Q2 2025 Sea Ltd Earnings Call Transcript
Key Points
- Sea Ltd (SE) reported a 38% year-on-year increase in total GAAP revenue, reaching $5.3 billion in Q2 2025.
- Shopee's GMV grew 25% year-on-year in the first half of 2025, with expectations for continued momentum into Q3.
- Monee's loan book expanded over 90% year-on-year, reaching $6.9 billion, while maintaining a stable 90-day NPL ratio of 1.0%.
- Garena's bookings increased by 23% year-on-year, driven by strong performance from key titles like Free Fire.
- Sea Ltd (SE) achieved positive adjusted EBITDA across all three business segments, with a total adjusted EBITDA of $829 million in Q2 2025.
- Sea Ltd (SE) faces competitive pressures in Brazil, particularly from competitors adjusting their free shipping thresholds.
- The company anticipates some investment costs associated with the expansion of the Shopee VIP membership program.
- Instant delivery services, while potentially profitable, come with higher delivery costs.
- There is uncertainty regarding the long-term impact of new competitors like Temu and TikTok in the Brazilian market.
- The company is still in the early stages of rolling out new gaming titles, which may not yet contribute significantly to revenue.
Good morning and good evening to all and welcome to the Sea Limited second-quarter 2025 results conference call. (Operator Instructions) I would like to advise all participants that this call is being recorded. Thank you.
I'd now like to welcome Mr. [Casey Ong] to begin the conference. Please go ahead.
Hello, everyone, and welcome to Sea's 2025 second-quarter earnings conference call. I am Casey from Sea's Investor Relations team.
On this call, we may make forward-looking statements which are inherently subject to risk and uncertainties and may not be realized in the future for various reasons as stated in our press release. Also, this call includes discussion of certain non-GAAP financial measures such as adjusted EBITDA. We believe these measures can enhance our investors' understanding of the actual cash flow of our major businesses when used as a complement to our GAAP disclosures. For discussion of the use of non-GAAP financial measures and reconciliation with the closest GAAP measures, please refer to the
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