Seek Limited · ASX:SEK
Seek — H1 FY2026 Earnings Presentation
42 slides from Seek's earnings presentation, Feb 17, 2026
Slide 1: SEEK Limited – FY2026 Half Year Results Presentation
17 February 2026 The Manager ASX Market Announcements Office Australian Securities Exchange Dear Manager SEEK Limited – FY2026 Half Year Results Presentation In accordance with the Listing Rules, I enclose SEEK’s FY2026 Half Year Results Presentation for immediate release to the market. Yours faithf
Slide 2: Half Year Results 31 December 2025
SEEK LIMITED Half Year Results 31 December 2025
Slide 3: Disclaimer
Disclaimer The material in this presentation has been prepared by SEEK Limited ABN 46 080 075 314 (“SEEK”). Presentation emissions data, reliance on assumptions and changes in market practice . These factors Includes general background information about SEEK’s activities, current as at the date may
Slide 4: Acknowledgement of Country
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 custod
Slide 5: Contents
Contents H1 26 Financial overview review Strategic Outlook delivery APAC employment marketplace 4
Slide 6: H1 26 overview
H1 26 overview 5
Slide 7: H1 26: Accelerating growth and momentum
H1 26: Accelerating growth and momentum Placement leadership: placement share lead in Australia increased to 5x the nearest competitor High teens yield growth: new AI - enabled ad tiers and outcome - based pricing drove 17% yield growth Double digit revenue growth: yield growth more than offset paid
Slide 8: H1 financial overview
H1 26 financial overview Sales revenue Net revenue Total expenditure Opex Capex $647m $601m $409m $334m $75m up 21% up 12% up 10% up 7% up 24% up 11% ex Sidekicker 1 up 11% ex Sidekicker up 8% ex Sidekicker up 6% ex Sidekicker up 24% ex Sidekicker EBITDA Adjusted Profit Reported Loss Net debt Interi
Slide 9: Strategic delivery
Strategic delivery 8
Slide 10: Strong results delivered
STRATEGIC DELIVERY: H1 26 Strong results delivered Growing Growing Operating placements yield leverage Australia placement share 5x nearest Paid ad yield growth Revenue grew three competitor; of 17% across percentage points Asia share declined ANZ and Asia higher than costs 2 slightly 1 1. Refer to
Slide 11: Proprietary data has grown placements and yield and is accelerating our competitive advantage
STRATEGIC DELIVERY Proprietary data has grown placements and yield and is accelerating our competitive advantage AI is delivering placement and yield growth now • We’ve had a dedicated AI function since 2016 • Hundreds of product releases in the last 6 months have utilised AI capability • The result
Slide 12: Our unique data enhances our three strategic priorities
STRATEGIC DELIVERY Our unique data enhances our three strategic priorities Growing Growing Prioritised and trusted connections placements Deep understanding drives better yield matching and willingness to pay • Candidates trust our personalised recommendations • Our AI assesses and targets high - fi
Slide 13: Personalised matching and high-fit targeting create customer value and drive yield
STRATEGIC DELIVERY Personalised matching and high - fit targeting create customer value and drive yield Candidate Hirer Proprietary data AI Capability Proprietary data • Verified credentials and expertise Advanced machine learning • Job ad and role requirements • Preferences (search, apply, engage)
Slide 14: AI is improving our product and generating new data
STRATEGIC DELIVERY AI is improving our product and generating new data Candidate Hirer First First launch launch • Conversational discovery improving relevance. 2023 • AI ad writing improving conversion and quality. 2025 Natural language search capturing up to 10x more Using marketplace data to auto
Slide 15: APAC employment marketplace
APAC employment marketplace 14
Slide 16: Revenue growth of 14% was driven by AI-enabled new product and dynamic pricing
