Seek (SEK) -3.27% traded higher initially before selling off into the close after reporting a reasonable 1H26 update.
- Revenue from continuing ops $646.6mn, +21% YoY (above 600m consensus)
- EBITDA from continuing ops $267.1mn, +19% YoY (inline)
- Net loss $49.9mn (driven by impairment)
- Underlying profit of $104mn, inline with expectations
- Interim dividend 27cps
The reported loss reflects the previously announced $356mn impairment of Zhaopin, while Seek also flagged a sale process to divest its stake in Employment Hero via the Growth Fund.
Guidance has been narrowed rather than downgraded, with SEK reaffirming that revenue and EBITDA should land in the top half of prior guidance.
MM is neutral SEK ~$16.50
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