| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 11, 2026 | 6/12 | 2 high, 3 medium, 1 low flags | 0 | 0 | Call sheet → |
| Q1'26 | May 12, 2026 | 9/12 | 1 high, 4 medium, 2 low flags | 3 | 0 | Call sheet → |
| Q4'25 | March 3, 2026 | 8/12 | 3 medium, 3 low flags | 6 | 0 | Call sheet → |
| Q3'25 | 2025-11-11 | 9/12 | 4 medium, 3 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | AI shopping assistant for buyers and AI advisor for sellers, both 'in early stages with plans to roll them out more widely over time' Seller-side IAM assistant appears to have progressed to live rollout in multiple markets this quarter, but buyer-side shopping assistant status, adoption, or results were not addressed when directly asked; status for the buyer product is unverified. |
| Q2'26 | Pending | Garena 'strong year-on-year bookings growth for Garena for the full year,' guidance reaffirmed from prior call Full year not complete. Q2 bookings growth decelerated to +15% YoY from +20% YoY in Q1, and the full-year guidance itself was not explicitly restated this quarter. |
| Q2'26 | Pending | Medium-to-long-term e-commerce EBITDA margin target of 2% to 3% Reaffirmed this quarter with tightened 'within our reach for the year' language and a specific current level (0.67%) disclosed, but the deadline implied by 'for the year' is not clearly matched by the size of the required improvement. |
| Q2'26 | Pending | Shopee FY2026 full-year adjusted EBITDA 'no lower than 2025 in absolute dollar terms' Year not complete. Management revised the target upward this quarter to an explicit $1 billion milestone rather than resolving the original floor-based promise. |
| Q2'26 | Pending | Shopee FY2026 GMV growth of around 25% year-on-year Full year not yet complete; reaffirmed this quarter at 'around 25%' with explicit FX and higher-base caveats. |
| Q1'26 | Delivered | Brazil to remain profitable while investing in growth Brazil continues profitable operations while adding fulfillment capacity |
| Q1'26 | Delivered | Continue to improve asset quality while maintaining stable risk profile NPL held steady at 1.1% despite 71% loan book growth |
| Q1'26 | Pending | Expect double-digit bookings growth for Garena in 2026 Q1 shows 20% growth, well above double-digit threshold |
| Q1'26 | Delivered | Plan to launch Shopee VIP in Brazil in coming months Launched in April as promised |
| Q1'26 | Pending | Plan to expand fulfillment further across all markets and aim to double fulfillment order penetration by end of year 25% sequential growth in Q1 suggests good progress toward doubling target |
| Q1'26 | Pending | Aim to grow Shopee's annual GMV by around 25% YoY with full year EBITDA no lower than 2025 On track for GMV (30% in Q1) but EBITDA down 52% YoY in Q1 puts full year target at risk |
| Q4'25 | Delivered | Continue improving take rate through ad monetization Ad take rate up 80+ bps YoY with 70%+ ad revenue growth |
| Q4'25 | Delivered | Money loan book expansion while maintaining stable risk 80% YoY growth to $9.2B with NPL stable at 1.1% |
| Q4'25 | Exceeded | VIP program expansion showing strong traction with 75% QoQ growth Achieved 100% QoQ growth (3.5M to 7M subscribers), doubled the prior growth rate |
| Q4'25 | Delivered | Continue expanding fulfillment services in various markets Now have double-digit penetration in some markets, expanding to all markets in 2026 |
| Q4'25 | Exceeded | Garena remains on track to achieve more than 30% year-on-year growth in bookings for 2025 Delivered 37% growth, well above the 30% target |
| Q4'25 | Delivered | Shopee's full-year 2025 GMV growth to be more than 25% Achieved 27% growth, beating their raised guidance |
| Q3'25 | Delivered | AI technology improvements for ad conversion Achieved 10% YoY conversion improvement, 'meaningful' contribution |
| Q3'25 | Delivered | Brazil maintaining positive EBITDA Confirmed continued profitability while scaling rapidly |
| Q3'25 | Delivered | Money loan book continued rapid expansion Grew from $6.9B to $7.9B, added $1B in quarter |
| Q3'25 | Exceeded | Garena bookings more than 30% growth for 2025 On track with Q3 delivering 51% growth, well above target |
| Q3'25 | Delivered | VIP program expansion to Thailand and Vietnam Launched in both markets, reached 3.5M total subscribers |
| Q3'25 | Exceeded | Q3 growth momentum to carry into Q3 Delivered 28% GMV growth vs. 25% first half guidance |
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