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FY25 Results Presentation 25 August 2025 For personal use only
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1 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 Company; the Business; Kogan.com; the Group), does not purport to be complete and is to be read in conjunction with all other announcements filed with the Australian Securities Exchange (ASX), including Kogan.com’s full-year results filed with the ASX on 25 August 2025. Information in this Presentation is current as at the date of this Presentation (25 August 2025) and remains subject to change without notice. Financial information in this Presentation is unaudited. Kogan.com does not warrant the accuracy, adequacy or reliability of the information in this Presentation and, to the maximum extent permitted by law, disclaims all liability and responsibility flowing from the use of or reliance on such information by any person. Not an offer or financial product advice: This Presentation is not investment or financial product advice or any recommendation (nor tax, accounting or legal advice) and is not intended to be used as the basis for making an investment decision. In providing this document, Kogan.com has not considered the objectives, financial position or needs of any particular recipients. Each recipient should consult with its professional adviser(s), conduct its own investigation and perform its own analysis in order to satisfy themselves of the accuracy and completeness of the information, statements and opinions contained in this document. This Presentation does not constitute an offer to issue or sell securities or other financial products in any jurisdiction. The distribution of this Presentation outside Australia may be restricted by law. Forward looking statements: This Presentation contains forward looking statements and comments about future events, which reflect Kogan.com’s intent, belief or expectation as at the date of this Presentation. Such forward looking statements may include forecast financial and operating information about Kogan.com, its projects and strategies and statements about the industries and locations in which Kogan.com operates. Forward looking statements can be identified by forward-looking terminology including, without limitation, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target”, “due to”, “goal”, “aim” and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements. Forward looking statements involve inherent known and unknown risks, uncertainties and contingencies, both general and specific, many of which are beyond Kogan.com’s control, and there is a risk that such predictions, forecasts, projections and other forward looking statements will not be achieved. Actual results may be materially different from those expressed or implied. Forward looking statements are provided as a general guide only and should not be relied on as an indication, representation or guarantee of future performance. Undue reliance should not be placed on any forward looking statement. Kogan.com does not undertake to update or review any forward looking statements. Financial comparison statements: All comparisons are FY25 versus FY24, unless otherwise stated. Past performance: Past performance should not be relied upon as (and is not) an indication or guarantee of Kogan.com’s future performance or condition. Financial data: All financial amounts contained in this Presentation are expressed in Australian currency, unless otherwise stated. Any discrepancies between totals and sums of components in tables and figures contained in this Presentation are due to rounding. Non-IFRS measures: Throughout this Presentation, Kogan.com has included certain non-IFRS financial information, including Gross Sales¹, EBITDA, Adjusted EBITDA², EBIT, Adjusted EBIT² and Adjusted NPAT⁴. Kogan.com believes that these non-IFRS financial and operating measures provide useful information to recipients for measuring the underlying operating performance of Kogan.com’s business. Non-IFRS measures have not been subject to audit or review. For personal use only
