Slide 1: 1HFY26 Results Presentation
GROU 1HFY26 Results Presentation 23 February 202
Slide 2: Important notice
Important notice GROU 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 C
Slide 3: CEO Introduction & Key Highlights of the Half Year
GROU CEO Introduction & Key Highlights of the Half Year Ruslan Kogan Founder, CEO and Executive Directo
Slide 4: Kogan Group 1HFY26 highlights
Kogan Group 1HFY26 highlights G R O U Kogan.com firing on all cylinders Kogan Group 1 HFY26 Statutory Result Kogan.com Gross Sale Kogan.com Revenu $m 1HFY25 1HFY26 YoY Mvmt % $501.6 millio $232.4 millio Gross Sales 492.5 572.4 16.2% Revenue 272.7 287.6 5.5% Up 21% on the pc Up 17% on the pc Gross Pr
Slide 5: Financial Update
GROU Financial Update David Shafer CFO, COO and Executive Directo
Slide 6: 1HFY26 Kogan Group results
1HFY26 Kogan Group results GROU Kogan.com delivering strong Operating Leverage. Mighty Ape turnaround is well advanced Revenue ($m Gross Profit ($m Adjusted EBITDA ($m 17% on the pc 16% on the pc 18% on the pc 232. Kogan.co 198. 99. 1HFY2 85. 1HFY2 1HFY2 1HFY2 1HFY2 23. 27. 1HFY2 (25%) on the pc (29
Slide 7: 1HFY26 Kogan Group Gross Profit by Division
1HFY26 Kogan Group Gross Profit by Division GROU Our Exclusive Products and Services create an earnings moat The strength of our earning Loyalty Subscriptions Advertising & Other Recurring subscription revenu 2.1 Mighty Ape Products Exclusive Brands products 8.9 Kogan.com Products Unbeatable valu 72
Slide 8: Kogan.com
Kogan.co GROU Top line growth and disciplined operations are expanding profitability Operating Leverage driver Operating Leverage expansio Kogan.co 1HFY2 1HFY2 1HFY2 Tren Adjusted EBITDA Margi Adjusted EBIT Margi Revenue growt (14.0% 22.3 16.9 Growt Gross Margi 41.2 43.1 42.9 Stable and stron Delive
Slide 9: Mighty Ape
Mighty Ap The Mighty Ape team has now been reorganised as part of the Kogan team to form One Global Team with One Group Strategy, resulting in significant operational changes The inventory optimisation is A more efficient operating mode Positive profitability trajector largely complet 32% reductio 3
Slide 10: Kogan Group Balance Sheet & Cash Flow
Kogan Group Balance Sheet & Cash Flow GROU Strong 1HFY26 performance, driving solid cash flow and balance sheet strength 1HFY26 highlight Balance Shee Cash Flo Total cash of $71.8 million $m 30 Jun 2025 31 Dec 2025 $m 1HFY25 1HFY26 An increase of $4.1m YoY, with no deb Current Assets 130.1 171.4 Net
Slide 11: Dividend
Dividend GROU Interim dividend up 14.3% to 8.0cps, fully franked Dividends for the past 2 year FY26 Interim dividend detail 8. 8. Cents per Shar 7. 7. Franking: 100 7. 7. Record date: 13 March 202 Cents per Shar DRP Election date: 16 March 202 Payment date: 30 April 202 Dividend Reinvestment Plan (D
Slide 12: CEO Business Update
GROU CEO Business Update Ruslan Kogan Founder, CEO and Executive Directo
Slide 13: Kogan Group's strategy
Kogan Group’s strategy GROU How we deliver unbeatable value Product divisio Exclusive Brands range Direct from warehouse to customer with Products are priced end-to-end supply chain control highly competitively to More subscribers & deliver unbeatable value More Platform- Product Third-party range t
Slide 14: One Global Team, One Group Strategy
One Global Team, One Group Strategy GROU We have combined the teams to enable Mighty Ape to replicate the strength of Kogan.com The opportunity: 1HFY26 Kogan.com vs Mighty Ape economic Platform-based Sales drive profitabilit 42.9 42.9 Gross Margi 26.2 42.9 1HFY26 Platform-based 64 38.9 Delivered Gro
Slide 15: Group Platform-based Sales
Group Platform-based Sales GROU Continued growth of recurring, high quality earnings Platform-based Sale The strategic advantage of Platform-based Sale Attractive margins & low risk up 16.6% on the pc Superior unit economics with no inventory ris 68. Capital-light model Enhanced cash flow efficienc
Slide 16: Kogan Marketplace
Kogan Marketplace GROU Increased growth momentum delivered a record half Kogan Marketplace Revenu up 31.6% on the pc 19. Kogan Marketplace has evolved into a major driver of growth for the Group. With no Revenue ($m 14. inventory exposure, the marketplace scales 12. efficiently alongside our expandi
Slide 17: Kogan FIRST
Kogan FIRST GROU Incredible value of the subscription drove strong growth Kogan FIRST Revenu 1HFY26 highlight FIRST members contributed ~50% of product Gross Sales up 7.6% on the pc Meaning a small proportion of total customers drive half our Revenue ($m product sale 30. 28. Kogan FIRST MAX 22. Driv
