Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results August 2025
Slide 2: Disclaimer
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,
Slide 3: Second Quarter 2025 Results Overview
Second Quarter 2025 Results Overview Sea 2Q 2025 Results | 2
Slide 4: Strong & Healthy Growth Across All Businesses
Strong & Healthy Growth Across All Businesses E-commerce Digital Financial Services Digital Entertainment GAAP Revenue Loans Principal Outstanding1 Bookings2 US$ Billions US$ Billions US$ Millions YoY: +33.7% YoY: +94.0% YoY: +23.2% QoQ: +7.0% QoQ: +18.5% QoQ: -14.7% 6.9 775.4 3.8 3.5 5.8 661.3 2.8
Slide 5: 2Q 2025 Financial Performance
2Q 2025 Financial Performance GAAP Gross Operating Net Revenue Profit Income Income US$ Billions US$ Billions US$ Millions US$ Millions 5.3 487.7 2.4 4.8 2.2 456.4 410.8 414.2 3.8 1.6 82.9 79.9 2Q 2024 1Q 2025 2Q 2025 2Q 2024 1Q 2025 2Q 2025 2Q 2024 1Q 2025 2Q 2025 2Q 2024 1Q 2025 2Q 2025 Note: Fina
Slide 6: 2Q 2025 Profitability and Gross Cash Position
2Q 2025 Profitability and Gross Cash Position Adjusted Gross Cash EBITDA Position1 US$ Millions US$ Billions 946.5 10.3 10.6 829.2 9.0 448.5 2Q 2024 1Q 2025 2Q 2025 EC (9.2) 264.4 227.7 DFS 164.7 241.4 255.3 DE 302.8 458.2 368.2 2Q 2024 1Q 2025 2Q 2025 Note: Financial figures are unaudited. Please r
Slide 7: 2Q 2025 Segmental Breakdown
2Q 2025 Segmental Breakdown Digital Financial Digital Unallocated US$ Millions E-commerce Services Entertainment Other Services Expenses1 Consolidated Revenue 3,771.1 882.8 559.1 46.5 - 5,259.5 Operating income/(loss) 154.9 243.1 275.5 (15.7) (170.0) 487.7 Adjusted EBITDA 227.7 255.3 368.2 (13.8) (8
Slide 8: Second Quarter 2025 Business Highlights
Second Quarter 2025 Business Highlights Sea 2Q 2025 Results | 7
Slide 9: Sustaining Strong Growth And Market Leadership
Sustaining Strong Growth And Market Leadership Strong growth Improving monetization Progress made on key & improving profitability effectiveness operational priorities • 2Q 2025 was another record- • Monetization improved largely Price competitiveness: breaking quarter across gross driven by adverti
Slide 10: E-commerce: GMV and Gross Orders
E-commerce GMV and Gross Orders Billions GMV (US$) Gross Orders 3.1 3.3 35 3.0 2.8 2.5 3 29.8 30 28.6 28.6 25.1 2 25 23.3 1 20 0 15 0 0 -1 10 -2 5 0 -3 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Sea 2Q 2025 Results | 9
Slide 11: E-commerce: GAAP Revenue & Take Rate
E-commerce GAAP Revenue & Take Rate1 US$ Billions Core Marketplace Revenue Product Revenue Value-added Services Revenue GAAP Take Rate1 12.7% 12.8% 12.6% 5 12.1% 12.3% 0 4 3.7 3.8 3.5 0 4 3.2 0.5 2.8 0 3 0.7 3 0 2 0 2 2.6 0 1 0 1 0 0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Note: Financial figures ar
Slide 12: E-commerce: Adjusted EBITDA
E-commerce Adjusted EBITDA US$ Millions Adjusted EBITDA Adjusted EBITDA as % of GMV 0.9% 400 350 0.8% 0 0.5% 264.4 300 0 0.1% 250 (0.0%) 227.7 0 200 152.2 150 0 100 50 34.4 0 0 0 -50 (9.2) -100 0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Note: Financial figures are unaudited. Please refer to the appen
Slide 13: Scaling the Business while Maintaining Prudent Risk Management
Scaling the Business while Maintaining Prudent Risk Management Robust growth while maintaining stable risk profile Driving on and off-Shopee growth • Loans principal outstanding grew > 90% YoY in 2Q 2025 On-Shopee loans delivered solid growth to $6.9 billion • On-Shopee SPayLater GMV penetration now
Slide 14: Digital Financial Services: Loans Principal Outstanding and NPL90+ Ratio
Digital Financial Services Loans Principal Outstanding1 and NPL90+ Ratio2 US$ Billions On-book NPL90+ Ratio2 Off-book3 10 1.3% 0 1.2% 1.2% 9 1.1% 1.0% 8 0 7 6.9 5.8 0.9 0 6 5.1 0 5 4.6 0 0 4 3.5 0 3 5.9 2 0 1 0 0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 1. Consumer and SME loans principal outstanding
Slide 15: Digital Financial Services: GAAP Revenue and Adjusted EBITDA
Digital Financial Services GAAP Revenue and Adjusted EBITDA US$ Millions GAAP Revenue 1,000 Adjusted EBITDA 900 882.8 787.1 733.3 800 700 615.7 600 519.3 500 400 300 241.4 255.3 187.9 211.0 200 164.7 100 0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Note: Financial figures are unaudited. Please refer to
Slide 16: A Strong Quarter Driven by Free Fire
A Strong Quarter Driven by Free Fire Free Fire remains one of largest mobile games in the Continuing to delight users world, with high user engagement and acquisition with new content Continued strong growth momentum into 2Q 2025: • Celebrated Free Fire’s 8th anniversary with the launch of our new m
Slide 17: Digital Entertainment: Active Users, Paying User Ratio and ARPPU
Digital Entertainment Quarterly Active Users, Quarterly Paying User Ratio and ARPPU1 Millions Quarterly Active Users Quarterly Paying User Ratio 9.8% 9.3% 0 1,000 8.1% 8.0% 8.2% 0 800 648.0 661.8 664.8 628.5 618.0 0 600 0 400 200 0 0 0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ARPPU1 10.2 11.1 10.8 12
Slide 18: Digital Entertainment: Bookings, GAAP Revenue and Adjusted EBITDA
Digital Entertainment Bookings1, GAAP Revenue and Adjusted EBITDA US$ Millions Bookings1 Adjusted EBITDA GAAP Revenue Adjusted EBITDA as a % of Bookings1 1,000 59.1% 56.4% 56.5% 55.7% 0.6 900 53.3% 800 775 0.5 700 661 600 537 557 543 559 498 519 496 0.4 500 436 458 400 368 314 0.3 303 290 300 200 0.
Slide 19: Appendix
Appendix Sea 2Q 2025 Results | 18
Slide 20: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 2Q 2024 2Q 2025 E-commerce Operating income / (loss) (84,762) 154,851 Depreciation and amortization 75,582 72,843 E-commerce Adjusted EBITDA (9,180) 227,694 Digital Financial Services Operating income / (loss) 151,261 243,115 Dep
Slide 21: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 2Q 2024 2Q 2025 Other Services Operating income / (loss) (9,003) (15,683) Depreciation and amortization 3,045 1,917 Other Services Adjusted EBITDA (5,958) (13,766) Group Operating income / (loss) 82,894 487,719 Net effect of chan