A：The revenue for the first quarter of 2026 grew by over $7 billion, representing a 47% year-on-year increase, which signifies a strong start to the year and the effectiveness of the company's investment strategy.

A：Shopee achieved a new high in GMB (Gross Merchandise Volume) with a 30% year-on-year growth, maintained financial discipline with an adjusted EBITDA of over $220 million, and experienced an increase in ad revenue by 80% and an average ad spend growth by more than 30%. The company also saw a 15% year-on-year increase in average monthly active buyers and a 12% year-on-year growth in the buyer purchase frequency.

A：The logistics network has performed strongly, with Shopee continuing to scale delivery options and maintain cost leadership. The instant and same-day delivery services have seen strong adoption, with lower delivery costs per order compared to the previous year. In Taiwan, the average delivery time for the instant delivery service has reduced by around 20% year on year, and there has been an expansion of offline stores available on the instant services. The fulfillment program has also grown, with a 25% sequential growth in fulfillment order volumes, contributing to faster and more reliable delivery and improved service quality and cost efficiency.

A：The shopping VIP program has gained strong traction, driving user engagement and contributing to double-digit GMV growth year on year. By the end of March, total subscribers across the program in Asia had increased more than 40% from the previous quarter, and the program retention rate was about 80% across all markets. Shopping VIP members have consistently demonstrated double-digit spending growth post-subscription and contribute around 20% of TGMV across Asia.

A：In the first quarter, the company's Brazilian market experienced strong performance and profitability, driven by increasing active buyers, purchase frequency, and average unit design. The market's solid fundamentals included a wide product assortment, competitive prices, and the structural logistics cost advantage. AI is playing a growing role in the business, with a focus on improving delivery times and contributing to the onboarding of more merchants, especially for shopping mall sellers. This resulted in GMV from shopping mall sellers more than doubling year on year and contributing around 15% of GMV.

A：The company has integrated AI into operations to enhance search and recommendation algorithms, resulting in better product discovery and a year-over-year improvement in the purchase conversion rate. AI-generated content tools have helped sellers create more compelling product listings. AI-driven personalization and targeting have contributed to strong year-over-year ad revenue growth. Additionally, AI chatbots have reduced customer service costs per contact by around 30% while maintaining high satisfaction rates.

A：Shopee has started 2026 with strong growth while maintaining financial discipline, being deliberate in areas like delivery, fulfillment, VIP membership, and user acquisition. It is seeing improvements in unit economics and expects this trend to continue. The company is confident in its shopping ecosystem and strategy execution, targeting a 25% year-over-year growth in shop annual GMV and full-year adjusted EBITDA no lower than the absolute dollar amount of 2025.

A：The Money segment had a strong start to the year with robust year-on-year growth in revenue and adjusted EBITDA. Credit has been the primary driver of growth, with a notebook balance of $9.9 billion, an increase of more than 70% year on year. Factors contributing to growth include expanding the credit business through deepening existing user relationships, acquiring new users in segments with better risk profiles, and expanding credit use cases beyond Shopee, such as through off-shoot expansion.

A：Strategies in the credit business include increasing the credit balance for existing users, acquiring new users with competitive pricing and higher borrowing capacity, and expanding off-Shopee credit products. These strategies have resulted in strong growth in user numbers and loan outstanding per user. Notably, there was a 25% year-over-year increase in active credit users to 38 million, and the average loan outstanding per user grew to around $250.

A：Brazil has become the fourth market to cross $1 billion in loan size, growing over 250% year on year. The growth was supported by localized product offerings, such as a combined layaway and cash loan limit that aligns with how Brazilian consumers utilize credit. This led to strong user growth with a higher repeat usage rate, where the average loan outstanding per user more than doubled. The pay later penetration on shopping is around 10% in Brazil, indicating substantial room for further growth.

A：Garena had a solid start to 2026, posting a 20% increase in bookings and a 25% increase in adjusted EBITDA year over year. The performance was driven by the continued strength of Free Fire and the record contribution from Garena Shopee. Notable partnerships included a major collaboration with a popular anime, which generated over 700 million official content views. Garena has demonstrated its ability to consistently execute high-impact partnerships with global content owners and to hyper-localize games for global markets, as evidenced by the successful global expansion of its Ramadan campaign.

A：In the first quarter of 2026, marketplace revenue grew 44% year-over-year to $4.5 billion, with core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, increasing 61% year-over-year to $3.8 billion. Value-added services revenue, which includes revenues related to logistics services, was $0.7 billion.

A：Strategic investments in delivery performance, the shopping VIP membership program, and user acquisition contributed to the growth in adjusted EBITDA, partially offset by higher monetization. The company is investing deliberately to capture the growth runway ahead and remains confident in delivering robust top-line growth, including a year-over-year increase in adjusted EBITDA.

A：Active user base and deeper penetration drove a 41% year-over-year growth in GA revenue to $697 million and an increase of 25% year-over-year in adjusted EBITDA to $574 million in the first quarter.

A：The company maintains a full-year GMB growth forecast of 25%, which may be influenced by the higher base of the second half of 2025 or management's approach to being conservative in light of macro uncertainty. The future guidance will depend on how the market evolves and will be communicated based on better indications from the growth trend.

