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PT FORE KOPI INDONESIA TBK
Presentation
Public Expose - 11 May 2026
STRICTLY PRIVATE & CONFIDENTIAL
1 PRIVATE AND CONFIDENTIAL
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Disclaimer
This presentation is for informational purposes only and is not intended to be relied upon as a recommendation to buy, sell, or hold FORE's shares. The
information herein is general in nature and does not constitute investment advice. No representation or warranty, express or implied, is made regarding the
completeness, accuracy, or fairness of the information contained in this presentation. All opinions and estimates are our current opinions and are subject to
change without notice. FORE, its affiliated companies, and their respective employees are not responsible for any losses or damages arising from the use of, or
reliance on, any part of this press release. We disclaim any liability for errors, omissions, or inaccuracies that may occur. The information contained in this press
release reflects the conditions as at the date of publication. We are under no obligation to update or revise any information contained herein, whether as a result
of new information, future events, or otherwise, except as required by applicable laws and regulations.
Forward-Looking Statements
This presentation contains forward-looking statements. These statements, which may include words such as "targeting," "potential," "confident," "estimated,"
"plans," or any other similar words, are based on our current expectations and projections about future events. By their nature, these statements involve risks
and uncertainties that could cause actual results to differ materially from the expectations expressed in this release. Factors that could cause such differences
include, but are not limited to: 1) Economic, social, and political conditions in Indonesia. 2) Industry-specific factors, such as the food and beverage market and
competition. 3) Market and regulatory risks, including fluctuations in foreign exchange and interest rates, and changes in laws or regulations. 4) Operational
risks, such as raw material costs, supply chain disruptions, and changes in customer demand. 5) Financial risks, including capital costs and the availability of
financing. Although management believes the expectations reflected in these statements are reasonable, we cannot guarantee their accuracy or that they will
be realized. You should not place undue reliance on these statements. They are valid only as of the date of this press release, and we undertake no obligation to
update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements are
made to provide insight into the management’s current views regarding the FORE’s outlook. Readers are cautioned not to place undue reliance on such
statements, as actual results may differ materially from those anticipated.
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Agenda
1. AGMS Result
2. Brief Company Profile
3. FY25 Financial Performance
4. Business Growth Strategy
5. Brief Industry Outlook
6. Sustainability & ESG
7. Q&A
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Brief Company Profile
Established in 2018, PT Fore Kopi Indonesia Tbk (FORE) is a leading F&B group
managing the Fore Coffee and Fore Donut brands. The Company has proven a highly
scalable business model targeting the Premium Affordable segment, marked by its
swift expansion to 300+ outlets across over 50 cities in Indonesia and Singapore.
FORE has pioneered a new culture, making premium quality local Indonesian coffee
accessible. Its commitment to the local coffee ecosystem is exemplified by product
lines like ‘Kopi dari Tani’ (Coffee from Farmers) and ‘Aren Latte’ (Palm Sugar Latte),
which utilize materials sourced directly from local farmers and MSMEs. Furthermore,
the company champions environmental sustainability through reusable cups and
dedicated in-store recycling collection points for used packaging.
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Key Highlights
● Network Expansion: Expanded to over 300 stores across 50+ cities in Indonesia
and Singapore by late 2025.
● IPO Execution: Delivered on prospectus promises by opening 90+ new stores
throughout 2025.
● Diversification: Successfully launched the Fore Donut brand utilizing IPO capital.
● Job Creation: Significantly grew the workforce to over 4, 300 employees by
December 2025, and 4,800 employees by March 2026.
● Financial Growth: Reached 55% YoY net profit growth in FY25, surging past 60%
in 1Q26.
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FY25 Revenue Surged 44% YoY
Driven by strategic store expansion, and SSSG resilience.
● Revenue surged 44% YoY following a strategic
expansion that increased Fore Coffee Indonesia’s
store footprint by 37% YoY to 316 active stores by
end of 2025.
● SSSG remained resilient, growing 4.7% YoY in FY25
despite a dynamic economic landscape, and
competitive industry.
