Sea Limited reported robust financial results for the second quarter ended June 30, 2025, with all three of its businesses delivering strong, healthy growth. Shopee's Gross Merchandise Value (GMV) increased by 28% year-on-year to $29.8 billion, with gross orders growing 29% to $3.3 billion. Shopee achieved an adjusted EBITDA of $228 million in Q2 2025, a significant improvement from an adjusted EBITDA loss of $9 million in Q2 2024.
Monee, the digital financial services arm, saw its GAAP revenue grow 70% year-on-year to $883 million, and its adjusted EBITDA increased 55% to $255 million. Monee's loan book expanded over 90% year-on-year to reach $6.9 billion, with active users for consumer and SME loan products exceeding 30 million, representing over 45% year-on-year growth. The 90-day Non-Performing Loan (NPL) ratio remained stable at 1.0%.
Garena, the digital entertainment segment, reported bookings up 23% and adjusted EBITDA up 22% year-on-year. The company raised its full-year 2025 guidance for Garena, now expecting bookings to grow more than 30% year-on-year. Garena also launched a new game, Delta Force Mobile, in April 2025, which garnered over 10 million downloads across Southeast Asia, MENA, and Latin America.
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