Sea Holdings Ltd. · HKEX:251
Sea — Q4 2025 Earnings Presentation
25 slides from Sea's earnings presentation, March 2026
Slide 1: Fourth Quarter and Full Year 2025 Results
Fourth Quarter and Full Year 2025 Results March 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: Fourth Quarter and Full Year 2025 Results Overview
Fourth Quarter and Full Year 2025 Results Overview Sea 4Q 2025 Results | 2
Slide 4: Sustained Strong Growth – 4Q 2025
Sustained Strong Growth – 4Q 2025 Shopee Monee Garena GAAP Revenue Loans Principal Outstanding1 Bookings2 US$ Billions US$ Billions US$ Millions YoY: +35.8% YoY: +80.4% YoY: +23.8% QoQ: +15.8% QoQ: +17.4% QoQ: -20.0% 5.0 9.2 840.7 4.3 7.9 3.7 672.4 543.2 5.1 4Q 2024 3Q 2025 4Q 2025 4Q 2024 3Q 2025 4
Slide 5: Sustained Strong Growth – FY 2025
Sustained Strong Growth – FY 2025 Shopee Monee Garena GAAP Revenue Loans Principal Outstanding1 Bookings2 US$ Billions US$ Billions US$ Billions YoY: +33.4% YoY: +80.4% YoY: +37.3% 16.6 9.2 2.9 12.4 2.1 5.1 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Note: Financial figures are unaudited. 1. Con
Slide 6: 4Q 2025 Financial Performance
4Q 2025 Financial Performance GAAP Gross Operating Net Revenue Profit Income Income US$ Billions US$ Billions US$ Millions US$ Millions 6.9 3.0 565.2 410.9 6.0 375.0 2.6 475.9 5.0 2.2 305.8 237.6 4Q 2024 3Q 2025 4Q 2025 4Q 2024 3Q 2025 4Q 2025 4Q 2024 3Q 2025 4Q 2025 4Q 2024 3Q 2025 4Q 2025 Note: Fi
Slide 7: FY 2025 Financial Performance
FY 2025 Financial Performance GAAP Gross Operating Net Revenue Profit Income Income US$ Billions US$ Billions US$ Millions US$ Millions 22.9 10.2 1,610.9 1,985.3 16.8 7.2 662.2 447.8 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Note: Financial figures are unaudited. Sea 4Q 2025 Re
Slide 8: 4Q 2025 and FY 2025 Profitability
4Q 2025 and FY 2025 Profitability Adjusted EBITDA US$ Millions 3,437.1 874.3 787.1 590.9 1,961.9 4Q 2024 3Q 2025 4Q 2025 FY 2024 FY 2025 Shopee 152.2 186.1 202.5 155.8 880.6 Monee 211.0 258.3 263.1 712.2 1,018.1 Garena 289.7 465.9 363.8 1,199.2 1,656.1 Note: Financial figures are unaudited. Please r
Slide 9: 4Q 2025 Gross Cash Position
4Q 2025 Gross Cash Position Gross Cash Position1 US$ Billions 11.1 10.4 10.3 10.6 10.5 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Note: Financial figures are unaudited. 1. Cash, cash equivalents, short-term and other treasury investments. Other treasury investments currently consist of group treasury r
Slide 10: 4Q 2025 Segmental Breakdown
4Q 2025 Segmental Breakdown Unallocated US$ Millions Shopee Monee Garena Other Services Expenses1 Consolidated Revenue 4,974.6 1,131.9 701.0 44.4 - 6,851.9 Operating income/(loss) 121.1 252.8 378.8 (36.8) (150.6) 565.2 Adjusted EBITDA 202.5 263.1 363.8 (32.7) (9.5) 787.1 Note: Financial figures are
Slide 11: FY 2025 Segmental Breakdown
FY 2025 Segmental Breakdown Unallocated US$ Millions Shopee Monee Garena Other Services Expenses1 Consolidated Revenue 16,564.6 3,791.6 2,408.8 173.5 - 22,938.5 Operating income/(loss) 581.1 972.7 1,184.1 (90.5) (662.0) 1,985.3 Adjusted EBITDA 880.6 1,018.1 1,656.1 (80.7) (37.0) 3,437.1 Note: Financ
Slide 12: Fourth Quarter and Full Year 2025 Business Highlights
Fourth Quarter and Full Year 2025 Business Highlights Sea 4Q 2025 Results | 11
Slide 13: Sustaining Strong Growth And Market Leadership
Sustaining Strong Growth And Market Leadership Strong growth Monetization continued to Serving more users & engaging & improving profitability improve them better • GMV grew 27% YoY for full-year • Consistently improving • 2025 monthly active buyers up 2025, alongside significant monetization across
Slide 14: Shopee: GMV and Gross Orders
