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SEEK LIMITED Full Year Results 30 June 2026 seek and you shall find
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2 Disclaimer The material in this presentation has been prepared by SEEK Limited ABN 46 080 075 314 (“SEEK”). Amounts quoted in this presentation are in Australian dollars. All information is current at 30 June 2026 (“FY26”). All growth rate comparisons are 30 June 2026 vs 30 June 2025 (“ pcp ”) unless otherwise specified. “Revenue” in this presentation refers to Net revenue unless specified. See page 46 for definitions of terms used in this presentation. Presentation Includes general background information about SEEK’s activities, current as at the date of this presentation . The information is given in summary form and does not purport to be complete . The presentation is to be read alongside SEEK’s results announcement and reports lodged with the ASX on the same day . Forward - looking statements This presentation contains forward - looking statements, including opinions, estimates and indications of, and guidance on, future earnings and financial position and performance . While these forward - looking statements reflect SEEK’s expectations and assumptions at the date of this presentation, they are provided as a general guide only and are not guarantees or predictions of future performance or statements of fact . SEEK believes the forward - looking statements have a reasonable basis at the date of this presentation, but acknowledges that they involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of SEEK, which may cause actual outcomes and developments to differ materially from those expressed or implied in the forward - looking statements . Forward - looking statements provided in this presentation are based on assumptions and contingencies, including those set out on page 36 . Other factors which may affect SEEK’s outcomes and developments also include : general economic conditions in the markets in which SEEK operates ; competition in the markets in which SEEK operates ; the continuing growth in the markets in which SEEK operates ; the implications of regulatory risks in the businesses of SEEK ; technological changes taking place in SEEK’s industry ; future changes to SEEK’s products and services ; the risk of cyber and data security issues ; the geopolitical environment (including impacts of actions and trade controls and broader supply chain impacts) and exchange rates . Readers should not place undue reliance on the forward - looking statements, and past performance cannot be relied on as a guide to future performance . To the maximum extent permitted by law, SEEK makes no representation, assurance or guarantee in connection with, and disclaims all responsibility for, the accuracy, completeness or likelihood of fulfilment of any forward - looking statement, any outcome expressed or implied in any forward - looking statement or any assumptions on which a forward - looking statement is based . Except as required by applicable laws or regulations, SEEK does not undertake to publicly update or review any forward - looking statements, whether as a result of new information or future events . Non - IFRS financial information This presentation includes certain non - IFRS financial measures . These measures include ‘net revenue’, ‘total expenditure’, ‘EBITDA’, ‘a djusted profit’, ‘significant items’ and ‘effective tax rate’ . These measures are used internally by management to assess the performance of SEEK’s controlled entities, associates and joint ventures, and to make decisions on the allocation of resources and assess operational management . Non - IFRS measures have not been subject to review or audit and should not be considered as alternatives to an IFRS measure of profitability, financial performance or liquidity . Refer to SEEK’s Appendix 4 E and Statutory Accounts for the year ended 30 June 2026 for IFRS financial information that is presented in accordance with all relevant accounting standards .
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SEEK acknowledges the Traditional Custodians of the lands on which it operates. We extend this acknow ledgement to all First Nations peoples across the Asia Pacific region in which SEEK is proud to operate. We pay respects to their rich cultures, to Elders past and present, and the continuing custodianship of the land, waterways and community on which we all rely. We recognise the ongoing contribution of First Nations peoples to the diverse communities in which we belong. The gum leaf represents a symbol of welcome and it acknowledges the diverse countries 1 , environments and communities. Artist : Bitja (Dixon Patten) Gunnai, Yorta Yorta , Dhudhuora , Gunditjmara, Bayila Creative 1. In this context, ‘countries’ refers to tribal areas, not explicitly Australia and other countries. 3
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4 CONTENTS FY26 overview Data and trust are unique strengths in the age of AI Financial results Outlook APAC employment marketplace SEEK Growth Fund
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5 FY26 overview
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FY26: Continued delivery against commitments 6 Yield 18% yield growth across APAC; 6th consecutive year of double - digit growth Operating leverage 10% revenue growth and 8% total cost growth; 4th consecutive half of operating leverage Placements Placement share stable across Australia and Asia; positive trajectory over many years Earnings EBITDA up 15%; Adjusted EPS up 28%; EBITDA margin up two percentage points to 44% AI delivery Strengthening of strategic foundations of data and trust – confidence to upgrade medium - term goals
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7 Financial results
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Financial results from Continuing Operations. Detailed financial results, including results on a Total Operations basis are i ncl uded on page 38. 1. Reported loss includes the previously announced $284m Zhaopin impairment and a $201m net loss on the latest Fund total portfolio value. FY26 financial performance 8 SALES REVENUE $1,284m NET REVENUE $1,199m TOTAL EXPENDITURE $821m OPEX $669m CAPEX $152m EBITDA $530m ADJUSTED PROFIT $199m REPORTED LOSS 1 ($307m) 56cps FULL YEAR DIVIDEND 52cps ADJUSTED EPS ▲ + 17% ▲ + 10% + 8% + 6% + 17% ▲ + 15% ▲ + 28% pcp profit: $238m ▲ + 28% ▲ + 13% FINANCIAL RESULTS
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EBITDA up 15%; adjusted profit up 28% FINANCIAL RESULTS 9 $1,090m $1,199m FY25 FY26 Net revenue ▲ +1 0% Yield growth of 18% more than offset paid ad volume decline of 6% across APAC, driving net revenue growth of 10% EBITDA ▲ +1 5% Operating leverage of two percentage points underpinned EBITDA growth of 15%; EBITDA margin expanded to 44% Adjusted profit ▲ + 28% Revenue and EBITDA growth translated to a 28% increase in adjusted profit and adjusted EPS $459m $530m FY25 FY26 $155m $199m FY25 FY26
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FINANCIAL RESULTS Operating leverage maintained even as innovation and AI spend increased 10 Total expenditure up 8% 1 vs revenue growth up 10% Grow - the - business costs up 10%: investment grew to fund AI and product innovation and the inclusion of Sidekicker . Spend on AI compute and token costs was allocated and measured, with funding directed to initiatives that had a clear impact on customer outcomes and productivity Run - the - business costs up 6%: core technology, corporate function, sales and marketing costs increased 4% excluding a foreign currency revaluation loss FY24 FY25 FY26 + 8% 1. Opex up 6% and capex up 17%.
