Key Highlights

• On continuing operations, SEEK reported sales Revenue of $1,284 million, up 17%, and net revenue of $1,199 million, up 10%.

• The statutory loss from continuing operations was $307 million, and $371 million including total operations.

• In Australia and New Zealand, revenue was $945 million, up 12%.

• SEEK guided FY27, excluding the Growth Fund and significant items, to revenue of about $1,210 million to $1,280 million, EBITDA of about $530 million to $580 million and adjusted profit of about $185 million to $215 million.

Why would an online employment marketplace report higher Earnings and a record Dividend in the same result as a large statutory loss? SEEK Limited (ASX:SEK) did so on 12 August 2026. Continuing operations delivered EBITDA of $530 million, up 15%, while the statutory loss from continuing operations was $307 million. The difference is explained by write-downs and Investment losses outside the core job-advertising business, and the result is easier to read once those two parts are separated.

All figures are Australian dollars for the year ended 30 June 2026, from SEEK's ASX announcement, unless stated.

The core business: an encouraging year

On continuing operations, SEEK reported sales revenue of $1,284 million, up 17%, and net revenue of $1,199 million, up 10%. Net revenue is the company's preferred revenue measure. EBITDA rose 15% to $530 million and the Margin rose to 44%. Adjusted profit was $199 million, up 28%, with adjusted Earnings Per Share of 56 cents. (Total operations adjusted profit was $207 million, which explains why some media reports quote two figures.) Free Cash Flow rose 21% to $246 million.

Total expenditure was $821 million, up 8%, including operating expenses of $669 million, up 6%, and Capital Expenditure of $152 million, up 17%. Management attributed higher capital spending to product, technology and AI investment.

The dividend for the year was 52 cents per share fully franked, a record and up 13%. The final dividend of 25 cents was equal to 100% of cash profit less capital expenditure, with a Record Date of 3 September 2026 and payment on 1 October 2026.

Why the statutory result was a loss

The statutory loss from continuing operations was $307 million, and $371 million including total operations. The announcement points to a $356 million Impairment relating to Zhaopin, SEEK's investment in China, and a $201 million net loss on the SEEK Growth Fund, alongside other significant items.

An impairment is a non-cash accounting write-down of an asset's carrying value. It does not reduce cash in the current year, but it signals that the asset is worth less than previously recorded, which matters for the value of SEEK's investment portfolio. The Growth Fund holds venture-style investments whose valuations can swing, and SEEK reports its results excluding the fund in its guidance.

Segment performance

In Australia and New Zealand, revenue was $945 million, up 12%. Job ad yield, meaning the average revenue earned per advertisement, rose 14%. Australian job ad volumes fell 2%, while New Zealand volumes rose 8%. This pattern, with price per ad rising while volumes slip, has been SEEK's recent growth model. It works while employers accept higher prices and product upgrades, but it relies on pricing power rather than volume, and weaker hiring would test it.

In Asia, revenue was $254 million, up 3% (5% in constant currency). Paid job ad Yield rose 20%, but paid job ad volumes fell 12% as the Business moved to a Freemium approach. Press reports also pointed to weak conditions in Hong Kong.

FY27 guidance and the market reaction

SEEK guided FY27, excluding the Growth Fund and significant items, to revenue of about $1,210 million to $1,280 million, EBITDA of about $530 million to $580 million and adjusted profit of about $185 million to $215 million. These are forecasts.

At the midpoints, EBITDA would rise by about 5% and adjusted profit would be roughly flat on the $199 million delivered, which is a much slower pace than FY26. Management cited ongoing global uncertainty and expected mid-single-digit growth. Medium-term goals were upgraded: yield growth of at least 10% annually through the cycle, with cost growth in the mid single digits.

Competitive position and AI

SEEK competes with LinkedIn, Indeed and other job platforms, and with recruitment agencies. Its position rests on audience size and employer relationships in Australia and New Zealand. Management's quoted view is that it has "unique sources of Competitive Advantage in two key areas: data and trust."

The key unresolved question is artificial intelligence. Generative tools could improve matching and make SEEK's products better, or they could allow rivals to lower the cost of attracting employers and candidates.

Capital allocation and the Growth Fund

The announcement said the sale process for the Growth Fund's stake in Employment Hero is ongoing and that near-term sales of investments valued at over $1 billion are likely, with further detail expected before the end of calendar 2026. SEEK's Annual General Meeting is scheduled for 18 November 2026.

Material risks

- Hiring cycles: volumes already declined in Australia and Asia.

- Dependence on yield growth continuing at high rates.

- AI-related competition and disruption.

- Further impairments or valuation losses in the investment portfolio.

- Execution on investment sales and clarity on proceeds.

- Rising technology and compute spending.

What to monitor

The AGM on 18 November 2026, the Growth Fund strategy update due before the end of calendar 2026, job-ad Volume trends in Australia and New Zealand, yield growth against the 10% medium-term aim, and progress against the FY27 guidance ranges.