 saw strong growth, with active customers up 35% to 3.5 million and platform-based sales revenue up 24% to over $111 million.
Free cash flow increased 40% to $32.4 million, supporting capital returns to shareholders.
Group gross sales grew 15% to $931 million, with revenue up 6.2% year-on-year.
Strategic marketing investment drove a significant rebound in customer growth.
Platform-based sales now represent over two-thirds of Kogan.com gross sales.
Financial highlights
Gross profit increased 13% to nearly $190 million, with gross margin up 2.3pp to 38.9%.
Adjusted EBITDA was $36.8 million, down 8% year-on-year, impacted by higher costs and Mighty Ape's underperformance.
Net loss of $39.5 million due to a $46.3 million goodwill impairment on Mighty Ape.
Cash at year-end was $42.1 million with no debt.
Dividends paid totaled $12.4 million, up 90% year-on-year.
Outlook and guidance
FY26 priorities include completing Mighty Ape's turnaround, inventory optimisation, and maintaining strong platform-based sales.
Group adjusted EBITDA margin guidance for FY26 is 6–9%, expected to improve in the second half as Mighty Ape recovers.
July 2025 management accounts show group gross sales up 26.5% year-on-year.
Medium-term margin ambitions are 8–12%, with long-term targets above 20% as platform-based sales grow.
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