SEEK LIMITED — Investor Presentation 2021

Aug 23, 2021

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24 August 2021

The Manager ASX Market Announcements Office Australian Securities Exchange

Dear Manager

SEEK Limited – FY21 Full Year Results Presentation

In accordance with the Listing Rules, I enclose SEEK’s FY21 Full Year Results Presentation for immediate release to the market.

Yours faithfully,

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Rachel Agnew Company Secretary

Authorised for release by the Board of Directors of SEEK

For further information please contact:

Investors & Analysts Steven Moran SEEK Limited (03) 8517 4484

Media Daniel Ellis SEEK Limited Phone: 0400 587 232

SEEK Limited

60 Cremorne Street, Cremorne, Victoria, 3121 | Tel: +613 8517 4100 | Fax: +613 9510 7244 | ABN 46 080 075 314

SEEK LIMITED FY21 RESULTS PRESENTATION

12 months to 30 June 2021

We help people live more fulfilling and productive working lives and help organisations succeed

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Today’s agenda

Corporate Structure Changes

1

2 FY21 Group Financial Performance

3 Asia Pacific & Americas (AP&A)

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4 SEEK Investments

5 Strategy Update

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5
6
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6 FY22 Outlook

SEEK Limited FY21 Results Presentation 2

CORPORATE STRUCTURE CHANGES

New structure implemented

Capital flexibility, management alignment and greater focus

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SEEK Growth Fund

• Comprises core AP&A; and certain portfolio

• Overview investments, primarily Zhaopin (23.5% interest) and SEEK’s interest in the SEEK Growth Fund

• Newly created unit trust in which SEEK will initially hold c84.5%[1 ] of the units

• Seeded with SEEK’s interests in OES and the majority of SEEK’s existing ESV portfolio

• Managed by an independent management company (SEEK Investments)

• Led by Ian Narev and current members of the

• Management AP&A Executive team (refer page 49 for detail)

  • SEEK Investments to be led by Andrew Bassat, and the existing team transferring from the legacy SEEK Investments business (refer page 50 for detail)

• Rationale Enables sharper focus on significant growth opportunities within SEEK’s core businesses

• Generates cash flows that enable reinvestment in building competitive capability and payment of dividends

• Retains the option, but not the obligation, to commit further capital to the SEEK Growth Fund

• Focuses on being an investor and business builder, partnering with emerging leaders to deliver strong long-term returns

• Facilitates greater access to capital that can be used to support both existing and new investments

• Delivers greater independence to enable aggressive long-term investment decisions

1 Assumes all committed capital is fully drawn.

SEEK Limited FY21 Results Presentation 4

Overview of the new structure

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SEEK Growth Fund
Assets owned and Assets owned by SEEK Growth Fund
managed by SEEK [1] and managed by SEEK Investments [2]
SEEK ANZ SEEK Asia Online Education
Brasil Online OCC AP&A Other
(formerly known as Caelum)
HR SaaS
Assets owned by SEEK and
managed by SEEK Investments [2]
Contingent Labour
Zhaopin [3] ESVs
(plus 6 other ESVs)
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1 For external reporting purposes, SEEK entities are reported within Continuing Operations and SEEK Growth Fund entities are reported within Discontinued Operations

2 SEEK to pay a management fee to SEEK Investments, the independent management company, for: (i) management of assets seeded into the SEEK Growth fund (OES & ESVs); and (ii) management of certain assets owned by SEEK (including Zhaopin and JobAdder).

3 SEEK retains 23.5% equity accounted investment in Zhaopin.

SEEK Limited FY21 Results Presentation

5

The SEEK Growth Fund

• Unit trust seeded[1] with OES and 14 ESVs (majority of SEEK’s existing ESV portfolio) in exchange for units in the Fund

• Formation of new management company (SEEK Investments)led by Andrew Bassat, and the existing investment professionals from current SEEK Investments

• Fund • SEEK Investments to manage the Fund and receive management and performance fees

• structure • SEEK Investments to manage certain SEEK owned assets outside of the Fund structure, mainly Zhaopin and JobAdder, and to receive management and performance fees

• Fees structured to ensure management fees are lower than previous costs to manage the portfolio and performance fees only accrue after certain threshold returns are achieved

• Seed assets were independently valued at A$1,215m[2] in exchange for units in the Fund

  • True-up mechanism exists to ensure SEEK receives fair value if subsequent capital raisings occur within 12 months that value the seeded assets at a significant premium to A$1,215m (subject to certain thresholds)

• Capital • A further A$460m committed to the Fund, consisting of a further A$200m investment by SEEK and A$260m from other

• raised investors (incl. cA$80m from Andrew Bassat and the SEEK Investments management team), to be completed on or around 1 September 2021

• Mandate similar to today, with capital raised to go towards existing and new investments in current areas of focus

• Assuming all committed capital is fully drawn, SEEK is expected to own c84.5%[3] of the Fund initially

• SEEK’s • SEEK retains liquidity in the Fund via its ability to sell its units to a third party[[4]]

• interest •

• SEEK retains liquidity in the Fund via its ability to sell its units to a third party[[4]] and certain redemption rights every 5 yrs[5]

• The Fund expects to raise additional capital in future which will dilute SEEK’s interest further if SEEK chooses not to invest pro rata

1 Transfer of individual assets to the Fund is subject to completion of consent (where required) and transfer processes.

2 Valuation of A$1,215m reflects the final composition of the seeded assets to be transferred from SEEK to the Fund. Valuation comprises: (1) SEEK’s 80% interest in OES of A$420m, being the mid-point of the higher of 2 independent valuations; and (2) ESVs of A$795m, based on a valuation methodology agreed with an independent valuer. In SEEK’s 4 May 2021 ASX release an unaudited aggregate valuation of A$1,159m was disclosed for the ESVs and OES. It has subsequently been determined that some ESVs will be retained by SEEK, and as a result, the “like-for-like” valuation at 4 May 2021 would have been A$1,106m, with the uplift to A$1,215m reflective of increased valuations.

3 Based on A$1,215m portfolio valuation of the SEEK seeded assets and completion of the transfer of those assets + A$200m SEEK capital divided by A$1,215m portfolio valuation + A$200m SEEK capital + A$260m external capital. Ownership interest of c84.5% assumes all committed capital is fully drawn.

4 SEEK’s right to sell units is subject to customary pre-emptive rights for other unitholders, and certain other customary terms.

5 Ability to request redemption of: (1) 25% of the units received in relation to the seeded assets; and (2) up to 100% of the units received in the initial capital raise. The Fund is subject to a reasonable endeavours obligation to satisfy these requests by seeking replacement capital for the Fund.

SEEK Limited FY21 Results Presentation

6

FY21 GROUP FINANCIAL PERFORMANCE

FY21 Group Financial Results

Revenue EBITDA[1] NPAT excl. significant items[1,2] A$1,591m A$474m A$141m Group +1% vs pcp +15% vs pcp +58% vs pcp Continuing A$760m A$332m A$135m Operations +17% vs pcp +30% vs pcp +68% vs pcp Discontinued A$831m A$142m A$6m Operations (10%) vs pcp (9%) vs pcp (34%) vs pcp

Important note to SEEK’s FY21 results

• Group results are the aggregate of Continuing and Discontinued Operations (see page 40 for details), and are on a comparable basis to SEEK’s FY21 guidance

• SEEK reduced its ownership in Zhaopin from 61.1% to 23.5%, and deconsolidated Zhaopin on 30 April 2021. FY21 Group results and Discontinued Operations reflect 10 months consolidated Zhaopin results (FY20: 12 months)

• Group results include the impact of a change in accounting policy (reduction in FY21 EBITDA A$13m and NPAT A$7m)[1]

• Further detail on significant items is provided on page 42

1 SEEK has revised its accounting policy for upfront configuration costs incurred in implementing cloud computing arrangements in response to guidance from the International Accounting Standards Board in late FY21. These costs were previously capitalised and will now be expensed. Before the impact of this change, FY21 Group EBITDA was A$487m and Group Reported NPAT (excluding significant items) was A$148m. FY20 comparatives have been restated to account for the impact retrospectively. This change in policy was not factored into guidance as provided in SEEK’s 4 May 2021 ASX announcement. SEEK’s FY21 guidance was Revenue of cA$1,590m, EBITDA of cA$480m, and Reported NPAT (excluding significant items) of cA$140m.

