Cettire (CTT) H1 2026 earnings summary

Executive summary

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

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

• Active customers totaled 613,000, with repeat customers accounting for 69% of gross revenues, up from 67%.

• Average order value increased 17% to $961, while active customers decreased 12%.

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

Financial highlights

• Gross revenue was AUD 505.7 million; refund rates remained stable.

• Delivered Margin was 14% of sales, impacted by higher US duties but improved sequentially from H2FY25.

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

• Cash and cash equivalents increased to $61.4 million from $37.1 million at 30 June 2025, with zero financial debt.

• Positive operating cash flow of $37.1 million, up from $29.8 million in the prior year.

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 has been reduced compared to the prior year.

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