### At a Glance Sea Ltd’s Q2 2026 results exceeded expectations, with management reporting total revenue up 48% year-over-year to $78 billion and adjusted EBITDA reaching $917 million, driven by strong growth across all three business segments.

Key Data: Shopee GMV grew 28% year-over-year to $38.3 billion, with adjusted EBITDA of $255 million; Monee loan balances rose 52% year-over-year to $11.1 billion, with a 90-day non-performing loan rate stable at 1.0%; Garena booking revenue increased 15% year-over-year to $764 million.

Business Progress: Shopee’s new buyers grew over 35% month-over-month, advertising revenue surged more than 70%, and live-streaming and short-video orders increased over 50%. ShopeeVIP membership reached 15 million, contributing 24% of GMV in Asia. Monee added 5.3 million first-time borrowers, with active credit users exceeding 40 million, and loan balances in the Philippines surpassed $1 billion. Garena’s Free Fire daily active users exceeded 100 million, and it secured global publishing rights for Palworld Online and Monster Hunter Outlanders.

Guidance & Outlook: Management maintained its full-year Shopee GMV growth guidance of approximately 25% and raised its full-year adjusted EBITDA target to over $1 billion, implying higher profitability in the second half of the year compared to the first half.

Risk/Highlight Signals: Management noted strong growth in the Brazilian market but headwinds from foreign exchange, and an increase in Monee’s credit provisions due to product mix shifts (higher share of off-store SPL and Brazilian operations), though asset quality remained stable.