2 Refer page 42 for breakdown of significant items.

SEEK Limited FY21 Results Presentation

8

Profit and loss summary

FY21 vs FY20 results (A$m)

Key points

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Constant
Restated Growth Currency
FY21 FY202 % %
1 Continuing Operations
Revenue 760.3 650.6 17% 21%
EBITDA 332.0 255.1 30% 33%
EBITDA Margin % 44% 39%
2 Discontinued Operations
Revenue 830.8 926.8 (10%) (7%)
EBITDA 141.6 155.5 (9%) (6%)
EBITDA Margin % 17% 17%
3 SEEK Group
Revenue 1,591.1 1,577.4 1% 5%
EBITDA 473.6 410.6 15% 18%
EBITDA Margin % 30% 26%
Reported NPAT 752.2 (113.1) n/m
Significant items 611.4 (202.0) n/m
Reported NPAT excl. Sign items 140.8 88.9 58%
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SEEK Group results:

• Reflect the aggregate of Continuing and Discontinued Operations and are comparable to SEEK’s revised FY21 guidance provided in its 4 May 2021 ASX announcement[2]

• Include the impact of an accounting policy change for cloud configuration costs[2]

1

2

• 3

Continuing Operations: Revenue +17%, EBITDA +30% vs pcp

• ANZ revenue up 40% driven by job ad volumes, yield and growing depth revenue

• SEEK Asia revenue down 2%[1] and recovering but at varying rates across each market

• EBITDA margin expansion of 5% driven by ANZ

Discontinued Operations: Revenue -10%, EBITDA -9% vs pcp

• Zhaopin revenue down 19%[1] due to deconsolidation but underlying results steadily recovering

• OES revenue up 40% benefitting from COVID-19 related demand

• EBITDA down due to deconsolidation impacts and strategic investment

SEEK Group

• Results include the impact of an accounting policy change for cloud configuration costs[2] . Excluding this adjustment:

• FY21 Group EBITDA would have been A$486.7m (FY20: A$414.9m)

• FY21 Group Reported NPAT (excl. significant items[3] ) would have been cA$147.5m (FY20: A$90.3m)

• Reported NPAT excl. significant items[3] benefitted from higher EBITDA and lower net interest, offset by higher D&A (product & tech, lease costs)

• Reported EPS of 213.0 cents (39.9 cents excl. significant items)

Dividends

• FY21 Final dividend of 20 cents per share, fully franked

• Total FY21 dividends of 40 cents per share, fully franked

Reported A$ results negatively impacted by A$ appreciation against major currencies (primarily Chinese Renminbi and the Hong Kong Dollar)

1 Constant currency (vs pcp).

2 Refer footnote 1 on page 8.

3 Refer page 42 for breakdown of significant items.

SEEK Limited FY21 Results Presentation

9

Cash flow summary

FY21 movement in Net Debt (A$m)

Key points

1 2 3 4 5	Operating cash flows (excl. interest, tax etc) Interest, tax and transaction costs Operating Cash flows Capex M&A Zhaopin initial proceeds (applied to SEEK's senior debt) Dividends paid FX and other	FY21
		313.6 (89.5)
		224.1 (137.9) (158.9) 437.6 (116.4) 32.1
	Movement in SEEK Ltd Borrower Group1Net Debt	280.6
	"Other" net cash (moved to discontinued operations) Zhaopin impacts Operating and investing cash flows prior to deconsolidation Reduction in net cash due to deconsolidation4 Cash received but not yet distributed FX and other	(21.4) 65.5 (353.9) 308.7 (2.5)
	Movement in SEEK Group Reported Net Debt	277.0

EBITDA to operating cash flow[2] conversion of 94%

1

• EBITDA to cash conversion decreased due to COVID-19 impacts to billings in early FY21, transition to new ANZ contracts and Zhaopin deconsolidation[3]

• Conversion expected to improve

2 Continued long-term investment

• cA$84m of product & tech capex

• cA$54m of PP&E capex, mainly SEEK’s new HQ in Cremorne

• cA$159m of M&A, comprising cA$14m for JobAdder (Continuing Operations) and cA$145m for ESVs (Discontinued Operations)

Majority of Zhaopin proceeds received

3

• cA$438m initial proceeds applied to SEEK’s senior debt

Dividends paid

4

• cA$116m of dividends paid in FY21 (FY20 Final & May 2021 dividend)

Zhaopin cash received but not yet distributed

• 5

• Transaction related cash of cA$309m (received June 2021) was distributed in July 2021 to Hillhouse, FountainVest, and to settle transaction costs

1 Borrower Group includes SEEK Ltd and all subsidiaries in which its ownership is at least 90%.

2 Cash flows from operating activities excluding interest, transaction costs and tax payments (Continuing Operations).

• 3 ANZ revenue in early FY21 was more heavily weighted to consumption of existing contracts; under the new ANZ contracts, an increased proportion of cash is received evenly across the contract period. In Zhaopin, the majority of cash is received upfront.

4 Reduction in Zhaopin net cash due to deconsolidation: Reduction in cash and funds on deposit of cA$314m and cA$115m respectively, offset by a reduction in borrowings of cA$75m.

SEEK Limited FY21 Results Presentation

10

Balance sheet summary

Net Debt (A$m)

Key points

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30 June 30 June
Movement
2021 2020
1 SEEK Ltd Borrower Group 1 Net Debt (863.3) (1,143.9) 280.6
Cash 317.0 245.8 71.2
Funds on deposit - 442.8 (442.8)
Borrowings (77.3) (466.7) 389.4
Zhaopin Net Cash 239.7 221.9 17.8
Other Net Cash - 21.4 (21.4)
2 SEEK Group Reported Net Debt (623.6) (900.6) 277.0
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Update on Zhaopin transaction proceeds

• SEEK to receive total gross proceeds of A$697m (A$560m net[4] )

• Received cA$500m gross proceeds (cA$438m net proceeds) which were applied to SEEK’s senior debt

1 Borrower Group[1] net debt of A$863m (30 June 2021)

• Reduced Borrower Group leverage[2] due to Zhaopin transaction and improved operating results (30 Jun 2021: c1.6x)

• Average tenor of debt: c2.9 years

Group reported net debt of A$624m (30 June 2021)

2

  - Includes Zhaopin Ltd cash of cA$309m[3] received before yearend and distributed to other parties in July 2021

  - Adjusting for this cash, Group Net Debt was A$932m and broadly comparable to 30 Jun 2020, however SEEK’s balance sheet has been simplified:

     - Zhaopin offshore debt (30 June 2020: cA$407m) has been partially paid down via Zhaopin dividends and proceeds from sell down

     - Group Net Debt now comprises cash and debt outside of local Zhaopin structure

• Remaining proceeds expected in H1 22[5] and will be used to (1) extinguish Zhaopin Ltd’s remaining pre-transaction debt (A$77m at 30 June 2021); and (2) pay down SEEK’s senior debt

• 1 Borrower Group includes SEEK Ltd and all subsidiaries in which its ownership is at least 90%.

• 2 Calculation of leverage for Borrower Group only includes senior debt facilities and excludes SEEK’s A$225m subordinated debt.

• 3 Cash proceeds of cA$309m received in late June 2021 but not yet distributed, to settle amounts owing to Hillhouse & FountainVest and to third parties for transaction costs.

• 4 Net proceeds of approximately A$560m having regard to transaction costs, tax and FX.

• 5 Certain acquirers will settle part of the transaction in RMB, the timing of the receipt of which will depend on customary administrative processes with the State Administration for Foreign Exchange in the People’s Republic of China.

SEEK Limited FY21 Results Presentation

11

ASIA PACIFIC & AMERICAS (AP&A)

AP&A Highlights

Key markets recovering well from COVID-19 lows and strategic priorities progressing

Varied recovery by market

• ANZ strongest with record ad volumes in H2 21

• Asia recovering but at a slower rate and more variable due to ongoing COVID-19 impacts

EBITDA benefitted from strong revenue recovery in ANZ

Market positions remained strong, but competition is intense

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Strategic priorities progressing

• Completed new pricing model roll-out (AU); commenced NZ roll-out

• Completed planning for next stage of Unification with an accelerated work program over the next 3 years

• Continued to deepen engagement with candidates and hirers through various product roll-outs (e.g., Certsy and ROI reporting in ANZ)

• Acquired c10% interest in JobsKorea[1] a leading jobs platform and bought new capability with Sourcr (both August 2021)

1 SEEK invested cUS$48m for its 10% interest in JobKorea. SEEK acquired 100% interest in Sourcr for <A$5m.

SEEK Limited FY21 Results Presentation 13

APAC key metrics

Delivering value for candidates Delivering value for hirers

Highly effective marketplaces

SEEK ANZ 16m+ c40m Candidate Profiles[1] Total monthly visits[3] 90%+ of ANZ labour force[2] c10% growth vs pre COVID-19 levels c200k c160k Active Unique Hirers[4] Job ads on platform Last 12 months FY21 monthly average c20% c30%

Uplift in Applications[5] Share of AU placements[6] Driven by AI-powered Smarter Refer page 17 for detail Search and Recommendations 76% Unprompted Brand Awareness[7] +2x lead vs nearest competitor

SEEK Asia

c30m 40m+ Candidate Profiles[1] Total monthly visits[3] c13% of labour force[2] Broadly in line with pre COVID-19 levels

c125k c180k Active Unique Hirers[4] Job ads on platform Last 12 months FY21 monthly average c20% c22% Uplift in Applications[5] Share of placements (avg)[8] Driven by AI-powered Smarter Across all SEEK Asia markets Search and Recommendations

• 1 Searchable profiles of c11.8m (ANZ) and c24.1m (SEEK Asia) as at 30 June 2021.

