Sea Limited Reports Fourth Quarter and Full Year 2025 Results

SINGAPORE--( BUSINESS WIRE)--Sea Limited (NYSE: SE) (“Sea” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2025.

In the fourth quarter of 2025, Sea’s GAAP revenue was US$6.9 billion, up 38.4% year-on-year. The Company also achieved gross profit of US$3.0 billion, up 36.0% year-on-year, and net income of US$410.9 million, up 72.9% year-on-year. Adjusted EBITDA 1 increased by 33.2% year-on-year to reach US$787.1 million.

For the full year of 2025, Sea’s GAAP revenue was US$22.9 billion, up 36.4% year-on-year, with gross profit growing 42.2% year-on-year to US$10.2 billion. Net income reached US$1.6 billion, as compared to net income of US$447.8 million for the full year of 2024. The Company’s adjusted EBITDA 1 was US$3.4 billion, up 75.2% year-on-year.

“2025 has been a great year for Sea. All our businesses scaled well, exceeding our initial growth expectations. This broad-based robust growth is healthy and sustainable, underpinned by the growing scale of users that we serve. In 2025, Shopee served around 400 million active buyers and 20 million sellers. Monee gained over 20 million unique first-time borrowers. And Garena connected on average with more than 100 million players daily throughout the year,” said Forrest Li, Sea’s Chairman and Chief Executive Officer.

Regarding 2026, he said, “We were successful in 2025 because we chose the right set of strategies and we executed them well. 2026 will be a continuation of this approach. Our strategies will be consistent, and execution remains key. We will double down on operational excellence, and work towards delivering another year of strong growth and healthy profits.”

In particular, Mr. Li commented on Shopee's achievements in 2025 and its 2026 outlook, “The strong set of 2025 results is a validation of the effectiveness of our strategic choices for Shopee. We believe our strong growth momentum and healthy profitability will continue into the year ahead. For 2026, we aim to grow Shopee’s annual GMV by around 25% year-on-year, with its full year adjusted EBITDA no lower than that of 2025 in absolute dollar terms. We believe this is the right strategy to optimize Shopee’s long-term profitability.”

Fourth Quarter 2025 Business Highlights

Full Year 2025 Business Highlights

Share Repurchase Program

During the fourth quarter of 2025, pursuant to our US$1.0 billion share repurchase program, we have repurchased 116.2 thousand shares for an aggregate amount of US$14.5 million.

Unaudited Summary of Financial Results

(Amounts are expressed in thousands of US dollars “$” except for per share data)

For the Three Months

ended December 31,

For the Full Year

ended December 31,

2024

2025

2024

2025

YOY%

Revenue

Service revenue

4,478,639

6,211,237

38.7%

15,261,263

20,913,061

37.0%

Sales of goods

471,797

640,631

35.8%

1,558,603

2,025,408

30.0%

4,950,436

6,851,868

38.4%

16,819,866

22,938,469

36.4%

Cost of revenue

Cost of service

(2,305,709)

(3,268,483)

41.8%

(8,164,387)

(10,812,039)

32.4%

Cost of goods sold

(439,267)

(585,005)

33.2%

(1,450,391)

(1,882,693)

29.8%

(2,744,976)

(3,853,488)

40.4%

(9,614,778)

(12,694,732)

32.0%

Gross profit

2,205,460

2,998,380

36.0%

7,205,088

10,243,737

42.2%

Other operating income

53,256

27,506

(48.4%)

180,443

121,328

(32.8%)

Sales and marketing expenses

(1,049,726)

(1,402,710)

33.6%

(3,472,686)

(4,492,203)

29.4%

General and administrative expenses

(366,259)

(387,233)

5.7%

(1,267,706)

(1,357,791)

7.1%

Provision for credit losses

(235,764)

(393,118)

66.7%

(776,937)

(1,372,616)

76.7%

Research and development expenses

(301,216)

(277,588)

(7.8%)

(1,206,050)

(1,157,149)

(4.1%)

Total operating expenses

(1,899,709)

(2,433,143)

28.1%

(6,542,936)

(8,258,431)