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2 CEO Introduction and Key Highlights of the Y ear . Ruslan Kogan Founder, CEO and Executive Director For personal use only
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FY25 highlights. 3 Strong Group performance driven by Kogan.com. 3.5 million +915,000 Active Customers +$21.9 million +$34.4 million +$9.3 million ↑ 35% YoY ↑ 24% YoY $111.9 million ↑ 15% YoY ↑ 40% YoY $258.1 million $32.4 million Group Active Customers Platform-based Sales Revenue³ Kogan Products5 Revenue Free Cash Flow10 For personal use only
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Recurring revenues and attractive margins drives strong profitability. 4 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. Third-party range Sourced globally for the best possible prices. Products are sold at or below cost to drive unbeatable value. Loyalty Programs Rewarding our most loyal customers and delivering recurring revenue. Verticals Leveraging the strength of our Brands. Marketplaces No-inventory risk. A dvertisin g H igh margin revenue stream. P l at f or m-B ased sa l es M ore subscribers & platform - based S ales H ig h er profitability and customer retention G reater ability to deliver customer value L ower prices on Product S ales M ore Product S ales For personal use only
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5 Decision to invest in growth. Reinvestment in marketing has helped achieve a rebound in Kogan.com Active Customers. Increased marketing investment from 2QFY25 Strengthened brand presence and market reach Grew Active Customers to over 2.8 million Positioned the business for ongoing growth Targeted value-conscious customers through high Return-on-Investment channels Kogan.com Active Customer growth in FY25 Active customers (000s) 1QFY24 4QFY242QFY24 1QFY253QFY24 2QFY25 3QFY25 4QFY25 2,831 2,631 2,346 1,891 1,909 1,950 2,026 2,114 48.3% YoY For personal use only
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6 Financial Update . David Shafer CFO, COO and Executive Director For personal use only
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7 FY25 Kogan Group results. Kogan.com was the key driver of Group performance. Kogan.com Mighty Ape Kogan Group For a full Group Profit & Loss Statement, refer to Annexure 3 & 4. Gross Sales1 Y oY Gross Profit Y oY Adjusted EBITDA2 Y oY $661.2m $793.9m 20% YoY FY24 FY25 $128.7m $156.0m 21% YoY FY24 FY25 $32.6m $36.9m 13% YoY FY24 FY25 $147.7m $137.0m (7%) YoY FY24 FY25 $39.8m $33.9m (15%) YoY FY24 FY25$33.9m $7.4m $33.9m (102%) YoY FY24 FY25$7.4m$7.4m $(0.1)m $809.0m $930.9m 15% YoY FY24 FY25 $168.4m $189.9m 13% YoY FY24 FY25 $40.0m $36.8m (8%) YoY FY24 FY25 For personal use only
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8 FY25 Kogan Group Gross Profit by Division. Diversity of Gross Profit highlights strength of our business model. Advertising & Other 2.2% Loyalty Programs A 28.3% Kogan Products5 25.4% Verticals A 12.2% Mighty Ape Products⁷ 15.7% Marketplaces A 16.2% of Gross Profit was generated from Exclusive Products & Services8 63% The strength of our Gross Profit Loyalty Programs Recurring subscription revenue Exclusive Brands products Unbeatable value M ig h ty A p e N e w Z ealan d’ s largest e C o mm erce plat f or m Ma r ke tpl a c e s Minima l w or kin g c a p i t a l r equi r emen ts Ve rtic a ls Unique v a l ue propos i t i o n o n e ss en t ia l s e rv i c e s A dvertisin g G ro w ing Revenue strea m, controlle d on our plat f or m Note A Verticals refers to Kogan Verticals and Mighty Mobile Marketplaces refers to Kogan Marketplace and Mighty Ape Marketplace Loyalty Programs includes both Kogan FIRST and Mighty Ape PRIMATE For personal use only