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Confidence to determine a record full year dividend FINANCIAL RESULTS 11 Free cash flow ▲ + 21% Free cash flow up 21%, operating cash flow to EBITDA conversion of 104% Net debt leverage ratio Net leverage ratio well within SEEK’s target of below 2.5x; net debt at $962m Dividends ▲ + 13% Record full year dividend of 52cps; 100% payout ratio of cash profit 2.1x 1.8x FY25 FY26 0.3x 46cps 52cps FY25 FY26 $203m $246m FY25 FY26
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12 APAC employment marketplace
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FY26: Continued delivery against commitments 13 EMPLOYMENT MARKETPLACE: APAC Yield APAC yield growth of 18%, underpinned by depth adoption and value - based pricing Placements Placement share stable in Australia and Asia, reflecting SEEK’s leadership position Revenue Accelerating Asia revenue growth; 10% revenue growth in H2 26 vs H2 25 in constant currency Freemium Rollout completed; early outcomes confirm the strategy AI delivery AI features differentiating value across the ad tiers and drove depth adoption
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EMPLOYMENT MARKETPLACE: ANZ Revenue ($m) FY26 FY25 Revenue $m Core job ads and ad enhancements 845 753 Expanded sourcing solutions and other 100 92 Job ads and ad enhancements revenue mix Basic ad revenue 47% 60% Depth ad revenue 42% 28% Ad enhancements revenue 11% 12% Job ads product mix Basic ad 73% 85% Advanced ad 17% 5% Premium ad 10% 10% Refer to metrics details (A) , (B) and (C) on page 45. VOLUMES PLACEMENT SHARE YIELD 35.5% 14 Revenue grew 12% as yield growth of 14% more than offset lower volumes 945 845 FY25 Volume Yield Other FY26 +12% ▲ + 14% absolute growth vs pcp - 1% vs pcp 4x placement lead vs nearest competitor in Australia
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80 83 86 89 92 95 98 101 104 107 110 113 116 119 122 125 128 131 134 137 140 143 146 149 152 155 158 161 164 167 170 173 176 179 182 185 188 191 194 197 200 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Monthly unique visitors 12 month average 0 50 100 150 200 250 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Paid ads Monthly unique hirers 12 month average EMPLOYMENT MARKETPLACE: ANZ • ANZ ad volumes declined 1% – Australia ad volumes were down 2% vs pcp , as macro conditions weighed on hiring activity in H2 – New Zealand ad volumes grew 8% vs pcp following several years of declines • Job ads for high automation exposed roles were weaker than for low and medium exposed roles in H2 1 . These roles account for less than 10% of SEEK’s job ads • New mandatory login requirement enabled a better candidate experience and an increase in high - fit applications, with a lower than expected reduction in visits Monthly paid ad volumes and unique hirers (‘000s) Monthly unique visitors, index - 4% vs pcp - 1% vs pcp - 1 % vs pcp Refer to metrics details (D) on page 45. 1. Refer to page 29 and 43 for further detail on SEEK’s job ads exposure to automation. 15 Volumes declined only 1% despite macro environment 0 50 100 150 200 250 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Applications per ad SEEK Job Ad Index Applications per ad (Australia), index
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EMPLOYMENT MARKETPLACE: ANZ 16 Yield increased as hirers paid more for greater confidence in outcomes Increase in depth adoption due to the launch of upgraded ad tiers and the new Advanced ad in H2 25 8% 13% 13% 14% FY23 FY24 FY25 FY26 10% 10% 15% 27% FY23 FY24 FY25 FY26 Increase in depth ad adoption Advanced and Premium ads as % of total paid ads Sustained yield growth Increase in inflation - linked pricing Increase in value - based pricing linked to customer ROI, as increased ad performance and high - fit applications improved the likelihood of placement Drivers of yield: FY26 PAID AD YIELD GROWTH ▲ +14%
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EMPLOYMENT MARKETPLACE: ASIA VOLUMES PLACEMENT SHARE PAID AD YIELD 25.4% 17 Revenue grew 3%; stronger underlying growth was impacted by freemium, macro conditions and FX ▲ + 20% absolute growth vs pcp - 12% vs pcp FY26 FY25 Revenue $m Core job ads and ad enhancements 231 224 Expanded sourcing solutions and other 23 22 Job ads and ad enhancements revenue mix Basic ad revenue 51% 65% Depth ad revenue 41% 27% Ad enhancements revenue 8% 8% Job ads product mix Basic ad 73% 86% Advanced ad 14% 1% Premium ad 13% 13% Refer to metrics details (A), (B) and (E) on page 45. Revenue ($m) 254 246 FY25 Volume Yield FX FY26 +3% (+5% constant currency)
