A：C Limited's financial highlights for the fourth quarter and full year 2025 include record revenue of $23 billion, a 36% year-on-year growth from 2024. The full year net income reached $1.6 billion and adjusted EBITDA was $3.4 billion, marking a 260% and 75% year-on-year increase, respectively. The robust growth was supported by over 400 million active buyers, $127 billion in GMV, 20 million unique first-time borrowers, and maintained stable risk while connecting over 100 million players daily, generating almost $3 billion in bookings.

A：Shopee's strategy for 2026 will continue to focus on operational excellence with the aim of delivering another year of strong growth and healthy profit. The specific targets for 2026 are to grow the shopping GMB by around 20-25% year on year, with the full year adjusted EBITDA not lower than $2040-2500 in absolute dollars. This strategy is believed to optimize Shopee's long-term profitability.

A：In 2025, Shopee achieved record results with tangible improvements for both buyers and sellers, leading to a 27% year-on-year growth in full year GMB. These improvements included product recovery ease, a broad assortment of competitive prices, and wider access to fast, reliable shipping. Monetization further improved with a 20% increase in sales and a 45% increase in average revenue per user. As a result, revenue grew over 70% and the tax rate increased by more than 80 basis points year on year.

A：C Limited is investing in several areas to enhance its scale and market leadership. These include continued efforts into logistics, the expansion of the shopping VIP membership program, and the growth of the content ecosystem. These investments aim to serve more users and engage them more effectively.

A：C Limited's logistics capabilities significantly contributed to its growth by becoming an important differentiator. The logistics processed over 30 million packages daily, making it one of the largest e-commerce logistics solutions providers. The company improved speed and cost efficiency, and customized delivery options to meet different user needs. In the content ecosystem, the partnership with YouTube and collaboration with Meta supported higher purchase conversion and extended the ecosystem coverage across multiple channels, ultimately benefiting both buyers and sellers.

A：In Taiwan, GMV experienced double-digit growth with a strong e-commerce leadership position, supported by a large-scale network of shopping collection points, automated locker stores, and free shipping initiatives. In Brazil, robust GMV growth and market share gain were achieved, becoming the fastest-growing market with improved mass and upmarket penetration, and operational efficiency demonstrated by lower cost structures and faster delivery times.

A：For 2026, GMV plans to accelerate the rollout of its fulfillment capability in Brazil, aiming to attract and serve more sellers, especially in higher-value categories, to further improve market performance.

A：Money experienced significant growth and profit in 2025, with annual revenue reaching $3.8 billion, a 60% year-on-year increase, and adjusted EBITDA exceeding $1 billion, representing a 43% year-on-year growth. The credit business was the primary driver of growth and profit.

A：Money acquired more new users by shifting from a white list-based approach to a broader application approach, which was rolled out across markets for both personal and EZ cash flow. This strategy led to well-scaling new user acquisition costs with generally positive unique economics, adding 5.8 million unique first-time borrowers in the fourth quarter.

A：Shopping S later grew over 300% year-on-year by the end of 2025, accounting for over 15% of the total credit portfolio in Malaysia and close to 30% of cash advance usage off Shopee. This growth was driven by attention to user experience, integration with national QR payment systems, and expanding into higher ticket offline categories.

A：Money's credit business expansion in 2025 was due to improvements in risk underwriting capabilities, which were bolstered by the firm's rich ecosystem data and advancements in AI. This allowed better understanding and mapping of user behavior and dynamic adjustment of credit limits.

A：Garena had a strong year in 2025, with a 37% year-on-year growth in team size and a 38% year-on-year increase in adjusted EBITDA. There was solid global reach expansion and a portfolio of new titles contributing to bookings growth nearly doubling compared to 2023.

A：Key initiatives that drove Garena's success included the delivery of high impact experiences that brought communities together, such as content drops, in-game and real-world events, and major updates like the release of new chapters, maps, and free game collaborations. The company's long-term vision, patience, and hard work were rewarded with the successful collaboration and the event-driven successes of 2025.

A：The FD Pro Statable 2025 event in Ho Chi Minh City reached 18 million viewers online and brought together global football icons to engage with local communities, demonstrating the company's ability to globalize the game through on-the-ground community engagement.

A：For the upcoming year, the company plans to double down on executing their operational strategy with excellence, continuing to strengthen their long-standing partnership with EA and deliver high-quality content and experiences for their global gaming community.

A：The core business performed strongly, with total gross revenue increasing 38% year-over-year to $6.9 billion in the fourth quarter of 2025 and 36% year-over-year to $22.9 billion for the full year. The company's total adjusted EBITDA grew by 33% year-over-year to $787 million in the fourth quarter and by 75% year-over-year to $3.4 billion for the full year of 2025.

A：The shopping segment experienced a 30% year-over-year increase in gross orders to 4 billion in the fourth quarter, and the money segment had a 54% year-over-year increase in revenue to $1.1 billion in the fourth quarter. The company's EBITDA grew significantly in both segments, with shopping EBITDA up 33% year-over-year to $202 million and money cut revenue up 60% year-over-year to $3.8 billion for the full year of 2025.