Slide 18: Kogan Verticals
Kogan Verticals GROU Award winning Kogan Mobile and Kogan Internet drove a record half Kogan Verticals Revenu 1HFY26 highlight 1HFY26 Award up 8.8% on the pc Kogan Mobile Australi Revenue ($m 13% growth on the pcp 12. Kogan Mobil 11. 9. 40% growth on the pcp Kogan Mone Kogan Interne 1HFY2 1HFY2 1HFY
Slide 19: Kogan Products
Kogan Products GROU Growing sales and margins Strong and consistent growt 1HFY26 highlight up 19.0% on the pc Growth of Revenue and Profitability Revenue ($m 167. Driven by the TVs, Appliances, Home & Living and Consumer 141. 115. Electronics $179 average value per item An increase of 11% on the pcp
Slide 20: Trading Update & Outlook
GROU Trading Update & Outlook 1
Slide 21: FY26 Kogan Group trading update and outlook
FY26 Kogan Group trading update and outlook GROU Investing in long-term sustainable growth January 2026 unaudited sales and revenu 2HFY26 priorities & outloo Group Gross Sales of $88.1 million (+9.6% on the pcp) Mighty Ape optimisation Kogan.com Gross Sales of $79.8 million (+12.7% on the pcp) Havin
Slide 22: Kogan Group aspirations
Kogan Group aspirations GROU Our roadmap for the years ahead Kogan’s strategy is to deliver compelling value, driving customer growth and leveraging Platform-based Sales to maximise overall profitability Adjusted EBITDA Adjusted EBITDA Medium-term Adjusted Long-term Adjusted Margins in FY2 Margins i
Slide 23: Annexure 1: 1HFY26 Revenue by Business Division
Annexure 1 GROU 1HFY26 Revenue by Business Divisio 1HFY25 1HFY26 YoY $m Revenue Revenue Variance (%) Kogan Products 141.0 167.9 19.0% Marketplaces 15.1 21.3 41.3% Mighty Ape Products 72.6 50.8 (30.0%) Verticals 11.5 12.8 11.6% Loyalty Subscriptions 29.0 32.3 11.6% Advertising & Other 3.6 2.4 (31.5%)
Slide 24: Annexure 2: Reconciliation to Adjusted EBITDA and Adjusted NPAT
Annexure 2 GROU Reconciliation to Kogan Group Adjusted EBITDA and Adjusted NPA Equity-based Marketing Non-cash Adjusted EBITDA and Adjusted NPAT are measures of the underlying performance $ Unadjuste Unrealised los compensation & associated expenses compliance provision depreciation & amortisatio Ad
Slide 25: Annexure 3: Kogan Group 1HFY26 P&L
Annexure 3 GROU Kogan Group 1HFY26 P& $m 1HFY25 1HFY26 YoY Mvmt % Gross Sales 492.5 572.4 16.2% Revenue 272.7 287.6 5.5% Cost of Sales (166.8) (173.4) 4.0% Gross Profit 106.0 114.2 7.8% Gross Margin 38.9% 39.7% 0.9pp/2.2% Variable costs (9.3) (11.1) 18.8% Marketing costs (38.9) (44.8) 15.1% Contribu
Slide 26: Annexure 4: Kogan Group P&L by entity
Annexure 4 GROU Kogan Group P&L by entit $m Kogan.com YoY (%) Mighty Ape YoY (%) Group YoY (%) Gross Sales 501.6 20.9% 70.8 (8.9%) 572.4 16.2% Revenue 232.4 16.9% 55.2 (25.3%) 287.6 5.5% Gross Profit 99.7 16.4% 14.5 (28.7%) 114.2 7.8% Gross Margin 42.9% (0.2pp) 26.2% (1.3pp) 39.7% 0.9pp Variable cos
Slide 27: Annexure 5: Kogan Group Balance Sheet
Annexure 5 GROU Kogan Group Balance Shee $m 30 June 2025 31 December 2025 CURRENT ASSETS Cash 42.1 71.8 Trade & Other Receivables 14.9 21.6 Inventories 72.2 76.9 Other financial assets 0.1 1.1 Current tax asset 0.7 - Total current assets 130.1 171.4 NON-CURRENT ASSETS Property, plant & equipment 17.
Slide 28: Annexure 6: Kogan Group Cash Flow Statement
Annexure 6 GROU Kogan Group Cash Flow Statemen $ 1HFY2 1HFY2 Cash flows from Operating Activities Receipt from customers 294.9 319.5 Payments to suppliers and employees (244.7) (269.7) Interest received 0.6 0.5 Finance costs paid (0.9) (0.9) Income tax paid (2.7) (2.6) Net cash provided by Operating
Slide 29: Glossary
Glossary GROU 1HFY2x: the 6 months ended 31 December 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 ad
Slide 30: Glossary
Glossary GROU Kogan Internet: Vertical launched in 4QFY18 offering NBN plans via TPG/Vodafone’s fixed line NBN network. Kogan Marketplace: a platform launched in 3QFY19 for sellers and buyers to complete transactions on Kogan.com, with commission-based Revenue being earned by Kogan.com. Kogan Mobile
Slide 31: Glossary
Glossary GROU Product Division: means Exclusive Brands and Third-Party Brands. The Business/Company: refers to Kogan.com Ltd. The Group: refers to Kogan.com Ltd and its subsidiaries, including Mighty Ape Ltd. The Presentation: refers to this document, titled ‘Kogan.com - 1HFY26 Results Presentation’