Indonesian coffee chain Kopi Kenangan turns in its first profitable year at the group level

[SINGAPORE] One of Indonesia’s largest and fastest-growing coffee chains has achieved a significant milestone for any startup: its first full-year profit. 

According to documents shared with The Business Times, unaudited financial results for 2025 showed that Kopi Kenangan Group’s net profit reached US$17 million at the group level. Revenue for the group also rose 45 per cent year on year to reach US$184 million.

The coffee chain attributes its growth to its technology platform, which helped drive a 159 per cent surge in new customer acquisitions. 

“Our growth in 2025 was powered by technology and measured expansion. We acquired 4.47 million new customers through our digital ecosystem and delivered 347 net new stores while improving profitability,” said Edward Tirtanata, CEO and co-founder of Kopi Kenangan.

Monthly digital transacting users also grew 116 per cent to reach 1.5 million as at December 2025.

The group had 1,324 stores opened across six countries – Indonesia, Singapore, Malaysia, the Philippines, Australia and India – at the end of 2025. Indonesia, its home market, remains the group’s core market with 1,136 stores.

Malaysia is the group’s largest overseas market with around 158 stores as at the end of 2025. The group currently has 10 stores in Singapore and is looking at opportunities to expand in the city-state.

Kopi Kenangan opened 347 new stores last year and expanded into India through a direct market entry and in Australia through a licensing arrangement last year. 

Kopi Kenangan started as a local coffee stall in Indonesia in 2017 and its business there turned a modest profit before taxes in 2019. The startup evolved into a multi-brand group around 2020 and expanded overseas in 2022.

SEE ALSO

Will 2026 mark the revival of South-east Asia’s IPO hopefuls?

Kopi Kenangan turns Ebitda positive in Malaysia, eyes new markets

Backers of coffee unicorn Kopi Kenangan consider stake sales: sources

Net revenue for Indonesia grew 40 per cent year on year to reach 2.3 trillion rupiah (S$174.5 million) in 2025, driven by same-store sales growth of about 15 per cent and continued footprint expansion.

Kopi Kenangan’s Indonesia business turned profitable in 2024 with net income reaching 80 billion rupiah. Net income rose 371 per cent to reach 377 billion rupiah last year.

Net revenue for Kopi Kenangan’s Malaysia business nearly doubled from 2024 to reach RM111 million (S$35.6 million) last year.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) improved from a loss in 2023 to RM5 million in 2024 and strengthened to RM17 million last year. The group said net losses continue to narrow and it expects its Malaysia business to turn net profit positive in 2026. 

In an interview with BT, Tirtanata shared that strong customer growth has also helped support the group’s investments in its technology platform. He explained that its technology platform helps the group acquire new customers, but customer expansion in previous years had not yet reached sufficient scale.

Looking forward, the group is expecting net income to rise 67 per cent to reach US$29 million, driven by continued store openings and customer acquisition. It also expects net revenue for Indonesia, its largest market, to rise 36 per cent to reach 3.2 trillion rupiah and net profit to increase 40 per cent to reach 529 billion rupiah.