Slide 1: FY25 Results Presentation
FY25 Results Presentation 25 August 2025
Slide 2: Important notice
Important notice. This disclaimer applies to this Presentation and the information contained in it (the “Presentation”). By reading this disclaimer you agree to be bound by it. Important notice and disclaimer: This Presentation contains a general summary of the activities of Kogan.com Ltd (the Compa
Slide 3: CEO Introduction and Key Highlights of the Year
CEO Introduction and Key Highlights of the Year. Ruslan Kogan Founder, CEO and Executive Director 2
Slide 4: FY25 highlights
FY25 highlights. Strong Group performance driven by Kogan.com. Group Active Platform-based Sales Kogan Products5 Free Cash Flow10 Customers Revenue³ Revenue 3.5 million $111.9 million $258.1 million $32.4 million ↑ 35% YoY ↑ 24% YoY ↑ 15% YoY ↑ 40% YoY +915,000 Active +$21.9 million +$34.4 million +
Slide 5: Kogan Group's strategy
Kogan Group’s strategy. Our model enables us to deliver incredible value to our customers. Product division Exclusive Brands range Direct from warehouse to customer with end- to-end supply chain control. M ore Products are sold at or below M subscribers & cost to drive unbeatable value. ore platform
Slide 6: Decision to invest in growth
Decision to invest in growth. Reinvestment in marketing has helped achieve a rebound in Kogan.com Active Customers. Kogan.com Active Customer growth in FY25 Increased marketing investment from 2QFY25 48.3% YoY Targeted value-conscious customers through 2,831 Active customers (000s) high Return-on-In
Slide 7: Financial Update
Financial Update. David Shafer CFO, COO and Executive Director 6
Slide 8: FY25 Kogan Group results
FY25 Kogan Group results. Kogan.com was the key driver of Group performance. Gross Sales1 YoY Gross Profit YoY Adjusted EBITDA2 YoY 20% YoY 21% YoY 13% YoY $793.9m $36.9m $661.2m $32.6m Kogan.com $128.7m $156.0m FY24 FY24 FY24 FY25 FY25 FY25 (7%) YoY (15%) YoY (102%) YoY Mighty Ape $33.9m $147.7m $1
Slide 9: FY25 Kogan Group Gross Profit by Division
FY25 Kogan Group Gross Profit by Division. Diversity of Gross Profit highlights strength of our business model. The strength of our Gross Profit Loyalty Programs Advertising & Other Recurring subscription revenue 2.2% VerticalsA Loyalty ProgramsA Exclusive Brands products 12.2% 28.3% Unbeatable valu
Slide 10: Mighty Ape
Mighty Ape. The Mighty Ape platform migration negatively impacted performance. Severely impacted performance since platform migration Issues and resolution progress 6.0 M O S T LY R E S O L V E D Site stability The platform Quarterly Adjusted EBITDA² ($m) Major issues resolved with minor bugs migrat
Slide 11: Kogan.com Marketing investment
Kogan.com Marketing investment. Increased marketing since October 2024 has significantly grown Active Customer base. 2,900 2,700 Marketing spend to Gross Sales (%) Kogan.com Active Customers 2,500 (000’s) 2,300 2,100 1,900 1,700 1,500 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Ap
Slide 12: Kogan Group Balance Sheet & Cash flows
Kogan Group Balance Sheet & Cash flows. FY25 Balance Sheet and Cash Flow highlights. Cash position Free Cash Flow10 Dividends 2.3% YoY 40.0% YoY 90.0% YoY $42.1m $41.2m $32.4m $12.4m $23.2m $6.5m 30 Jun 24 30 Jun 25 FY24 FY25 FY24 FY25 Goodwill writedown Capital Returns to Shareholders One-off, non-
