The Indonesian coffee chain has posted significant earnings growth after raising tens of millions of dollars in April 2025
In March 2026, Fore Coffee ruled out franchising in favour of keeping operations under direct control. While the Jakarta-based chain has some way to go before it can challenge Indonesia’s largest coffee chains in size, its disciplined approach to growth means the business is in a strong financial position to capture greater market share.
The mid-market operator achieved 44% year-on-year revenue growth during the 12 months ended 31 December 2025 to Rp 1.5trn ($88m).
After investing to expand its store network by 37% year-on-year to reach 316 sites, Fore’s annual profits also soared.
Net profit increased 55% year-on-year to Rp 90.1bn ($5.3m), while group EBITDA surged 58% during the period to Rp 300bn ($17.6m).
“Our FY25 results reflect our commitment to operational excellence and our agility in responding to market demands. By successfully integrating over 90 new stores into our ecosystem, we have not only expanded our footprint but also strengthened our brand equity,” said Vico Lomar, CEO, Fore Coffee.
Fore accelerated outlet growth after raising Rp 353bn ($21m) in an oversubscribed IPO in April 2025, opening nearly 60 stores in the second half of the year. These included new specialty coffee-focused Fore Experience store and food-led Fore Donut outlets.
The coffee chain achieved a valuation of Rp 1.6trn ($95m) following its public listing and announced plans to use the funds raised to open 140 new stores by 2027.
“We remain focused on delivering premium affordable coffee experiences while ensuring that every rupiah of our IPO capital translates into sustainable value for our stakeholders,” Lomar added.
Despite adding nearly 100 net new stores in 2025, Fore has some way to go to challenge Indonesia’s branded coffee shop market leaders in terms of outlets.
World Coffee Portal research shows the total Indonesian branded coffee shop market grew by more than 670 stores last year to surpass 7,000 outlets.
The segment is led by Janji Jiwa and Kopi Kenangan, which have 1,100 and 1,000 stores, respectively, while fellow domestic chains Tomoro Coffee and Lain Haiti each opened 50 sites each last year to reach 650 and 550 outlets.
World Coffee Portal forecasts that the Indonesian branded coffee shop market will surpass 10,400 outlets by the end of 2030.