EMPLOYMENT MARKETPLACE: ANZ Revenue growth of 14% was driven by AI - enabled new product and dynamic pricing Placement share 1 Volumes Yield - 2% +17% vs pcp 36.3% absolute growth 1 Revenue ($m) H1 26 H1 25 +14% Revenue $m Core job ads and ad enhancements 425 370 Expanded sourcing solutions and othe
Slide 17: Ad volumes continued to stabilise across ANZ
EMPLOYMENT MARKETPLACE: ANZ Ad volumes continued to stabilise across ANZ Monthly paid ad volumes and unique hirers (‘000s) 250 • ANZ ad volumes declined 2%, as both markets continued to stabilise after three years of decline 200 - 2% – The pace of decline in Australian ad volumes has vs pcp slowed,
Slide 18: Placement growth was underpinned by high-fit candidate targeting and matching
EMPLOYMENT MARKETPLACE: ANZ Placement growth was underpinned by high - fit candidate targeting and matching Growing placements 1 Growing yield 26.2% 36.3% +17% • Australia placement share at recent record level • Variable pricing increased across all ad types, largely driven by price changes impleme
Slide 19: Higher revenue was enabled by the launch of upgraded ad tiers and Advanced ad
EMPLOYMENT MARKETPLACE: ASIA Higher revenue was enabled by the launch of upgraded ad tiers and Advanced ad Placement share 1 Paid volumes Paid ad yield - 14% +17% vs pcp 24.6% absolute growth 1 Revenue ($m) H1 26 H1 25 +4% 1 Revenue 1 $m Core job ads and ad enhancements 115 110 Expanded sourcing sol
Slide 20: Total ad scale and candidate engagement increased
EMPLOYMENT MARKETPLACE: ASIA Total ad scale and candidate engagement increased Monthly ad volumes and unique hirers (‘000s) 250 • Total ad volumes grew , as freemium generated growth HK MY PH SG in job ads and unique hirers, including in the Philippines 200 TH ID (Feb - 26) and Thailand more than on
Slide 21: Differentiated ad tiers supported placements and yield
EMPLOYMENT MARKETPLACE: ASIA Differentiated ad tiers supported placements and yield Growing placements 1 Growing yield 24.6% +17% • Asia placement share declined slightly; remains above • Variable pricing increased and volume discounts major competitors in all markets reduced; freemium enabled highe
Slide 22: Freemium rollout has exceeded expectations; focus is now on revenue growth
EMPLOYMENT MARKETPLACE: ASIA Freemium rollout has exceeded expectations ; focus is now on revenue growth Freemium Initial results Ongoing results 1 launch Offset revenue spin Increase in ad scale: ~35% growth in total direct ads down (6 - 12 months) Increase in active hirers: ~35% growth Malaysia Ho
Slide 23: Financial review
Financial review 22
Slide 24: Financial result
H1 26 RESULT: FINANCIALS Financial result Constant currency Ex Sidekicker $m H1 26 H1 25 Growth $ Growth % growth % growth % Continuing Operations Sales revenue 646.6 536.2 110.4 21% 20% 11% Net revenue 600.9 536.2 64.7 12% 11% 11% Less: operating expenses 333.8 312.3 21.5 7% 7% 6% Capital expenditu
Slide 25: Investment prioritisation has led to growth in placements and yield
H1 26 RESULT: OPERATING LEVERAGE Investment prioritisation has led to growth in placements and yield Total expenditure ($m) 409.2 • Total expenditure up 10% (up 8% ex Sidekicker 1) 398.0 driven by: 373.1 75.4 +24% - investment in grow - the - business activity: 86.0 vs pcp 1 60.8 - continued investm
Slide 26: Operating leverage delivered 35% growth in Adjusted Profit
H1 26 RESULT: PROFIT Operating leverage delivered 35% growth in Adjusted Profit Adjusted Profit ($m) vs pcp EBITDA • Higher EBITDA as revenue growth of 12% exceeded operating expense growth of 7%; margin grew to 44% • Higher D&A due to the completion of Platform Unification in FY24 and inclusion of
Slide 27: Prior year free cash distributed to shareholders
H1 26 RESULT: CASH FLOW Prior year free cash distributed to shareholders Cash flow $m H1 26 H1 25 Change • Net cash from operating activities of $145.4m, up $1.5m vs pcp Operating cash flows 226.8 204.8 22.0 Finance costs, transaction costs and taxes paid (81.4) (60.9) (20.5) – growth in operating c
Slide 28: Net leverage ratio continued to trend down