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The platform migration went live in late October 2024. 9 Mighty Ape. The Mighty Ape platform migration negatively impacted performance. Quarterly Adjusted EBITDA² ($m) 1QFY23(2.0) 0.0 2.0 4.0 6.0 4QFY232QFY23 1QFY24 2QFY24 3QFY24 4QFY24 1QFY25 2QFY25 3QFY25 4QFY253QFY23 Severely impacted performance since platform migration Issues and resolution progress Marketing efficiency Has been restored as of late May 2025. RESOLVED Site stability Major issues resolved with minor bugs continuing to be addressed. MOSTLY RESOLVED K e y feat u res i mp ac t W ish lists , clic k & collect , and presale functionality. RESOLVED I n v ent o r y le v el s I mpacted due to missed pea k sales season. W ill impact G ross Margins in 1 H FY 2 6 . IN P RO G RESS For personal use only
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Jul-24 1,500 1,700 1,900 2,100 2,300 2,500 2,700 2,900 Aug-24 Nov-24Sep-24 Dec-24Oct-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 10 Kogan.com Marketing investment. Increased marketing since October 2024 has significantly grown Active Customer base. Existing Active Customers Incremental Active Customers Marketing/Gross Sales Kogan.com Active Customers (000’s) Marketing spend to Gross Sales (%) For personal use only
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11 Kogan Group Balance Sheet & Cash flows. FY25 Balance Sheet and Cash Flow highlights. 2.3% YoY 30 Jun 24 30 Jun 25 $41.2m $42.1m 40.0% YoY FY24 FY25 $23.2m $32.4m 90.0% YoY FY24 FY25 $6.5m $12.4m Cash position Free Cash Flow10 Dividends For a full Balance Sheet and Cash Flow Statement, refer to Annexure 5 & 6. Goodwill writedown One-off, non-cash, $46.3 million, associated with Mighty Ape acquisition. Capital Returns to Shareholders $23.5 million through the ongoing share buy- back and dividends. For personal use only
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12 Ruslan Kogan Founder, CEO and Executive Director CEO Business Update . For personal use only
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13 What makes us stand out. For over 19 years we have delighted millions of customers. Our Purpose Who is our typical customer? Helping customers live their best lives by delivering remarkable value. Smart value seekers Place value at the core of their purchase decisions. Tech savvy Knows how to use digital tools to find value. Function over form Compares specifications and makes the smarter choice. Convenience oriented Appreciates a direct, no fuss, online shopping experience. For personal use only
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14 The Kogan Group business model. More than 58% of our Gross Sales1 are from Platform-based Sales3. Platform-based Sales3 Verticals FY25 Gross Sales: 17% Marketplaces FY25 Gross Sales: 33% Products FY25 Gross Sales: 42% Loyalty Programs FY25 Gross Sales: 7% Advertising FY25 Gross Sales: 1% Kogan Mobile AU Since 2015 Kogan Marketplace Since 2019 Kogan . co m Since 200 6 Kogan FIR S T Since 2019 Kogan Advertising Since 2021 Kogan Mobile NZ Since 2019 Mighty Ape Marketplace Since 2024 Mighty Ape Acquired Dec 2020 PRIMATE Acquired Dec 2020 Mighty Mobile Since 2023 Kogan E nerg y Since 2019 Kogan I nterne t Since 201 8 Kogan Mone y Since 2019 Kogan I ns u rance Since 2017 Kogan T rave l R ela u nc h e d 202 4 For personal use only
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15 Group Platform-Based Sales3. Strategic shift to higher-quality Revenue over the last few years. The strategic advantage of Platform-based Sales3Platform-based Sales3 Revenue ($m) FY23 FY24 FY25 111.9 90.0 69.5 26.9% CAGR 24.4% YoY Attractive margins & low risk Superior unit economics with no inventory risk Kogan.com Platform-based Sales3 made up over ⅔ of total Kogan.com Gross Sales1. The Group launched Mighty Ape Marketplace this year, along with Mighty Mobile in FY24. Capital-light model Enhanced cash flow efficiency E n h anced customer relations h ip s D eeper engagement through a diversified offerin g Ex pa n ded mar k et opport un it y Access to new categories witho u t inventory invest m en t Scalable a n d efficie n t operatio ns E x ponential growth with m ini m al infrastr u ct u re need s N etwor k effec t V al u e increases as b u yers and sellers co mmu nity gro w For personal use only
