Sea Holdings Ltd. · HKEX:251
Sea — Q1 2025 Earnings Presentation
21 slides from Sea's earnings presentation, May 13, 2025
Slide 1: First Quarter 2025 Results
First Quarter 2025 Results May 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: First Quarter 2025 Results Overview
First Quarter 2025 Results Overview Sea 1Q 2025 Results | 2
Slide 4: Strong Performance Across All Businesses
Strong Performance Across All Businesses E-commerce Digital Financial Services Digital Entertainment GAAP Revenue Loans Principal Outstanding1 Bookings2 US$ Billions US$ Billions US$ Millions YoY: +28.3% YoY: +76.5% YoY: +51.4% QoQ: -3.8% QoQ: +13.2% QoQ: +42.8% 3.7 5.8 775.4 3.5 5.1 2.7 543.2 512.1
Slide 5: 1Q 2025 Financial Performance
1Q 2025 Financial Performance GAAP Gross Operating Net Revenue Profit Income Income/(Loss) US$ Billions US$ Billions US$ Millions US$ Millions 5.0 2.2 2.2 456.4 410.8 4.8 3.7 1.6 305.8 237.6 71.1 (23.0) 1Q 2024 4Q 2024 1Q 2025 1Q 2024 4Q 2024 1Q 2025 1Q 2024 4Q 2024 1Q 2025 1Q 2024 4Q 2024 1Q 2025 1
Slide 6: 1Q 2025 Profitability and Gross Cash Position
1Q 2025 Profitability and Gross Cash Position Adjusted Gross Cash EBITDA Position1 US$ Millions US$ Billions 946.5 10.4 10.3 8.6 590.9 401.1 1Q 2024 4Q 2024 1Q 2025 EC (21.7) 152.2 264.4 DFS 148.7 211.0 241.4 DE 292.2 289.7 458.2 1Q 2024 4Q 2024 1Q 2025 Note: Financial figures are unaudited. Please
Slide 7: 1Q 2025 Segmental Breakdown
1Q 2025 Segmental Breakdown Digital Financial Digital Unallocated US$ Millions E-commerce Services Entertainment Other Services Expenses1 Consolidated Revenue 3,524.2 787.1 495.6 34.2 - 4,841.1 Operating income/(loss) 195.0 228.6 220.0 (11.0) (176.2) 456.4 Adjusted EBITDA 264.4 241.4 458.2 (9.1) (8.
Slide 8: First Quarter 2025 Business Highlights
First Quarter 2025 Business Highlights Sea 1Q 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 • Sustained market leadership with • Enhanced monetization driven Price competitiveness: improved profitability across both especial
Slide 10: E-commerce
E-commerce GMV and Gross Orders Billions GMV (US$) Gross Orders 3.0 3.1 2.8 2.6 2.5 3 30 28.6 28.6 25.1 2 25 23.6 23.3 1 20 0 15 0 0 -1 10 -2 5 0 -3 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Sea 1Q 2025 Results | 9
Slide 11: E-commerce
E-commerce GAAP Revenue & Take Rate1 US$ Billions Core Marketplace Revenue Product Revenue Value-added Services Revenue GAAP Take Rate1 12.7% 12.8% 12.1% 12.3% 11.7% 4 0 3.7 3.5 4 3.2 0.4 0 3 2.7 2.8 0 0.8 3 0 2 0 2 2.4 0 1 0 1 0 0 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Note: Financial figures are
Slide 12: E-commerce
E-commerce Adjusted EBITDA US$ Millions Adjusted EBITDA Adjusted EBITDA as % of GMV 0.9% 400 0 350 0.5% 264.4 300 0 0.1% (0.0%) 250 (0.1%) 0 200 152.2 150 0 100 50 34.4 0 0 0 -50 (21.7) (9.2) -100 0 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Note: Financial figures are unaudited. Please refer to the ap
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 off-Shopee growth • Loans principal outstanding grew > 75% YoY in 1Q 2025 • Steady expansion of off-Shopee loans3 • We added > 4 million first-time borrowers in 1Q 2025 Malaysia
Slide 14: Digital Financial Services
Digital Financial Services Loans Principal Outstanding1 and NPL90+ Ratio2 US$ Billions On-book NPL90+ Ratio2 Off-book3 8 1.4% 1.3% 0 1.2% 1.2% 7 1.1% 0 6 5.8 5.1 0.9 4.6 0 5 0 4 3.5 3.3 0 0 3 4.9 0 2 0 1 0 0 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 1. Consumer and SME loans principal outstanding. 2.
Slide 15: Digital Financial Services
Digital Financial Services GAAP Revenue and Adjusted EBITDA US$ Millions GAAP Revenue 900 Adjusted EBITDA 800 787.1 733.3 700 615.7 600 499.4 519.3 500 400 241.4 300 211.0 187.9 200 148.7 164.7 100 0 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Note: Financial figures are unaudited. Please refer to the a
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 with fresh localized world, with high user engagement and acquisition content and new games Best quarterly performance since 2021: Inspired by local trends and elements: • Garena tot
Slide 17: Digital Entertainment
Digital Entertainment Quarterly Active Users, Quarterly Paying User Ratio and ARPPU1 Millions Quarterly Active Users Quarterly Paying User Ratio 9.8% 0 1,000 8.2% 8.1% 8.0% 8.2% 0 800 648.0 661.8 628.5 618.0 594.7 0 600 0 400 200 0 0 0 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 ARPPU1 10.5 10.2 11.1 10
Slide 18: Digital Entertainment
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% 57.1% 56.4% 56.5% 0.6 900 53.3% 800 775 0.5 700 600 537 557 543 512 498 519 496 0.4 500 458 436 458 400 314 0.3 292 303 290 300 200 0.
Slide 19: Appendix
Appendix Sea 1Q 2025 Results | 18
Slide 20: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 1Q 2024 1Q 2025 E-commerce Operating income / (loss) (97,335) 195,002 Depreciation and amortization 75,635 69,415 E-commerce Adjusted EBITDA (21,700) 264,417 Digital Financial Services Operating income / (loss) 134,443 228,612 De
Slide 21: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 1Q 2024 1Q 2025 Other Services Operating income / (loss) (13,787) (11,006) Depreciation and amortization 3,116 1,896 Other Services Adjusted EBITDA (10,671) (9,110) Group Operating income / (loss) 71,092 456,404 Net effect of cha