Slide 13: CEO Business Update
CEO Business Update. Ruslan Kogan Founder, CEO and Executive Director 12
Slide 14: What makes us stand out
What makes us stand out. For over 19 years we have delighted millions of customers. Our Purpose Who is our typical customer? Smart value seekers Place value at the core of their purchase decisions. Tech savvy Helping customers live their Knows how to use digital tools to find value. best lives by de
Slide 15: The Kogan Group business model
The Kogan Group business model. More than 58% of our Gross Sales1 are from Platform-based Sales3. Platform-based Sales3 Products Marketplaces Verticals Loyalty Programs Advertising FY25 Gross Sales: 42% FY25 Gross Sales: 33% FY25 Gross Sales: 17% FY25 Gross Sales: 7% FY25 Gross Sales: 1% Kogan.com K
Slide 16: Group Platform-Based Sales
Group Platform-Based Sales3. Strategic shift to higher-quality Revenue over the last few years. Platform-based Sales3 The strategic advantage of Platform-based Sales3 26.9% CAGR Attractive margins & low risk Superior unit economics with no inventory risk 24.4% YoY Revenue ($m) Capital-light model En
Slide 17: Kogan Marketplace
Kogan Marketplace6. A return to growth for the division. Kogan Marketplace Revenue 11.0% CAGR 34.2% YoY 29.4 Kogan Marketplace has become a key growth engine for the Group. Its capital-light model carries no inventory risk Revenue ($m) 23.9 21.9 and scales efficiently as our customer base expands. B
Slide 18: Kogan FIRST
Kogan FIRST. Continued strong growth of Revenue from Kogan FIRST. Kogan FIRST Revenue FY25 highlights 39.7% CAGR ~90% of Subscribers are on Annual plans Highlighting strong engagement and loyalty 17.5% YoY FIRST members contributed ~50% of product Revenue ($m) Gross Sales1 Reinforcing its value to t
Slide 19: Kogan Verticals
Kogan Verticals. Market leading value delivered a record year of Revenue. Kogan Verticals Revenue FY25 highlights 17.4% CAGR 7% growth YoY Kogan Mobile 14.4% YoY Revenue ($m) 47% growth YoY Kogan Money 22.9 20.0 16.6 10% growth YoY Kogan Internet 359% growth YoY Kogan Energy FY23 FY24 FY25 18
Slide 20: Kogan Products
Kogan Products5. Double digit growth of both Revenue and Gross Profit. A return to Revenue growth FY25 highlights 649.7 Growth of Revenue and Profitability 15.4% YoY Revenue ($m) Driven by the Appliances, Home & Living and Consumer 3 488.1 Electronics categories. 265.2 258.1 223.8 $159 average value
Slide 21: Kogan Group aspirations
Kogan Group aspirations. Our roadmap for the years ahead. Kogan’s strategy is to deliver compelling value, driving customer growth and leveraging Platform- based Sales3 to maximise overall profitability. Adjusted EBITDA2 Medium-term Adjusted Long-term Adjusted margins in FY25 EBITDA2 margin aspirati
Slide 22: FY26 Trading Update & Outlook
FY26 Trading Update & Outlook. 21
Slide 23: FY26 Kogan Group trading update and outlook
FY26 Kogan Group trading update and outlook. We have clear priorities to drive growth and operating leverage. FY26 priorities & outlook: July 2025 unaudited management accounts Mighty Ape recovery Group Gross Sales1 of $80.7 million (+26.5% YoY) Finalise inventory optimisation, anticipated to be com
Slide 24: Dividend
Dividend. The Board has declared a Final Dividend of 7.0 cents per Ordinary Share (68.6% franked). The Dividend Reinvestment Plan (DRP) will apply to the Final Dividend at a 2.5% discount to the 5-day volume weighted average price of shares sold on the ASX from the trading day prior to the record da
