Foreign Exchange Risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. Our exposure to the risk of changes in foreign exchange rates relates primarily to our operating activities when revenue or expense is denominated in a foreign currency and our net investments in foreign subsidiaries. We have transactional currency exposures arising from sales or cost of revenue that are denominated in a currency other than the respective functional currencies of our subsidiaries, primarily Singapore dollar, Indonesian rupiah, Vietnamese dong, Philippines peso, Malaysian ringgit, Thai baht, Chinese yuan, New Taiwan dollar and Brazil real. The foreign currencies in which these transactions are denominated are mainly U.S. dollar. Our sales and costs are denominated in the respective functional currencies of our subsidiaries. Our loans receivable, deposits payable, escrow payables and advances from customers, accrued expenses, trade and other payable and trade and other receivable balances at the end of the reporting period have similar exposures. Such amounts include balances within the subsidiaries which, although eliminated from the consolidated balance sheets, will continue to contribute to foreign exchange risk exposures in the consolidated statements of operations and consolidated statements of comprehensive loss. Foreign currency exchange rates for currencies in some of our markets have experienced substantial volatility. It is difficult to predict how market forces or the government policies in those markets may impact the exchange rates against the U.S. dollar in the future. See “Item 3. Key Information—D. Risk Factors—Business and Operational Related Risks—Risks Applicable Across Multiple Businesses—Fluctuations in foreign currency exchange rates may adversely affect our operational and financial results, which we report in U.S. dollars.” As of December 31, 2025, we had cash, cash equivalents and restricted cash of US$6.4 billion. We had U.S. dollar-denominated cash, cash equivalents and restricted cash of US$2.4 billion, Thai baht-denominated cash, cash equivalents and restricted cash of US$674.9 million, Singapore dollar-denominated cash, cash equivalents and restricted cash of US$576.1 million, Vietnamese dong-denominated cash, cash equivalents and restricted cash of US$536.1 million, and cash, cash equivalents and restricted cash denominated in other currencies of US$2.2 billion. If the U.S. dollar had strengthened or weakened by 100 basis points against Thai baht, our cash, cash equivalents and restricted cash would have decreased or increased by US$6.7 million. If the U.S. dollar had strengthened or weakened by 100 basis points against Singapore dollar, our cash, cash equivalents and restricted cash would have decreased or increased by US$5.8 million. If the U.S. dollar had strengthened or weakened by 100 basis points against Vietnamese dong, our cash, cash equivalents and restricted cash would have decreased or increased by US$5.4 million. If the U.S. dollar had strengthened or weakened by 100 basis points against each of the other currencies in which we held cash, cash equivalents and restricted cash, our cash, cash equivalents and restricted cash would have decreased or increased by US$22.3 million. Credit Risk We are exposed to credit risk from our operating activities (primarily from trade and other receivables) and from our investing activities, including loans receivable, time deposits with banks and financial institutions, sovereign bonds and corporate bonds, and other financial instruments. Our objective is to seek continual revenue growth while minimizing losses incurred due to increased credit risk exposure. Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, other receivables, loans receivable, held to maturity investments, available-for-sale investments, and amounts due from related parties. As of December 31, 2025, substantially all of our cash and cash equivalents, restricted cash and time deposits were held at major financial institutions in their respective locations. We believe that these financial institutions are of high credit quality and continually monitor the credit worthiness of these financial institutions. Investments in sovereign bonds are backed by the government while investments in corporate bonds are substantially investment grade. For our consumer and SME credit loans, we generally do not require collateral on these balances where the size of the individual loan receivable is relatively small. As of December 31, 2025, no single loan customer’s balance accounted for more than 5% of net loans receivable. 141 Table of Contents