Fore Coffee Posts 44% Revenue Growth, Expands to 316 Sites Post-IPO

Fore Coffee generated Rp 1.5 trillion (approximately $88 million) in revenue for the full year 2025, a 44% year-on-year increase that arrived alongside a deliberate decision to freeze franchise expansion and keep every one of its 316 outlets under direct company control.

The Jakarta-based chain, which listed on the Indonesia Stock Exchange in April 2025 after its IPO was oversubscribed 200.63 times, added more than 90 stores across the year, with 60 of them opening after the April listing. That pushed the network to 316 active sites by December 31, a 37% year-on-year jump from 231 locations at the close of 2024. Net profit rose 55% to Rp 90.13 billion, while EBITDA climbed 58% to Rp 300 billion from Rp 190 billion at year-end 2024.

Despite fielding franchise interest, management at PT Fore Kopi Indonesia chose to rule it out, opting instead for the slower but tighter discipline of company-operated growth. The reasoning follows a logic familiar in high-speed café roll-outs: franchised units can blur service standards and complicate supply chains precisely when a brand is moving fast enough that inconsistencies compound. With a fresh IPO and public shareholders scrutinising unit economics, Fore's leadership calculated that operational control was worth more than the capital a franchise model might unlock.

The $21 million raised at IPO went directly into that store build-out, fulfilling commitments management made to shareholders at listing. Deploying 60-plus new sites in roughly eight months post-IPO signals the capital was put to work efficiently rather than held in reserve.

Fore Donut, a complementary concept launched in late 2025 with its first two outlets, is now the most visible variable for average ticket growth. If the donut tie-in pulls incremental spend without diluting the core coffee positioning, Fore has a template for layered revenue that keeps comparable sales growing even as the raw unit count expansion rate normalises.

The figures to track through 2026 are specific: whether the store rollout pace holds above 80 new sites annually, whether EBITDA margins sustain on the Rp 300 billion base, and whether any franchise pilots quietly surface once the network stabilises beyond 350 sites. The franchising moratorium is a strategic posture rather than a permanent doctrine, and every profitable quarter strengthens the case for revisiting it entirely on Fore's own terms.