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dormakaba (DOKA) investor relations material

dormakaba H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary24 Feb, 2026

Executive summary

  • Achieved organic net sales growth of 2.0% and Adjusted EBITDA margin of 15.6%, supported by CHF 185 million in cost savings delivered ahead of plan, despite challenging macroeconomic conditions and trade tariffs.

  • Completed six bolt-on acquisitions, including TANlock and Avant-Garde, accelerating portfolio expansion and strengthening offerings in critical infrastructure and the US market.

  • Strong project wins in key verticals such as data centers, airports, healthcare, and marine, with data center sales showing a 5-year CAGR above 50%.

  • S&P Global Ratings assigned a BBB investment grade rating with a stable outlook, reflecting a strong financial position.

Financial highlights

  • Net sales reached CHF 1,362.7 million, with organic growth of 2.0% driven by strong pricing (+2.6%) despite a -0.6% volume decline; reported sales declined 4.1% due to currency headwinds and divestments.

  • Adjusted EBITDA was CHF 211.9 million, margin expanded by 40 bps to 15.6%.

  • Net profit amounted to CHF 77.4 million, down 20% year-over-year; return on capital employed improved to 30.3%.

  • Adjusted operating cash flow margin at 4.5%, down 290 bps year-over-year due to timing of taxes, prepayments, and higher CAPEX; free cash flow was negative at CHF -22.0 million.

  • Gross margin slightly decreased by 10-20 bps to 40.9%.

Outlook and guidance

  • Full-year 2025/26 guidance reiterated: organic net sales growth of 3-5% (lower end expected), adjusted EBITDA margin above 16%, and adjusted operating cash flow margin of 11.5-12.5%.

  • Stronger volume growth expected in H2, supported by robust order backlog and project pipeline.

Update on 2027/28 savings initiatives
Synergies from recent M&A activity
Cash flow reversal drivers for H2 2025/26
Data Center vertical growth strategy
Future complexity reduction opportunities
U.S. growth plan M&A strategy
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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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