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Research Alert: Sea Limited: Resilient Q1 2026 Profits Despite Shopee And Monee Investments

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Sea Limited's (Sea) Q1 2026 EPADS of USD0.67 (+3.1% Y/Y) met our expectation. Total revenue grew 47% Y/Y, driven by strong momentum across all core segments. While the adjusted EBITDA margin eased 5ppt Y/Y amid continued investments across Shopee and Monee, overall adjusted EBITDA still increased 9% Y/Y. Shopee's revenue rose 45% Y/Y, accelerating from Q4 2025's 36% growth, supported by GMV growth of 30% Y/Y and improved monetization, with transaction-based fees and advertising revenue up 61% Y/Y. Shopee's adjusted EBITDA declined 16% Y/Y due to investments in logistics and user experience. Management reiterated confidence in achieving around 25% GMV growth in 2026 while maintaining Shopee's adjusted EBITDA at no lower than 2025 levels. Monee's revenue grew 58% Y/Y, supported by 71% growth in loans outstanding, while asset quality remained stable with the NPL ratio steady Q/Q at 1.1%. Garena's revenue and bookings increased 41% and 20% Y/Y, respectively, while adjusted EBITDA rose 25% Y/Y.

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