SEEK delivers 15% EBITDA lift and record dividend as AI strategy sharpens
In its FY2026 full year results presentation, released 12 August 2026 for the period ended 30 June 2026, SEEK Limited reported net revenue of $1,199m, up 10%, and EBITDA of $530m, up 15%, alongside a record full year dividend and upgraded medium-term goals.
Management outlined a sixth consecutive year of double-digit yield growth across the Asia Pacific (APAC) region, with operating leverage maintained even as investment in artificial intelligence (AI) increased. The EBITDA margin expanded two percentage points to 44%, while adjusted profit rose 28% to $199m and adjusted earnings per share (EPS) climbed 28% to 56cps.
The company detailed one blemish: a reported loss of ($307m), against a prior comparable period (pcp) profit of $238m. This was driven by non-cash items, specifically a $284m Zhaopin impairment and a $201m net loss on the SEEK Growth Fund valuation, rather than operating performance.
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FY26 financial results at a glance
The result reflected yield growth more than offsetting volume declines, with 18% APAC yield growth absorbing a 6% paid ad volume decline. Operating leverage was recorded for the fourth consecutive half, as total expenditure rose 8% against revenue growth of 10%.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Net revenue | $1,199m | $1,090m | +10% |
| EBITDA | $530m | $459m | +15% |
| Adjusted profit | $199m | $155m | +28% |
| Free cash flow | $246m | $203m | +21% |
| Full year dividend | 52cps | 46cps | +13% |
| Net leverage ratio | 1.8x | 2.1x | ▼0.3x |
Cash generation supported the record full year dividend, with the balance sheet remaining disciplined. Supporting detail included:
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Operating cash flow to EBITDA conversion of 104%
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Net debt of $962m, with leverage well within the target of below 2.5x
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100% payout ratio of cash profit
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Total expenditure up 8% against revenue up 10%, reflecting operating leverage
Key highlight
Sixth consecutive year of double-digit yield growth across APAC
How SEEK grows revenue when ad volumes fall
A central feature of the presentation was SEEK’s yield-led model, which allows revenue to grow even as job ad volumes decline. Yield refers to revenue per paid job ad. Management attributed yield growth to three drivers: depth adoption, value-based pricing linked to customer return on investment (ROI), and inflation-linked pricing.
Depth adoption describes hirers upgrading to higher-tier ads, such as Advanced and Premium formats, for better outcomes. For investors, this pricing power is largely decoupled from the volatility of the hiring cycle.
In ANZ, revenue grew 12%, with yield up 14% offsetting a 1% volume decline. Australian ad volumes fell 2%, while New Zealand grew 8%. Placement share held at 35.5%, described as a four-times lead over the nearest competitor in Australia.
In Asia, revenue rose 3% (5% in constant currency), with yield up 20% against a 12% paid volume decline and placement share of 25.4%. Depth ads (Advanced plus Premium) as a share of total paid ads reached 27% in ANZ (up from 10% in FY23) and 27% in Asia (up from 7% in FY23).
Freemium rollout completed across Asia
The freemium rollout is now complete across all six Asia markets, spanning the Philippines through to Malaysia in February 2026. Early outcomes since pre-freemium included approximately 35% growth in total ads, around 30% growth in unique hirers, and roughly 30% growth in unique visitors.
Asia revenue rose 10% in H2 26 versus H2 25 in constant currency (3% reported). Management noted revenue has returned to pre-freemium levels in all markets except Hong Kong, where macro conditions weighed on activity.
Data and trust — SEEK’s edge in the age of AI
Management’s central strategic thesis is that AI is widespread, but proprietary data and trust are not, and these strengths compound as AI use increases. The presentation positioned this data and trust advantage as the foundation behind the upgraded goals.
New AI tools were launched for both sides of the marketplace, including a career feed and career agent for candidates, and personalised targeting and an assist agent for hirers. Key data and trust metrics included:
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>750m data points per day of employment activity
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91% unaided brand awareness in Australia and 59% in Asia, built over nearly 30 years
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>60m candidate profiles, >360k hirer relationships, and >130 ATS integration partners
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>16m verified candidate credentials, with >65% of ANZ applications from candidates holding verified credentials
AI is already reshaping how SEEK works
The presentation detailed AI’s internal adoption, with >85% uptake of leading internal AI tools and >75% of code generated with AI assistance. This contributed to a >40% increase in code throughput.
Management noted AI costs remain a low single digit share of the total cost base, with productivity gains expected to continue outweighing AI cost increases.
Upgraded medium-term goals signal confidence
The headline strategic takeaway was management’s confidence to upgrade its three medium-term goals:
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Growing placements: grow leadership position in every market, under a new placement survey methodology
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Growing yield: minimum 10% yield growth through the cycle
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Operating leverage: mid single digit cost growth through the cycle, keeping revenue growth above cost growth
Management pointed to significant yield runway, noting a SEEK job ad costs approximately 1% of annual salary, compared with a mid-market recruiter fee of 10-15%. Roles with high automation exposure account for less than 10% of SEEK’s job ads, reflecting a diversified job mix across future labour market scenarios.
SEEK Growth Fund and FY27 outlook
SEEK Growth Fund
The Fund’s total portfolio value declined 13% to $1,978.0m (FY25: $2,268.7m), with declines mainly HR SaaS driven and consistent with the wider SaaS sell-off. Since creation, the Fund achieved an ROI of 12% (IRR of 3%), with distributions of $206.4m representing 12% of invested capital.
Four businesses, Employment Hero, Go1, HiBob and OES, comprised 74% of the Fund valuation. Management provided a strategic update noting plans likely to include the near-term sale of investments currently valued at over $1 billion, with more detail expected before the end of the 2026 calendar year. The sale process for the Fund’s stake in Employment Hero remains in progress.
FY27 guidance
The company provided FY27 guidance signalling continued growth despite a soft hiring macro environment.
| Metric | FY26 actual | FY27 guidance |
|---|---|---|
| Net revenue | $1,199m | $1,210m–$1,280m |
| Total expenditure | $821m | $825m–$860m |
| EBITDA | $530m | $530m–$580m |
| Adjusted profit | $199m | $185m–$215m |
Delivery of the midpoints in constant currency would represent approximately 5% revenue growth and 6% EBITDA growth versus FY26. For ANZ, guidance assumes approximately 10% yield growth, with a base case of mid single digit volume declines.
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