Kogan.com Ltd

Kogan.com revenue increased 17% and gross sales rose 21% to above $0.5 billion. Kogan.com gross profit climbed 16% to nearly $100 million, adjusted EBITDA rose 18% to $27.6 million, and adjusted earnings margin expanded to 11.9%. Group revenue increased 5% to $287.6 million, group adjusted EBITDA dipped 3%, operating cash flow was $46.9 million, and free cash flow was $45.1 million. Total cash ended at $71.8 million, up more than $4 million year on year, and the group remained debt-free. Mighty Ape revenue fell 25% and adjusted EBITDA was a loss of $3.2 million after inventory was reduced 32%. For January 2026, group gross sales were up 10% to $88.1 million and group revenue was up 8%. Management guided to full-year FY26 group adjusted earnings margins of 6% to 9%, and said they expect Mighty Ape to return to positive performance in the second half of FY26.

Ruslan Kogan framed the quarter as proof that the company’s long-running model is working, saying Kogan.com is “firing on all cylinders” and that the group is benefiting from operating leverage, loyalty, platform sales and exclusive products. He emphasized that the same playbook used in Australia is being applied to Mighty Ape through the One Group strategy, with the goal of rebuilding the New Zealand business around higher-quality, higher-margin revenue streams. His tone was upbeat and confident on the core business, but more measured on Mighty Ape, where he said there are still challenges even as the long-term opportunity is significant.

David Shafer highlighted that Kogan.com did the heavy lifting, with revenue up 17%, gross profit up 16% to nearly $100 million, and adjusted EBITDA up 18% to $27.6 million. He pointed to margin discipline, noting gross margin held at 42.9%, delivered margin improved to 38.9%, fixed costs fell to 11.3% of sales, and adjusted EBITDA margin reached 11.9%. On cash, he cited $46.9 million in operating cash flow, $45.1 million in free cash flow, $71.8 million in total cash, and a debt-free balance sheet; he also noted $7.1 million of inventory release, a $0.080 per share fully franked interim dividend, $5.8 million in dividends net of DRP, and $4.8 million returned through buybacks. On Mighty Ape, he described the $3.2 million adjusted EBITDA loss as temporary and tied to a deliberate inventory and cost reset.

Analysts focused on whether Kogan was benefiting from marketplace exits and competition from Amazon and Temu, and Ruslan said market share gains were coming from both internal execution and external factors, especially the growing Kogan FIRST program, expanded range and lower prices. Questions on New Zealand centered on the One Group integration, product assortment and profitability; management said the team structure has been unified, inventory is at very low levels, the brand will be preserved, and Mighty Ape is expected to return to positive performance in the second half, though they were cautious about giving a firm prediction. Management also said some working capital will be used to rebuild inventory in New Zealand, but not enough to threaten dividends, buybacks or investment in Kogan.com.