SEEK (SEK) H2 2025 earnings summary

Executive summary

• Achieved targeted operational and financial outcomes for FY25, with strong execution post-unification, accelerated product innovation, and a strategic focus on placement share, yield growth, and operating leverage.

• Placement share increased in ANZ and reached record highs in Asia, supported by double-digit yield growth and new product offerings.

• Free cash flow rose 41% year-over-year, enabling a 31% increase in the full-year dividend and reduction in net debt.

• Acquisition of Sidekicker expanded reach into the on-demand staffing market, contributing to revenue and operational synergies.

• Major rollout of freemium and variable pricing models in Asia and ANZ, driving ad scale and hirer acquisition.

Financial highlights

• Net revenue reached AUD 1,090 million (up 1% year-over-year); sales revenue AUD 1,097 million (up 1%).

• EBITDA declined 2% to AUD 459 million; adjusted profit AUD 155 million (down 13%); statutory/reported profit AUD 238 million.

• Free cash flow rose 41% to AUD 203 million; full-year dividend 46 cents per share, up 31%.

• Total expenditure was AUD 761 million (down 2%); Capex AUD 130 million (down 19%).

• Net leverage ratio improved to 2.1x, below the target of 2.5x.

Outlook and guidance

• FY26 guidance: Net revenue AUD 1.15bn–1.25bn; total expenditure AUD 810m–840m; EBITDA AUD 510m–550m; adjusted profit AUD 190m–220m.

• Double-digit revenue growth and 8% total expenditure growth expected, with EBITDA and adjusted profit also rising if market conditions hold.

• Labour market conditions expected to remain flat to low in FY26, with slight unemployment growth in Australia and ongoing economic uncertainty in Asia.

• Focus shifted from long-term revenue targets to operational metrics: placements, yield, and operating leverage.

• Capex to increase for product innovation, AI, data, and trust initiatives; guidance includes a full year of Sidekicker operations.