Sea Limited FY2025 Q2 Earnings Release

August 2025
Second 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 2Q 2025 Results |

2
Second Quarter 2025
Results Overview
Sea 2Q 2025 Results |

3
Strong & Healthy Growth 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
536.8
775.4
661.3
2Q 2024 1Q 2025 2Q 2025
US$ Millions
Digital Entertainment
Bookings 2
3.5
5.8
6.9
2Q 2024 1Q 2025 2Q 2025
YoY: +33.7%
QoQ: +7.0%
YoY: +94.0%
QoQ: +18.5%
YoY: +23.2%
QoQ: -14.7%
2.8
3.5
3.8
2Q 2024 1Q 2025 2Q 2025
Sea 2Q 2025 Results |

79.9
410.8 414.2
2Q 2024 1Q 2025 2Q 2025
4
2Q 2025 Financial Performance
Note: Financial figures are unaudited.
3.8
4.8
5.3
2Q 2024 1Q 2025 2Q 2025
US$ Billions
GAAP
Revenue
US$ Billions
Gross
Profit
82.9
456.4
487.7
2Q 2024 1Q 2025 2Q 2025
US$ Millions
Operating
Income
1.6
2.2
2.4
2Q 2024 1Q 2025 2Q 2025
US$ Millions
Net
Income
Sea 2Q 2025 Results |

5
2Q 2025 Profitability and Gross Cash Position
448.5
946.5
829.2
2Q 2024 1Q 2025 2Q 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.
(9.2) 264.4 227.7
164.7 241.4 255.3
302.8 458.2 368.2
EC
DFS
DE
9.0
10.3 10.6
2Q 2024 1Q 2025 2Q 2025
Sea 2Q 2025 Results |

6
2Q 2025 Segmental Breakdown
US$ Millions E-commerce
Digital Financial
Services
Digital
Entertainment Other Services
Unallocated
Expenses 1 Consolidated
Revenue 3,771.1 882.8 559.1 46.5 – 5,259.5
Operating income/(loss) 154.9 243.1 275.5 (15.7) (170.0) 487.7
Adjusted EBITDA 227.7 255.3 368.2 (13.8) (8.1) 829.2
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 2Q 2025 Results |

7
Second Quarter 2025
Business Highlights
Sea 2Q 2025 Results |

8
Sustaining Strong Growth And Market Leadership
Strong growth
& improving profitability
• 2Q 2025 was another record –
breaking quarter across gross
order volume, GMV, and revenue
• Sustained increase in active buyers
& purchase frequency, reinforcing
our leadership in all our markets
• Improved profitability YoY across
Asia and Brazil
• Brazil: Continued to deliver
exceptional growth while
maintaining positive adjusted
EBITDA. Average monthly active
buyers grew > 30% YoY in 2Q 2025
• Shopee’s GMV grew 25% YoY in
1H 2025, and we expect this
growth momentum to carry into
3Q 2025
Improving monetization
effectiveness
• Monetization improved largely
driven by advertising revenue
growth
• Ad take rate improved by almost
70bps YoY in 2Q 2025
• Number of sellers using our ad
products rose by around 20%, and
ad -paying sellers’ average
quarterly ad -spend grew by > 40%
YoY
• Tech enhancements drove an 8%
YoY uplift in Shopee purchase
conversion rates
Progress made on key
operational priorities
Price competitiveness:
• Reinforced our price -competitive
value proposition with the launch
of “Cheaper, Faster at Shopee”
campaign slogan
Improving service quality:
• Continued YoY improvements in
logistics cost and delivery speed
across Asia and Brazil in 2Q 2025
• New initiatives such as “instant
delivery” and the VIP membership
program continue to enhance
buyer loyalty and address specific
customer needs
Thriving content ecosystem:
• Content -driven orders accounted
for > 20% of physical goods order
volume in 2Q 2025
Sea 2Q 2025 Results |

9
E – commerce
GMV and Gross Orders
23.3
25.1
28.6 28.6 29.8 2.5 2.8 3.0 3.1 3.3
-3
-2
-1
0
1
2
3
0
5
10
15
20
25
30
35
2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025
Billions
GMV (US$)
Gross Orders
0
0
Sea 2Q 2025 Results |

2.6
0.7
0.5
2.8
3.2
3.7 3.5
3.8
12.1% 12.7% 12.8% 12.3% 12.6%
0
0
0
0
0
0
0
0
0
1
1
2
2
3
3
4
4
5
2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 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 2Q 2025 Results |

11
E – commerce
Adjusted EBITDA
(9.2)
34.4
152.2
264.4
227.7 (0.0%)
0.1%
0.5%
0.9%
0.8%
0
0
0
0
0
0
0
-100
-50
0
50
100
150
200
250
300
350
400
2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 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 2Q 2025 Results |

