Kogan has reported an adjusted EBITDA of $10.1 million for the first four months of the 2026 financial year, a 31.3 per cent decrease compared to the same period last year. This decline was primarily driven by losses incurred by its New Zealand subsidiary, Mighty Ape. Kogan is an online retailer offering a variety of products, and it aims to provide customers with competitive prices through its direct-to-consumer model. The company also operates several other online retail businesses.
Despite the overall drop in adjusted EBITDA, Kogan’s core website, Kogan.com, saw positive growth. It delivered an adjusted EBITDA of $13.3 million, marking a 2.5 per cent increase year-on-year. This improvement was supported by strong trading momentum, with gross sales reaching $277 million, representing a 29.1 per cent rise compared to the previous year.
Mighty Ape, Kogan’s New Zealand business, continued to struggle. As previously indicated in the FY25 results, the unit reported a loss of $3.2 million on an adjusted EBITDA basis. This loss follows a series of operational resets aimed at improving the business’s performance.
Ruslan Kogan, the company’s founder, remains optimistic about the future. “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,” he stated. He added that key initiatives to support Mighty Ape’s recovery have largely been achieved, and he is confident that the subsidiary’s financial performance will return to profitability in the second half of FY26.