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0 200 400 600 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Applications per paid ad 0 50 100 150 200 250 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Paid ads Total ads (incl lite) Monthly unique hirers 12 month average 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 140 145 150 155 160 165 170 175 180 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Monthly Unique Visitors 12 month average EMPLOYMENT MARKETPLACE: ASIA 18 • Paid ad volumes declined given the transition to freemium, and weaker macro conditions, particularly in Hong Kong • Total ad volumes and hirers grew , driven by the freemium model now live across all Asia markets • Candidate activity increased , supported by the consolidation of Jobstreet websites in FY25 and freemium, which has driven more ads and visits particularly in the emerging markets Unique hirer and candidate numbers grew +9% vs pcp - 12 % vs pcp +15% vs pcp Monthly ad volumes and unique hirers (‘000s) Refer to metrics details (F) on page 45. Freemium launches TH ID SG HK MY P H (May - 24) Monthly unique visitors, index Applications per paid ad, index
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EMPLOYMENT MARKETPLACE: ASIA 19 Yield growth was driven by aligning price to value and depth adoption FY26 PAID AD YIELD GROWTH Increase in depth adoption due to the launch of upgraded ad tiers and the new Advanced ad in H1 26 ▲ +20% Increase in depth ad adoption Advanced and Premium ads as % of total paid ads Sustained yield growth Increase in inflation - linked pricing Increase in value - based pricing linked to customer ROI: – increased ad performance and high - fit applications improved the likelihood of placement – volume discounts reduced; freemium enabled higher paid ad prices due to a clear link between performance and price – refinements to the pricing algorithm improved granularity of pricing to value 28% 24% 18% 20% FY23 FY24 FY25 FY26 7% 11% 14% 27% FY23 FY24 FY25 FY26 Drivers of yield:
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Freemium rollout complete; indicators are promising as H2 revenue grew 10% in constant currency EMPLOYMENT MARKETPLACE: ASIA 20 Revenue back to pre - freemium levels in all markets, except Hong Kong due to macro environment 17% CAGR increase in paid ad yield since pre - freemium 11% of hirers purchased a paid ad within 6 months of first free ad Asia revenue up 10% in H2 26 vs H2 25 (3% in reported currency) Freemium rollout complete Ad type to suit every hirer’s needs and budget ~35% growth in total ads since pre - freemium ~30% growth in unique hirers since pre - freemium ~30% growth in unique visitors since pre - freemium Philippines May 2024 Thailand Oct 2024 Indonesia Jan 2025 Singapore Apr 2025 Hong Kong Aug 2025 Malaysia Feb 2026 Early outcomes confirm the strategy Leading revenue indicators validate the strategic intent Refer to metrics details ( G ) on page 45. Post - freemium metrics compare the half year pre - freemium launch vs the most recent half year for each market.
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21 Data and trust are unique strengths in the age of AI
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22 SEEK’s unique strengths Trust • Brand • Integration with workflows • Verified information Data • Scale • Non - replicable • Real - time Better matching, faster placements, more certainty AI is widespread. Proprietary data and trust are not. SEEK’s strengths are enhanced and compounding in the age of increasing AI use. This enables SEEK to match the right person with the right job at the right time in a constantly changing market Underpinned by ongoing AI and product innovation
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23 SEEK’s unique strengths: Data Non - replicable Real - time >750m Scale While AI is making it easier for candidates and hirers to express their preferences, high - value outcomes depend on the best matching Candidates Hirers Applications Live availability Changing preferences Job searches Hiring shortlists Past hiring decisions Changing preferences Replicable data SEEK’s non - replicable data Profiles Job ads SEEK’s live data of changing availability and preferences enables key candidate and hirer features including: • instant match • proactive recommendations • approachability signals • personalised targeting • candidate career agent • hirer assist agent Outcomes for candidates and hirers rapidly improve the more they engage with SEEK and these benefits compound over time data points per day of employment activity drive matching and learning Verified credentials Refer to metrics details (H) on page 45.
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24 SEEK’s unique strengths: Trust 91% >16m As AI - generated content becomes more prevalent, the trust SEEK has on both sides of the marketplace is a more important differentiator, driving loyalty and preference unaided brand awareness in Australia built over nearly 30 years 59% unaided brand awareness in Asia built over nearly 30 years >60m candidate profiles >360k hirer relationships >130 ATS integration partners verified candidate credentials of ANZ applications are submitted by candidates with verified credentials >65% Trust drives engagement, engagement drives preference, and preference deepens the breadth of our relationships Integration with workflows Verified information Brand Refer to metrics details (A) and (H) on page 45.