A：Seasonality, including Ramadan and the New Year, contributed to the good seasonality attribute seen in part of the company's growth in the first quarter. However, it is noted that performance can vary from quarter to quarter depending on the timing of content release and seasonal events.

A：The first quarter saw record high bookings for Arena in its ten-year operation, driven by the enduring appeal of the game and the team's ability to keep the experience fresh and engaging for players. The quarter was also influenced by seasonality, such as Lunar New Year engagement. The company expects a strong year for gaming in light of the content pack year and the celebrations for the lyth anniversary. The underlying health of the franchise, as evidenced by user engagement and paying user penetration, remains strong, and the company is confident in delivering strong year-on-year booking growth for the full year.

A：The expected margin cadence for Shopee's growth in Brazil for the year is not explicitly stated, but it is implied that despite market leader increasing investments, Shopee is still profitable and plans to continue growing with similar or better profit margins. Future growth will be driven by the expansion of the fulfillment network, Penta deliveries, and the BP program.

A：E-commerce state rates have risen consistently in ASEAN, which has led to discussions on how much of these increases are being reinvested by companies and the effect on ASEAN e-commerce margins. There's also a focus on whether these increases are well-accepted by sellers and if there's a cap on commission rates.

A：Shopee's strong growth in Brazil is attributed to better market shares, which drives sales and helps to lower costs. Q1 results showed a significant growth ahead of the market average. Factors contributing to this growth include investments in areas like the fulfillment network, Penta deliveries, and the BP program in Brazil.

A：Shopee's loan business in Brazil is doing very well, with more than 1 billion in outstanding loans. Product localization played a key role in improving the risk profile, enabling market expansion while maintaining profitability. Shopee is optimistic about the market penetration rate for its lending business.

A：Shopee is closely monitoring the impact of commission increases on pricing in comparison to peers and the offline market. The goal is to deliver profit to sellers, manage costs, and drive volume. Shopee also offers AI-powered chatbots and other tools to reduce the cost of running the platform and improve the efficiency of customer service.

A：The expected EBITDA decline is not specified, but the focus is on a projected growth of 25% in the bottom line with at least not worse than last year. The contribution from each geographic region (Mexico and Southeast Asia) to the future growth in EBITDA is not quantified, but the intention is to maintain good spending habits and continue learning from past adjustments. In the medium to long term, the goal is to achieve the same tax margin while ensuring a positive return on the additional loan outstanding.

A：The company acknowledges that it's too early to guide for a steady state number and that operational ratios are impacted by the country and product mix. However, there is a belief that with ongoing development and dynamic market conditions, improvements are possible.

A：Higher fuel prices could impact the company's operation cost, but they leverage subsidies from their country to absorb cost increases. The company also works closely with partners to manage costs. While the cost impact is acknowledged, the company believes it can manage within the provided guidance.

A：The company's platform is considered the cheapest, offering essential products, which makes it more sought after during times when consumers have to allocate more spending towards fuel. The company's focus on essential products rather than discretionary spending helps mitigate the impact.

A：The company plans to add fulfillment centers in the near term but does not disclose specific targets. The build-out pace is not expected to be rapid, with a focus on growing the procurement business and using the existing high capacity utilization effectively. There's an intention to surpass the size of competitors in terms of absolute volumes, though this will take several years.

A：The company optimizes investments by predicting volume needs ahead of time and adjusting the build schedule accordingly, leading to a relatively low need for additional investments. Returns on investments in procurement centers are fast, and investments in procurement businesses are ongoing to drive growth.

A：The company is focused on intrinsic value evaluation and has initiated a buyback program. Despite the stock price exceeding $78 at some point, only $170 million worth of buybacks have been executed. The rationale for future buyback activity will be based on a review of the company's stock price and overall market conditions.

A：The VIP program is considered more profitable compared to the non-vip program, as evidenced by user retention and the uplift in activities from the VIP users. The program's ability to bring benefits of partners to users also supports further investment.

A：The company remains very confident in its three vertical businesses and the strong growth potential of its Arca. It plans to continue actively buying back shares, as it has been doing since November, and remains confident about its performance for the rest of the year.

A：The potential KPIs for measuring the progress of the VIP program could be the percentage of penetration in key markets relative to the total MAUs or certain thresholds that the company will monitor.

A：The breakdown of the business includes a shift from Shopee to other countries, with the percentage of Shopee in the total estimate of on-shopee and off-shopee being about 20%. The company started with a majority in Shopee but now it's less than half of the business. Even comparing with Shopee, the percentage of escalation of Shopee is significant, proving the company's ability to drive credit adoption in both the shopping and off-shopping ecosystems.

A：The key factors contributing to the strong growth momentum in the latest quarter include the penetration of surveys, user retention, unit economics of the program, and the number of partners in the program. The company also focuses on driving credit adoption within the current user base, expanding the new scenario beyond current offerings, and reaching out to new user segments.

A：The company is able to expand to more prime user segments with five different products in various markets, targeting users with slightly lower risk profiles but with a bigger outstanding pool. This strategy is expected to drive the growth of loan disbursements across all markets in the coming years.