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16 Kogan Marketplace6. A return to growth for the division. Kogan Marketplace Revenue Revenue ($m) FY23 FY24 FY25 29.4 21.9 23.9 11.0% CAGR 34.2% YoY Kogan Marketplace has become a key growth engine for the Group. Its capital-light model carries no inventory risk and scales efficiently as our customer base expands. By strengthening partnerships with our top sellers, we’ve broadened the product range, improved availability, and enhanced the customer experience. As a result, Marketplace is now a core contributor to Group Gross Profit and one of our most profitable. Our sellers help us expand our range for our millions of customers Our award- winning platform is tailored to recommend the right product to the right customer We support Australian and New Zealand businesses grow and thrive Our sellers participate in the Kogan FIRST program, offering incredible deals A win for our customers, a win for our sellers, a win for Kogan.com For personal use only
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17 Kogan FIRST. Continued strong growth of Revenue from Kogan FIRST. FY25 highlights Kogan FIRST Revenue Revenue ($m) FY23 FY24 FY25 51.3 43.7 26.3 39.7% CAGR 17.5% YoY ~90% of Subscribers are on Annual plans Highlighting strong engagement and loyalty FIRST members contributed ~50% of product Gross Sales1 Reinforcing its value to the business Deferred income increased 24.2% YoY To $8.8m, to be recognised over the next 12 months L aunc h ed K o g an FIRST M A X P remium tier, driving more engagement and value for customers Free shipping Excl u si ve pric e s FIRST Member Gi v eaways E v eryday discounts Priority customer ser v ice FIRST Access Kogan Rewards Holiday & Hotel discounts Double Qantas Points For personal use only
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18 Kogan Verticals. Market leading value delivered a record year of Revenue. FY25 highlights Kogan Verticals Revenue Revenue ($m) FY23 FY24 FY25 22.9 20.0 16.6 17.4% CAGR 14.4% YoY 7% growth YoY Kogan Mobile 47% growth YoY Kogan Money 10% growth YoY Kogan Internet 359% growth YoY Kogan Energy For personal use only
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19 Kogan Products5. Double digit growth of both Revenue and Gross Profit. FY25 highlights A return to Revenue growth 2 consecutive years of Gross Profit growth Revenue ($m) FY23 FY24 FY25 258.1 223.8 265.2 488.1 649.7 461.3 15.4% YoY Gross Profit ($m) 22.7% YoY FY23 FY24 FY25 48.2 39.3 28.1 78.8 133.3 Growth of Revenue and Profitability Driven by the Appliances, Home & Living and Consumer Electronics categories. $159 average value per item An increase of 7% YoY, and almost double compared to FY23. M ore than 72% of Revenue driven b y Exc lusive B rand s Increasing from 67.9% in FY24, and delivering margin expansion. 1 . 1pp Gross M argin i m prove m en t T hrough improved buying & negotiation and inventory health. For personal use only
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20 Kogan Group aspirations. Our roadmap for the years ahead. See Annexure 7 for details of FY25 Adjusted EBITDA margins. ~50% ~(4%) 7.5% 50% to 55% (3%) to (1%) 8% to 12% >65% Kogan’ s strategy is to deliver compelling value, driving customer growth and leveraging Platform- based Sales3 to maximise overall profitability. 0% >20% Adjusted EBITDA2 margins in FY25 Medium-term Adjusted EBITDA2 margin aspirations Long-term Adjusted EBITDA2 margin aspirations Platform-based Sales3 Group Product Sales Kogan Group For personal use only
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21 FY26 Trading Update & Outlook . For personal use only
