Strong Q1 2026 growth at Sea Limited (NYSE: SE) across Shopee, Monee, Garena

Rhea-AI Filing Summary

Sea Limited reported strong first-quarter 2026 results, with GAAP revenue of US$7.1 billion, up 46.6% year-on-year. Gross profit reached US$3.1 billion, up 40.7%, while net income was US$438.2 million, up 6.7%. Adjusted EBITDA rose 9.3% to US$1.0 billion.

Shopee generated US$5.1 billion of GAAP revenue, supported by GMV of US$37.3 billion and 4.0 billion orders, all growing around 30% or more year-on-year. Monee revenue grew 57.8% to US$1.2 billion, with consumer and SME loans principal outstanding of US$9.9 billion and non-performing loans over 90 days at 1.1%. Garena bookings increased 20.1% to US$931.4 million, with paying users up 12.4%. Sea also repurchased 1.8 million shares for US$168.4 million under its US$1.0 billion buyback program.

Positive

• Q1 2026 GAAP revenue grew 46.6% year-on-year to US$7.1 billion, with all major segments contributing double-digit growth.
• Shopee, Monee, and Garena each delivered strong metrics, including US$5.1 billion Shopee revenue, US$9.9 billion Monee loans, and US$931.4 million Garena bookings.
• Sea generated US$1.06 billion in operating cash flow and repurchased 1.8 million shares for US$168.4 million, signaling balance sheet strength and capital return.

Negative

• None.

Insights

Equity research analyst

Sea posted very strong top-line growth with stable profitability and healthy credit metrics.

Sea Limited delivered broad-based growth in Q1 2026. Total GAAP revenue climbed to US$7.1 billion, up 46.6% year-on-year, while gross profit rose 40.7% to US$3.1 billion. Net income increased to US$438.2 million, with diluted EPS at US$0.67.

Shopee remains the main growth engine, with GMV of US$37.3 billion and GAAP revenue of US$5.1 billion, both growing around 30–45% year-on-year. Monee expanded rapidly: revenue grew 57.8% and consumer/SME loans reached US$9.9 billion, while 90+ day non-performing loans stayed low at 1.1%. Garena rebounded, with bookings up 20.1% and adjusted EBITDA of US$573.6 million.

Operating cash flow improved to US$1.06 billion, supporting continued investment and a share repurchase of US$168.4 million. Actual impact on future results will depend on sustaining growth in Shopee and Monee while managing higher sales and marketing and provision for credit losses.

Key Figures

Total GAAP revenue: US$7.1 billion Net income: US$438.2 million Adjusted EBITDA: US$1.0 billion +5 more

8 metrics

Total GAAP revenue US$7.1 billion Q1 2026, up 46.6% year-on-year

Net income US$438.2 million Q1 2026, up 6.7% year-on-year

Adjusted EBITDA US$1.0 billion Q1 2026, up 9.3% year-on-year

Shopee GMV US$37.3 billion Q1 2026, up 30.2% year-on-year

Monee loans outstanding US$9.9 billion Consumer and SME principal as of March 31, 2026, up 71.3%

Garena bookings US$931.4 million Q1 2026, up 20.1% year-on-year

Operating cash flow US$1,057.9 million Net cash generated from operating activities, Q1 2026

Share repurchases 1.8 million shares; US$168.4 million Under US$1.0 billion program, Q1 2026

Key Terms

Adjusted EBITDA, non-GAAP financial measures, provision for credit losses, deferred revenue, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA1 increased by 9.3% year-on-year to reach US$1.0 billion."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP financial measures financial

"For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

provision for credit losses financial

"Our provision for credit losses increased by 65.1% to US$465.5 million in the first quarter of 2026."

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

deferred revenue financial

"Change in deferred revenue of Garena ... Adjusted EBITDA for Garena (1)."

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

share-based compensation financial

"Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs."

