PT Fore Kopi Indonesia Tbk, the operator of the Indonesia-based coffee chain Fore Coffee, reported a strong start to 2026, with profit and revenue growth accelerating in the first quarter despite the Ramadan slow season and a softer macroeconomic backdrop.
The coffee chain operator booked net profit of 9.43 billion rupiah ($550,800) in the January–March 2026 period, up 60.4% from 5.88 billion rupiah ($343,447) in the corresponding period last year, 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 Rp16.3 billion, compared with Rp9.4 billion a year earlier, as the company benefited from scale, although operating expenses also rose to Rp257.4 billion from Rp171.6 billion.
EBITDA came in at Rp81.1 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.
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.
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 donut outlets, and four stores in Singapore.
“Every new store we open is the result of careful site selection and disciplined use of IPO proceeds,” Lomar said.
Commissioner Willson Cuaca said, “Despite a challenging macro environment this quarter, the company continued to deliver strong growth compared to the same period last year.”
On the cash flow side, Fore generated Rp40 billion from operations in Q1, slightly below Rp44.6 billion in the same period last year, while investing outflows widened to Rp60.3 billion due to continued store expansion.
Financing outflows reached Rp53.5 billion, driven mainly by lease payments and interest expenses, resulting in a net cash decline of Rp73.7 billion during the quarter.
Cash and bank balances stood at Rp253.8 billion as of end-March 2026, down from Rp327.5 billion at the end of 2025. While total assets remained relatively stable at Rp1.16 trillion, equity increased to Rp690.1 billion from Rp680.6 billion, supported by retained earnings.
