Our Read on Fore Coffee’s First Major Results After Its IPO

Fore Coffee reported that first-half 2026 revenue surpassed Rp1 trillion.

The company also reported:

• 65% year-on-year EBITDA growth
• 34% year-on-year net-profit growth
• Continued expansion of Fore Coffee
• Further development of Fore Donut as a second consumer-facing brand

The results represent an important early checkpoint following Fore’s IPO.

Public investors now have more operating evidence to assess whether the growth narrative presented around the listing is translating into results.

Before an IPO, companies are often evaluated on what they could become.

After listing, they are increasingly evaluated on what they consistently deliver.

For Fore, that changes the conversation.

The company is no longer only proving that Indonesian coffee demand is large or that its store format can expand.

It now needs to show that growth remains productive.

That means public investors will increasingly care about:

• Revenue growth relative to store growth
• EBITDA and net-profit conversion