26.2%

Operating income

305,751

565,237

84.9%

662,152

1,985,306

199.8%

Non-operating income, net

28,222

61,876

119.2%

116,631

295,553

153.4%

Income tax expense

(89,198)

(209,614)

135.0%

(321,168)

(651,081)

102.7%

Share of results of equity investees

(7,183)

(6,622)

(7.8%)

(9,788)

(18,884)

92.9%

Net income

237,592

410,877

72.9%

447,827

1,610,894

259.7%

Earnings per share attributable to Sea

Limited’s ordinary shareholders:

Basic

0.41

0.66

61.0%

0.77

2.65

244.2%

Diluted

0.39

0.63

61.5%

0.74

2.52

240.5%

Change in deferred revenue of

Garena

24,120

(28,669)

(218.9%)

238,077

540,929

127.2%

Adjusted EBITDA for Garena (1)

289,730

363,791

25.6%

1,199,166

1,656,131

38.1%

Adjusted EBITDA for Shopee (1)

152,209

202,457

33.0%

155,775

880,623

465.3%

Adjusted EBITDA for Monee (1)

210,979

263,070

24.7%

712,242

1,018,084

42.9%

Adjusted EBITDA for Other Services (1)

(5,121)

(32,731)

539.2%

(30,305)

(80,726)

166.4%

Unallocated expenses (2)

(56,876)

(9,449)

(83.4%)

(74,998)

(36,967)

(50.7%)

Total adjusted EBITDA (1)

590,921

787,138

33.2%

1,961,880

3,437,145

75.2%

(1) For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”.

(2) Unallocated expenses within total adjusted EBITDA are mainly related to general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker (“CODM”) as part of segment performance.

Three Months Ended December 31, 2025 Compared to Three Months Ended December 31, 2024

Revenue

Our total GAAP revenue increased by 38.4% to US$6.9 billion in the fourth quarter of 2025 from US$5.0 billion in the fourth quarter of 2024. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).

For the Three Months

ended December 31,

2024

2025

YOY%

Service revenue

Shopee

3,192,530

4,336,128

35.8%

Monee

733,326

1,131,855

54.3%

Garena

519,064

701,025

35.1%

Other Services (1)

33,719

42,229

25.2%

Sales of goods

471,797

640,631

35.8%

Total revenue

4,950,436

6,851,868

38.4%

(1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

Cost of Revenue

Our total cost of revenue increased by 40.4% to US$3.9 billion in the fourth quarter of 2025 from US$2.7 billion in the fourth quarter of 2024. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).

For the Three Months

ended December 31,

2024

2025

YOY%

Cost of service

Shopee

2,034,565

2,913,122

43.2%

Monee

99,770

127,023

27.3%

Garena

159,065

214,227

34.7%

Other Services (1)

12,309

14,111

14.6%

Cost of goods sold

439,267

585,005

33.2%

Total cost of revenue

2,744,976

3,853,488

40.4%

(1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

Other Operating Income

Our other operating income was US$27.5 million and US$53.3 million in the fourth quarter of 2025 and 2024, respectively. Other operating income mainly consists of rebates from our logistics services providers.

Sales and Marketing Expenses

Our total sales and marketing expenses increased by 33.6% to US$1.4 billion in the fourth quarter of 2025 from US$1.0 billion in the fourth quarter of 2024. The table below sets forth breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars (“$”).

For the Three Months

ended December 31,

2024

2025

YOY%

Sales and Marketing Expenses

Shopee

853,919

1,071,160

25.4%

Monee

121,036

237,449

96.2%

Garena

44,528

50,671

13.8%

General and Administrative Expenses

Our general and administrative expenses increased by 5.7% to US$387.2 million in the fourth quarter of 2025 from US$366.3 million in the fourth quarter of 2024.

Provision for Credit Losses

Our provision for credit losses increased by 66.7% to US$393.1 million in the fourth quarter of 2025 from US$235.8 million in the fourth quarter of 2024.

Research and Development Expenses

Our research and development expenses decreased by 7.8% to US$277.6 million in the fourth quarter of 2025 from US$301.2 million in the fourth quarter of 2024.