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-38237

Sea Limited

1 Fusionopolis Place, #17-10, Galaxis

Singapore 138522

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

EXHIBIT INDEX

Exhibit 99.1 — Press Release

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SEA LIMITED
By:		/s/ Forrest Xiaodong Li
Name:		Forrest Xiaodong Li
Title:		Chairman and Chief Executive Officer

Date: May 12, 2026

Exhibit 99.1

Sea Limited Reports First Quarter 2026 Results

Singapore, May 12, 2026 – Sea Limited (NYSE: SE) (“Sea” or the “Company”) today announced its financial results for the first quarter ended March 31, 2026.

In the first quarter of 2026, Sea’s GAAP revenue was US$7.1 billion, up 46.6% year-on-year. The Company also achieved gross profit of US$3.1 billion, up 40.7% year-on-year, and net income of US$438.2 million, up 6.7% year-on-year. Adjusted EBITDA¹ increased by 9.3% year-on-year to reach US$1.0 billion.

“We have had a strong start to the year. 2026 is a year where we are leaning in to deepen our competitive moats, while maintaining financial discipline. Our strong revenue growth reflects the effectiveness of these investments, and we are already seeing unit economics start to improve for some of these initiatives. We believe this is the right approach to maximize long-term value, given the significant runway for growth still ahead of us in our markets,” said Forrest Li, Sea’s Chairman and Chief Executive Officer.

On Shopee, he said, “Shopee delivered another record-setting quarter, achieving new highs in GMV, gross order volume, and revenue while maintaining financial discipline. Looking ahead, we are confident in the strength of our Shopee ecosystem and our ability to execute our strategies. We are on track to deliver our 2026 guidance: to grow Shopee’s annual GMV by around 25% year-on-year, with full year adjusted EBITDA no lower than 2025 in absolute dollar terms.”

On Monee, Mr. Li said, “Monee continues to grow healthily while maintaining stable asset quality. Expansion into more user segments, off-Shopee use cases, and early markets like Brazil are giving us a much larger addressable opportunity across our portfolio. We remain confident that Monee will be a significant long-term profit contributor for Sea.”

On Garena, Mr. Li said, “Garena had a stellar start to 2026, delivering its best quarter since 2021. This performance was driven by the continued strength of Free Fire, alongside a record contribution from Arena of Valor. The sustained success of both games demonstrates our unique ability to operate games well across genres, in multiple markets, and over long periods of time. We will remain focused on delivering fresh experiences and building the long-term value of our game portfolio.”

On the growing role of AI, he said, “We have taken a practical, results-oriented approach, embedding AI into our operations to drive better outcomes for our users and greater efficiency across our platform. Across our ecosystem, we see the AI era as creating significant opportunities for a company like ours – with established scale, rich cross-vertical data, and deep local expertise.”

1

First Quarter 2026 Business Highlights

◾ Shopee

		○		Gross orders totaled 4.0 billion for the quarter, increasing by 29.3% year-on-year.
		○		GMV was US$37.3 billion for the quarter, increasing by 30.2% year-on-year.
		○		GAAP revenue was US$5.1 billion, up 45.1% year-on-year.
		○		GAAP revenue included US$4.5 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 44.4% year-on-year.

		●		Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 61.0% year-on-year to US$3.8 billion.
		●		Value-added services revenue, mainly consisting of revenues related to logistics services, was down 8.1% year-on-year to US$691.6 million as a result of higher revenue net-off against shipping subsidies.

^○ Adjusted EBITDA¹ was US$223.2 million, as compared to US$264.4 million for the first quarter of 2025.

◾ Monee

		○		GAAP revenue was US$1.2 billion, up 57.8% year-on-year.
		○		Adjusted EBITDA1 was US$275.2 million, up 14.0% year-on-year.
		○		Monee revenue and operating income are primarily attributed to the consumer and SME credit business. As of March 31, 2026, consumer and SME loans principal outstanding was US$9.9 billion, up 71.3% year-on-year. This consists of US$8.8 billion on-book and US$1.1 billion off-book loans principal outstanding2.
		○		Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includes both on-book and off-book loans principal outstanding2, was 1.1%, stable quarter-on-quarter.

