Sea Limited FY2026 Q2 Earnings Release

August 2026
Second 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 2Q 2026 Results |

2
Second Quarter 2026
Results Overview
Sea 2Q 2026 Results |

3
Strong Momentum Across All Businesses
US$ Billions
Shopee
GAAP Revenue
US$ Billions
Monee
Loans Principal Outstanding 1
661.3
931.4
763.5
2Q 2025 1Q 2026 2Q 2026
US$ Millions
Garena
Bookings 2
6.9
9.9
11.1
2Q 2025 1Q 2026 2Q 2026
YoY: +48.2%
QoQ: +9.3% YoY: +62.5%
QoQ: +12.3%
YoY: +15.5%
QoQ: -18.0%
3.8
5.1
5.6
2Q 2025 1Q 2026 2Q 2026
Sea 2Q 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.

414.2 438.2 458.1
2Q 2025 1Q 2026 2Q 2026
4
2Q 2026 Financial Performance
Note: Financial figures are unaudited.
5.3
7.1
7.8
2Q 2025 1Q 2026 2Q 2026
US$ Billions
GAAP
Revenue
US$ Billions
Gross
Profit
487.7
593.0
650.3
2Q 2025 1Q 2026 2Q 2026
US$ Millions
Operating
Income
2.4
3.1
3.5
2Q 2025 1Q 2026 2Q 2026
US$ Millions
Net
Income
Sea 2Q 2026 Results |

5
2Q 2026 Profitability and Gross Cash Position
829.2
1,034.3
917.2
2Q 2025 1Q 2026 2Q 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. 2. We currently include the net effect of changes in deferred revenue and its related cost in Adjusted EBITDA. Beginning with ou r earnings release for the third quarter of 2026, we will exclude this effect from Adjusted EBITDA but continue to disclose it as supplemental information.
227.7 223.2 255.4
255.3 275.2 288.0
368.2 573.6 429.8
Shopee
Monee
Garena 2
10.6 11.1
10.3
2Q 2025 1Q 2026 2Q 2026
Sea 2Q 2026 Results |

6
2Q 2026 Segmental Breakdown
US$ Millions Shopee Monee Garena 1 Other Services
Unallocated
Expenses 2 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 unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures. 1. We currently include the net effect of changes in deferred revenue and its related cost in Adjusted EBITDA. Beginning with ou r earnings release for the third quarter of 2026, we will exclude this effect from Adjusted EBITDA but continue to disclose it as supplemental information. 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 .
Sea 2Q 2026 Results |

7
Second Quarter 2026
Business Highlights
Sea 2Q 2026 Results |

8
Delivering Strong Growth with Financial Discipline
Strong growth
with financial discipline
• 2Q26 another record -setting quarter:
GMV grew 28% YoY, with new highs in
gross order volume and revenue
• Generated adjusted EBITDA of
> $250 million in 2Q26
• Avg. monthly new active buyers up >
35% YoY, an acceleration from
previous quarters; avg. monthly active
buyers up 18% YoY, purchase
frequency up 8% YoY
• Monetization strengthened further: ad
revenue up > 70% and ad take -rate up
> 90bps YoY
• Brazil: Remained our fastest growing
market, GMV growth again outpaced
broader market; will continue to invest
in a disciplined and profitable manner
• We are optimistic that Shopee will
achieve the milestone of $1 billion in
adjusted EBITDA for the full year
Sea 2Q 2026 Results |
Improving our content ecosystem
• Orders from livestreaming and short –
form video grew > 50% YoY,
accounting for > 25% of physical goods
orders in Southeast Asia
• Unit economics improved sequentially
as we further optimized marketing
spend
• Deepened relationships with YouTube
and Meta: Shopee orders through
Facebook increased by > 85% QoQ –
Facebook Reels a very popular channel
to drive purchases
• Extended our Instagram collaboration
to all eight of our core markets, with
promising early results from Indonesia
(first launch market)
Deepening our structural moats
Logistics a key differentiator:
• Instant – and same -day delivery gained
strong traction
• Instant service in Indonesia can deliver
in as fast as 1 hour; instant delivery
order volumes grew ~80% YoY, with
cost -per -order falling ~20% YoY in
2Q26
• Fulfillment order volumes up > 20%
QoQ; > 60% of our fulfilled parcels
arrive the next day in some markets
ShopeeVIP membership program:
• Members exceeded 15 million at the
end of June, up 45% QoQ
• Avg. monthly retention ~80%
• VIP members contributed 24% of GMV
across Asia in 2Q26
• Brazil launched in April: membership has
already surpassed 1 million

9
Shopee
GMV and Gross Orders
29.8
32.2
36.7 37.3 38.3
3.3 3.6
4.0 4.0 4.2
-3
-2
-1
0
1
2
3
4
0
5
10
15
20
25
30
35
40
45
50
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026
Billions
GMV (US$)
Gross Orders
0
0
Sea 2Q 2026 Results |

4.3
0.7
0.7
3.8
4.3
5.0 5.1
5.6 12.6% 13.3% 13.5% 13.7%
14.6%
0
0
0
0
0
0
0
0
0
0
0
1
2
3
4
5
6
7
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 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 2Q 2026 Results |