Non-operating Income or Losses, Net

Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), foreign exchange gain (loss) and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$61.9 million in the fourth quarter of 2025, as compared to a net non-operating income of US$28.2 million in the fourth quarter of 2024. The non-operating income in the fourth quarter of 2025 was primarily due to interest income of US$70.2 million.

Income Tax Expense

We had a net income tax expense of US$209.6 million and US$89.2 million in the fourth quarter of 2025 and 2024, respectively.

Net Income or Loss

As a result of the foregoing, our net income increased by 72.9% to US$410.9 million in the fourth quarter of 2025 from US$237.6 million in the fourth quarter of 2024.

Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited’s Ordinary Shareholders

Basic earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.66 in the fourth quarter of 2025, compared to basic earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.41 in the fourth quarter of 2024.

Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.63 in the fourth quarter of 2025, compared to diluted earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.39 in the fourth quarter of 2024.

Full Year Ended December 31, 2025 Compared to Full Year Ended December 31, 2024

Revenue

Our total GAAP revenue increased by 36.4% to US$22.9 billion for the full year ended December 31, 2025 from US$16.8 billion for the full year ended December 31, 2024. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).

For the Full Year

ended December 31,

2024

2025

YOY%

Service revenue

Shopee

10,862,263

14,545,894

33.9%

Monee

2,367,739

3,791,641

60.1%

Garena

1,910,589

2,408,765

26.1%

Other Services (1)

120,672

166,761

38.2%

Sales of goods

1,558,603

2,025,408

30.0%

Total revenue

16,819,866

22,938,469

36.4%

(1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

Cost of Revenue

Our total cost of revenue increased by 32.0% to US$12.7 billion for the full year ended December 31, 2025 from US$9.6 billion for the full year ended December 31, 2024. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).

For the Full Year

ended December 31,

2024

2025

YOY%

Cost of service

Shopee

7,165,351

9,502,668

32.6%

Monee

348,424

475,024

36.3%

Garena

610,586

791,378

29.6%

Other Services (1)

40,026

42,969

7.4%

Cost of goods sold

1,450,391

1,882,693

29.8%

Total cost of revenue

9,614,778

12,694,732

32.0%

(1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

Other Operating Income

Our other operating income was US$121.3 million for the full year ended December 31, 2025 from US$180.4 million for the full year ended December 31, 2024. Other operating income mainly consists of rebates from our logistics services providers.

Sales and Marketing Expenses

Our total sales and marketing expenses increased by 29.4% to US$4.5 billion for the full year ended December 31, 2025 from US$3.5 billion for the full year ended December 31, 2024. The table below sets forth the breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars (“$”).

For the Full Year

ended December 31,

2024

2025

YOY%

Sales and Marketing Expenses

Shopee

2,966,084

3,546,753

19.6%

Monee

298,386

614,228

105.9%

Garena

117,556

174,104

48.1%

General and Administrative Expenses

Our general and administrative expenses increased by 7.1% to US$1.4 billion for the full year ended December 31, 2025 from US$1.3 billion for the full year ended December 31, 2024.

Provision for Credit Losses

Our provision for credit losses increased by 76.7% to US$1.4 billion for the full year ended December 31, 2025 from US$776.9 million for the full year ended December 31, 2024.

Research and Development Expenses

Our research and development expenses were US$1.2 billion for the full year ended December 31, 2025, flat year-on-year.

Non-operating Income or Losses, Net

Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), and foreign exchange gain (loss), and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$295.6 million for the full year ended December 31, 2025, as compared to a net non-operating income of US$116.6 million for the full year ended December 31, 2024.

Income Tax Expense

We had a net income tax expense of US$651.1 million and US$321.2 million for the full year ended December 31, 2025 and 2024, respectively.

Net Income or Loss

As a result of the foregoing, we had net income of US$1.6 billion for the full year ended December 31, 2025, as compared to net income of US$447.8 million for the full year ended December 31, 2024.

Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited’s Ordinary Shareholders

Basic earnings per share attributable to Sea Limited’s ordinary shareholders was US$2.65 for the full year ended December 31, 2025, as compared to basic earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.77 for the full year ended December 31, 2024.

Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was US$2.52 for the full year ended December 31, 2025, as compared to diluted earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.74 for the full year ended December 31, 2024.

Webcast and Conference Call Information

The Company’s management will host a conference call today to review Sea’s business and financial performance.

Details of the conference call and webcast are as follows:

Date and time:

7:30 AM U.S. Eastern Time on March 3, 2026

8:30 PM Singapore / Hong Kong Time on March 3, 2026

Webcast link:

https://events.q4inc.com/attendee/139022136

A replay of the conference call will be available at the Company’s investor relations website ( www.sea.com/investor/home). An archived webcast will be available at the same link above.

About Sea Limited

Sea Limited (NYSE: SE) is a global technology company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital payments and financial services, known as Garena, Shopee and Monee, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia, Taiwan, and Brazil. Monee is a leading digital payments and financial services provider in Southeast Asia, with a growing presence in Latin America.

Forward-Looking Statements

This announcement 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,” “will,” “expect,” “anticipate,” “aim,” “future,” “intend,” “plan,” “believe,” “estimate,” “likely to,” “potential,” “confident,” “guidance,” and similar statements. Among other things, statements that are not historical facts, including statements about Sea’s beliefs and expectations, the business, financial and market outlook, and projections from its management in this announcement, as well as Sea’s strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea’s goals and strategies; its future business development, financial condition, financial results, and results of operations; the expected growth in, and market size of, the digital entertainment, e-commerce and digital financial services industries in the markets where it operates, including segments within those industries; expected changes or guidance in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging Garena content; the expected growth of its Garena, Shopee and Monee businesses; its expectations regarding growth in its user base, level of engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries, including the effects of any government orders or actions on its businesses; general economic, political, social and business conditions in its markets; and the impact of widespread health developments. Further information regarding these and other risks is included in Sea’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance:

These non-GAAP financial measures have limitations as analytical tools. None of the above financial measures should be considered in isolation or construed as an alternative to revenue, net loss/income, or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to Sea’s data. We compensate for these limitations by reconciling the non-GAAP financial measures to their nearest U.S. GAAP financial measures, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on any single financial measure.

The tables below present selected financial information of our reporting segments, the non-GAAP financial measures that are most directly comparable to GAAP financial measures, and the related reconciliations between the financial measures. Amounts are expressed in thousands of US dollars (“$”) except for number of shares & per share data.

For the Three Months ended December 31, 2025

Shopee

Monee

Garena

Other

Services (1)

Unallocated

expenses (2)

Consolidated

Operating income (loss)

121,082

252,778

378,764

(36,809)

(150,578)

565,237

Net effect of changes in deferred

revenue and its related cost

(19,022)

Depreciation and Amortization

81,375

10,292

4,049

4,078

99,794

Share-based compensation

141,129

Adjusted EBITDA

202,457

263,070

363,791

(32,731)

(9,449)

787,138

For the Three Months ended December 31, 2024

Shopee

Monee

Garena

Other

Services (1)

Unallocated

expenses (2)

Consolidated

Operating income (loss)

79,484

197,856

270,143

(10,112)

(231,620)

305,751

Net effect of changes in deferred

revenue and its related cost

14,257

Depreciation and Amortization

72,725

13,123

5,330

4,991

96,169

Share-based compensation

174,744

Adjusted EBITDA

152,209

210,979

289,730

(5,121)

(56,876)

590,921

(1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”.

(2) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

For the Full Year ended December 31, 2025

Shopee

Monee

Garena

Other

Services (1)

Unallocated

expenses (2)

Consolidated

Operating income (loss)

581,052

972,682

1,184,071

(90,537)

(661,962)

1,985,306

Net effect of changes in deferred

revenue and its related cost

454,673

Depreciation and Amortization

299,571

45,402

17,387

9,811

372,171

Share-based compensation

624,995

Adjusted EBITDA

880,623

1,018,084

1,656,131

(80,726)

(36,967)

3,437,145

For the Full Year ended December 31, 2024

Shopee

Monee

Garena

Other

Services (1)

Unallocated

expenses (2)

Consolidated

Operating (loss) income

(139,431)

657,502

978,821

(43,903)

(790,837)

662,152

Net effect of changes in deferred

revenue and its related cost

194,216

Depreciation and Amortization

295,206

54,740

26,129

13,598

389,673

Share-based compensation

715,839

Adjusted EBITDA

155,775

712,242

1,199,166

(30,305)

(74,998)

1,961,880

(1) A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”.

