Sea Limited FY2025 Q1 Earnings Release

May 2025
First Quarter 2025 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 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 digital entertainment content ; the
expected growth of its digital entertainment, e-commerce and digital financial services 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 2025 Results |

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First Quarter 2025
Results Overview
Sea 1Q 2025 Results |

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Strong Performance Across All Businesses
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 the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metr ic is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment.
US$ Billions
E-commerce
GAAP Revenue
US$ Billions
Digital Financial Services
Loans Principal Outstanding 1
512.1 543.2
775.4
1Q 2024 4Q 2024 1Q 2025
US$ Millions
Digital Entertainment
Bookings 2
3.3
5.1
5.8
1Q 2024 4Q 2024 1Q 2025
YoY: +28.3%
QoQ: -3.8%
YoY: +76.5%
QoQ: +13.2%
YoY: +51.4%
QoQ: +42.8%
Sea 1Q 2025 Results |
2.7
3.7
3.5
1Q 2024 4Q 2024 1Q 2025

(23.0)
237.6
410.8
1Q 2024 4Q 2024 1Q 2025
4
1Q 2025 Financial Performance
Note: Financial figures are unaudited.
3.7
5.0 4.8
1Q 2024 4Q 2024 1Q 2025
US$ Billions
GAAP
Revenue
US$ Billions
Gross
Profit
71.1
305.8
456.4
1Q 2024 4Q 2024 1Q 2025
US$ Millions
Operating
Income
1.6
2.2 2.2
1Q 2024 4Q 2024 1Q 2025
US$ Millions
Net
Income/(Loss)
Sea 1Q 2025 Results |
1Q 2024 4Q 2024 1Q 2025

5
1Q 2025 Profitability and Gross Cash Position
401.1
590.9
946.5
1Q 2024 4Q 2024 1Q 2025
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.
(21.7) 152.2 264.4
148.7 211.0 241.4
292.2 289.7 458.2
EC
DFS
DE
8.6
10.4 10.3
1Q 2024 4Q 2024 1Q 2025
Sea 1Q 2025 Results |

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1Q 2025 Segmental Breakdown
US$ Millions E-commerce
Digital Financial
Services
Digital
Entertainment Other Services
Unallocated
Expenses 1 Consolidated
Revenue 3,524.2 787.1 495.6 34.2 – 4,841.1
Operating income/(loss) 195.0 228.6 220.0 (11.0) (176.2) 456.4
Adjusted EBITDA 264.4 241.4 458.2 (9.1) (8.4) 946.5
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 2025 Results |

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First Quarter 2025
Business Highlights
Sea 1Q 2025 Results |

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Sustaining Strong Growth And Market Leadership
Strong growth
& improving profitability
• Sustained market leadership with
improved profitability across both
Asia and Brazil
• Delivered record -high GMV and
gross order volume in 1Q 2025
• Average monthly active buyers on
Shopee grew by > 15% YoY in 1Q
2025
• Encouraging results in Brazil:
user base expansion outpaced
market average while remaining
adjusted EBITDA positive
We remain confident of achieving
full -year GMV guidance of around
20% with improving profitability
Improving monetization
effectiveness
• Enhanced monetization driven
especially by advertising
• Ad revenue grew > 50% YoY in
1Q 2025
• Number of sellers who spent on ad
products and average ad spend
increased by 22% YoY and 28%
YoY respectively, in 1Q 2025
• Upgraded ad -tech product “GMV
Max” has made it easier for sellers
to launch campaigns, reach the
right audience, and maximize
returns
Progress made on key
operational priorities
Price competitiveness:
• Ranked as best -in -market across
Asia and Brazil for offering good
product prices 1
Improving service quality:
• Shopee’s overall logistics cost –
per -order reduced by 6% YoY in
Asia and 21% YoY in Brazil in 1Q
2025, while continuing to improve
delivery times and expand network
coverage
Thriving content ecosystem:
• Content -driven orders accounted
for ~20% of physical goods order
volume in 1Q 2025
• > 4 million YouTube videos had
Shopee product links embedded
as of March
Sea 1Q 2025 Results |
1. According to a recent survey conducted by Qualtrics.

9
E – commerce
GMV and Gross Orders
23.6 23.3
25.1
28.6 28.6
2.6 2.5 2.8 3.0 3.1
-3
-2
-1
0
1
2
3
0
5
10
15
20
25
30
1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
Billions
GMV (US$)
Gross Orders
Sea 1Q 2025 Results |
0
0

2.4
0.8
0.4
2.7 2.8
3.2
3.7 3.5
11.7% 12.1% 12.7% 12.8% 12.3%
0
0
0
0
0
0
0
0
0
1
1
2
2
3
3
4
4
1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
10
E – commerce
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 2025 Results |

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E – commerce
Adjusted EBITDA
(21.7) (9.2)
34.4
152.2
264.4
(0.1%) (0.0%)
0.1%
0.5%
0.9%
0
0
0
0
0
0
0
-100
-50
0
50
100
150
200
250
300
350
400
1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
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 2025 Results |

