Sea Limited FY2026 Q1 Earnings Release

May 2026
First Quarter 2026 Results

1
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,” “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, projections, and 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 e-commerce, digital financial services,
and digital entertainment 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 Shopee, Monee and Garena 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 presentation is as of the date hereof, and Sea undertakes no obligation to update any forward -looking statement, except as
required under applicable law .
This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the U.S. (“GAAP”), including
“adjusted EBITDA,” and “total adjusted EBITDA .” The reconciliation of those measures to the most comparable GAAP measures is contained within this presentation .
The non -GAAP measures have limitations as an analytical tool and you should not consider them in isolation or as a substitute for an analysis of the Company’s results
under GAAP .
This presentation does not contain all relevant information relating to Sea or its securities, particularly with respect to the risks and special considerations involved
with an investment in the securities of Sea . Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future
performance of Sea .
Sea 1Q 2026 Results |

2
First Quarter 2026
Results Overview
Sea 1Q 2026 Results |

3
A Strong Start to the Year Across All Businesses
US$ Billions
Shopee
GAAP Revenue
US$ Billions
Monee
Loans Principal Outstanding 1
775.4
672.4
931.4
1Q 2025 4Q 2025 1Q 2026
US$ Millions
Garena
Bookings 2
5.8
9.2
9.9
1Q 2025 4Q 2025 1Q 2026
YoY: +45.1%
QoQ: +2.8%
YoY: +71.3%
QoQ: +7.5%
YoY: +20.1%
QoQ: +38.5%
3.5
5.0 5.1
1Q 2025 4Q 2025 1Q 2026
Sea 1Q 2026 Results |
Note: Financial figures are unaudited.1. Consumer and SME loans principal outstanding including both on -book and off -book loans. Off -book loans principal outstanding mai nly refers to channeling arrangements, which is lending by other financial institutions on our platform. 2. GAAP revenue for Garena plus change in Garena’s deferred revenue. This operating metric is used as an approximation of cash s pen t by our users in the applicable period that is attributable to Garena.

410.8 410.9
438.2
1Q 2025 4Q 2025 1Q 2026
4
1Q 2026 Financial Performance
Note: Financial figures are unaudited.
4.8
6.9 7.1
1Q 2025 4Q 2025 1Q 2026
US$ Billions
GAAP
Revenue
US$ Billions
Gross
Profit
456.4
565.2
593.0
1Q 2025 4Q 2025 1Q 2026
US$ Millions
Operating
Income
2.2
3.0 3.1
1Q 2025 4Q 2025 1Q 2026
US$ Millions
Net
Income
Sea 1Q 2026 Results |

5
1Q 2026 Profitability and Gross Cash Position
946.5
787.1
1,034.3
1Q 2025 4Q 2025 1Q 2026
US$ Millions
Adjusted
EBITDA
US$ Billions
Gross Cash
Position 1
Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures. 1. Cash, cash equivalents, short -term and other treasury investments. Other treasury investments currently consist of group treasur y related investments, such as available -for-sale sovereign bonds and corporate bonds, classified as part of long -term investments and securities purchased under agreements to resell relating to our banking operations.
264.4 202.5 223.2
241.4 263.1 275.2
458.2 363.8 573.6
Shopee
Monee
Garena
10.3
11.1 11.1
1Q 2025 4Q 2025 1Q 2026
Sea 1Q 2026 Results |

6
1Q 2026 Segmental Breakdown
US$ Millions Shopee Monee Garena Other Services
Unallocated
Expenses 1 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 are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures. 1. Unallocated expenses are mainly related to share -based compensation and general and corporate administrative costs such as profe ssional 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.
Sea 1Q 2026 Results |

