dormakaba Holding Ltd

DOKA

Equity

ISIN CH0011795959 / Valor 1179595

SIX Swiss Exchange (2026-10-02)

CHF 62.00+0.32%

dormakaba Holding Ltd
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About company

dormakaba Holding Ltd is a Swiss-listed provider of physical access and security solutions, formed from the Dorma and Kaba businesses, that designs, manufactures and services a broad portfolio of locks, door and entrance systems, key and safe mechanisms, electronic access control and related software and services. Serving commercial, institutional, hospitality, residential and transportation customers worldwide, the company combines mechanical hardware with electronic and digital access-management systems and offers installation, maintenance and aftermarket servicing alongside product sales. Headquartered in the Zurich area, dormakaba operates through a global network of subsidiaries and channels, positioning itself as an integrated supplier for buildings and facilities that require secure, managed entry and locking solutions.

Summarized from source with an LLMView SourceSector: Finance

Top-line and growth

Total net sales were CHF 1,362.7m. Organic net sales rose 2.0% (pricing +2.6%, volumes -0.6%); currency effects (stronger CHF) reduced reported sales by ~5.0%.

Profitability

Adjusted EBITDA was CHF 211.9m and the adjusted EBITDA margin expanded to 15.6% (+40bps). Net profit for H1 was CHF 77.4m (down ~20% year‑on‑year).

Transformation savings

Transformation program delivered CHF 185m of savings (ahead of the CHF 170m target), a key driver of margin expansion and cost improvement across the Group.

Cash flow & balance sheet

Adjusted operating cash flow margin was 4.5% (down 290bps); free cash flow was negative CHF 22.0m in H1. Net debt stood at CHF 458.1m, with net debt/adjusted EBITDA of 1.0x (improved). ROCE rose to 30.3% and S&P assigned a first-time “BBB” rating (stable outlook).

Access Solutions segment

Access Solutions net sales CHF 1,161.1m; organic growth +2.6% driven by pricing (+2.6%) and solid European volume growth (Germany +4.0%, Switzerland +5.3%, UK/Ireland +4.3%). Adjusted EBITDA CHF 185.3m; margin 16.0% (+70bps). TANlock and other bolt‑ons supported project wins, especially in data centers.

Key & Wall Solutions and OEM segment

Segment net sales CHF 228.6m; organic decline -1.4% (pricing +2.2%, volumes -3.6%). Adjusted EBITDA CHF 46.4m; margin 20.3% (down 80bps) but remains a high‑profitability business.

Outlook

dormakaba reiterates FY 2025/26 guidance: organic net sales growth 3–5%, adjusted EBITDA margin above 16%, and adjusted operating cash flow margin of 11.5–12.5%. Management expects stronger volume momentum in H2 driven by key project wins.

Summarized from source with an LLMView Source

Key figures

-12.8%1Y

38.1%3Y

-7.74%5Y

Performance

29.1%1Y

25.9%3Y

28.2%5Y

Volatility