• 2 Source data: ABS and Stats NZ (ANZ), World Bank (SEEK Asia).

• 3 Total visits including desktop, mobile & app. Growth represents H2 21 vs FY19 average.

• 4 Total number of active advertisers (posting any job ads) between 1 July 2020 and 30 June 2021. ANZ includes a significant uplift in SME hiring activity.

• 5 Refers to application starts per candidate (ANZ) and application starts per visit (SEEK Asia). Management estimate based on internal analysis.

• 6 Includes SEEK and Jora placements. Source: Independent research conducted on behalf of SEEK. Study is conducted quarterly among c3k Australians who changed / started jobs in the last 12 months. Data are weighted to be nationally representative of the demographics of the Australian labour force with quotas set for age, gender, location and employment status but not for industry participation.

• 7 Source: Independent research conducted on behalf of SEEK. Study is conducted monthly among 800 Australians aged 18+ in the workforce. Data are weighted to be representative of the Australian labour force. Results reported are based on July 2020-June 2021 data collected from c10k people.

• 8 Placements data based on independent SEEK Asia Placement Study (June 2021) conducted on behalf of SEEK. Sample data weighted by education.

SEEK Limited FY21 Results Presentation

14

SEEK ANZ Recovery

Recovering well from COVID-19 lows

SEEK ANZ - Volume trends

Detailed Insights

Job ads posted by month (‘000s)

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250
200
150
100
50
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
FY21 FY20 FY19
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General observations

• Recovery accelerated in early H2 21, peaking in March 2021 at record volumes

• Volume growth moderating but above pre COVID-19 (FY19) levels

• Volumes in some industries impacted by longer-term lockdowns

All industries have now returned to pre COVID-19[1] levels

• Strongest growth in H2 21 from Community Services & Development, Hospitality & Tourism, Trades & Services and Manufacturing, Transport & Logistics

• Professional Services slower to recover, but moved ahead of pre COVID-19 levels in June 2021 (vs June 2019)

SMEs continue to lead recovery

• SME: volumes up c40% (FY21 vs FY19[1] ), now accounting for 39% of job ads (FY19: 25%);

• Corporates: have returned to growth (FY21 vs FY19[1] ), with strong performance in H2 21

• Recruiters: activity levels improved in H2 21 and now account for c27% of job ads (FY19: 46%)

Strong recovery across all states

• Recovery in NSW & VIC slightly lagged other states due to COVID-19 lockdowns

• Regional recovery has been stronger than Metro

• Candidate engagement increased however application levels continue to remain low compared to historical trends

1 Unless stated, comparisons are to FY19 (average) given COVID-19 impacts in FY20.

SEEK Limited FY21 Results Presentation 15

SEEK ANZ Performance

Strong yield and depth performance as volumes recover

Financials

EBITDA

	A$m	A$m	Growth
Revenue	FY21 541.0	FY201 387.2	% 40%
EBITDA	322.9	220.5	46%
EBITDA (%)	60%	57%

Higher revenue benefitted EBITDA whilst reinvestment continued

• Ongoing investment in product & tech to strengthen platform, mainly in areas such as data, AI, UX and mobile

• Reinstated annual profit share for staff (nil in FY20 due to COVID-19)

• EBITDA growth of 49%[1] before the impact of cloud computing accounting policy change

Revenue

Growth drivers

Revenue growth of 40% attributable to:

• 8% volume increase

• 15% yield increase mostly driven by customer mix[2] followed by lower discounting[3] , partly offset by lower variable ad pricing

• 17% depth (Premium, Branded ad, Premium Talent Search etc.)

Significant upside from aligning price to value and deepening candidate and hirer engagement

• Aligning price to value :

• Flexible contracts now utilised by majority of customers (AU: 99%, NZ: 80%)

• Opportunity to better align price to the value created

Recovery led by SMEs and strong depth adoption

• Job ad volumes hit a record high of c250k in March 2021

  • Deepening engagement: focus on structuring of data and leveraging AI to roll-out new value add products

• Depth revenue up 58% vs pcp and now 32% of revenue o Premium Ad revenue up 2x on pcp, and now c7% of total ads

• Flexible contract structure enabling increased depth usage

1 SEEK has revised its accounting policy for upfront configuration costs incurred in implementing cloud computing arrangements, in response to recent guidance from the International Accounting Standards Board in late FY21. These costs were previously capitalised and will now be expensed. The impact on SEEK ANZ’s FY21 results is A$11m at EBITDA and A$5m at NPAT. FY20 comparative has been restated to account for the impact of the change retrospectively (cA$3m reduction in EBITDA and cA$1m reduction at NPAT).

2 Increased SME hirer activity.

3 Lower average discounts due to: (1) reduction in committed ad spend (macro related); and (2) the transition to standardised discounts for all hirers.

SEEK Limited FY21 Results Presentation 16

SEEK AU Placement share

Placement share dropped but activity on the platform increased

Share of AU Placements[1] (%)

Activity on ANZ platform[2]

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Last 12 months
29.8%
6.9% 7.7%
3.1% 3.8%
Professional Social Online Aggregators SEEK 1
Networks Networks Classifieds (incl. JORA)
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Note: Offline channels (including word of mouth, internal referrals, noticeboards, etc) accounted for a combined 28% of placements

Platform metrics remain extremely strong

• Hirers and traffic metrics (refer RHS charts) are both at or near record highs in H2 21

However, SEEK’s placement share fell in an unusual market

• COVID-19 has significantly impacted role mix and candidate behaviour

• In a short labour market, hirers have an incentive to try multiple channels

• Placements in the market shifted to lower skilled roles with Facebook a beneficiary (placements up from January 2020: 3.4% to July 2021: 6.3%)

• LinkedIn saw some benefit from higher use of social platforms during COVID-19

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14 Monthly Unique Visits ('m)
13
12
11
10
9
8
7
FY18 FY19 FY20 FY21
FY18 FY19 FY20FY20 FY21
Monthly Unique Hirers ('000s)
60
50
40
30
20
10
0
FY18 FY19 FY20 FY21
FY18 FY19 FY20 FY21
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
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1 Includes SEEK and Jora placements. Source: Independent research conducted on behalf of SEEK. Study is conducted quarterly among c3k Australians who changed / started jobs in the last 12 months. Data are weighted to be nationally representative of the demographics of the Australian labour force with quotas set for age, gender, location and employment status but not for industry participation.

2 Monthly Unique Hirers refers to the number of unique hirers who posted an ad (via SEEK’s Advertiser Centre or indirectly).

SEEK Limited FY21 Results Presentation

17

SEEK Asia Recovery

Variable recovery - strongest in key markets

SEEK Asia - Volume trends

Key insights by market

Job ads volumes by month (% growth vs FY19)

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40%
20%
0%
-20%
-40%
-60%
-80%
HK MY SG ID PH TH
Jul-19 19Aug- Sep-19 Oct-19 Nov-19 Dec-19 20Jan- Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 20Aug- Sep-20 Oct-20 Nov-20 Dec-20 21Jan- Feb-21 Mar-21 Apr-21 May-21 Jun-21
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General observations

• Job volumes recovering, but to varying degrees by market

• Rates of recovery correlated to COVID-19 restrictions

• Stronger growth from Hong Kong, Singapore and Malaysia

• o Developing markets continue to be impacted by lockdowns

• Positive momentum from SMEs, however they tend to be more sensitive to prolonged lockdowns

Hong Kong

• Strong recovery with acceleration in Q4 FY21 driven by Corporates and SMEs

• Stronger recovery in Engineering / Architecture, Property, IT & Finance industries; ad volumes now higher than pre COVID-19

• Economic indicators trending positive

Malaysia

• Volumes steadily recovering however some volatility in SME due to continued COVID-19 lockdowns

• Improving GDP indicators across Manufacturing & Services and Agriculture

Singapore

• Corporate-led recovery driven by lower levels of COVID-19 restrictions and improving economic conditions

Developing Markets

• Philippines: recovery more volatile due to high rates of COVID-19 infections and restrictions

• Thailand: positive recovery but COVID-19 3[rd] wave impacted economic conditions in Q4 FY21

• Indonesia: showed signs of recovery but impacted by recent wave of COVID-19

SEEK Limited FY21 Results Presentation 18

SEEK Asia Performance

Strong yield performance as markets gradually recover

Financials

EBITDA

SEEK Reported Revenue EBITDA EBITDA (%)	Growth Constant Currency FY21 FY20 % % 145.6 162.9 (11%) (2%) 47.4 72.8 (35%) (27%) 33% 45% A$m

EBITDA impacted by lower revenue and increased re-investment

• Increase in product & tech investment to roll out several new products

• Reinstated annual profit share for staff (nil in FY20 due to COVID-19)

• Brand refresh and increased marketing spend supporting an improvement in traffic and candidate engagement

Revenue

Growth drivers

Revenue decline (constant currency) of 2% attributable to:

• (9%) volume decline

• 10% yield increase driven by country & customer mix

• (1%) depth[1 ] decline (Branded Ad, Talent Search etc.)