7
First Quarter 2026
Business Highlights
Sea 1Q 2026 Results |

8
Delivering Strong Growth with Financial Discipline
Strong growth
with financial discipline
• 1Q 2026 another record -setting
quarter across GMV, gross order
volume, and revenue
• Generated adjusted EBITDA of
> $220 million in 1Q 2026
• 1Q 2026 monthly active buyers up
16% YoY; monthly average purchase
frequency grew around 12% YoY
• Monetization strengthened further
in 1Q 2026; ad revenue grew 80%
and ad take -rate up > 90bps YoY
• Brazil : Our fastest growing market
and continued to be profitable in 1Q
2026
• We are on track to grow Shopee’s
2026 annual GMV by around 25%
YoY, with its full year adjusted
EBITDA no lower than that of 2025
in absolute dollar terms
Sea 1Q 2026 Results |
Growing role of AI
• AI -powered enhancements to our
search and recommendation
algorithms and AI -generated
content tools for sellers supported a
14% improvement in purchase
conversion rate YoY in 1Q 2026
• AI -driven personalization and
targeting helped contribute to the
strong YoY ad revenue growth in 1Q
2026
• ~80% of customer queries are now
handled by our AI chatbots. AI usage
helped reduce customer service
cost -per -contact by ~30% YoY
Exploring agentic AI experiences
• Testing an AI shopping assistant for
buyers and an AI virtual business
advisor for sellers, with plans to roll
them out more widely over time
Deepening our structural moats
Logistics a key differentiator:
• In Indonesia, our instant delivery
order volumes grew > 35% YoY, with
cost per order reducing by ~20%
YoY in 1Q 2026
• Fulfilment order volumes grew ~25%
QoQ in 1Q 2026. In Asia, over one
third of parcels fulfilled by us were
delivered within the next day in Mar
ShopeeVIP membership program:
• ShopeeVIP members > 10 million, up
> 40% QoQ, with program retention
averaging > 80%
• ShopeeVIP members consistently
demonstrated double -digit spending
uplift after subscribing, by as much
as 30 -40% in some markets
• ShopeeVIP members now contribute
~20% of GMV across Asia

9
Shopee
GMV and Gross Orders
28.6 29.8
32.2
36.7 37.3
3.1 3.3 3.6
4.0 4.0
-3
-2
-1
0
1
2
3
4
0
5
10
15
20
25
30
35
40
45
50
1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026
Billions
GMV (US$)
Gross Orders
0
0
Sea 1Q 2026 Results |

3.8
0.7
0.6
3.5 3.8
4.3
5.0 5.1
12.3% 12.6% 13.3% 13.5% 13.7%
0
0
0
0
0
0
0
0
0
0
1
2
3
4
5
6
1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026
10
Shopee
GAAP Revenue & Take Rate 1
US$ Billions
Core Marketplace Revenue
Value -added Services Revenue GAAP Take Rate 1
Product Revenue
Note: Financial figures are unaudited.1. GAAP revenue as a percentage of GMV.
Sea 1Q 2026 Results |

11
Shopee
Adjusted EBITDA
264.4
227.7
186.1 202.5
223.2
0.9%
0.8%
0.6% 0.6% 0.6%
0
0
0
0
0
0
0
0
50
100
150
200
250
300
350
400
1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026
US$ Millions
Adjusted EBITDA
Adjusted EBITDA as % of GMV
Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures.
Sea 1Q 2026 Results |

12
Strong Growth while Maintaining Stable Asset Quality
1. Non -performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includ es both on -book and off -book loans principal outstanding. 2. Users with loans outstanding as of the end of the quarter.
Robust growth while maintaining stable risk profile
• Loans principal outstanding reached $9.9 billion at the end
of Mar; NPL 90+ ratio 1 stable at 1.1% in 1Q 2026
• We added 4.9 million first -time borrowers in 1Q 2026. At
the end of 1Q 2026, active credit users 2 crossed 38 million,
up more than 35% YoY
• Average loan outstanding per user grew to ~$250 at the
end of 1Q 2026, a 25% increase YoY
Strong growth momentum in Brazil
• In 1Q 2026, Brazil has become our fourth market to cross
$1 billion in loan book size, growing > 250% YoY
• SPayLater GMV penetration on Shopee is ~10% in Brazil in
1Q 2026, well below our more mature markets
• Obtained SCFI license which allows us to broaden scope
of financial services we can offer in Brazil
Expanding credit business across multiple fronts
Deepening user relationship and acquiring new users
• Deepen existing user relationships by offering them more
credit as we get to know them and their repayment
behavior better
• Acquiring new users, especially in segments with better
risk scores and greater affluence. Our campaigns to
attract such new users are showing early signs of success
Expanding credit use cases beyond Shopee
• Following strong momentum in Malaysia, also seeing good
traction in Thailand & Indonesia: Off -Shopee SPayLater
loans in both markets exceeded 20% of SPayLater
portfolio as of end -Mar
• Seeing strong growth in higher -value categories such as
electronics and two -wheelers in Indonesia, where
installment credit plays a meaningful role in enabling such
purchases
Sea 1Q 2026 Results |

