Cettire Limited

FY 2026 gross revenue was AUD 953.4 million and sales revenue was AUD 718.4 million, down 3% year on year. Adjusted EBITDA was AUD 17.1 million, improving by AUD 16.7 million year on year, for an EBITDA margin of 2.4%. Gross revenue and sales revenue were both broadly stable year on year in reported terms, while constant-currency performance was slightly up year on year. Delivered margin was 15% of sales, paid acquisition expenses were 4.6% of sales revenue, cash closed at AUD 28 million, and financial debt was zero. Looking ahead, management said FY 2027 year-to-date gross revenue is up approximately 22%, growth ex-U.S. is stronger than that, and the company achieved positive adjusted EBITDA in July 2026.

Dean Mintz emphasized that FY 2026 was about profitable growth in a still-tough luxury market, with a clear bias toward profit, cash preservation, and customer loyalty. He said the business is seeing early stabilization outside the U.S., record available inventory, and stronger supplier engagement, while localization and new market launches remain core priorities. His tone was cautiously optimistic, pointing to positive Q4 momentum and a strong start to FY 2027 without major changes to operating settings.

Tim Hume focused on the drivers behind the margin improvement and balance sheet strength. He said sales revenue fell 3% because of U.S. tariff changes and softer regional demand, while delivered margin at 15% of sales was pressured by higher U.S. duties but helped by lower promotional activity; adjusted EBITDA was AUD 17.1 million, paid acquisition expenses were 4.6% of sales, brand investment was AUD 3.3 million, and capitalized investments were 2.3% of sales. On cash, he said closing cash was AUD 28 million, the company had zero financial debt, and most of the IEEPA tariff refunds are expected in FY 2027; he also noted the VAT receivables are statutory and that some are conservatively treated as non-current.

Analysts focused on constant currency growth, the U.S. outlook, tariffs/refunds, China, VAT receivables, the audit delay, and whether marketing spend is rising. Management said foreign exchange is still a revenue headwind, that the U.S. remains viable though tariffs are now a business-as-usual issue, and that the company has received less than AUD 1 million of the estimated AUD 9 million IEEPA refunds so far, with most expected in FY 2027. On China, Dean Mintz said it is a long-term project, Tmall is on track to launch shortly, and China could become a meaningful revenue contributor over time, though there is still work to do. On the audit, Tim Hume said the accounts are unaudited only because work is not yet complete, with no specific issue flagged.