Cettire Ltd Posts $17.1m FY26 Adjusted EBITDA as Ex US Sales Rise 14%

Cettire returns to growth in Q4 as FY26 profitability lifts $16.7m

In its FY26 results presentation released on 26 August 2026, Cettire outlined a sharp turnaround in profitability, reporting Adjusted EBITDA of $17.1m, a $16.7m year-on-year improvement achieved against a softening US market and a normalising global luxury sector.

Management framed FY26 as a deliberate pivot towards profit, with the online luxury retailer prioritising earnings while remaining self-funding. The result reflected a two-speed dynamic: persistent US weakness offset by strong ex-US momentum, where sales revenue grew +14% year-on-year as Cettire continued to gain market share.

FY26 financial highlights at a glance

The headline metrics illustrate a business that held its top line broadly steady while swinging its bottom line firmly into profit.

Standout milestones from the period included:

• Sales revenue growth ex-US of +14%, reflecting continued market share gains

• Emerging Markets rising to 44% of gross revenue (FY25: 37%)

• Adjusted NPAT returning to positive territory at $3.0m, up from a $5.0m loss

The contrast is telling. The top line dipped only marginally while profitability moved sharply positive, evidence of a flexible cost base that management leaned on through challenging conditions.

The FY26 Adjusted EBITDA of $17.1m represents the full-year consolidation of a turnaround that was already visible at the half-year mark, with H1 FY26 results showing a $20.5m sequential EBITDA improvement driven by the same emerging market and repeat customer dynamics that carried through to year-end.

Why the US–luxury backdrop matters

Two external forces shaped Cettire’s FY26 performance, and understanding them explains much of the result.

The first is the change in US import rules. Following the end of the US de minimis policy, together with tariffs imposed under the International Emergency Economic Powers Act (IEEPA), this raised costs for cross-border luxury e-commerce. Cettire incorporated these higher customs duties into its US pricing, which lifted average order value (AOV) but weighed on demand. The company noted ~$9m in IEEPA tariff refunds expected to be received in FY27.

The second force is the broader luxury cycle. According to Bain & Company and Altagamma (June 2026), the global personal luxury goods market declined ~2% in CY2025, but is forecast to grow 3–5% in CY2026.

Together, these dynamics explain why US revenue softened, why AOV rose, and why management is positioning the business for a forecast sector recovery.

Customer economics — fewer buyers, higher value

Active customers fell to 605k (FY25: 657k), reflecting softer US demand and a deliberate reduction in paid marketing. Encouragingly, management reported a return to net customer growth in Q4-FY26, supported by improving retention.

The story is one of quality over volume. Repeat customers now account for 68% of gross revenue, while repeat customer AOV rose to $994 (FY24: $887).

Cettire’s acquisition discipline underpinned the profit lift:

1. Customer acquisition cost fell to $84 (FY25: $119)

2. Paid acquisition dropped to 4.6% of sales (FY25: 7.1%)

3. Delivered margin per active customer held broadly steady at $179 (FY25: $182)

Lower spend combined with stable margin per customer points to improved returns on investment and reinforces the self-funding discipline management emphasised throughout the presentation.

Geographic diversification and a deepening supply chain

Emerging Markets drive the growth

Growth was uneven across regions. Emerging Markets grew +17% while Established markets contracted -13%, lifting the Emerging share of gross revenue to 44% (FY25: 37%).

The US now represents approximately 41% of revenue, with Australia at around 7%. Management highlighted continued China expansion via the TMall Global partnership as part of its localisation strategy.

The TMall Global partnership, launched to give Cettire simultaneous storefronts across both of China’s dominant e-commerce platforms without requiring local inventory, sits at the centre of the company’s China localisation push and reflects the broader capital-light logic underpinning its emerging markets expansion.

Record inventory and supply momentum

Cettire’s supply chain continued to build through the year:

• Published products rose 33% year-on-year to 360k, with the total database exceeding 500,000

• The platform now spans >2,500 brands and >$2bn in stock value

• The top-performing brand represented only ~4% of gross revenue, indicating no material concentration risk

• The company exited FY26 with record available inventory

This capital-light model, with diversified supply and broadening geography, supports resilience across a challenging global luxury environment.

Balance sheet strength keeps Cettire self-funded

Cettire ended FY26 with closing cash of $28m and nil financial debt. Cash generation was supported by an operating surplus and favourable working capital dynamics.

The cash bridge illustrates the movement: opening cash of $37.1m, an operating surplus of +$8.0m and working capital contribution of +$2.8m, offset by capitalised investments of -$16.6m (including $16.2m of R&D) and employee benefit trust purchases of -$3.4m, closing at $27.9m. The expected ~$9m IEEPA refunds represent a potential cash tailwind in FY27.

Management reiterated a focus on profitable growth while remaining self-funding with no debt, supported by a capital-light, flexible growth model.

FY27 outlook — momentum carries into the new year

Looking ahead, management outlined a forward view built on the momentum observed in Q4-FY26.

For the FY27 year-to-date period (1 July to 24 August 2026, versus the same period a year earlier), key data points included:

• ~22% YTD gross revenue growth year-on-year, with ex-USA growth exceeding this rate

• Positive Adjusted EBITDA in July 2026

• Signs of US stabilisation carrying through from Q4-FY26

Management restated the pillars of Cettire’s long-term positioning:

• A large global customer base with multiple growth pathways

• Scalable proprietary technology delivering a highly automated customer journey

• An agile, flexible model with attractive unit economics

• A self-funded balance sheet with no debt

Taken together, the profit-first strategy and returning growth position Cettire to participate in the forecast recovery of the global luxury sector into CY2026.

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