SEEK Limited (ASX:SEK) operates online employment marketplaces across Australia, New Zealand and Asia, connecting employers with Job seekers through job advertisements, candidate search tools and other recruitment services. FY26 produced higher revenue, operating earnings, adjusted profit and free cash flow, allowing the company to lift its full-year Dividend to a record level. At the same time, impairments associated with Zhaopin and valuation movements in the SEEK Growth Fund resulted in a substantial statutory loss, highlighting the difference between the performance of SEEK's core employment marketplaces and its investment-related accounting results.

FY26 adjusted profit rises to A$199 million

SEEK reported net Revenue of A$1.199 billion for FY26, representing growth of 10%.

EBITDA increased 15% to A$530 million.

Adjusted profit reached A$199.1 million, up 28%, while adjusted Earnings per share increased to 56 cents.

The stronger adjusted result reflected higher revenue across the core employment marketplace businesses and improved operating leverage.

SEEK defines adjusted profit as reported earnings excluding the results from its interest in the SEEK Growth Fund and significant items.

This measure is therefore intended to provide a clearer view of the earnings generated by the underlying employment marketplace operations.

Statutory result falls to a A$307 million loss

SEEK recorded a statutory loss attributable to shareholders of approximately A$306.5 million.

The difference between the statutory and adjusted results was driven largely by non-operating investment-related items.

The company recognised a total Impairment of A$356.0 million associated with Zhaopin.

This comprised a A$283.6 million impairment of SEEK's equity-accounted Investment in the Chinese employment platform and a further A$72.4 million impairment of the net proceeds receivable from an earlier transaction involving the business.

The impairment reflected weaker economic conditions, competitive pressures and a revised outlook for Zhaopin.

These charges reduced reported profit but did not represent equivalent cash expenditure from SEEK's core marketplaces during FY26.

Growth Fund valuations also affect reported earnings

SEEK's interest in the SEEK Growth Fund created another substantial difference between statutory and adjusted earnings.

The Fund recorded a decline in portfolio valuations during FY26, with SEEK's share contributing significantly to the reported loss.

SEEK excludes the Growth Fund result from adjusted profit because the portfolio's valuation movements can vary considerably between reporting periods and do not directly reflect the day-to-day performance of the employment marketplaces.

This distinction is important when interpreting the FY26 result.

The statutory loss captures the accounting value of all SEEK's recognised investments and associated assets, while adjusted profit focuses more closely on the operating businesses that generate marketplace revenue and cash flow.

ANZ revenue grows 12%

Australia and New Zealand remained SEEK's largest earnings region.

ANZ net revenue reached A$945.4 million in FY26, representing growth of 12%.

The increase was driven mainly by higher revenue per paid advertisement.

Overall ANZ job advertisement volumes declined 1%.

Australian volumes fell 2% as softer economic conditions affected hiring activity during the second half, while New Zealand volumes increased 8%.

Despite the lower overall volume, job-ad Yield increased 14%.

This meant SEEK generated substantially more revenue from each paid advertisement, more than offsetting the modest fall in volumes.

Yield growth remains central to the model

SEEK's revenue strategy increasingly depends on expanding the value generated from each employer advertisement.

Employers can purchase additional features and higher-value products designed to improve visibility, targeting and candidate engagement.

These services allow SEEK to increase revenue even when the total number of paid advertisements is relatively flat or declining.

Across its employment marketplaces, core job advertisements and advertisement enhancements generated approximately A$1.08 billion of revenue during FY26.

Expanded sourcing solutions and other services contributed a further A$122.7 million.

The combination allows SEEK to grow revenue through both pricing and broader product adoption.

However, sustained yield growth also depends on employers continuing to see sufficient value in the platform.

Asia faces weaker advertisement volumes

SEEK's Asian employment marketplaces generated net revenue of approximately A$253.5 million in FY26.

Reported revenue increased 3%.

The Business operates major employment platforms across markets including Singapore, Malaysia, Indonesia, Thailand, the Philippines and Hong Kong.

Advertisement volumes remained under pressure during FY26, while higher yield helped offset some of the weakness.

The result demonstrates a similar pattern to ANZ but with a larger Volume decline.

SEEK is therefore relying on product improvements, pricing and greater adoption of recruitment tools to support revenue while labour-market conditions remain uneven across the region.

EBITDA Margin expands

SEEK's EBITDA increased faster than net revenue during FY26.

Net revenue grew 10%, while EBITDA increased 15% to A$530 million.

