SEEK (SEK) H1 2025 earnings summary

Executive summary

• Achieved strong operational outcomes with increased placement share in ANZ and leadership in all Asia markets, supported by brand strength and innovation.

• Double-digit yield growth across APAC offset job ad volume declines, maintaining revenue resilience.

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

• Product innovation, Platform Unification, and disciplined cost management drove efficiency and higher product delivery velocity.

• SEEK Growth Fund portfolio valuation increased by 5%, aided by a partial sell-down of Employment Hero stake.

Financial highlights

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

• EBITDA declined 9% to A$223.9m; Adjusted Profit fell 28% to A$77.0m.

• Reported Profit rose to A$139.8m, reflecting significant Fund gains.

• Free cash flow nearly doubled to A$81.8m; interim dividend up 26% to 24.0 cents per share.

• CapEx fell 29% to A$60.8m, reflecting cost discipline and Platform Unification completion.

Outlook and guidance

• FY25 revenue guidance midpoint unchanged at A$1.06bn–A$1.10bn; total expenditure guidance improved to A$750m–A$770m.

• Double-digit yield growth expected for ANZ and mid-teens for Asia, offsetting volume declines.

• Ongoing commitment to operating leverage, with cost growth targeted below revenue growth.

• Proceeds from Employment Hero stake sale to be used for debt reduction.

• Market conditions mixed: Australia stabilizing, Malaysia/emerging markets improving, NZ and Hong Kong weaker.