Management remarks
Call period: 2026 Q2 · 2026-08-11
Guidance: Hou Tianyu: If we look forward for the full year, we remain well on track and confident of achieving our full year growth outlook of around 25%. And that said, we want to make sure that we also anticipate the potential ForEx headwind as well.Demand and orders: Hou Tianyu: On Shopee, gross orders increased 27% year-on-year to $4.2 billion in the second quarter of 2026, and GMV increased by 28% year-on-year to $38.3 billion in the second quarter of 2026.Margins: Forrest Li: Ad revenue was up more than 70% and ad take rate improved by over 90 basis points year-on-year.Analyst Q&A
Analyst Jiong Shao asked: My second question is back to Brazil. One of your key competitors in Brazil talked about the momentum they are seeing by lowering some of the take rates there and lowering the free shipping threshold. But that clearly hasn't stopped you from growing very, very fast. Could you just talk about sort of your profitability outlook in Brazil in the coming quarters and years? Management Forrest Li answered: As you rightly pointed out, we share the goal of more than $1 billion EBITDA this year. If you do the math, it does mean that in the absolute terms, our EBITDA for second half of the year will be higher than the first of the year. Of course, partially because of the growth of the market. It's actually the overall GMV, we believe that we still see quarter-over-quarter growth.管理层陈述
电话会期间：2026 Q2 · 2026-08-11
指引：侯天宇：展望全年，我们仍按计划推进，有信心实现约25%的全年增长目标。同时，我们也会警惕潜在的外汇逆风风险。需求与订单：侯天宇：在Shopee平台上，2026年第二季度总订单量同比增长27%，至42亿美元；GMV同比增长28%，至383亿美元。利润率：Forrest Li：广告收入同比增长超70%，广告变现率同比提升超过90个基点。分析师问答
分析师邵炯提问：回到巴西市场，您的主要竞争对手通过降低部分抽成和免运费门槛获得增长势头，但这并未阻碍Shopee业务的高速增长，请谈谈未来几个季度乃至数年巴西市场的盈利展望。 管理层回应：正如您所言，我们的年度目标是实现超过10亿美元的EBITDA。经计算，今年下半年的EBITDA绝对额将高于上半年，这部分得益于市场增长，我们认为整体GMV仍实现了环比增长。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
