Cettire Limited

For the 6 months ended 31 December 2025, gross revenue was $505.7 million and sales revenue was $382.8 million, both broadly stable year-on-year. Sales revenue was down 3% overall, while excluding the U.S. it grew 13% to $225 million. Adjusted EBITDA was $8.7 million, equal to a 2.3% margin, and improved by $20.5 million half-on-half. Delivered margin was 14% of sales and was pressured by higher U.S. duty costs. Cash closed at $61.4 million (Tim Hume said $61 million) with 0 financial debt. Looking ahead, management said quarter-to-date gross revenues were down 13% versus the prior corresponding period, but expects a significantly improved growth profile in Q4 FY26; no full-year revenue or EBITDA guidance was provided.

Dean Mintz framed the half as evidence of Cettire’s focus on profitable growth in a difficult luxury market. He highlighted the stronger performance outside the U.S., the deliberate pullback in paid marketing, rising repeat-customer mix, and record inventory as proof the model is still working. His tone was defensive but confident, emphasizing that localization, customer loyalty, and a capital-light structure position the business for long-term profitable growth.

Tim Hume focused on the mechanics behind the margin and profit improvement. He said delivered margin was 14% of sales, with Q1 at 15% and Q2 lower after the U.S. de minimis change drove a 100% duties attachment rate on U.S. orders; he also noted paid acquisition was 4.2% of sales revenue and brand investment was $1.9 million. On the balance sheet, he pointed to closing cash of $61 million, no financial debt, higher contract liabilities from longer delivery times, and conservative reclassification of some European VAT receivables to noncurrent assets because governments have been slow to pay.

The most notable questions centered on delivered margin, the half-on-half EBITDA turnaround, marketing spend, and the auditor’s going-concern comment. Management said the margin decline has been mostly cyclical, though the new U.S. duty regime is also dilutive; they said there is room to get back to 20% plus delivered margin over the medium term. On the going-concern issue, Hume stressed the accounts were unqualified and said the auditor’s comment was tied to a technical current asset shortfall driven partly by conservatively reclassifying VAT receivables, not a change in supply-chain relationships.