Is LINE MAN Wongnai profitable in 2026?

It turned its first-ever net profit in 2025, THB542 million, versus a THB356 million net loss in 2024, per Thai Department of Business Development filings reported mid-2026. Margins remain thin at roughly 2.8 percent and partly rest on a government co-payment stimulus running through September 2026.

Who owns LINE MAN Wongnai?

Japan's LY Corporation. Its board resolved on September 11, 2025 to convert LINE MAN Wongnai from an equity-method associate into a consolidated subsidiary, completing that consolidation September 30, 2025, and is targeting a 61.1 percent voting stake by August 2026.

Is Grab bigger than LINE MAN Wongnai in Thailand?

By GMV, yes: Grab held 47 percent of Thailand's food delivery market in 2025 versus LINE MAN Wongnai's 41 percent, per Momentum Works data cited by Nikkei Asia. LINE MAN has still grown sharply from just 20 percent share in 2020.

Could AI replace LINE MAN Wongnai?

Unlikely to replace its core business, which relies on roughly 700,000 partnered restaurants and a physical rider network across all 77 Thai provinces as of early 2026. The company itself is only using AI for a planned restaurant content-generation helper, announced by CEO Yod Chinsupakul in June 2026.

Is LINE MAN Wongnai going public?

CEO Yod Chinsupakul said in June 2026 the company is targeting an IPO by 2027, still deciding between Hong Kong, Singapore, Nasdaq, or Thailand's SET, with a final venue decision expected by Q3 2026. An earlier 2025 SET listing plan had been postponed.

What is LINE MAN Wongnai's biggest competitor?

Grab, the regional super-app that leads Thai food delivery GMV at 47 percent in 2025 versus LINE MAN Wongnai's 41 percent. Both cut merchant fees in mid-2026 (LINE MAN to 10 percent, Grab to 9 percent) amid an active fee war.

Consumer platforms · subsidiary of LY Corporation · Thailand

LINE MAN Wongnai

lineman.line.me ↗

Thai super-app combining LINE-based food delivery with Wongnai restaurant reviews and bookings.

Protection under test

Assessed 26 July 2026 · Evidence as of 26 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 26 July 2026 · Checkable from September 30, 2026 · Every call on the record Checkpoint: Chuay Thai Plus government co-payment stimulus expires

The call

LINE MAN Wongnai turned its first profit while gaining share on Grab, but that profit still leans on a government subsidy set to expire and a fee war that hasn't stopped.

LINE MAN Wongnai lets people in Thailand order food through LINE's messaging app, which almost everyone there already uses. It is harder for Grab to compete because LINE MAN has partnerships with 700,000 restaurants and access to 80% of Thai phone users built into LINE itself, but Grab is still bigger and both companies keep cutting prices to win orders. The company just made its first profit, but margins are thin at 2.8% and part of that comes from a government subsidy that ends in September 2026. If profits hold up after the subsidy disappears, the company has built something real; if they vanish, profit was just borrowed from government support.

Why

AI pressure: None apparent. No AI ordering agent competes for Thai delivery yet; LINE MAN uses AI internally for routing and menu recommendations. Could AI do the core job? Unlikely.

Bigger players: Grab. Grab holds 47% of Thai food delivery GMV and floors fees near 9%, squeezing LINE MAN's newly won margins. Could a giant copy it? Probably.

What protects it. Native placement inside LINE, used by most Thai smartphone owners, plus 700,000 restaurant partners and a rider network Grab would need years to copy.

What would change this call

LINE MAN Wongnai's net margin in Q4 2026 / Q1 2027 results after the Sept 2026 stimulus expiry. Shows whether 2025 profit was structural or dependent on the government co-payment scheme.
Whether Grab drops merchant commissions below the current 9% floor in 2026. Would indicate renewed fee war forcing LINE MAN Wongnai back toward losses.
Completion of LY Corporation's stake increase to 61.1% by August 2026. Confirms parent LINE consolidates control ahead of a planned IPO.