Slide 25: Annexure 1
Annexure 1. FY25 Revenue by Business Division⁹ FY24 FY25 YoY $m Revenue Revenue Variance (%) Kogan Products5 223.8 258.1 15.4% Marketplaces 21.9 30.8 40.5% Mighty Ape Products7 145.9 118.0 (19.1%) Verticals 20.0 23.2 15.9% Loyalty Programs 44.2 53.7 21.6% Advertising & Other 3.9 4.2 8.5% Total 459.7
Slide 26: Annexure 2
Annexure 2. Reconciliation to Kogan Group Adjusted EBITDA² and Adjusted NPAT4 Unrealised Equity-based Non-cash Goodwill Unadjusted loss compensation & depreciation & associated expenses amortistaion impairment Adjusted Adjusted EBITDA2 and Adjusted NPAT4 are measures of the underlying $m performance
Slide 27: Annexure 3
Annexure 3. Kogan Group FY25 P&L $m FY24 FY25 YoY Mvmt % Gross Sales 809.0 930.9 15.1% Revenue 459.7 488.1 6.2% Cost of Sales (291.3) (298.2) 2.4% Gross Profit 168.4 189.9 12.7% Gross Margin 36.6% 38.9% 2.3pp/6.2% Variable costs (16.9) (21.4) 26.3% Marketing costs (48.0) (66.9) 39.5% Contribution pr
Slide 28: Annexure 4
Annexure 4. Kogan Group P&L by entity $m Kogan.com YoY (%) Mighty Ape YoY (%) Group YoY (%) Gross Sales1 793.9 20.1% 137.0 (7.2%) 930.9 15.1% Revenue 366.0 16.9% 122.1 (16.7%) 488.1 6.2% Gross Profit 156.0 21.3% 33.9 (14.8%) 189.9 12.7% Gross Margin 42.6% 1.5pp 27.7% 0.6pp 38.9% 2.3pp Variable costs
Slide 29: Annexure 5
Annexure 5. Kogan Group Balance Sheet $m 30 June 2024 30 June 2025 CURRENT ASSETS Cash 41.2 42.1 Trade & Other Receivables 10.2 14.9 Inventories 73.4 72.2 Other financial assets 0.2 0.1 Current tax asset 0.2 0.7 Total current assets 125.2 130.1 NON-CURRENT ASSETS Property, plant & equipment 24.7 17.
Slide 30: Annexure 6
Annexure 6. Kogan Group Cash Flow Statement $m FY24 FY25 Cash flows from Operating Activities Receipt from customers 519.2 543.6 Payments to suppliers and employees (488.7) (501.5) Interest received 1.6 1.1 Finance costs paid (1.2) (1.3) Income tax paid (2.7) (4.6) Net cash provided by Operating Act
Slide 31: Annexure 7
Annexure 7. FY25 Kogan Group business analysis Group Products Platform-based Sales3 Kogan Group Revenue 100.0% 100% 100.0% Gross Profit 20.7% 99.9% 38.9% Variable costs (4.1%) (5.2%) (4.4%) Marketing (9.2%) (29.1%) (13.7%) People (9.4%) (12.9%) (10.2%) Other (3.5%) (6.7%) (4.2%) Total operating (26.
Slide 32: Footnotes
Footnotes. ;> Gross Sales is a key metric of the Company, given the gross transaction values of the Marketplaces and Verticals are not reflected in Revenue.5 2> Adjusted EBITDA and Adjusted EBIT exclude equity-based compensation & associated expenses, non recurring items and non-cash items. These ad
Slide 33: Glossary
Glossary. FY2x: the 12 months ended 30 June 20xx. Adjusted EBITDA: earnings before interest, tax, depreciation, amortisation, equity-based compensation & associated expenses, non-recurring items and non-cash items. Refer to Annexure 2 of this Presentation for a detailed reconciliation of adjusting i
Slide 34: Glossary
Glossary. Kogan Mobile Australia: launched in 2QFY16, vertical offering pre-paid mobile phone plans available online using TPG/Vodafone’s mobile network in Australia. Kogan Mobile New Zealand: Vertical launched in 1HFY20 offering pre-paid mobile phone plans available online using One NZ’s mobile net