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sea connecting the dots Second Quarter 2026 Results August 2026
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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 e-commerce, digital financial services, and digital entertainment 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 Garena content; the expected growth of its Shopee, Monee and Garena 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 2Q 2026 Results |
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2 Second Quarter 2026 Results Overview Sea 2Q 2026 Results |
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3 Strong Momentum Across All Businesses US$ Billions Shopee GAAP Revenue US$ Billions Monee Loans Principal Outstanding1 661.3 931.4 763.5 2Q 2025 1Q 2026 2Q 2026 US$ Millions Garena Bookings2 6.9 9.9 11.1 2Q 2025 1Q 2026 2Q 2026 YoY: +48.2% QoQ: +9.3% YoY: +62.5% QoQ: +12.3% YoY: +15.5% QoQ: -18.0% 3.8 5.1 5.6 2Q 2025 1Q 2026 2Q 2026 Sea 2Q 2026 Results | 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 Garena plus change in Garena’s deferred revenue. This operating metric is used as an approximation of cash s pent by our users in the applicable period that is attributable to Garena.
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414.2 438.2 458.1 2Q 2025 1Q 2026 2Q 2026 4 2Q 2026 Financial Performance Note: Financial figures are unaudited. 5.3 7.1 7.8 2Q 2025 1Q 2026 2Q 2026 US$ Billions GAAP Revenue US$ Billions Gross Profit 487.7 593.0 650.3 2Q 2025 1Q 2026 2Q 2026 US$ Millions Operating Income 2.4 3.1 3.5 2Q 2025 1Q 2026 2Q 2026 US$ Millions Net Income Sea 2Q 2026 Results |
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5 2Q 2026 Profitability and Gross Cash Position 829.2 1,034.3 917.2 2Q 2025 1Q 2026 2Q 2026 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. 2. We currently include the net effect of changes in deferred revenue and its related cost in Adjusted EBITDA. Beginning with our earnings release for the third quarter of 2026, we will exclude this effect from Adjusted EBITDA but continue to disclose it as supplemental information. 227.7 223.2 255.4 255.3 275.2 288.0 368.2 573.6 429.8 Shopee Monee Garena2 10.6 11.1 10.3 2Q 2025 1Q 2026 2Q 2026 Sea 2Q 2026 Results |
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6 2Q 2026 Segmental Breakdown US$ Millions Shopee Monee Garena1 Other Services Unallocated Expenses2 Consolidated Revenue 5,587.6 1,402.8 746.6 50.8 - 7,787.8 Operating income/(loss) 160.3 279.0 404.2 (51.5) (141.7) 650.3 Adjusted EBITDA 255.4 288.0 429.8 (46.2) (9.7) 917.2 Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non-GAAP figures. 1. We currently include the net effect of changes in deferred revenue and its related cost in Adjusted EBITDA. Beginning with our earnings release for the third quarter of 2026, we will exclude this effect from Adjusted EBITDA but continue to disclose it as supplemental information. 2. Unallocated expenses are mainly related to share-based compensation and general and corporate administrative costs such as professional 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 2Q 2026 Results |
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7 Second Quarter 2026 Business Highlights Sea 2Q 2026 Results |
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8 Delivering Strong Growth with Financial Discipline Strong growth with financial discipline • 2Q26 another record-setting quarter: GMV grew 28% YoY, with new highs in gross order volume and revenue • Generated adjusted EBITDA of > $250 million in 2Q26 • Avg. monthly new active buyers up > 35% YoY, an acceleration from previous quarters; avg. monthly active buyers up 18% YoY, purchase frequency up 8% YoY • Monetization strengthened further: ad revenue up > 70% and ad take-rate up > 90bps YoY • Brazil: Remained our fastest growing market, GMV growth again outpaced broader market; will continue to invest in a disciplined and profitable manner • We are optimistic that Shopee will achieve the milestone of $1 billion in adjusted EBITDA for the full year Sea 2Q 2026 Results | Improving our content ecosystem • Orders from livestreaming and short- form video grew > 50% YoY, accounting for > 25% of physical goods orders in Southeast Asia • Unit economics improved sequentially as we further optimized marketing spend • Deepened relationships