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- **Record 2025 Performance**: $23B revenue (+36% YoY), $1.6B net income (+260% YoY), $3.4B EBITDA (+75% YoY)
- **Shopee Growth**: 27% GMV growth, 2026 targets 25% GMV with EBITDA ≥2025 levels
- **Monee Expansion**: $9.2B loan book (+80% YoY), 300% YoY off-Shopee SPayLater growth
- **Garena Dominance**: Free Fire bookings +33% YoY, 100M+ daily players
- **Strategic Investments**: Logistics, AI, content ecosystem driving long-term moats
- **Financial Health**: 2025 adj. EBITDA margin 15%, 2026+ targeting 2-3% e-commerce margin

**【CEO Opening Remarks】**
- Sea achieved record 2025 revenue of $23B (+36% YoY), with net income of $1.6B (+260% YoY) and adjusted EBITDA of $3.4B (+75% YoY). Key business highlights:
  - Shopee: $127B GMV (+27% YoY), 400M active buyers, 20M sellers
  - Monee: $9.2B loan book (+80% YoY), 20M unique borrowers
  - Garena: $2.9B bookings (+37% YoY), 100M+ daily players
- 2026 strategy: Maintain operational excellence, prioritize growth with financial discipline, expand logistics, VIP memberships, and content ecosystem

**【Shopee Business Update】**
- 2025 GMV growth 27% YoY, adj. EBITDA $880M
- Key initiatives:
  - Logistics: SPX Express processes 30M+ parcels/day, instant delivery in 10+ cities
  - VIP Program: 7M+ subscribers (+100% QoQ), 15%+ GMV contribution in Q4
  - Content: YouTube orders +300% YoY, Meta affiliate partnerships
- 2026 targets: 25% GMV growth, EBITDA ≥2025 levels

**【Monee Financial Services】**
- 2025 revenue $3.8B (+60% YoY), adj. EBITDA $1B
- Credit business drivers:
  - New users: 5.8M Q4 borrowers, 37M+ active users
  - Off-Shopee SPayLater: 15%+ of portfolio, 300% YoY growth
  - Risk management: 1.1% 90-day NPL ratio
- 2026 focus: Expand use cases beyond e-commerce, leverage AI for underwriting

**【Garena Gaming】**
- 2025 bookings $2.9B (+37% YoY), adj. EBITDA $1.7B
- Free Fire success:
  - 8th anniversary content drove 33%+ bookings growth
  - 600K+ participants in Free Fire World Series
- New titles: EA SPORTS FC Mobile launched in 10+ markets
- 2026 pipeline: Free Fire 10th anniversary, Delta Force expansion

**【CFO Financial Summary】**
- Q4 2025 results:
  - Total revenue $6.9B (+38% YoY)
  - Shopee adj. EBITDA $202M (+33% YoY)
  - Monee adj. EBITDA $263M (+25% YoY)
  - Garena adj. EBITDA $364M (+26% YoY)
- Full year 2025 net income $1.6B (+260% YoY)

**【Q&A Highlights】**
- Shopee investment cycle: 1-2 years for logistics, VIP program retention >70%
- Monee EBITDA margin: 25-30% stable due to disciplined risk management
- AI initiatives: Multimodal search, seller chatbots, ad optimization
- Brazil growth: Fulfillment expansion to double penetration, AOV gap narrowing
- Content ecosystem: 20%+ revenue contribution, improving unit economics

Sea Limited (SE) Q4 2025 Earnings Call Transcript

- **Record Growth**: Q3 2025 revenue $6B (+38% YoY), EBITDA $874M (+68% YoY). Shopee GMV $32.2B (+28% YoY), Monee loan book $7.9B (+70% YoY), Garena bookings $841M (+51% YoY). 
- **Key Drivers**: Shopee ad revenue +70% YoY, Brazil Shopee Mall GMV doubles YoY. Garena Free Fire bookings +51% YoY, SPayLater off-Shopee +300% YoY. 
- **AI & Logistics**: AI boosts ad conversion +10% YoY, SPX Express handles >50% orders with 20% cost reduction in rural areas. 
- **Future Focus**: 2025 GMV >25% YoY, 2026 logistics fulfillment expansion. Garena 2026 growth via new IPs, cautious Argentina expansion.