• (2%) decline in non-core revenue streams

Recovery from COVID-19 has varied by market

• Singapore has recovery strongly (+12% vs pcp) followed by Hong Kong and Malaysia with developing markets remaining weaker

Opportunity to build on strong placement share but requires ongoing investment

• Strong competitive positions, average placement share of 22%[2]

• Market opportunity much larger than SEEK ANZ

• Investment required to unlock opportunity, with SEEK Asia to benefit from acceleration of unification program (refer page 30)

  • Unified platform will deliver scale and efficiency benefits

• Expect SEEK Asia to continue to invest aggressively in marketing to grow market share across the region

• Depth now 19% of revenue (FY20: 18%)

1 Defined as non-basic job ad revenue (e.g. Stand Out /Branded ads and Talent Search, etc.).

2 Placements data based on independent SEEK Asia Placement Study (June 2021) conducted on behalf of SEEK. Sample data weighted by education.

SEEK Limited FY21 Results Presentation 19

LatAm Performance

Focussed on re-building sustainable businesses despite COVID-19 challenges

Brasil Online

Key insights

Markets remain significantly impacted by COVID-19

	BRLm	Growth
Pro Forma	FY21 FY20	%
Revenue	122.5 154.0	(20%)
EBITDA	(4.7) 17.3	(127%)
EBITDA (%)	(4%) 11%
EBITDA A$m (100%)	(1.1) 5.8	n/m

• Both among the world’s most severely impacted countries

• Brasil Online: Revenue remains suppressed and new business model rollout delayed. cA$20m impairment charge (post-tax) recognised in SEEK’s FY21 results

• OCC: Despite weak economic conditions, billings grew strongly in H2 21

Strategy in place to re-build sustainable businesses

• Focussing on a range of initiatives including:

• Brasil Online: Evolving B2C offering

OCC Mundial

• OCC: Leveraging SEEK ANZ capability to evolve product set and grow value proposition

Pro Forma (100% basis) Revenue EBITDA EBITDA (%) EBITDA A$m (100%)	FY21 FY20 297.8 340.3 37.8 97.5 13% 29% 2.4 7.2 MXNm	Growth %
		(12%) (61%) (67%)

Improved performance will require time and successful execution

• Large markets with a combined labour force of c150m[1] people

• Leveraged to an improvement in macro conditions

• Strong relative market positions, especially in Mexico

• Both businesses were self-funding in FY21

• Brasil may require a small capital injection in FY22 to support roll-out of new model

1 Source: World Bank data.

SEEK Limited FY21 Results Presentation 20

SEEK INVESTMENTS

Zhaopin Performance

Steadily recovering after the impact of the pandemic, however competition remains intense

Financials

Key drivers of result

Pro Forma (100% basis) Online Revenue Adjacent Services Revenue Revenue EBITDA EBITDA (%) SEEK Reported EBITDA A$m (100%)	FY21 FY20 1,982.1 2,017.7 1,525.7 1,531.3 3,507.8 3,549.0 653.5 587.2 19% 17% 98.7 123.7 RMBm	Growth %
		(2%) (0%) (1%)
		11%
		(20%)

Online and adjacent revenue both showing steady recovery

• Online billings growing faster than realised revenue

• Online billings +34% in H2 21 vs pcp (+6% on H1 21)

• Improving online revenue trends: +9% in H2 21 vs pcp (+4% on H1 21)

• Adjacent services benefitting from online migration

• Adjacent services (excl. BPO) +28% vs FY20

• BPO reported (gross) revenue decreased c20% due to the change in revenue recognition[1]

Operating efficiencies offset by investment in product & tech

SEEK Reported EBITDA reflects Zhaopin deconsolidation on 30 April 2021 (FY21: 10 months, FY20: 12 months)

• Realised operating efficiencies in FY21

• Investing in data & AI capability to improve search and match outcomes

Operating metrics

Growth drivers

Improving signs in hirer metrics

• Active hirers on platform flat vs pcp[2] , with improving momentum in Q4 FY21 vs Q3 FY21

• Job ads on platform up c8% vs pcp[3]

Growth in candidate metrics

Significant addressable market however competition is intense

• Competition is intense, requiring ongoing re-investment to evolve the product offerings and grow market share

• New ownership structure expected to support Zhaopin’s long term growth

• Completed resumes up 11% vs pcp[2]

• Average monthly unique visitors up 7% vs pcp[2,4] , now at record levels and a lead of 1.5x vs nearest competitor

1 As a result of changes in contract terms, in FY21 some of Zhaopin’s BPO Services are transitioning from Gross Revenue to Net Revenue recognition. Zhaopin’s BPO service offerings attract varying GP margins, all of which are low. The accounting change does not impact EBITDA.

2 Metric relates to Q4 FY21 vs Q4 FY20.

3 Relates to job ads on platform as at 30 June 2021 vs 30 June 2020.

4 Data relating to monthly Unique visitors (desktop and mobile) sourced from Questmobile.

SEEK Limited FY21 Results Presentation 22

OES Performance

Benefitted from significant uplift in COVID-19 related demand for online education

Financials

Operational insights

Pro Forma (100% basis) Revenue EBITDA EBITDA (%)	FY21 FY20 190.7 136.6 45.5 34.8 24% 25% A$m	Growth %
		40% 31%

OES continues to deliver world class student outcomes

• 16k+ students across 6 university partners (AU & UK)[2]

• Student satisfaction scores of c88%[3]

• Global footprint, delivering OPM (Online Program Management) and online content services to partners in AU, US, NZ, UK and mainland Europe

Key drivers of result

Growth drivers

Revenue growth of 40% vs pcp

• Under grad grew c16% (vs pcp) despite AU funding caps o COVID-19 increased demand (higher enrolments & study loads)

• • Post grad partnerships (QUT, new Monash contract) delivered meaningful growth as they continue to scale

• Increased adoption of unbundled services (via OES & Construct)[1]

Positioned well for growth across four key drivers

• Unique expertise, strong brand and a global footprint

• Expect an aggressive investment bias to scale opportunities across end-to-end OPM and customised education solutions

• Opportunities to unlock international growth but requires significant investment

As expected EBITDA margin declined as OES invests for growth

• EBITDA benefitted from revenue growth

• EBITDA margin declined as OES invested to scale new partnerships (e.g. Monash) and unbundled service offerings

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----- Start of picture text -----

Growth drivers
1 2 3 4
Post grad Under grad Short & Unbundled
OPM Services OPM Services Micro-courses Services [1]
----- End of picture text -----

1 Unbundled Services relates to customised education solutions, including certain elements of full OPM Services. OES acquired a controlling interest in Construct Education (November 2020), a designer and developer of online education with a presence in the US, UK and mainland Europe.

2 Total current students: Swinburne Online, WSU, QUT, Monash & UK partnerships.

3 Metrics relate to Swinburne Online (UG). Source: QILT Student Experience Survey (SES) data. Student satisfaction scores based on teaching quality & student support.

SEEK Limited FY21 Results Presentation

23

ESVs - Online Education

Benefitting from structural shifts to online learning

Online Education Marketplaces / Distribution Online Program Management & Higher Education	Online Education Marketplaces / Distribution Online Program Management & Higher Education	Online Education Marketplaces / Distribution Online Program Management & Higher Education	Online Education Marketplaces / Distribution Online Program Management & Higher Education	Online Education Marketplaces / Distribution Online Program Management & Higher Education
Investments in emerging leaders	Australia, US, NZ, UK and Europe Latin America 1	Latin America Latin America (formerly known as Caelum)		UK, Europe & Australia Global
Serving an important need	• Partnering with universities to bring content online and expand student access to high-quality online education	• Online university offering high-quality education for Spanish speaking students	• Providing career- relevant IT (incl. coding) courses	• Enabling partners to reach new students (global and local) and providing learners with access to global career-relevant education (short courses through to degrees)
Portfolio metrics	• 70k+ students / learners • c60% student growth vs pcp		• 90m+ students / learners • c25% student growth vs pcp • 400+ education partners
Levers of growth Accessing a Global TAM of A$50b+2	• Grow number of courses in current specialisations • Evolve product offerings (e.g., short courses, micro credentials and “stackable” degrees) • Expand product offerings (e.g., post grad, learning design solutions and managed services) • Pursue new partnerships & new geographies

49% ‘look-through’[3] revenue growth (vs pcp)

1 OES is one of SEEK’s more mature Online Education investments and is reported separately to SEEK’s Online Education ESVs.