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25 Career feed Career agent New AI tools launched that transform how candidates discover jobs Proactive, personalised role matching Helps candidates make better decisions Learns from candidate profile and search behaviour Engages candidates who aren't actively job hunting Prioritises highest fit matches first Provides tailored career guidance and matching Surfaces insights from real time employer and candidate behaviour Completes next best action, such as updating candidate’s profile Now scaling Now live 9:41
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26 Personalised t argeting Assist agent Improves match quality with every hire made Matches high - fit, likely - interested candidates automatically Learns each hirer’s preferences from their past hiring decisions for similar roles Moves candidates from vacancy to hire, faster Personalised fit explanations for every candidate Completes hiring tasks, such as AI voice pre - screens and reference checks Suggests the next best action to cut decision time New AI tools launched that transform how hirers discover candidates Lite ad (Asia) Basic ad Advanced ad Premium ad - Limited Assist Moderate Assist and Targeting Maximum Assist and Targeting Driving higher willingness to pay by ad tier Refer to metrics details ( H ) on page 45. Now live Now live Updates targeting in real time as hirers review candidates
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27 Growing placements Growing yield Better matching, faster placements and more certainty help unlock significant yield growth runway Operating leverage AI process transformation will unlock productivity gains Upgraded strategic goals SEEK’s unique strengths create value for customers and shareholders Greater customer preference drives more placements from already leading market positions
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28 Refer to metrics details (A) on page 45. Placement share has continued its positive trajectory over several years, as SEEK’s competitive advantages have strengthened brand preference, network effects and SEEK’s leadership position through the cycle From this strong starting point , we are changing the placement survey methodology to better capture changing job - search behaviours , including the use of AI tools 31% 33% 35% 36% H2 23 H2 24 H2 25 H2 26 Australia placement share 23% 22% 26% 25% H2 23 H2 24 H2 25 H2 26 Asia placement share Upgrade to medium - term goal: Grow leadership position in every market under new methodology GROWING PLACEMENTS SEEK’s goal is to grow from already leading market positions
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29 AI skills mentioned in SEEK job ads Index (Jan 2019=100, trend) While the future is uncertain, AI creates demand for new skills Economist forecasts for AI’s longer - term impact on the labour market vary widely, though most agree AI creates demand for new skills and drives job churn SEEK’s strength is its diversity across the job market Roles with high automation exposure account for only a small share of SEEK’s ad volumes, with SEEK’s job mix diversified in line with the Australian labour market The impact of AI on the labour market remains modest While AI is beginning to reshape the labour market, the impact is modest to date, with recent hiring activity primarily impacted by the macro environment Low Medium High SEEK job ad growth split by exposure to automation Annual job ad growth, % SEEK job ads share by exposure to automation 1 1. Refer to page 43 for more detail on SEEK’s job ads exposure to automation. GROWING PLACEMENTS A diverse job mix positions SEEK well across a range of future labour market scenarios 0 100 200 300 400 Jun-17 Jun-20 Jun-23 Jun-26 -30 -20 -10 0 10 Low Medium High
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30 Confidence in outcomes continues to grow as SEEK’s unique strengths improve hiring outcomes and the ability to predict them Upgrade to medium - term goal: Minimum 10% yield growth through the cycle Significant yield runway exists as the cost of a job ad remains considerably less than alternatives Consistent double digit yield growth has demonstrated that hirers’ willingness to pay rises when they become confident in a successful outcome Share of annual salary in FY26 ~1% 10 - 15% Mid - market recruiter fee SEEK job ad 10% 15% 16% 16% 18% FY22 FY23 FY24 FY25 FY26 APAC yield growth Refer to metrics details (B) and ( H ) on page 45. GROWING YIELD Better placement outcomes drive willingness to pay; significant yield growth runway ahead
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1. AI costs reflect direct spend on token usage and an estimate of AI related compute. AI process transformation is unlocking productivity gains that outweigh the increase in AI costs , which we allocate and measure, and are currently a low single digit share of the total cost base Productivity opportunity spans four areas 1. Product d elivery : AI product development lifecycle enables generalist teams to deliver new product faster 2. Sales and s ervice : agentic workflows and self - service capabilities improve customer engagement, conversion, and service efficiency 3. Marketing: AI is embedded into redesigned workflows to reduce manual effort, accelerate insights and scale efficiently across all markets 4. Corporate: agentic workflows automate repetitive work across support functions >75% of code is generated with AI Assistance in product delivery >85% adoption of leading internal AI tools AI is already changing SEEK’s way of working >500 internal HR and Finance queries per week managed by agents >40% increase in code throughput from new AI practices and tools FY26 share of total costs AI costs 1 Grow - the - business Run - the - business Productivity gains to continue to outweigh AI cost increase OPERATING LEVERAGE AI process transformation is unlocking productivity Upgrade to medium - term goal: Mid single digit cost growth through the cycle 31
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32 Growing placements Placement share: Growing yield Paid ad yield growth: Operating leverage Revenue growth above cost growth: Mid single digit cost growth Minimum 10% growth Grow leadership position in every market SEEK's strategic goals, now set higher, sustain margin expansion through the cycle
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33 SEEK Growth Fund