13
Monee
1. Consumer and SME loans principal outstanding. 2. Non -performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includ es both on -book and off -book loans principal outstanding. 3. Off -book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform.
Loans Principal Outstanding 1 and NPL90+ Ratio 2
US$ Billions
8.8
1.1
5.8
6.9
7.9
9.2
9.9
1.1% 1.0% 1.1% 1.1% 1.1%
0
0
0
0
0
0
0
2
4
6
8
10
12
1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026
0
0
On -book
Off -book 3
NPL90+ Ratio 2
Sea 1Q 2026 Results |

14
Monee
GAAP Revenue and Adjusted EBITDA
787.1
882.8
989.9
1,131.9
1,241.8
241.4 255.3 258.3 263.1 275.2
0
200
400
600
800
1,000
1,200
1,400
1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026
US$ Millions
GAAP Revenue
Adjusted EBITDA
Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures.
Sea 1Q 2026 Results |

A Stellar Start to 2026
15
Strong performance for Garena driven by Free Fire and
Arena of Valor
1Q 2026 was the strongest quarter since 2021:
• In 1Q 2026, bookings rose 20% YoY while adjusted EBITDA
grew 25% YoY
• Very strong player response to Free Fire’s collaboration
with Jujutsu Kaisen – generated > 700 million official
content views, making it one of our most successful IP
partnerships to date
• Together with the highly successful NARUTO SHIPPUDEN
collaboration last year, we have demonstrated our ability
to consistently execute high -impact partnerships with
global IP owners
• Arena of Valor delivered record high quarterly bookings in
1Q 2026, its tenth year of operation
• Sustained success of Free Fire and Arena of Valor
demonstrates our unique ability to operate games well –
across genres, markets, and over long periods of time
Leveraging localization strength into global growth
Globalize highly localized content campaigns :
• Leveraging hyper -localization strength into global
content, to pool resources, elevate content quality, and
deliver more frequent and distinctive player experiences
• Scaled Ramadan campaign into a global event under “Lost
Treasure” theme
• Players from markets celebrating Ramadan recognized
this as a festive event catering to them, while players from
other markets saw it as a desert -themed campaign that
was new, interesting, and fun to play
• Highly interactive campaign was a success: global social
media platform impressions exceeded 120 billion, up
~70% compared to last year’s Ramadan campaign
Sea 1Q 2026 Results |

Garena
16
Quarterly Active Users, Quarterly Paying User Ratio and ARPPU 1
661.8 664.8 670.8 633.3 666.5
9.8% 9.3% 9.8%
9.2%
10.9%
0
0
0
0
0
0
0
0
200
400
600
800
1,000
1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026
Millions
Quarterly Active Users
Quarterly Paying User Ratio
12.0 10.7 12.8 11.6 12.8 ARPPU 1
(US$)
1. Average bookings per quarterly paying user.
Sea 1Q 2026 Results |

Garena
17
Bookings 1, GAAP Revenue and Adjusted EBITDA
US$ Millions
775
661
841
672
931
496
559
653 701 697
458
368
466
364
574
59.1%
55.7% 55.4% 54.1%
61.6%
0.1
0.2
0.3
0.4
0.5
0.6
0
200
400
600
800
1,000
1,200
1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026
Bookings 1
GAAP Revenue Adjusted EBITDA as a % of Bookings 1
Adjusted EBITDA
Sea 1Q 2026 Results |
Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures. 1. GAAP revenue for Garena plus change in Garena’s deferred revenue. This operating metric is used as an approximation of cash s pen t by our users in the applicable period that is attributable to Garena.

18
Appendix
Sea 1Q 2026 Results |

19
GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
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 12,827 9,629
Monee Adjusted EBITDA 241,439 275,243
Garena
Operating income / (loss) 220,031 363,636
Net effect of changes in deferred revenue & its related cost 233,436 205,983
Depreciation and amortization 4,739 3,947
Garena Adjusted EBITDA 458,206 573,566
Sea 1Q 2026 Results |

20
GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
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 changes in deferred revenue & its related cost 233,436 205,983
Depreciation and amortization 88,877 101,998
Share -based compensation 167,792 133,325
Total Adjusted EBITDA 946,509 1,034,293
Sea 1Q 2026 Results |