Slide 1: First Quarter 2026 Results
First Quarter 2026 Results May 2026
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 2026 Results Overview
First Quarter 2026 Results Overview Sea 1Q 2026 Results | 2
Slide 4: A Strong Start to the Year Across All Businesses
A Strong Start to the Year Across All Businesses Shopee Monee Garena GAAP Revenue Loans Principal Outstanding1 Bookings2 US$ Billions US$ Billions US$ Millions YoY: +45.1% YoY: +71.3% YoY: +20.1% QoQ: +2.8% QoQ: +7.5% QoQ: +38.5% 5.1 9.9 931.4 5.0 9.2 775.4 672.4 3.5 5.8 1Q 2025 4Q 2025 1Q 2026 1Q 2
Slide 5: 1Q 2026 Financial Performance
1Q 2026 Financial Performance GAAP Gross Operating Net Revenue Profit Income Income US$ Billions US$ Billions US$ Millions US$ Millions 7.1 3.1 593.0 6.9 3.0 565.2 438.2 410.8 410.9 456.4 2.2 4.8 1Q 2025 4Q 2025 1Q 2026 1Q 2025 4Q 2025 1Q 2026 1Q 2025 4Q 2025 1Q 2026 1Q 2025 4Q 2025 1Q 2026 Note: Fi
Slide 6: 1Q 2026 Profitability and Gross Cash Position
1Q 2026 Profitability and Gross Cash Position Adjusted Gross Cash EBITDA Position1 US$ Millions US$ Billions 1,034.3 11.1 946.5 11.1 10.3 787.1 1Q 2025 4Q 2025 1Q 2026 Shopee 264.4 202.5 223.2 Monee 241.4 263.1 275.2 Garena 458.2 363.8 573.6 1Q 2025 4Q 2025 1Q 2026 Note: Financial figures are unaudi
Slide 7: 1Q 2026 Segmental Breakdown
1Q 2026 Segmental Breakdown Unallocated US$ Millions Shopee Monee Garena Other Services Expenses1 Consolidated Revenue 5,113.6 1,241.8 696.6 45.5 - 7,097.5 Operating income/(loss) 138.9 265.6 363.6 (32.3) (142.9) 593.0 Adjusted EBITDA 223.2 275.2 573.6 (28.1) (9.6) 1,034.3 Note: Financial figures ar
Slide 8: First Quarter 2026 Business Highlights
First Quarter 2026 Business Highlights Sea 1Q 2026 Results | 7
Slide 9: Delivering Strong Growth with Financial Discipline
Delivering Strong Growth with Financial Discipline Strong growth Deepening our structural moats Growing role of AI with financial discipline • 1Q 2026 another record-setting Logistics a key differentiator: • AI-powered enhancements to our quarter across GMV, gross order • In Indonesia, our instant d
Slide 10: Shopee
Shopee GMV and Gross Orders Billions GMV (US$) Gross Orders 50 4.0 4.0 3.6 4 45 3.1 3.3 40 36.7 37.3 3 35 32.2 29.8 2 30 28.6 25 0 1 0 20 0 15 -1 10 -2 5 0 -3 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Sea 1Q 2026 Results | 9
Slide 11: Shopee
Shopee GAAP Revenue & Take Rate1 US$ Billions Core Marketplace Revenue Product Revenue Value-added Services Revenue GAAP Take Rate1 13.3% 13.5% 13.7% 12.6% 0 6 12.3% 5.0 5.1 0 5 0.6 4.3 0 4 3.8 0.7 3.5 0 3 0 0 3.8 2 0 1 0 0 0 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Note: Financial figures are unaudi
Slide 12: Shopee
Shopee Adjusted EBITDA US$ Millions Adjusted EBITDA Adjusted EBITDA as % of GMV 0.9% 400 0.8% 0 350 0.6% 0.6% 0.6% 0 300 264.4 250 227.7 223.2 0 202.5 200 186.1 0 150 0 100 0 50 0 0 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Note: Financial figures are unaudited. Please refer to the appendix for detail
Slide 13: Strong Growth while Maintaining Stable Asset Quality
Strong Growth while Maintaining Stable Asset Quality Robust growth while maintaining stable risk profile Expanding credit business across multiple fronts • Loans principal outstanding reached $9.9 billion at the end Deepening user relationship and acquiring new users of Mar; NPL 90+ ratio1 stable at
Slide 14: Monee
Monee Loans Principal Outstanding1 and NPL90+ Ratio2 US$ Billions On-book NPL90+ Ratio2 Off-book3 1.1% 1.1% 1.1% 1.1% 1.0% 12 0 9.9 10 9.2 1.1 0 7.9 8 6.9 0 0 5.8 6 0 8.8 0 4 0 2 0 0 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1. Consumer and SME loans principal outstanding. 2. Non-performing loans past
Slide 15: Monee
Monee GAAP Revenue and Adjusted EBITDA US$ Millions GAAP Revenue 1,400 Adjusted EBITDA 1,241.8 1,200 1,131.9 989.9 1,000 882.8 787.1 800 600 400 241.4 255.3 258.3 263.1 275.2 200 0 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Note: Financial figures are unaudited. Please refer to the appendix for details
Slide 16: A Stellar Start to 2026
A Stellar Start to 2026 Strong performance for Garena driven by Free Fire and Leveraging localization strength into global growth Arena of Valor 1Q 2026 was the strongest quarter since 2021: Globalize highly localized content campaigns: • In 1Q 2026, bookings rose 20% YoY while adjusted EBITDA • Lev
Slide 17: Garena
Garena Quarterly Active Users, Quarterly Paying User Ratio and ARPPU1 Millions Quarterly Active Users Quarterly Paying User Ratio 10.9% 0 9.8% 9.8% 1,000 9.3% 9.2% 0 800 661.8 664.8 670.8 666.5 0 633.3 600 0 400 0 200 0 0 0 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 ARPPU1 12.0 10.7 12.8 11.6 12.8 (US$
Slide 18: Garena
Garena Bookings1, GAAP Revenue and Adjusted EBITDA US$ Millions Bookings1 Adjusted EBITDA GAAP Revenue Adjusted EBITDA as a % of Bookings1 1,200 61.6% 59.1% 55.7% 55.4% 0.6 54.1% 1,000 931 841 0.5 800 775 672 701 697 661 653 574 0.4 600 559 496 466 458 400 368 364 0.3 0.2 200 0 0.1 1Q 2025 2Q 2025 3
Slide 19: Appendix
Appendix Sea 1Q 2026 Results | 18
Slide 20: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 1Q 2025 1Q 2026 Shopee Operating income / (loss) 195,002 138,904 Depreciation and amortization 69,415 84,270 Shopee Adjusted EBITDA 264,417 223,174 Monee Operating income / (loss) 228,612 265,614 Depreciation and amortization 12,
Slide 21: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 1Q 2025 1Q 2026 Other Services Operating income / (loss) (11,006) (32,288) Depreciation and amortization 1,896 4,152 Other Services Adjusted EBITDA (9,110) (28,136) Group Operating income / (loss) 456,404 592,987 Net effect of ch