Shopee delivered its most profitable quarter on record amid intensifying e-commerce competition in Southeast Asia, helping lift parent Sea Limited’s third-quarter net profit by 34% to $502.5 million.
The Singapore-headquartered technology group’s revenue climbed 43.3% to $8.6 billion in the quarter ended September, supported by growth across its e-commerce, digital financial services, and gaming businesses. Group adjusted EBITDA rose 28.9% to $931.3 million.
Shopee recorded the fastest year-on-year adjusted EBITDA growth among Sea’s three businesses, with the measure rising 44.7% to $269.2 million. Revenue reached a quarterly record of $6.1 billion, up 41.9% from a year earlier.
The e-commerce platform’s gross merchandise value (GMV), which measures the value of goods sold through its marketplace, increased 23.3% to $39.7 billion. Gross orders grew 25% to 4.5 billion.
Revenue growth outpaced both GMV and order growth, indicating that Shopee generated more revenue from the transactions flowing through its platform. Its adjusted EBITDA increased 5.4% from the second quarter.
“Shopee delivered another strong quarter, again achieving new record highs in both top- and bottom-line metrics. Our strategies have proven effective at strengthening our fundamentals, giving us a growing buyer base, stronger monetization, and improving unit economics,” said Forrest Li, Sea’s Chairman and Chief Executive Officer.
The results come as rivals sharpen their challenge to Shopee’s regional lead. Earlier this month, TikTok Shop’s standalone shopping app became available in Singapore, Malaysia, Thailand and the Philippines, giving the business a dedicated storefront beyond TikTok’s main video app.
According to research firm Momentum Works, Shopee held 53% of Southeast Asia’s platform e-commerce market in 2025 and ranked first in all six markets covered by its research. However, TikTok Shop, including Tokopedia, had narrowed the gap. The regional market expanded 22.8% to $157.6 billion last year.
Monee’s loan book expands
Sea’s digital financial services arm Monee posted revenue of $1.6 billion, up about 63.9% from a year earlier. This pushed adjusted EBITDA 15.5% higher to $298.3 million, exceeding Shopee’s in absolute terms.
Consumer and SME loans principal outstanding reached $12.6 billion at the end of September, up 59.5% year on year and 13.5% from the preceding quarter. This consists of $11.2 billion on-book and $1.3 billion off-book loans principal outstanding.
The expansion was accompanied by an increase in the proportion of loans overdue by more than 90 days. Monee’s 90-day non-performing loan ratio stood at 1.3%, compared with 1% in the second quarter and 1.1% a year earlier.
Garena revenue climbs
Gaming arm Garena generated revenue of $840.1 million, up 28.6% year on year and 12.5% from the second quarter.
“Free Fire anchored this performance with strong bookings growth, and Arena of Valor continued its strong momentum from its 10th anniversary celebrations,” Li said.
Bookings rose 5.9% from a year earlier to $890 million, while quarterly active users were broadly unchanged at 671.7 million, compared with 670.8 million a year earlier and 666.3 million in the preceding quarter.
Garena reported adjusted EBITDA of $458.2 million, remaining Sea’s largest business by that earnings measure.
“Our strong momentum from the first half of the year has continued into the third quarter. We are pleased with this solid performance, and will continue to focus on executing our priorities with discipline,” Li said.
