Sea Holdings Ltd. · HKEX:251
Sea — Q2 2026 Earnings Presentation
21 slides from Sea's earnings presentation, Aug 11, 2026
Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results August 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: Second Quarter 2026 Results Overview
Second Quarter 2026 Results Overview Sea 2Q 2026 Results | 2
Slide 4: Strong Momentum Across All Businesses
Strong Momentum Across All Businesses Shopee Monee Garena GAAP Revenue Loans Principal Outstanding1 Bookings2 US$ Billions US$ Billions US$ Millions YoY: +48.2% YoY: +62.5% YoY: +15.5% QoQ: +9.3% QoQ: +12.3% QoQ: -18.0% 5.6 11.1 931.4 5.1 9.9 763.5 3.8 661.3 6.9 2Q 2025 1Q 2026 2Q 2026 2Q 2025 1Q 20
Slide 5: 2Q 2026 Financial Performance
2Q 2026 Financial Performance GAAP Gross Operating Net Revenue Profit Income Income US$ Billions US$ Billions US$ Millions US$ Millions 7.8 3.5 650.3 7.1 593.0 458.1 3.1 438.2 414.2 487.7 5.3 2.4 2Q 2025 1Q 2026 2Q 2026 2Q 2025 1Q 2026 2Q 2026 2Q 2025 1Q 2026 2Q 2026 2Q 2025 1Q 2026 2Q 2026 Note: Fi
Slide 6: 2Q 2026 Profitability and Gross Cash Position
2Q 2026 Profitability and Gross Cash Position Adjusted Gross Cash EBITDA Position1 US$ Millions US$ Billions 1,034.3 11.1 917.2 10.6 829.2 10.3 2Q 2025 1Q 2026 2Q 2026 Shopee 227.7 223.2 255.4 Monee 255.3 275.2 288.0 Garena2 368.2 573.6 429.8 2Q 2025 1Q 2026 2Q 2026 Note: Financial figures are unaud
Slide 7: 2Q 2026 Segmental Breakdown
2Q 2026 Segmental Breakdown Unallocated US$ Millions Shopee Monee Garena1 Other Services Expenses2 Consolidated Revenue 5,587.6 1,402.8 746.6 50.8 - 7,787.8 Operating income/(loss) 160.3 279.0 404.2 (51.5) (141.7) 650.3 Adjusted EBITDA 255.4 288.0 429.8 (46.2) (9.7) 917.2 Note: Financial figures are
Slide 8: Second Quarter 2026 Business Highlights
Second Quarter 2026 Business Highlights Sea 2Q 2026 Results | 7
Slide 9: Delivering Strong Growth with Financial Discipline
Delivering Strong Growth with Financial Discipline Strong growth Deepening our structural moats Improving our content ecosystem with financial discipline • 2Q26 another record-setting quarter: Logistics a key differentiator: • Orders from livestreaming and short- GMV grew 28% YoY, with new highs in
Slide 10: Shopee: GMV and Gross Orders
Shopee GMV and Gross Orders Billions GMV (US$) Gross Orders 50 4.0 4.0 4.2 3.6 4 3.3 45 37.3 38.3 36.7 40 3 35 32.2 29.8 2 30 25 0 1 0 20 0 15 -1 10 -2 5 0 -3 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Sea 2Q 2026 Results | 9
Slide 11: Shopee: GAAP Revenue & Take Rate
Shopee GAAP Revenue & Take Rate1 US$ Billions Core Marketplace Revenue Product Revenue Value-added Services Revenue GAAP Take Rate1 7 14.6% 0 13.3% 13.5% 13.7% 12.6% 0 6 5.6 5.0 5.1 0 0.7 5 4.3 0.7 0 4 3.8 0 0 3 0 2 4.3 0 1 0 0 0 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Note: Financial figures are un
Slide 12: Shopee: Adjusted EBITDA
Shopee Adjusted EBITDA US$ Millions Adjusted EBITDA Adjusted EBITDA as % of GMV 400 0.8% 0 0.6% 0.7% 350 0.6% 0.6% 0 300 255.4 250 227.7 223.2 0 202.5 200 186.1 0 150 0 100 0 50 0 0 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 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 Expanding into more user segments Robust growth while maintaining stable risk profile and driving off-Shopee growth • Loans principal outstanding reached $11.1 billion at the end of Expanding into more user segments June, up 62% YoY • Broadened ro
Slide 14: Monee: Loans Principal Outstanding and NPL90+ Ratio
Monee Loans Principal Outstanding1 and NPL90+ Ratio2 US$ Billions On-book NPL90+ Ratio2 Off-book3 1.1% 1.1% 1.1% 1.0% 14 1.0% 0 12 11.1 9.9 1.1 9.2 0 10 7.9 8 6.9 0 0 6 0 10.0 0 4 0 2 0 0 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 1. Consumer and SME loans principal outstanding. 2. Non-performing loans
Slide 15: Monee: GAAP Revenue and Adjusted EBITDA
Monee GAAP Revenue and Adjusted EBITDA US$ Millions GAAP Revenue 1,600 Adjusted EBITDA 1,402.8 1,400 1,241.8 1,200 1,131.9 989.9 1,000 882.8 800 600 400 255.3 258.3 263.1 275.2 288.0 200 0 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Note: Financial figures are unaudited. Please refer to the appendix for
Slide 16: Another Strong Quarter for Garena
Another Strong Quarter for Garena Strong performance anchored by Free Fire Expanding our portfolio with strong global IP Free Fire anchored another strong quarter: Announced two mobile games, both built on strong, • In 2Q26, bookings grew 15% YoY, with profitability globally recognized IP: remaining
Slide 17: Garena: Quarterly Active Users, Paying User Ratio and ARPPU
Garena Quarterly Active Users, Quarterly Paying User Ratio and ARPPU1 Millions Quarterly Active Users Quarterly Paying User Ratio 10.9% 0 10.2% 9.8% 1,000 9.3% 9.2% 0 800 664.8 670.8 666.5 666.3 0 633.3 600 0 400 0 200 0 0 0 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 ARPPU1 10.7 12.8 11.6 12.8 11.2 (US
Slide 18: Garena: Bookings, GAAP Revenue and Adjusted EBITDA
Garena Bookings1, GAAP Revenue and Adjusted EBITDA2 US$ Millions Bookings1 Adjusted EBITDA2 GAAP Revenue Adjusted EBITDA2 as a % of Bookings1 1,200 61.6% 55.7% 55.4% 56.3% 0.6 54.1% 1,000 931 841 0.5 800 764 747 672 701 697 661 653 574 0.4 600 559 466 430 400 368 364 0.3 0.2 200 0 0.1 2Q 2025 3Q 202
Slide 19: Appendix
Appendix Sea 2Q 2026 Results | 18
Slide 20: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 2Q 2025 2Q 2026 Shopee Operating income / (loss) 154,851 160,284 Depreciation and amortization 72,843 95,135 Shopee Adjusted EBITDA 227,694 255,419 Monee Operating income / (loss) 243,115 279,031 Depreciation and amortization 12,
Slide 21: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 2Q 2025 2Q 2026 Other Services Operating income / (loss) (15,683) (51,475) Depreciation and amortization 1,917 5,250 Other Services Adjusted EBITDA (13,766) (46,225) Group Operating income / (loss) 487,719 650,329 Net effect of c