Sea Holdings Ltd. · HKEX:251
Sea — Q3 2025 Earnings Presentation
21 slides from Sea's earnings presentation, Nov 11, 2025
Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results November 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: Third Quarter 2025 Results Overview
Third Quarter 2025 Results Overview Sea 3Q 2025 Results | 2
Slide 4: Strong Growth Momentum Continued into Third Quarter
Strong Growth Momentum Continued into Third Quarter E-commerce Digital Financial Services Digital Entertainment GAAP Revenue Loans Principal Outstanding1 Bookings2 US$ Billions US$ Billions US$ Millions YoY: +34.9% YoY: +69.8% YoY: +51.1% QoQ: +13.9% QoQ: +14.6% QoQ: +27.1% 4.3 7.9 840.7 3.8 6.9 3.2
Slide 5: 3Q 2025 Financial Performance
3Q 2025 Financial Performance GAAP Gross Operating Net Revenue Profit Income Income US$ Billions US$ Billions US$ Millions US$ Millions 6.0 2.6 487.7 475.9 5.3 2.4 414.2 4.3 375.0 1.9 202.4 153.3 3Q 2024 2Q 2025 3Q 2025 3Q 2024 2Q 2025 3Q 2025 3Q 2024 2Q 2025 3Q 2025 3Q 2024 2Q 2025 3Q 2025 Note: Fi
Slide 6: 3Q 2025 Profitability and Gross Cash Position
3Q 2025 Profitability and Gross Cash Position Adjusted Gross Cash EBITDA Position1 US$ Millions US$ Billions 874.3 829.2 10.6 10.5 9.9 521.3 3Q 2024 2Q 2025 3Q 2025 EC 34.4 227.7 186.1 DFS 187.9 255.3 258.3 DE 314.4 368.2 465.9 3Q 2024 2Q 2025 3Q 2025 Note: Financial figures are unaudited. Please re
Slide 7: 3Q 2025 Segmental Breakdown
3Q 2025 Segmental Breakdown Digital Financial Digital Unallocated US$ Millions E-commerce Services Entertainment Other Services 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) (1
Slide 8: Third Quarter 2025 Business Highlights
Third Quarter 2025 Business Highlights Sea 3Q 2025 Results | 7
Slide 9: Another Quarter of Strong and Profitable Growth
Another Quarter of Strong and Profitable Growth Strong growth Improving monetization Progress made on key & improving profitability effectiveness operational priorities • 3Q 2025 was another record- • Ad revenue increased over 70% and Improving service quality: setting quarter across GMV, gross ad t
Slide 10: E-commerce: GMV and Gross Orders
E-commerce GMV and Gross Orders Billions GMV (US$) Gross Orders 45 3.6 4 3.1 3.3 3.0 40 2.8 3 35 32.2 29.8 2 30 28.6 28.6 25.1 1 25 0 20 0 0 15 -1 10 -2 5 0 -3 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Sea 3Q 2025 Results | 9
Slide 11: E-commerce: GAAP Revenue & Take Rate
E-commerce GAAP Revenue & Take Rate1 US$ Billions Core Marketplace Revenue Product Revenue Value-added Services Revenue GAAP Take Rate1 13.3% 12.7% 12.8% 12.6% 0 12.3% 5 0 4.3 4 3.7 3.8 0.5 0 3.5 3.2 0.7 0 3 0 0 2 3.1 0 1 0 0 0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Note: Financial figures are unau
Slide 12: E-commerce: Adjusted EBITDA
E-commerce Adjusted EBITDA US$ Millions Adjusted EBITDA Adjusted EBITDA as % of GMV 0.9% 400 0.8% 0 350 0.5% 0.6% 0 300 0.1% 264.4 250 227.7 0 200 186.1 0 152.2 150 0 100 34.4 0 50 0 0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Note: Financial figures are unaudited. Please refer to the appendix for det
Slide 13: Broad-based Growth while Maintaining Portfolio Health
Broad-based Growth while Maintaining Portfolio Health Robust growth while maintaining stable risk profile Driving on and off-Shopee growth • Loans principal outstanding expanded $1 billion QoQ to On-Shopee loans delivered solid growth reach $7.9 billion • On-Shopee SPayLater GMV penetration now rang
Slide 14: Digital Financial Services: Loans Principal Outstanding and NPL90+
Digital Financial Services Loans Principal Outstanding1 and NPL90+ Ratio2 US$ Billions On-book NPL90+ Ratio2 Off-book3 0 1.2% 1.2% 1.1% 1.1% 10 1.0% 0 7.9 8 6.9 0.9 0 6 5.8 0 5.1 0 4.6 0 4 6.9 0 2 0 0 0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 1. Consumer and SME loans principal outstanding. 2. Non-p
Slide 15: Digital Financial Services: GAAP Revenue and Adjusted EBITDA
Digital Financial Services GAAP Revenue and Adjusted EBITDA US$ Millions GAAP Revenue 1,200 Adjusted EBITDA 989.9 1,000 882.8 787.1 800 733.3 615.7 600 400 241.4 255.3 258.3 187.9 211.0 200 0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Note: Financial figures are unaudited. Please refer to the appendix
Slide 16: A Stellar Quarter Anchored by Free Fire's Strong Performance
A Stellar Quarter Anchored by Free Fire’s Strong Performance Free Fire remains one of largest mobile games in the Continuing to delight users world, with high user engagement and acquisition with new content 3Q 2025 was the strongest quarter since 2021: • Performance driven by two high-impact campai
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% 9.8% 9.3% 0 1,000 8.0% 8.2% 0 800 661.8 664.8 670.8 628.5 618.0 0 600 0 400 200 0 0 0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ARPPU1 11.1 10.8 12.0 10
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 1,200 59.1% 56.5% 55.7% 55.4% 0.6 53.3% 1,000 841 0.5 800 775 661 653 0.4 557 543 559 519 600 498 496 458 466 0.3 400 368 314 290 0.2 200 0 0.1 3Q
Slide 19: Appendix
Appendix Sea 3Q 2025 Results | 18
Slide 20: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation 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 Depr
Slide 21: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation 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 ch