Slide 1: SEEK Limited – FY2024 Full Year Results Presentation
13 August 2024 The Manager ASX Market Announcements Office Australian Securities Exchange Dear Manager SEEK Limited – FY2024 Full Year Results Presentation In accordance with the Listing Rules, I enclose SEEK’s FY2024 Full Year Results Presentation for immediate release to the market. Yours faithful
Slide 2: SEEK Limited FY24 Results Presentation
SEEK LIMITED FY24 Results Presentation 12 months to 30 June 2024 aw a seek and you shall find
Slide 3: Agenda
Agenda 01 02 03 04 O05 06 O07 FY 24 highlights FY 24 financial performance Employment marketplace SEEK Growth Fund ESG Strategy FY25 outlook
Slide 4: FY highlights
FY 24 highlights
Slide 5: FY24 highlights
FY24 highlights Foundations in place for $2bn revenue opportunity and operating leverage FY24 outcomes p Placement share in ANZ highest in recent history Foundations for growth » Momentum in placements and yield growth due to previous investments ) Double digit yield growth across APAC p Continuous
Slide 6: Revenue down 6%; lower volumes were partially offset by double digit yield growth
Revenue down 6%; lower volumes were partially offset by double digit yield growth Total expenditure down 1% Operating expenses up 1% Capital expenditure down 8% EBITDA down 14% due to lower revenue Adjusted NPAT down 33% on lower earnings and higher D&A Total dividend of 35 cents per share, fully fr
Slide 7: Financial performance
FY24 Financial performance <
Slide 8: FY24 financial results
FY24 financial results Continuing Operations $1,084m Revenue -6% vs pcp $469m EBITDA -14% vs pcp $776m Total expenditure! -%vspcp $615m Opex +1% vs pcp $161m Capex -8% vs pcp $177m Adjusted NPAT? -33% vs pcp Total Operations® $1,160m Revenue -17% vs pcp $(60)m Reported NPAT loss pcp: $230m profit? $
Slide 9: Profit and loss summary
Profit and loss summary FY24 FY23' Growth Constant % currency % i Continuing Operations Revenue H Opex {EBITDA | EBITDA Margin % Adjusted NPAT? - Continuing Operations | SEEK Growth Fund? ! Significant items* | Reported NPAT 1,157.9 (611.9) 546.0 47% 265.5 (40.0) 4.8 230.3 {Discontinued Operations A
Slide 10: Revenue performance
Revenue performance Double digit yield growth provided some offset to the continued reduction in volumes from historical highs Revenue FY24 vs FY23 ($m) f ANZ Asia 4 | a z= - 7 1,084 FY23 t Volume Yield NJAR' Volume Yield NJAR' i FY24 Revenue Ss. 2------n-- eee n nnn ON enn n nnn “Revenue ANZ revenu
Slide 11: Profit performance
10 Profit performance Lower profit driven by revenue decline and higher D&A expense following Platform Unification EBITDA FY24 vs FY23 ($m) : | FY23 Revenue EBITDA i Unification Opex 1 FY24 investment (ex Unification) | EBITDA Adjusted NPAT FY24 vs FY23 ($m) FY23__ EBITDA D&A Adj NPAT Other Tax FY24
Slide 12: Balance sheet summary
Balance sheet summary ASm FY24 FY23' $ Change Cash and cash equivalents 199.4 251.4 (52.0) a | Decrease in the Fund WES due to SEEK’s share of the portfolio decline? of $220.2m Other current assets 201.9 225.1 (23.2) partially offset by a reduction in the Goodwill, brand and customer relationships 1
Slide 13: Cashflow summary
Cashflow summary A$m FY24 Operating activities Operating cashflows (excluding interest, transaction costs and tax) 433.9 Finance costs, transaction costs and taxes paid (121.1) Total operating cashflows 312.8 Investing activities Capital expenditure (intangible assets and plant and equipment)' (169.
