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 excluding the U.S. grew 13% to $225 million. Adjusted EBITDA was $8.7 million, up $20.5 million half-on-half, and EBITDA margin was 2.3%; delivered margin was 14% of sales and AOV increased 17% year-on-year to $961. Cash closed at $61.4 million, with 0 financial debt. Management said paid acquisition expenses were 4.2% of sales revenue and brand investment was $1.9 million. For the current quarter to date, gross revenues were down 13% versus the prior corresponding period, and the company expects a significantly improved growth profile in Q4 FY26.

Dean Mintz framed the half as proof of Cettire’s focus on profitable growth in a difficult luxury backdrop. He emphasized stronger customer loyalty, record inventory, and continued expansion outside the U.S., especially in emerging markets, as key strategic positives. His tone was confident but cautious, stressing that the business is built to adapt quickly and remain cash generative through near-term volatility.

Tim Hume focused on the mechanics behind the improved profitability: pricing to absorb higher U.S. duties, lower promotional intensity, and fulfillment efficiencies. He said delivered margin was 15% in Q1 and lower in Q2 after the de minimis changes hit from September, with the U.S. duties attachment rate now at 100%; he also noted delivered margin could return to 20%+ over the medium term. He highlighted closing cash of $61 million, no financial debt, capitalized investments at 2.2% of sales revenue, and said the receivable reclassification was a conservative accounting move tied to slow-moving VAT refunds in Europe.

Analysts pressed on the delivered margin decline, and management said most of the deterioration versus a couple of years ago has been cyclical, though the new U.S. duty regime is also dilutive; they said there is room to rebuild margin over time. On the going-concern note, management said the accounts are unqualified and the issue is largely technical, tied to current asset classification and slow VAT recoveries, while supplier relationships remain strong. They also said marketing spend should stay around current run rates, with the business expected to rebound strongly in Q4 FY26 despite a weaker Q3 comparator.