GMO: Transfers GMO Commerce to Record ¥4.1B Profit, Exits Thailand

Following its transition to a holding company structure in January 2025, GMO has accelerated efforts to consolidate management resources and create synergies. The board resolved on September 24, 2026, to transfer all shares of its payment unit, GMO Commerce, to its consolidated subsidiary, GMO Internet.

This move shifts the payment unit's operations under GMO Internet, the core of the group's internet infrastructure business. It aims to merge customer bases and generate synergies through cross-selling. Specifically, sales rights for subsidiaries GMO Nikko and GMO Insight are being transferred to the payment unit, positioning it as the core company for the internet advertising and media business within consolidated accounts.

GMO Commerce holds paid-in capital of 1,103 million yen and net assets of 2,776 million yen as of June 30, 2026. Revenue has grown approximately 40% over two years, reaching 2,456 million yen in fiscal 2025, while net income expanded to 342 million yen from 143 million yen in fiscal 2023.

Although GMO is transferring 65.96% of its shares, the transaction remains within the consolidated group, meaning its impact on consolidated profit is minimal. This restructuring solidifies a structure where the holding company focuses on strategy while GMO manages business operations, aiming for long-term growth and corporate value improvement.

Concurrently, the group announced its withdrawal from the digital asset business in Thailand. All shares of its indirect subsidiary, GMO-Z.com Cryptonomics (Thailand) Co., Ltd., will be sold to BTGT Management (Thailand) Ltd., an investment holding company in Thailand.

This exit responds to environmental changes and a portfolio review. Although 11 companies were transferred to GMO Internet in March 2025, further reviews led to this decision. The buyer is compliant with Thai Securities and Exchange Commission regulations.

Financial data reveals challenges: while revenue grew from roughly 5.16 million yen in fiscal 2023 to about 60.34 million yen in 2024, operating income remained negative. Fiscal 2025 estimates show an operating loss of approximately 339 million yen.

Total assets reached 206 million yen by late 2025, moving away from previous insolvency, but the business was still deemed unviable. The transfer price is undisclosed but will be a fair market value. This exit allows GMO to avoid losses and subsequent risks while focusing resources on more profitable areas.

The transfer of the payment unit shares results in a special profit of approximately ¥4.1 billion in individual accounts. While this directly improves parent company net income and cash flow, consolidated profits see only limited gains as it is an intra-group restructuring.

The Thailand exit is expected to have a minimal impact on future consolidated results. Since the loss-making subsidiaries were already within the consolidated scope for the past three years, additional large losses are avoided.

Looking ahead, the focus is on strengthening the advertising and media business centered on GMO Internet. Investors should note that a stronger parent company foundation enables concentrated investment in growth areas like marketing. This clarity also aids students regarding future career paths. The market will evaluate this move by its transparency and rapid execution.