with YouTube and Meta: Shopee orders through Facebook increased by > 85% QoQ - Facebook Reels a very popular channel to drive purchases • Extended our Instagram collaboration to all eight of our core markets, with promising early results from Indonesia (first launch market) Deepening our structural moats Logistics a key differentiator: • Instant- and same-day delivery gained strong traction • Instant service in Indonesia can deliver in as fast as 1 hour; instant delivery order volumes grew ~80% YoY, with cost-per-order falling ~20% YoY in 2Q26 • Fulfillment order volumes up > 20% QoQ; > 60% of our fulfilled parcels arrive the next day in some markets ShopeeVIP membership program: • Members exceeded 15 million at the end of June, up 45% QoQ • Avg. monthly retention ~80% • VIP members contributed 24% of GMV across Asia in 2Q26 • Brazil launched in April: membership has already surpassed 1 million
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9 Shopee GMV and Gross Orders 29.8 32.2 36.7 37.3 38.3 3.3 3.6 4.0 4.0 4.2 -3 -2 -1 0 1 2 3 4 0 5 10 15 20 25 30 35 40 45 50 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Billions GMV (US$) Gross Orders 0 0 Sea 2Q 2026 Results |
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4.3 0.7 0.7 3.8 4.3 5.0 5.1 5.612.6% 13.3% 13.5% 13.7% 14.6% 0 0 0 0 0 0 0 0 0 0 0 1 2 3 4 5 6 7 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 10 Shopee 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 2Q 2026 Results |
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11 Shopee Adjusted EBITDA 227.7 186.1 202.5 223.2 255.4 0.8% 0.6% 0.6% 0.6% 0.7% 0 0 0 0 0 0 0 0 50 100 150 200 250 300 350 400 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 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 2Q 2026 Results |
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12 Strong Growth while Maintaining Stable Asset Quality 1. 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. 2. Users with loans outstanding as of the end of the quarter. Robust growth while maintaining stable risk profile • Loans principal outstanding reached $11.1 billion at the end of June, up 62% YoY • NPL 90+ ratio1 stable at 1.0% in 2Q26 • Philippines our fifth market with a loan book exceeding $1 billion • Added ~5.3 million unique first-time borrowers in 2Q26 • Active credit users2 > 40 million at end of 2Q26, up ~34% YoY • Avg. loans outstanding per user grew ~20% YoY in 2Q26 Advancing our credit risk capabilities • AI-driven enhancements to our underwriting models helped lift approval rates by ~10%, while maintaining a similar level of risk • AI tools to verify user-submitted income documents reduced review time by ~95%, letting us respond to credit limit requests almost instantly • Reinforces scale of our ecosystem as a durable advantage • Drawing on more external data sources to strengthen capability to assess newer users Expanding into more user segments and driving off-Shopee growth Expanding into more user segments • Broadened rollout of one-month interest-free SPayLater loans – many users start using it out of convenience, subsequently generating more value through repeat transactions, installment conversion, or adoption of other credit products • Similarly, more widely offering promotional interest rates for first-time personal cash loans Expanding credit use cases beyond Shopee • Off-Shopee accounted for > 20% of our total SPayLater portfolio as of end-June, as high as 35% in some markets • Testing new ShopeePay Unlimited Card in Thailand; lets users pay with their SPayLater balance at any merchant that accepts card payments, expanding SPayLater use cases • Monthly transacting users on the standalone ShopeePay app more than doubled YoY in 2Q26. Currently live in Indonesia, Thailand, Malaysia and Vietnam, with a similar standalone app to launch in Brazil soon Sea 2Q 2026 Results |
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13 Monee 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 10.0 1.1 6.9 7.9 9.2 9.9 11.1 1.0% 1.1% 1.1% 1.1% 1.0% 0 0 0 0 0 0 0 2 4 6 8 10 12 14 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 0 0 On-book Off-book3 NPL90+ Ratio2 Sea 2Q 2026 Results |
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14 Monee GAAP Revenue and Adjusted EBITDA 882.8 989.9 1,131.9 1,241.8 1,402.8 255.3 258.3 263.1 275.2 288.0 0 200 400 600 800 1,000 1,200 1,400 1,600 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 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 2Q 2026 Results |