◾ Garena

		○		Bookings3 were US$931.4 million, up 20.1% year-on-year.
		○		GAAP revenue was US$696.6 million, up 40.6% year-on-year.
		○		Adjusted EBITDA1 was US$573.6 million, up 25.2% year-on-year.
		○		Adjusted EBITDA represented 61.6% of bookings for the first quarter of 2026, as compared to 59.1% for the first quarter of 2025.
		○		Quarterly active users were 666.5 million, as compared to 661.8 million for the first quarter of 2025.
		○		Quarterly paying users were 72.6 million, up 12.4% year-on-year. Paying user ratio was 10.9%, as compared to 9.8% for the first quarter of 2025.
		○		Average bookings per user were US$1.40, as compared to US$1.17 for the first quarter of 2025.

Share Repurchase Program

During the first quarter of 2026, pursuant to our US$1.0 billion share repurchase program, we have repurchased 1.8 million shares for an aggregate amount of US$168.4 million.

2

¹ For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”.

² Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform.

³ GAAP revenue for Garena plus change in Garena’s deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to Garena.

3

Unaudited Summary of Financial Results

(Amounts are expressed in thousands of US dollars “$” except for per share data)

		For the Three Months ended March 31,
		2025				2026				YOY%
		$				$
Revenue
Service revenue			4,434,537				6,485,133				46.2	%
Sales of goods			406,563				612,356				50.6	%
			4,841,100				7,097,489				46.6	%
Cost of revenue
Cost of service			(2,231,118	)			(3,364,865	)			50.8	%
Cost of goods sold			(373,789	)			(587,042	)			57.1	%
			(2,604,907	)			(3,951,907	)			51.7	%
Gross profit			2,236,193				3,145,582				40.7	%
Other operating income			34,901				27,600				(20.9	%)
Sales and marketing expenses			(929,699	)			(1,414,192	)			52.1	%
General and administrative expenses			(307,189	)			(403,830	)			31.5	%
Provision for credit losses			(281,944	)			(465,504	)			65.1	%
Research and development expenses			(295,858	)			(296,669	)			0.3	%
Total operating expenses			(1,779,789	)			(2,552,595	)			43.4	%
Operating income			456,404				592,987				29.9	%
Non-operating income, net			89,208				61,788				(30.7	%)
Income tax expense			(136,315	)			(213,999	)			57.0	%
Share of results of equity investees			1,528				(2,554	)			(267.1	%)
Net income			410,825				438,222				6.7	%
Earnings per share attributable to Sea Limited’s ordinary shareholders:
Basic			0.68				0.70				2.9	%
Diluted			0.65				0.67				3.1	%
Change in deferred revenue of Garena			279,820				234,876				(16.1	%)
Adjusted EBITDA for Garena (1)			458,206				573,566				25.2	%
Adjusted EBITDA for Shopee (1)			264,417				223,174				(15.6	%)
Adjusted EBITDA for Monee (1)			241,439				275,243				14.0	%
Adjusted EBITDA for Other Services (1)			(9,110	)			(28,136	)			208.8	%
Unallocated expenses (2)			(8,443	)			(9,554	)			13.2	%
Total adjusted EBITDA (1)			946,509				1,034,293				9.3	%

⁽¹⁾ For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”.

⁽²⁾ Unallocated expenses within total adjusted EBITDA are mainly related to general and corporate administrative costs such as professional 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 Chief Operating Decision Maker (“CODM”) as part of segment performance.

4

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Revenue

Our total GAAP revenue increased by 46.6% to US$7.1 billion in the first quarter of 2026 from US$4.8 billion in the first quarter of 2025. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).