Slide 14: Employment marketplace
Employment marketplace <
Slide 15: Employment marketplace highlights
14 Employment marketplace highlights Execution against SEEK’s strategy grows placements and the value added to each placement Monthly Allorganisations unique hirers! and jobs and attention 97k All people Monthly unique visitors! 30m Outcome: | placements AU: 33% ASIA: 22% Month Yield per ad2 applica
Slide 16: Competitive metrics
Competitive metrics Placement share in ANZ increased to its highest in recent history; Asia down slightly Australia metrics':2 Asia metrics! 32.8% 3.6x lead vs nearest °. Current share competitor 21.9% of placements Weighted average 9.1% 2.8% 4.7% (21.8% under old 0.3% methodology) Professional Soci
Slide 17: ANZ performance
ANZ performance Yield growth through investment in pricing capability has partially offset continued volume reductions FINANCIALS 840 455 54% m m ( Revenue! EBITDA' Margin -8% -9% -1 percentage point decline Excluding change in APAC technology service arrangements2 EBITDA Margin -13% reported -3 per
Slide 18: ANZ - candidate activity
7 ANZ - candidate activity Candidate metrics driven by increase in active job seekers and investment in product and marketing Candidate activity increasing with visits up 8% Monthly unique visitors 3 af SFI vs pep Jul-22 Oct-22 Jan-23 Apr-23 Jul-23, Oct-23 Jan-24 Apr24 — Jun-24 —Wonthly Unique Visit
Slide 19: ANZ - hirer activity
ANZ - hirer activity Continued strength in customer mix and stable depth adoption despite weaker macroeconomic conditions Paid ads declined more than unique hirers Monthly paid job ads! and unique hirers (‘(OOOs) @ Volumes continued to weaken throughout FY24 350 after reaching record levels in March
Slide 20: Asia performance
19 Asia performance Higher yield offset volume reductions; EBITDA declined driven by product investment and allocation of Platform Unification development costs FINANCIALS $244m Revenue! -1% reported -2% constant currency REVENUE DRIVERS -21% Volume? Absolute decline $46m 19% EBITDA' Margin -50% rep
Slide 21: Asia - candidate activity
Asia - candidate activity Candidate activity was higher in H2 24 following the transition to the unified platform, and investment in product and marketing Active users in June 24 at highest level for two years Monthly unique visitors —__ —s = i). oe —~ 4 ow -8% vs pcp Julk22 Oct-22 Jane23-— Apr23— J
Slide 22: Asia - hirer activity
2 Asia - hirer activity Commercial model driving depth adoption, yield uplift and volume uplift from freemium pilot Hirer activity down but slowdown moderated in H2 24 Monthly paid job ads and unique hirers’ (‘OOOs) 300 250 aN Nan a0 Vas V iN N LN 2% 100 — —__— 5 50 — \~S i ee _ -22% OC a vs pcp (0)
Slide 23: SEEK Growth Fund
SEEK Growth Fund <
Slide 24: Update on the SEEK Growth Fund
Update on the SEEK Growth Fund Portfolio valuation down 9% from FY23; up 26%! since creation to $2.1b (IRR of 10%2) Movements in the SEEK Growth Fund portfolio valuation since creation ($m) if Creation to 30 June 2023 \ i FY24 ‘ | t ; —ar— (54) H H 673 H H i i 430 i : 2,318 H im 2,108 SEEK seeded i
Slide 25: Update on the SEEK Growth Fund
Update on the SEEK Growth Fund Manager’s perspective on the Fund Accounting impacts for SEEK Market commentary @ Private market activity remains subdued. The reduction in available capital for early-stage businesses has shifted the strategic focus to near-term profitability @ The technology sector i
Slide 26: ESG
ESG
Slide 27: SEEK's 2023 Modern Slavery Statement is available online
• • • • • • SEEK’s 2023 Modern Slavery Statement is available at https://www.seek.com.au/about/sustainability/ The next Modern Slavery Statement will be released in late 2024. • • • •
Slide 28: Strategy
Strategy
Slide 29: Committed to FY28 strategic goals
Committed to FY28 strategic goals $2bn revenue Operating opportunity leverage Growing placements Growing yield + Major infrastructure completed: + Macroeconomic conditions unified platform, ERP, CRM weighing on the short-term 7 . + Now positioned to drive leverage + Ongoing investment driving yield
