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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.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.
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