		For the Three Months ended March 31,
		2025								2026								YOY%
		$								$
Service revenue
Shopee			3,118,931								4,503,110								44.4	%
Monee			787,117								1,241,782								57.8	%
Garena			495,589								696,564								40.6	%
Other Services(1)			32,900								43,677								32.8	%
Sales of goods			406,563								612,356								50.6	%
Total revenue			4,841,100								7,097,489								46.6	%

⁽¹⁾  Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

● Shopee: GAAP revenue increased by 44.4% to US$4.5 billion in the first quarter of 2026 from US$3.1 billion in the first quarter of 2025, primarily driven by the growth of GMV.

● Monee: GAAP revenue increased by 57.8% to US$1.2 billion in the first quarter of 2026 from US$787.1 million in the first quarter of 2025, primarily driven by the growth of our credit business as our lending activities increased.

● Garena: GAAP revenue increased by 40.6% to US$696.6 million in the first quarter of 2026 from US$495.6 million in the first quarter of 2025. This increase was primarily due to the increase in our active user base as well as the deepened paying user penetration.

● Sales of goods: GAAP revenue increased by 50.6% to US$612.4 million in the first quarter of 2026 from US$406.6 million in the first quarter of 2025.

5

Cost of Revenue

Our total cost of revenue increased by 51.7% to US$4.0 billion in the first quarter of 2026 from US$2.6 billion in the first quarter of 2025. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).

		For the Three Months ended March 31,
		2025								2026								YOY%
		$								$
Cost of service
Shopee			1,934,323								2,992,543								54.7	%
Monee			106,433								142,527								33.9	%
Garena			181,004								216,470								19.6	%
Other Services(1)			9,358								13,325								42.4	%
Cost of goods sold			373,789								587,042								57.1	%
Total cost of revenue			2,604,907								3,951,907								51.7	%

⁽¹⁾  Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

● Shopee: Cost of revenue increased by 54.7% to US$3.0 billion in the first quarter of 2026 from US$1.9 billion in the first quarter of 2025, primarily driven by an increase in logistics costs as orders volume grew, as well as investment in our logistics capabilities for better user experience.

● Monee: Cost of revenue increased by 33.9% to US$142.5 million in the first quarter of 2026 from US$106.4 million in the first quarter of 2025, primarily driven by costs associated with our credit business, which include collection expenses and bank transaction fees, and server and hosting expenses.

● Garena: Cost of revenue increased by 19.6% to US$216.5 million in the first quarter of 2026 from US$181.0 million in the first quarter of 2025, primarily from third-party payment channel costs, which was largely in line with the increase in Garena revenue.

● Cost of goods sold: Cost of goods sold increased by 57.1% to US$587.0 million in the first quarter of 2026 from US$373.8 million in the first quarter of 2025.

Other Operating Income

Our other operating income was US$27.6 million and US$34.9 million in the first quarter of 2026 and 2025, respectively. Other operating income mainly consists of rebates from our logistics services providers.

6

Sales and Marketing Expenses

Our total sales and marketing expenses increased by 52.1% to US$1.4 billion in the first quarter of 2026 from US$929.7 million in the first quarter of 2025. The table below sets forth breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars (“$”).

		For the Three Months ended March 31,
		2025				2026				YOY%
Sales and Marketing Expenses			$				$
Shopee			777,492				1,091,757				40.4	%
Monee			96,261				231,868				140.9	%
Garena			28,906				44,830				55.1	%

General and Administrative Expenses

Our general and administrative expenses increased by 31.5% to US$403.8 million in the first quarter of 2026 from US$307.2 million in the first quarter of 2025.

Provision for Credit Losses

Our provision for credit losses increased by 65.1% to US$465.5 million in the first quarter of 2026 from US$281.9 million in the first quarter of 2025.

Research and Development Expenses

Our research and development expenses were US$296.7 million in the first quarter of 2026, as compared to US$295.9 million in the first quarter of 2025, relatively flat year-on-year.

