Financials Sea Limited

Equities

SE

US81141R1005

Software

Market Closed - Nyse Other stock markets 02:30:03 14/02/2026 am IST			5-day change	1st Jan Change
106.74 ^USD	-2.13%		-1.66%	-16.33%

11/02	Asian Equities Traded in the US as American Depositary Receipts Rise in Wednesday Trading	MT
10/02	Asian Equities Traded in the US as American Depositary Receipts Rise Sharply in Tuesday Trading	MT

Projected Income Statement: Sea Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,376	9,955	12,450	13,064	16,820	22,349	27,735	32,756
Change	-	127.51%	25.06%	4.93%	28.75%	32.87%	24.1%	18.1%
EBITDA ¹	107	-593.6	-878.1	1,179	1,962	3,502	4,375	5,542
Change	-	-654.84%	-47.93%	234.28%	66.38%	78.52%	24.9%	26.68%
EBIT ¹	-1,303	-1,583	-1,488	224.8	662.2	1,969	3,077	4,095
Change	-	-21.46%	6.04%	115.11%	194.58%	197.35%	56.27%	33.08%
Interest Paid ¹	-148.2	-102.9	70.12	-41.08	-38.34	-33	-34.87	-35.16
Earnings before Tax (EBT) ¹	-1,483	-1,715	-1,501	432.4	778.8	2,285	3,263	4,232
Change	-	-15.64%	12.51%	128.82%	80.11%	193.41%	42.79%	29.7%
Net income ¹	-1,618	-2,047	-1,651	150.7	444.3	1,640	2,441	3,232
Change	-	-26.49%	19.32%	109.13%	194.79%	269.14%	48.81%	32.42%
Announcement Date	02/03/21	01/03/22	07/03/23	04/03/24	04/03/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	913.9	1,287	1,212	1,567	1,764	2,281	2,689	3,222	2,900	2,943	3,156	3,452	3,041	3,096	3,310	3,617	3,734	3,807	4,328	4,950	4,841	4,960	5,619	6,420	6,153	6,516	7,157	7,805
Change	-	40.85%	-5.83%	29.24%	12.58%	29.31%	17.91%	19.83%	-10.01%	1.48%	7.25%	9.37%	-11.89%	1.79%	6.93%	9.26%	3.25%	1.94%	13.7%	14.38%	-2.21%	2.46%	13.28%	14.26%	-4.16%	5.91%	9.83%	9.07%
EBITDA ¹	-69.87	7.738	120.4	48.73	88.11	-24.11	-165.5	-492.1	-509.9	-506.3	-357.7	495.7	507.2	510	35.28	126.7	401.1	448.5	521.3	590.9	946.5	794	854.4	832	919.3	961.7	1,016	1,217
Change	-	111.08%	1,455.78%	-59.52%	80.82%	-127.36%	-586.22%	-197.45%	-3.61%	0.71%	29.35%	238.59%	2.32%	0.56%	-93.08%	259.1%	216.6%	11.8%	16.25%	13.35%	60.18%	-16.11%	7.6%	-2.62%	10.49%	4.61%	5.67%	19.72%
EBIT ¹	-149.2	-372.8	-305.5	-357.3	-348.4	-334	-458.6	-442.1	-498	-836.7	-495.6	342.9	125.2	283.8	-127.7	-56.52	71.09	82.89	202.4	305.8	456.4	532.9	569.5	476.6	565.5	609	667.6	853.8
Change	-	-149.91%	18.06%	-16.97%	2.49%	4.13%	-37.29%	3.59%	-12.66%	-68%	40.76%	169.18%	-63.48%	126.64%	-145.01%	55.75%	225.78%	16.6%	144.19%	51.05%	49.27%	16.77%	6.85%	-16.3%	18.65%	7.68%	9.62%	27.89%
Charge d'intérêts ¹	-24.61	-43.32	-45.43	-34.89	-26.94	-22.67	-26.86	-41.37	-0.836	7.648	19.78	43.53	-	-10.38	-10.17	-10.13	-9.718	-11.06	-9.654	-9.281	-9.081	-8.267	-8.267	-0.2	-10.15	-10.15	-10.15	-10.15
Earnings before Tax (EBT) ¹	-256.5	-365.2	-379.8	-481.8	-371.7	-359.1	-471.4	-513.1	-504.1	-869.5	-504.8	377.8	147.7	391.4	-81.86	-24.86	53.55	139.3	252	334	545.6	581.1	546.5	498.7	622.4	670.7	745.7	943.7