• 2 Online Education TAM = Enterprise Training opportunity of cA$50b + MOOCs/Online Short Courses/Online Program Management of cA$5b+. Source: Internal management analysis supported by external market studies.

3 ‘Look-through’ share represents net revenue of investments multiplied by SEEK’s ownership interest (based on comparable ownership interest across FY20 & FY21). FY21 ‘Look-through’ revenue on a net basis for the entire ESV portfolio (Online Education + HR SaaS + Contingent Labour) was A$112m, growth of 50% vs FY20. FY21 ‘Look-through’ revenue on a gross basis for the entire ESV portfolio was A$276m, growth of 57% vs FY20. Excludes OES & Coursera.

SEEK Limited FY21 Results Presentation

24

ESVs - HR SaaS

Utilising technology to solve complex HR problems for organisations

Investments in emerging leaders Australia, Asia, UK & US	Investments in emerging leaders Australia, Asia, UK & US	Australia, NZ, UK & US 2	Australia, NZ, UK & SE Asia	Israel, UK, Europe & US
Serving an important need	• A leading digital learning platform enabling organisations to source, curate, deliver and track employee training	• A talent acquisition suite that simplifies the hiring process for recruiters and corporate talent acquisition teams	• A HR Information System that helps SMEs to easily manage HR, payroll and employee benefits	• A HR Information System tailored to mid-sized businesses, with a focus on employee experience
Portfolio metrics	• >90% recurring revenue • c10k customers growing at c45% • >100% net revenue retention (i.e., value from upselling more than offsets value from churned customers) • Strong unit economics driven by effective customer acquisition and low churn
Levers of growth Accessing a Global TAM of A$55b+1	• Adding new customers (replacing manual solutions with HR Software, winning share from legacy providers) • Growing customer value through innovation (e.g., new modules, upsell, cross-sell) • Pursuing new partnerships & new geographies

51% ‘look-through’[3] revenue growth (vs pcp)

1 HR SaaS TAM includes both Talent Acquisition software (e.g. JobAdder) and Talent Management software (e.g. GO1, Employment Hero, Hibob). Source: Internal management analysis supported by external data.

2 JobAdder will not be transferred into the newly created SEEK Growth Fund, and will be retained by SEEK.

3 ‘Look-through’ share represents net revenue of investments multiplied by SEEK’s ownership interest (based on comparable ownership interest across FY20 & FY21).

SEEK Limited FY21 Results Presentation

25

ESVs - Contingent labour platforms Tech-driven platforms driving efficiencies in the growing temporary labour market

Investments in emerging leaders	Europe & Latin America	Australia & NZ	UK	Latin America & SE Asia
Serving an important need	• A tech-enabled staffing marketplace connecting pre- qualified workers to medium- to-long term assignments, providing reliable work to a large labour pool	• A tech-enabled marketplace providing pre- qualified shift-based workers to employers and reliable work to a large labour pool	• A tech-enabled marketplace connecting pre-qualified nurses and care workers with clients in the Social Care industry looking to fill shifts	• A tech-enabled marketplace connecting businesses with freelancers that work in IT, programming, design and content writing
Portfolio metrics	• Overall strong net revenue growth despite COVID-19 impacts • Businesses continue to scale and expand into new industry verticals
Levers of growth Accessing a TAM of A$20b+ across AP&A and Europe1	• Pursuing new industry verticals & new geographies • Adding new customers (including through new channels) • Driving greater usage from existing customers (including new product features)

57% ‘look-through’[2] revenue growth (vs pcp)

1 Contingent Labour TAM includes net revenue of non-permanent labour across AP&A Geographies and Europe. Source: Internal management analysis supported by external market studies.

2 ‘Look-through’ share represents net revenue of investments multiplied by SEEK’s ownership interest (based on comparable ownership interest across FY20 & FY21).

SEEK Limited FY21 Results Presentation 26

STRATEGY UPDATE

SEEK’s growth drivers

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Significant growth opportunities in our core businesses (ANZ and Asia)

Underlying economic growth and offline to online migration (Asia)

Enrichment and expansion of products including through unique data

Aligning price to the value we create

We have the opportunity to double revenue in our core business over the next 5 years (if we execute well and markets are stable)

Organic growth the focus, but will consider M&A

M&A to enhance capabilities and/or create options in new revenue pools

SEEK Limited FY21 Results Presentation 28

Strategic focus areas

Investing in four core capabilities

	Focus areas		Objectives			Progress
• Consolidate to one flexible platform to provide Scalable, reliable					•	Unified search platforms in March 2021 and
and safe platforms			scale efficiencies, enable rapid innovation and			recommendation platform August 2021
			improve reliability and security		•	Commenced Unification (see next page for further
						details)
Strong brand		• Maintain ANZ brand strength			•	Maintained relative brand strength in ANZ
presence		• Reinvigorate brands in Asia and add sales			•	Increased brand investment across Asia
			capability in Indonesia
Data capture,		• Apply structured and unstructured data to			•	SEEK Profiles now shared in job applications
analysis and			continuously add	‘intelligence’ to the platform	•	Talent Search Connect launched, better integrating
application		• Combine local know-how with greater scale				SEEK Profiles into hirers’ workflows (via ATS)
		• Verify candidate and hirer claims to add trust			•	More than 20% uplift in applications per session1
					•	Verified candidate credentials grew by 88% in FY212
Pricing to reflect value		• Align pricing with customer value creation o Variable pricing construct			•	New pricing model rolled out to AU customers; NZ transition commenced in March 2021
			o Greater insights and tools to help hirers		•	Investment in improved ROI tracking tools for hirers
			manage spend		•	Pricing trials underway across Asia

1 Relates to APAC. 2 Relates to Australia.

SEEK Limited FY21 Results Presentation

29

Platform Unification

Unlocking the larger APAC opportunity

Goal is one unified platform within 3 years

• APAC employment marketplaces will be centrally hosted on an optimised ANZ platform

• Centralised platform will enable new products and enhancements to be deployed at scale across all markets, and improve reliability and security

• Products will be uniform across all markets with some degree of local customisation

Candidate and Hirer sides of the marketplace are being unified in parallel

• As noted at SEEK’s H1 21 Results, progress made on the candidate side gave us confidence to bring forward unification on the hirer side

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Resource intensive, though innovation will continue

• Transition to the centralised platform is expected to take 3 years

• Investment in other product and tech initiatives will continue (e.g., aligning price to value), so prioritisation is key

Investment required over next c3 years

• Around 200 new people are needed to complete the project; recruitment is progressing

• Undertaking unification at the same time as other infrastructure projects (ERP and CRM), with expected aggregate FY22 costs of up to cA$35m and overall costs of around A$125m over 3 years

• Expect around 80% of the Unification costs to be capitalised

Unification will contribute to increased operating leverage over time

• Unification will increase our speed to market and therefore our APAC revenue opportunity

• Post completion, cost efficiencies will support increased operating leverage

SEEK Limited FY21 Results Presentation

30

SEEK’s strategic outlook

Opportunity to double revenue over the next five years

• Aspirational but achievable given current market positions and size of the addressable market

• Focused on growth opportunities in our core businesses but may consider M&A to enhance capabilities and/or create options in new revenue pools

Investment and innovation required to realise significant growth potential

• Competition will remain intense and relentless

over the next 5 years

• Sustained investment immediately improves the candidate and hirer experience with financial benefits following in future years

• Significant investment in Unification (next c3 years) will deliver scale efficiencies and improve speed to market

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Expect continued investment but greater operating leverage to emerge

• Expect EBITDA margin to improve even during Unification

• Post Unification, operating leverage should accelerate

• But in near term and longer term, we will continue to invest through any periods of cyclical revenue weakness

EPS to grow but impacted by large work programs in short term

• Larger programs of work (e.g., Unification) will impact short-term EPS growth

SEEK Limited FY21 Results Presentation 31

Capital management approach

Including SEEK’s updated dividend policy

Capital Management Approach

Updated Dividend Policy

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----- Start of picture text -----

