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November 2025 Third Quarter 2025 Results
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1 Disclaimer This presentation by Sea Limited (“Sea”) contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “could,” “will,” “expect,” “anticipate,” “aim,” “future,” “intend,” “plan,” “believe,” “estimate,” “likely to,” “potential,” “confident,” “guidance,” and similar statements. Among other things, statements that are not historical facts, including statements about Sea’s beliefs and expectations, the business, financial and market outlook, projections, and Sea’s strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea’s goals and strategies; its future business development, financial condition, financial results, and results of operations; the expected growth in, and market size of, the digital entertainment, e-commerce and digital financial services industries in the markets where it operates, including segments within those industries; expected changes or guidance in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging digital entertainment content; the expected growth of its digital entertainment, e-commerce and digital financial services businesses; its expectations regarding growth in its user base, level of engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries, including the effects of any government orders or actions on its businesses; general economic, political, social and business conditions in its markets; and the impact of widespread health developments. Further information regarding these and other risks is included in Sea’s filings with the SEC. All information provided in this presentation is as of the date hereof, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law. This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the U.S. (“GAAP”), including “adjusted EBITDA,” and “total adjusted EBITDA.” The reconciliation of those measures to the most comparable GAAP measures is contained within this presentation. The non-GAAP measures have limitations as an analytical tool and you should not consider them in isolation or as a substitute for an analysis of the Company’s results under GAAP. This presentation does not contain all relevant information relating to Sea or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of Sea. Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future performance of Sea. Sea 3Q 2025 Results |
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2 Third Quarter 2025 Results Overview Sea 3Q 2025 Results |
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3 Strong Growth Momentum Continued into Third Quarter Note: Financial figures are unaudited. 1. Consumer and SME loans principal outstanding including both on-book and off-book loans. Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform. 2. GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metr ic is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment. US$ Billions E-commerce GAAP Revenue US$ Billions Digital Financial Services Loans Principal Outstanding1 556.5 661.3 840.7 3Q 2024 2Q 2025 3Q 2025 US$ Millions Digital Entertainment Bookings2 4.6 6.9 7.9 3Q 2024 2Q 2025 3Q 2025 YoY: +34.9% QoQ: +13.9% YoY: +69.8% QoQ: +14.6% YoY: +51.1% QoQ: +27.1% 3.2 3.8 4.3 3Q 2024 2Q 2025 3Q 2025 Sea 3Q 2025 Results |
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153.3 414.2 375.0 3Q 2024 2Q 2025 3Q 2025 4 3Q 2025 Financial Performance Note: Financial figures are unaudited. 4.3 5.3 6.0 3Q 2024 2Q 2025 3Q 2025 US$ Billions GAAP Revenue US$ Billions Gross Profit 202.4 487.7 475.9 3Q 2024 2Q 2025 3Q 2025 US$ Millions Operating Income 1.9 2.4 2.6 3Q 2024 2Q 2025 3Q 2025 US$ Millions Net Income Sea 3Q 2025 Results |
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5 3Q 2025 Profitability and Gross Cash Position 521.3 829.2 874.3 3Q 2024 2Q 2025 3Q 2025 US$ Millions Adjusted EBITDA US$ Billions Gross Cash Position1 Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non-GAAP figures. 1. Cash, cash equivalents, short-term and other treasury investments. Other treasury investments currently consist of group treasur y related investments, such as available-for-sale sovereign bonds and corporate bonds, classified as part of long-term investments and securities purchased under agreements to resell relating to our banking operations. 34.4 227.7 186.1 187.9 255.3 258.3 314.4 368.2 465.9 EC DFS DE 9.9 10.6 10.5 3Q 2024 2Q 2025 3Q 2025 Sea 3Q 2025 Results |
