XA Update Report | PT Fore Kopi Indonesia Tbk. (FORE) – Strong Top-Line Growth, Margins Improve on Operating Leverage

 

By Steven Willie & Fadly Rafiudin

27-October-2026

 

 

FORE delivered strong 9M26 revenue of IDR 1.60 tn, up +53.3% YoY. 3Q26 revenue grew +56.1% YoY (+5.7% QoQ) to IDR 592.2 bn, led by Beverages and a fast-growing Foods segment (+107.3% YoY in 9M26). Operating leverage lifted 9M26 OPM to 8.2% (vs. 6.3% in 9M25), although 3Q26 margins eased. Net profit rose +49.7% YoY to IDR 90.0 bn (66% of our FY26F), tempered by a normalized effective tax rate of 27.4% (vs. 2.9% in 9M25). With store expansion on track and Fore Donut adding a new growth avenue, we maintain our BUY rating with a TP of IDR 740/share.

 

 

🔹 9M26 & 3Q26 Financial Performance

• Strong topline growth sustained in 9M26, though SSSG moderated in 3Q26. FORE recorded 9M26 revenue of IDR 1.60 tn, up +53.3% YoY. In 3Q26 alone, revenue reached IDR 592.2 bn, growing +56.1% YoY and +5.7% QoQ. Same-store sales growth (SSSG), however, eased to 8.5% in 3Q26 from 9.4% in 2Q26.

 

• Foods punches above its weight in driving growth. Beverages remained the backbone of sales, rose +48.1% YoY to IDR 1.39 tn in 9M26 (vs. IDR 937 bn in 9M25), Foods (+107.3% YoY to IDR 208.2 bn) contributing 13.0% of sales in 9M26 (vs. 9.6% in 9M25). The shift was more pronounced in 3Q26, when Foods grew +25.8% QoQ against Beverages’ +2.7% QoQ, lifting Foods sales contribution to 14.9% of 3Q26 (vs. 12.6% in 2Q26). The acceleration was largely driven by the rollout of new Fore Donuts outlets, which expanded to 17 stores as of 3Q26 from 10 stores in 2Q26.

 

• Operating leverage drove 9M26 margin improvement, though 3Q26 eased QoQ. 9M26 operating profit more than doubled (+101.1% YoY) to IDR 131.2 bn, lifting OPM to 8.2% (vs. 6.3% in 9M25). EBITDA rose +71.1% YoY to IDR 341.5 bn, with EBITDA margin improving to 21.4% (vs. 19.2% in 9M25). In 3Q26, operating profit rose +150.0% YoY to IDR 49.0 bn but declined – 25.7% QoQ. This was because opex grew +11.2% QoQ, outpacing revenue. EBITDA fell -6.5% QoQ to IDR 126.2 bn (vs. IDR 135.0 bn in 2Q26).

 

 • Tax normalization tempered net profit growth, but core profitability stays intact.FORE’s 9M26 net profit increased +49.7% YoY to IDR 90.0 bn (representing 66% of our FY26F), even as pre-tax profit doubled (+100.4% YoY), lifting pre-tax margin to 7.8% from 6.0% in 9M25 and underscoring that core profitability continues to strengthen. The gap reflects the effective tax rate normalizing to 27.4% from 2.9% in 9M25. 9M26 NPM edged down to 5.6% (vs. 5.8% in 9M25). 3Q26 net profit reached IDR 33.5 bn, up +85.4% YoY but down -28.8% QoQ, with 3Q26 NPM easing to 5.7% from 8.4% in 2Q26.

 

 

🔹 Store Expansion Lifts Sales, Tax Weighs on Earnings

 

• Expansion remains the key growth driver, with Fore Donut adding a new leg. FORE operated 410 active stores as of September 2026. We now project the network to reach 430 outlets by FY26F, up from 422 in our initiation report, implying 108 new openings in FY26F: 82 Fore Coffee Indonesia, 25 Fore Donut, and 1 Fore Coffee Singapore. Our store forecast translates into an FY26F net sales estimate of IDR 2.19 tn (+46.4% YoY from IDR 1.50 tn in FY25).

 

• Higher tax rate is the main drag, not core profitability. FORE’s effective tax rate rose to 27.4% in 9M26 (vs. 2.9% in 9M25), and we expect it to remain at similar levels for FY26F. Accordingly, we adjust our FY26F effective tax rate assumption, bringing our net profit forecast to IDR 136 bn, implying a net profit margin of 6.2%.

 

 

🔹 Maintain BUY Recommendation with Target Price at IDR 740/Share

 

• We maintain our BUY rating on FORE with a target price of IDR 740/share, implying +23.3% upside from the current price of IDR 600/Share. Our TP is derived using a five-year DCF through FY30E. This implies 39.2x FY26F P/E and 11.8x FY26F EV/EBITDA. Our positive outlook is supported by strong revenue growth, alongside improving operating profitability. Foods revenue growth and the development of Fore Donut also provide opportunities to diversify the company’s revenue base. However, sustaining earnings growth will depend on FORE’s ability to maintain outlet productivity and control operating costs amid ongoing expansion.

 

 

Download full report HERE.