Strong operating cash flows
Long-term investment
Product & Tech Capex Optionality for M&A
Balance Sheet strength
Working Capital Debt capacity
Remaining Capital
Dividends Capital flexibility
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From FY22 onwards

• Target payout of greater than 75% of “Cash NPAT less Capex” o Payout will be subject to forward-looking considerations including long-term investment opportunities and external market conditions

• Cash NPAT less Capex defined as: Reported NPAT excl. significant items

  • • Depreciation and Amortisation
  • • Share-based payments (net of tax and NCI)

  • +/- Associate equity accounted NPAT contribution

  • • Dividends received

  • +/- Fair value accounting adjustments

  • Committed capex

• Deleveraging or the option (but not the obligation) to invest further in the SEEK Growth Fund

SEEK Limited FY21 Results Presentation 32

Shareholder returns over time

SEEK continues to invest and innovate to deliver long-term shareholder value

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Total Shareholder Returns (TSR)

• c7x[1] TSR vs ASX 200 since IPO despite the economic cycle and aggressive competition

• • New structure expected to drive SEEK’s next leg of growth

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----- Start of picture text -----

3 1,781.3%
Product & Tech 1,781.3 %
evolution
2
M&A led growth
(Int’l & Education)
1
ANZ led
growth
273.2%
273.2 %
Apr- 2005 Jan-2008 Sep-2010 Jun- 2013 Feb-2016 Nov-2018 Aug-2021
SEEK ASX 200
----- End of picture text -----

1 Total shareholder returns includes dividends and share price appreciation from 19 April 2005 to 18 August 2021.

SEEK Limited FY21 Results Presentation 33

FY22 OUTLOOK

Accounting & Reporting impacts FY22 and beyond

Discontinued Operations up until loss of control

• Up until loss of control, the assets transferred from SEEK to the SEEK Growth Fund will be reported as Discontinued Operations in SEEK’s statutory financial results (consistent with FY21 treatment)

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----- Start of picture text -----

SEEK Growth
----- End of picture text -----

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----- Start of picture text -----

Fund
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• SEEK is expected to lose control of the Fund at some point in the near future, timing uncertain

Fair value accounting will apply once SEEK ceases to control the SEEK Growth Fund

• From the time at which SEEK loses control, SEEK will start to account for the Fund as an associate and will recognise fair value movements in its income statement to reflect revaluations of the Fund’s investments every six months.

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Fees
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SEEK to pay fees to the Manager

• Manager to receive management and performance fees relating to the management of the Fund, and also management of assets owned by SEEK (including Zhaopin and JobAdder)

• Fees will be recognised as an expense item below EBITDA

SEEK to equity account for SEEK’s interest in Zhaopin

Zhaopin

• SEEK retains a 23.5% interest in Zhaopin and will recognise its share of Zhaopin profits/losses in ‘share of equity accounted profits/losses’

SEEK Limited FY21 Results Presentation35 35

FY22 Guidance: SEEK (excluding the SEEK Growth Fund)[1]

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v
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Context

• Forecasting remains challenging given volatility caused by COVID-19, changes in hiring sentiment and FX o SEEK’s ad volumes have responded quickly to changes in COVID-19 restrictions, both positively and negatively. Yields are also sensitive to the areas of the economy in which activity occurs

• :

• FY22 Guidance (excluding significant items) for SEEK (excluding the SEEK Growth Fund)[1]

• EBITDA to be in the range of A$425m to A$450m

  • Based on assumed revenue in the range of A$950m to A$1bn

  • If revenue is weaker than anticipated, SEEK has some flexibility to reduce discretionary opex but will proceed with strategic investment

• NPAT to be in the range of A$190m to A$200m

Key assumptions: SEEK (excluding the SEEK Growth Fund)

• COVID-19: Some degree of ongoing disruption in H1 22, with limited overall impact to hiring demand. SMEs continue to hire actively. Labour supply remains similar to FY21 with international travel unchanged throughout FY22

• Macro: No material changes to FX or in macro settings that cause a shift in hiring demand

• Management Fees: Assumes cA$21m of management fees recognised below EBITDA

• Capex (incl. Unification) to be in the range of A$135m to A$145m

• Tax: In December 2021 SEEK will cash settle cA$50m of Australian tax relating to the sell down of its ownership interest in Zhaopin. No impact to FY22 NPAT as the expense was recognised in FY21 as part of the gain on sale of SEEK’s sell down in Zhaopin

1 Comprises AP&A, SEEK’s 23.5% interest in Zhaopin, JobAdder and other smaller investments, and Corporate Costs.

SEEK Limited FY21 Results Presentation 36

FY22 Guidance: SEEK Growth Fund

FY22 Guidance (excluding significant items) for the SEEK Growth Fund:

• SEEK’s equity accounted share of the NPAT losses to be in the range A$20m to A$25m for H1 22

Key assumptions: The SEEK Growth Fund

• Point at which SEEK will lose control of the Fund is uncertain. Guidance assumes SEEK will control the Fund until 31 Dec 2021, with SEEK recognising its equity accounted share of the Fund’s NPAT losses for all of H1 22. On loss of control SEEK will account for the Fund as an “associate” and will recognise “fair value” movements in its income statement to reflect revaluations of the Fund’s investments. Given fair value movements are difficult to predict, SEEK’s guidance does not include any estimates of fair value movements in H2 22.

SEEK Limited FY21 Results Presentation 37

Well positioned to grow long-term shareholder value

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Attractive opportunity exists in our core markets to grow revenue and expand margins over time

Leveraged to improving economic conditions and structural changes in the labour market

Ability to capture and apply deep and unique data to create more value for candidates and hirers

Opportunity to price for the additional value we create

High cash flow generation provides ability to reinvest in our capabilities whilst also providing an ongoing stream of dividends

New structure provides shareholders with access to capital growth in the SEEK Growth Fund

SEEK Limited FY21 Results Presentation 38

APPENDICES

A note to our FY21 statutory results

The new structure and Zhaopin sell down impacted the presentation of our FY21 statutory results

• As a result of the structure changes and Zhaopin sell down, SEEK’s FY21 statutory financial results (as presented in SEEK’s Appendix 4E and Statutory Accounts) have been reported on a Continuing Operations basis[1]

• The table below describes what was classified as Continuing Operations versus Discontinued Operations. Refer to next page for a detailed breakdown of SEEK’s FY21 and FY20 (restated) statutory financial results.

Continuing Operations

Discontinued Operations

• Revenue • AP&A businesses and select ESVs that will

• & EBITDA continue to be owned by SEEK under the new structure

  • Results for assets to be transferred to the SEEK Growth Fund(OES and majority of ESVs)[3]

  • Zhaopin’s results for the 10 months to 30 April 2021[4] (FY20: 12 months of results)

• NPAT • AP&A businesses and select ESVs (per above)

• SEEK’s share of Zhaopin NPAT for May and June 2021 (period in which it was equity accounted)[2]

• Zhaopin, OES and Sidekicker results (per Revenue and EBITDA above); and

• SEEK’s share of NPAT for equity accounted ESVs to be transferred to the SEEK Growth Fund

SEEK Group results referred to throughout this presentation are an aggregate of Continuing and Discontinued Operations

1 FY20 Statutory results were also been restated into Continuing and Discontinued Operations.

2 As outlined in SEEK’s 4 May 2021 ASX announcement, SEEK reduced its ownership interest in Zhaopin from 61.1% (undiluted) to 23.5% (fully diluted) in May 2021. As a result, SEEK deconsolidated Zhaopin from its Group financial statements from 30 April 2021 and subsequently equity accounted for Zhaopin. SEEK’s share of Zhaopin NPAT for May and June 2021 is included within FY21 Group Reported NPAT from Continuing Operations.

3 As noted on page 6, OES and 14 ESVs to be transferred from SEEK to the SEEK Growth Fund. As a result, these assets have been included within Discontinued Operations for statutory reporting purposes in FY21 and in the restated FY20 results.

