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+14
SE: Dual-track investment in e-comm and AI — is the 'Little Tencent' getting awkward too?
Growth beat across the board. But profits were wiped out by heavier investment, and NPLs are ticking up.
+14Sea
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SE (Trans): Monee to pursue spin-off listing in 1–3 yrs
Shopee's Q3 adj. EBITDA reached an all-time high of $269 mn, with the full-year $1 bn target unchanged. However, Monee's 90-day NPL ratio inched up to 1.3%. The company plans to spin off Monee for a standalone listing within 1–3 years and authorized an additional $1 bn share repurchase.
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![SEA quarterly results wrap $mn 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 61 1]()
![Shopee GMV growth GMV ($bn) Pyoy 50 37.0% DolphinResearch Research 40% 30.4% 28.]()
![Shopee orders growth 5，000 80% 4，000 DolphinResearch Orders (mn) yoy 57% Dolphin]()
+12
SE: Rally — Is E-com Finally Turning?
Often called Southeast Asia's 'mini Tencent' $Sea(SE.US) reported Q2 FY26 on Aug 11. Growth across its three segments was strong and ahead of expectations, and the key e-commerce unit saw margins continue to expand.
However, the company remains in a heavy investment phase. Overall profit growth was just over 10%, implying revenue outpaced profit.1) Overall — revenue outpaced profit: total revenue was approx. $7.8 bn (+48% YoY), accelerating vs. last quarter. This was well above Bloomberg's ~35% estimate...D![图片 1，共 1 张]()
SE (Trans): Shopee targeting $1bn FY EBITDA
Q2 total revenue was $7.8bn (+48% YoY). Shopee GMV rose 28% to $38.3bn, with Adj. EBITDA of $255mn, and management reiterated a full-year target of >$1bn.
However, they flagged FX headwinds as many local currencies weakened and noted a higher GMV base in Q3–Q4. Full-year GMV growth guidance remains ~25%, with execution focused on fulfillment, ShopeeVIP, and ad monetization.
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![SEA quarterly results wrap Smn 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 6 1Q]()
SE (Trans): Shopee GMV to grow at least 25% in 2026; Garena bookings to sustain strong growth
Below is Dolphin Research's Trans of $Sea(SE.US) FY26Q1 earnings call.
For our earnings review, see 'SEA: SE Asia's mini Tencent roars back'. 1) Shareholder returns: The company authorized a $1bn buyback. Since Nov last year, it has repurchased approx. $170mn, and management intends to keep executing. 2) Outlook: Reiterated the FY26 guidance for Shopee GMV. Growth is projected at ~25% YoY...D![S Shopee Shopee Shopee PH @Shopee_PH @ShopeePH @ShopeePH]()
![SEA quarterly results wrap $mn 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 61 1]()
![9n'c Figure 42： Growth across key metrics for Shopee Brazil Shopee Brazil MAU， S]()
![Shopee GMV growth GMV ($bn) yoy 40 37.0% 40% DolphinResearch esearch 30.4% 28.3%]()
+11
SE: Southeast Asia's mini Tencent roars back!
Often dubbed Southeast Asia's 'mini Tencent', $Sea(SE.US) reported Q1 2026 results pre-market on May 12 (U.S. time). The quarter was solid, with revenue growth and profit delivery both beating estimates.
However, the upside was driven mainly by Digital Entertainment, not the core e-commerce biz. That makes the beat less high-quality. On profitability...Specifically: (1) Overall performance was strong. Total revenue was near $7.1bn (+47% YoY), well above last quarter’s pace and ahead of the Street’s ~36% growth expectation. As noted, gaming led the beat, while e-commerce and fintech also posted robust growth.D![sea conneoting the doei Sea WE SERVE· WE ADAPT. WE RUN . WE COMMIT WE STAY HUMB]()
![SEA quarterly results wrap 4Q25 $mn 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25]()
SE (Trans): Shopee profit flat in 2026?---
Below is Dolphin Research's FY25 Q4 earnings call Trans for $Sea(SE.US).
For the earnings analysis, please see 'SEA: Spending Aggressively for the Future — Is Southeast Asia's 'Mini Tencent' Heading into Another Black Hole?'.Section 1 covers a recap of key financials. Section 2 provides detailed call notes.2.1 Management highlights: 1) Strategy and outlook. Success in 2025 came from choosing the right strategy and executing well. In 2026 we will stay the course; execution remains key, and we will invest more in operational excellence to pursue strong growth and healthy profits...D![S Shopee Shopee Shopee PH @Shopee_PH @ShopeePH @ShopeePH]()
![SEA quarterly results wrap 4Q25 $mn 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25]()
![Shopee GMV growth GMV ($bn) yoy 40 37.0% DolphinResearch Dolpni 40% 28.3% 28.9%]()
![Shopee orders growth 5，000 80% 57% 4，000 DolphinResearch lOrders (mn) 47% hinRes]()
+14
SE: Burning cash for growth — is SE Asia's 'mini Tencent' heading into another money pit?---
Often dubbed Southeast Asia's Tencent, $Sea(SE.US) reported Q4 results premarket on Mar 3. It was a familiar split: core e-commerce and fintech posted strong, above-consensus growth, while profits across segments missed as investment ramped. With the market prioritizing profitability over growth, the stock sold off sharply again.
Specifically: 1) E-commerce accelerated, with logistics spending starting to pay off. Contrary to market expectations of a slowdown on higher comps, order volumes actually picked up this quarter...D![S Shopee Shopee Shopee PH @Shopee_PH @ShopeePH @ShopeePH]()
![SEA quarterly results wrap 3Q25 $mn 3023 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25]()
Sea (Minutes): Investing for Long-term Profit Growth
The following are the minutes of the $Sea(SE.US) FY25Q3 earnings call organized by Dolphin Research. For the earnings interpretation, please refer to "SEA: The Unchanged Answer Sheet Can't Compete with the Market's 'Changed Heart'." 1. Review of Core Financial Data Performance Overview: The company's total revenue for the third quarter of 2025 was $6 billion, an increase of 38% year-on-year; all three major business segments performed strongly: the e-commerce platform Shopee's GMV increased by 28% year-on-year; digital financial services revenue increased by 61% year-on-year, with loan balances up 70% year-on-year to $7.9 billion; digital entertainment bookings revenue increased by 51% year-on-year...
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![SEA quarterly results wrap 3Q25 $mn 3023 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25]()
![Shopee GMV growth GMV ($bn) yoy 40 37.0% DolphinResearch 40% arch a 28.3 Dolphin]()
![Shopee orders growth 4，000 DolphinResearch Orders (mn) ryoy 80% xch 57% earc 2 4]()
+15
SEA: An Unchanged Report Card Can't Compete with a 'Changed Heart' Market
The Southeast Asian Little Tencent, $Sea(SE.US), delivered its Q3 earnings report on the evening of November 11, before the U.S. stock market opened. In summary, this quarter's performance is a mix of highlights and shortcomings. Firstly, growth remains very strong, with revenue and business growth across the three major segments exceeding expectations. However, as the company has started to focus more on growth rather than profit, with gross margins narrowing quarter-on-quarter and expenses maintaining high growth, the profit margins of each segment have marginally deteriorated this quarter. Specifically: 1. GMV remains strong...