Kogan.com (KGN) H2 2026 earnings summary

Executive summary

• FY26 delivered strong profitable growth, with Group Gross Sales surpassing $1 billion, up 12% year-over-year, and Kogan.com driving robust revenue and margin expansion.

• Mighty Ape showed early signs of recovery after an operational reset, returning to positive adjusted earnings in Q4.

• AI-driven automation and efficiency initiatives enhanced productivity and supported scalable growth.

• The group maintained a robust capital position, ending FY26 with $36.4 million in cash and no external debt.

Financial highlights

• Group revenue increased 5% to $510.7 million; gross profit rose 11% to $210.9 million; gross margin improved by 2.4pp to 41.3%.

• Adjusted EBITDA grew 14% to $41.8 million, with an 8.2% margin; Adjusted NPAT reached $19.4 million, up 29.8%.

• Free cash flow increased 18.2% to $38.3 million.

• $34.9 million returned to shareholders via dividends and share buybacks; total FY26 dividends: 16.0cps, up 14% YoY.

• Kogan.com revenue reached $425.2 million (+16%), gross profit $184.8 million (+18%), and adjusted earnings $45.1 million (+22%).

Outlook and guidance

• FY27 started strongly, with July 2026 Group Gross Sales up 9% YoY and Kogan.com Gross Sales up 13%.

• Group Adjusted EBITDA margin expected to progressively grow toward 12% in the medium term.

• Focus remains on disciplined, profitable growth, expanding platform-based sales, and sustaining Mighty Ape’s profitability.