Kogan, the Australian marketplace group consisting of Kogan.com and Mighty Ape in New Zealand, has reported a slight softening in its earnings before interest, tax, depreciation and amortisation (EBITDA) between July to October 2025.
Overall adjusted EBITDA was $10.1 million in the first four months of FY26, which is down by around $4 million compared to the same time last financial year.
The Kogan marketplace held the bulk of this EBITDA growth, with the marketplace reporting an adjusted EBITDA of $13.3 million at a margin of 10.6 per cent.
In line with guidance provided during the FY25 results presentation, Mighty Ape – which began as a gaming marketplace that has now expanded into categories including fashion – produced a loss as the group continued to recalibrate the business and “set it on a path for sustained profitability”.
The group’s Adjusted EBITDA margin was 6.5 per cent, which founder and CEO Ruslan Kogan said is in line with the company’s 6 per cent to 9 per cent guidance. This is expected to improve as Mighty Ape recovers.
“Looking ahead to the rest of FY26, the recovery of Mighty Ape and stronger alignment of teams and processes across the group will unlock further potential,” Ruslan Kogan said.
“Last year’s strategic increase in marketing from November significantly expanded our Active Customer community and strengthened our foundation for future growth; however, we do not expect a similar uplift in marketing spend this year.”
Despite the earnings softening, total group gross sales were up 22.4 per cent to $316.9 million, driven by a 29.1 per cent lift in Kogan marketplace sales to $277.4 million.