H1 26 RESULT: BALANCE SHEET Net leverage ratio continued to trend down Net debt $m H1 26 FY25 Change • Net debt was slightly higher vs FY25 due to Cash 129.2 150.2 (21.0) seasonal working capital requirements Short - term investments 0.1 0.3 (0.2) • Net leverage ratio was lower vs pcp ; well within
Slide 29: Total portfolio value ROI of 33%; up 1% in H1 26
SEEK GROWTH FUND Total portfolio value ROI of 33%; up 1% in H1 26 100% basis SEEK share 2 The Fund’s H1 26 performance $m H1 26 FY25 H1 26 • The Fund’s total portfolio value (portfolio valuation including distributions) was up 1% in H1 26 to Portfolio valuation 2,089.9 2,071.0 1,751.5 $2,296.3m (FY2
Slide 30: Operating leverage and free cash flow enabled growth in dividends
CAPITAL MANAGEMENT Operating leverage and free cash flow enabled growth in dividends Strong operating cashflows Liquidity from the Fund • Operating cashflows: Investment was prioritised towards AI, data and trust initiatives. With the balance sheet in a strong position, remaining capital from operat
Slide 31: Expanding SEEK's impact on fair hiring
SUSTAINABILITY Expanding SEEK’s impact on fair hiring Employment platforms are uniquely positioned to drive fair hiring - and we are evolving our strategy to expand our impact • Strengthening platform controls by using AI - powered detection to prevent fraudulent and criminal actors from using the p
Slide 32: Outlook
Outlook 31
Slide 33: SEEK's leadership continues to strengthen
OUTLOOK SEEK’s leadership continues to strengthen Growing Growing Operating placements yield leverage Revenue growth Placement share: Paid ad yield growth: above cost growth: Grow leadership position High single digit growth Mid - to - high single digit cost growth through the cycle 32
Slide 34: FY26 guidance
OUTLOOK FY26 guidance Guidance ranges tightened; revenue and EBITDA expected to be in the top half of original guidance Prior guidance Current guidance For illustration, delivery of the mid - points of these FY26 guidance ranges Net revenue $1.15bn – $1.25bn $1.19bn – $1.23bn would result in growth
Slide 35: Appendix
Appendix 34
Slide 36: Adjusted and Reported financial results
APPENDIX Adjusted and Reported financial results H1 26 H1 25 $m SEEK SEEK Adjusted Growth Significant Reported Adjusted Growth Significant Reported H1 26: Continuing Operations items items Fund Fund SEEK Growth Fund Sales revenue 646.6 - - 646.6 536.2 - - 536.2 • Refer to page 39 ANZ 475.7 - - 475.7
Slide 37: Metrics
APPENDIX Metrics Source: Independent research conducted on behalf of SEEK in Australia and Asia. Represents six months of recent survey result s a nd reflects SEEK and Jora Placement survey is based on respondents who changed/started jobs in the last 12 months Placement share Australia: SEEK (36.3%)
Slide 38: Definitions
APPENDIX 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 Capex Capital ex
Slide 39: Additional information on investments
Additional information on investments 38
Slide 40: Accounting for the Fund and Zhaopin
INVESTMENTS Accounting for the Fund and Zhaopin SEEK Growth Fund Zhaopin $m H1 26 FY25 Change $ RMBm H1 26 H1 25 Growth % Portfolio valuation 2,089.9 2,071.0 18.9 Pro forma (100% basis) Uncalled committed capital 1 35.0 51.0 (16.0) Online revenue 740.7 760.3 (3%) Other net assets of the Fund 2 6.8 2
Slide 41: Investments across three priority themes
ADDITIONAL SEEK GROWTH FUND INFORMATION Investments across three priority themes HR SaaS Online Education Contingent Labour Investment Cloud - based solutions for Offers technology solutions Uses technology to connect themes businesses (mainly small and to either deliver or facilitate organisations
Slide 42: Four businesses comprise 80% of the Fund's valuation
ADDITIONAL SEEK GROWTH FUND INFORMATION Four businesses comprise 80% of the Fund’s valuation Markets Australia, NZ, UK, SE Australia, Asia, UK, Australia, Asia, UK, Australia, US, NZ, UK Asia US, Europe US, Europe Last major capital Oct 2023: $263m total Jun 2022: US$100m. Sep 2023: US$150m. N/A 1 (