6 Notes: 1) Based on Management Accounts
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FY25 EBITDA and Net Profit Soared 58% and 55% YoY Respectively
Driven by improved profitability through greater economies of scale
● EBITDA soared 58% YoY following profitability
improvement due to higher economies of scale.
● EBITDA Margin managed to expand to 20% from
only 18.3% in FY24.
● Net Profit jumped 55% YoY.
7 Notes: 1) Based on Management Accounts
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Rapid Improvement in FY25 Balance Sheet
Following 40% and 33% YoY Decline in Interest-bearing Debts, and Accumulated Losses
Balance sheet improvement was marked by a 40% YoY decline in
interest-bearing bank loans and a 33% YoY reduction in accumulated losses.
8 Notes: 1) Based on Management Accounts
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1Q26 Update
1Q26 Revenue Soared 52.4% YoY
Following strategic store expansion, and SSSG rebound.
● Revenue soared 52.4% YoY following a strategic
expansion that increased Fore Coffee Indonesia’s
store footprint by 36% YoY to 335 active stores by
end of 1Q26.
● SSSG showed a recovery, growing 11.5% YoY in
1Q26.
9 Notes: 1) Based on Management Accounts
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1Q26 Update
1Q26 EBITDA and Net Profit Soared 66.7% and 60.5% YoY Respectively
Driven by improved profitability through greater economies of scale
● EBITDA soared 66.7% YoY following profitability
improvement due to higher economies of scale.
● EBITDA Margin managed to expand to 18.3% from
only 16.7% in 1Q25.
● Net Profit jumped 60.5% YoY.
10 Notes: 1) Based on Management Accounts
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1Q26 Update
Rapid Improvement in 1Q26 Balance Sheet
Following 16.8% and 5.3% Ytd Decline in Interest-bearing Debts, and Accumulated Losses
Balance sheet improvement was marked by a 16.8% Ytd decline in
interest-bearing bank loans and a 5.3% Ytd reduction in accumulated losses.
11 Notes: 1) Based on Management Accounts
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3 Pillars of Business Growth Strategy
1. Strategic Store Expansion
● Core Strategy: Measured and calculated expansion driven by IPO funds,
careful planning, and comprehensive feasibility studies.
● Aggressive Growth Targets: Aiming to open 100+ new outlets this year
(2026) across both Fore Coffee and Fore Donut, following the successful
launch of 90+ stores in 2025.
● Targeted Brand Expansion:
a. Fore Donut: Focus remains strictly on major Tier 1 cities.
b. Fore Coffee: Expanding heavily into Tier 2 and Tier 3 cities (e.g.,
Ambon, Banda Aceh), accounting for over 40% of 1Q26 new store
openings.
● Market Validation: Strong positive reception in regional cities confirms a
high, untapped demand for affordable, premium-quality coffee across
broader demographics.
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3 Pillars of Business Growth Strategy
2. Product Innovation
● Core Strategy: Continuous and comprehensive R&D-based product
innovation is ingrained in the company's DNA to maintain customer
relevance.
● Proven Track Record (2024): Successfully launched popular seasonal
campaigns, including 'The Tani Series' and 'Taste of The New Culture'.
● Expanded Offerings (2025): Broadened the menu with 'The Prime
Series' and 'Fore Matcha Club' (beverages), alongside the introduction
of 'Roll Cake' (food).
● Current Momentum (Early 2026): Released the highly anticipated and
well-received 'Sunny Burst Series'.
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3 Pillars of Business Growth Strategy
3. Business Diversification
● Core Strategy: Diversifying the business portfolio by launching and
scaling the Fore Donut brand.
● Rapid Store Growth: Successfully launched the first 2 outlets in late
2025 and added 5 more in Q1 2026, currently operating a total of 7 Fore
Donut locations.
● Target Market: Fore Donut’s expansion is currently strictly focused on
Tier 1 cities.
● Unique Selling Proposition (USP): Strong market reception driven by
the brand's unique character—offering products that are freshly
handmade using high-quality, humble ingredients.
● Upcoming Expansion: Actively preparing to launch new locations at
Soekarno-Hatta Airport, Bandung, and Surabaya to keep up with rising
consumer demand.
