Online retailer Kogan posts sharp EBITDA drop as NZ arm drags result
Highlights:
Kogan.com Limited (ASX: KGN) reported adjusted EBITDA of AU$10.1 million for the first four months of FY26, down 31.3% at the time of writing.
Earnings were dragged down by the company’s loss-making New Zealand arm, Mighty Ape, despite growth in the Australian division.
The update raises investor concerns about margin pressure, operational resets, and the company’s ability to stabilise performance in the remainder of FY26.
Group-wide earnings hit
At the time of writing, Kogan.com Limited (ASX: KGN) recorded adjusted EBITDA of AU$10.1 million for the first four months of FY2026, reflecting a 31.3% drop from the corresponding period a year earlier.
New Zealand unit weighs heavily
The majority of the drop is attributed to the company’s New Zealand business, Mighty Ape Limited, which incurred a loss during the period and offset gains from Kogan’s Australian operations. Meanwhile, the core Kogan.com division in Australia posted growth in that first-four-month window, signalling mixed underlying trends.
Operational challenges and next steps
Management has pointed to operational resets in the New Zealand unit, increased competitive pressure and cost headwinds in logistics and inventory as major contributors to the weaker performance. There is attention on whether Kogan can restore momentum in Mighty Ape, streamline its operations and regain margin leverage for the remainder of FY26.
Why investors may care
A 30 %+ earnings drop in the early months of the year may raise questions around execution and the company’s ability to deliver growth across all geographies. With the online-retail sector already facing tight margins, Kogan’s update may spark renewed scrutiny of its business model, cost structure and ability to scale profitably.
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Online retailer Kogan posts sharp EBITDA drop as NZ arm drags result
Highlights:
Group-wide earnings hit
At the time of writing, Kogan.com Limited (ASX: KGN) recorded adjusted EBITDA of AU$10.1 million for the first four months of FY2026, reflecting a 31.3% drop from the corresponding period a year earlier.
New Zealand unit weighs heavily
The majority of the drop is attributed to the company’s New Zealand business, Mighty Ape Limited, which incurred a loss during the period and offset gains from Kogan’s Australian operations. Meanwhile, the core Kogan.com division in Australia posted growth in that first-four-month window, signalling mixed underlying trends.
Operational challenges and next steps
Management has pointed to operational resets in the New Zealand unit, increased competitive pressure and cost headwinds in logistics and inventory as major contributors to the weaker performance. There is attention on whether Kogan can restore momentum in Mighty Ape, streamline its operations and regain margin leverage for the remainder of FY26.
Why investors may care
A 30 %+ earnings drop in the early months of the year may raise questions around execution and the company’s ability to deliver growth across all geographies. With the online-retail sector already facing tight margins, Kogan’s update may spark renewed scrutiny of its business model, cost structure and ability to scale profitably.
Disclaimer for Kapitales Research
The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au.au