Key Highlights

  • Gross Revenue fell 2% to $953.4 million and sales revenue declined 3% to $718.4 million in FY26, though the Company returned to sales growth in the fourth quarter.
  • Adjusted EBITDA increased to $17.1 million from $0.3 million in FY25, while statutory EBITDA was $4.9 million and the Company recorded a statutory net loss after tax of $8.5 million.
  • Active customers declined 8% to 605,251, from 656,569 in FY25, reflecting softer US Demand and reduced paid Marketing investment.
  • Delivered Margin fell 9% to $108.5 million, representing 15.1% of sales revenue, impacted by increased US duties costs following the removal of the de minimis exemption.

Cettire Limited (ASX:CTT), a global luxury online retail platform, has released preliminary results for the full year ended 30 June 2026 (FY26), reporting a decline in both gross and sales revenue alongside a marked improvement in adjusted earnings. The FY26 results reflect a Business navigating those headwinds while reporting improved underlying profitability.

FY26 Financial Performance

Gross revenue for FY26 was $953.4 million, down 2% from $975.3 million in FY25, while sales revenue declined 3% to $718.4 million, from $742.1 million in the prior year. Delivered margin fell 9% to $108.5 million, from $119.4 million in FY25, representing 15.1% of sales revenue compared with 16.1% previously, a result the company attributed to reduced promotional activity being offset by a significant increase in US duties costs.

Despite the revenue decline, adjusted EBITDA rose to $17.1 million in FY26, up from $0.3 million in FY25, an improvement of $16.7 million, with an adjusted EBITDA margin of 2.4%. Statutory EBITDA for the period was $4.9 million, while the Company recorded a statutory net loss after tax of $8.5 million. Cash at year end stood at $27.9 million, down from $37.1 million in FY25, with the Company reporting zero financial debt.

Active customers declined 8% to 605,251, from 656,569 a year earlier, though the company noted a return to growth in this metric during the fourth quarter. Average order value increased 10% to $904, from $820 in FY25, and repeat customers continued to account for 68% of gross revenue, unchanged from the prior year. Paid customer Acquisition expenses fell to 4.6% of sales revenue, from 7.1% in FY25, which the company linked to a strategic bias toward profit during the period, with total marketing Investment down 39% to $36.1 million from $59.3 million.

Market Conditions and Geographic Diversification

Founder and Chief Executive Officer Dean Mintz said the global luxury market continued to face headwinds throughout FY26, though he noted early signs of sector stabilisation consistent with commentary from other luxury industry participants. Mintz said US Tariff changes, including the removal of the de minimis exemption, contributed to ongoing challenges in the Company's largest market, while sentiment in high-growth Middle Eastern countries was affected by the regional conflict during the second half of the year.

Outside the United States, sales revenue grew 14% year on year, which the Company said further diversified its global business. Gross revenue from emerging markets grew to represent 44% of total gross revenue, up from 37% in FY25, supported by the launch of new markets, the Cettire Flagship Store on the JD platform, and a Partnership with Tmall Global to broaden routes to market in China. Operating cashflow for the full year was $15.6 million, compared with an outflow of $28.2 million in FY25, which the Company attributed to trading performance and a Working Capital inflow.

On the Supply side, the Company exited FY26 with what it described as record available inventory levels, with published in-stock products increasing to approximately 360,000, from around 270,000 in FY25, sourced from hundreds of suppliers, with the top-performing Brand representing only around 4% of gross revenue.

Trading Update and Outlook

Cettire said it entered FY27 with a continuation of the positive trading momentum observed in the fourth quarter of FY26, reporting year-to-date gross revenue growth of approximately 22% for the period from 1 July to 24 August 2026, compared with the same period a year earlier, with growth outside the United States exceeding that rate. The Company also said it achieved positive adjusted EBITDA in July 2026.

Mintz said the Company would continue to prioritise profitable revenue growth into FY27, citing continued cycling of the impact of US tariff changes and improving momentum in markets outside the United States observed in the fourth quarter of FY26 and into the early part of FY27.

Conclusion

Cettire's FY26 results show a year in which gross and sales revenue, delivered margin and active customer numbers all declined against FY25, alongside a statutory net loss after tax of $8.5 million, while adjusted EBITDA improved substantially on reduced marketing spend and cost discipline. With the Company reporting a return to sales growth in the fourth quarter and year-to-date gross revenue growth of around 22% entering FY27, the coming year will indicate whether that early momentum, combined with continued geographic Diversification away from the United States, can be sustained as the business continues to navigate US tariff settings and broader luxury market conditions.