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6 3Q 2025 Segmental Breakdown US$ Millions E-commerce Digital Financial Services Digital Entertainment Other Services Unallocated Expenses1 Consolidated Revenue 4,294.8 989.9 653.0 48.4 - 5,986.0 Operating income/(loss) 110.1 248.2 309.8 (27.0) (165.1) 475.9 Adjusted EBITDA 186.1 258.3 465.9 (25.1) (10.9) 874.3 Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non-GAAP figures. 1. Unallocated expenses are mainly related to share-based compensation and general and corporate administrative costs such as profe ssional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance. Sea 3Q 2025 Results |
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7 Third Quarter 2025 Business Highlights Sea 3Q 2025 Results |
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8 Another Quarter of Strong and Profitable Growth Strong growth & improving profitability • 3Q 2025 was another record- setting quarter across GMV, gross order volume, and revenue • Growth driven by more active buyers & higher purchase frequency • Improved profitability YoY across Asia and Brazil • Brazil: GMV growth outpaced the market, driven by sustained increases in monthly active buyers, purchase frequency, and average basket sizes while maintaining positive adjusted EBITDA • We now expect Shopee’s full-year 2025 GMV growth to be more than 25% Improving monetization effectiveness • Ad revenue increased over 70% and ad take-rate rose by more than 80bps YoY in 3Q 2025 • Number of sellers using our ad products increased by > 25%, and their average ad spend increased by > 40% YoY • AI initiatives around search, recommendations and discovery have increased buyer engagement, improving our purchase conversion rate by 10% YoY in 3Q 2025 Progress made on key operational priorities Improving service quality: • Indonesia: Instant delivery with delivery times as fast as < 2 hours • Taiwan: > 2,500 automated locker stores at > 30% lower cost-per-order than traditional pick-up locations • Brazil: Logistics enabling us to move upmarket - average delivery speed improved by 2 days YoY; ShopeeMall GMV grew > 2x YoY • Shopee VIP members > 3.5 million, up > 75% QoQ Thriving content ecosystem: • YouTube collaboration continues to gain strong traction; extending partnership to Brazil • Announced collaboration with Meta enabling seamless checkout between Facebook & Shopee Sea 3Q 2025 Results |
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9 E-commerce GMV and Gross Orders 25.1 28.6 28.6 29.8 32.2 2.8 3.0 3.1 3.3 3.6 -3 -2 -1 0 1 2 3 4 0 5 10 15 20 25 30 35 40 45 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Billions GMV (US$) Gross Orders 0 0 Sea 3Q 2025 Results |
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3.1 0.7 0.5 3.2 3.7 3.5 3.8 4.3 12.7% 12.8% 12.3% 12.6% 13.3% 0 0 0 0 0 0 0 0 0 0 1 2 3 4 5 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 10 E-commerce GAAP Revenue & Take Rate1 US$ Billions Core Marketplace Revenue Value-added Services Revenue GAAP Take Rate1 Product Revenue Note: Financial figures are unaudited. 1. GAAP revenue as a percentage of GMV. Sea 3Q 2025 Results |
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11 E-commerce Adjusted EBITDA 34.4 152.2 264.4 227.7 186.1 0.1% 0.5% 0.9% 0.8% 0.6% 0 0 0 0 0 0 0 0 50 100 150 200 250 300 350 400 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 US$ Millions Adjusted EBITDA Adjusted EBITDA as % of GMV Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non-GAAP figures. Sea 3Q 2025 Results |
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12 Broad-based Growth while Maintaining Portfolio Health 1. Users with loans outstanding as of the end of the quarter. 2. Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includ es both on-book and off-book loans principal outstanding. 3. Include cash loans and off-Shopee SPayLater consumption loans. Robust growth while maintaining stable risk profile • Loans principal outstanding expanded $1 billion QoQ to reach $7.9 billion • We added > 5 million first-time borrowers in 3Q 2025, bringing consumer and SME loans active users1 to 34 million, up 45% YoY • NPL90+ ratio2 remained stable at 1.1% in 3Q 2025 • Thailand’s loan book surpassed $2 billion as of the end of September • In Brazil, loan book grew > 3x YoY in 3Q 2025 with improving portfolio quality and stronger user performance Driving on and off-Shopee growth On-Shopee loans delivered solid growth • On-Shopee SPayLater GMV penetration now ranges from single digits in early markets to > 30% in more mature ones and penetration continues to deepen across all our markets Off-Shopee loans3 growing healthily • Off-Shopee SPayLater portfolio grew > 300% YoY and > 40% QoQ, still only accounts for < 10% of our total loan book as of the end of September • In Brazil, personal cash loans grew close to 50% QoQ, driven by the continued popularity of the combined credit limit we offer to SPayLater users Sea 3Q 2025 Results |