**【CEO Opening Remarks】**
- Q3 2025 total revenue: $6 billion (+38% YoY), adjusted EBITDA: $874 million (+68% YoY). Shopee GMV: $32.2 billion (+28% YoY), Monee loan book: $7.9 billion (+70% YoY), Garena bookings: $841 million (+51% YoY). 
- Shopee: 5 consecutive quarters of GMV growth, ad revenue +70% YoY, GMV penetration in Brazil's Shopee Mall doubles YoY. Monee: SPayLater off-Shopee growth +300% YoY, Brazil loan book +50% QoQ. Garena: Free Fire bookings +51% YoY, Naruto Chapter 2 engagement surpasses Chapter 1.

**【CFO Financial Commentary】**
- E-commerce: GAAP revenue $4.3 billion (+37% YoY), adjusted EBITDA $186 million (+453% YoY). Digital Finance: GAAP revenue $990 million (+61% YoY), adjusted EBITDA $258 million (+37% YoY). Digital Entertainment: GAAP revenue $653 million (+31% YoY), adjusted EBITDA $466 million (+48% YoY). 
- Key metrics: Shopee GMV $32.2B, Monee NPL ratio 1.1%, Garena bookings $841M. 

**【Q&A Highlights】**
- **E-commerce Growth & Margins**: 2025 GMV guidance >25% YoY, 2026 focus on logistics fulfillment. E-commerce EBITDA margin 0.6% (Q3) due to investments in SPX Express, Shopee VIP. 
- **Market Share & Strategy**: Gaining share in ASEAN, Brazil GMV growth outpaces market. Argentina expansion cautious, prioritizing Brazil. 
- **AI & Innovation**: AI boosts ad conversion (+10% YoY), customer service chatbots handle 90% inquiries. No large-scale AI CapEx, focus on practical applications. 
- **Garena Outlook**: 2026 Free Fire growth via new IPs, pipeline games in early stages. 
- **Logistics Investment**: SPX Express handles >50% orders, cost per order down 20% in rural areas. Fulfillment network expansion via leasing, not CapEx.

Sea Limited (SE) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Total revenue $5.3B (+38% YoY), Shopee GMV $29.8B (+28% YoY), Monee loan book $6.9B (+90% YoY). 
- **Profitability**: Consolidated EBITDA $829M (+85% YoY), all 3 businesses EBITDA-positive. 
- **Brazil Dominance**: AMAB +30% YoY, 100%+ faster delivery, 16% logistics cost reduction. 
- **VIP Program Success**: 2M subscribers, GMV +50% QoQ, 20% higher purchase frequency. 
- **Gaming Upside**: Free Fire bookings +23% YoY, full year guidance raised to >30% growth. 
- **AI Differentiation**: +70bps ad take rate, 4x social media engagement, AI-generated content for 20%+ orders. 


**【CEO Summary Section】**
- **Shopee**: GMV grew 25% YoY in H1, with Q2 GMV at $29.8 billion. Brazil AMAB rose 30% YoY, outpacing industry growth. Logistics cost per order down 16%, delivery time reduced by 2 days YoY. Shopee VIP subscribers reached 2 million in Southeast Asia, with GMV from VIP members up 50% QoQ. Instant delivery pilot in Indonesia, Vietnam, and Thailand achieved 4-hour delivery. 
- **Monee**: Loan book reached $6.9 billion (+90% YoY), with 4 million new borrowers in Q2. Malaysia loan book surpassed $1 billion. SPayLater penetration in mid-teens, personal cash loans up 100% YoY. 
- **Garena**: Bookings +23% YoY, Free Fire DAU >100 million. New map Solara drove 4x increase in social media sharing. Full year bookings guidance raised to >30% YoY growth. 
- **Overall Strategy**: Prioritize growth with disciplined cost control, all 3 businesses EBITDA-positive since H2 2024. 

**【CFO Financial Commentary】**
- **Total Revenue**: $5.3 billion (+38% YoY). Shopee GAAP revenue $3.8 billion (+34% YoY), Monee GAAP revenue $883 million (+70% YoY). 
- **Profitability**: Consolidated adjusted EBITDA $829 million (+85% YoY). Shopee EBITDA $228 million (vs. -$9 million YoY), Monee EBITDA $255 million (+55% YoY). 
- **Balance Sheet**: Consumer/SME loans $6.9 billion, 90+ DPD NPL ratio 1.0%. Digital entertainment bookings $661 million (+23% YoY). 

