SEEK reports $1.28bn sales revenue and $199m adjusted profit in FY2026

Operational momentum drives revenue and profit gains

SEEK Limited (ASX:SEK) delivered a robust FY2026 with sales revenue climbing 17% to $1.28 billion, powered by an 18% increase in paid ad yield across its Asia-Pacific (APAC) markets. This marks the sixth consecutive year of double-digit yield growth, underscoring the strength of SEEK’s marketplace despite a 6% decline in paid ad volumes amid softer macroeconomic conditions.

Adjusted profit from continuing operations rose 28% to $199 million, supported by 15% growth in EBITDA to $530 million and an expanded EBITDA margin of 44%. The company achieved operating leverage for the fourth consecutive half, with total expenditure rising 8% compared to 10% revenue growth, reflecting disciplined cost management alongside increased investment in AI and product innovation.

Impairments on Zhaopin and Growth Fund weigh on reported earnings

Despite these operational gains, SEEK reported a net loss of $371 million for FY2026, primarily due to significant non-cash charges. The company recognised a $284 million impairment on its 23.5% equity accounted investment in Zhaopin, its Chinese associate, following a strategic review by Zhaopin’s management and ongoing discussions to simplify its ownership structure.

Additionally, SEEK’s 83.8% interest in the SEEK Growth Fund, a portfolio of high-growth HR SaaS, education, and contingent labour businesses, posted a $201 million net loss. This reflected a 13% decrease in the Fund’s total portfolio valuation, particularly driven by valuation declines in HR SaaS assets amid broader market sell-offs. The Fund’s underlying assets, however, continued to deliver look-through revenue growth of 15%, with a cumulative return on invested capital of 12% since inception.

Record dividend and confidence in AI-driven strategy

SEEK’s Board declared a final fully franked dividend of 25 cents per share, bringing the full-year dividend to a record 52 cents per share, up 13% on FY2025. This payout represents 100% of cash profit less capital expenditure, reflecting the company’s strong free cash flow of $246 million, up 21% year-on-year.

CEO Ian Narev highlighted the company’s strengthened strategic foundations, citing the benefits of its Platform Unification program and AI capabilities that have enhanced product delivery speed and marketplace value. SEEK has upgraded its medium-term goals, targeting a minimum 10% annual yield growth through the cycle and mid single-digit cost growth, aiming to increase market leadership across all APAC regions.

Segment performance and market positioning

In Australia and New Zealand (ANZ), revenue grew 12% driven by a 14% yield increase, despite a 2% decline in Australian paid ad volumes amid a weaker hiring environment. New Zealand volumes rebounded with an 8% increase. In Asia, revenue rose 3% (5% in constant currency) with a 20% yield increase offsetting a 12% drop in paid ad volumes due to the freemium model rollout and macroeconomic challenges, particularly in Hong Kong.

SEEK maintained stable placement share in both Australia (35.5%) and Asia (25.4%), reinforcing its leadership position. The company’s diversified ad product mix, including Basic, Advanced, and Premium tiers, along with expanded sourcing solutions such as JobAdder and Sidekicker, supports a broad range of hirer needs and budgets.

Sustainability and governance advances

SEEK continued to embed sustainability into its operations, achieving ISO certification for AI governance and information security, and completing its first year of mandatory climate-related financial disclosures under Australian Sustainability Reporting Standards. The company’s climate strategy includes a 50% GHG emissions reduction target by 2030 and net zero by 2050, with ongoing engagement on climate-related risks and opportunities.

Governance enhancements included the appointment of Greg Roebuck as Chairman in March 2026, bringing fresh perspectives on remuneration and strategy. The Board maintained a strong focus on risk management, including cybersecurity, regulatory compliance, and execution effectiveness amid rapid technological change.

Executive remuneration and shareholder alignment

SEEK’s executive remuneration framework continues to emphasise equity-based incentives aligned with shareholder returns. The FY2024 Wealth Sharing Plan (WSP) award lapsed due to relative total shareholder return (rTSR) performance below the ASX 100 median, marking the third consecutive lapse. The FY2026 Equity Rights vested but declined approximately 40% in value following share price falls.

The Board is actively reviewing remuneration design to better balance management effort, business results, and shareholder alignment, with ongoing investor engagement planned.