This produced further Operating Leverage as revenue growth exceeded the increase in operating expenses.

Operating expenditure increased 6% to A$669 million.

For a digital marketplace, this relationship is important because additional revenue can often be generated without an equivalent increase in platform operating costs.

However, SEEK continues investing heavily in technology, artificial intelligence, data and marketplace development.

Maintaining margin expansion therefore depends on revenue growth being sufficient to absorb those investments.

Free Cash Flow supports higher distributions

Free cash flow increased to approximately A$246 million in FY26.

The increase in cash generation helped support the higher dividend despite the statutory accounting loss.

Cash flow and statutory profit can differ significantly when reported earnings include large non-cash impairments or investment valuation movements.

That distinction is particularly relevant in SEEK's FY26 result.

The Zhaopin write-down reduced reported earnings substantially but did not have the same effect on cash generated by the core operating businesses.

This helps explain how the company could report a statutory loss while still increasing distributions.

Dividend reaches a record 52 cents

SEEK declared a fully franked final dividend of 25 cents per share.

Together with the 27-cent interim dividend, the total FY26 dividend reached 52 cents per share.

That represented an increase of 13%.

The dividend was supported by adjusted earnings and cash flow from the operating businesses rather than the statutory result alone.

Dividend decisions remain dependent on future earnings, cash requirements and board approval.

Because employment Advertising is linked to hiring conditions, distributions can still be affected if labour-market weakness reduces marketplace revenue and cash generation.

AI investment increases across the platform

Artificial intelligence has become an increasingly important part of SEEK's product strategy.

The company is using AI to improve job recommendations, candidate matching, search and tools provided to employers.

During 2026, SEEK introduced additional AI-powered features designed to help hirers identify relevant candidates and help job seekers discover suitable opportunities.

The company's large pool of employment data gives it a substantial information base for developing these tools.

However, AI also changes the competitive environment.

Recruitment platforms increasingly need to demonstrate that their data, matching technology and employer relationships provide value beyond what more general AI tools can offer.

Data and trust become strategic priorities

SEEK has emphasised the importance of trusted data as recruitment technology becomes more automated.

Employers need confidence that candidate information is accurate, while job seekers need confidence that roles and organisations on the platform are legitimate.

The company has continued investing in identity, security and AI governance during 2026.

It also achieved certifications covering information security and AI management.

These investments add to operating costs but are increasingly important as AI takes on a larger role in recruitment decisions.

The ability to combine technology with trusted employment data is therefore becoming part of SEEK's competitive strategy.

FY27 guidance points to more moderate growth

SEEK's FY27 outlook suggests a slower earnings trajectory than the growth recorded in FY26.

The company expects net revenue of approximately A$1.21 billion to A$1.28 billion.

EBITDA is expected to range between A$530 million and A$580 million.

Adjusted profit is expected to be approximately A$185 million to A$215 million.

The guidance assumes continuing softness in employment advertising, including a mid-single-digit decline in ANZ paid advertisement volumes.

This means yield growth and product adoption will again need to offset part of the impact from lower hiring activity.

Volume and yield will be the key FY27 balance

The relationship between advertisement volumes and yield will remain central during FY27.

FY26 demonstrated that SEEK can grow revenue despite weaker volumes when revenue per advertisement rises sufficiently.

There is nevertheless a limit to how far pricing and premium products can offset falling recruitment demand.

Employers ultimately need to continue hiring and using paid listings for the marketplace to expand over the longer term.

The performance of Australian job advertisements will therefore be closely connected to broader economic conditions, business confidence and labour demand.

Asia presents a similar challenge, with SEEK working to grow yield and improve platform monetisation while advertisement volumes remain subdued.

What could shape FY27 performance?

Hiring conditions are the most immediate variable.

SEEK's guidance already assumes weaker ANZ advertisement volumes, making the actual pace of decline an important factor.

Yield growth will need to remain strong enough to offset part of that volume pressure.

AI and data investment represent another major area of focus.

New tools need to improve outcomes for employers and job seekers while supporting revenue growth and customer retention.

The Zhaopin investment and SEEK Growth Fund may continue creating Volatility in statutory earnings, even when the core marketplace businesses perform differently.

For that reason, both statutory and adjusted measures will remain relevant.

FY26 showed how SEEK can deliver higher operating earnings, free cash flow and dividends despite a large accounting loss outside its core employment marketplaces. FY27 will show whether continued pricing and product improvements can offset weaker hiring volumes while the company increases investment in AI and platform technology.