Slide 30: Investments are driving performance
Investments are driving performance Delivering growth in placements and yield in FY24 Growing Yield + Benefited from budget-based commercial Growing Placements + Executed marketing campaigns > candidate brand awareness continues to be at highest levels in recent history in Australia and Asia Enhance
Slide 31: Unification to support placements, yield and leverage
Unification to support placements, yield and leverage Unified platform providing additional early benefits in FY24 Growing Placements + Consolidated to best customer experience on the unified platform > improved user engagement contributed to 15% uplift in candidate applications and increased SEO sh
Slide 32: Foundation for operating leverage
Foundation for operating leverage Flexibility in future investment allows prioritisation of discretionary capital! @ Platform Unification: completed ae ; @ Product innovation (including Al): flexible above a minimum level @ Marketing: can be variable Core technology, sales, corporate: stable FY24 FY
Slide 33: FY25 outlook
FY25 outlook
Slide 34: FY25 trading outlook
FY25 trading outlook @ Over the course of FY24, ANZ and Asia paid ad volumes trended downwards. In Australia, this is consistent with a range of employment indicators such as the rise in unemployment and slowdown in job vacancies and mobility @ Most economists are forecasting the macroeconomic envir
Slide 35: FY25 guidance
FY25 guidance FY25 key revenue and expenditure assumptions FY25 GUIDANCE! @ Revenue base case assumptions, which may be subject to significant fluctuations, are: Revenue of approximately $1.02bn to $1.14bn + ANZ: revenue to decline vs pcp, with low teens decline in job ad volumes to more than offset
Slide 36: Well positioned to grow shareholder value
Well positioned to grow shareholder value ») Growth in placements and yield support commitment to $2bn revenue opportunity by FY28 ) Unified product platform, leading market share positions, and unique data and Al capability provide the foundations for future growth ) Flexibility in the cost base al
Slide 37: Appendices
Appendices
Slide 38: Additional operational and financial information
Additional operational and financial information <
Slide 39: HR SaaS, Online Education, Contingent Labour
HR SaaS Online Education Contingent Labour
Slide 40: Reconciliation of Adjusted to Reported results
Reconciliation of Adjusted to Reported results FY24 Adjusted to Reported results per the statutory accounts! FY24 FY23° SEEK significant SEEK significant Adjusted? Growth Reported Adjusted” Growth Reported A$m Fund tems Fund tems 840.1 840.1 914 911.4 i 244.0 244.0 246.5 246.5} 1,084.1 - - 1,084.1 1
Slide 41: Reconciliation of FY23 results restatement
40 Reconciliation of FY23 results restatement FY23 restated for the LatAm asset sale and a tax accounting adjustment related to the Fund! FY23 Previously = LatAm ‘The Fund Restated Reported asset sale tox Reported A$m Ps adjustment f Revenue 1,225.3 (67.4) 1,157.9 ‘ { Opex (679.2) 67.3 Gn.) } 1 EBIT
Slide 42: Reconciliation of Total Operations
Reconciliation of Total Operations Total Operations results including the LatAm assets reported in Discontinued Operations FY24 A$Sm Revenue Opex EBITDA Adjusted’ NPAT SEEK Growth Fund Significant items Reported NPAT Capex FY23 A$Sm Revenue Opex EBITDA Adjusted’ NPAT SEEK Growth Fund Significant ite
Slide 43: Zhaopin investment and net receivable
Zhaopin investment and net receivable Reported NPAT includes $141m of impairment losses related to Zhaopin Equity accounted investment Bo Zhaopin impairment A$m @ Zhaopin’s performance has been impacted by increased competition and challenging macroeconomic conditions®. This Carrying value at 30 Jun
Slide 44: Sale of the LatAm assets
Sale of the LatAm assets Reported NPAT includes $27.4m net loss on sale after tax Reconciliation of loss (recognised in Discontinued Operations) US$m A$m Cash consideration received and working capital adjustment 67.9 101.9 Cash held in escrow 20.0 30.1 Total consideration 87.9 132.0 Carrying value
Slide 45: Net debt and leverage