(2) Unallocated expenses are mainly related to share-based compensation, impairment of goodwill of prior acquisitions that are not under our reportable segments, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Amounts expressed in thousands of US dollars (“$”) except for number of shares & per share data

For the Three Months

ended December 31,

For the Year

ended December 31,

2024

2025

2024

2025

Revenue

Service revenue

4,478,639

6,211,237

15,261,263

20,913,061

Sales of goods

471,797

640,631

1,558,603

2,025,408

Total revenue

4,950,436

6,851,868

16,819,866

22,938,469

Cost of revenue

Cost of service

(2,305,709)

(3,268,483)

(8,164,387)

(10,812,039)

Cost of goods sold

(439,267)

(585,005)

(1,450,391)

(1,882,693)

Total cost of revenue

(2,744,976)

(3,853,488)

(9,614,778)

(12,694,732)

Gross profit

2,205,460

2,998,380

7,205,088

10,243,737

Operating income (expenses):

Other operating income

53,256

27,506

180,443

121,328

Sales and marketing expenses

(1,049,726)

(1,402,710)

(3,472,686)

(4,492,203)

General and administrative expenses

(366,259)

(387,233)

(1,267,706)

(1,357,791)

Provision for credit losses

(235,764)

(393,118)

(776,937)

(1,372,616)

Research and development expenses

(301,216)

(277,588)

(1,206,050)

(1,157,149)

Total operating expenses

(1,899,709)

(2,433,143)

(6,542,936)

(8,258,431)

Operating income

305,751

565,237

662,152

1,985,306

Interest income

93,970

70,200

365,817

331,072

Interest expense

(9,281)

(6,659)

(38,341)

(33,610)

Investment loss, net

(60,677)

(36,916)

(250,220)

(43,443)

Gain on debt extinguishment

8,206

3,728

42,621

21,017

Foreign exchange (loss) gain

(3,996)

31,523

(3,246)

20,517

Income before income tax and share of

results of equity investees

333,973

627,113

778,783

2,280,859

Income tax expense

(89,198)

(209,614)

(321,168)

(651,081)

Share of results of equity investees

(7,183)

(6,622)

(9,788)

(18,884)

Net income

237,592

410,877

447,827

1,610,894

Net income attributable to non-controlling

interests

(284)

(13,778)

(3,506)

(32,745)

Net income attributable to Sea Limited’s

ordinary shareholders

237,308

397,099

444,321

1,578,149

Earnings per share:

Basic

0.41

0.66

0.77

2.65

Diluted

0.39

0.63

0.74

2.52

Weighted average shares used in earnings per

share computation:

Basic

580,046,457

602,240,123

574,966,327

595,023,879

Diluted

610,136,776

639,526,914

604,713,980

638,227,141

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

Amounts expressed in thousands of US dollars (“$”)

As of

December 31,

As of

December 31,

2024

2025

ASSETS

Current assets

Cash and cash equivalents

2,405,153

4,158,920

Restricted cash

1,655,171

2,216,733

Accounts receivable, net of allowance for credit losses of

$5,089 and $3,354, as of December 31, 2024 and 2025

respectively

306,657

378,047

Prepaid expenses and other assets

1,661,373

1,979,004

Loans receivable, net of allowance for credit losses of

$443,555 and $812,760, as of December 31, 2024 and 2025

respectively

4,052,215

7,405,741

Inventories, net

143,246

222,578

Short-term investments

6,215,423

6,413,261

Amounts due from related parties

418,430

475,211

Total current assets

16,857,668

23,249,495

Non-current assets

Property and equipment, net

1,097,699

1,306,837

Operating lease right-of-use assets, net

1,054,785

1,425,198

Intangible assets, net

27,310

12,210

Long-term investments

2,694,305

1,888,829

Prepaid expenses and other assets

138,839

185,643

Loans receivable, net of allowance for credit losses of

$5,780 and $29,212, as of December 31, 2024 and 2025

respectively

108,594

558,336

Restricted cash

21,261

43,814

Deferred tax assets

517,383

596,155

Goodwill

107,625

104,462

Total non-current assets

5,767,801

6,121,484

Total assets

22,625,469

29,370,979

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

Amounts expressed in thousands of US dollars (“$”)