Non-operating Income or Losses, Net

Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), foreign exchange gain (loss) and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$61.8 million in the first quarter of 2026, as compared to a net non-operating income of US$89.2 million in the first quarter of 2025. The non-operating income in the first quarter of 2026 was primarily due to interest income of US$67.1 million.

Income Tax Expense

We had a net income tax expense of US$214.0 million and US$136.3 million in the first quarter of 2026 and 2025, respectively.

Net Income or Loss

As a result of the foregoing, our net income increased by 6.7% to US$438.2 million in the first quarter of 2026 from US$410.8 million in the first quarter of 2025.

7

Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited’s Ordinary Shareholders

Basic earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.70 in the first quarter of 2026, compared to basic earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.68 in the first quarter of 2025.

Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.67 in the first quarter of 2026, compared to diluted earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.65 in the first quarter of 2025.

8

Webcast and Conference Call Information

The Company’s management will host a conference call today to review Sea’s business and financial performance.

Details of the conference call and webcast are as follows:

Date and time:		7:30 AM U.S. Eastern Time on May 12, 2026 7:30 PM Singapore / Hong Kong Time on May 12, 2026
Webcast link:		https://events.q4inc.com/attendee/902549222

A replay of the conference call will be available at the Company’s investor relations website (www.sea.com/investor/home). An archived webcast will be available at the same link above.

For enquiries, please contact:

Investors / analysts: ir@sea.com

Media: media@sea.com

About Sea Limited

Sea Limited (NYSE: SE) is a global technology company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across e-commerce, digital financial services, and digital entertainment, known as Shopee, Monee, and Garena respectively. Shopee is the largest e-commerce platform in Southeast Asia and Taiwan and is a leading e-commerce platform in Brazil. Monee is a leading digital financial services provider in Southeast Asia with a growing presence in Latin America. Garena is a leading global online games developer and publisher.

9

Forward-Looking Statements

This announcement 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, and projections from its management in this announcement, as well as 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 e-commerce, digital financial services, and digital entertainment 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 Garena content; the expected growth of its Shopee, Monee and Garena 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 press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law.

10

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance:

● “Adjusted EBITDA” for our Garena segment represents operating income (loss) plus (a) depreciation and amortization expenses, and (b) the net effect of changes in deferred revenue and its related cost for our Garena segment. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.

● “Adjusted EBITDA” for our Shopee segment, Monee segment and other services segment represents operating income (loss) plus depreciation and amortization expenses. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.

● “Total adjusted EBITDA” represents the sum of adjusted EBITDA of all our segments combined, plus unallocated expenses. We believe that the total adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.

These non-GAAP financial measures have limitations as analytical tools. None of the above financial measures should be considered in isolation or construed as an alternative to revenue, net loss/income, or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to Sea’s data. We compensate for these limitations by reconciling the non-GAAP financial measures to their nearest U.S. GAAP financial measures, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on any single financial measure.

11

The tables below present selected financial information of our reporting segments, the non-GAAP financial measures that are most directly comparable to GAAP financial measures, and the related reconciliations between the financial measures. Amounts are expressed in thousands of US dollars (“$”) except for number of shares & per share data.

		For the Three Months ended March 31, 2026
		Shopee				Monee				Garena				Other   Services(1)				Unallocated  expenses(2)				Consolidated
		$				$				$				$				$				$
Operating income (loss)			138,904				265,614				363,636				(32,288	)			(142,879	)			592,987
Net effect of changes in deferred revenue and its related cost			-				-				205,983				-				-				205,983
Depreciation and Amortization			84,270				9,629				3,947				4,152				-				101,998
Share-based compensation			-				-				-				-				133,325				133,325
Adjusted EBITDA			223,174				275,243				573,566				(28,136	)			(9,554	)			1,034,293
		For the Three Months ended March 31, 2025
		Shopee				Monee				Garena				Other Services(1)				Unallocated expenses(2)				Consolidated
		$				$				$				$				$				$
Operating income (loss)			195,002				228,612				220,031				(11,006	)			(176,235	)			456,404
Net effect of changes in deferred revenue and its related cost			-				-				233,436				-				-				233,436
Depreciation and Amortization			69,415				12,827				4,739				1,896				-				88,877
Share-based compensation			-				-				-				-				167,792				167,792
Adjusted EBITDA			264,417				241,439				458,206				(9,110	)			(8,443	)			946,509

⁽¹⁾ A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”.

