SEEK (ASX: SEK) – SEEK FY2026 Full Year Results

SEEK Limited delivered adjusted profit growth of 28% in FY2026, reaching AUD 199 million, as the employment marketplace operator achieved both revenue growth and margin expansion simultaneously. Net revenue grew 10% to AUD 1,199 million while EBITDA expanded 15% to AUD 530 million, with the EBITDA margin widening two percentage points to 44%. This combination reflects management’s execution against its stated priorities: growing placements, driving yield, and capturing operating leverage as AI productivity gains outweighed the increase in AI-related costs.

The yield performance underpinned results. APAC yield growth reached 18%, marking the sixth consecutive year of double-digit growth. In Australia and New Zealand, yield rose 14% despite paid ad volumes declining just 1%, demonstrating that hirers are willing to pay more as SEEK’s matching capabilities and candidate quality improve. Across Asia, paid ad yield grew 20% despite a 12% volume decline, driven by depth adoption of higher-tier ad products and value-based pricing as the freemium rollout completed. Management attributes this to increased confidence in hiring outcomes linked to SEEK’s proprietary data on candidate behaviour and credentials, which now exceed 16 million verified profiles.

The company deployed new AI-powered tools targeting both sides of the marketplace. On the candidate side, SEEK introduced a career agent offering proactive role matching and career guidance, while a personalised career feed surfaces relevant opportunities. For hirers, an assist agent automates tasks such as candidate screening and reference checks, while personalised targeting learns from past hiring decisions. These tools are differentiated across the ad tier structure, with premium tiers receiving maximum assist and targeting capabilities, driving willingness to pay increases.

Free cash flow grew 21% to AUD 246 million, while net debt leverage improved to 0.3 times EBITDA from 2.1 times in the prior year. SEEK declared a record full year dividend of 52 cents per share on a 100% payout ratio of cash profit, demonstrating confidence in cash generation. The SEEK Growth Fund portfolio valuation declined 13% to AUD 1,978 million, largely driven by HR SaaS valuation compression, though the Fund achieved a 12% return on invested capital since creation.

Looking ahead, management guided FY2027 revenue in the range of AUD 1,210 million to AUD 1,280 million, assuming mid-single-digit ANZ volume declines offset by approximately 10% yield growth, with Asia revenue growing low single digits in constant currency. Operating leverage is expected to persist as the company maintains mid-single-digit cost growth. Investors should monitor whether the employment marketplace sustains yield growth momentum as macro conditions persist, whether the freemium model in Asia reaches profitable scale, and the progress of the Employment Hero sale process within the SEEK Growth Fund.

View the full ASX announcement (PDF)

About SEEK Limited (ASX: SEK)

SEEK Limited is an Australian online employment marketplace company that operates job advertisement services across multiple countries including Australia, New Zealand, Southeast Asia, Hong Kong, the United Kingdom, and Europe. The company provides employment platforms under the SEEK, Jobstreet, and Jobsdb brand names. SEEK is headquartered in Cremorne, Australia and connects job seekers with employers across its various markets.

If you would like to discuss this announcement or how it might affect your portfolio, request a callback or call us on 1300 889 603.