Highlights

  • Kogan Group recorded FY26 Gross Sales of $1.042 billion, up 12% on FY25, while Group Revenue increased 5% to $510.7 million.
  • Group Adjusted EBITDA increased 14% to $41.8 million, with the Adjusted EBITDA Margin rising 0.7 percentage points to 8.2%.
  • Mighty Ape returned to positive Adjusted EBITDA in 4QFY26 following inventory, cost and operating changes.
  • The Board declared a fully franked final Dividend of 8.0 cents per share, taking the total FY26 dividend to 16.0 cents per share, up 14.3% YoY.
  • KGN shares were trading at AUD 3.83, down 15.08% during the morning Trading session on 24 August 2026

Kogan.com (ASX:KGN) has reported FY26 Gross Sales above $1 billion as growth at its core Kogan.com business, margin expansion and higher cash generation offset a weaker full-year contribution from Mighty Ape. The group also outlined continued progress in platform-based revenue streams, AI-led operating efficiencies and the ongoing reset of its New Zealand operations.

Kogan.com shares were trading at AUD 3.83, down 15.08%, or AUD 0.68, during the morning trading session on 24 August 2026. The stock remained down 8.15%, or AUD 0.34, over the past year.

The group operates retail and services businesses across Australia and New Zealand, including Kogan Retail, Marketplaces, Loyalty Programs, Verticals, Dick Smith, Matt Blatt, Brosa and Mighty Ape. Revenue is generated through product sales, premium membership subscriptions and platform-based services.

Group Gross Sales Exceed $1 Billion

Kogan Group recorded FY26 Gross Sales of $1.042 billion, an increase of 12% compared with FY25.

Group Revenue rose 5% to $510.7 million, while Gross Profit increased 11% to $210.9 million.

Adjusted EBITDA advanced 14% to $41.8 million, with the group’s Adjusted EBITDA margin increasing to 8.2% from 7.5% a year earlier. Statutory NPAT was $11.2 million.

The core Kogan.com Business accounted for most of the group’s growth. Gross Sales increased 16% to $924.2 million, while Revenue rose 16.2% to $425.2 million.

Gross Profit at Kogan.com increased 18.4% to $184.8 million, while Adjusted EBITDA rose 22.4% to $45.1 million.

Its Adjusted EBITDA margin expanded to 10.6% from 10.1%, while Adjusted EBIT margin increased to 8.2% from 7.3%.

Operating Efficiency Supports Margin Expansion

Kogan.com attributed part of the Earnings improvement to operating efficiency and a greater use of AI-driven processes and automation.

Gross Margin at Kogan.com increased by 0.8 percentage points to 43.5%.

Fixed costs declined to 12.8% of Revenue from 13.8% in FY25, with the Fixed Cost base growing at approximately half the rate of Revenue.

The group said the operating efficiencies created capacity for additional Marketing Investment while still supporting earnings margin expansion.

AI was introduced across Kogan.com’s Customer Care operations in March 2026, automating a substantial proportion of customer enquiries, reducing serving costs and improving resolution times.

Internal AI processes have also been deployed across Product, Engineering and Operations, with the company saying these initiatives are increasing capacity and allowing the group to scale without proportionate headcount growth.

Products, Marketplaces and Subscriptions Continue to Expand

The Products division remained the largest revenue contributor.

Revenue from Kogan Products, which includes Exclusive Brands and Third-Party Brands, increased 18.0% to $304.6 million.

Marketplace Revenue rose 25.9% to $38.7 million, supported by marketing optimisation, an expanded seller base and the extension of the Marketplace model into Mighty Ape.

Combined Revenue from Kogan FIRST and Mighty Ape PRIMATE increased 14.3% YoY to $61.4 million. Deferred income associated with these loyalty subscriptions stood at $11.3 million at 30 June 2026.

Verticals delivered Revenue of $24.2 million, up 4.3%, with the company pointing to Kogan Mobile, Kogan Insurance and the expansion of the Verticals model into Mighty Ape.

Advertising and Other Revenue increased 14.6% to $4.9 million.

Platform-based Sales accounted for 61% of Group Gross Profit in FY26, up from 59% in FY25.

Mighty Ape Returns to Positive Quarterly EBITDA

Mighty Ape remained a drag on the full-year group result, but its operational reset produced an improvement by the fourth quarter.

FY26 Mighty Ape Gross Sales declined 14% to $118.1 million, while Revenue fell 30% to $85.6 million.

Gross Profit declined 23% to $26.1 million and Adjusted EBITDA was a loss of $3.3 million.

The reset focused on reducing inventory, withdrawing from unprofitable categories, simplifying the cost base and applying elements of Kogan.com’s operating model in New Zealand.

