Second Quarter 2025 Results

Sea Limited reports record‑breaking performance for the second quarter of 2025, with consolidated GAAP revenue rising 33.7 % year‑over‑year to US$4.8 billion and adjusted EBITDA reaching US$829 million, a 90 % increase from the same period in 2024. The company’s three core segments—e‑commerce, digital financial services (DFS), and digital entertainment—contributed 79 % of revenue growth. E‑commerce revenue grew 7 % quarter‑over‑quarter to US$3.5 billion, driven by higher gross merchandise volume (GMV) and improved ad take rates; DFS revenue surged 94 % YoY to US$3.8 billion, supported by a 90 % rise in loans principal outstanding and a stable non‑performing loan ratio of 1.0 %; digital entertainment revenue increased 23 % YoY to US$5.8 billion, with bookings up 23 % and adjusted EBITDA up 22 %.

Geographically, the company continues to expand in Southeast Asia and Brazil. On‑Shopee loans reached US$6.9 billion, with new borrowers adding over 4 million first‑time users and a loan book surpassing US$1 billion in Malaysia. Digital entertainment saw sustained user engagement, with Free Fire maintaining a global active base of over 100 million and achieving double‑digit growth across key titles.

Methodologically, figures are unaudited and include non‑GAAP measures such as adjusted EBITDA. The presentation highlights forward‑looking statements, risk factors, and reconciliations between GAAP and non‑GAAP metrics. Overall, Sea Limited demonstrates robust growth across its segments while maintaining a stable risk profile and improving profitability metrics.