Cettire (CTT) H1 2026 earnings summary

Executive summary

• Sales revenue for the half was $382.8 million, down 2.8% year-over-year, mainly due to US tariff changes and softer demand in that region.

• Adjusted EBITDA reached $8.7 million, a turnaround of $20.5 million half-on-half, despite challenging US market conditions.

• Active customers totaled 613,078, down 12%, with repeat customers accounting for 69% of gross revenues, up from 67%.

• Average order value increased 17% to $961, with repeat customers spending $1,050 per order.

• The business remains capital-light, with closing cash at $61.4 million and no financial debt.

Financial highlights

• Gross revenue was $505.7 million; refund rates remained stable at 24.3%.

• Delivered margin was $54.8 million (14.3% of sales), down from $70.8 million (18.0%) in H1-FY25, impacted by higher US duties.

• Paid acquisition expenses were 4.2% of sales revenue; brand investment was $1.9 million.

• Operating cash flow for the half was $37.1 million, up from $29.8 million in H1-FY25.

• Statutory net loss after tax was $1.1 million, compared to a net profit of $4.7 million in the prior year period.

Outlook and guidance

• Short-term uncertainty persists in the global luxury market, with Q3 gross revenues down 13% year-over-year.

• A significantly improved growth profile is expected in Q4 FY26.

• Full-year sales revenue anticipated to be broadly similar to FY25.

• Promotional activity and marketing investment have been reduced compared to the prior year.

• Management highlighted mitigating actions available, including cost reductions and potential financing, to address uncertainties.