Key Highlights

  • Cettire signed a non-binding term sheet covering a EUR 16.1 million VAT receivable.
  • The proposed transaction carries minimum cash proceeds of EUR 13.7 million.
  • FY2026 sales Revenue was AUD 718.4 million, down 3% year on year.
  • Completion requires Due Diligence and long-form documentation and remains unconfirmed.

Cettire (ASX:CTT) has taken a preliminary step toward converting part of its VAT receivable into cash. The online luxury retailer signed a non-binding term sheet with an Italian bank over a EUR 16.1 million receivable, alongside the release of its FY2026 annual report.

Factoring Terms Put Cash Proceeds in View

Under the term sheet, Cettire would receive minimum cash proceeds of EUR 13.7 million, stated as AUD 22.2 million, with potential additional proceeds of EUR 1.4 million, or AUD 2.3 million. The Australian-dollar figures use an AUD/EUR Exchange Rate of 0.617.

Completion Still Requires Further Work

The term sheet is non-binding. Completion depends on due diligence and long-form transaction documentation, meaning the proposed proceeds have not been received. Cettire has not provided a confirmed date for signing binding documents.

FY2026 Revenue Reaches AUD 718.4 Million

Sales revenue was AUD 718.4 million, down 3% from AUD 742.1 million, while gross revenue was AUD 953.4 million. Cettire recorded a net loss after tax of AUD 8.5 million and adjusted EBITDA of AUD 17.1 million. Active customers fell 8% to 605,251, while repeat customers accounted for 68% of gross revenue.

Balance Sheet Provides the Context

At 30 June 2026, Cettire reported cash and equivalents of AUD 27.9 million, total Assets of AUD 129.2 million and no financial debt. VAT receivables classified as non-current totalled AUD 31.5 million. The company also reported a net current asset deficiency of AUD 51.8 million and operating cash inflow of AUD 15.6 million.

Binding Terms Remain the Next Step

The proposed factoring transaction now depends on due diligence and final documentation, while Cettire has flagged its 18 November 2026 Annual General Meeting for its next market update.