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SEEK GROWTH FUND Total portfolio value declined 13% in FY26 ; ROI of 12% 34 Refer pages 4 7 - 50 for further detail on the Fund. 1. The sale of these investments, aligned to their lifecycle, are subject to price and market conditions which may impact the ability to execute exits. 2. SEEK’s legal ownership in the Fund is 83.8%, however it receives distributions based on its share of total capital paid to the Fund . The Fund update • The sale process announced by the Fund in relation to its stake in Employment Hero is still in progress • The Trustee Board is in discussions with the Fund’s Manager on strategy and priorities, including investment plans for the Fund’s next phase • Those plans are likely to include the near - term sale 1 of investments that are currently valued at over $1 billion , and incentives that support ongoing liquidity whilst still pursuing the primary goal of long - term value creation • These plans are proposed to supersede the previous liquidity window • More detail will be provided on these arrangements when they are finalised , which is expected to be before the end of the 2026 calendar year The Fund’s FY26 performance • The Fund’s total portfolio value was down 13% in FY26 to $1,978.0m (FY25: $2,268.7m), despite financial results across the portfolio broadly tracking well. The valuation declines were mainly HR SaaS driven, consistent with the wider sell off in SaaS businesses in H2 26 • 74 % of the portfolio valuation comes from Employment Hero, Go1, HiBob and OES (FY25: 80%) . Employment Hero’s valuation reflected bids from the sale process and Independent Expert Report (IER), and the HiBob valuation was based on an IER P erformance since creation • The Fund achieved ROI of 12% (IRR of 3%) • Since creation, the Fund’s ROI has been driven by valuation increases in HiBob and Employment Hero (supported by external funding rounds), Alun (previously named Alura) and Utel (driven by online demand) • Distributions of $206.4m represent 12% of invested capital 100% basis SEEK share 2 $m FY26 FY25 FY26 Portfolio valuation 1,771.6 2,071.0 1,484.7 Life - to - date distributions 206.4 197.7 173.8 Total portfolio value 1,978.0 2,268.7 1,658.5 SEEK seeded assets 1,215.0 1,215.0 1,215.0 Capital called 550.1 507.1 260.0 Invested capital 1,765.1 1,722.1 1,475.0 Gain on invested capital 212.9 546.6 183.5 ROI 12% 32% 12% • SEEK’s share of total portfolio value is $1,658.5m • SEEK received $7.4m in distributions in FY26, bringing total distributions since creation to $173.8m • SEEK’s share of carried interest liability is $nil (FY25: $1.1m) SEEK’s share of the Fund
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35 Outlook
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36 Based on Continuing Operations. 1. Constant currency growth rates based on translating FY27 results using FY26 average exchange rates . 2. Opex and capex ranges allow for changes in total allocation between opex and capex based on activity performed throughout the year. FY26 FY27 guidance Net revenue $1,199m $ 1,2 1 0m – $ 1,2 8 0m Total expenditure $821m $ 8 25 m – $860m EBITDA $530m $530m – $580m Adjusted profit $199m $185m – $215m FY27 key revenue and expenditure assumptions • Revenue assumptions for the full financial year, which may be subject to fluctuations, are: - ANZ: revenue growth vs pcp driven by approximately 10% growth in yield . Guidance assumes a base case of mid single digit volume declines vs pcp - In Australia, slowing employment growth, low job churn and ongoing global uncertainty are expected to weigh on volumes - Each 1% change in ANZ volumes vs pcp impacts group revenue by approximately $9m - Asia: low single digit revenue growth vs pcp (high single digit in constant currency), as yield growth more than offsets lower paid ad volumes and FX • Total expenditure range 2 of approximately $ 8 25 m to $860m, reflecting a maximum cost growth of 5% in any revenue environment, with lower cost growth if revenue growth is below 5% - Opex : approximately $680m to $700m - Capex: approximately $145m to $ 16 0 m Other FY27 assumptions • Depreciation and amortisation: $180m to $190m, with a review underway on the useful lives of certain assets • Net interest: $65m to $75m • Share - based payments expense: $25m to $30m subject to movements in SEEK’s share price • Fees to the Fund’s Manager of nil related to Zhaopin and JobAdder FY27 guidance OUTLOOK For illustration purposes only, delivery of the mid points of these FY27 guidance ranges in constant currency 1 would result in the following growth rates vs FY26: • 5 % Revenue • 4 % Total expenditure • 6 % EBITDA • 3 % Adjusted profit
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37 Appendix
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Detailed financial results APPENDIX $m FY26 FY25 Adjusted FY26 vs FY25 Adjusted SEEK Growth Fund Significant items 1 Reported Adjusted SEEK Growth Fund Significant items Reported Growth $ Growth % Constant currency growth % Sales revenue 1,284.2 - - 1,284.2 1,097.0 - - 1,097.0 187.2 17% 18% ANZ 945.4 - - 945.4 844.9 - - 844.9 100.5 12% 12% Asia 253.5 - - 253.5 245.5 - - 245.5 8.0 3% 5% Net revenue 1,198.9 - - 1,198.9 1,090.4 - - 1,090.4 108.5 10% 11% Opex (669.0) - - (669.0) (631.2) - - (631.2) (37.8) (6%) (7%) Capital expenditure (152.0) - - (152.0) (129.9) - - (129.9) (22.1) (17%) (17%) Total expenditure (821.0) - - (821.0) (761.1) - - (761.1) (59.9) (8%) (8%) APAC employment marketplace 558.5 - - 558.5 484.1 - - 484.1 74.4 15% 16% Corporate costs (28.6) - - (28.6) (24.9) - - (24.9) (3.7) (15%) (12%) EBITDA EBITDA margin (%) 529.9 44% - - 529.9 44% 459.2 42% - - 459.2 42% 70.7 15% 17% D&A (162.0) - - (162.0) (151.1) - - (151.1) (10.9) (7%) Net interest (66.4) - - (66.4) (70.0) - - (70.0) 3.6 5% SBP and other LTIs (29.3) - - (29.3) (19.5) - - (19.5) (9.8) (50%) Share of associates 7.5 (269.2) (5.4) (267.1) 7.1 117.5 - 124.6 0.4 6% Management fees 2 (3.4) (18.3) (9.5) (31.2) (6.1) (18.3) - (24.4) 2.7 44% Impairment - - (291.9) (291.9) - - (6.0) (6.0) - - Other (0.3) - (2.2) (2.5) (0.6) - (0.6) (1.2) 0.3 50% Income tax (76.7) 86.3 4.6 14.2 (63.4) (11.5) 2.0 (72.9) (13.3) (21%) Non - controlling interest (0.2) - - (0.2) (0.4) - - (0.4) 0.2 50% Profit/(loss) - Continuing Operations 199.1 (201.2) (304.4) (306.5) 155.2 87.7 (4.6) 238.3 43.9 28% 31% Profit/(loss) - Discontinued Operations 7.6 - (72.4) (64.8) 8.9 - (2.0) 6.9 (1.3) (15%) Profit/(loss) - Total Operations 206.7 (201.2) (376.8) (371.3) 164.1 87.7 (6.6) 245.2 42.6 26% Basic earnings/(loss) per share (cents) 55.7 (103.9) 43.5 68.7 12.2 28% Dividends per share (cents) 52.0 52.0 46.0 46.0 6.0 13% 38 1. Significant items – Continuing Operations: (1) $283.6m impairment of the Zhaopin equity accounted investment; (2) $9.5m performance fee payable to the Fund, reflecting the increase in JobAdder’s valuation; (3) $6.9m impairment of Career Hub following its retirement; (4) SEEK’s $5.4m share of Zhaopin’s underlying goodwill impairment; (5) $1.4m impairment of GradConnection brand; (6) $4.6m tax benefit associated with the JobAdder performance fee, and the Career Hub and GradConnection impairments. Significant items – Discontinued Operations: $72.4m impairment of the Zhaopin net consideration receivable outstanding from the FY21 sale. 2. Management fees include a partial reversal of the Zhaopin performance fee of $1.7m in FY26.
