Cettire (CTT) H2 2026 earnings summary

Executive summary

• Gross revenue reached $953.4 million and sales revenue was $718.4 million, both broadly stable year-on-year, with ex-US sales revenue up 14% to $420 million.

• Adjusted EBITDA rose to $17.1 million, a $16.7 million year-over-year improvement, with a margin of 2.4%.

• Active customers totaled 605,000, with repeat customers accounting for 68% of gross revenues and an average order value of $904.

• Geographic diversification advanced, with 44% of gross revenue from emerging markets, up from 37% in FY25.

• The business maintained a capital-light model, closing with $28 million in cash and zero financial debt.

Financial highlights

• Sales revenue declined 3% year-on-year, mainly due to US tariff changes and softer demand, while ex-US sales revenue increased 14%.

• Adjusted EBITDA margin improved to 2.4% from 0.0% in FY25.

• Delivered margin was 15.1% of sales, impacted by higher US duties but partially offset by lower promotional activity.

• Paid acquisition expenses reduced to 4.6% of sales revenue.

• Cash position at year-end was $27.8 million, with no financial debt.

Outlook and guidance

• FY27 began with approximately 22% year-over-year gross revenue growth YTD, with ex-US growth exceeding this rate.

• Positive adjusted EBITDA achieved in July 2026.

• Sector fundamentals remain robust, with industry studies forecasting a rebound in luxury goods in 2026.