• Kogan.com business in Australia firmly returned to strength, stability and growth momentum
• Platform-based Sales generated $111.9 million in revenue, up 24% year-on-year
• Kogan Products division recorded $258.1 million in revenue, growing 15% year-on-year

Kogan.com Ltd reported a strong return to growth in FY25, with the Kogan.com business in Australia firmly returning to strength, stability and growth momentum. The company served 3.5 million customers across Australia and New Zealand, 35% more than the prior year. The Platform-based Sales division, encompassing Marketplaces, Loyalty Programs, Verticals and Advertising & Other income, generated $111.9 million in revenue, up 24% year-on-year. These recurring, capital-light, high-margin revenue streams reinforced the strength of Kogan.com's diversified business model. The Kogan Products division recorded $258.1 million in revenue, growing 15% year-on-year, demonstrating the success of the company's focus on core categories. While Kogan.com delivered a strong return to growth, the Mighty Ape business in New Zealand performed below expectations. The company has implemented operational changes to address this, and expects a return to profitability for Mighty Ape in the second half of FY26. Kogan.com also made progress in improving its corporate governance and capital management, including the appointment of new independent non-executive directors and a return to consistent dividends. The company remains focused on delivering unbeatable value to customers, including through initiatives to reduce unnecessary packaging and waste.

In the medium term, Kogan.com aims to expand Platform-based Sales Adjusted EBITDA margins to 50-55%, supported by revenue growth leveraging a largely fixed cost base. The Products division is expected to improve from -4% towards break-even, enabling Group Adjusted EBITDA margins of 8-12%. Longer term, the company aspires for Platform-based Sales margins to exceed 65%, with Products sustained at break-even, positioning the Group to deliver Adjusted EBITDA margins above 20%.

Kogan.com's Kogan.com business continues to deliver strong financial performance, with all divisions performing well. In the first 4 months of FY26, Adjusted EBITDA totalled $13.3 million at a strong margin of 10.6%. The recovery of Mighty Ape and stronger alignment of teams and processes across the Group are expected to unlock further potential going forward.