⁽²⁾ Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional 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.

12

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Amounts expressed in thousands of US dollars (“$”) except for number of shares & per share data

		For the Three Months ended March 31,
		2025				2026
		$				$
Revenue
Service revenue			4,434,537				6,485,133
Sales of goods			406,563				612,356
Total revenue			4,841,100				7,097,489
Cost of revenue
Cost of service			(2,231,118	)			(3,364,865	)
Cost of goods sold			(373,789	)			(587,042	)
Total cost of revenue			(2,604,907	)			(3,951,907	)
Gross profit			2,236,193				3,145,582
Operating income (expenses)
Other operating income			34,901				27,600
Sales and marketing expenses			(929,699	)			(1,414,192	)
General and administrative expenses			(307,189	)			(403,830	)
Provision for credit losses			(281,944	)			(465,504	)
Research and development expenses			(295,858	)			(296,669	)
Total operating expenses			(1,779,789	)			(2,552,595	)
Operating income			456,404				592,987
Interest income			88,823				67,143
Interest expense			(9,081	)			(1,639	)
Investment (loss) gain, net			(522	)			22,690
Net gain on debt extinguishment			10,602				898
Foreign exchange loss			(614	)			(27,304	)
Income before income tax and share of results of equity investees			545,612				654,775
Income tax expense			(136,315	)			(213,999	)
Share of results of equity investees			1,528				(2,554	)
Net income			410,825				438,222
Net income attributable to non-controlling interests			(7,775	)			(10,285	)
Net income attributable to Sea Limited’s ordinary shareholders			403,050				427,937
Earnings per share:
Basic			0.68				0.70
Diluted			0.65				0.67
Weighted average shares used in earnings per share computation:
Basic			590,286,824				611,583,932
Diluted			634,637,711				636,172,778

13

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

Amounts expressed in thousands of US dollars (“$”)

		As of     December 31,				As of     March 31,
		2025				2026
		$				$
ASSETS
Current assets
Cash and cash equivalents			4,158,920				4,035,175
Restricted cash			2,216,733				2,220,176
Accounts receivable, net of allowance for credit losses of $3,354 and $4,288, as of December 31, 2025 and March 31, 2026 respectively			378,047				423,341
Prepaid expenses and other assets			1,979,004				2,079,298
Loans receivable, net of allowance for credit losses of $812,760 and $947,832, as of December 31, 2025 and March 31, 2026 respectively			7,405,741				7,866,080
Inventories, net			222,578				229,333
Short-term investments			6,413,261				6,505,463
Amounts due from related parties			475,211				577,066
Total current assets			23,249,495				23,935,932
Non-current assets
Property and equipment, net			1,306,837				1,273,424
Operating lease right-of-use assets, net			1,425,198				1,564,858
Intangible assets, net			12,210				9,257
Long-term investments			1,888,829				2,173,463
Prepaid expenses and other assets			185,643				267,706
Loans receivable, net of allowance for credit losses of $29,212 and $35,631, as of December 31, 2025 and March 31, 2026 respectively			558,336				609,387
Restricted cash			43,814				43,741
Deferred tax assets			596,155				609,878
Goodwill			104,462				102,583
Total non-current assets			6,121,484				6,654,297
Total assets			29,370,979				30,590,229

14

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

Amounts expressed in thousands of US dollars (“$”)