44 ASm ns S 6 Net debt and leverage Net debt and leverage A$m FY24 FY23 Change Borrowings (1,232.4) (1,315.4) Cash 199.4 251.4 Short term deposits 0.2 0.2 83.0 (62.0) 0.0 Reported net debt’ (1,032.8) (1,063.8) Borrower Group net leverage” 2.41x 1.99x Maturity profile 600 378.6 Less than 1 year 1-2 y
Slide 46: Capital expenditure
45 Capital expenditure Total capex from Continuing Operations of $161m, down $13m Product and technology ($m)! 180 159 10 130 107 B 8 28 =| 79 FY21 FY22 FY23 FY24 Discontinued Operations Incremental Unification Continuing Operatio Continuing Operations - Underlying Plant and equipment ($m)1 59 7 Fy2
Slide 47: Platform Unification complete
Platform Unification complete Three year program completed ahead of time and under budget jobstreet Incremental investment Capex cost Opex cost Capex/Opex split 27% 173% 31%/69% 35%/65% 31%/69% One unified employment marketplace Unified marketplace and CRM rollout to Asia complete Oct 2023: Philippi
Slide 48: Technology service arrangements
47 Technology service arrangements FY23! Fy24' Change H2 24! A ANZ/ . ANZ/ . ANZ/ A A$m ANZ Asia Corporate Asia Corporate Asia Corporate Asia Detnecn ANS ond as 042) 14.2 3.8) 3.8 10.4 (10.4) (2.1) 2A Platform royalty fee* - - 10.1 (10.1) 10.1 (10.1) 8.5 (8.5) Corporate systems usage fee? - - 5.8 (5
Slide 49: Capital management and dividends
Capital management and dividends Operating cashflows to support long-term investment and shareholder returns Capital management approach Dividend Policy Dividend reflects SEEK’s operating cashflow performance and accommodates SEEK’s long-term investment priorities. Strong operating cashflows Key asp
Slide 50: Asia - market insights
Asia - market insights Developed markets Emerging markets Hong Kong Malaysia Singapore Indonesia Thailand Philippines Labour force! 3.7m 17.3m 3.5m 140.9m 40.8m 49.5m Internet penetration %! 96% 97% 96% 66% 88% 77% % of placement activity? using online 715% 77% % of placement activity 5A% 4A% using
Slide 51: Additional SEEK Growth Fund information
Additional SEEK Growth Fund information
Slide 52: SEEK Growth Fund - theme overview
51 SEEK Growth Fund - theme overview Investments in high-growth businesses across three priority themes Key structural trends Total addressable market (TAM) Financials Key themes 1. Source: the Manager 2. Look-through share repres: 3. FY24 includes int currency ba: des OES & C ue related to GO1 acqu
Slide 53: SEEK Growth Fund - portfolio investments
52 SEEK Growth Fund - portfolio investments Key investments are leveraged to long-term growth drivers Market Last major capital raise Capital position Investment thesis Growth drivers 1. In March 2017, SEEK increased (Bob HR SaaS Israel, UK, Europe, US, Australia US$150m in Sept 2023 (included exter
Slide 54: SEEK Growth Fund - carrying amount reconciliation and valuation methodology
SEEK Growth Fund - carrying amount reconciliation and valuation methodology Carrying amount reconciliation A$m FY24 FY23 Change Portfolio valuation 2,107.5 2,317.8 (210.3) Uncalled committed capital 76.0 120.6 (44.6) Other net assets of the Fund 1.4 9.2 (7.8) Net asset value for equity accounting pu
Slide 55: Additional ESG information
Additional ESG information
Slide 56: SEEK's 2024 Sustainability Report will be released late August 2024
• • • • • • SEEK’s 2024 Sustainability Report will be • • released late August 2024 SEEK’s 2023 Modern Slavery Statement is available at https://www.seek.com.au/about/sustainability/
Slide 57: Other ESG highlights
Other ESG highlights Priorities that deliver social and environmental value for our communities and our people People Environment Responsible business Maintained gender balance on Executive Leadership Team and in the APAC workforce Maintained 33% female representation on the Board and appointed one
Slide 58: Disclaimer
#- seek and you shall find 57 Disclaimer The material in this presentation has been prepared by SEEK Limited ABN 46 080 075 314 (SEEK) and is general background information about SEEK’s activities, current as at the date of this presentation. The informations given in summary form and does not purpo