SEGMENT REPORTING

12 Months Ended

Dec. 31, 2025

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

22. SEGMENT REPORTING

The Company has three reportable segments, namely e-commerce (Shopee), digital financial services (Monee) and digital entertainment (Garena). The CODM, comprising the Company’s senior management team, evaluates each segment’s financial performance by reviewing revenue, significant operating expenses, and segment operating income or loss. To allocate resources for each segment, the CODM evaluates these results, along with certain key operating metrics of each segment. This assessment is done regularly by monitoring each segment’s actual financial and operating performance against projections as part of the Company’s business planning and budgeting process. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information.

Description of Reportable Segments

E-commerce (Shopee) – Shopee’s platform is a mobile-centric, social-focused e-commerce marketplace with integrated payment, logistics and fulfillment infrastructure and comprehensive services offered to buyers and sellers. It provides users with a convenient, safe, and trusted shopping environment that is supported by integrated payment, logistics, fulfilment, and other value-added services. Products from manufacturers and third parties are also purchased and sold directly to buyers on the Shopee platform.

Digital Financial Services (Monee) – Monee offers consumer and SME credit, e-wallet, payment processing, banking, insurtech, and wealth services. Monee’s credit business primarily consists of consumer and SME loans, with Shopee buyers and sellers as key user groups, while also supporting a broader range of consumer spending scenarios beyond Shopee. Monee also provides the payment infrastructure and processes payments for transactions occurring on Shopee. Monee integrated the e-wallet services with Shopee platform across different markets, to promote efficient growth of Monee and to reduce payment friction for Shopee users. In addition, Monee have use cases of mobile payment services (which allow users to use multiple underlying payment sources such as their e-wallet, credit or debit card and bank account) outside of the Company’s platforms, including other online and offline merchants, along with a variety of third-party use cases.

Digital Entertainment (Garena) – Garena offers mobile and PC online games and develops mobile games for the global market. Garena also promotes eSports.

A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other services”.

Information about segments for the years ended December 31, 2023, 2024 and 2025 presented were as follows:

	Year ended December 31, 2023
	E-commerce (Shopee) $			Digital Financial Services (Monee) $			Digital Entertainment (Garena) $			Other Services(1) $			Total $
Revenue		9,000,848			1,759,422			2,172,009			131,281			13,063,560
Less(2)
Cost of revenue		(6,194,900	)		(279,745	)		(672,481	)		–
Sales and marketing expenses		(2,510,693	)		(116,445	)		(104,721	)		–
Provision for credit losses		–			(630,300	)		–			–
Other operating expenses(3)		(845,725	)		(242,723	)		(216,936	)		(188,009	)
Operating segment (loss) income		(550,470	)		490,209			1,177,871			(56,728	)		1,060,882
Unallocated expenses(4)														(836,104	)
Operating income														224,778
Non-operating income, net														207,616
Income tax expense														(262,680	)
Share of results of equity investees														(7,032	)
Net income														162,682

	Year ended December 31, 2024
	E-commerce (Shopee) $			Digital Financial Services (Monee) $			Digital Entertainment (Garena) $			Other Services(1) $			Total $
Revenue		12,415,231			2,367,739			1,910,589			126,307			16,819,866
Less(2)
Cost of revenue		(8,611,530	)		(348,424	)		(610,586	)		–
Sales and marketing expenses		(2,966,084	)		(298,386	)		(117,556	)		–
Provision for credit losses		–			(771,407	)		–			–
Other operating expenses(3)		(977,048	)		(292,020	)		(203,626	)		(170,210	)
Operating segment (loss) income		(139,431	)		657,502			978,821			(43,903	)		1,452,989
Unallocated expenses(4)														(790,837	)
Operating income														662,152
Non-operating income, net														116,631
Income tax expense														(321,168	)
Share of results of equity investees														(9,788	)
Net income														447,827

	Year ended December 31, 2025
	E-commerce (Shopee) $			Digital Financial Services (Monee) $			Digital Entertainment (Garena) $			Other Services(1) $			Total $
Revenue		16,564,605			3,791,641			2,408,765			173,458			22,938,469
Less(2)
Cost of revenue		(11,380,266	)		(475,024	)		(791,378	)		–
Sales and marketing expenses		(3,546,753	)		(614,228	)		(174,104	)		–
Provision for credit losses		–			(1,365,556	)		–			–
Other operating expenses(3)		(1,056,534	)		(364,151	)		(259,212	)		(263,995	)
Operating segment income (loss)		581,052			972,682			1,184,071			(90,537	)		2,647,268
Unallocated expenses(4)														(661,962	)
Operating income														1,985,306
Non-operating income, net														295,553
Income tax expense														(651,081	)
Share of results of equity investees														(18,884	)
Net income														1,610,894

⁽¹⁾ A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”.

⁽²⁾ The significant expenses categories and amounts align with the segment-level information that is regularly provided to the CODM.

⁽³⁾ Other operating expenses for E-commerce and Digital Entertainment include general and administrative expenses, research and development expenses, and provision for credit losses net of other operating income. Other operating expenses for Digital Financial Services include general and administrative expenses, and research and development expenses net of other operating income.

⁽⁴⁾ Unallocated expenses are mainly related to share-based compensation, impairment of goodwill of prior acquisitions that are not under the Company’s reportable segments, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

Revenue from external customers is classified based on the geographical locations where the services were provided.

	Year ended December 31,
	2023 $		2024 $		2025 $
Revenue
Singapore		506,482		659,107		792,705
Southeast Asia excluding Singapore		8,673,045		11,114,896		14,379,011
Latin America		2,193,758		3,276,281		5,532,738
Rest of Asia		1,496,433		1,591,487		2,005,721
Rest of the world		193,842		178,095		228,294
Consolidated revenue		13,063,560		16,819,866		22,938,469

Long-lived assets consist of property and equipment, operating lease ROU assets and intangible assets.

	As of December 31,
	2024 $		2025 $
Long-lived assets
Singapore		684,454		583,607
Southeast Asia excluding Singapore		969,350		1,386,679
Latin America		152,472		421,607
Rest of Asia		225,954		230,060
Rest of the world		147,564		122,292
		2,179,794		2,744,245