Change	-	-42.39%	-3.99%	-26.86%	22.86%	3.39%	-31.27%	-8.85%	1.75%	-72.48%	41.94%	174.85%	-60.9%	164.9%	-120.92%	69.63%	315.37%	160.14%	80.86%	32.55%	63.37%	6.5%	-5.94%	-8.75%	24.8%	7.77%	11.18%	26.54%
Net income ¹	-281.5	-393.5	-425.3	-523.6	-422.7	-433.4	-573	-617.6	-579.8	-933.1	-565.3	426.8	88.08	321.6	-149.2	-109.7	-23.66	81.86	148.8	237.3	403	405.2	456.2	395.4	516.1	541.6	584.6	685.3
Change	-	-39.79%	-8.06%	-23.12%	19.27%	-2.54%	-32.2%	-7.78%	6.12%	-60.93%	39.42%	175.5%	-79.36%	265.15%	-146.4%	26.45%	78.44%	445.96%	81.78%	59.47%	69.84%	0.54%	12.58%	-13.34%	30.54%	4.95%	7.93%	17.23%
Announcement Date	18/05/20	18/08/20	17/11/20	02/03/21	18/05/21	17/08/21	16/11/21	01/03/22	17/05/22	16/08/22	15/11/22	07/03/23	16/05/23	15/08/23	14/11/23	04/03/24	14/05/24	13/08/24	12/11/24	04/03/25	13/05/25	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Sea Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-4,453	-6,583	-3,436	-1,991	-5,614	-7,567	-10,125	-12,586
Change	-	-47.83%	47.8%	42.05%	-181.97%	-34.79%	-33.8%	-24.31%
Announcement Date	02/03/21	01/03/22	07/03/23	04/03/24	04/03/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Sea Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	336.3	807.2	976.3	258.3	321.6	398.6	522.9	621.8
Change	-	140.04%	20.95%	-73.55%	24.52%	23.93%	31.19%	18.92%
Free Cash Flow (FCF) ¹	219.6	-598.5	-2,032	1,821	2,956	3,268	4,061	4,429
Change	-	-372.56%	-239.5%	189.64%	62.28%	10.57%	24.26%	9.07%
Announcement Date	02/03/21	01/03/22	07/03/23	04/03/24	04/03/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Sea Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	2.45%	-5.96%	-7.05%	9.03%	11.66%	15.67%	15.77%	16.92%
EBIT Margin (%)	-29.79%	-15.9%	-11.95%	1.72%	3.94%	8.81%	11.09%	12.5%
EBT Margin (%)	-33.9%	-17.23%	-12.05%	3.31%	4.63%	10.22%	11.76%	12.92%
Net margin (%)	-36.98%	-20.56%	-13.26%	1.15%	2.64%	7.34%	8.8%	9.87%
FCF margin (%)	5.02%	-6.01%	-16.32%	13.94%	17.57%	14.62%	14.64%	13.52%
FCF / Net Income (%)	-13.57%	29.24%	123.04%	1,208.44%	665.25%	199.26%	166.39%	137.04%
Profitability
ROA	-16.94%	-14.01%	-9.24%	0.84%	2.14%	7.18%	9.22%	10.34%
ROE	-58.42%	-37.97%	-25.18%	7.57%	5.94%	18.06%	20.78%	21.56%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	7.69%	8.11%	7.84%	1.98%	1.91%	1.78%	1.89%	1.9%
CAPEX / EBITDA (%)	314.32%	-135.98%	-111.18%	21.9%	16.39%	11.38%	11.95%	11.22%
CAPEX / FCF (%)	153.13%	-134.86%	-48.05%	14.18%	10.88%	12.2%	12.88%	14.04%
Items per share
Cash flow per share ¹	1.165	0.3917	-1.892	3.499	5.42	5.981	5.948	7.269
Change	-	-66.37%	-582.92%	284.97%	54.9%	10.36%	-0.56%	22.21%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	6.608	13.27	10.12	12.52	15.4	17.65	22.41	28.55
Change	-	100.81%	-23.73%	23.67%	23.05%	14.6%	26.96%	27.39%
EPS ¹	-3.39	-3.84	-2.96	0.25	0.74	2.71	3.944	5.255
Change	-	-13.27%	22.92%	108.45%	196%	266.24%	45.53%	33.24%
Nbr of stocks (in thousands)	5,11,174	5,54,625	5,61,738	5,66,759	5,74,340	5,92,020	5,92,020	5,92,020
Announcement Date	02/03/21	01/03/22	07/03/23	04/03/24	04/03/25	-	-	-