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Adjusted profit growth driven by operating leverage • Higher EBITDA as revenue growth of 10% exceeded operating expense growth of 6% • Higher D&A due to an increase in product development investment over the last five years, including Platform Unification, and the inclusion of Sidekicker • Higher share - based payments expense due to a one - off executive rights grant and employee share grant, and a higher share price at the grant date in October 2025 • Higher tax expense due to the increase in earnings • Reduction in other expenses due to lower interest costs, and a $1. 7 m partial reversal of the Zhaopin performance fee APPENDIX: PROFIT AND LOSS 39 Adjusted profit vs pcp 199.1 155.2 FY25 Revenue Opex D&A SBP Tax Other FY26 EBITDA +15% +28%
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$m FY26 FY25 Change Operating cash flows 551.6 456.9 94.7 Finance costs, transaction costs and taxes paid (153.9) (124.1) (29.8) Net cash from operating activities 397.7 332.8 64.9 Cash conversion ratio 104% 99% +5ppt Capex – cash 1 (151.7) (130.0) (21.7) Free cash flow 246.0 202.8 43.2 Capital contributions to the Fund (34.0) (16.8) (17.2) Management fees for the Fund (20.0) (18.3) (1.7) Management fees for other SEEK assets (5.0) (5.0) - Dividends and distributions received from equity accounted investments 7.8 154.5 (146.7) Net change in borrowings 16.4 (148.6) 165.0 Dividends paid to shareholders of SEEK (175.0) (142.7) (32.3) Lease liability payments (13.9) (14.6) 0.7 Other investing and financing (29.8) (65.5) 35.7 Total cash flows from Continuing Operations (7.5) (54.2) 46.7 1. Cash capex of $151.7m differs from capital expenditure of $152.0m due to accruals. • Net cash from operating activities of $397.7m, up $64.9m vs pcp , was driven by higher earnings • Operating cash flow to EBITDA conversion of 104% was higher primarily due to the timing of supplier payments compared to the pcp • Remaining committed capital was fully called by the Fund in FY26 • Distributions from the Fund declined vs pcp as the prior year included proceeds from the Fund’s sell down of Employment Hero and sale of Sidekicker that were used to repay debt • Confidence in ongoing free cash flows supported higher dividend payment to shareholders in FY26 40 APPENDIX: CASH FLOW Free cash flow was 21% higher due to earnings growth Cash flow
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APPENDIX: BALANCE SHEET $m FY26 FY25 Change Cash 136.6 150.2 (13.6) Short - term investments - 0.3 (0.3) Debt (1,099.0) (1,097.6) 1.4 Consolidated net debt (962.4) (947.1) (15.3) Consolidated net leverage ratio 1.8x 2.1x 41 Debt maturity profile at 30 June 2026 ( A$m ) 110 250 289 450 190 365 Less than 1 year (FY27) 1-2 years 2-3 years 3-4 years >4 years Debt (AUD and USD) Undrawn Weighted average tenor of 3.2 years Net leverage ratio below 2x Net debt • Net debt was largely in line with FY25 • Net leverage ratio was lower vs pcp ; well within SEEK’s target of below 2.5x – EBITDA growth enabled the reduction in net leverage ratio • Total facilities were A$1,654m with A$555m undrawn • Drawn debt comprised a currency mix of 74% AUD and 26% USD • The facilities are floating rate; approximately 66% of drawn debt is converted to fixed rate through hedging instruments
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Capital management framework APPENDIX: CAPITAL MANAGEMENT 42 1. Dividend policy targets payout of greater than 75% of ‘Cash p rofit ’. Strong operating cash flows Long - term investment Product & tech investment Optionality for M&A Balance sheet strength Remaining capital Working capital Debt capacity Dividends 1 Capital flexibility Liquidity from the Fund
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APPENDIX: JOB ADS BY AUTOMATION EXPOSURE 43 Classification of job ads by automation exposure • Jobs and Skills Australia has measured the degree to which tasks within a given role can be automated by Generative AI and assigned a score to each role – their AI automation exposure score • Page 29 maps SEEK’s job ads at the role level, according to roles with low, medium and high automation scores • The table on the right shows examples of roles included in these three categories High automation exposure • Call centre workers • Keyboard operators • Telemarketers • Office clerks (general, HR, accounting) Medium automation exposure • Advertising and marketing professionals • Bookkeepers • Receptionists • Sales representatives • Software and applications programmers Low automation exposure • Aged and disabled carers • Chefs • Construction managers • Electricians • Registered nurses • Retail managers • Social workers • Teachers • Truck and delivery drivers Refer to Jobs and Skills Australia website: www.jobsandskills.gov.au/studies/generative - artificial - intelligence - capacity - study/our - gen - ai - transition - exposure
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APPENDIX: SUSTAINABILITY 44 AI governance at SEEK SEEK takes an integrated approach to AI governance across the organisation Certified ISO 42001: AI Management Systems certification, providing independent assurance across candidate and hirer products, including SEEK Pass Governed Responsible AI Principles aligned with international standards; Responsible AI Forum providing executive oversight; regular reporting to the Audit and Risk Management Committee on the AI principal risk Embedded in practice Responsible AI reviews completed for 94% of high - priority services, with the remainder to be reviewed in FY27 Capability built AI Foundations SEEK - wide learning program developed with AWS; responsible AI mandatory training for employees AI and climate SEEK’s Group Executive – AI on the Sustainability Steering Committee, bringing AI environmental considerations into sustainability governance ONE: TWO: THREE: FOUR: FIVE :