As of

December 31,

As of

December 31,

2024

2025

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable

350,021

467,807

Accrued expenses and other payables

2,380,371

3,156,750

Deposits payable

2,711,693

3,798,250

Escrow payables and advances from customers

2,498,094

3,096,764

Amounts due to related parties

255,896

273,149

Borrowings

130,615

283,181

Operating lease liabilities

300,274

368,115

Convertible notes

1,147,984

1,050,071

Deferred revenue

1,405,785

1,967,678

Income tax payable

115,419

218,785

Total current liabilities

11,296,152

14,680,550

Non-current liabilities

Accrued expenses and other payables

71,678

108,300

Borrowings

249,474

510,396

Operating lease liabilities

803,502

1,118,682

Deferred revenue

109,895

129,513

Convertible notes

1,478,784

–

Deferred tax liabilities

408

39,510

Unrecognized tax benefits

138,000

135,700

Total non-current liabilities

2,851,741

2,042,101

Total liabilities

14,147,893

16,722,651

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

Amounts expressed in thousands of US dollars (“$”)

As of

December 31,

As of

December 31,

2024

2025

Shareholders’ equity

Class A Ordinary shares

272

283

Class B Ordinary shares

Treasury stock

–

(14,527

)

Additional paid-in capital

16,703,192

19,105,403

Accumulated other comprehensive loss

(193,148

)

(4,824

)

Statutory reserves

17,260

17,553

Accumulated deficit

(8,155,264

)

(6,577,408

)

Total Sea Limited shareholders’ equity

8,372,335

12,526,503

Non-controlling interests

105,241

121,825

Total shareholders’ equity

8,477,576

12,648,328

Total liabilities and shareholders’ equity

22,625,469

29,370,979

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Amounts expressed in thousands of US dollars (“$”)

For the Three Months ended

December 31,

For the Year ended

December 31,

2024

2025

2024

2025

Net cash generated from operating

activities

1,020,982

1,476,410

3,277,420

5,024,523

Net cash used in investing activities

(1,761,066)

(1,153,606)

(5,040,846)

(4,408,668)

Net cash generated from financing

activities

700,210

1,005,623

1,684,493

1,623,183

Effect of foreign exchange rate changes

on cash, cash equivalents and

restricted cash

(144,793)

24,211

(83,139)

98,844

Net (decrease) increase in cash, cash

equivalents and restricted cash

(184,667)

1,352,638

(162,072)

2,337,882

Cash, cash equivalents and restricted

cash at beginning of the period

4,266,252

5,066,829

4,243,657

4,081,585

Cash, cash equivalents and restricted

cash at end of the period

4,081,585

6,419,467

4,081,585

6,419,467

Net cash used in investing activities amounted to US$1,154 million for the three months ended December 31, 2025. This was primarily attributable to an increase in loans receivable of our credit business of US$1,352 million and purchase of property and equipment of US$163 million to support the existing operations, offset by net proceeds of US$376 million from securities purchased under agreements to resell, time deposits and liquid investment products. Net cash generated from financing activities amounted to US$1,006 million for the three months ended December 31, 2025. This was primarily attributable to settlement of capped call of US$582 million, an increase in bank deposits of US$298 million, as well as net proceeds from other funding sources related to credit business of US$262 million, offset by the cash used in repurchase of convertible notes of US$134 million.

Net cash used in investing activities amounted to US$4,409 million for the year ended December 31, 2025. This was primarily attributable to increase in loans receivable of our credit business of US$4,707 million and purchase of property and equipment of US$514 million to support the existing operations, offset by net proceeds of US$884 million from securities purchased under agreements to resell, time deposits and liquid investment products. Net cash generated from financing activities amounted to US$1,623 million for the year ended December 31, 2025. This was primarily attributable to an increase in bank deposits of US$1,051 million, settlement of capped call of US$582 million, as well as net proceeds from other funding sources related to credit business of US$385 million, offset by the cash used in repurchase of convertible notes of US$410 million.

