We Are Cautious on Guidance for the Resumption of Growth for Seek

We expect Seek’s near-term challenges to center around navigating a return to trend in the Australian and New Zealand employment market. After the onset of the covid-pandemic, supportive fiscal and monetary policy, as well as changing societal attitudes toward work and work life balance, led to the great resignation and a booming jobs market, boosting Seek’s ANZ business. We estimate revenue from Seek’s ANZ business was around 10% above trend in fiscal 2025.