SEEK FY26 EBITDA Up 15%; $371m Total Operations Loss

SEEK Limited (ASX:SEK) reported FY2026 results for continuing operations, with sales revenue of $1,284 million, up 17%, and net revenue of $1,199 million, up 10%. SEEK defines net revenue as sales revenue less Sidekicker's contingent labour fulfilment costs and treats it as its key revenue metric; figures are in Australian dollars and growth comparisons are against FY2025. Total expenditure rose 8% to $821 million, comprising operating expenses of $669 million, up 6%, and capital expenditure of $152 million, up 17%. EBITDA increased 15% to $530 million, an EBITDA margin of 44% of net revenue, adjusted profit increased 28% to $199 million, adjusted earnings per share rose 28% to 56 cents and free cash flow increased 21% to $246 million. Net revenue growth of 10% was driven by 18% paid ad yield growth across APAC, which SEEK said more than offset declines in paid ad volumes reflecting macroeconomic conditions in Australia and Asia and freemium impacts in Asia. ANZ revenue increased 12% with job ad yield up 14%, Australian job ad volumes down 2% and New Zealand volumes up 8% following several years of declines; Asia revenue increased 3%, or 5% on a constant currency basis, with paid job ad yield up 20% and paid job ad volumes down 12%.

SEEK recorded a reported loss of $306.5 million for continuing operations and $371.3 million for total operations. For total operations this comprised adjusted profit of $206.7 million, less a net loss of $201.2 million from the SEEK Growth Fund and significant items of $377 million. Significant items largely comprised a previously announced $356 million total impairment charge recorded against the total investment in Zhaopin, split between $283.6 million against SEEK's 23.5% equity accounted investment in continuing operations and $72.4 million against the net consideration receivable in discontinued operations, plus a $9.5 million performance fee payable to the Fund's manager reflecting the increase in JobAdder's value. The Fund's net loss followed a 13% decrease in its total portfolio value, measured including distributions, driven by valuation declines in HR SaaS assets, although SEEK said those assets delivered look-through revenue growth of 23%. The Board determined a final dividend of 25 cents per share fully franked, representing 100% of cash profit less capex, bringing the FY2026 dividend to 52 cents per share fully franked, up 13% and described by SEEK as a record. For FY2027, excluding the Fund and significant items, SEEK guided to revenue of approximately $1,210 million to $1,280 million, total expenditure of approximately $825 million to $860 million, EBITDA of approximately $530 million to $580 million and adjusted profit of approximately $185 million to $215 million. Chief Executive Officer Ian Narev said the company has the confidence to upgrade its goals against its key strategic objectives, aiming to increase market positions in every market and grow yield by a minimum of 10% annually through the cycle while maintaining mid single digit cost growth. Non-IFRS measures used in the announcement have not been subject to audit or review.