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Brief Industry Outlook
Navigating the Competitive Landscape: FORE’s Brand Strength and Future Opportunities
● Unique Market Positioning: Stands out in a
highly competitive market by offering
premium-quality coffee at affordable prices,
undercutting global brand pricing.
● Strong Brand Equity: 4Q25 internal research
places FORE in
○ the Top 2 for Net Promoter Score (NPS),
and
○ the Top 3 for Brand Equity, and Top of
Mind among Indonesia's 10 largest coffee
chains.
● Resilient Financial Growth: Maintained
positive sales growth despite dynamic
macroeconomic conditions in 2025, with 1Q26
SSSG successfully bouncing back to double
digits.
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ESG: Environmental Initiatives
● Promotes reusable cups to significantly reduce single-use plastic waste.
● Sources 100% local coffee beans and palm sugar, supporting domestic supply chains.
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ESG: Social Impact - Workforce
● Employs over 4,300 people (as of Dec 2025), and 4,800 people (as of March 2026).
● Strong focus on youth and diversity:
○ 97% are under 30,
○ 84% are high school/vocational graduates, and
○ 45% are women (as of Dec 2025).
● Offers intensive training and credible career paths, highlighted by the "Fore Grind Master" internal
barista competition.
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ESG: Social Impact - Community
● Donated organic waste processing equipment in Surakarta (Solo).
● Distributed supplementary food to 300+ undernourished toddlers and 60 pregnant women in
Tangerang during Ramadan 2026.
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ESG: Governance & Compliance
● Fore Coffee Holds MUI Halal certification (since 2023).
● Serves as a comprehensive quality management system that demonstrates a strong commitment
to consumer safety, supply chain transparency, and market inclusivity
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Thank you
fore.corporate
fore.coffee
fore.donut
forecoffee.sg
forecoffee
www.fore.cofee
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Appendix 21
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How FORE is
“Premium Affordable” Positioning Positioned
• Fore Coffee fills the gap
between expensive international
coffee chains and low-cost street
vendors.
• Providing a high-end coffee
experience using
premium-quality local beans at
an affordable price.
22 Source: Company data as of 30 September 2024 including Singapore outlet
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Multiple Store Formats: Satellite, Medium, & Flagship
Deep understanding of customers' needs and the specific market
dynamics of different Indonesian cities
Satellite (less than 100 sqm):
• These compact outlets are designed for areas with high foot
traffic where customers prioritize speed and convenience.
• The "grab-and-go" concept is ideal to accommodate online
food delivery platforms, and for locations like grocery and
shopping centers, office towers, or near densely populated
residential areas in Tier 1 cities.
• This format allows Fore Coffee to quickly penetrate these
busy, competitive markets with minimal capital expenditure
and operational costs.
23 Source: Company data as of 30 September 2024 including Singapore outlet
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Multiple Store Formats: Satellite, Medium, & Flagship
Deep understanding of customers' needs and the specific market
dynamics of different Indonesian cities
Medium (100-200 sqm):
• Representing the largest portion of Fore Coffee's total stores,
this format strikes a balance between efficiency and
customer experience.
• These outlets offer comfortable seating and a dedicated
queuing area, making them perfect for customers who want a
quick coffee break from their daily activities but also desire a
pleasant environment.
• This model is highly effective in various locations, providing a
versatile option that caters to a broad customer base.
24 Source: Company data as of 30 September 2024 including Singapore outlet
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Multiple Store Formats: Satellite, Medium, & Flagship
Deep understanding of customers' needs and the specific market
dynamics of different Indonesian cities
Flagship (more than 200 sqm):
• Fore Coffee operates a limited number of these large-format
outlets. These are primarily a strategic choice for Tier 2 and
Tier 3 cities where the social aspect of cafe culture is a major
draw.
• In these markets, consumers often view cafes as a
destination to gather with friends and family. The spacious,
well-designed Flagship stores provide a social hub and a
more immersive brand experience, reinforcing Fore Coffee's
position as a premium yet affordable choice in these
high-potential, less-competitive markets.
25 Source: Company data as of 30 September 2024 including Singapore outlet
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