Sea reports 6.2% increase in Q1 earnings to US$427.9 million
[SINGAPORE] Sea on Tuesday (May 12) reported a 6.2 per cent increase in its first-quarter earnings to US$427.9 million, from US$403.1 million a year earlier.
Earnings per share for the three months ended Mar 31 grew 2.9 per cent to US$0.70, from US$0.68 in Q1 2025.
The growth was driven by higher revenue contributions across all business segments. Revenue rose 46.6 per cent year on year to US$7.1 billion.
Revenue for e-commerce arm Shopee grew 44.4 per cent to US$4.5 billion, from US$3.1 billion a year earlier; its gross merchandise value (GMV) growth for the quarter increased 30.2 per cent to US$37.3 billion.
Shopee’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at US$223.2 million for Q1 2026, down 15 per cent from US$264.4 million a year earlier.
Sea CEO Forrest Li said that the company is “on track to deliver our 2026 guidance: to grow Shopee’s annual GMV by around 25 per cent year on year, with full-year adjusted Ebitda no lower than 2025 in absolute dollar terms”.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The group’s financial services arm, Monee, reported a 57.8 per cent increase in revenue to US$1.2 billion in Q1 2026, from US$787.1 million a year earlier. The increase was attributed to its consumer and small and medium-sized enterprise (SME) credit business.
The consumer and SME loan book stood at US$9.9 billion, up 71.3 per cent year on year. Non-performing loans were “stable” quarter on quarter, at 1.1 per cent.
“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,” said Li.
Garena’s Q1 2026 bookings were up 20.1 per cent year on year, at US$931.4 million. Average bookings per user came in at US$1.40, from US$1.17 for Q1 2025.
The arm’s revenue rose 40.6 per cent to US$696.6 million, from US$495.6 million a year earlier. Li noted that this was Garena’s “best quarter since 2021”.
“This performance was driven by the continued strength of Free Fire, alongside a record contribution from Arena of Valor,” he added.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
