Kogan Group has reported a jump in earnings over the ten months to April 30, 2026, with its core Kogan.com platform delivering strong growth across sales, revenue and profit.
But the results continue to be tempered by losses at its Mighty Ape subsidiary in New Zealand, which remains in the midst of a turnaround.
Both platforms sell a range of goods across apparel, homewares, electronics, and general merchandise.
Kogan.com delivered adjusted EBITDA growth of 32 per cent to $41.3 million over the 10 months to April 30, with an adjusted EBITDA margin of 11.5 per cent. Gross sales grew 18.2 per cent to $773.9 million, revenue rose 18.1 per cent to $358.1 million, and gross profit grew 19.5 per cent to $155.7 million. Adjusted EBIT – a measure of operating profit – jumped 43.2 per cent.
The company attributed the performance to growth in active customers, increased customer engagement, expansion in platform-based sales, strategic marketing investment, and operational cost management. Kogan.com active customers grew 9 per cent over the period.
At the group level, however, those gains were partially offset by ongoing losses at Mighty Ape. Group adjusted EBITDA rose 17.4 per cent to $37.5 million – a notably smaller increase than the 32 per cent recorded by Kogan.com alone – with the group adjusted EBITDA margin reaching 8.6 per cent, towards the upper end of previously provided FY26 guidance.
Mighty Ape recorded an adjusted EBITDA loss of $3.8 million over the ten-month period, compared to a $0.7 million profit in the prior corresponding period, as the business absorbed the costs of a deliberate strategic repositioning. That repositioning has involved removing non-performing product categories, introducing private label ranges via Kogan.com as a seller on the Mighty Ape Marketplace platform, and growing platform-based sales including its PRIMATE loyalty program and Mighty Mobile.
The strategy appears to be showing signs of working. In the most recent four months to April 30, 2026, Mighty Ape's gross margin surged 8.4 percentage points to 37.8 per cent, and EBITDA losses were cut by 52.8 per cent against the prior corresponding period. Across the full ten-month period, gross margin expanded 1.3 percentage points to 29.4 per cent.
The company reported that structural cost reductions, combined with these margin improvements, position Mighty Ape on "a clear path back toward sustained profitable trading."
The trade-off has been a significant contraction in Mighty Ape's top line. Over the ten months, gross sales fell from $118.5 million to $101.7 million, and revenue dropped from $106.1 million to $75.6 million – a decline of $30.5 million – as lower-margin categories were deliberately wound back.
Group gross sales rose 13.2 per cent to $875.6 million, group revenue grew 6.0 per cent to $433.7 million, and group gross profit increased 11.1 per cent to $177.9 million. Total group active customers grew 4 per cent to 3.5 million as at April 30, 2026.