SEEK (SEK) H1 2026 earnings summary

Executive summary

• Placement share leadership in Australia increased to 5x the nearest competitor, with high teens yield growth driven by AI-enabled ad tiers and outcome-based pricing, resulting in double-digit revenue growth despite lower paid volumes.

• EBITDA and Adjusted Profit grew 19% and 35% respectively, but a $356m impairment on Zhaopin led to a reported loss.

• Record interim dividend of 27cps, up 13% year-over-year.

• Operating leverage delivered revenue growth outpacing cost growth, supported by AI and proprietary data driving product innovation and customer value.

• Management expressed strong confidence in the business's position and future prospects, citing market leadership, brand strength, and robust technology.

Financial highlights

• Net revenue for H1 FY2026 was $601m, up 12% year-over-year; sales revenue reached $647m, up 21%.

• EBITDA increased 19% to $267m; Adjusted Profit rose 35% to $104m.

• Reported loss of $178m due to a $356m non-cash impairment charge on Zhaopin.

• Interim dividend of 27cps, up 13% from the prior year.

• Free cash flow was $68.6m, with a cash conversion ratio of 85%.

Outlook and guidance

• FY2026 guidance (excluding the Fund and significant items): net revenue $1.19bn–$1.23bn, EBITDA $530m–$550m, Adjusted Profit $195m–$215m.

• Revenue and EBITDA are expected to be in the top half of the original guidance range.

• Placement share leadership and high single-digit paid ad yield growth expected to continue, with revenue growth outpacing cost growth.

• ANZ revenue growth to be driven by low double-digit yield growth and stable volumes; Asia revenue growth expected to be low single digit.

• Economic indicators mixed across APAC; Australia faces restrictive monetary policy, New Zealand outlook more positive, Asia subdued due to uncertainty.