Fore Kopi Indonesia, the operator of the Fore Coffee retail chain, reported a strong start to 2026, with profit and revenue growth accelerating despite the Ramadan lean season and a softer macro backdrop.
The coffee chain operator booked a net profit of 9.43 billion rupiah ($550,800) in January-March, up 60.4% from 5.88 billion rupiah ($343,447) a year earlier, according to its interim financial statements with the Indonesia Stock Exchange (IDX).
Revenue rose 52.4% year-on-year to 444.5 billion rupiah ($26 million), from 291.7 billion ($17 million) in the same period last year, while gross profit increased by 51.2% to 273.7 billion rupiah.
Operating profit climbed to Rp 16.3 billion, compared with Rp 9.4 billion a year earlier, as the company benefited from scale, although operating expenses also rose to Rp 257.4 billion from Rp 171.6 billion.
EBITDA came in at Rp 81.1 billion, up 66.7% year-on-year, with margin expanding to 18.3% from 16.7%, reflecting improving operating leverage.
“This quarter reflects the consistency of our approach—we remain disciplined in capital allocation and focused on operational execution,” President Director Vico Lomar said in a statement on Monday.
Expansion continues with push into smaller cities
Fore continued to expand its footprint during the quarter, adding more than 20 new outlets, with over 40% located in tier-2 and tier-3 cities.
Fore added more than 20 new outlets in Q1
As of end-March 2026, the company operated 338 outlets, up from 251 a year earlier. The network includes 335 coffee stores in Indonesia, seven doughnut outlets, and four stores in Singapore.
Of its seven doughnut outlets, five were added during the quarter after debuting the brand in late 2025. The company is preparing to expand into new cities such as Bandung and Surabaya, as well as high-traffic locations including Soekarno-Hatta International Airport. The expansion reflects an early effort to diversify beyond beverages and capture additional consumption occasions.
“Every new store we open is the result of careful site selection and disciplined use of IPO proceeds,” Lomar said. “Despite a challenging macro environment this quarter, our team executed with precision, and the numbers speak for themselves. We remain confident in the trajectory of the business and in our ability to continue delivering value as we scale.”
Commissioner Willson Cuaca said the company’s performance highlights its ability to navigate a volatile operating environment. “Despite a challenging macro environment this quarter, the company continued to deliver strong growth compared to the same period last year,” he said.
On the cash flow side, Fore generated Rp 40.0 billion from operations in Q1, slightly below Rp 44.6 billion in the same period last year, while investing outflows widened to Rp 60.3 billion due to continued store expansion.
Financing outflows reached Rp 53.5 billion, driven mainly by lease payments and interest expenses, resulting in a net cash decline of Rp 73.7 billion during the quarter.
Cash and bank balances stood at Rp 253.8 billion as of end-March 2026, down from Rp 327.5 billion at the end of 2025. While total assets remained relatively stable at Rp 1.16 trillion, equity increased to Rp 690.1 billion from Rp 680.6 billion, supported by retained earnings.
