• Gross Sales up 15.1% to $930.9 million
• Revenue up 6.2% to $488.1 million
• Gross Margin expanded 2.3pp to 38.9%
• Platform-based Sales Revenue up 24.4% to $111.9 million

Kogan.com Ltd (ASX:KGN) announced its results for the full-year ended 30 June 2025 (FY25), reporting strong financial and operational performance. Key highlights include: Gross Sales of $930.9 million, up 15.1% year-over-year (YoY); Revenue of $488.1 million, up 6.2% YoY; Gross Profit of $189.9 million, up 12.7% YoY; Gross Margin of 38.9%, up 2.3 percentage points; Adjusted EBITDA of $36.8 million, representing a margin of 7.5%; Kogan.com Adjusted EBIT margin of 7.3%; Free Cash Flow of $32.4 million, up 40.0% YoY; and Group Active Customers grew to over 3.5 million, up 35.1% YoY. The company's Platform-based Sales Revenue grew 24.4% to $111.9 million, leveraging a high-margin, capital-light model. Mighty Ape's financial performance recovery is progressing, with marketing efficiency returning to pre-website upgrade levels by the end of the financial year. The company has taken a one-off, non-cash goodwill write-down of $46.3 million related to the Mighty Ape acquisition. Looking ahead, the company has shared its long-term aspirations, targeting Platform-based Sales margins of 50-55% in the medium-term and over 65% in the long-term, while progressively improving Product margins, with the potential to lift Group Adjusted EBITDA margins into the 8-12% range in the medium-term and above 20% in the long-term.

The Company expects Group Adjusted EBITDA margin of between 6% and 9% in FY26, improving towards the second half as Mighty Ape's recovery progresses.

The company remains confident in a rebound in Mighty Ape's performance during FY26 following the temporary impacts and challenging trading conditions in New Zealand. The company's long-term aspirations include expanding Platform-based Sales margins to over 65% and improving Product margins, with the potential to lift Group Adjusted EBITDA margins above 20% in the long-term.