Sea Limited FY2025 Q3 Earnings Release

November 2025
Third 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 3Q 2025 Results |

2
Third Quarter 2025
Results Overview
Sea 3Q 2025 Results |

3
Strong Growth Momentum Continued into Third Quarter
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
556.5
661.3
840.7
3Q 2024 2Q 2025 3Q 2025
US$ Millions
Digital Entertainment
Bookings 2
4.6
6.9
7.9
3Q 2024 2Q 2025 3Q 2025
YoY: +34.9%
QoQ: +13.9%
YoY: +69.8%
QoQ: +14.6%
YoY: +51.1%
QoQ: +27.1%
3.2
3.8
4.3
3Q 2024 2Q 2025 3Q 2025
Sea 3Q 2025 Results |

153.3
414.2
375.0
3Q 2024 2Q 2025 3Q 2025
4
3Q 2025 Financial Performance
Note: Financial figures are unaudited.
4.3
5.3
6.0
3Q 2024 2Q 2025 3Q 2025
US$ Billions
GAAP
Revenue
US$ Billions
Gross
Profit
202.4
487.7 475.9
3Q 2024 2Q 2025 3Q 2025
US$ Millions
Operating
Income
1.9
2.4
2.6
3Q 2024 2Q 2025 3Q 2025
US$ Millions
Net
Income
Sea 3Q 2025 Results |

5
3Q 2025 Profitability and Gross Cash Position
521.3
829.2 874.3
3Q 2024 2Q 2025 3Q 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.
34.4 227.7 186.1
187.9 255.3 258.3
314.4 368.2 465.9
EC
DFS
DE
9.9
10.6 10.5
3Q 2024 2Q 2025 3Q 2025
Sea 3Q 2025 Results |

6
3Q 2025 Segmental Breakdown
US$ Millions E-commerce
Digital Financial
Services
Digital
Entertainment Other Services
Unallocated
Expenses 1 Consolidated
Revenue 4,294.8 989.9 653.0 48.4 – 5,986.0
Operating income/(loss) 110.1 248.2 309.8 (27.0) (165.1) 475.9
Adjusted EBITDA 186.1 258.3 465.9 (25.1) (10.9) 874.3
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 3Q 2025 Results |

7
Third Quarter 2025
Business Highlights
Sea 3Q 2025 Results |

8
Another Quarter of Strong and Profitable Growth
Strong growth
& improving profitability
• 3Q 2025 was another record –
setting quarter across GMV, gross
order volume, and revenue
• Growth driven by more active
buyers & higher purchase frequency
• Improved profitability YoY across
Asia and Brazil
• Brazil: GMV growth outpaced the
market, driven by sustained
increases in monthly active buyers,
purchase frequency, and average
basket sizes while maintaining
positive adjusted EBITDA
• We now expect Shopee’s full -year
2025 GMV growth to be more
than 25%
Improving monetization
effectiveness
• Ad revenue increased over 70% and
ad take -rate rose by more than
80bps YoY in 3Q 2025
• Number of sellers using our ad
products increased by > 25%, and
their average ad spend increased by
> 40% YoY
• AI initiatives around search,
recommendations and discovery
have increased buyer engagement,
improving our purchase conversion
rate by 10% YoY in 3Q 2025
Progress made on key
operational priorities
Improving service quality:
• Indonesia: Instant delivery with
delivery times as fast as 2,500 automated locker
stores at > 30% lower cost -per -order
than traditional pick -up locations
• Brazil: Logistics enabling us to move
upmarket – average delivery speed
improved by 2 days YoY; ShopeeMall
GMV grew > 2x YoY
• Shopee VIP members > 3.5 million, up
> 75% QoQ
Thriving content ecosystem:
• YouTube collaboration continues to
gain strong traction; extending
partnership to Brazil
• Announced collaboration with Meta
enabling seamless checkout
between Facebook & Shopee
Sea 3Q 2025 Results |

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E – commerce
GMV and Gross Orders
25.1
28.6 28.6 29.8
32.2
2.8 3.0 3.1 3.3
3.6
-3
-2
-1
0
1
2
3
4
0
5
10
15
20
25
30
35
40
45
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025
Billions
GMV (US$)
Gross Orders
0
0
Sea 3Q 2025 Results |

