XA Research Short Notes | PT Fore Kopi Indonesia Tbk. (FORE) – Strong FY25 Earnings Driven by Strategic Expansion and Disciplined IPO Fund Utilization
By Steven Willie (Research Associate)
01-Apr-2026
🔵 FORE reported a strong FY25 performance with net profit rising to IDR 90.1 billion (+55% YoY).
🔵 EBITDA surged to IDR 300 billion (+58% YoY), with EBITDA margin improving to 20% (vs. 18.3% in FY24).
🔵 Revenue jumped to IDR 1.5 trillion (+44% YoY), driven primarily by aggressive store expansion.
🔵 The company added 90+ new outlets throughout 2025, with more than 60 stores opened post-IPO, indicating disciplined and effective deployment of IPO proceeds.
🔵 Total store count reached 316 outlets by end-FY25 (+37% YoY), compared to 231 outlets in FY24
🔵 In addition to core coffee business growth, FORE introduced a new business diversification through the launch of Fore Donut in late 2025.
🔵 The company opened its first two Fore Donut outlets in Supermall Karawaci and Panglima Polim.
🔵 Strong market reception led to rapid expansion, with the 7th outlet launched by March 2026 at Epiwalk, signaling early success of this diversification strategy.
🔵 This move demonstrates FORE’s ability to drive organic growth beyond its core segment while leveraging brand equity and existing customer base.
🔵 Management emphasized that FY25 performance reflects strong execution capability, particularly in integrating new stores while preserving operational efficiency.
🔵 The company remains committed to delivering “premium affordable” offerings, positioning itself strategically between mass-market and premium coffee players.
🔵 The Board also highlighted confidence in management’s post-IPO roadmap execution, particularly in innovation and new product development.
NH Korindo Sekuritas Indonesia berizin dan diawasi Otoritas Jasa Keuangan (OJK). Untuk informasi lebih lanjut, anda dapat menghubuni CS kami via email CSO@nhsec.co.id
