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dormakaba (DOKA) investor relations material

dormakaba H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary2 Sep, 2025

Executive summary

  • Achieved strong organic net sales growth of 4.1% to CHF 2,870.1m, with adjusted EBITDA margin up 80 bps to 15.5% and net profit rising 128.7% to CHF 188.0m; free cash flow was CHF 176.9m and net debt reduced by 21.2% to CHF 358.2m, improving leverage to 0.8x.

  • Transformation program delivered CHF 148m in cost savings, with four divestments and four bolt-on acquisitions completed to streamline and grow the business.

  • Proposed a 15% dividend increase to CHF 9.20 per share and a 1:10 share split to enhance liquidity, subject to AGM approval.

  • On track to meet 2025-2026 commitments, including organic growth and margin targets, with continued focus on U.S. expansion, cost efficiency, and innovation.

  • ROCE reached 30.6%, achieving midterm targets ahead of plan.

Financial highlights

  • Net sales reached CHF 2,870.1m, with organic growth of 4.1% year-over-year despite currency headwinds.

  • Adjusted EBITDA margin improved to 15.5% (+80 bps), with adjusted EBITDA at CHF 445.0m (+6.7%).

  • Net profit was CHF 188.0m (+128.7% year-over-year), and free cash flow was CHF 176.9m (-10.2%).

  • Net debt reduced to CHF 358.2m, leverage ratio improved to 0.8x adjusted EBITDA.

  • ROCE increased to 30.6% (+160 bps), achieved one year ahead of plan.

Outlook and guidance

  • For FY 2025/26, targets organic net sales growth of 3–5%, adjusted EBITDA margin above 16%, and adjusted operating cash flow margin of 11.5–12.5%.

  • Guidance assumes balanced contribution from pricing and volume, with surcharges of 2–10% on products to offset tariffs.

  • Robust trading environment expected, supported by lower interest rates in Europe, increased US investment, and a strong order book.

  • Ongoing geopolitical and trade uncertainties remain a risk.

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Frequently asked questions

Dormakaba Holding AG is a Switzerland-based company specializing in access solutions and systems across the security industry. The company operates under several business segments including Access + Data Systems, Key Systems, and others, offering a wide range of products from mechanical and mechatronic lock cylinders to high-security electronic locking solutions and software for access control. Dormakaba was formed through the merger of two historic companies, Dorma and Kaba, which brought together over a century of experience in the security sector. The company's product line also includes door hardware, electronic access and data systems, entrance systems, safe locks, lodging systems, and movable walls. The company is headquartered in Rümlang, Switzerland, and its shares are listed on the SIX.

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