SEEK Limited

Reported loss was $307 million, driven by the Zhaopin impairment and a $201 million net loss from the fund.

Ian Narev framed the year as evidence that SEEK is delivering on commitments while building more confidence in the future. He emphasized that the business can still grow EBITDA strongly even when volumes are down, because placement share, yield and operating leverage are doing the work. His tone was notably more optimistic than in prior periods, especially around AI, saying the board and management now have increased confidence in SEEK’s competitive advantage and have upgraded medium-term goals accordingly.

Kendra Banks focused on the quality of the operating result and the cash conversion. She highlighted that revenue grew 10%, EBITDA rose 15%, adjusted profit and EPS grew 28%, and free cash flow reached $246 million, the highest since FY22, with 104% conversion of EBITDA. She also pointed to disciplined spending: total expenditure rose 8% versus 10% revenue growth, run-the-business costs were up 4% excluding FX revaluation loss, and the balance sheet ended with net debt just under $1 billion and 1.8x leverage. On capital returns, she noted the record $0.52 per share dividend and said it represented a 100% payout of cash profit for FY26.

Analysts focused on what the medium-term targets imply for earnings, D&A, and capital returns from the Growth Fund. Management said that if volumes were flat in FY28 and the company met its new yield and cost goals, NPAT growth could be in the mid-20s, and that the FY27 D&A range already includes the expected step-up from amortizing the five years of unification capex plus some possible useful-life changes. On the Growth Fund, Ian Narev said SEEK owns 83% and expects most realized capital to be returned, but the timing and use of proceeds will be determined by the fund trustee and not controlled by SEEK. On volumes, management said the current decline pattern appears cyclical more than structural, with AI impacts limited to the edges so far.