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22 FY26 Kogan Group trading update and outlook. We have clear priorities to drive growth and operating leverage. t)h0 Kogan.com Gross Sales of $70.4 million (+32.5% YoYt)$f t)h0 Mighty Ape Gross Sales of $10.3 million (-3.5% YoY) Group Gross Sales1 of $80.7 million (+26.5% YoY) t)h0 Kogan.com Revenue of $32.7 million (+11.4% YoYt)$f t)h0 Mighty Ape Revenue of $8.6 million (-20.9% YoY) Group Revenue of $41.3 million (+2.6% YoY) The Company expects Group Adjusted EBITDA² margin of between 6% and 9% in FY26, improving towards the second half as Mighty Ape’s recovery progresses. Group Adjusted EBITDA² margin expectations Finalise inventory optimisation, anticipated to be completed by 1H FY26. The Company expects Mighty Ape Adjusted EBITDA² during this period to be impacted, and to return to positive performance in 2 H FY26. M ig h t y Ape recover y Ma int a in strong contri b ution from P l a tform -ba sed Sa les 3 Improve K og a n.com oper a ting lever a ge M aintain strong performance of K ogan P roducts 5 & M ar k etplaces FY26 prioritie s & outlook : Ju l y 2025 un a u dit e d m a n ag emen t a cc o un t s For personal use only
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23 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 date. Interim Dividend Final Dividend DPS (cents) 7.0 7.0 Franking (%) 100.0 68.6 Record date 14 March 2025 12 September 2025 Election date¹¹ 17 March 2025 15 September 2025 Payment date 30 April 2025 28 November 2025 The partially franked nature of the Final Dividend is driven by the Mighty Ape Goodwill impairment, which limited the ability to utilise some of the Group’s franking credits. For personal use only
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Annexure 1. FY25 Revenue by Business Division⁹ $m Kogan Products5 Marketplaces Mighty Ape Products7 Verticals Loyalty Programs Advertising & Other Total FY24 Revenue 223.8 21.9 145.9 20.0 44.2 3.9 459.7 FY25 Revenue 258.1 30.8 118.0 23.2 53.7 4.2 488.1 YoY Variance (%) 15.4% 40.5% (19.1%) 15.9% 21.6% 8.5% 6.2% 24 For personal use only
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25 Annexure 2. Reconciliation to Kogan Group Adjusted EBITDA² and Adjusted NPAT4 Revenue Cost of Sales Gross Profit Gross Margin Variable costs Marketing costs People costs Other costs Goodwill impairment Total operating costs Unrealised loss EBITDA Depreciation Amortisation EBIT Interest Profit before tax Income tax expense NPAT EPS 488.1 (298.2) 189.9 38.9% (21.4) (66.9) (49.8) (20.6) (46.3) (205.0) (0.8) (15.9) (8.5) (7.5) (32.0) (0.9) (32.9) (6.6) (39.5) (0.39) 488.1 (298.2) 189.9 38.9% (21.4) (66.9) (44.2) (20.6) - (153.2) - 36.8 (8.3) (4.4) 24.1 (0.9) 23.2 (8.2) 14.9 0.15 $m Unadjusted Adjusted EBITDA2 and Adjusted NPAT4 a r e mea s u r e s of t he un d e rl yin g p e rfor man c e of t he Bu s ine ss , t hey r em ov e equi t y- b a s e d co m p en s a t i o n & a ssoc ia t e d e xp en s e s , n o n r e c u rr in g i t em s an d n o n- c a s h i t em s. I n r e sp e ct of FY 25 t he b e low i t em s ha v e b een a d ju st e d )nU4 )nUU Unrealised losses: un r ea l i s e d loss e s a t yea r -en d r e l a t e d to op en forw a rd for ei g n e xc han g e co n tr a cts )nhn )nUU Equity-based compensation: e xp en s e a ssoc ia t e d w i t h Pe rfor man c e Ri g h ts an d Opt i o n s gr an t e d to t eam mem b e rs a s lo n g - t e r m in c en t i v e s an d l e g a l f ee s in c u rr e d in co nne ct i o n w i t h o ne- off r e g u l a tor y proc e ss e s )nhn )nUU Non-cash depreciation & amortisation: I n cl u d e d w i t hin t he Mi g h t y Ap e a ss e ts p u rc ha s e d u po n a c qui s i t i o n w a s )nU4 )nUy t he Mi g h t y Ap e an d Gor i ll a br an ds ( in t an g i bl e a ss e ts ) tot a ll in g $ 40.0 mi ll i o n . The Gro u p i s am ort i s in g t he s e br an ds ov e r 15 an d 10 yea rs , r e sp e ct i v e l y)nhn )nUy Softw a r e wort h $ 3.2 mi ll i o n . The Gro u p i s am ort i s in g t hi s softw a r e ov e r 7 yea rs )nhn )nUy Ri g h t - of -u s e Ass e ts ( R o U Ass e t ) an d a ssoc ia t e d l ia b i l i t ie s. Un d e r t he r equi r emen ts of t he f inan c ia l r e port in g st an d a rds , t he f ai r v a l ue of t he s e R o U Ass e ts an d a ssoc ia t e d l ia b i l i t ie s w a s r emea s u r e d , r e s u lt in g in an in cr ea s e of $ 1.6 m to t he R o U Ass e t an d $ 0.5 mi ll i o n for t he l ea s e l ia b i l i t y)nhn )nUU Goodwill impairment: t he e xp en s e a ssoc ia t e d w i t h t he n o n- c a s h, o ne- off wr i t e- dow n of t he goodw i ll a ssoc ia t e d w i t h t he a c qui s i t i o n of Mi g h t y Ap e in De c em b e r 2020. The am ort i s a t i o n & d e pr e c ia t i o n a ssoc ia t e d w i t h t he s e i s n o n- c a s h an d t he r e for e ha s b een a d ju st e d. A djusted 0. 