SEEK Limited FY21 Results Presentation

40

FY21 Financials (A$m)[2]

SEEK Group P&L detail

Aggregate results for Continuing and Discontinued Operations[1]

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SEEK ANZ SEEK Asia LatAm AP&A Other ESVs3 Continuing Operations Zhaopin OES ESVs4 Discontinued Operations	FY21 FY20 (restated) 541.0 387.2 145.6 162.9 49.7 77.5 1.2 2.0 22.8 21.0 760.3 650.6 577.1 749.6 190.7 136.6 63.0 40.6 830.8 926.8	Growth % 40% (11%) (36%) (40%) 9% 17% (23%) 40% 55% (10%)	Constant Currency %
			40% (2%) (19%) (40%) 10%
			21% (19%) 40% 55%
			(7%)
Group Revenue	1,591.1 1,577.4	1%	5%
SEEK ANZ SEEK Asia LatAm AP&A Other ESVs3 Corporate Costs Continuing Operations Zhaopin OES ESVs4 Discontinued Operations	322.9 220.5 47.4 72.8 1.3 13.0 (9.5) (14.3) (4.1) (3.8) (26.0) (33.1) 332.0 255.1 98.7 123.7 45.5 34.8 (2.6) (3.0) 141.6 155.5	46% (35%) (90%) 34% (8%) 21% 30% (20%) 31% 13% (9%)	47% (27%) (87%) 34% (9%) 21%
			33% (17%) 31% 13%
			(6%)
Group EBITDA	473.6 410.6	15%	18%
Group EBITDA Margin % Depreciation & Amortisation Net interest Share-based payments Share of equity accounted results Other items Tax Non-controllinginterests	30% 26% (133.3) (131.7) (47.3) (56.2) (23.3) (22.2) (33.8) (39.9) (3.6) (0.7) (69.8) (49.3) (21.7) (21.7)	(1%) 16% (5%) 15% n/m (42%) - 58% n/m n/m
Group Reported NPAT (excl Sign. Items)	140.8 88.9
Significant items	611.4 (202.0)
Group Reported NPAT	752.2 (113.1)

• 1 SEEK Group results reflect the aggregate of results from Continuing Operations plus results from Discontinued Operations. Refer to page 40 for further detail.

• 2 SEEK has revised its accounting policy for upfront cloud computing configuration costs in response to recent guidance from the International Accounting Standards Board. These costs were previously capitalised and will now be expensed. The change results in the following impacts to FY21: EBITDA A$13m and A$7m NPAT. FY20 comparative has been restated to account for the impact of the change retrospectively. This change in policy was not factored into SEEK’s guidance provided in SEEK’s 4 May 2021 ASX announcement.

• 3 Includes ESVs that will be retained by SEEK under the new structure and managed by SEEK Investments (e.g., JobAdder), and that have been reported under SEEK Investments in prior year.

• 4 Relates to controlled ESVs to be transferred to the SEEK Growth Fund. The results from equity accounted ESVs to be transferred to the SEEK Growth Fund will be accounted for within SEEK’s share of results from equity accounted investments.

SEEK Limited FY21 Results Presentation 41

Reconciliation to statutory results

SEEK Group results versus those presented in SEEK’s statutory accounts (Segment Note)

FY21 Financials (A$m)

Significant items

SEEK ANZ SEEK Asia LatAm AP&A Other ESVs1 Continuing Operations Zhaopin OES ESVs2 Discontinued Operations Group Revenue SEEK ANZ SEEK Asia LatAm AP&A Other ESVs1 Corporate Costs Continuing Operations Zhaopin OES ESVs2 Discontinued Operations Group EBITDA Depreciation & Amortisation Net Interest Share based payments Share of equity accounted results Other items Tax Non-controllinginterests Group Reported NPAT Significant items Group Reported NPAT excl. Sign items	Continuing plus Discontinued Operations (statutory) Significant Items Continuing plus Discontinued Operations (excl. Sign. items) 541.0 0.0 541.0 145.6 0.0 145.6 49.7 49.7 1.2 0.0 1.2 22.8 22.8 760.3 760.3 577.1 0.0 577.1 190.7 0.0 190.7 63.0 0.0 63.0 830.8 830.8 1,591.1 0.0 1,591.1 322.9 0.0 322.9 47.4 0.0 47.4 1.3 1.3 (9.5) 0.0 (9.5) (4.1) (4.1) (26.0) (26.0) 332.0 332.0 98.7 0.0 98.7 45.5 0.0 45.5 (2.6) 0.0 (2.6) 141.6 141.6 473.6 0.0 473.6 (133.3) (133.3) (47.3) 0.0 (47.3) (23.3) (23.3) (4.6) 29.2 (33.8) 638.7 642.3 (3.6) (129.9) (60.1) (69.8) (21.7) 0.0 (21.7) 752.2 611.4 140.8 FY21	FY20(restated)
		Continuing plus Discontinued Operations (statutory) Significant Items Continuing plus Discontinued Operations (excl. Sign. items)
		387.2 0.0 387.2 162.9 0.0 162.9 77.5 77.5 2.0 0.0 2.0 21.0 21.0
		650.6 650.6 749.6 0.0 749.6 136.6 0.0 136.6 40.6 0.0 40.6
		926.8 926.8
		1,577.4 0.0 1,577.4
		220.5 0.0 220.5 72.8 0.0 72.8 13.0 13.0 (14.3) 0.0 (14.3) (3.8) (3.8) (33.1) (33.1) 255.1 255.1 123.7 0.0 123.7 34.8 0.0 34.8 (3.0) 0.0 (3.0)
		155.5 155.5
		410.6 0.0 410.6
		(131.7) (131.7) (59.3) (3.1) (56.2) (22.2) (22.2) (39.9) (39.9) (205.8) (205.1) (0.7) (43.9) 5.4 (49.3) (20.9) 0.8 (21.7)
		(113.1)
		(202.0)
		88.9

FY21 significant items of A$611.4m includes:

• Gain on sale of the sell down of SEEK’s controlling interest in Zhaopin of A$628.9m post-tax; and

• Gains on changes in ownership of equity accounted investments (incl. JobandTalent and Go1) of A$98.6m post-tax;

Offset by:

• Deferred income tax with respect to SEEK’s future interest in the SEEK Growth Fund of A$75.2m;

• Impairment charges against the carrying values of Brasil Online and WorkAbroad (A$33.6m post-tax); and

• Transaction costs relating to the structural separation between SEEK and Investments of A$7.3m (post-tax).

Amounts recognised as significant items in FY20 consisted of impairments relating to Brasil Online, OCC and minority investments of A$198.4m (post-tax) and refinancing related costs of A$3.6m (post-tax).

1 Includes ESVs that will be retained by SEEK under the new structure and managed by Investments (e.g., JobAdder), and that have been reported under SEEK investments in prior year.

• 2 Relates to controlled ESVs to be transferred to the SEEK Growth Fund. The results from equity accounted ESVs to be transferred to the SEEK Growth Fund will be accounted for within SEEK’s share of results from equity accounted investments.

SEEK Limited FY21 Results Presentation

42

FY21 Segment Results

Extract from SEEK’s Appendix 4E and Statutory Accounts (page 50)

SEEK Limited FY21 Results Presentation

43

FY21 Pro forma Results

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Total SEEK
Total Zhaopin Corporate Continuing Zhaopin Growth Total
Year ended 30 June 2021 AP&A (associate) ESVs Costs Operations (subsidiary) Fund2 SEEK Group
Reported NPAT (as per Segment Note on previous page) 165.9 5.4 (6.4) (60.0) 104.9 657.4 (10.1) 752.2
Significant items (see previous page for details)
- - - - - -
Gain on sale of 37.6% of SEEK’s interest in Zhaopin (post-tax) (628.9) (628.9)
- - - - - -
Gains on changes in ownership of equity accounted investments (95.4) (95.4)
Deferred income tax with respect to SEEK’s future interest in the SEEK Growth Fund - - - - - - 75.2 75.2
Impairment charges against the carrying values of Brasil Online and Workabroad 33.6 - - - 33.6 - - 33.6
Transaction costs relating to structural separation - - - - - - 7.3 7.3
Other (3.2) - - - (3.2) - - (3.2)
Reported NPAT (excl. significant items) 196.3 5.4 (6.4) (60.0) 135.3 28.5 (23.0) 140.8
Pro forma adjustments1 - 11.0 - - 11.0
Pro forma 1 Reported NPAT (excl. significant items) 196.3 16.4 (6.4) (60.0) 146.3
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Notes

1. “Pro forma” adjustments relates to the recognition of SEEK's equity accounted interest in Zhaopin for the period July 2020 to April 2021 at 23.5%.

2. SEEK Growth Fund Reported NPAT (excluding significant items) comprised ESV NPAT losses of (cA$42m) partially offset by OES NPAT of A$19m. JobAdder and other ESV NPAT losses captured within Continuing Operations (losses of cA$6m).

SEEK Limited FY21 Results Presentation 44

Net Debt: Detail

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Year ended 30 June 2021
Facility 2 Short-term Funds on Net Cash/
Borrowings Cash 2
Limit Investments deposit (Debt)
SEEK Ltd A$ bank debt A$612.5m (345.0)
SEEK Ltd US$ bank debt US$552.5m (468.2)
SEEK Ltd A$ Subordinated Floating Rate Notes A$225.0m (225.0)
SEEK Limited Borrower Group 1 (1,038.2) 174.8 0.1 - (863.3)
Zhaopin Limited3 US$58.0m (77.3) 317.0 0.0 - 239.7
SEEK A$1,651.8m (1,115.5) 491.8 0.1 - (623.6)
Less transaction costs capitalised 8.3
Per Consolidated Balance Sheet (1,107.2)
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Notes

1. Borrower Group includes SEEK Limited and all subsidiaries in which its ownership is at least 90%. Calculation of leverage for Borrower Group only includes senior debt facilities and excludes SEEK’s A$225m subordinated debt.