A：For 2026, the company is investing in several areas for growth, starting with South Asia, where the focus is on increasing the share of wallet of core users and expanding the buyer base. They plan to enhance user experience through logistics improvements, such as faster delivery and better reliability. The company is also looking to build a bigger fulfillment network to reduce delivery times and support sellers in listing and selling their products more efficiently.

A：The company's loan book grew very strongly, closing the year more than 80% year-on-year. Key drivers of this strong performance include new products, new market pricing, or stronger demand. For 2026, the company is expected to focus on maintaining the momentum and continuing to grow, with an emphasis on EBITDA margin trends and investment areas yet to be specified in the transcript.

A：The content share businesses have grown more than 20% over the years and this trend is expected to continue with collaborations not only for the company's own content but also with external partners like YouTube and Facebook apps.

A：Gross unit economics have been meaningfully improved with a high ad rate and commission effort, leading to a higher take on the top line and reduced costs for logistics and payments, resulting in better growth margins.

A：The company is reaching out to users to convert them to the platform in South Asia, Brazil, and Taiwan to enhance the overall user metrics for the platforms.

A：Efforts in Brazil include operating with a more efficient logistics network at lower costs, reducing shipping speed, growing the fulfillment network, and ensuring the presence of right sellers for specific categories.

A：In Taiwan, the company is building a fulfillment network as part of an integrated operation with its delivery network to offer users end-to-end delivery at a lower cost and faster speed compared to the market.

A：The company expects to continue expanding the possibilities for the margin and believes the market potential is larger than previously projected, with a goal to demonstrate a 2 to 3% margin for e-commerce businesses over time.

A：The competitive landscape across most of the market has not changed significantly from the last quarters, and the company continues to observe similar dynamics.

A：The company's businesses have different phases of growth across various markets. Indonesia was the first country to grow much faster, followed by Thailand and Malaysia. Brazil also showed high growth potential when new products were launched. Growth in newer markets tends to be faster initially.

A：In most countries, the company started with Pals, a type of consumption loan. They later rolled out cash loans and wrote off and then cash and off-platform loans, which have been growth drivers. Products like cash and off-platform loans are tailored for higher income segments with longer terms and lower interest rates. Off-platform shopping has seen a significant portion of the overall lending, driving growth.

A：Profitability and margins are influenced by product mix and the ability to acquire users. The company aims to maintain stable risk levels, evidenced by NPL numbers, and upgrades risk management models using AI technology like transformer structures and e-commerce data. The goal is to grow the loan books prudently while managing risks.

A：There are different investment cycles for different markets, making it difficult to generalize. However, the company expects total profitability in 2026 to be better than in 2025, with probability levels not worse than Q4 2025 and an expectation to grow. The partnership with Google is still in development, but it is anticipated that when ready, it will be able to share results.

A：The company projects double-digit growth for 2026. They have extended IP collaborations, such as with 'Naruto', which will deliver around Q3. The company is actively working with other potential IP collaborations and plans to run football-related promotions during the World Cup time to leverage the overlap with their global community.

A：Investment priorities are not explicitly detailed in the transcript, but the company recognizes the importance of prioritizing investments given the competitive environment and the significance of the AI initiative. They are also focused on leveraging synergies between the three core business areas to strengthen competitive advantage and enhance ecosystem value.

A：The shop VIP program has grown significantly over the past year, with more than 15% of total GMV for the BP members in some countries. The program's retention rates are good, with a subscription renewal rate that has increased from 40% to 70% in Indonesia over the past few quarters. The core challenge addressed by the program is the payment success rate when transitioning from one month of subscription to another, which is particularly problematic due to the lack of credit card availability for many users in the region.

A：The company tailors its offerings quite extensively for each local market, which is likely the primary reason for the varied behaviors observed in different markets. This tailoring is part of the strategy to address different user preferences and behaviors specific to each market.

A：AI investments have positively impacted the company's e-commerce and financial services businesses by driving user growth and positive customer lifecycle initiatives. The investments have led to improvements in search recommendations, take rate expansion, and product description enhancements. Additionally, the implementation of multi-modal search has improved the user experience. The company also utilizes AI to assist sellers with chatbots that help reduce costs and improve upselling. The synergy between e-commerce and financial services is significant, with the latter leveraging user behaviors from shopping to assess risk and penetrate the market with various financial products.

A：The company expects high growth in Brazil in 2025 and continues to believe in the potential for growth in 2026. The fulfillment capability enhancements are expected to positively affect AOB market share. However, precise predictions on the growth rate and AOB market share are not provided in the transcript.

A：The e-commerce content ecosystem in ASEAN is still in a nascent stage but has shown significant growth. It is expected to grow in the coming quarters, with an improving user experience over time. Although the platform is not yet mature, there is room for growth in the next few quarters. The gap between the content ecosystem and non-content economic aspects is expected to narrow over time, indicating an improving trend.