SEEK (SEK) H1 2025 earnings summary

Executive summary

• Achieved strong operational outcomes and brand metrics across APAC, with market share and yield growth offsetting lower job ad volumes in ANZ and Asia.

• Free cash flow increased 93% year-over-year, supporting a 26% increase in the interim dividend to 24.0 cents per share.

• Product quality, delivery velocity, and innovation reached record highs, with enhanced AI-driven personalization and search boosting engagement.

• The SEEK Growth Fund portfolio valuation increased 5% during the half, with strong performance in HR SaaS and Online Education assets.

• Total expenditure decreased 6% year-over-year, reflecting improved cost discipline and guidance.

Financial highlights

• Revenue for H1 FY25 was AUD 536.2 million, down 4% year-over-year due to lower job ad volumes.

• Adjusted profit fell 28% to AUD 77 million; statutory profit was AUD 139.8 million, including a fund valuation uplift.

• EBITDA declined 9% to AUD 223.9 million, with margin at 42% (down from 44%).

• Free cash flow reached AUD 82 million, up 93% year-over-year; CapEx fell 29% to AUD 60.8 million.

• Interim dividend increased to 24 cents per share, up 26% year-over-year.

Outlook and guidance

• FY25 mid-point revenue guidance unchanged at AUD 1.06–1.10 billion; total expenditure guidance improved to AUD 750–770 million.

• Job ad volumes in Australia are stabilizing, with second half expected to be flat or slightly down year-over-year.

• Double-digit yield growth expected for ANZ and mid-teens for Asia; cost growth targeted below revenue growth.

• Ongoing investment in product and technology, with flexibility in the cost base to support operating leverage.

• Management expects continued compliance with financial covenants and plans to allocate proceeds from the Employment Hero stake sale to reduce debt.