SEEK Limited (ASX: SEK) has reported a solid operational performance for the half year ended 31 December 2025, with double-digit revenue growth and improved profitability metrics, despite recording a statutory loss due to a non-cash impairment.
 
SEEK Limited reported 12% net revenue growth and 19% EBITDA growth in H1 FY26, driven by AI-enabled yield expansion across ANZ and Asia. [studcosystems]
The online employment marketplace delivered net revenue of $600.9 million, up 12% year-on-year (11% excluding Sidekicker), while EBITDA rose 19% to $267.1 million. Adjusted profit increased 35% to $104.1 million. However, a $283.6 million impairment relating to Zhaopin resulted in a reported loss from continuing operations of $177.9 million.
Management attributed the underlying growth to AI-driven product enhancements, yield expansion and operating discipline across its Asia-Pacific employment marketplaces.
Key Financial Highlights
- Net revenue: $600.9 million, up 12%
- Sales revenue: $646.6 million, up 21%
- EBITDA: $267.1 million, up 19%
- EBITDA margin: 44% (up from 42%)
- Adjusted profit: $104.1 million, up 35%
- Total expenditure: $409.2 million, up 10% (8% ex-Sidekicker)
- Interim dividend: 27 cents per share, up 13%
- Net debt: $990.4 million; leverage ratio reduced to 2.0x
Revenue growth exceeded cost growth, reinforcing SEEK’s operating leverage model. The company noted that cost growth remained within its targeted mid-to-high single-digit range through the cycle.
ANZ Marketplace: Yield Driving Growth
Revenue from the ANZ employment marketplace rose 14% to $476 million, despite paid ad volumes declining 2% year-on-year as labour markets stabilised.
Key performance drivers included:
- Paid ad yield growth: 17%
- Placement share (Australia):3%, a record level
- Placement lead:9x nearest competitor
- Brand awareness: 92%
Yield expansion was supported by AI-enabled ad tiers, dynamic pricing models and increased adoption of Advanced and Premium job ads. Depth ad adoption continued to increase, reflecting employers’ willingness to pay for higher-performance listings.
Over three years, applications per candidate in ANZ have risen approximately 50%, while placement share has improved by seven percentage points.
Asia Marketplace: Freemium Model Scaling
Asia revenue increased 4% to $125 million, despite a 14% decline in paid volumes due to freemium transitions and softer labour conditions in select markets.
Performance highlights include:
- Paid ad yield growth: 17%
- Placement share (Asia):6%
- Brand awareness: 55%
- Total ad volumes: up 10%
- Unique hirers: up 18%
Freemium rollouts in the Philippines, Thailand, Indonesia and Singapore have exceeded expectations, with total direct ads and active hirers increasing approximately 35% in early-stage markets.
SEEK’s freemium model rollout across Southeast Asia markets has driven 35% growth in direct ads and active hirers in early-stage markets.
Revenue in the first four freemium markets has returned to pre-transition levels, with management now focused on SME acquisition and increasing share of wallet.
AI Investment Underpins Competitive Advantage
SEEK emphasised its proprietary data and artificial intelligence capabilities as core competitive differentiators. The company processes more than 750 million employment-related data points daily across eight markets, supporting advanced matching, predictive pricing and candidate targeting.
More than 50 AI services now power SEEK’s core product experiences. Management stated that AI-driven improvements have increased application conversion rates, improved placement speed and strengthened pricing discipline.
The company has maintained investment in product, technology and AI teams, with capital expenditure rising 24% to $75.4 million.
Cash Flow, Balance Sheet and Capital Management
Net cash from operating activities totalled $145.4 million, broadly in line with the prior corresponding period. Free cash flow was $68.6 million after higher capital investment.
Net debt increased modestly due to seasonal working capital movements, but the leverage ratio improved to 2.0x, comfortably below the company’s 2.5x target.
SEEK declared a record interim dividend of 27 cents per share, reflecting strong underlying cash generation.
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FY26 Outlook and Guidance Upgrade
SEEK tightened its FY26 guidance ranges and expects revenue and EBITDA to land in the upper half of its original forecasts.
Updated guidance includes:
- Net revenue: $1.19 billion to $1.23 billion
- Total expenditure: $810 million to $840 million
- EBITDA: $530 million to $550 million
- Adjusted profit: $195 million to $215 million
Management expects low double-digit yield growth in ANZ for the full year, with largely stable volumes assumed in base-case projections. Asia revenue is expected to grow at low single digits in constant currency.
Market Snapshot
At last trade, SEEK shares were priced at $16.37, down 4.27% on the day, with a market capitalisation of approximately $6.10 billion.
SEEK shares closed at $16.37, with a market capitalisation of approximately $6.10 billion. [ASX]
Despite the headline statutory loss, SEEK’s H1 FY26 result reflects strengthening marketplace leadership, expanding yield and disciplined cost management. For investors and analysts, the focus remains on AI-driven monetisation, placement share gains and sustained operating leverage into the second half.
FAQs
- What were SEEK’s H1 FY26 financial results?
SEEK (ASX: SEK) reported net revenue of $600.9 million in H1 FY26, up 12% year-on-year. EBITDA increased 19% to $267.1 million, while adjusted profit rose 35% to $104.1 million. The company recorded a statutory loss due to a $283.6 million Zhaopin impairment.
- Why did SEEK report a loss despite revenue growth?
The reported loss of $177.9 million was primarily due to a non-cash impairment relating to Zhaopin. Excluding significant items, SEEK delivered strong underlying earnings growth driven by higher yield and operating leverage.
- What drove SEEK’s revenue growth in H1 FY26?
Revenue growth was largely driven by 17% paid ad yield growth across ANZ and Asia. AI-enabled pricing, upgraded ad tiers, and improved placement matching supported stronger monetisation despite softer ad volumes.
- How did SEEK perform in the ANZ market?
In ANZ, revenue rose 14% to $476 million. Australia placement share increased to 36.3%, nearly five times its nearest competitor. Paid ad volumes declined slightly, but yield growth offset the impact.
- How is SEEK’s Asia business performing?
Asia revenue increased 4% to $125 million despite a 14% decline in paid volumes. The freemium rollout lifted total ad volumes and active hirers, while paid ad yield grew 17%.
- What is SEEK’s FY26 guidance?
SEEK expects FY26 net revenue between $1.19 billion and $1.23 billion, EBITDA between $530 million and $550 million, and adjusted profit between $195 million and $215 million. Management anticipates revenue growth above cost growth.
- Did SEEK declare a dividend?
Yes. SEEK declared an interim dividend of 27 cents per share, up 13% from the prior corresponding period.
- What is SEEK’s current share price and market capitalisation?
SEEK shares were last priced at $16.37, down 4.27% on the day, with a market capitalisation of approximately $6.10 billion.
