Sea (SE) Q2 FY25 earnings call

Earnings call· Jun 2025 (Q2 FY25)· Industrials· Aug 12, 2025

Source: earnings call transcript

Sea Limited delivered a strong Q2 FY25, with all three segments—Shopee, Monee, and Garena—achieving robust growth and improved profitability. The company raised its full-year bookings guidance for Garena, driven by Free Fire's performance, and continues to prioritize profitable growth while expanding market share. Management emphasized disciplined cost efficiency and a strong balance sheet.

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SE operating KPIs by quarter

SE operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	This call Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Gross merchandise value Shopee	$28.6B On e-commerce, Shopee's gross orders grew 20% year-on-year to $3 billion in the fourth quarter of 2024, and GMV increased by 23% year-on-year to $28.6 billion in the fourth quarter of 2024. Source: earnings call transcript	$28.6B On e-commerce, Shopee's gross orders grew 20% year-on-year to 3.1 billion in the first quarter of 2025 and GMV increased by 22% year-on-year to $28.6 billion in the first quarter of 2025. Source: earnings call transcript	$29.8B On e-commerce, Shopee's gross orders grew 29% year-on-year to $3.3 billion in the second quarter of 2025, and GMV increased by 28% year-on-year to $29.8 billion in the second quarter of 2025. Source: earnings call transcript	$32.2B On e-commerce, Shopee's gross orders increased 28% year-on-year to $3.6 billion in the third quarter of 2025, and GMV increased by 28% year-on-year to $32.2 billion in the third quarter of 2025. Source: earnings call transcript	$36.7B On Shopee, gross orders increased 30% year-on-year to $4 billion in the fourth quarter of 2025 and GMV increased by 29% year-on-year to $36.7 billion in the fourth quarter of 2025. Source: earnings call transcript	$37.3B On Shopee, gross orders increased 29% year-on-year to $4 billion in the first quarter of 2026, and GMV increased by 30% year-on-year to $37.3 billion in the first quarter of 2026. Source: earnings call transcript	—	+1.6%
Orders Shopee	3B On e-commerce, Shopee's gross orders grew 20% year-on-year to $3 billion in the fourth quarter of 2024, and GMV increased by 23% year-on-year to $28.6 billion in the fourth quarter of 2024. Source: earnings call transcript	3.1B On e-commerce, Shopee's gross orders grew 20% year-on-year to 3.1 billion in the first quarter of 2025 and GMV increased by 22% year-on-year to $28.6 billion in the first quarter of 2025. Source: earnings call transcript	3.3B On e-commerce, Shopee's gross orders grew 29% year-on-year to $3.3 billion in the second quarter of 2025, and GMV increased by 28% year-on-year to $29.8 billion in the second quarter of 2025. Source: earnings call transcript	3.6B On e-commerce, Shopee's gross orders increased 28% year-on-year to $3.6 billion in the third quarter of 2025, and GMV increased by 28% year-on-year to $32.2 billion in the third quarter of 2025. Source: earnings call transcript	—	4B On Shopee, gross orders increased 29% year-on-year to $4 billion in the first quarter of 2026, and GMV increased by 30% year-on-year to $37.3 billion in the first quarter of 2026. Source: earnings call transcript	—	—
Bookings Digital Entertainment	$543M Digital entertainment bookings were $543 million in the fourth quarter up 19% year-on-year and $2.1 billion for the full year of 2024, up 19% year-on-year. Source: earnings call transcript	$775M Digital entertainment bookings were $775 million in the first quarter, up 51% year-on-year. Source: earnings call transcript	$661M Digital entertainment bookings grew 23% year-on-year to $661 million. Source: earnings call transcript	$841M Digital entertainment bookings grew 51% year-on-year to $841 million. Source: earnings call transcript	$672M Garena bookings grew 24% year-on-year to $672 million in the fourth quarter and grew 37% year-on-year to $2.9 billion for the full year of 2025. Source: earnings call transcript	$931M Garena bookings grew 20% year-on-year to $931 million. Source: earnings call transcript	—	+38.5%