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Another Strong Quarter for Garena 15 Strong performance anchored by Free Fire Free Fire anchored another strong quarter: • In 2Q26, bookings grew 15% YoY, with profitability remaining healthy and growing well YoY • Free Fire, now in its ninth year, is still expanding its reach and scale globally, continuing to draw in > 100 million avg. daily active users • Undersea Mystery, an ocean-themed campaign inspired by Songkran, integrated into the map itself as a gateway into a new Undersea Realm, with gear to hunt for in Hydro Zone and Fishing Ponds • Rode the World Cup wave with Fire Kickoff, weaving football into the map and letting players turn into a football to pull off surprise plays; campaign song “Booyah Olé” generated > 350 million social media views • This continual reinvention of the core gameplay keeps players engaged over time Expanding our portfolio with strong global IP Announced two mobile games, both built on strong, globally recognized IP: • Palworld Online: an open-world multiplayer survival adventure game, developed and published by Garena under license from Pocketpair • Monster Hunter Outlanders: a survival hunting action game developed by Tencent based on Capcom’s iconic franchise • These titles show how Garena is expanding into new genres, strengthening our development and publishing capabilities, and deepening our relationships with top global partners Sea 2Q 2026 Results |
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Garena 16 Quarterly Active Users, Quarterly Paying User Ratio and ARPPU1 664.8 670.8 633.3 666.5 666.3 9.3% 9.8% 9.2% 10.9% 10.2% 0 0 0 0 0 0 0 0 200 400 600 800 1,000 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Millions Quarterly Active Users Quarterly Paying User Ratio 10.7 12.8 11.6 12.8 11.2ARPPU1 (US$) 1. Average bookings per quarterly paying user. Sea 2Q 2026 Results |
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Garena 17 Bookings1, GAAP Revenue and Adjusted EBITDA2 US$ Millions 661 841 672 931 764 559 653 701 697 747 368 466 364 574 430 55.7% 55.4% 54.1% 61.6% 56.3% 0.1 0.2 0.3 0.4 0.5 0.6 0 200 400 600 800 1,000 1,200 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Bookings1 GAAP Revenue Adjusted EBITDA2 as a % of Bookings1 Adjusted EBITDA2 Sea 2Q 2026 Results | Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non-GAAP figures. 1. GAAP revenue for Garena plus change in Garena’s deferred revenue. This operating metric is used as an approximation of cash s pent by our users in the applicable period that is attributable to Garena. 2. We currently include the net effect of changes in deferred revenue and its related cost in Adjusted EBITDA. Beginning with our earnings release for the third quarter of 2026, we will exclude this effect from Adjusted EBITDA but continue to disclose it as supplemental information.
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18 Appendix Sea 2Q 2026 Results |
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19 GAAP Operating Income and Non-GAAP EBITDA Reconciliation Note: Financial figures are unaudited. US$ Thousands 2Q 2025 2Q 2026 Shopee Operating income / (loss) 154,851 160,284 Depreciation and amortization 72,843 95,135 Shopee Adjusted EBITDA 227,694 255,419 Monee Operating income / (loss) 243,115 279,031 Depreciation and amortization 12,148 8,954 Monee Adjusted EBITDA 255,263 287,985 Garena Operating income / (loss) 275,465 404,156 Net effect of changes in deferred revenue & its related cost 88,344 20,269 Depreciation and amortization 4,381 5,331 Garena Adjusted EBITDA 368,190 429,756 Sea 2Q 2026 Results |
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20 GAAP Operating Income and Non-GAAP EBITDA Reconciliation Note: Financial figures are unaudited. US$ Thousands 2Q 2025 2Q 2026 Other Services Operating income / (loss) (15,683) (51,475) Depreciation and amortization 1,917 5,250 Other Services Adjusted EBITDA (13,766) (46,225) Group Operating income / (loss) 487,719 650,329 Net effect of changes in deferred revenue & its related cost 88,344 20,269 Depreciation and amortization 91,289 114,670 Share-based compensation 161,892 131,920 Total Adjusted EBITDA 829,244 917,188 Sea 2Q 2026 Results |