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Scaling the Business while Maintaining Prudent Risk Management
1. Users with loans outstanding by the end of the quarter. 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. Include cash loans and off -Shopee SPayLater consumption loans.
Robust growth while maintaining stable risk profile
• Loans principal outstanding grew > 75% YoY in 1Q 2025
• We added > 4 million first -time borrowers in 1Q 2025
• Consumer and SME loans active users 1 grew > 50% YoY,
exceeding 28 million by 1Q 2025
• NPL90+ ratio 2 relatively stable at 1.1% in 1Q 2025
• Diversification across markets and user segments to
maintain robust asset quality
We remain confident of achieving guidance of loan book
size to grow meaningfully faster than Shopee’s GMV
annual growth rate in 2025
Driving off -Shopee growth
• Steady expansion of off -Shopee loans 3
Malaysia
• Off -Shopee usage of SPayLater has grown meaningfully,
now accounting for over 10% of the market’s total loan
book
Indonesia
• ShopeePay app in Indonesia surpassed 30 million
downloads as of March
• Standalone app to drive user engagement and lay a
strong foundation for future cross -selling of financial
products and services
Sea 1Q 2025 Results |

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Digital Financial Services
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
4.9
0.9
3.3 3.5
4.6
5.1
5.8
1.4%
1.3% 1.2% 1.2% 1.1%
0
0
0
0
0
0
0
0
1
2
3
4
5
6
7
8
1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
0
0
On -book
Off -book 3
NPL90+ Ratio 2
Sea 1Q 2025 Results |

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Digital Financial Services
GAAP Revenue and Adjusted EBITDA
499.4 519.3
615.7
733.3
787.1
148.7 164.7 187.9 211.0 241.4
0
100
200
300
400
500
600
700
800
900
1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
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 2025 Results |

A Strong Quarter Driven by Free Fire
15
Free Fire remains one of largest mobile games in the
world, with high user engagement and acquisition
Best quarterly performance since 2021:
• Garena total bookings grew 51% YoY and adjusted
EBITDA grew 57% YoY in 1Q 2025
• Free Fire’s collaboration with NARUTO SHIPPUDEN was a
resounding success, and average DAU in 1Q 2025 was
close to peak quarterly average DAU during the
pandemic
• Free Fire continues to be world’s largest mobile game by
average DAU and downloads 1
• Arena of Valor, EA Sports FC Online and Call of Duty:
Mobile also had a good start in 1Q 2025
We remain confident of delivering our guidance of
double -digit growth YoY for Garena’s user base and
bookings in 2025
Continuing to delight users with fresh localized
content and new games
Inspired by local trends and elements:
• In Indonesia, Free Fire celebrated Ramadan by allowing
players to contribute to real -world donations of clothing
and food through in -game missions
• In Taiwan, Arena of Valor brought community spirit to life
by organizing offline floaters for the culturally significant
Mazu Pilgrimage and lighting blessing candles at
templates on behalf of users during Lunar New Year
• Responses on social media have been overwhelmingly
positive, strengthening user loyalty in an enduring way
Continue to grow our gaming portfolio:
• Published Delta Force Mobile across Southeast Asia,
MENA and Latin America in April, and it has seen good
traction with over 10 million downloads
• Pre -registration for Free City has started and will launch
in phases beginning in May
1. Based on Sensor Tower App Performance Insights.
Sea 1Q 2025 Results |

Digital Entertainment
16
Quarterly Active Users, Quarterly Paying User Ratio and ARPPU 1
594.7
648.0 628.5 618.0 661.8
8.2% 8.1% 8.0% 8.2%
9.8%
0
0
0
0
0
0
0
200
400
600
800
1,000
1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
Millions
Quarterly Active Users
Quarterly Paying User Ratio
10.5 10.2 11.1 10.8 12.0 ARPPU 1
(US$)
1. Average bookings per paying user.
Sea 1Q 2025 Results |

Digital Entertainment
17
Bookings 1, GAAP Revenue and Adjusted EBITDA
US$ Millions
512 537 557 543
775
458 436
498 519 496
292 303 314 290
458
57.1% 56.4% 56.5%
53.3%
59.1%
0.1
0.2
0.3
0.4
0.5
0.6
0
100
200
300
400
500
600
700
800
900
1,000
1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
Bookings 1
GAAP Revenue
Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures. 1. GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metr ic is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment.
Adjusted EBITDA as a % of Bookings 1
Adjusted EBITDA
Sea 1Q 2025 Results |

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Appendix
Sea 1Q 2025 Results |

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GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
US$ Thousands 1Q 2024 1Q 2025
E-commerce
Operating income / (loss) (97,335) 195,002
Depreciation and amortization 75,635 69,415
E-commerce Adjusted EBITDA (21,700) 264,417
Digital Financial Services
Operating income / (loss) 134,443 228,612
Depreciation and amortization 14,215 12,827
Digital Financial Services Adjusted EBITDA 148,658 241,439
Digital Entertainment
Operating income / (loss) 236,198 220,031
Net effect of changes in deferred revenue & its related cost 46,701 233,436
Depreciation and amortization 9,309 4,739
Digital Entertainment Adjusted EBITDA 292,208 458,206
Sea 1Q 2025 Results |

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GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
US$ Thousands 1Q 2024 1Q 2025
Other Services
Operating income / (loss) (13,787) (11,006)
Depreciation and amortization 3,116 1,896
Other Services Adjusted EBITDA (10,671) (9,110)
Group
Operating income / (loss) 71,092 456,404
Net effect of changes in deferred revenue & its related cost 46,701 233,436
Depreciation and amortization 102,275 88,877
Share -based compensation 181,081 167,792
Total Adjusted EBITDA 401,149 946,509
Sea 1Q 2025 Results |