**【Q&A Highlights】**
- **Brazil E-commerce**: Competitor free shipping threshold adjustment had no impact on Shopee growth. Logistics cost 16% lower YoY, delivery 2 days faster. Price competitiveness and seller expansion driving higher basket sizes. 
- **VIP Program**: 2 million subscribers in SEA, GMV from VIP +50% QoQ. Renewal rates >80% with SPayLater integration. No material cost impact on EBITDA. 
- **Gaming Strategy**: Free Fire growth driven by new maps/IP collaborations (e.g., Squid Game, Naruto). Exploring AI for personalized game content and bot teammates. 
- **Fintech Expansion**: Brazil SPayLater penetration <10%, personal loans early stage. Malaysia loan book $1 billion, 3rd market to reach scale. 
- **AI Investment**: Ad tech improvements (+70bps take rate YoY), AI-generated content (20%+ orders from live streams), and AI-driven logistics forecasting. 


Sea Limited (SE) Q2 2025 Earnings Call Transcript

- **30% Revenue Growth**: Q1 2025 revenue hits $4.8B, driven by Shopee's 22% GMV growth and Monee's 75% loan book expansion.
- **Profitability Breakthrough**: Shopee EBITDA turns positive ($264M), Monee EBITDA up 62% to $241M. Consolidated EBITDA $947M (+136% YoY).
- **Brazil Dominance**: Shopee Brazil GMV growth outpaces market, 21% YoY logistics cost reduction, 10M+ new users Q1.
- **AI-Driven Efficiency**: 20%+ ROE on AI investments, 50% YoY ad revenue growth, 4x spend uplift from Shopee VIP members.
- **Gaming Surge**: Garena bookings +51% to $775M, Free Fire sets DAU records, new titles add 10M+ downloads.


**【CEO Opening Remarks】**
- **Record Growth Across Businesses**: Q1 2025 saw 30% YoY revenue growth to $4.8B, driven by Shopee's GMV (+22% YoY to $28.6B) and Monee's loan book expansion (+75% YoY to $5.8B). All businesses are now self-sufficient and cash-generating.
- **Shopee Profitability Leap**: EBITDA margin improved to 0.9% of GMV (vs. -0.1% last year), with ad revenue surging 50% YoY. Brazil logistics cost per order down 21% YoY.
- **Monee's Explosive Expansion**: 50% YoY growth in active users (28M) and 75% YoY loan book growth, with 4M+ new borrowers Q1. Off-Shopee loans now 10%+ of Malaysia portfolio.
- **Garena's Gaming Dominance**: Bookings +51% YoY to $775M, Free Fire sets new DAU records with NARUTO collaboration. New titles like Delta Force Mobile add 10M+ downloads.

**【CFO Financial Highlights】**
- **Topline Strength**: Total GAAP revenue $4.8B (+30% YoY). Shopee GAAP revenue $3.5B (+29% YoY), Monee GAAP revenue $787M (+58% YoY).
- **Profitability Breakthrough**: Consolidated adjusted EBITDA $947M (+136% YoY). Shopee EBITDA $264M (vs. -$22M last year), Monee EBITDA $241M (+62% YoY).
- **Cash Generation**: Free cash flow $420M, up from -$120M YoY. Net income $411M (vs. -$23M YoY).

**【Q&A Key Takeaways】**
- **Shopee Margin Strategy**: 2-3% EBITDA/GMV target achievable via ad take rate expansion (+50bps YoY) and AI-driven cost savings. Brazil growth to continue despite TikTok entry.
- **Monee Funding Mix**: Shifting from internal capital to third-party funding (banks, ABS) to sustain 75%+ loan book growth while maintaining 1.1% NPL ratio.
- **AI Investment Payoff**: 20%+ ROE on AI initiatives (e.g., ad efficiency, fraud detection). Shopee VIP membership adoption >1M, driving 4x spend uplift.
- **Gaming Pipeline**: Free City pre-registrations strong, Call of Duty Mobile expansion. 25%+ booking growth achievable via new titles and Free Fire monetization.


Sea Limited (SE)-13 May 25-2025 Q1 Earnings call transcript

- **Record Growth Across Businesses**: 2024 marked the second year of company-wide profitability, with Shopee GMV surpassing $100 billion, SeaMoney loan book reaching $5.1 billion, and Free Fire bookings up 34% YoY.
- **E-commerce Efficiency**: Shopee's EBITDA turned positive in both Asia and Brazil, driven by 50% YoY ad revenue growth and $0.05 cost per order savings. AI reduced customer service costs by 30% and accelerated order resolution by 40%.
- **Fintech Expansion**: SeaMoney's loan book grew 60% YoY with stable risk (1.2% NPL ratio), outpacing Shopee's GMV growth in 2025. Brazil's SeaMoney penetration expanded through customized lending products.
- **Gaming Resilience**: Free Fire's 34% YoY growth and 90% YoY user expansion in Nigeria highlight its global appeal and local engagement strategies.
- **2025 Outlook**: Shopee targets 20% GMV growth, SeaMoney loan book growth to exceed Shopee's pace, and Garena aims for double-digit user and booking growth.