11
Shopee
Adjusted EBITDA
227.7
186.1 202.5
223.2
255.4
0.8%
0.6% 0.6% 0.6% 0.7%
0
0
0
0
0
0
0
0
50
100
150
200
250
300
350
400
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 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 2Q 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 $11.1 billion at the end of
June, up 62% YoY
• NPL 90+ ratio 1 stable at 1.0% in 2Q26
• Philippines our fifth market with a loan book exceeding $1
billion
• Added ~5.3 million unique first -time borrowers in 2Q26
• Active credit users 2 > 40 million at end of 2Q26, up ~34% YoY
• Avg. loans outstanding per user grew ~20% YoY in 2Q26
Advancing our credit risk capabilities
• AI -driven enhancements to our underwriting models helped
lift approval rates by ~10%, while maintaining a similar level of
risk
• AI tools to verify user -submitted income documents reduced
review time by ~95%, letting us respond to credit limit
requests almost instantly
• Reinforces scale of our ecosystem as a durable advantage
• Drawing on more external data sources to strengthen
capability to assess newer users
Expanding into more user segments
and driving off -Shopee growth
Expanding into more user segments
• Broadened rollout of one -month interest -free SPayLater loans
– many users start using it out of convenience, subsequently
generating more value through repeat transactions,
installment conversion, or adoption of other credit products
• Similarly, more widely offering promotional interest rates for
first -time personal cash loans
Expanding credit use cases beyond Shopee
• Off -Shopee accounted for > 20% of our total SPayLater
portfolio as of end -June, as high as 35% in some markets
• Testing new ShopeePay Unlimited Card in Thailand; lets users
pay with their SPayLater balance at any merchant that accepts
card payments, expanding SPayLater use cases
• Monthly transacting users on the standalone ShopeePay app
more than doubled YoY in 2Q26. Currently live in Indonesia,
Thailand, Malaysia and Vietnam, with a similar standalone app
to launch in Brazil soon
Sea 2Q 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
10.0
1.1
6.9
7.9
9.2
9.9
11.1
1.0% 1.1% 1.1% 1.1%
1.0%
0
0
0
0
0
0
0
2
4
6
8
10
12
14
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026
0
0
On -book
Off -book 3
NPL90+ Ratio 2
Sea 2Q 2026 Results |

14
Monee
GAAP Revenue and Adjusted EBITDA
882.8
989.9
1,131.9
1,241.8
1,402.8
255.3 258.3 263.1 275.2 288.0
0
200
400
600
800
1,000
1,200
1,400
1,600
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 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 2Q 2026 Results |

Another Strong Quarter for Garena
15
Strong performance anchored by Free Fire
Free Fire anchored another strong quarter:
• In 2Q26, bookings grew 15% YoY, with profitability
remaining healthy and growing well YoY
• Free Fire, now in its ninth year, is still expanding its reach
and scale globally, continuing to draw in > 100 million avg.
daily active users
• Undersea Mystery, an ocean -themed campaign inspired
by Songkran, integrated into the map itself as a gateway
into a new Undersea Realm, with gear to hunt for in Hydro
Zone and Fishing Ponds
• Rode the World Cup wave with Fire Kickoff, weaving
football into the map and letting players turn into a
football to pull off surprise plays; campaign song “Booyah
Olé” generated > 350 million social media views
• This continual reinvention of the core gameplay keeps
players engaged over time
Expanding our portfolio with strong global IP
Announced two mobile games, both built on strong,
globally recognized IP:
• Palworld Online: an open -world multiplayer survival
adventure game, developed and published by Garena
under license from Pocketpair
• Monster Hunter Outlanders: a survival hunting action
game developed by Tencent based on Capcom’s iconic
franchise
• These titles show how Garena is expanding into new
genres, strengthening our development and publishing
capabilities, and deepening our relationships with top
global partners
Sea 2Q 2026 Results |

Garena
16
Quarterly Active Users, Quarterly Paying User Ratio and ARPPU 1
664.8 670.8 633.3 666.5 666.3
9.3% 9.8%
9.2%
10.9%
10.2%
0
0
0
0
0
0
0
0
200
400
600
800
1,000
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026
Millions
Quarterly Active Users
Quarterly Paying User Ratio
10.7 12.8 11.6 12.8 11.2 ARPPU 1
(US$)
1. Average bookings per quarterly paying user.
Sea 2Q 2026 Results |

Garena
17
Bookings 1, GAAP Revenue and Adjusted EBITDA 2
US$ Millions
661
841
672
931
764
559
653 701 697 747
368
466
364
574
430
55.7% 55.4% 54.1%
61.6%
56.3%
0.1
0.2
0.3
0.4
0.5
0.6
0
200
400
600
800
1,000
1,200
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026
Bookings 1
GAAP Revenue Adjusted EBITDA 2 as a % of Bookings 1
Adjusted EBITDA 2
Sea 2Q 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. 2. We currently include the net effect of changes in deferred revenue and its related cost in Adjusted EBITDA. Beginning with ou r earnings release for the third quarter of 2026, we will exclude this effect from Adjusted EBITDA but continue to disclose it as supplemental information.

18
Appendix
Sea 2Q 2026 Results |

19
GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
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 12,148 8,954
Monee Adjusted EBITDA 255,263 287,985
Garena
Operating income / (loss) 275,465 404,156
Net effect of changes in deferred revenue & its related cost 88,344 20,269
Depreciation and amortization 4,381 5,331
Garena Adjusted EBITDA 368,190 429,756
Sea 2Q 2026 Results |

20
GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
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 changes in deferred revenue & its related cost 88,344 20,269
Depreciation and amortization 91,289 114,670
Share -based compensation 161,892 131,920
Total Adjusted EBITDA 829,244 917,188
Sea 2Q 2026 Results |