Key numbers

41% Thai food delivery GMV share vs Grab's 47% (2025-12-31)
First net profit: THB 542M, from THB 356M loss (2025-12-31)
~700,000 partnered restaurants, ~10M monthly users (2026-02-28)

Named risks

New profitability may be stimulus-dependent, with Chuay Thai Plus co-payment scheme expiring September 30, 2026. Severity: high
Live fee war with Grab (10% vs 9% commission) could re-erode thin ~2.8% net margin. Severity: high
Full foreign (Japanese) parent control via LY Corporation could draw regulatory scrutiny of a systemically important payments and logistics platform. Severity: medium
Grab remains a better-resourced regional super-app competing head-to-head in the same market. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Grab	contesting	Grab holds 47% Thai food delivery GMV vs LINE MAN's 41% in 2025; fee war at 9% vs 10% commission (2026-06)
ShopeeFood	gaining on	ShopeeFood share rose to 10% in 2025 from 7%, encroaching on smaller platforms
Foodpanda	gaining on	Foodpanda exited the Thai market entirely by 2025-2026, ceding share to LINE MAN and Grab
Robinhood	contesting	Designated alongside LINE MAN and Grab in Thai government stimulus program (2026-06-15)

Questions people ask

Is LINE MAN Wongnai profitable in 2026?: It turned its first-ever net profit in 2025, THB542 million, versus a THB356 million net loss in 2024, per Thai Department of Business Development filings reported mid-2026. Margins remain thin at roughly 2.8 percent and partly rest on a government co-payment stimulus running through September 2026.
Who owns LINE MAN Wongnai?: Japan's LY Corporation. Its board resolved on September 11, 2025 to convert LINE MAN Wongnai from an equity-method associate into a consolidated subsidiary, completing that consolidation September 30, 2025, and is targeting a 61.1 percent voting stake by August 2026.
Is Grab bigger than LINE MAN Wongnai in Thailand?: By GMV, yes: Grab held 47 percent of Thailand's food delivery market in 2025 versus LINE MAN Wongnai's 41 percent, per Momentum Works data cited by Nikkei Asia. LINE MAN has still grown sharply from just 20 percent share in 2020.
Could AI replace LINE MAN Wongnai?: Unlikely to replace its core business, which relies on roughly 700,000 partnered restaurants and a physical rider network across all 77 Thai provinces as of early 2026. The company itself is only using AI for a planned restaurant content-generation helper, announced by CEO Yod Chinsupakul in June 2026.
Is LINE MAN Wongnai going public?: CEO Yod Chinsupakul said in June 2026 the company is targeting an IPO by 2027, still deciding between Hong Kong, Singapore, Nasdaq, or Thailand's SET, with a final venue decision expected by Q3 2026. An earlier 2025 SET listing plan had been postponed.
What is LINE MAN Wongnai's biggest competitor?: Grab, the regional super-app that leads Thai food delivery GMV at 47 percent in 2025 versus LINE MAN Wongnai's 41 percent. Both cut merchant fees in mid-2026 (LINE MAN to 10 percent, Grab to 9 percent) amid an active fee war.

Timeline

2026-07-08LINE MAN RIDE expands EV fleet, targets 3,000+ EV drivers by end of 2026
2026-06-15Thai government Chuay Thai Plus stimulus launches; LINE MAN cuts merchant fee to 10%
2026-06-04CEO says company targets IPO by 2027, venue decision expected Q3 2026
2026-05-27LY Corp confirms no extra approvals needed for 61.1% stake, targeted August 2026
2026-02-06Company weighs IPO listing in Hong Kong or New York instead of Thailand
2025-12-31FY2025 results: THB19B revenue, first-ever THB542M net profit
2025-09-30LY Corporation completes consolidation of LMWN as subsidiary
2025-09-11LY Corp board resolves to convert LMWN into consolidated subsidiary
2025-08-31Acquires JERA Cloud, adding 1,700+ beauty and wellness partner businesses
2022-09-30Raises $265M Series B led by GIC and LINE Corp, becomes Thailand's first unicorn

Revision history

26 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

In the same band

Sohu.com PropertyGuru Vrbo