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FORE Optimistic That 2025 Performance Will Continue Its Exponential Growth Trend

Left-to-right: Melisa Irene (Commissioner), Tjhong Pie Chen (Director), Sugiyanto Wibawa (Independent Commissioner), Vico Lomar (President Director),  Willson Cuaca (President Commissioner), Mohammad Fahmi (Director),  Roderick Purwana (Vice President Commissioner), Daniel Octavianus M (Commissioner), Rizky Ardian (Director).

JAKARTA, 26 June 2025 – PT Fore Kopi Indonesia Tbk (FORE), a premium affordable coffee chain, held its Annual General Meeting of Shareholders (“AGMS”) today at Fore Experience, Panglima Polim IX No. 53, Melawai, Kebayoran Baru, South Jakarta. The AGMS was conducted both offline and online using the Electronic General Meeting System (“eASY.KSEI”) provided by PT Kustodian Sentral Efek Indonesia (“KSEI”).

At today’s Fore Coffee AGMS in Jakarta (26/6), shareholders approved and agreed on all five meeting agendas, which included:

Approval and ratification of the Company’s Annual Report for the fiscal year ending 31 December 2024, including the Activity Report, the Supervisory Report of the Board of Commissioners, and the Financial Statements for the same fiscal year, as well as the granting of full release and discharge (acquit et de charge) to the Board of Commissioners and the Board of Directors for the management and supervision conducted during the year.

Determination of the use of net profit for the fiscal year ending 31 December 2024.

Appointment of the Public Accountant to audit the Company’s financial statements for the fiscal year ending 31 December 2025.

Approval of salaries, honoraria, and other allowances for members of the Board of Commissioners and Board of Directors.

Accountability Report on the Use of Proceeds from the Company’s Initial Public Offering (IPO).

Fore Coffee remains optimistic about continuing its trend of exponential business performance growth in 2025, following a significant surge in financial performance during the 2024 fiscal year.

Vico Lomar, President Director of PT Fore Kopi Indonesia Tbk, stated that despite an economic slowdown, the Company sees the food and beverage industry—particularly coffee and non-alcoholic beverages—as still showing strong growth potential.

“Customer enthusiasm for our product innovations, such as the Butterscotch Sea Salt Latte and Triple Peach Americano—both of which became best-sellers—demonstrates the sustained appeal of our market,” said Vico after the Annual General Meeting at Fore Experience, Panglima Polim, Jakarta, Thursday (26/6).

Vico also highlighted the public’s positive response to Fore Coffee’s store expansion.

“We’ve seen high enthusiasm at every new store opening. By the end of 2024, our network had reached over 40 cities across Indonesia and Singapore. Consumer demand for recreational experiences, which can be fulfilled by high-quality yet affordable food and beverage products like those offered by Fore Coffee, plays a significant role here,” he added.

Financial Performance and Growth Strategy

Fore Coffee’s revenue soared by 115% to IDR 1.04 trillion, and net profit skyrocketed by over 4,900% to IDR 58.2 billion in the 2024 fiscal year. This outstanding result was driven by the positive momentum of the Company’s aggressive expansion strategy, marked by a 35% increase in the number of outlets—reaching 232 by the end of 2024.

With this strong income statement performance, Fore Coffee’s equity as of 31 December 2024 rose by 227% YoY to IDR 253.12 billion, while liabilities increased 48% YoY to IDR 387.64 billion. As a result, total assets stood at IDR 640.76 billion by the end of 2024, up 89% YoY.

“In 2025, the Company has set targets to further improve its financial and operational performance, while maintaining strong customer loyalty toward the Fore Coffee brand,” Vico emphasized.

He noted that the Company’s confidence in achieving its 2025 financial performance targets is backed by an increasingly mature and systematic approach to new outlet openings and a firm commitment to operational excellence as a key pillar for maintaining quality and efficiency.

“Equally important are the continued growth and increasing acceptance of the Fore Coffee brand by consumers gives us confidence to push further in 2025,” Vico concluded.

Commitment to Corporate Governance and Sustainability

After leading the AGMS, Willson Cuaca, President Commissioner of the Company, expressed his appreciation for the continued support from investors since the IPO, through to the secondary market trading period. He emphasized the Board of Commissioners’ commitment to building strong corporate governance (GCG), evidenced by the establishment of the audit committee, nomination and remuneration committee, and the appointment of an internal audit head and corporate secretary.

“Fore Coffee continues to strengthen its leadership in Indonesia’s premium coffee market through focused product positioning, strong operations and financial foundations, and solid corporate governance. Our products stand out for their quality, accessibility, and uniqueness. We continue to adapt flavors and maintain a price-to-quality ratio that is unmatched in this segment. With deep in-house R&D, we localize flavor profiles and introduce seasonal menus tailored to customer demand, while preserving the unbeatable value of our offerings,” said Willson.

“Operationally, we maintain high gross operating profit (GOP) per store through comprehensive control over the supply chain—from raw material sourcing to production and distribution. Our internally developed technology allows for inventory optimization, waste reduction, and personalized customer experiences across multiple channels.

This entire foundation—combined with strong governance and our commitment to transparency—underpinned the success of our IPO process and is paving the way for long-term sustainable value creation.

We remain committed to long-term growth through efficient capital allocation, network optimization, and product innovation,” Willson concluded.

About Fore Coffee

Fore Coffee is a coffee startup established in 2018 with an online-to-offline business model. Carrying the tagline “Grind the Essentials,” Fore Coffee invites the public to appreciate the process and essentials in a fast-paced world, through a cup of quality coffee. As a pioneer in environmentally conscious practices, Fore Coffee delivers premium local coffee at affordable prices, setting a new standard for coffee enjoyment. With more than 232 outlets in 47 cities across Indonesia—including tier 2 and 3 cities—and 1 outlet in Singapore as of the end of 2024, Fore Coffee plays a key role in introducing a new coffee culture and lifestyle, with a strong commitment to technology, craftsmanship, and sustainability.