Kopi Kenangan’s 2025 revenue jumps 45% to $184m

Kopi Kenangan reported a 45% rise in net revenue for FY2025, reaching US$184 million, with a net profit of US$17 million and EBITDA of US$37 million.

The Indonesian coffee chain, now with 1,324 stores across six countries, aims to build an IPO-ready company by implementing IPO-level governance and financial reporting standards.

The company expanded into markets such as Malaysia, India, and Australia, and grew its customer base through digital technology, adding 4.47 million new customers.

Kopi Kenangan plans to open around 550 stores globally in 2026.

CEO Edward Tirtanata emphasized the importance of building sustainable, profitable growth amid regional challenges and investor shifts.

He also highlighted the role of disciplined management and transparency in preparing for an eventual IPO.

The company employs over 8,000 staff and continues to focus on long-term growth from its origins as a small Jakarta coffee shop.

🔗 Source: Edward Tirtanata

🧠 Food for thought

Implications, context, and why it matters.

Key IPO execution details remain unconfirmed

Kopi Kenangan’s IPO readiness has been backed by FY2025 results, including US$184 million in net revenue and US$17 million in net profit, yet how the IPO will be run has not been laid out 1.
The stock exchange, expected timing, and chosen financial underwriters (banks that help structure and sell an IPO to investors) still need to be named before deal certainty can be judged 1.
Until those items are set, any talk of valuation versus public peers or fit with fund rules stays guesswork.

Profitable consumer growth could support IPO-readiness solution providers

Kopi Kenangan’s profitable push toward a listing may prompt other Southeast Asian firms to reopen IPO plans, since some analysts treat profitability as the minimum bar to go public 2.
Demand could rise for B2B software teams that help companies get ready to list, including close and reporting tools plus data governance platforms, which Kopi Kenangan says it is beefing up on its IPO roadmap 1.
Redseer (a consulting and research firm focused on the digital economy) reports that nearly 53% of companies in its SEA IPO index were net profitable in 2024, up from 25% in 2023, which fits a wider move toward profits among would-be issuers 3.