First-time borrowers added SeaMoney	~5M In the fourth quarter, we added approximately 5 million first-time borrowers, and we saw 50% year-on-year growth in our active users, which have now grown to more than $26 million. Source: earnings call transcript	4M+ In the first quarter, we added over 4 million first-time borrowers, and we see new user cohorts continuing to generate positive profit over time as we scale. Source: earnings call transcript	4M+ We added over 4 million first-time borrowers during the quarter, and our newer cohorts are scaling well with positive unit economics. Source: earnings call transcript	5M+ Moving to this all can apply approach enabled us to add more than 5 million first-time borrowers in the third quarter. Source: earnings call transcript	5.8M In the fourth quarter, we added 5.8 million unique first-time borrowers. Source: earnings call transcript	4.9M In the first quarter, we added 4.9 million first-time borrowers -- our active credit users crossed 38 million at the end of the quarter, an increase of more than 35% year-on-year. Source: earnings call transcript	~5.3M We added around 5.3 million uniques per time borrowers and our active credit users grew around 34% year-on-year to over $40 million at the end of the quarter. Source: earnings call transcript	—
Active borrowers SeaMoney	—	28M+ By the end of the quarter, active users for our consumer and SME loan products exceeded 28 million, representing more than 50% growth year-on-year. Source: earnings call transcript	30M+ At the end of the quarter, active users for our consumer and SME loan products exceeded 30 million for the first time, representing more than 45% year-on-year growth. Source: earnings call transcript	—	37M+ Our active credit users crossed 37 million at the end of the quarter, up more than 40% year-on-year. Source: earnings call transcript	38M+ In the first quarter, we added 4.9 million first-time borrowers -- our active credit users crossed 38 million at the end of the quarter, an increase of more than 35% year-on-year. Source: earnings call transcript	40M+ We added around 5.3 million uniques per time borrowers and our active credit users grew around 34% year-on-year to over $40 million at the end of the quarter. Source: earnings call transcript	—
90-day NPL ratio SeaMoney	1.2% Nonperforming loans past due by more than 90 days, as a percentage of total consumer and SME loans was 1.2% at the end of the quarter. Source: earnings call transcript	1.1% At the same time, our overall portfolio quality remained healthy, with our 90-day NPL ratio staying relatively stable at 1.1%. Source: earnings call transcript	1% Our loan portfolio remains healthy with the 90-day NPL ratio staying stable at 1.0%. Source: earnings call transcript	1.1% Monee has delivered another very strong quarter with revenue growing by 61% and adjusted EBITDA growing more than 35% year-on-year, while our 90-day NPL ratio remained stable at 1.1%. Source: earnings call transcript	1.1% Our 90-day NPL ratio held steady at 1.1% as of the end of the fourth quarter. Source: earnings call transcript	1.1% Our 90-day NPL ratio remained stable at 1.1% at the end of the quarter. Source: earnings call transcript	1% Asset quality remained stable with our 90-day NPL ratio at 1.0%. Source: earnings call transcript	-0.1 pt
Paid subscription members Shopee VIP	—	1M+ Adoption has been encouraging, with more than 1 million users subscribing as of the end of March. Source: earnings call transcript	2M At the end of June, total VIP subscribers in the market reached 2 million. Source: earnings call transcript	3.5M+ By the end of September, VIP members across Indonesia, Thailand, Vietnam surpassed 3.5 million, up more than 75% from the previous quarter. Source: earnings call transcript	7M+ Total subscribers surpassed 7 million at the end of the year, more than double the number from a quarter ago. Source: earnings call transcript	10M+ By the end of March, total subscribers across our Asian market surpassed 10 million up more than 40% from the previous quarter, with strong program retention averaging above 80%. Source: earnings call transcript	15M+ Now life across Asia and Brazil, total membership exceeded $15 million at the end of June, up 25% from the previous quarter. Source: earnings call transcript	—
Stores Taiwan	—	—	—	2,500+ So we expanded our automated locker store network to over 2,500 locations in less than 3 years, making us the only e-commerce player in Taiwan with a locker network at such scale. Source: earnings call transcript	2,800+ By the end of the year, our network has grown to over 2,800 locations. Source: earnings call transcript	—	—	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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