Shopee GMV and Gross Orders 200 Billions GMV (US$) 180 Gross Orders 13.9 15 4.0 160 45 3.6 4 10.9 3.1 3.3 3.0 140 40 36.7 3 127.4 10 120 35 32.2 29.8 2 0 100.5 0 30 28.6 28.6 100 1 0 0 5 25 80 20 0 60 15 -1 0 40 10 -2 20 5 0 -3 0 -5 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2024 FY 2025 Sea 4Q 2025
Slide 15: Shopee: GAAP Revenue & Take Rate
Shopee GAAP Revenue & Take Rate1 US$ Billions Core Marketplace Revenue Product Revenue 13.0% 0 Value-added Services Revenue GAAP Take Rate1 12.4% 20 13.5% 0 13.3% 6 12.8% 12.6% 0 16.6 12.3% 0 5.0 0 2.0 5 15 4.3 0.6 0 12.4 3.0 0 4 3.7 3.8 0.7 3.5 0 00 10 0 3 0 0 0 2 3.6 11.6 0 5 0 1 0 0 0 0 0 0 4Q 20
Slide 16: Shopee: Adjusted EBITDA
Shopee Adjusted EBITDA US$ Millions Adjusted EBITDA Adjusted EBITDA as % of GMV 0.9% 400 0.8% 0 1,600 0.7% 0 350 0.5% 0.6% 0.6% 1,400 0.2% 0 0 300 264.4 1,200 0 250 227.7 0 0 880.6 1,000 202.5 200 186.1 0 0 800 152.2 150 600 0 0 100 400 0 50 0 200 155.8 0 0 0 0 0 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2
Slide 17: Scaling the Business while Maintaining Prudent Risk Management
Scaling the Business while Maintaining Prudent Risk Management Driving off-Shopee growth – now a meaningful Robust growth while maintaining stable risk profile contributor to overall loan portfolio • Loans principal outstanding > $9 billion at the end of • Expanded credit use cases beyond Shopee int
Slide 18: Monee: Loans Principal Outstanding and NPL90+ Ratio
Monee Loans Principal Outstanding1 and NPL90+ Ratio2 US$ Billions On-book NPL90+ Ratio2 Off-book3 0 1.2% 12 1.1% 1.1% 1.1% 1.0% 0 10 9.2 7.9 1.0 0 8 6.9 5.8 6 5.1 0 0 0 4 8.2 0 2 0 0 0 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1. Consumer and SME loans principal outstanding. 2. Non-performing loans pa
Slide 19: Monee: GAAP Revenue and Adjusted EBITDA
Monee GAAP Revenue and Adjusted EBITDA US$ Millions GAAP Revenue Adjusted EBITDA 4,000 3,791.6 1,200 1,131.9 989.9 3,500 1,000 882.8 3,000 787.1 800 733.3 2,500 2,367.7 2,000 600 1,500 1,018.1 400 241.4 255.3 258.3 263.1 1,000 211.0 712.2 200 500 0 0 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2024 F
Slide 20: A Strong Year Driven by Free Fire
A Strong Year Driven by Free Fire Free Fire remains one of largest mobile games in the Continuing to delight users with exciting new titles world, with high user growth & engagement Free Fire’s blockbuster performance in 2025: EA Sports FC Mobile has delivered a strong early performance: • Two conse
Slide 21: Garena: Quarterly Active Users and Paying User Ratio
Garena Quarterly Active Users, Quarterly Paying User Ratio and ARPPU1 Millions Quarterly Active Users Quarterly Paying User Ratio 9.8% 9.8% 9.3% 9.2% 0 1,000 8.2% 0 800 661.8 664.8 670.8 618.0 633.3 0 600 0 400 200 0 0 0 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 ARPPU1 10.8 12.0 10.7 12.8 11.6 (US$) 1
Slide 22: Garena: Bookings, GAAP Revenue and Adjusted EBITDA
Garena Bookings1, GAAP Revenue and Adjusted EBITDA US$ Millions Bookings1 Adjusted EBITDA GAAP Revenue Adjusted EBITDA as a % of Bookings1 1,200 59.1% 4,500 55.8% 56.1% 55.7% 55.4% 0.6 53.3% 54.1% 0.6 4,000 1,000 0.5 841 0.5 3,500 775 2,950 0.5 800 672 701 3,000 661 653 0.4 0.4 2,500 2,409 600 543 5
Slide 23: Appendix
Appendix Sea 4Q 2025 Results | 22
Slide 24: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 4Q 2024 4Q 2025 FY 2024 FY 2025 Shopee Operating income / (loss) 79,484 121,082 (139,431) 581,052 Depreciation and amortization 72,725 81,375 295,206 299,571 Shopee Adjusted EBITDA 152,209 202,457 155,775 880,623 Monee Operating
Slide 25: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 4Q 2024 4Q 2025 FY 2024 FY 2025 Other Services Operating income / (loss) (10,112) (36,809) (43,903) (90,537) Depreciation and amortization 4,991 4,078 13,598 9,811 Other Services Adjusted EBITDA (5,121) (32,731) (30,305) (80,726)