		As of     December 31,				As of     March 31,
		2025				2026
		$				$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable			467,807				539,137
Accrued expenses and other payables			3,156,750				2,936,177
Deposits payable			3,798,250				4,063,283
Escrow payables and advances from customers			3,096,764				3,154,556
Amounts due to related parties			273,149				416,517
Borrowings			283,181				263,952
Operating lease liabilities			368,115				387,293
Convertible notes			1,050,071				995,808
Deferred revenue			1,967,678				2,117,734
Income tax payable			218,785				294,556
Total current liabilities			14,680,550				15,169,013
Non-current liabilities
Accrued expenses and other payables			108,300				72,436
Borrowings			510,396				702,838
Operating lease liabilities			1,118,682				1,234,507
Deferred revenue			129,513				234,228
Deferred tax liabilities			39,510				60,126
Unrecognized tax benefits			135,700				135,700
Total non-current liabilities			2,042,101				2,439,835
Total liabilities			16,722,651				17,608,848

15

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

Amounts expressed in thousands of US dollars (“$”)

		As of     December 31,				As of     March 31,
		2025				2026
		$				$
Shareholders’ equity
Class A Ordinary shares			283				283
Class B Ordinary shares			23				23
Treasury stock			(14,527	)			(149,331	)
Additional paid-in capital			19,105,403				19,245,787
Accumulated other comprehensive loss			(4,824	)			(102,901	)
Statutory reserves			17,553				17,727
Accumulated deficit			(6,577,408	)			(6,158,421	)
Total Sea Limited shareholders’ equity			12,526,503				12,853,167
Non-controlling interests			121,825				128,214
Total shareholders’ equity			12,648,328				12,981,381
Total liabilities and shareholders’ equity			29,370,979				30,590,229

16

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Amounts expressed in thousands of US dollars (“$”)

		For the Three Months ended March 31,
		2025				2026
		$				$
Net cash generated from operating activities			756,931				1,057,905
Net cash used in investing activities			(1,114,732	)			(1,603,988	)
Net cash generated from financing activities			274,387				479,945
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash			17,825				(54,237	)
Net decrease in cash, cash equivalents and restricted cash			(65,589	)			(120,375	)
Cash, cash equivalents and restricted cash at beginning of the period			4,081,585				6,419,467
Cash, cash equivalents and restricted cash at end of the period			4,015,996				6,299,092

Net cash used in investing activities amounted to US$1,604 million for the three months ended March 31, 2026. This was primarily attributable to an increase in loans receivable of our credit business of US$1,061 million, net purchases of investments of US$432 million mainly consisting of time deposits and sovereign and corporate debt securities, as well as purchase of property and equipment of US$139 million to support the existing operations. Net cash generated from financing activities amounted to US$480 million for the three months ended March 31, 2026. This was primarily attributable to an increase in bank deposits of US$495 million and net proceeds from other funding sources related to credit business of US$180 million, offset by the cash used in repurchase of ordinary shares of US$164 million and cash used in repurchase of convertible notes of US$54 million.

17

UNAUDITED SEGMENT INFORMATION

The Company has three reportable segments, namely Shopee, Monee and Garena. The Chief Operating Decision Maker (“CODM”), comprising our senior management team, evaluates each segment’s financial performance by reviewing revenue, significant operating expenses, and segment operating income or loss. To allocate resources for each segment, the CODM evaluates these results, along with certain key operating metrics of each segment. This assessment is done regularly by monitoring each segment’s actual financial and operating performance against projections as part of the Company’s business planning and budgeting process. Amounts are expressed in thousands of US dollars (“$”).