8 0.8 0.8 0.8 n /a 0.8 Un r ea l i s e d loss 5. 6 5.6 5.6 5.6 5.6 (1.7) 3.9 Equi t y- b a s e d co m p en s a t i o n & a ssoc ia t e d e xp en s e s 0. 2 3. 2 3.4 3.4 n /a 3.4 4 6. 3 46.3 46.3 46.3 46.3 n /a 46.3 N on - cash depreciation & amortistaion Goodwill impairment For personal use only
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26 Annexure 3. Kogan Group FY25 P&L $m Gross Sales Revenue Cost of Sales Gross Profit Gross Margin Variable costs Marketing costs Contribution profit Contribution margin People costs Other costs Goodwill impairment Total operating costs Unrealised loss EBITDA EBITDA margin Unrealised loss Equity-based compensation & associated expenses Goodwill impairment Adjusted EBITDA² Adjusted EBITDA² margin Depreciation Amortisation EBIT Adjusted EBIT² Interest income/(expense) Profit/(Loss) before tax Income tax (expense) NPAT Adjusted NPAT⁴ EPS Adjusted EPS FY24 809.0 459.7 (291.3) 168.4 36.6% (16.9) (48.0) 103.5 22.5% (49.1) (18.3) - (132.3) (0.1) 36.0 7.8% (0.1) (3.9) - 40.0 8.7% (7.5) (7.5) 20.9 28.3 0.3 21.2 (21.1) 0.1 21.0 0.00 0.20 FY25 930.9 488. 1 (298.2) 189.9 3 8 .9 % (21.4) (66.9) 101.6 2 0. 8% (49.8) (20.6) (46.3) (205.0) (0.8) (15.9) (3.3 % ) (0.8) (5.6) (46.3) 36.8 7 . 5% (8.5) (7.5) (32.0) 24.1 (0.9) (32.9) (6.6) (39.5) 14.9 (0.39) 0.15 YoY Mvmt % 15.1% 6.2% 2.4% 12.7% 2 .3 pp/6 . 2% 26.3% 39.5% (1.9%) (1. 7pp)/ ( 7 . 6% ) 1.3% 12.8% n/a 54.9% 660.5% n/a n/a (8.2%) (1. 2pp)/ (13. 5% ) 13.2% 0.0% (252.8%) (15.0%) n/a n/a n/a n/a (28.9%) n/a (27.9%) For personal use only
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27 Annexure 4. Kogan Group P&L by entity $m Gross Sales1 Revenue Gross Profit Gross Margin Variable costs Marketing costs People costs Other costs Goodwill impairment Adjusted EBITDA2 Adjusted EBITDA2 margin Adjusted EBIT2 Adjusted EBIT2 margin Kogan.com 793.9 366.0 156.0 42.6% (17.0) (57.2) (33.7) (16.9) (46.3) 36.9 10.1% 26.8 7.3% YoY (%) 20.1% 16.9% 21.3% 1.5pp 34.8% 41.9% 3.4% 15.7% n/a 12.9% n/a 15.4% n/a Mighty Ape 137.0 122.1 33.9 27.7% (4.4) (9.7) (16.1) (3.8) - (0.1) (0.1%) (2.8) (2.3%) YoY (%) (7.2%) (16.7%) (14.8%) 0.6pp 6.8% 22.9% (3.0%) 2.3% n/a (101.6%) n/a (154.0%) n/a Gr o up 930.9 488.1 189.9 38 . 9 % (21.4) (66.9) (49.8) (20.6) (46.3) 36.8 7. 5 % 24.1 4 . 9 % Y o Y (%) 15.1% 6.2% 12.7% 2. 3 pp 26.3% 39.5% 1.3% 12.8% n/a (8.2%) n/a (15.0%) n/a For a full Group Profit & Loss Statement, refer to Annexure 3. For personal use only
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28 Annexure 5. Kogan Group Balance Sheet $m CURRENT ASSETS Cash Trade & Other Receivables Inventories Other financial assets Current tax asset Total current assets NON-CURRENT ASSETS Property, plant & equipment Intangible assets Deferred tax asset Goodwill Total non-current assets Total assets CURRENT LIABILITIES Trade & Other Payables Lease liabilities Provisions Deferred income Other financial liabilities Current tax liability Total current liabilities NON-CURRENT LIABILITIES Lease liabilities Deferred income & provisions Total non-current liabilities Total liabilities Net Assets 30 June 2024 41.2 10.2 73.4 0.2 0.2 125.2 24.7 37.9 9.3 46.3 118.3 243.4 72.9 7.6 3.2 17.2 1.8 1.4 103.9 15.5 0.4 15.9 119.8 123.6 30 June 2025 42.1 14.9 72.2 0.1 0.7 130.1 17.8 34.9 7.3 - 60.1 190.1 83.6 8.2 3.5 19.8 4.1 1.7 121.0 8.5 0.2 8.7 129.6 60.5 For personal use only
