• Kogan.com delivers double-digit revenue growth and margin expansion
• Mighty Ape completes operational reset, targets return to profitability in 2HFY26
• Group enters 2HFY26 with clear focus on sustainable growth and earnings improvement

Kogan.com Ltd (ASX:KGN) has reported its results for the half-year ended 31 December 2025 (1HFY26), showcasing strong performance across the Group. Kogan.com's 1HFY26 result demonstrated the operating leverage within the business, delivering double-digit revenue growth and expanding earnings margins. Revenue increased 16.9% year-on-year, supported by a 28% rise in Active Customers to 3.0 million. The business leveraged this growth to improve efficiency, with Delivered Margin growing to 38.9% and fixed costs declining to 11.3% of Revenue. As a result, increased marketing investment delivered strong returns, driving margin expansion, with Adjusted EBITDA margin improving to 11.9% and Adjusted EBIT margin increasing to 9.7%. Mighty Ape completed the period having cleared its suboptimal inventory and achieved stronger contributions from Marketplace, Mighty Mobile and PRIMATE, while also having integrated the Mighty Ape team as part of the One Global Team. Management focus now shifts to rebuilding inventory with new ranges, further optimisation of processes and operations, and expanding the Mighty Ape Verticals. The Company intends to achieve this through the One Group Strategy, which will replicate the successful Kogan.com operating model across Mighty Ape, prioritising Platform-based Sales, to drive scalable, capital-light profitability. The Group enters the second half of FY26 with a clear objective of continuing to invest in long-term sustainable growth, focusing on delivering growing earnings margins within Kogan.com, cementing the recovery of Mighty Ape, and targeting further process and cost optimisation.

The Company reaffirms its previous guidance of FY26 Adjusted EBITDA margins of between 6% and 9%, with the strong first-half performance enabling the business to invest in growth initiatives, while weathering any economic headwinds in New Zealand. The Company also expects a return to positive performance in Mighty Ape in 2HFY26.

The Group enters the second half of FY26 with a clear objective of continuing to invest in long-term sustainable growth. Focus will remain on continuing to deliver growing earnings margins within Kogan.com, cementing the recovery of Mighty Ape, and targeting further process and cost optimisation. Along with this, the Group expects to continue the strong momentum of its Platform-based Sales and Kogan Products performance.