Cettire (CTT) H1 2025 earnings summary

Executive summary

• Gross revenue rose 12% year-over-year to $514.1 million, with sales revenue up 11% to $394.0 million, driven by higher order volume and average order value.

• Adjusted EBITDA reached $12.1 million (3.1% margin), with sequential improvement and strong cash generation; net profit after tax was $4.7 million.

• Net cash position increased to $101 million, maintaining a zero-debt, self-funded, capital-light business model.

• Active customers grew 21% to approximately 695,000, with repeat customers accounting for 67% of gross revenue and average order value rising to $821.

• Record sales day achieved during Black Friday/Cyber Monday, and continued investment in technology, AI, and organizational capabilities.

Financial highlights

• Delivered margin was $70.8 million (18% of sales revenue), with gross profit and margin down year-over-year due to heightened promotional activity.

• Adjusted EBITDA margin improved sequentially from 0.2% in Q4 FY24 to 4.2% in Q2 FY25.

• Paid acquisition/marketing spend reduced to 6.9% of sales, below the 8-10% target range.

• Cash and cash equivalents at period end were $101.1 million, up from $79.0 million at 30 June 2024.

• Statutory NPAT was $4.7 million, with Adjusted NPAT at $8.1 million, both down year-over-year.

Outlook and guidance

• Short-term uncertainty and volatility persist in the global luxury market, with Q3 expected to remain challenging and Q4 anticipated to show greater stabilization.

• Strategic focus on balancing profitability and growth, growing the customer base, and embedding business model enhancements.

• Recent weeks have shown improved trading momentum despite earlier softness.