Key Highlights

• For the year to 30 June 2026, SEEK reported net Revenue up 10% to about $1.2 billion and EBITDA up 15% to $530 million of the 12 August results.

• Adjusted net profit rose 28% to $199 million and free Cash Flow rose 21% to $246 million.

• The full-year Dividend was 52 cents per share, up 13%, with a final dividend of 25 cents.

• reports of the release describe a statutory net loss, largely because of significant items of about $377 million, including a $356 million total Impairment on the Zhaopin investment.

What does SEEK's Growth Fund update tell investors about the company's next phase? In short, it sets out how SEEK intends to turn a large portfolio of minority stakes into cash, at a time when its core jobs marketplaces are growing more slowly and sentiment towards the Business has weakened. SEEK Limited (ASX:SEK) announced the revised arrangements on 21 October 2026, and its Annual General Meeting follows on 18 November 2026.

What SEEK does and how it earns revenue

SEEK operates online employment marketplaces, chiefly in Australia and New Zealand (ANZ) and across Asia. Its income comes mainly from employers paying to advertise jobs, so revenue reflects two things: the number of paid advertisements (volume) and the average price achieved for each (yield). Management has long emphasised Yield growth.

Beyond the core marketplaces, SEEK holds investments in other businesses, including Zhaopin in China and JobAdder, many of them housed within the SEEK Growth Fund.

FY26 results: more encouraging earnings, softer volumes

For the year to 30 June 2026, SEEK reported net revenue up 10% to about $1.2 billion and EBITDA up 15% to $530 million of the 12 August results. Adjusted net profit rose 28% to $199 million and free cash flow rose 21% to $246 million. The full-year dividend was 52 cents per share, up 13%, with a final dividend of 25 cents.

The statutory result was weaker. reports of the release describe a statutory net loss, largely because of significant items of about $377 million, including a $356 million total impairment on the Zhaopin investment.

Operationally, the picture was mixed. In ANZ, revenue rose 12% and paid advertisement yield rose 14%, but Job advertisement volumes fell 2% year on year in the second half as the economy softened. New Zealand volumes rose 8%. In Asia, revenue rose 3% and yield rose 20%, while paid job advertisement volumes fell 12%, reflecting a shift towards free listings and weak conditions, particularly in Hong Kong.

Operating expenses rose 6% and Capital Expenditure rose 17%, which management attributed to Investment in product, technology and AI teams and higher computing costs.

Guidance for FY27

SEEK guided to FY27 revenue of $1.21 billion to $1.28 billion, EBITDA of $530 million to $580 million and adjusted net profit of $185 million to $215 million. Media analysis suggests the midpoints imply roughly 5% revenue growth and 6% EBITDA growth. Management also set medium-term goals of at least 10% annual yield growth and mid-single-digit cost growth through the cycle.

Guidance is a forecast, not a result, and it depends on hiring conditions that the company does not control. That reaction is the market's interpretation.

The Growth Fund update

The 21 October announcement is the most recent significant development. of the release, the Fund enters its second stage on 1 November 2026 under revised terms approved by unitholders.

Key points reported include:

• The fund manager's Carried Interest is payable only if at least $840 million of Liquidity is made available to investors, with about $700 million of that attributable to SEEK on a pro rata basis.

• SEEK's annual management fees are expected to fall to about $17 million, partly because a $5 million fee on SEEK-owned assets, including Zhaopin and JobAdder, no longer applies.

• SEEK will contribute no further capital, so its 83.8% stake is expected to decline as Assets are sold.

The $840 million figure is a liquidity condition for the manager's incentive, not a guaranteed payment to SEEK.

Sector conditions and competition

Online recruitment is cyclical. When employers hire less, advertisement volumes fall, and SEEK has relied on price increases to offset that. Competition from other job boards and professional networks, together with the potential for AI-driven tools to change how candidates and employers connect, are uncertainties that commentators frequently raise; the effect on SEEK remains unproven.

SEEK's scale in ANZ gives it a encouraging position in paid listings, and its 14% ANZ yield growth in FY26 suggests continued pricing power. The Asian operations appear more exposed to Volume weakness.

Governance and the AGM

SEEK's notice of meeting lists nine items for 18 November 2026 at 3.00pm AEDT. These include a non-binding vote on the remuneration report, Equity grants to chief executive Ian Narev, a proposed increase in the non-executive director fee pool from $2.1 million to $2.4 million, and the appointment of Ernst & Young as auditor in place of PricewaterhouseCoopers, subject to ASIC consent. Shareholders will also consider electing Greg Roebuck and re-electing two directors.

Risks and what to watch

Several uncertainties stand out:

• Hiring demand: further falls in advertisement volumes could outweigh yield gains.

• Asset sales: the timing, pricing and proceeds of Growth Fund disposals remain unconfirmed.

• Cost growth: technology and AI spending may weigh on margins if revenue disappoints.

• Technology disruption: changes in how people search for work could affect marketplace economics.

Dates to note are the AGM on 18 November 2026, the asset sale update promised before the end of 2026, and the half-year result, which SEEK would be expected to release around February 2027 based on previous practice.