Creating momentum for profitable growth
In 2025/26, we continued to expand profitability and create further shareholder value. With net sales of CHF 2,792.4 million and organic growth of 3.0%, we delivered a record adjusted EBITDA margin of 16.1%, a milestone achieved for the first time in dormakaba’s history and of which we are extremely proud. We have used our capital wisely, posting a return on capital employed (ROCE) of 31.0%, in line with our ongoing commitment to maintain return on capital above 30%. We have achieved these targets without compromising cash generation, reporting an adjusted operating cash flow margin of 12.5%, which reflects improved net working capital from inventory optimization, improved payment terms and lower tax payments. Currency headwinds of 4.9% from a stronger Swiss franc reduced reported sales, but left our operational momentum intact. Notwithstanding a year of heightened uncertainty marked by armed conflicts, tariffs and geopolitical tension that gave us no tailwind, we delivered on our promises and completed a three-year transformation that reshaped how dormakaba operates.
Our balance sheet remains our competitive advantage. At 0.8x net debt to adjusted EBITDA, and with the first-time BBB/stable outlook investment-grade rating assigned by S&P Global Ratings in February 2026, we have the capacity and credibility to act, opening capital-markets access, M&A optionality and partnerships that require investment-grade assurance.
Performance by segment
Access Solutions reported net sales of CHF 2,377.2 million, an organic net sales growth of 3.0% on the prior year, and an improved adjusted EBITDA margin of 16.7%, reflecting the successful execution of our Shape for Growth (S4G) initiative. These results underscore a robust performance in European markets, partially offset by a softer first half in North America and a challenging year in the UK & Ireland due to large project delays. We were pleased to see strong volume acceleration in the second half, reflecting improved customer activity in key markets. We closed the year with a robust order book that provides a solid foundation for the year ahead.
Key & Wall Solutions and OEM (KWO) reported net sales of CHF 468.6 million, organic net sales growth of 2.1% year-on-year, and an enhanced adjusted EBITDA margin of 21.2%. After a softer first half due to weak OEM demand and project delays in North America, volumes accelerated in the second half, driving stronger profitability. The acquisition of Style Group strengthens our route to market in the UK and supports future growth.
North America: at the heart of our organic growth ambition
Our Group strategy combines organic expansion with disciplined acquisitions and innovation. As the world's largest access solutions market, North America is at the core of our long-term growth ambitions. Under new regional leadership, we closed key product gaps and strengthened our Access Hardware Solutions portfolio, while expanding our Access Automation Solutions offering.
In a market primarily driven by distribution, we are actively engaging with the 100 distributors most critical to our ambitions, expanding both market reach and product penetration. In parallel, our vertical market approach is helping us deepen our expertise across the customer journey and strengthen our position within vertical ecosystems. We secured major wins across target verticals with solutions tailored to each. Notable wins include American Airlines at Dallas/Fort Worth International Airport, underpinned by the global roll out of our new Argus Air XS electronic boarding gates, further reinforcing our leading position in the aviation vertical. We have also secured strategic partnerships with two major healthcare systems in New York for the service and refurbishment of entrance systems, alongside broader collaboration on security and access control, strengthening our position as a trusted partner to the US healthcare sector. In hospitality, activity accelerated in the second half of the year following a muted first half. While still at an early stage, these wins are already validating our strategy and building momentum in this important market. We invite you to read more about these and other successes in the “Verticals in focus” section of this report.
Disciplined M&A to deliver acquisitive growth
Our M&A strategy complements organic growth by strengthening core positions, deepening priority verticals and adding capabilities faster than we could build them. During the year, we completed six bolt-on acquisitions and made two venture investments.
The TANlock acquisition makes us one of the few providers able to deliver end-to-end data center access solutions from perimeter to server rack through a single audit trail, while Avant-Garde and Airsphere strengthen our airport segment. Our venture investment in SwiftConnect and the full acquisition of any2any complemented our LEGIC credentials management offering, making our installed base mobile-wallet-ready and significantly reinforcing our global credentials business. Together with the AI-powered computer vision capabilities of RealSense (minority stake acquired in November 2025), we are geared up to develop next-generation intelligent access control solutions, a position we recently strengthened with the acquisition of the operating business of Azure (August 2026), a US-based supplier of next-generation access control hardware that further strengthens dormakaba’s portfolio of commercial components as well as its offering into the physical access control system (PACS) channel in the US.
These transactions reflect our disciplined approach to M&A and commitment to long-term shareholder value creation. Our strong financial position enables us to pursue strategic acquisition opportunities and drive further profitable growth in a consolidating industry. More details on our M&A activities can be found in the "Strategy" section.