		For the Three Months ended March 31, 2026
		Shopee				Monee				Garena				Other Services(1)				Total
		$				$				$				$				$
Revenue			5,113,649				1,241,782				696,564				45,494				7,097,489
Less(2)
Cost of revenue			(3,578,167	)			(142,527	)			(216,470	)			-
Sales and marketing expenses			(1,091,757	)			(231,868	)			(44,830	)			-
Provision for credit losses			-				(461,300	)			-				-
Other operating expenses(3)			(304,821	)			(140,473	)			(71,628	)			(77,782	)
Operating segment income (loss)			138,904				265,614				363,636				(32,288	)			735,866
Unallocated expenses(4)																			(142,879	)
Operating income																			592,987
Non-operating income, net																			61,788
Income tax expense																			(213,999	)
Share of results of equity investees																			(2,554	)
Net income																			438,222

18

		For the Three Months ended March 31, 2025
		Shopee				Monee				Garena				Other Services(1)				Total
		$				$				$				$				$
Revenue			3,524,186				787,117				495,589				34,208				4,841,100
Less(2)
Cost of revenue			(2,307,199	)			(106,433	)			(181,004	)			-
Sales and marketing expenses			(777,492	)			(96,261	)			(28,906	)			-
Provision for credit losses			-				(277,562	)			-				-
Other operating expenses(3)			(244,493	)			(78,249	)			(65,648	)			(45,214	)
Operating segment income (loss)			195,002				228,612				220,031				(11,006	)			632,639
Unallocated expenses(4)																			(176,235	)
Operating income																			456,404
Non-operating income, net																			89,208
Income tax expense																			(136,315	)
Share of results of equity investees																			1,528
Net income																			410,825

⁽¹⁾ A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”.

⁽²⁾ The significant expenses categories and other income amounts align with the segmental-level information that is regularly provided to the CODM.

⁽³⁾ Other operating expenses for Shopee and Garena include general and administrative expenses, research and development expenses and provision for credit losses, net of other operating income. Other operating expenses for Monee include general and administrative expenses and research and development expenses, net of other operating income.

⁽⁴⁾ Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional 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.

19

FAQ

How did Sea Limited (SE) perform financially in Q1 2026?

Sea Limited delivered strong Q1 2026 results, with GAAP revenue of US$7.1 billion, up 46.6% year-on-year. Gross profit reached US$3.1 billion, net income was US$438.2 million, and adjusted EBITDA rose to US$1.0 billion, reflecting solid profitability.

How did Shopee contribute to Sea Limited’s Q1 2026 results?

Shopee was a key growth driver, posting US$5.1 billion in GAAP revenue, up 45.1% year-on-year. Gross orders reached 4.0 billion and GMV was US$37.3 billion, both growing around 30% year-on-year while management emphasized maintaining financial discipline.

What were the key Q1 2026 metrics for Monee at Sea Limited?

Monee’s GAAP revenue was US$1.2 billion, up 57.8% year-on-year, with adjusted EBITDA of US$275.2 million. Consumer and SME loans principal outstanding reached US$9.9 billion, up 71.3%, while non-performing loans over 90 days remained low at 1.1%.

How did Garena perform for Sea Limited in the first quarter of 2026?

Garena had a strong quarter, with bookings of US$931.4 million, up 20.1% year-on-year, and GAAP revenue of US$696.6 million. Adjusted EBITDA reached US$573.6 million, and quarterly paying users increased to 72.6 million, improving the paying user ratio.

What were Sea Limited’s earnings per share in Q1 2026?

Basic earnings per share attributable to Sea Limited’s ordinary shareholders were US$0.70 in Q1 2026, compared with US$0.68 a year earlier. Diluted earnings per share rose to US$0.67, from US$0.65 in the first quarter of 2025.

Did Sea Limited repurchase shares during the first quarter of 2026?

Yes. Under its US$1.0 billion share repurchase program, Sea Limited bought back 1.8 million shares in Q1 2026. The aggregate amount spent was US$168.4 million, reflecting ongoing capital return alongside continued investment in growth.

What was Sea Limited’s cash flow from operations in Q1 2026?

Net cash generated from operating activities was US$1,057.9 million in Q1 2026, up from US$756.9 million a year earlier. This higher operating cash flow helps support Sea’s investments, lending expansion at Monee, and its ongoing share repurchase program.

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