Source: Kapitales Research

Highlights:

• Kogan.com delivered strong double-digit growth across sales, revenue, and gross profit during the 10 months ended 30 April 2026.

• Group Adjusted EBITDA climbed 17.4% to AU$37.5 million, while Group Gross Sales reached AU$875.6 million, at the time of writing.

• Mighty Ape continued improving operational efficiency as margins expanded and losses narrowed significantly.

Kogan.com Ltd (ASX: KGN) came into the spotlight after its shares surged nearly 15%, with the stock trading at a CMP of AU$3.970. The sharp rise followed the release of the company’s latest business update, which showcased improving financial performance, expanding operating leverage, and growing customer activity across its digital retail ecosystem. The update strengthened investor optimism as the company continued building momentum through higher-margin operations and disciplined cost management.

What is driving Kogan.com’s latest momentum?

The company reported Group Gross Sales of AU$875.6 million, representing a 13.2% increase compared to the prior corresponding period. Group Revenue also advanced 6.0% to AU$433.7 million during the same period.

Kogan.com’s core retail platform remained the primary growth engine, delivering Gross Sales growth of 18.2%, Revenue growth of 18.1%, and Gross Profit growth of 19.5%. Rising customer engagement, expanding platform-based sales, and stronger marketplace activity contributed significantly to the improved performance.

Management also continued focusing on marketing efficiency and operational discipline, which supported better scalability across the business.

How are margins and earnings improving?

Alongside stronger revenue generation, the company recorded notable improvement in profitability metrics. Group Adjusted EBITDA increased by 17.4% to AU$37.5 million, while Group Adjusted EBIT rose 25.4% to AU$26.9 million, at the time of writing.

The Group Adjusted EBITDA margin improved to 8.6%, positioning the result near the upper end of the company’s FY26 guidance expectations. Meanwhile, the core Kogan.com business achieved an Adjusted EBITDA margin of 11.5%, reflecting the benefits of higher operating leverage and tighter expense controls.

Is Mighty Ape beginning to recover?

Mighty Ape continued showing signs of operational recovery as management pushed ahead with a more streamlined and margin-focused strategy. The business reduced exposure to underperforming categories while increasing focus on marketplace activity and private-label offerings.

During the four months ended 30 April 2026, Mighty Ape’s Gross Margin expanded to 37.8%, while Adjusted EBITDA losses narrowed by 52.8% compared to the prior corresponding period. The improving trend suggests the restructuring initiatives may be gradually strengthening the subsidiary’s financial position.

Note- All data presented is based on information available at the time of writing.

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