2. As at 30 June 2021, the borrowings and cash relating to the SEEK Growth Fund are not included in the numbers presented above. The balances for OES and Sidekicker have been transferred to assets held for sale on the SEEK Consolidated Balance Sheet. Cash held by JobAdder is included within the SEEK Limited Borrower Group.

3. Zhaopin Cash includes A$308.7m of cash proceeds received shortly before year end but not yet distributed, to settle amounts owing to both the non-controlling interests and to third parties for transaction costs. Borrowings: A$77.3m of transaction proceeds to be received in H1 22 will be used to settle the remaining pre-transaction debt in Zhaopin Limited.

SEEK Limited FY21 Results Presentation 45

SEEK Group Capex

Product & Technology (A$m)[1]

Key insights

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110
106 106
89 25 23
62
40 41
85 84
FY15 FY16 FY17 FY18 FY19 FY20 FY21
Continuing Operations Discontinued Operations
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Product and Technology:

• ANZ: improvements to hirer experience, AI & Search, Mobile Apps, Candidate Profiles and Talent Search

• Unification across Asia

• Overall product and tech spend increased vs pcp, however a greater amount has been expensed in FY21 vs FY20

Property, Plant & Equipment:

• Significant one-off expenditure in FY21 related to the fit-out of SEEK’s new HQ in Cremorne, Melbourne

• Cremorne fit-out completed; SEEK moving in during Q1 FY22

Property, Plant & Equipment (A$m)

P&L impacts

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59
25
19 54
15 15 19 12
8
FY15 FY16 FY17 FY18 FY19 FY20 FY21
Continuing Operations Discontinued Operations
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Depreciation & amortisation

• Product & tech assets are amortised over an average of 3-5 years o Unification capex to be amortised over 5 years

• PPE related to Cremorne to be depreciated over an average of 5-7 years

• Expect D&A expense to increase over time reflecting higher capex

1 SEEK has revised its accounting policy for upfront configuration costs incurred in implementing cloud computing arrangements, in response to recent guidance from the International Accounting Standards Board. These costs were previously capitalised and will now be expensed. FY21 figures above reflect this change and FY20 comparatives have been restated to account for the impact of the change retrospectively.

SEEK Limited FY21 Results Presentation 46

Sustainability focus areas

Fair Hiring

Modern Slavery

Prioritising candidate safety, privacy and equity

• Jobs on SEEK’s employment marketplaces may expose candidates to risks

• Illegitimate or illegal jobs or candidate-paid placement fees may disadvantage some candidates

• Unfair hiring practices may affect migrant, manual and domestic workers

Safe job searching in Asia

• The risks associated with job searching are higher in Asia

• SEEK is focussing on strengthening existing platform controls

• SEEK is leveraging product and technology capability and its market position to improve hiring practices

• SEEK is differentiating itself from other employment platforms by ensuring safe and responsible job advertising

Risk profile

• There is a risk that jobs advertised on employment platforms may be linked to modern slavery practices, especially in Asia

• SEEK’s supply chains are lower risk due to spend profile

• SEEK’s office operations are deemed very low risk

• There were no instances of modern slavery detected during due diligence

Risk assessment

• SEEK’s due diligence program has been prioritised based on geographic and other recruitment risks

• Due diligence assessments were performed in FY21 for JobStreet Indonesia and JobsDB Thailand

SEEK Modern Slavery Statement

• Available on the SEEK corporate website

SEEK Limited FY21 Results Presentation 47

Sustainability focus areas (cont)

Data Trust

Climate Change

Protecting data privacy

• SEEK’s data governance reflects the importance of customer trust

• SEEK’s product design integrates data privacy protections

Data and technology

• SEEK is focussed on the ethical use of data for candidate benefit

• Artificial intelligence improves hirer and candidate outcomes and reduces time and effort

• SEEK’s use of AI is underpinned by its Ethical Artificial Intelligence Framework

Cyber Security

SEEK has made significant investment in cyber controls to:

• Protect systems, infrastructure & processes

Climate strategy

• SEEK supports the objectives of the Paris Agreement

• SEEK is managing the risks relevant to the business

• SEEK’s global carbon footprint is being addressed

• FY21 Sustainability Report includes TCFD disclosure

Carbon commitments

• SEEK ANZ to achieve carbon neutrality for FY21

• SEEK is preparing its emissions reduction strategy in FY22

• SEEK is aiming for carbon neutrality across its global footprint in FY22

Carbon targets

1. SEEK is assessing its pathway to net zero across all scope emissions by 2030

2. SEEK is aiming to develop a science-aligned target by 2025

3. Simulate hacking and penetration testing

4. Promote security awareness initiatives for all employees

5. Integrate cyber response into the Crisis Management Plan

Candidate security is focussed on:

• Screening/blocking technologies to prevent online fraud

• Leveraging Certsy to help candidates protect their personal documents

SEEK Limited FY21 Results Presentation 48

SEEK Management Team

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Kendra Banks

Ian Narev

Managing Director Australia & New Zealand Joined SEEK in 2015. Previously held other senior executive roles including Coles and Tesco (UK)

Managing Director and Chief Executive Officer Joined SEEK in 2019 and commenced as CEO on 1 July 2021. Previously CEO of CBA and partner at McKinsey and Company

Emmett Sheppard

Kate Koch

Managing Director Americas

Chief Financial Officer

Joined SEEK in 2016. Previously Managing Director of Product & Technology (APAC) at SEEK and has held other senior roles including Kmart

Joined SEEK in June 2021. Previously CFO of RMIT and held other senior finance roles including Tesco (UK) and Pearson

Lisa Tobin

Kathleen McCudden

Managing Director Technology

Chief Human Resources and Communications Officer Joined SEEK in 2016. Previously Director of HR (ANZ) at IBM where she held other senior HR roles

Joined SEEK in 2020. Previously Group Executive Technology at Transurban and held other senior technology roles including Aus Post and NAB

Simon Lusted

Peter Bithos

Managing Director Strategy, Product and AI Joined SEEK in 2010. Previously Group Strategy Director at SEEK and held other senior roles including Telstra

Chief Executive Officer Asia

Joined SEEK in August 2020. Previously COO of Globe Telecom and CEO of Virgin Mobile Australia

SEEK Limited FY21 Results Presentation 49

SEEK Investments Management Team

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Andrew Bassat

Chief Executive Officer

Co-founder of SEEK including 15+ years as CEO. Has led SEEK’s growth activities (incl SEEK Investments) since its inception

Jason Lenga

MD - Strategic Investments

15+ years at SEEK. Previously ex Operating Partner at Tiger Global and Managing Director International for SEEK

Josh Nester

MD - Education

15+ years at SEEK. Has held a number of senior roles in Education at SEEK. Ex Accenture (Strategy)

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Ronnie Fink

MD - Contingent Labour/Other

15+ years at SEEK. Has led a number of transactions and managed largest relationships with portfolio companies

Damien Wodak

MD - HR SaaS

Joined SEEK in 2020. Ex Managing Director & Partner at Boston Consulting Group, prior executive experience with listed & PE-owned businesses

Jeff Tang

Director - Fund Operations

14+ years at SEEK. Has led a number of corporate level projects and held leadership roles across Investor Relations, Corporate Finance and Strategy

Overview of broader team

• Total of 11 Investment Professionals (incl. senior members of SEEK Investments), other members with top-tier Investment Banking or Consulting experience

• • Small dedicated Finance and support team

• SEEK to provide shared services on a transitional basis to allow Investments team to focus on long-term value creation

SEEK Limited FY21 Results Presentation 50

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 information is given in summary form and does not purport to be complete. In particular you are cautioned not to place undue reliance on any forward-looking statements regarding our belief, intent or expectations with respect to SEEK’s businesses, market conditions and/or results of operations, as although due care has been used in the preparation of such statements, actual results may vary in a material manner.

Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice.

Non-IFRS Financial Information

SEEK’s results are reported under International Financial Reporting Standards (IFRS). This presentation also includes certain non-IFRS measures including, “Underlying NPAT”, “EBITDA”. “significant items” and “pro forma”. These measures are used internally by management to assess the performance of our business, our Associates and Joint Ventures, make decisions on the allocation of our resources and assess operational management. Non-IFRS measures have not been subject to audit or review.

Refer to SEEK’s Appendix 4E and Statutory Accounts 2021 for IFRS financial information that is presented in accordance with all relevant accounting standards.

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