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29 Annexure 6. Kogan Group Cash Flow Statement Cash flows from Operating Activities Receipt from customers Payments to suppliers and employees Interest received Finance costs paid Income tax paid Net cash provided by Operating Activities Cash flows from Investing Activities Purchase of property, plant and equipment Purchase of intangible assets Purchase of financial assets Business acquisition net of acquired cash Net cash (used in) investing activities Cash flows from Financial Activities Dividends paid net of dividend reinvestment plan Repayment of loans & borrowings Drawn down of debt facility Repayment of principal portion of lease liabilities Payments for shares bought back Net cash (used in) Financing Activities Net (decrease)/increase in cash held Cash and cash equivalents at beginning of the period Effects of exchange rate changes on cash Cash and cash equivalents at end of the period 519.2 (488.7) 1.6 (1.2) (2.7) 28.2 (1.6) (3.5) - (10.9) (16.0) (6.5) (10.0) 10.0 (6.1) (23.8) (36.4) (24.2) 65.4 (0.1) 41.2 543.6 (501.5) 1.1 (1.3) (4.6) 37.3 (0.3) (4.5) (0.1) - (4.9) (12.4) (30.0) 30.0 (8.1) (11.1) (31.6) 0.8 41.2 0.1 42.1 FY24$m FY25 For personal use only
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30 Annexure 7. FY25 Kogan Group business analysis Revenue Gross Profit Variable costs Marketing People Other Total operating Adjusted EBITDA2 Group Products 100.0% 20.7% (4.1%) (9.2%) (9.4%) (3.5%) (26.2%) (4.5%) Platform-based Sales3 100% 99.9% (5.2%) (29.1%) (12.9%) (6.7%) (53.9%) 48.0% Kogan Group 100.0% 38.9% (4.4%) (13.7%) (10.2%) (4.2%) (32.5%) 7.5% Each item in the table is stated as a percentage of Revenue. For personal use only
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31 Footnotes. Gs5nGs 2 Gross Sales is a key metric of the Company, given the gross transaction values of the Marketplaces and Verticals are not reflected in Revenue.Gs5a Gs5NGs 2 Adjusted EBITDA and Adjusted EBIT exclude equity-based compensation & associated expenses, non recurring items and non-cash items. These adjusted metrics measure the underlying trading performance of Kogan.comGs 2 GsyfGs 2 Platform-based Sales refers to non-inventory sales of the GroupGs 2 Gsy Gs 2 Adjusted NPAT excludes equity-based compensation & associated expenses, non recurring items and non-cash itemsGs 2 Gsy5Gs 2 Refers to Kogan.com’s Exclusive Brands and Third-Party Brands, and excludes Mighty Ape retailGs 2 Gsy Gs 2 Excludes the Mighty Ape MarketplaceGs 2 GsyaGs 2 Refers to Mighty Ape’s inventory salesGs 2 Gsy2Gs 2 Exclusive Products and Services refers to Kogan and Mighty Ape Exclusive Brands Products range, Verticals, Loyalty Programs and Advertising & Other RevenueGs 2 GsyNGs 2 The table has disclosed Mighty Ape Marketplace within Marketplaces, Mighty Mobile within Verticals and Mighty Ape PRIMATE within Loyalty ProgramsGs 2 Gs5nGs5bGs 2 Free Cash Flow is calculated as net cash flows from Operating Activities plus cash flows from capital expenditures in Investing ActivitiesGs 2 Gs5nGs5nGs 2 The date by which an eligible Shareholder must have notified Kogan.com Ltd that they will participate in the DRP. For personal use only
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32 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 items. Adjusted EBIT: earnings before interest, tax, 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 items. Adjusted NPAT: net profit after tax and excludes 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 items. Adjusted EPS: earnings per share before interest, tax, depreciation, amortisation, equity-based compensation & associated expenses, non-recurring and non-cash items. CAGR: Compound Annual Growth Rate. Contribution Margin: Gross Profit less other income, variable costs and marketing costs divided by Revenue. EBIT: earnings before interest and tax. EBITDA: earnings before interest, tax, depreciation and amortisation. EBITDA Margin: EBITDA divided by Revenue. EPS: earnings per share. Exclusive Brands: products sold under brands owned by Kogan.com. Gross Margin: Gross Profit divided by Revenue. Gross Profit: Revenue