Inventory was reduced from approximately $21 million to $10 million, while operations at the Christchurch Warehouse ceased.

The business also adopted a One Global Team structure.

These measures lowered quarterly fixed costs from $4.9 million in 1QFY26 to $3.4 million in 4QFY26 and helped Mighty Ape return to positive Adjusted EBITDA in the final quarter of FY26.

Platform-based Sales across Mighty Ape Marketplace, PRIMATE and Mighty Mobile also continued to grow, while the removal of lower-margin inventory and unprofitable categories contributed to an improvement in Gross Margin through the year.

Cash Flow Increases as Group Maintains Debt-Free Position

Operating Cash Flow increased 12.5% YoY to $41.9 million, while Free Cash Flow rose 18.2% to $38.3 million.

Kogan Group finished FY26 with cash of $36.4 million and no external debt.

Group inventories stood at $77.9 million at 30 June 2026, up $5.7 million YoY, largely to support growth in Kogan.com’s Products division.

The company described Kogan.com inventory as being at optimal levels, while Mighty Ape had completed its inventory range reset and begun rebuilding ranges around newer products.

During FY26, Kogan Group returned $34.9 million to shareholders, including $14.7 million through dividends and $20.2 million through its on-market share buy-back program.

The Board intends to continue the buy-back program.

Fully Franked Dividend Rises to 16 Cents for FY26

The Board declared a fully franked final dividend of 8.0 cents per ordinary share, compared with 7.0 cents per share in FY25, which was partially franked to 69%.

That takes the total FY26 dividend to 16.0 cents per share, fully franked, up 14.3% YoY from 14.0 cents per share in FY25.

The final dividend has a Record Date of 11 September 2026 and a payment date of 30 November 2026.

The Dividend reinvestment Plan will apply with a 2.5% discount to the five-day volume-weighted average price of shares sold on the ASX over the five trading days immediately preceding the relevant record date.

July Trading Shows Continued Kogan.com Growth

Unaudited July 2026 management accounts showed Group Gross Sales of $88.1 million, up 9.0% YoY.

Kogan.com Gross Sales rose 12.8% to $79.5 million, while Mighty Ape Gross Sales declined 17.1% to $8.6 million.

Group Revenue increased 6.0% to $43.8 million.

Kogan.com Revenue increased 17.9% to $38.5 million, while Mighty Ape Revenue declined 39.0% to $5.3 million.

The company noted that the difference between Kogan.com Gross Sales and Revenue partly reflected some June 2026 end-of-financial-year sales being dispatched in July.

FY27 Focus Remains on Products, Platforms and Mighty Ape Profitability

For FY27, Kogan Group said it enters the year with a platform positioned for further investment in its customer offering, while noting that the broader economic environment remains uncertain and continues to evolve.

At Kogan.com, priorities include disciplined growth in Products Division sales, further expansion of higher-margin Platform-based Sales and additional AI-driven operating efficiencies.

At Mighty Ape, the emphasis will remain on building on the operational reset and generating sustainable, profitable sales.

Founder and CEO Ruslan Kogan said the group had continued to invest in customer value, loyalty programs, platform businesses and operating efficiency during FY26.

He said the company enters FY27 with a more efficient operating structure, while Mighty Ape now has a different foundation following a year of simplification and cost changes.

Board and Executive Transition Also in Focus

Kogan.com is also progressing a previously announced Board renewal process.

Independent Non-Executive Chair Greg Ridder and Independent Non-Executive Director Harry Debney are due to retire at the conclusion of the company’s 2026 Annual General Meeting.

Gary Levin is expected to succeed Ridder as Chair, while Ronn Bechler is expected to become Chair of the Audit & Risk Management Committee.

The company is also reviewing remuneration arrangements for CEO Ruslan Kogan and CFO/COO David Shafer.

Shafer has indicated that he expects to move on to other interests after 16 years with the company, although the Board has asked him to remain during an orderly Leadership transition. Discussions regarding a retention arrangement are continuing.

Further details are expected before Kogan.com’s Annual General Meeting scheduled for 23 November 2026.

What Investors May Be Watching

Kogan.com enters FY27 with growth at its core Australian business, higher group cash flow and no external debt, but with Mighty Ape still undergoing a broader recovery after a weaker full-year result.

Investors may watch whether Kogan.com can sustain double-digit product and platform growth while preserving the margin gains recorded in FY26.

Mighty Ape’s quarterly profitability will also remain relevant after the business moved back to positive Adjusted EBITDA in 4QFY26.

Other areas in focus include the deployment of AI across operations, continued Capital returns through dividends and the buy-back program, and the planned Board and executive succession processes.