dormakaba (DOKA) H2 2026 earnings summary

Executive summary

• Achieved record adjusted EBITDA margin of 16.1% (up 60 bps year-over-year) and 3.0% organic net sales growth, reflecting successful transformation, operational improvements, and strong order book.

• Transformation phase completed, with focus shifting to accelerating profitable growth via vertical market expansion, U.S. market opportunities, and targeted M&A; 8 bolt-on acquisitions completed in FY 2025/26 and 2 more YTD 2026/27.

• Proposed simplification of ownership and legal structure to enhance transparency, comparability, and capital markets profile, with both major shareholder groups aligned and supportive.

• Dividend proposal of CHF 0.95 per share, up 3.3% year-over-year.

• S&P Global Ratings assigned a first-time investment-grade BBB rating with a stable outlook, reflecting a strong balance sheet and conservative leverage profile.

Financial highlights

• Net sales reached CHF 2,792.4 million, with 3.0% organic growth in line with guidance.

• Adjusted EBITDA was CHF 449.0 million, margin at 16.1% (up 60 bps year-over-year); adjusted operating cash flow margin improved to 12.5% (up 80 bps year-over-year).

• Net profit was CHF 185.2 million; ROCE rose to 31.0%, up 40 bps year-over-year.

• Net debt stable at CHF 358.1 million, leverage ratio at 0.8x net debt-to-adjusted EBITDA.

• Free cash flow was CHF 162.9 million, slightly down year-over-year due to higher CAPEX and acquisition activity.

Outlook and guidance

• FY 2026/27 guidance under IFRS: organic net sales growth above 3%, operating profit margin above 11%, and operating cash flow margin between 10.5% and 11.5%.

• Pricing expected to contribute 2%-2.5% to organic growth, with volume contributing around 1%.

• Robust order book and healthy backlog provide a solid foundation for the coming year.

• Quarterly trading updates to be provided, with first update in October.