**【CEO Summary Section】**
- **Company-wide success**: All three businesses (e-commerce, digital financial services, digital entertainment) achieved double-digit growth in 2024, with the company recording its second consecutive year of annual profit. Shopee's GMV exceeded $100 billion, SeaMoney's loan book surpassed $5 billion, and Garena's Free Fire bookings grew 34% YoY.
- **E-commerce dominance**: Shopee became EBITDA-positive in both Asia and Brazil, with GMV up 28% YoY. Ad revenue grew over 50% YoY, driven by improved ad tech adoption. Logistics efficiency reduced costs per order by $0.05, and AI-driven customer service reduced costs by 30% YoY.
- **Financial services expansion**: SeaMoney's revenue and EBITDA grew over 30% YoY, with loan book size up 60% YoY to $5.1 billion. Brazil's active borrowers increased by 5 million Q4, and the 90-day NPL ratio remained stable at 1.2%.
- **Gaming resilience**: Garena's Free Fire bookings grew 34% YoY, with DAU exceeding $100 million. The game expanded into new markets like Africa, with Nigeria's active users up 90% YoY.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Total GAAP revenue reached $5 billion (37% YoY growth), with adjusted EBITDA of $591 million. Shopee's EBITDA turned positive at $152 million, while SeaMoney's EBITDA grew 42% YoY to $211 million. Full-year net income was $448 million, up from $163 million in 2023.
- **2025 Outlook**: Shopee expects 20% GMV growth, driven by user acquisition and category expansion. SeaMoney's loan book growth will outpace Shopee's GMV growth, supported by on- and off-Shopee lending products. Garena aims for double-digit user and booking growth, leveraging AI and local content integration.

**【Q&A Highlights】**
- **Shopee Logistics**: Half of Asian orders delivered within 2 days, with same-day delivery expanding in markets like Thailand. Logistics cost efficiency enabled 2025 GMV growth guidance of 20%.
- **SeaMoney Risk Management**: Stable 1.2% NPL ratio despite rapid growth, driven by market-specific risk models and prudent user acquisition.
- **AI Impact**: AI improved ad relevance (50+ basis points take rate increase), reduced customer service costs by 30%, and accelerated return/refund resolution times by 40% YoY.
- **Brazil Expansion**: Shopee Brazil achieved positive EBITDA for two consecutive quarters, with active buyers up 40% YoY. SeaMoney Brazil launched customized lending products, contributing to faster-than-average loan book growth.


Actual										-0.52	-0.6797	-0.5287	-0.87	-0.6228	-0.61	-0.84	-0.88	-0.8	-1.03	-0.66	1.0103	0.6791	0.863	0.0558	-0.19	-0.04	0.4568	0.5205	0.6764	0.9144	0.9041	0.59	0.63
Forecast										-0.3543	-0.4408	-0.5457	-0.571	-0.4365	-0.4909	-0.6685	-0.8708	-1.3008	-1.1391	-1.0407	-0.6435	0.6803	0.6547	0.1179	-0.059	0.2248	0.337	0.4576	0.6775	0.8133	0.8346	0.8752	0.7585
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-46.77%	-54.20%	+3.12%	-52.36%	-42.68%	-24.26%	-25.65%	-1.06%	+38.50%	+9.58%	+36.58%	+257.00%	-0.18%	+31.82%	-52.67%	-222.03%	-117.79%	+35.55%	+13.75%	-0.16%	+12.43%	+8.33%	-32.59%	-16.94%

SE

SE fundamentals

SE Q4 2025 Earnings

Earnings Call

You can ask Aime

SE

SE fundamentals

SE Q4 2025 Earnings

Earnings Call

SE Earnings Call Summary for Q4/20257:30 AM on Mar 3, 2026

SE Earnings Call Summary for Q3/20257:30 AM on Nov 11, 2025

SE Earnings Call Summary for Q2/20257:30 AM on Aug 12, 2025

SE Earnings Call Summary for Q1/20257:30 AM on May 13, 2025

SE Earnings Call Summary for Q4/20247:30 AM on Mar 4, 2025

You can ask Aime