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Metrics APPENDIX 45 A Placement share and brand awareness (Australia and Asia) Source: Independent research conducted on behalf of SEEK in Australia and Asia and reflects SEEK and Jora. Placement share represents recent survey results of respondents who changed/started jobs in the last 12 months. Independent research provider will change in FY27 to align across APAC. Australia: SEEK (35.5%), professional networks (8%), aggregators (5%), social networks (3%), other online (14%), offline (34% ) Asia: SEEK 25.4% has been weighted based on revenue contribution - Developed markets (Hong Kong, Malaysia, Singapore): 28% SEEK placement share - Emerging markets (Indonesia, Thailand, Philippines): 19% SEEK placement share Brand awareness represents six months of recent survey results. B Yield growth rate Yield growth rates calculated on a constant currency basis. The exception is the FY22 - 26 APAC yield growth (page 30) which uses reported currency. Other revenue metrics disclosed based on reported currency. C Revenue (ANZ) Expanded sourcing solutions and other includes Sidekicker , JobAdder, Talent Search and other products. Core job ads customer mix for FY26: SMEs 37%, Corporates 33%, Recruiters 21%, Government 9%. Customer mix has not been a major driver of yield in recent periods. Note that the allocation between SME and Corporates was updated in FY26, so these figures are not directly co mparable to the previously published FY25 mix. D Monthly paid ad volumes, unique hirers, applications per ad (ANZ) Paid ad volumes differ from the SEEK Employment Index (SEI) due to factors including trend adjustments, and the treatment of dup licate ads and company listings in the SEI. Unique hirers index, 2019 = 100 Applications per ad (Australia) are seasonally adjusted, index 2016 = 100; reported with a one - month lag. E Revenue (Asia) Asia revenue for FY26 comprises revenue from developed markets of $181m (pcp: $174m) and emerging markets of $73m (pcp: $72m) . F Monthly ad volumes and unique hirers, applications per ad (Asia) Total ad volumes include Lite ads since launch of the new freemium model and exclude aggregated ads. Total unique hirers comp ris e hirers posting Lite and paid ads. Unique hirers index, 2019 = 100 Applications per ad index, 2019 = 100 G Post - freemium metrics Total direct ads, unique hirers, unique visitors and paid ad yield growth rates compare the half year pre - freemium launch vs the most recent half year for each market. Paid ad yield growth rates use a revenue weighted average. H “ Data and trust are unique strengths in the age of AI ” statistics Source: SEEK data Number of data points per day: over 750m decisions from both candidates and hirers. Hirer relationships represent hirers that posted on SEEK in FY26; ANZ applications submitted from candidates with verified cr ede ntials reflect applications within FY26.
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Definitions APAC SEEK’s eight markets in Asia Pacific (Australia, New Zealand, Hong Kong, Malaysia, Singapore, Indonesia, Thailand and the Philippines) Adjusted profit/(loss) Reported profit/(loss) excluding the results from SEEK’s interest in the Fund and significant items. Adjusted EPS Adjusted EPS is defined as basic EPS excluding the results from SEEK’s interest in the Fund and significant items. ARR Annual recurring revenue ATS Applicant tracking system Capex Capital expenditure for intangibles and property, plant and equipment, and includes software engineering Carried interest liability Carried interest is a performance fee for the managing entity of the Fund. SEEK’s share of carried interest, which varies per cl ass of units, is subject to the Fund meeting required hurdles and conditions. The amount payable is determined every five years and depends on the performance ove r t hat five - year period. Cash profit In the context of SEEK’s dividend policy, cash profit is defined as: adjusted profit plus or minus depreciation and amortisat ion , share - based payments, share of associates, dividends received, fair value accounting adjustments, committed capex, and significant items Constant currency growth Calculated based on translating current year data using prior year exchange rates Depth adoption Depth ads (including the Advanced ad, Premium ad, ad enhancements, and others) sold as a portion of total job ads sold Developed markets – Asia Hong Kong, Malaysia and Singapore EBITDA Earnings before interest, tax, depreciation and amortisation Emerging markets – Asia Indonesia, Thailand and the Philippines ESV ‘look - through’ revenue Early - stage ventures ‘look - through’ revenue represents net revenue of investments multiplied by the Fund’s diluted ownership int erest and calculated on a constant currency basis. Where applicable, growth rates are adjusted for acquisitions to allow comparison between periods Free cash flow Net cash from operating cash flows less cash outflows for capex GTM Go - to - market Lite ad Free ads available in select markets as part of the freemium model in Asia n/m Not meaningful (n/m) indicates a variance where the current period’s amount is positive and was previously negative in the pr ior comparative period (or vice versa) and/or where a low prior period value results in distorted growth percentages Net revenue Sales revenue less Sidekicker’s contingent labour fulfilment costs Net debt Borrowings less cash and short - term investments Opex Operating expenses Placements The matching of people (candidates) with organisations (hirers). Placement share represents SEEK’s share of placements of the ov erall market Platform Unification Three - year business transformation program completed in FY24 to unify SEEK’s core online marketplace platforms in ANZ and Asia Reported profit/(loss) Profit/(loss) after tax attributable to the owners of SEEK Limited, prepared in accordance with the Corporations Act 2001 (Cth) and the Australian Accounting Standards, which comply with the International Financial Reporting Standards Sales revenue Total income arising in the course of SEEK’s ordinary activities, as defined by the International Financial Reporting Standards Significant items Comprises material non - recurring items. Management’s view is that the exclusion of these items assists with presenting more mean ingful financial information Total expenditure Comprises opex and capex. Capex is not included in adjusted profit/(loss) Total portfolio value Total portfolio value equals the Fund’s portfolio valuation plus distributions since creation The Fund SEEK Growth Fund Volumes The number of job ads posted on platform Yield (paid ad yield) Revenue from core job ads and ad enhancements divided by the number of paid job ads. This excludes the impact of the freemium mo del in Asia. Reference to yield in this presentation refers to paid ad yield unless specified APPENDIX 46