Innovation as a catalyst for growth and competitiveness
Innovation is how we stay ahead of evolving customer needs and tightening access security requirements. Under new innovation leadership, we are applying AI, biometrics, cloud and quantum-ready encryption to advance our solutions – but technology has no value until it solves a real client's problem. That thinking produced Skyra, our Bluetooth-enabled rechargeable key that extends intelligent access to remote, off-grid critical infrastructure – granting and revoking credentials remotely with a full audit trail and opening a market conventional access cannot serve. Lyazon, our open API launching in North America, places dormakaba's access intelligence inside partners' own platforms with no proprietary lock-in, turning property-technology partners into a distribution channel across residential portfolios. Further launches included MotionIQ, which improves building efficiency through intelligent door operation, and Apexx Strato, a keyless, mobile-credential ATM lock for our safe-lock portfolio in North America.
Hardware innovation is also critical to staying competitive. During the year, we launched solutions such as the EasyAssist System, an energy-efficient door assistant that improves accessibility for the elderly and children, and the BEST 5lb push exit device that extends our compliance with the stringent accessibility requirements in the US. Our hardware innovation was further recognized with the German Innovation Award in the category “Excellence in Business to Business – Building & Elements” for “revy”, our patented reversible key system.
Strategy as the backbone of our performance
Three years ago, we committed to reshaping dormakaba for profitable growth. We strengthened our local-for-local approach, enhanced procurement processes and simplified our software landscape. We established competence centers for product development, finance, IT, HR and commercial in Nogales, Sofia and Chennai and expanded our production footprint in Nogales and Sofia to improve delivery lead times. The 260 basis points adjusted EBITDA margin improvement over three years shows our strategy works. The dormakaba entering this growth phase is fundamentally different: leaner, more focused, built to win.
Industry fundamentals support continued demand
The demand behind this performance is structural. Two hundred thousand people join the world's cities every day and every hospital, airport, hotel and data center built to serve them needs intelligent, integrated access from day one. Buildings are becoming data platforms; sustainability credentials are now procurement requirements, with buildings responsible for around 37% of global CO₂ emissions as regulation and standards tighten. Security is being redefined by geopolitical tension and rules such as the EU's NIS2 directive and Cyber Resilience Act – no longer perimeter-based, but integrated and auditable. These fundamentals will drive demand for access solutions for the coming decade. And we are ready to seize this opportunity.
Sustainability
Sustainability remains a core element of our strategy and innovation agenda. Recognition as one of Europe's Climate Leaders 2026 (Financial Times and Statista) for the second consecutive year, together with EcoVadis Platinum status and our MSCI AA rating, reflects the progress we continue to make. Customers increasingly seek partners that support their sustainability ambitions, and these achievements further strengthen our competitive position.
Transition to IFRS Accounting Standards
Beginning in FY 2026/27, we will adopt IFRS Accounting Standards as our primary accounting framework, replacing Swiss GAAP FER. Restated IFRS financials are available in the Financial Report section of this report. The transition enhances the comparability of our results with international peers. Our first results under IFRS Accounting Standards will be published for the first six months of FY 2026/27, with full-year targets on an IFRS basis.
Dividend and AGM
The Board proposes a dividend of CHF 0.95 per share for FY 2025/26, a 3.3% increase year-on-year, consistent with our commitment to maintain or grow the dividend annually. The proposal goes to shareholders’ approval at the Annual General Meeting on 20 October 2026.
Outlook
Our FY 2026/27 guidance under IFRS Accounting Standards: organic net sales growth above 3%, operating profit margin above 11% and operating cash flow margin in the range of 10.5%-11.5%. Capital allocation is unchanged: maintain the investment-grade rating, fund organic growth, grow the dividend and deploy surplus capital in strategic M&A. The pipeline is active. The balance sheet is ready.
Our people
Every number in this letter was delivered by one of our people. Through three years of transformation, more than 15,000 colleagues helped make dormakaba a stronger company, building new capabilities, improving the way we serve our customers and driving better performance throughout a period of significant internal change. They delivered with professionalism and resilience. Accountable. Bold. Connected. Those three values represent the culture we are building. Our people's expertise is dormakaba's most valuable competitive advantage and what makes our performance sustainable.
Simplifying our ownership structure
We today announced that we will propose steps to simplify the Group’s legal and ownership structure at the upcoming Annual General Meeting on 20 October 2026. By aligning ownership and economic interests at the level of the listed holding company, the new structure will enhance transparency and comparability and is expected to strengthen dormakaba’s capital markets profile over time, to the benefit of all shareholders.
We want to thank our customers, our partners, our shareholders — and above all our people, without whom none of this would be possible. The foundation is set. We are ready for the growth chapter.
Svein Richard Brandtzæg
Chairman of the Board
Till Reuter
Chief Executive Officer
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