3.1
0.7
0.5
3.2
3.7 3.5
3.8
4.3
12.7% 12.8% 12.3% 12.6% 13.3%
0
0
0
0
0
0
0
0
0
0
1
2
3
4
5
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 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 3Q 2025 Results |

11
E – commerce
Adjusted EBITDA
34.4
152.2
264.4
227.7
186.1
0.1%
0.5%
0.9%
0.8%
0.6%
0
0
0
0
0
0
0
0
50
100
150
200
250
300
350
400
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 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 3Q 2025 Results |

12
Broad – based Growth while Maintaining Portfolio Health
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 expanded $1 billion QoQ to
reach $7.9 billion
• We added > 5 million first -time borrowers in 3Q 2025,
bringing consumer and SME loans active users 1 to 34
million, up 45% YoY
• NPL90+ ratio 2 remained stable at 1.1% in 3Q 2025
• Thailand’s loan book surpassed $2 billion as of the end of
September
• In Brazil, loan book grew > 3x YoY in 3Q 2025 with
improving portfolio quality and stronger user
performance
Driving on and off -Shopee growth
On -Shopee loans delivered solid growth
• On -Shopee SPayLater GMV penetration now ranges from
single digits in early markets to > 30% in more mature
ones and penetration continues to deepen across all our
markets
Off -Shopee loans 3 growing healthily
• Off -Shopee SPayLater portfolio grew > 300% YoY and
> 40% QoQ, still only accounts for 300 million
times in 3Q 2025
• NARUTO SHIPPUDEN Chapter 2: Built on huge
momentum from Chapter 1, creating even more
immersive storyline, hugely popular collectibles, and new
iconic attack skills. Chapter 2 surpassed Chapter 1 in
engagement and revenue. Both Naruto chapters achieved
highest satisfaction scores of any campaign launched
over past two years
• 2025’s series of major campaigns and IP collaborations
demonstrate Garena’s strong execution capability, driven
by core creative culture and strong connection to gamers
Sea 3Q 2025 Results |
1. Based on Sensor Tower for Vietnam

Digital Entertainment
16
Quarterly Active Users, Quarterly Paying User Ratio and ARPPU 1
628.5 618.0 661.8 664.8 670.8
8.0% 8.2%
9.8%
9.3%
9.8%
0
0
0
0
0
0
0
200
400
600
800
1,000
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025
Millions
Quarterly Active Users
Quarterly Paying User Ratio
11.1 10.8 12.0 10.7 12.8 ARPPU 1
(US$)
1. Average bookings per quarterly paying user.
Sea 3Q 2025 Results |

Digital Entertainment
17
Bookings 1, GAAP Revenue and Adjusted EBITDA
US$ Millions
557 543
775
661
841
498 519 496
559
653
314 290
458
368
466
56.5%
53.3%
59.1%
55.7% 55.4%
0.1
0.2
0.3
0.4
0.5
0.6
0
200
400
600
800
1,000
1,200
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 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 3Q 2025 Results |

18
Appendix
Sea 3Q 2025 Results |

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GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
US$ Thousands 3Q 2024 3Q 2025
E-commerce
Operating income / (loss) (36,818) 110,117
Depreciation and amortization 71,264 75,938
E-commerce Adjusted EBITDA 34,446 186,055
Digital Financial Services
Operating income / (loss) 173,942 248,177
Depreciation and amortization 13,985 10,135
Digital Financial Services Adjusted EBITDA 187,927 258,312
Digital Entertainment
Operating income / (loss) 262,402 309,811
Net effect of changes in deferred revenue & its related cost 46,712 151,915
Depreciation and amortization 5,314 4,218
Digital Entertainment Adjusted EBITDA 314,428 465,944
Sea 3Q 2025 Results |

20
GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
US$ Thousands 3Q 2024 3Q 2025
Other Services
Operating income / (loss) (11,001) (27,039)
Depreciation and amortization 2,446 1,920
Other Services Adjusted EBITDA (8,555) (25,119)
Group
Operating income / (loss) 202,415 475,946
Net effect of changes in deferred revenue & its related cost 46,712 151,915
Depreciation and amortization 93,009 92,211
Share -based compensation 179,201 154,182
Total Adjusted EBITDA 521,337 874,254
Sea 3Q 2025 Results |