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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.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; transformation program delivered CHF 148m in cost savings.
Free cash flow was CHF 176.9m, net debt reduced by 21.2% to CHF 358.2m, and leverage improved to 0.8x.
Four divestments and four bolt-on acquisitions completed, including a joint venture in China, to streamline and grow the business.
Proposed a 15% dividend increase to CHF 9.20 per share and a 1:10 share split, subject to AGM approval.
Focused on innovation, product portfolio expansion, and verticals such as airports, healthcare, and data centers, with major project wins and a new CIO appointed.
Financial highlights
Net sales reached CHF 2,870.1m (+1.2% year-over-year), with organic growth of 4.1%.
Adjusted EBITDA was CHF 445.0m (+6.7%), margin 15.5% (+80 bps), and ROCE increased to 30.6% (+160 bps), achieving midterm targets ahead of plan.
Net profit was CHF 188.0m (+128.7%), free cash flow CHF 176.9m (-10.2%), and net debt CHF 358.2m (-21.2%), with leverage ratio at 0.8x.
Gross margin improved by 30 bps to 41.6%.
Functional expenses as a percentage of net sales improved to 29.2%.
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%.
Robust trading environment expected, supported by lower interest rates in Europe, increased US investment, and a strong order book.
Pricing and volume expected to contribute equally to growth, with surcharges of 2%-10% to offset tariffs.
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