FORE Demonstrates Operating Leverage: Store Expansion Continues, Margins Strengthen, ESG Remains the Foundation

Jakarta, 17 September 2026 — PT Fore Kopi Indonesia Tbk (FORE) is proving that aggressive outlet network expansion does not have to come at the cost of profitability. Even as the Company continues to add new stores at pace, FORE has recorded a meaningful improvement in EBITDA margin — alongside its ongoing commitment to embedding environmental, social, and governance (ESG) principles into the way it does business.

Expansion in Full Swing, Profitability Getting Stronger

In the first half of 2026 (1H26), FORE posted revenue of IDR 1 trillion, up 52% year-on-year (YoY), driven by a 44% YoY increase in active store count to 377 outlets. More notably, amid this expansion phase, EBITDA surged even faster — growing 65% YoY to IDR 216 billion — with EBITDA margin expanding to 21.5%, up from 19.7% in the same period the prior year.

This margin improvement reflects how FORE’s business model becomes more efficient as it scales. Two key drivers stand out:

Operating leverage from higher sales volumes. Resilient same-store sales growth (SSSG) has lifted transaction volumes, improving the ratio of revenue against the fixed cost base at the store level.

Discipline in new store quality. New outlets are opened with careful site selection and productivity assessment, allowing them to reach profitability more quickly.

For 2026, FORE is targeting the addition of 100 new outlets — 70 under the Fore Coffee brand and 30 under Fore Donut — building on 2025, when the Company opened 90 new stores. This trajectory reflects FORE’s view that network growth and margin improvement are not in tension; they are two sides of the same growth strategy.

Sustainability as the Foundation for Long-Term Growth

For FORE, strengthening ESG is not merely a compliance exercise — it is a strategic pillar that ensures the business can grow in a durable and responsible way. This commitment was recently recognised through the Katadata ESG Index Awards (KESGI) 2026, specifically through an Appreciation for Employment Initiatives in the Food & Beverage Sector. The award acknowledges FORE’s efforts in advancing workforce development and building a work environment that supports the Company’s long-term sustainability.

On the environmental front, FORE repurposes recycled packaging materials into store furniture — a circular economy practice that both reduces waste and supports local recycling industry players.

On the social front, FORE focuses on empowering young workers through the Fore Academy & Learning Center, while running community programs that benefit the areas surrounding its stores. Investment in employee capability development is one of the key levers for maintaining service quality and operational productivity as the store network scales.

On the governance front, FORE has strengthened the transparency of its sustainability reporting in line with OJK and GRI standards, and has obtained halal certification for both brands — Fore Coffee and Fore Donut. This certification reflects the Company’s commitment to a safe, hygienic, and inclusive supply chain, reinforcing customer and business partner trust as the network continues to expand.

“For us, sustainability is an integral part of the Company’s long-term business strategy. We want to ensure that business growth is not only reflected in network expansion, but also runs in parallel with strengthening our fundamentals, developing our people, and creating sustainable value for all stakeholders,” said Fahmi Rachmattulah, Director of Strategy and Corporate Development, FORE.

Network Growth Drives Inclusive Employment

FORE’s store expansion has had a direct impact on job creation. The Company’s workforce reached more than 5,600 employees as of early September 2026, up from 4,300 at the end of December 2025. Of this workforce, approximately 97% are under 30 years old, around 84% are senior high school (SMA/SMK) graduates, and approximately 45% are women. This profile reflects FORE’s role as an inclusive employer for the younger generation, and serves as one of the social foundations underpinning the sustainability of the Company’s business expansion.

Fore Donut: A New Growth Engine

Alongside expanding the Fore Coffee network, the Company is actively developing Fore Donut as a new source of growth. By 1H26, the number of Fore Donut outlets had reached 10 locations — a significant jump from just 2 at the end of 2025 — reinforcing FORE’s multi-brand portfolio strategy as a growth diversification play.

Balancing Growth, Profitability, and Sustainability

FORE will continue its expansion strategy while maintaining the balance between network growth, profitability improvement, people development, and the application of sustainability principles. This approach reflects the Company’s conviction that healthy growth is not simply about scaling up the business — it is about ensuring that every expansion delivers real added value: financially through margin improvement, and in terms of positive impact for employees, communities, and the environment.

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PT Fore Kopi Indonesia, Tbk (FORE) – Company Information

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.

The IPO in April 2025 successfully raised over IDR 353 billion. The net proceeds of over IDR 337 billion are strategically allocated to funding the development of up to 140 new Fore Coffee outlets, 30 new Fore Donut outlets, and for essential working capital, securing its path for future dominance. 

Media Contact Information:

Email: investor.relations@fore.coffee