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 Kogan.com performance and platform-based sales, while Mighty Ape underwent a strategic reset.

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

• Group gross profit rose 7.8% to $114.2 million, with gross margin improving by 0.9pp to 39.7%.

• Statutory NPAT was $8.2 million, down 20% year-over-year, impacted by non-cash items and Mighty Ape's reset.

• Cash position strengthened to $71.8 million with no external debt.

Financial highlights

• Group gross sales exceeded $500 million, up 16.2% year-over-year to $572.4 million; revenue grew 5.5% to $287.6 million.

• Adjusted EBITDA was $24.4 million (down 3.5% YoY); adjusted EBITDA margin was 8.5%, down 0.8pp YoY.

• Free cash flow was $45.1 million, up 2% year-over-year; operating cash flow was $46.9 million.

• Interim dividend increased 14.3% to 8.0cps, fully franked.

• Group gross profit rose 8% to $114.2 million; gross margin up 0.9pp to 39.7%.

Segment performance

• Kogan.com revenue increased 17% YoY to $167.9 million; gross profit up 26.4% to $35.1 million; adjusted EBITDA up 18%.

• Kogan Marketplace revenue up 31.6% YoY to $19.5 million; gross sales $185.2 million (+22.8% YoY).

• Kogan FIRST revenue up 7.6% YoY to $30.3 million; deferred income up 13.7%.

• Kogan Verticals revenue up 8.8% YoY to $12.3 million, led by Kogan Mobile.

• Mighty Ape revenue down 25% YoY to $55.2 million, with an adjusted EBITDA loss of $3.2 million after inventory reset.