3.1 Capital management

Capital management has the following objectives:

• securing sufficient liquidity to meet the Group’s needs to fulfil its financial obligations;
• securing sufficient funding capacity for future investments and acquisitions;
• ensuring creditworthiness;
• achieving an appropriate risk-adjusted return for investors.

In response to ongoing economic and geopolitical uncertainties, including trade tariffs or the war in Ukraine, dormakaba has maintained a strong focus on tightly managing cash positions and net working capital. This includes stringent credit management, disciplined collection of trade receivables, and careful cash conversion to effectively mitigate risks. Daily monitoring of liquidity and financial debt status at Group level, including oversight of financial covenants and undrawn credit facilities, remains a key priority. Alongside these cash management efforts, dormakaba also conducts regular reviews of safety stocks to ensure supply capabilities amidst ongoing supply chain challenges, further reinforcing the companyʼs financial stability.

Borrowings and other financial liabilities

Credit facility

As of 30 June 2025, short-term bank loans and overdrafts amount to CHF 2.3 million (2023/24: CHF 5.0 million).

In October 2024, the syndicated credit facility of CHF 525 million was extended by two years to its final maturity on 31 December 2027. The CHF 200 million increase option remains available. The sustainability link, which solely affected the interest rate, was not continued due to the static KPI definition in a changing environment. The facility’s sole financial covenant is the leverage ratio. It is calculated based on net debt relative to (reported) EBITDA for the past 12 months as of June and December. As of 30 June 2025 and throughout the 2024/25 financial year, dormakaba complied with the financial covenant.

Net debt

The key figures, including the maturities, as of 30 June 2025 and 30 June 2024 are disclosed below.

The interest expenses for short-term bank loans and overdrafts are recorded within other interest expenses. Interest expenses are disclosed in detail in the note on the financial result (1.5).

Bonds

dormakaba Finance AG issued bonds with a total nominal value of CHF 795 million:

The interest expenses for the bonds amount to CHF 13.7 million in 2024/25 (2023/24: CHF 13.6 million). This is disclosed in the note on the financial result (1.5).