Sea (SE.N): 2Q26 Solid Print; GMV +28% and Bookings +15.5%; Ecommerce EBITDA 0.67%

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11 Aug 2026 07:38:29 ET │ 15 pages

Sea (SE.N)

2Q26 Solid Print; GMV +28% and Bookings +15.5%; Ecommerce EBITDA

0.67%

CITI'S TAKE

Sea reported strong 2Q26 with total GAAP revs reaching US$7.8bn,

+48.1% yoy, +10% qoq, 10%/10% above our/Bloomberg consensus of

US$7.10bn/US$7.09bn, driven by 48.2% yoy growth in ecommerce revs to

US$5.6bn (beat our US$5.09bn estimate), strong DFS revs, which grew

58.9% yoy to US$1.4bn, beating our US$1.32bn by 6%, and Digital

Entertainment GAAP revs of US$746.6mn was 16% better than our

US$646mn forecast. Bookings +15.5% yoy to US$763.5mn, beat our

US$760mn. Ecommerce GMV +28.4% yoy to US$38.3bn, beating our

US$37.3bn estimate. Total adjusted EBITDA of US$917.2mn beat our

+US$897mn; by segment, adj. EBITDA of DE +16.7% yoy to US$429.8mn

(vs our US$425mn), with adj. EBITDA margin of 56.3% of bookings, vs

61.6% in 1Q26 and 55.7% in 2Q25. Ecommerce adj. EBITDA was

US$255.4mn (beat Citi +US$224.7mn) and DFS adj. EBITDA was

US$288.0mn, vs our US$294.8mn.

Buy

Price (10 Aug 26 16:00)

US$114.80

Target price

US$162.00

Expected share price return

41.1%

Expected dividend yield

0.0%

Expected total return

41.1%

Market Cap

US$70,313M

Alicia Yap, CFAAC

Vicky Wei, CFA

Nelson Cheung

User metrics — Quarterly active users of DE were 666.3mn (vs our 681mn), +0.2%

yoy, paying users +10.2% yoy to 68.1mn (vs our 63.4mn), or 10.2% paying ratio with

ARPU and ARPPU of US$1.15 and US$11.2 in 2Q26, vs US$1.4 and US$12.8 in 1Q26,

respectively. E-commerce order numbers rose +27.5% yoy to 4.2bn vs our estimate

of 4.03bn. Loan book grew 62.5% yoy to US$11.1bn, vs our forecast of US$10.90bn.

Implications — While positive expectation has been gradually building up ahead of

the print over the past month, the strong outperformance delivered in 2Q26,

especially the 28% yoy GMV growth, 0.67% of EBITDA margins (or US$30mn above

our forecast), 15.5% yoy booking growth all came ahead of expectation. The raised

EBITDA guidance to US$1bn for Shopee for 2026 (from flattish to 2025) should also

be well-received though was not entirely unexpected. We believe the strong set of

result once again demonstrate Sea’s solid operation experience and execution and

…