Key Highlights

  • Sales Revenue rose 17% to $1,284.2 million and EBITDA rose 15% to $529.9 million, a 44% margin.
  • A total Impairment of $356 million relating to Zhaopin drove the statutory loss.
  • The final Dividend was 25 cents per share, fully franked, taking the full-year dividend to 52 cents, up 13%.
  • FY27 guidance is revenue of $1,210 million to $1,280 million and EBITDA of $530 million to $580 million.

Why did SEEK (ASX:SEK) lift its dividend to a record while reporting a large statutory loss? The short answer is that the two figures measure different things. SEEK's core online employment marketplaces grew Earnings and Cash Flow in the year ended 30 June 2026, while a write-down of its China Investment and falling valuations in its venture portfolio produced the loss. The results were released on 12 August 2026, and all figures are in Australian dollars.

What SEEK does and how it earns

SEEK operates online employment marketplaces, mainly in Australia and New Zealand (ANZ) and Asia, where its Jobstreet and JobsDB brands operate. Revenue is driven by Job advertisement volumes and the price, or yield, per advertisement, as well as by add-on products for employers. It also holds a minority investment in China's Zhaopin and a portfolio of investments in human resources software through the SEEK Growth Fund.

The FY26 numbers

Sales revenue rose 17% to $1,284.2 million, and net revenue rose 10% to $1,198.9 million. EBITDA rose 15% to $529.9 million, a Margin of 44%. Adjusted profit from continuing operations rose 28% to $199.1 million, and free cash flow rose 21% to $246.0 million.

The statutory result was very different. SEEK reported a loss from continuing operations of $306.5 million and a loss from total operations of $371.3 million, or 103.9 cents per share. A separate statutory net profit line was not identified in the sections reviewed, so these loss figures are the best reported measures.

Costs grew more slowly than revenue. Total expenditure rose 8% to $821.0 million, of which operating expenses were $669.0 million, up 6%, and Capital Expenditure was $152.0 million, up 17%. Adjusted Earnings Per Share were 56 cents, up 28%. Adjusted profit from total operations, which includes discontinued items, was $206.7 million, up 26%.

Why the loss occurred

Two items explain most of the gap. First, SEEK recorded a total impairment of $356 million relating to Zhaopin, comprising $284 million against its 23.5% equity-accounted investment and $72 million against a net consideration receivable in discontinued operations. Total significant items were $377 million.

Second, the SEEK Growth Fund recorded a net loss of $201.2 million, as the value of its portfolio fell 13%, mainly in HR software assets. The Fund's look-through revenue from HR software grew 23%, and SEEK reported a cumulative return on invested capital of 12% since inception, so the picture is mixed rather than uniformly negative.

Dividend and capital

The final dividend was 25 cents per share, fully franked, taking the full-year dividend to 52 cents, up 13% from 46 cents. It was paid on 1 October 2026 to holders on the register at 3 September. SEEK said the final dividend represented 100% of cash profit less capital expenditure, which links the payout to cash generation rather than statutory earnings.

The announcement said near-term sales of investments valued above $1 billion are planned, with the Employment Hero sale process ongoing and more detail expected before the end of 2026. Those are intentions, not completed transactions, and the announcement does not give a price or timetable for Employment Hero. SEEK also recorded a $9.5 million performance fee for the Fund manager, reflecting JobAdder's increased value.

Segment performance

ANZ sales revenue rose 12% to $945.4 million. Job advertisement Yield increased 14%, while Australian advertisement volumes fell 2%. New Zealand volumes rose 8%, after several years of decline. Revenue growth is therefore leaning on price rather than Volume in Australia.

Asia sales revenue rose 3% to $253.5 million, or 5% in constant currency. Paid job advertisement yield rose 20%, while paid volumes fell 12%. SEEK's medium-term goals were lifted to yield growth of at least 10% a year through the cycle, with mid-single-digit cost growth.

SEEK's chief executive said its advantages in AI are its data and trust. Operating expenses rose 6% and capital expenditure rose 17%. The company also credited its Platform Unification programme and AI investment for supporting the result, although the benefits of both are difficult to separate from pricing effects in the figures reviewed.

FY27 guidance

Guidance excludes the Fund and significant items. SEEK expects revenue of $1,210 million to $1,280 million, EBITDA of $530 million to $580 million, and adjusted profit of $185 million to $215 million. Operating expenses are guided to $680 million to $700 million and capital expenditure to $145 million to $160 million.

Placed against FY26, the lower end of EBITDA guidance is roughly flat on the $529.9 million reported, and the midpoint of adjusted profit guidance, at $200 million, is close to the $199.1 million reported. That comparison is this article's, and the announcement does not say which FY26 revenue measure the revenue guidance should be compared with.

This article does not attempt to attribute that move to any single factor.

Risks and things to monitor

Hiring Demand is the first variable. Australian volumes already fell 2% in FY26, and yield growth cannot offset volume declines indefinitely, especially if employers resist price rises. In Asia, the 12% fall in paid volumes is a larger gap, partly offset so far by a 20% rise in yield.

Second, the investment portfolio can move results sharply, as the Fund's $201.2 million loss showed. Third, the timing and price of any Employment Hero sale are unknown. Fourth, AI tools could alter how employers find candidates, and SEEK's spending on product, technology and AI is rising.

Readers should consult SEEK's FY26 Annual Report and ASX announcements for statutory detail, including the split between continuing and discontinued operations.