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47 Additional information on investments
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Accounting for the Fund and Zhaopin SEEK Growth Fund Zhaopin RMBm FY26 FY25 Growth % Pro forma (100% basis) Online revenue 1,382.0 1,480.9 (7%) Adjacent services revenue 988.6 1,142.0 (13%) Revenue 2,370.6 2,622.9 (10%) EBITDA 195.7 203.4 (4%) $m FY26 FY25 Change $ Net proceeds receivable 7.7 77.0 (69.3) Equity accounted investment 172.3 451.6 (279.3) Total investment in Zhaopin 180.0 528.6 (348.6) INVESTMENTS 48 • Underlying revenue declined 10% due to continued weak macro conditions, competitive pressures and a strategic shift away from low - margin, offline revenue streams • EBITDA declined by only 4% as headcount and marketing efficiencies led to stable margins • Adjusted share of profit increased 5%, benefiting from lower D&A, but reported share declined due to an underlying goodwill impairment by Zhaopin relating to its consolidated subsidiaries • Total i nvestment in Zhaopin declined by $348.6m due to: – $356.0m total impairment; partially offset by – $5.9m of foreign exchange gains and other movements; and – $1.5m share of associate profit • SEEK’s share of the Fund: net loss of $ 269.2 m largely due to: – a 13% decrease in the Fund’s total portfolio value vs FY25; and – a reduction in uncalled committed capital • 51% of the portfolio valuation based on external data points (independent valuation reports, external funding round within 12 months, listed share price) $m FY26 FY25 Change $ Portfolio valuation 1,771.6 2,071.0 (299.4) Uncalled committed capital 1 - 51.0 (51.0) Other net assets of the Fund 2 21.9 2.9 19.0 Net asset value for equity accounting 1,793.5 2,124.9 (331.4) SEEK ownership 83.8% 83.8% - SEEK share of net asset value 1,503.1 1,780.8 (277.7) SEEK carried interest liability - (1.1) 1.1 Carrying value of equity accounted investment 1,503.1 1,779.7 (276.6) 1. SEEK’s share of uncalled committed capital at FY26 is $nil (FY25: $34.0m). 2. Excludes unitholder interests in the Fund which are recorded as a financial liability by SEEK. $m FY26 FY25 Growth % Movement in carrying value of equity accounted investment (276.6) (35.9) n/m Plus: distributions received during the year 7.4 153.4 (95%) Share of associates (P&L) (269.2) 117.5 n/m $m FY26 FY25 Growth % Adjusted share of associates (P&L) 6.9 6.6 5% Reported share of associates (P&L) 1.5 6.6 (77%)
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• ESV ‘look - through’ revenue of $144m, up 23 % vs pcp • Across the largest investments there were differing levels of performance with ARR growth ranging from ~10% to 30% vs pcp • The key SaaS businesses delivered strong financial and operational results (including GTM initiatives, product expansions and AI initiatives) • Earlier stage investments achieved growth rates of more than 200% vs pcp • ESV ‘look - through’ revenue of $22m, up 3% vs pcp • Challenging labour conditions persisted and the focus remained on managing capital while balancing short - term requirements and long - term value HR SaaS Online Education Contingent Labour Cloud - based solutions with AI features for businesses (mainly small and mid - market) across a wide range of HR processes Offers technology solutions to either deliver or facilitate online education across a range of disciplines (from short courses to degrees) Uses technology to connect organisations and people in the temporary labour market • ESV ‘look - through’ revenue of $ 143 m, up 10 % vs pcp • OES: Continued revenue and EBITDA growth was underpinned by the Australia business alongside adjacent expansion • Despite macro conditions, the LatAm investments (Utel and Alun) delivered solid results driven by operational improvements • Earlier stage investments achieved growth rates of 50 - 100% vs pcp Investment themes FY26 performance Businesses 49 For FY26, the entire ESV portfolio ‘look - through’ revenue was $ 309.1 m, growth of 15% vs pcp . ESV portfolio excludes OES and Coursera. ESV ‘look - through’ revenue growth rates are based on constant currency and adjusted for ownership changes to enable like - for - like comparis on between periods. Investments across three priority themes ADDITIONAL SEEK GROWTH FUND INFORMATION
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Australia, NZ, UK, SE Asia Four businesses comprise 74% of the Fund’s valuation Australia, US, NZ, UK HR SaaS HR SaaS HR SaaS Online Education Australia, Asia, UK, US, Europe Australia, Asia, UK, US, Europe Markets Last major capital raise Oct 2023: $263m total ($125m primary). Included external capital Jun 2022: US$100m. Included external capital Sep 2023: US$150m. Included external capital N/A Capital position 2+ years of cash runway 2+ years of cash runway 2+ years of cash runway Profitable and self funding FY26 performance Strong year - on - year ARR growth across all key markets and now profitable. Ongoing growth expected from further market share expansion while rolling out new AI solutions, products and services Continued revenue and EBITDA growth underpinned by the Australia business alongside adjacent expansion. Paid dividends while retaining a healthy balance sheet ADDITIONAL SEEK GROWTH FUND INFORMATION 50 Theme Improved year - on - year growth and efficiency with a series of GTM and operational initiatives. Accelerated and improved product development driving customer satisfaction Strong year - on - year ARR growth across all key markets with positive SaaS metrics (upsell, retention, new business). Well - capitalised to invest in AI solutions, strategic partnerships and market share growth
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