Kogan.com (KGN) H1 2026 earnings summary

Executive summary

• Gross Sales reached $572.4 million, up 16.2% year-over-year, with revenue up 5.5% to $287.6 million, driven by strong Platform-based Sales and Kogan.com performance, while Mighty Ape underwent a strategic reset and operational optimisation.

• Adjusted EBITDA was $24.4 million, down 3.5% year-over-year, while Kogan.com segment Adjusted EBITDA rose 18.2% to $27.6 million.

• Free Cash Flow increased 2% to $45.1 million, and total cash stood at $71.8 million with no debt.

• Interim dividend increased 14.3% to 8.0cps, fully franked, with $5.8 million paid and $4.8 million returned via share buy-back.

Financial highlights

• Group gross sales exceeded $500 million, up 21% year-over-year; revenue grew 17%.

• Gross Profit improved 7.8% to $114.2 million, with Gross Margin up 0.9pp to 39.7%.

• Adjusted EBITDA Margin was 8.5%, down 0.8pp year-over-year; Adjusted EBIT was $18.0 million (down 5.3% YoY).

• NPAT declined 20.2% to $8.2 million, while Adjusted NPAT was nearly flat at $12.2 million.

• Inventory reduced by $7.1 million year-over-year, supporting working capital.

Segment performance

• Kogan.com revenue increased 17%, gross profit up 16% to nearly AUD 100 million, adjusted EBITDA up 18%.

• Kogan Products revenue up 19.0% to $167.9 million; Gross Profit up 26.4%.

• Marketplaces revenue up 41.3% to $21.3 million; Kogan Marketplace revenue up 31.6%.

• Mighty Ape revenue declined 25%–30% due to inventory reset; Adjusted EBITDA loss of $3.2 million, but cost base reduced and margins improved month-on-month.

• Kogan FIRST revenue up 7.6% to $30.3 million; Verticals revenue up 8.8% to $12.3 million.