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13 Digital Financial Services 1. Consumer and SME loans principal outstanding. 2. Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includ es both on-book and off-book loans principal outstanding. 3. Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform. Loans Principal Outstanding1 and NPL90+ Ratio2 US$ Billions 6.9 0.9 4.6 5.1 5.8 6.9 7.9 1.2% 1.2% 1.1% 1.0% 1.1% 0 0 0 0 0 0 0 0 2 4 6 8 10 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 0 0 On-book Off-book3 NPL90+ Ratio2 Sea 3Q 2025 Results |
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14 Digital Financial Services GAAP Revenue and Adjusted EBITDA 615.7 733.3 787.1 882.8 989.9 187.9 211.0 241.4 255.3 258.3 0 200 400 600 800 1,000 1,200 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 US$ Millions GAAP Revenue Adjusted EBITDA Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non-GAAP figures. Sea 3Q 2025 Results |
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A Stellar Quarter Anchored by Free Fire’s Strong Performance 15 Free Fire remains one of largest mobile games in the world, with high user engagement and acquisition 3Q 2025 was the strongest quarter since 2021: • Bookings were up 51% and adjusted EBITDA grew 48%, YoY • Launched EA Sports FC Mobile in Vietnam, became country’s most downloaded mobile game in October1 Garena remains on track to achieve more than 30% YoY growth in bookings for 2025 Continuing to delight users with new content • Performance driven by two high-impact campaigns: Squid Game and NARUTO SHIPPUDEN Chapter 2 • Squid Game: Incorporated challenges inspired by the Netflix blockbuster TV series’ most iconic moments with Red Light, Green Light challenge played > 300 million times in 3Q 2025 • NARUTO SHIPPUDEN Chapter 2: Built on huge momentum from Chapter 1, creating even more immersive storyline, hugely popular collectibles, and new iconic attack skills. Chapter 2 surpassed Chapter 1 in engagement and revenue. Both Naruto chapters achieved highest satisfaction scores of any campaign launched over past two years • 2025’s series of major campaigns and IP collaborations demonstrate Garena’s strong execution capability, driven by core creative culture and strong connection to gamers Sea 3Q 2025 Results | 1. Based on Sensor Tower for Vietnam
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Digital Entertainment 16 Quarterly Active Users, Quarterly Paying User Ratio and ARPPU1 628.5 618.0 661.8 664.8 670.8 8.0% 8.2% 9.8% 9.3% 9.8% 0 0 0 0 0 0 0 200 400 600 800 1,000 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Millions Quarterly Active Users Quarterly Paying User Ratio 11.1 10.8 12.0 10.7 12.8ARPPU1 (US$) 1. Average bookings per quarterly paying user. Sea 3Q 2025 Results |
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Digital Entertainment 17 Bookings1, GAAP Revenue and Adjusted EBITDA US$ Millions 557 543 775 661 841 498 519 496 559 653 314 290 458 368 466 56.5% 53.3% 59.1% 55.7% 55.4% 0.1 0.2 0.3 0.4 0.5 0.6 0 200 400 600 800 1,000 1,200 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Bookings1 GAAP Revenue Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non-GAAP figures. 1. GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metr ic is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment. Adjusted EBITDA as a % of Bookings1 Adjusted EBITDA Sea 3Q 2025 Results |
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18 Appendix Sea 3Q 2025 Results |
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19 GAAP Operating Income and Non-GAAP EBITDA Reconciliation Note: Financial figures are unaudited. US$ Thousands 3Q 2024 3Q 2025 E-commerce Operating income / (loss) (36,818) 110,117 Depreciation and amortization 71,264 75,938 E-commerce Adjusted EBITDA 34,446 186,055 Digital Financial Services Operating income / (loss) 173,942 248,177 Depreciation and amortization 13,985 10,135 Digital Financial Services Adjusted EBITDA 187,927 258,312 Digital Entertainment Operating income / (loss) 262,402 309,811 Net effect of changes in deferred revenue & its related cost 46,712 151,915 Depreciation and amortization 5,314 4,218 Digital Entertainment Adjusted EBITDA 314,428 465,944 Sea 3Q 2025 Results |
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20 GAAP Operating Income and Non-GAAP EBITDA Reconciliation Note: Financial figures are unaudited. US$ Thousands 3Q 2024 3Q 2025 Other Services Operating income / (loss) (11,001) (27,039) Depreciation and amortization 2,446 1,920 Other Services Adjusted EBITDA (8,555) (25,119) Group Operating income / (loss) 202,415 475,946 Net effect of changes in deferred revenue & its related cost 46,712 151,915 Depreciation and amortization 93,009 92,211 Share-based compensation 179,201 154,182 Total Adjusted EBITDA 521,337 874,254 Sea 3Q 2025 Results |