Kogan.com has delivered a strong business update for the ten months ended 30 April 2026, with headline earnings metrics accelerating well ahead of revenue growth. Adjusted EBITDA increased 32.0% and Adjusted EBIT jumped 43.2% compared to the prior year period, demonstrating expanding operational leverage across the group. This meaningful outperformance relative to the 6.0% revenue growth signals improving profitability momentum heading into the final weeks of FY26.
The core Kogan.com business remains the growth engine, with gross sales climbing 18.2%, revenue rising 18.1%, and gross profit expanding 19.5%. Active customer numbers rose 9%, indicating the company is not only retaining customers but also engaging them more deeply. The performance reflects multiple tailwinds working in concert, including strategic marketing investment, operational cost discipline, and continued momentum in the higher-margin marketplace and platform-based sales model. Management has successfully translated incremental scale into disproportionate earnings growth, a hallmark of operating leverage in action.
More encouraging is the acceleration in Mighty Ape’s turnaround. The New Zealand division has undergone a meaningful strategic shift toward a capital-light, high-margin model, removing non-performing product categories and leveraging the Kogan.com seller presence on the Mighty Ape Marketplace platform. The improvement is tangible, with gross margin expanding 8.4 percentage points in just the final four months to reach 37.8%, and Adjusted EBITDA losses declining 52.8% year-on-year. This suggests the worst of the restructuring is behind the division, and the board’s confidence in a path back to sustained profitability appears well-founded.
On the group level, the business has delivered a Group Adjusted EBITDA margin of 8.6%, positioning itself toward the upper end of FY26 guidance. Gross Sales increased 13.2% to $875.6 million, Group Revenue rose to $433.7 million, and Group Gross Profit reached $177.9 million, all reflecting steady but consistent expansion. The Group Gross Margin of 41.0%, up 1.9 percentage points, signals pricing power and mix shift benefits flowing through to the bottom line.
For investors, this update demonstrates the company is executing on its strategy to build a higher-margin, more capital-efficient portfolio of businesses. The divergence between Kogan.com’s strong organic growth and the emerging profitability of Mighty Ape reduces single-business risk and suggests multiple paths to earnings expansion. The 4.0% growth in group active customers to 3.5 million also reflects a maturing customer base being monetized more effectively, rather than requiring aggressive acquisition spending.
Key metrics to monitor in the final weeks of FY26 include whether Mighty Ape’s momentum sustains through June, how much of the operational leverage flow-through to statutory profit, and management guidance for FY27. The announcement is price sensitive and has been designated as material information by the ASX.
View the full ASX announcement (PDF)
About Kogan.com Limited (ASX: KGN)
Kogan.com Limited is an Australian online retailer that sells consumer electronics, appliances, homewares, furniture, gaming products, and other goods through its website and marketplace platform. The company also operates multiple brands including Dick Smith, Matt Blatt, Mighty Ape, and Brosa across retail and services segments. In addition to retail, Kogan provides services such as mobile phone plans, internet, insurance products, energy, and travel services to Australian customers.
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