less cost of goods sold. Gross Sales: is the gross transaction value, on a cash basis, of products and services sold, of Kogan Retail, Mighty Ape, Kogan Marketplace, Mighty Ape Marketplace, Kogan FIRST, Mighty Ape PRIMATE, Kogan Verticals, Advertising Income, Mighty Mobile and the commission of Kogan Money (due to limitations of Kogan Money Gross Sales reporting). Group Active Customers: total Active Customers of Kogan.com and Mighty Ape who have purchased in the last twelve months from 1 July 2024, rounded down to the nearest thousand. Kogan.com Active Customers: unique customers who have purchased in the last twelve months from 1 July 2024 either on the Kogan.com platform, rounded down to the nearest thousand. Kogan Energy: Vertical launched in 1HFY20 offering low cost power and gas whilst allowing customers to easily track their energy usage on-demand, in partnership with Shell Energy Operations Pty Ltd. Kogan Group: Refers to the consolidated performance of Kogan.com and Mighty Ape. Kogan FIRST: our loyalty program offering subscribers free/upgraded express shipping along with special offers across thousands of our products. Kogan FIRST Subscribers: excludes Kogan FIRST customers who are in a trial period, and includes only non-trial subscribers. Kogan Insurance: Vertical launched in 1QFY18 offering Insurance online. 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. For personal use only
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33 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 network in New Zealand. Kogan Money Credit Cards: Vertical launched in 1HFY20 offering a competitively priced credit card with compelling loyalty incentives for customers to shop on Kogan.com and elsewhere. In FY22 our partnership transitioned to NAB. Kogan Money Super: Vertical launched in 1HFY20 offering a new no frills, ultra low fee Australian super fund, in partnership with Mercer. Kogan Pet: Vertical launched in 4QFY18 offering pet insurance online. Kogan Retail: Exclusive Brands and Third-Party Brands sales through the Core Website Channels and eBay, Amazon.com.au, TradeMe and other platforms. Kogan Travel: Vertical offering online holiday packages and hotel and cruise bookings. This Vertical was paused on 30 June 2023 and relaunched in April 2024. Kogan Verticals: Kogan Credit Cards, Kogan Energy, Kogan Insurance, Kogan Internet, Kogan Mobile Australia, Kogan Mobile New Zealand, Kogan Money, Kogan Pet, Kogan Super and Kogan Travel. Loyalty Programs: Refers to Kogan FIRST and Mighty Ape PRIMATE. Marketplaces: Refers to Kogan Marketplace and Mighty Ape Marketplace. Mighty Ape: refers to Mighty Ape Ltd. Mighty Ape Marketplace: a platform launched in October 2024 for sellers and buyers to complete transactions on the Mighty Ape websites, with commission-based Revenue being earned by Mighty Ape. Mighty Ape PRIMATE: Loyalty program offering subscribers free/upgraded express shipping along with special offers and pricing across thousands of products. Mighty Mobile: Launched in August 2023, this represents Mighty Ape’s first Vertical, offering prepaid mobile plans with unlimited data in the New Zealand market. Operating leverage: the efficiency by which a business converts its Revenue into Net Profit. Partners: refers to the companies Kogan.com has conducted business with. Platform-based Sales: Refers to sales generated by Marketplaces, Loyalty Programs, Verticals and Advertising & Other Income. It excludes sales by the Kogan and Mighty Ape Products divisions. Product Division: means Exclusive Brands and Third-Party Brands. The Company/Group: refers to Kogan.com Ltd and its subsidiaries, including Mighty Ape Ltd. The Presentation: refers to this document, titled ‘Kogan.com - FY25 Results Presentation’. Third-Party Brands: products sold under brands owned by third parties, which are sourced domestically in Australia and internationally. Verticals: Refers to Kogan Verticals and Mighty Mobile. YoY: Year-on-year, being 30 June 2025 versus 30 June 2024. For personal use only