UNAUDITED SEGMENT INFORMATION

The Company has three reportable segments, namely Shopee, Monee and Garena. The Chief Operating Decision Maker (“CODM”), comprising our senior management team, evaluates each segment's financial performance by reviewing revenue, significant operating expenses, and segment operating income or loss. To allocate resources for each segment, the CODM evaluates these results, along with certain key operating metrics of each segment. This assessment is done regularly by monitoring each segment's actual financial and operating performance against projections as part of the Company's business planning and budgeting process. Amounts are expressed in thousands of US dollars (“$”).

For the Three Months ended December 31, 2025

Shopee

Monee

Garena

Other

Services (1)

Total

Revenue

4,974,587

1,131,855

701,025

44,401

6,851,868

Less (2)

Cost of revenue

(3,496,429)

(127,023)

(214,227)

Sales and marketing expenses

(1,071,160)

(237,449)

(50,671)

Provision for credit losses

(400,101)

Other operating expenses (3)

(285,916)

(114,504)

(57,363)

(81,210)

Operating segment income (loss)

121,082

252,778

378,764

(36,809)

715,815

Unallocated expenses (4)

(150,578)

Operating income

565,237

Non-operating income, net

61,876

Income tax expense

(209,614)

Share of results of equity investees

(6,622)

Net income

410,877

For the Three Months ended December 31, 2024

Shopee

Monee

Garena

Other

Services (1)

Total

Revenue

3,662,636

733,326

519,064

35,410

4,950,436

Less (2)

Cost of revenue

(2,472,366)

(99,770)

(159,065)

Sales and marketing expenses

(853,919)

(121,036)

(44,528)

Provision for credit losses

(232,260)

Other operating expenses (3)

(256,867)

(82,404)

(45,328)

(45,522)

Operating segment income (loss)

79,484

197,856

270,143

(10,112)

537,371

Unallocated expenses (4)

(231,620)

Operating income

305,751

Non-operating income, net

28,222

Income tax expense

(89,198)

Share of results of equity investees

(7,183)

Net income

237,592

For the Full Year ended December 31, 2025

Shopee

Monee

Garena

Other

Services (1)

Total

Revenue

16,564,605

3,791,641

2,408,765

173,458

22,938,469

Less (2)

Cost of revenue

(11,380,266)

(475,024)

(791,378)

Sales and marketing expenses

(3,546,753)

(614,228)

(174,104)

Provision for credit losses

(1,365,556)

Other operating expenses (3)

(1,056,534)

(364,151)

(259,212)

(263,995)

Operating segment income (loss)

581,052

972,682

1,184,071

(90,537)

2,647,268

Unallocated expenses (4)

(661,962)

Operating income

1,985,306

Non-operating income, net

295,553

Income tax expense

(651,081)

Share of results of equity investees

(18,884)

Net income

1,610,894

For the Full Year ended December 31, 2024

Shopee

Monee

Garena

Other

Services (1)

Total

Revenue

12,415,231

2,367,739

1,910,589

126,307

16,819,866

Less (2)

Cost of revenue

(8,611,530)

(348,424)

(610,586)

Sales and marketing expenses

(2,966,084)

(298,386)

(117,556)

Provision for credit losses

(771,407)

Other operating expenses (3)

(977,048)

(292,020)

(203,626)

(170,210)

Operating segment (loss) income

(139,431)

657,502

978,821

(43,903)

1,452,989

Unallocated expenses (4)

(790,837)

Operating income

662,152

Non-operating income, net

116,631

Income tax expense

(321,168)

Share of results of equity investees

(9,788)

Net income

447,827

(1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”.

(2) The significant expenses categories and other income amounts align with the segmental-level information that is regularly provided to the CODM.

(3) Other operating expenses for Shopee and Garena include general and administrative expenses, research and development expenses and provision for credit losses, net of other operating income. Other operating expenses for Monee include general and administrative expenses and research and development expenses, net of other operating income.

(4) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.