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Sea (DE:931)
FRANKFURT:931
Earnings Data
Report Date
May 19, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.74Last Year’s EPS
0.79Same Quarter Last Year
Strong Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed broadly positive momentum: strong, broad-based revenue growth (36% YoY), sizable improvement in adjusted EBITDA (+75% YoY) and meaningful profit recovery (net income up ~260% YoY). All three core businesses scaled in 2025 with clear operational wins in monetization (ads), logistics (30M parcels/day), financial services (loan book growth with stable NPL) and gaming (Garena bookings and IP successes). Primary headwinds are higher tax expense, sizable near-term investments (logistics/fulfillment/AI) that may keep absolute margins modest in the short term, and execution risk tied to rapid Monee scale and early-stage penetration in markets like Brazil. On balance, highlights significantly outweigh the lowlights while management set conservative-yet-growth-focused 2026 targets (Shopee GMV ~+25% and EBITDA at least flat in dollars), supporting an overall positive outlook.Company Guidance
Record Consolidated Revenue and Strong Profitability
Full year 2025 revenue of ~$22.9B (reported as $23B), up 36% year-on-year; full year net income of $1.6B (≈+260% YoY) and adjusted EBITDA of $3.4B (+75% YoY), reflecting substantial top-line growth alongside material operating profit expansion.
Shopee: Scale and Improved Monetization
Shopee full year GMV of $127B (+27% YoY), served ~400M active buyers and ~20M sellers; Q4 GMV $36.7B (+29% YoY) and gross orders $4B (+30% YoY). Full year Shopee adjusted EBITDA rose to $881M from $156M in 2024, showing strong margin and monetization progress.
Shopee Advertising Strength
Ad-paying sellers increased >20% and average ad spend per seller rose >45% YoY; ad revenue grew >70% YoY and ad take rate improved by >80 basis points YoY, highlighting effective monetization of seller base.
Logistics and Fulfillment Scale
SPX Express now processes over 30M parcels per day; instant/same-day delivery reached double-digit order share in major metros, with buyers using fast delivery spending ~15% more. Economical shipping orders in Indonesia more than doubled YoY in Q4. Company plans to further expand fulfillment and double fulfillment order penetration in 2026.
Shopee VIP Program Traction
Shopee VIP subscribers surpassed 7M (more than double quarter-on-quarter); members show double-digit spending uplift after joining (Indonesia VIPs spend ~30–40% more), and VIPs contributed >15% of GMV in some markets.
Content & Affiliate Ecosystem Momentum
Orders driven by YouTube content more than tripled YoY in Q4; partnership with Meta yielded >3M affiliates linking Shopee and Facebook accounts, supporting multi-channel discovery and conversion gains.
Monee Rapid Growth with Stable Risk Metrics
Monee full year revenue of $3.8B (+60% YoY) and adjusted EBITDA >$1B (+43% YoY). Q4 added 5.8M unique first-time borrowers; active credit users reached ~37M (+>40% YoY). Consumer & SME loan principal outstanding reached $9.2B (+80% YoY). 90-day NPL ratio remained stable at 1.1%.
Garena Outperformance and Franchise Strength
Garena full year bookings ~$2.9B (+37% YoY) and adjusted EBITDA $1.7B (+38% YoY). Free Fire continued robust growth (two consecutive years of bookings growth >30%) with rising daily active users, major IP collaborations (NARUTO, Squid Game), and a Guinness World Record for largest mobile team-based esports tournament.
Country Highlights — Taiwan & Brazil
Taiwan: accelerated double-digit GMV growth, >2,800 collection points supporting convenience and lower cost-to-serve. Brazil: fastest-growing market in 2025, delivered robust GMV growth and market share gains while remaining profitable; buyer waiting time improved by ~1.5 days YoY and Shopping Mall GMV more than doubled YoY.
Forward Guidance and Confidence for 2026
Company guided to grow Shopee annual GMV by ~25% YoY in 2026 and target Shopee full-year adjusted EBITDA no lower than 2025 in absolute dollars; management reiterated double-digit growth expectation for Garena in 2026 and overall continued focus on operational execution.
DE:931 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DE:931 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Nov 11, 2025 | €134.00 | €123.00 | -8.21% |
Aug 12, 2025 | €126.00 | €150.00 | +19.05% |
May 13, 2025 | €128.00 | €136.50 | +6.64% |
Mar 04, 2025 | €117.80 | €125.00 | +6.11% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Sea (DE:931) report earnings?
Sea (DE:931) is schdueled to report earning on May 19, 2026, After Close (Confirmed).
What is Sea (DE:931) earnings time?
Sea (DE:931) earnings time is at May 19, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Sea stock?
The P/E ratio of Sea is N/A.
What is DE:931 EPS forecast?
DE:931 EPS forecast for the fiscal quarter 2026 (Q1) is 0.74.
