Kopi Kenangan CEO Edward Tirtanata
Kopi Kenangan, the Indonesia-founded coffee chain, reported its first full year of profitability for fiscal 2025 while continuing rapid international expansion and tightening governance in preparation for an eventual public listing.
CEO Edward Tirtanata claimed in a LinkedIn post that net revenue for FY2025 reached US$184 million, a 45 per cent increase year-on-year. Net profit was US$17 million, and EBITDA climbed to US$37 million.
Sequoia Capital-backed Kopi Kenangan ended the year with 1,324 stores across six countries and added 347 net-new outlets during the year. The chain’s digital ecosystem brought in 4.47 million new customers in 2025, and the firm reported a same-store sales growth (SSSG) of 15 per cent for the year.
Also Read: From a single brew to unicorn: Kopi Kenangan’s journey of coffee and creativity
The firm employs more than 8,000 people and plans roughly 550 new store openings in 2026.
A shift from growth-at-all-costs
The CEO framed the results as a shift from early-stage expansion toward disciplined, sustainable scaling. He described the company’s focus moving to fundamentals (revenue, profitability and capital allocation) and said the business is building processes and controls typical of companies preparing for an IPO.
Kopi Kenangan highlighted that it has maintained unqualified audit opinions from Big Four auditors over eight financial years and is accelerating its financial close and reporting cadence. The company is also investing in internal controls, tax and legal compliance, and data analytics to strengthen governance and due diligence readiness.
Performance across markets
In its largest market, Indonesia, Kopi Kenangan reported 40 per cent year-on-year revenue growth driven by solid same-store sales. In Malaysia, the company said revenue nearly doubled and that the business delivered positive EBITDA as unit economics improved with scale.
Kopi Kenangan also reported expansion into markets beyond Southeast Asia, naming India and Australia among its newer markets.
Technology and unit economics
The management attributed the fiscal-year performance to “technology-led customer acquisition,” pointing to the 4.47 million new customers acquired through its digital channels. It emphasised that increased scale improved unit economics — a point it presented as evidence that its model can be profitable rather than reliant on market-funded subsidies.
The firm’s stated goal is to “compound responsibly through cycles” rather than pursue top-line growth without regard for margins.
Context in Southeast Asia’s startup cycle
Tirtanata placed Kopi Kenangan’s results in the broader context of a regional reset. After a funding cycle driven by low interest rates, investor sentiment shifted, and many startups reoriented toward profitability.
He argued that the reset, while painful, was healthy for the region and that Southeast Asia still offers structural opportunities — demographic growth and economic expansion — for companies that prioritise unit economics and execution.
Outlook
Kopi Kenangan plans an aggressive rollout in 2026 (about 550 store openings globally) alongside continued efforts to tighten governance, speed up financial reporting and prepare documentation for potential public markets. The company presents its recent profitability and improved EBITDA as markers that it is transitioning from a rapid-growth startup to a more mature, investment-grade consumer business.
By focusing on unit economics and “compounding responsibly,” Kopi Kenangan is positioning itself to be a resilient, long-term player in the global coffee market rather than a subsidised startup.
In 2026, one can expect the company to prioritise operational maturity alongside its aggressive physical expansion.
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