Cettire Ltd. · ASX:CTT
Cettire — H1 FY25 Earnings Presentation
22 slides from Cettire's earnings presentation, Feb 26, 2025
Slide 1: H1 FY25 Results Presentation
H1 FY25 RESULTS PRESENTATION 26 FEBRUARY 2025 1
Slide 2: H1 FY25 Highlights
1 H1 FY25 HIGHLIGHTS 2
Slide 3: H1 FY25 Financial Highlights
H1 FY25 FINANCIAL HIGHLIGHTS CONTINUED FOCUS ON DRIVING PROFITABLE GROWTH AND VALUE TO SHAREH OLDERS WHILE LUXURY SECTOR NORMALISES H1 FY25 Reported4 +12% +11% $12.1m $101m +21% Gross revenue 1 Sales revenue 1 Adjusted EBITDA 3 Net cash vs Active customers 2 to $514.1m to $394.0m $79m at 30 June 202
Slide 4: H1 FY25 Operational Highlights
H1 FY25 OPERATIONAL HIGHLIGHTS SUCCESSFULLY EXECUTED AGAINST PROFITABLE GROWTH STRATEGY IN SOFT ER DEMAND ENVIRONMENT Profitable growth • Focused execution on profitable growth strategy, with bias towards profit execution • Delivered adjusted EBITDA margin of 3.1% reflecting quarter on quarter impro
Slide 5: H1 FY25 Results
2 H1 FY25 RESULTS 5
Slide 6: Focus on Existing Customers to Drive Sales Momentum
FOCUS ON EXISITING CUSTOMERS TO DRIVE SALES MOMENTUM GROSS REVENUES FROM REPEAT CUSTOMERS INCREASED 29% YEAR ON YEAR Active Customers1,4 Share of gross revenue from Repeat customers spending more repeat customers 1,2,3 per order 1,3 692K 695K $890 $902 $887 576K 33% 42% 39% $685 $689 $694 67% 58% 61
Slide 7: Improving Wallet Share
IMPROVING WALLET SHARE LOYALTY AND GROWING FREQUENCY DRIVING CONSISTENT GROWTH IN SPEND PER CUSTOMER Active Customers 1,3 1,2,3,4 Gross revenue/active customer Orders per active customer5 $1,484 $1,315 1.78x $1,198 $1,069 $1,082 1.67x 1.61x 1.52x 1.37x Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Active Custo
Slide 8: Customer Acquisition Cost Remains Low While Delivered Margin Per Active Customer Tempered
CUSTOMER ACQUISITION COST REMAINS LOW WHILE DELIVERED MARGIN PER ACTIVE CUSTOMER TEMPERED PERIOD OF REDUCED MARKETING SPEND DRIVES LOWER NET ADDS WHILE IN CREASE IN PROMO ACTIVITY IMPACTED DELIVERED MARGIN PER CUSTOMER Customer acquisition cost 1,2 Delivered margin per active customer 1,3,4 (annuali
Slide 9: Emerging Markets Increasing Share of Group
EMERGING MARKETS INCREASING SHARE OF GROUP REVENUE BASE CONTINUES TO DIVERSIFY Gross Revenue1,2 growth across markets (H1 FY25) Emerging Markets share of Gross Revenue1,2 37% 32% 31% 2% "Established" "Emerging" H1 FY24 H1 FY25 ~49% of revenue3 ~5% of revenue3 Note: all growth metrics represent year
Slide 10: Utilising AI to Enhance Existing Tech Stack Capabilities
UTILISING AI TO ENHANCE EXISTING TECH STACK CAPABILITIES AI CAPABILITIES DRIVING OPPORTUNITIES FOR GREATER PRODUCTIVITY A ND CUSTOMER EXPERIENCE ENHANCED CAPABILITIES DELIVERING LOCALISED PERFORMANCE: • Following migration to new proprietary storefront software, continued enhancements introduced sup
Slide 11: Supply Chain Momentum
SUPPLY CHAIN MOMENTUM S UP P L Y C HA IN CONTINUES TO GROW S TRONGLY S UP P ORTED BY INC RE A S E D I NV E S TM E NT Product database CETTIRE’S SUPPLY CHAIN DYNAMICS Published Products 1 Total Database 2 • Supply chain with 100s of suppliers has continued to grow strongly >500,000 >500,000 over last
Slide 12: Financial Performance
FINANCIAL PERFORMANCE HIGHL Y FL E X IBLE COS T BA S E ENA BLING S US TA INED P ROFITA BILITY $’000 H1 FY25 H1 FY24 • Continued revenue growth, sales revenue +11% vs pcp Sales revenue 393,978 354,257 • Refund rate remained relatively stable driven Delivered margin 70,807 82,180 • Delivered margin 18
Slide 13: Balance Sheet
BALANCE SHEET CASH GENERATION SUPPORTED BY OPERATING PROFITS AND ATTRACTIVE WO RKING CAPITAL CYCLE • Closing cash $101 million, zero financial debt Dec Jun $’000 2024 2024 • Operating cash flow driven by H1 FY25 operating surplus (cash profit) and favourable working capital dynamics Cash and cash eq
Slide 14: Consistently Strong Cash Generation Demonstrates Benefits of Operating Model
CONSISTENTLY STRONG CASH GENERATION DEMONSTRATES BENEFITS OF OPERATING MODEL BUISNESS MODEL FOUNDATIONS DRIVES STRONG CASH GENERATION Capital-light Adaptable Balance sheet and Uncompromising business model operating settings, cash generation strategy to with low fixed flexible in delivering that del
Slide 15: Trading Update & Outlook
3 TRADING UPDATE & OUTLOOK 15
Slide 16: Short Term Challenges in Luxury to Persist Albeit With Some Signs of a Recovery
SHORT TERM CHALLENGES IN LUXURY TO PERSIST ALBEIT WITH SOME SIGNS OF A RECOVERY. LONG TERM FUNDAMENTALS REMAIN ROBUST Global personal luxury goods market Global personal luxury goods market (US$ billions) 1 YoY growth (RHS) 499 363 376 378 292 302 272 255 254 264 215 220 228 229 193 167 165 174 145
Slide 17: Outlook
OUTLOOK • In the short term, there continues to be uncertainty within the global luxury personal goods market. While we are seeing pleasing developments in some areas within our business, the impact of softening demand continues to work through the industry, offsetting some of these positives. • For
Slide 18: Cettire Well Positioned to Deliver Long Term Profitable Growth
CETTIRE WELL POSITIONED TO DELIVER LONG TERM PROFITABLE GROWTH Large global customer base that continues to grow significantly in number and transaction frequency High-quality suppliers providing access to inventory that supports one of the largest online luxury goods offering in the world Business
Slide 19: Appendix
4 APPENDIX 19
Slide 20: Income Statement Reconciliations
INCOME STATEMENT RECONCILIATIONS Statutory EBITDA to Adjusted EBITDA reconciliation Statutory NPAT to Adjusted NPAT reconciliation $’000s H1 FY25 H1 FY24 $’000s H1 FY25 H1 FY24 Statutory EBITDA 8,500 22,394 Statutory NPAT 4,749 12,813 Share-based payments 1,198 271 Share-based payments 1,198 271 Unr
Slide 21: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER The information contained in this document and discussed at this presentation (collectively, the Presentation) has been prepared by Cettire Limited (ACN 645 474 166) (Cettire or the Company). The Presentation is subject to the conditions outlined below. Your receipt o
Slide 22: Global Online Luxury Platform
GLOBAL ONLINE LUXURY PLATFORM W W W . C E T T I R E . C O 22 M