SEEK (SEK) H2 2026 earnings summary

Executive summary

• Achieved sixth consecutive year of double-digit yield growth and fourth consecutive half of operating leverage, with EBITDA up 15% and net revenue up 10% year-over-year, despite ANZ and Asia volume declines.

• Adjusted profit and EPS increased 28% year-over-year; record full-year dividend of 52cps, up 13%, with a 100% payout ratio of cash profit.

• Upgraded medium-term goals due to increased confidence in AI-driven competitive advantage and platform unification.

• Investments in AI and platform unification contributed to resilience and innovation.

Financial highlights

• Net revenue rose 10% to $1,199m, EBITDA increased 15% to $530m, and adjusted profit up 28% to $199m.

• Free cash flow grew 21% to $246m; EBITDA margin expanded to 44%; operating cash flow conversion at 104% of EBITDA.

• Reported loss of $307m due to Japan/Zhaopin impairment and $201m net loss from the fund (13% portfolio valuation decline).

• Net debt just under $1 billion; net leverage ratio improved to 1.8x.

• Record full-year dividend of 52cps, up 13%, fully franked, representing 100% payout of cash profit.

Outlook and guidance

• FY2027 guidance: revenue $1,210m–$1,280m, EBITDA $530m–$580m, adjusted profit $185m–$215m.

• Targeting minimum 10% annual yield growth, mid single-digit cost growth, and growing placement leadership in every market.

• Maximum cost growth capped at 5% for next year; confident in delivering revenue growth and operating leverage in a lower-volume environment.

• Base case assumes mid-single-digit volume declines, but continued yield and cost discipline.