Fore delivers accelerated growth following IPO, supported by disciplined expansion
Published on April 1, 2026
PT Fore Kopi Indonesia Tbk (FORE) reported a strong set of FY2025 results, reflecting both operational execution and disciplined deployment of IPO capital.
The company recorded a 55% year-on-year increase in net profit to IDR 90.1 billion, alongside a 58% increase in EBITDA to IDR 300 billion. Revenue grew 44% year-on-year to IDR 1.5 trillion, while EBITDA margin expanded to 20%, up from 18.3% in the prior year.
This performance points to a business that is scaling while maintaining control over profitability, a combination that remains relatively differentiated within Indonesia’s consumer F&B landscape.
Expansion at scale, with capital discipline
A key driver of growth has been the continued expansion of the Fore Coffee network. The company added more than 90 stores in 2025, with over 60 opened following its IPO in April.
This brings the total store count to 316 locations by year-end, representing a 37% increase from 231 stores in 2024.
Importantly, the pace and sequencing of expansion reflect a measured approach to capital deployment. The post-IPO rollout aligns with management’s stated use of proceeds, with capital directed toward store expansion and operational scaling rather than short-term growth initiatives.
Extending the platform: Fore Donut
Beyond its core coffee business, FORE has begun to expand into adjacent categories.
The launch of Fore Donut in late 2025 marks the company’s entry into a broader food and beverage offering. Initial outlets in Tangerang and South Jakarta have been followed by continued expansion, with seven locations operating as of March 2026.
Early traction suggests the brand is resonating with consumers, providing a pathway for incremental growth while leveraging existing brand equity and operating infrastructure.
This move reflects a broader strategy to build a multi-format consumer platform, rather than a single-category business.
A scalable model within the premium affordable segment
Founded in 2018, FORE operates within what it defines as the “premium affordable” segment, positioning itself between mass-market offerings and higher-priced specialty coffee.
The model has proven scalable, supported by a combination of brand positioning, product consistency, and operational standardisation. The company now operates across more than 50 cities in Indonesia and Singapore.
At the product level, FORE continues to emphasise local sourcing through offerings such as palm sugar-based beverages and coffee sourced directly from Indonesian farmers. This not only supports supply chain resilience but also aligns with evolving consumer preferences.
Translating IPO capital into operating growth
FORE’s IPO in April 2025 raised approximately IDR 353 billion, with net proceeds of over IDR 337 billion allocated toward network expansion and working capital.
The company has outlined plans to develop up to 140 new Fore Coffee outlets and 30 Fore Donut outlets, alongside continued investment in operations.
The FY2025 results indicate that execution is tracking in line with this roadmap. More broadly, the business illustrates how consumer brands in Southeast Asia can scale through disciplined capital allocation, operational consistency, and selective category expansion—closely aligned with ACV Capital’s focus on profitable growth.
