How Did Koala (ASX:KOA) Report Higher Revenue and Profit in Its First Results as a Listed Company?

Sonal Goyal

11 October 2026 02:25 PM AEDT

How Did Koala (ASX:KOA) Report Higher Revenue and Profit in Its First Results as a Listed Company?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Newly listed consumer brands report their first results against the forecasts in their prospectus. The Koala Company Ltd (ASX:KOA) reported FY26 results on 26 August 2026, its first full-year result since listing in March 2026.

Company overview

The Koala Company Ltd (ASX:KOA) is a Sydney-based furniture and sleep Brand selling online and through showrooms in Australia and other markets. It listed on the ASX in March 2026 and entered the United Kingdom market during FY26, bringing its operating markets to four.

FY26 results

Revenue was A$332.3 million, up 24.4% in constant currency (up 20.1% as reported from A$276.7 million), in line with the prospectus forecast. Pro forma EBITDA was A$27.9 million, up 139.2% and ahead of the A$24.8 million prospectus forecast. Statutory EBITDA was A$22.4 million, up from A$7.4 million, and statutory NPAT was A$24.6 million compared with a loss of A$4.6 million.

Gross Margin rose 2.9 percentage points to 65.3%, and contribution margin rose 2.2 points to 26.5% (A$88.0 million, up 31.2%). Pro forma EBITDA margin was 8.4% compared with 4.2%.

Cash and growth drivers

Cash from operations, net of Lease liabilities, was A$28.6 million. Koala ended FY26 Debt free with net cash of A$71.2 million. Growth was delivered across all four markets, and the company launched new and next-generation products across sitting furniture and sleep.

Pro forma adjustments

Pro forma figures remove Transaction Costs associated with the March 2026 IPO and a previously attempted IPO in FY25, and include estimated and actual public company costs. The statutory figures are shown alongside for comparison.

What the numbers say about margins

Gross margin of 65.3% and contribution margin of 26.5% indicate that the Business retained a large share of each sale after product and variable selling costs. Contribution margin dollars rose 31.2% to A$88.0 million, faster than Revenue growth of 20.1% as reported, and the company links this to improved gross margin and operating leverage.

Pro forma EBITDA margin was 8.4%, up 4.2 percentage points, as fixed costs were spread over higher revenue. The release states results were ahead of the prospectus forecast on EBITDA and in line on revenue.

Product launches and market entry

Koala launched new and next-generation products across sitting furniture and sleep, and entered the United Kingdom as its fourth market. Growth was delivered across all four markets, though the release does not break out each market in the extract reviewed here.

The company ended FY26 with no debt and net cash of A$71.2 million, which includes funds raised in its March 2026 listing.

Sector backdrop

Online-first furniture brands compete on product design, delivery and customer experience, and are exposed to freight, currency and consumer spending. Newly listed companies are often measured against prospectus forecasts.

Constant-currency measures remove currency effects from growth rates to show underlying performance.

Direct-to-consumer furniture brands rely on online marketing, showroom networks and logistics, and consumer Demand for big-ticket items varies with housing activity and confidence. Prospectus forecasts set a benchmark against which a first-year listed company is judged.

Pro forma figures are non-statutory and are intended to show Earnings on a basis comparable with listed company costs.

Risks shareholders should weigh

Pro forma figures differ from statutory results, and the statutory NPAT includes items not described in this summary.

Entering new markets such as the United Kingdom requires investment, and growth rates may moderate as the base grows.

Consumer demand for large discretionary purchases is sensitive to economic conditions.

Statutory NPAT of A$24.6 million compared with a loss a year earlier may include items such as tax benefits, so readers should review the statutory accounts.

Expansion into the UK requires Marketing and operating investment, and early-stage markets can be loss-making.

What’s next

Koala will continue to expand its product range and markets. Shareholders may wish to watch for trading updates and the first half results.

FAQs

Q: What was Koala’s FY26 revenue?

A:A$332.3 million, up 24.4% in constant currency.

Q: What was pro forma EBITDA?

A:A$27.9 million, up 139.2% and ahead of the prospectus forecast of A$24.8 million.

Q: What is Koala’s net cash?

A:A$71.2 million at the end of FY26, with no debt.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.