How did Kogan.com (ASX:KGN) perform in the first half of FY26?

Kogan.com reported a divided result where total group gross sales rose 16% to $572.4 million, but statutory NPAT (Net Profit After Tax) fell 20% to $8.2 million.

Is Kogan.com (ASX:KGN) currently profitable?

Yes, the company remains profitable at a group level, posting a statutory NPAT of $8.2 million for H1 FY26. However, this figure represents a 20% decline compared to the previous year.

What is driving the growth in the core Kogan.com business?

The core platform's 17% revenue growth to $232.4 million was primarily fueled by a 28% year-on-year increase in active customers, now totaling 3 million.

What is the main problem with the Mighty Ape subsidiary?

Mighty Ape is currently a significant drag on the group, with revenue sliding 25% to $55.2 million and the unit swinging to an Adjusted EBITDA loss of $3.2 million. While its customer base grew slightly by 5% to 0.7 million.

How strong is Kogan.com’s balance sheet after the H1 FY26 results?

Kogan.com maintains a very conservative financial position with $71.8 million in cash and zero external debt. This "net cash" position provides a significant safety buffer and gives management the flexibility to fund operations or potential acquisitions without needing to tap capital markets in a high-interest-rate environment.

What does the H1 FY26 result mean for Kogan.com (ASX:KGN) dividends?

Despite the drop in statutory profit, the board declared a fully franked interim dividend of 8 cents per share. This suggests management remains confident in the group’s underlying cash flow generation and its ability to return value to shareholders while navigating the turnaround of its New Zealand operations.

What are the key inventory levels for Kogan.com heading into H2 FY26?

The group reported total inventory of $76.9 million, with $61.2 million already in-warehouse and $15.7 million in-transit. Maintaining lean but sufficient inventory levels is critical for retail margins; these figures suggest the company is well-stocked without being over-leveraged in unsold goods, which reduces the risk of aggressive future discounting.

What are the main bull and bear points for Kogan.com (ASX:KGN) investors?

The bull case focuses on the 28% customer growth and rising margins in the core business, backed by a debt-free balance sheet. The bear case centers on the accelerating losses at Mighty Ape and the 20% drop in overall statutory profit, which may weigh on the share price until the New Zealand segment stabilises.

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Kogan.com's H1 growth offset by Mighty Ape losses

Written by Brie CarterPublished Feb 23, 2026, 2:10 AMLast Updated Jul 6, 2026, 10:45 AM

Kogan.com (ASX:KGN) released its financial results for the first half of fiscal year 2026, revealing a sharp contrast between its core platform's growth and the ongoing challenges faced by its Mighty Ape subsidiary.

The company recorded total gross sales of $572.4 million, representing a 16% year-on-year increase.

However, group statutory NPAT fell by 20% to $8.2 million, largely weighed down by underperformance in the New Zealand-based Mighty Ape segment.

The core Kogan.com business demonstrated significant momentum, with revenue climbing 17% to $232.4 million and adjusted EBITDA increasing by 18% to $27.6 million.

The growth was supported by a 28% growth in active customers, bringing the platform's total to 3 million.

Mighty Ape saw its revenue slide 25% to $55.2 million, resulting in an adjusted EBITDA loss of $3.2 million.

Despite this, the subsidiary managed a 5% increase in its customer base, reaching 0.7 million.

The group maintains a healthy balance sheet with $71.8 million in cash and zero external debt.

Inventory levels were reported at $76.9 million, with $61.2 million currently held in-warehouse.

The board declared a fully franked interim dividend of 8 cents per share.

At the time of reporting, Kogan.com's share price was $3.30.

Kogan.com's H1 growth offset by Mighty Ape losses

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