Cettire (CTT) H2 2025 earnings summary

Executive summary

• FY 2025 gross revenue was $975.3 million, sales revenue $742.1 million, and adjusted EBITDA $0.3 million, reflecting disciplined execution and a focus on profitability amid a challenging luxury market.

• Market share grew with 37% of revenues from emerging markets and record inventory levels.

• Ended the year with 657,000 active customers, 68% of revenue from repeat purchases, and an average order value of $820.

• Maintained a debt-free position and closed with $37 million in net cash.

Financial highlights

• Sales revenue stable at $742.1 million year-over-year, with delivered margin at 16.1% due to increased promotions and fulfillment costs.

• Adjusted EBITDA was break-even at $0.3 million, down from $32.5 million in FY24; statutory net profit after tax was a loss of $2.6 million.

• Marketing investment reduced by 22% year-over-year, with paid acquisition at 7.1% of sales.

• Realized foreign exchange loss of $5.5 million, mainly in the second half.

• Record available inventory and 35% year-on-year growth in published products.

Outlook and guidance

• Early FY 2026 trading shows gross revenues up low single digits percent, with emerging markets up double digits percent.

• July delivered positive adjusted EBITDA, with trading momentum improving through July and August.

• U.S. market volatility expected due to changes in de minimis rules effective August 29, which may cause significant disruption.

• Marketing spend to remain conservative, likely below the 8%-10% of revenue range unless market conditions improve.

• Emphasis remains on profitable, self-funded growth and flexibility to adapt to market cycles.