SEEK (SEK) H1 2026 earnings summary

Executive summary

• Placement share 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 17% yield growth and double-digit revenue growth despite lower paid volumes.

• Management expressed strong confidence in the business's current position and future prospects, citing market leadership, brand strength, customer trust, and a robust technology and data backbone as key differentiators.

• AI and proprietary data are central to product innovation, customer value, and competitive advantage, driving placement share and yield growth.

• Operating leverage delivered revenue growth 3 percentage points faster than total costs (excluding Sidekicker).

• EBITDA and Adjusted Profit grew, but a significant impairment of Zhaopin led to a reported loss.

Financial highlights

• Sales revenue was $647m, up 21% year-over-year; net revenue was $601m, up 12% (11% excluding Sidekicker).

• EBITDA was $267m, up 19%; Adjusted Profit was $104m, up 35%.

• Reported loss attributable: $(177.9)m (vs. $139.8m profit prior year), mainly due to Zhaopin impairment.

• A non-cash impairment charge of $356m was recorded against the Zhaopin investment.

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

Outlook and guidance

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

• FY26 guidance: net revenue $1.19bn–$1.23bn, EBITDA $530m–$550m, total expenditure $810m–$840m, Adjusted Profit up 32% vs FY25.

• Management maintains a high single-digit medium-term yield growth outlook, despite recent double-digit growth.

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

• Volumes are expected to remain stable for the foreseeable future.