12
Scaling the Business while Maintaining Prudent Risk Management
1. Users with loans outstanding as of 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 > 90% YoY in 2Q 2025
to $6.9 billion
• We added > 4 million first -time borrowers in 2Q 2025,
bringing consumer and SME loans active users 1 to > 30
million for the first time, representing > 45% YoY growth
• NPL90+ ratio 2 remained stable at 1.0% in 2Q 2025
• Malaysia’s loan book surpassed $1 billion as of the end of
June – our third market after Indonesia and Thailand to
reach this significant milestone
• We remain confident of achieving guidance of loan
book size growing meaningfully faster than Shopee’s
GMV annual growth rate in 2025
Driving on and off -Shopee growth
On -Shopee loans delivered solid growth
• On -Shopee SPayLater GMV penetration now in the mid –
teens on a market blended basis
• Achieved record -high monthly numbers for first -time
SPayLater borrowers in June
• Capturing more prime users with stronger repayment
capacity and higher lifetime value
Off -Shopee loans 3 growing healthily
• In Malaysia, Off -Shopee SPayLater portfolio grew > 40%
QoQ and accounted for > 20% of the market’s SPayLater
portfolio as of the end of June
• Personal cash loans outstanding almost doubled YoY as
of the end of June
Sea 2Q 2025 Results |

13
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
5.9
0.9
3.5
4.6
5.1
5.8
6.9
1.3% 1.2% 1.2% 1.1% 1.0%
0
0
0
0
0
0
0
0
1
2
3
4
5
6
7
8
9
10
2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025
0
0
On -book
Off -book 3
NPL90+ Ratio 2
Sea 2Q 2025 Results |

14
Digital Financial Services
GAAP Revenue and Adjusted EBITDA
519.3
615.7
733.3
787.1
882.8
164.7 187.9 211.0 241.4 255.3
0
100
200
300
400
500
600
700
800
900
1,000
2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 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 2Q 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
Continued strong growth momentum into 2Q 2025:
• Bookings were up 23% and adjusted EBITDA was up 22%,
YoY
• Multiple key titles delivered double -digit YoY growth in
the second quarter, including Free Fire, Arena of Valor,
EA Sports FC Online, and Call of Duty: Mobile
• Free Fire sustained its massive global user base of > 100
million average DAU
We are raising our full -year guidance for Garena, and
expect bookings to grow more than 30% YoY in 2025
Continuing to delight users
with new content
• Celebrated Free Fire’s 8th anniversary with the launch of
our new map Solara, which has already become our
best -performing new map
• Solara blends enjoyable nostalgia with exciting
innovation, including features such as:
• Iconic train from Free Fire’s earliest maps that used
to be a central part of the game experience
• New full -map slide rail feature, allowing players to
move rapidly across map
• Introduced a new camera mode that lets players capture
their gameplay, boosting social sharing and engagement
– expanding Free Fire’s visibility
• We extended our anniversary celebrations into July with
two high -impact IP collaborations: Netflix’s Squid Game
and NARUTO SHIPPUDEN Chapter 2
Sea 2Q 2025 Results |

Digital Entertainment
16
Quarterly Active Users, Quarterly Paying User Ratio and ARPPU 1
648.0 628.5 618.0 661.8 664.8
8.1% 8.0% 8.2%
9.8%
9.3%
0
0
0
0
0
0
0
200
400
600
800
1,000
2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025
Millions
Quarterly Active Users
Quarterly Paying User Ratio
10.2 11.1 10.8 12.0 10.7 ARPPU 1
(US$)
1. Average bookings per quarterly paying user.
Sea 2Q 2025 Results |

Digital Entertainment
17
Bookings 1, GAAP Revenue and Adjusted EBITDA
US$ Millions
537 557 543
775
661
436
498 519 496
559
303 314 290
458
368
56.4% 56.5%
53.3%
59.1%
55.7%
0.1
0.2
0.3
0.4
0.5
0.6
0
100
200
300
400
500
600
700
800
900
1,000
2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 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 2Q 2025 Results |

18
Appendix
Sea 2Q 2025 Results |

19
GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
US$ Thousands 2Q 2024 2Q 2025
E-commerce
Operating income / (loss) (84,762) 154,851
Depreciation and amortization 75,582 72,843
E-commerce Adjusted EBITDA (9,180) 227,694
Digital Financial Services
Operating income / (loss) 151,261 243,115
Depreciation and amortization 13,417 12,148
Digital Financial Services Adjusted EBITDA 164,678 255,263
Digital Entertainment
Operating income / (loss) 210,078 275,465
Net effect of changes in deferred revenue & its related cost 86,546 88,344
Depreciation and amortization 6,176 4,381
Digital Entertainment Adjusted EBITDA 302,800 368,190
Sea 2Q 2025 Results |

20
GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
US$ Thousands 2Q 2024 2Q 2025
Other Services
Operating income / (loss) (9,003) (15,683)
Depreciation and amortization 3,045 1,917
Other Services Adjusted EBITDA (5,958) (13,766)
Group
Operating income / (loss) 82,894 487,719
Net effect of changes in deferred revenue & its related cost 86,546 88,344
Depreciation and amortization 98,220 91,289
Share -based compensation 180,813 161,892
Total Adjusted EBITDA 448,473 829,244
Sea 2Q 2025 Results |