Group performance

Creating momentum for profitable growth

In 2025/26, dormakaba delivered on key milestones, achieving a record adjusted EBITDA margin of 16.1% and completing a three-year transformation cycle that generated CHF 235 million in savings, notwithstanding an operating environment characterized by geopolitical tensions, armed conflicts and increasing tariffs.

Net sales reached CHF 2,792.4 million delivering organic net sales growth of 3.0%, in line with guidance, with both segments, Access Solutions and Key & Wall Solutions and OEM, contributing positively. Organic growth was driven by volume growth of 0.4% and a 2.6% price increase, while the appreciation of the Swiss franc against major currencies had a negative impact of 4.9% on reported sales.

Top-line results reflected an accelerating growth momentum in the second half, following a subdued first half. Higher volumes and a robust order book at year-end provide a solid foundation for continued growth in the coming year.

Continued profitability expansion

dormakaba achieved further profitability expansion for the third consecutive year, bringing cumulative margin improvement over the period to 260 bps. With adjusted EBITDA of CHF 449.0 million, the company reached an adjusted EBITDA margin of 16.1% for the first time in its history – an increase of 60 bps year-on-year.

Adjusted EBIT reached CHF 368.2 million. One-off restructuring expenses and other Items Affecting Comparability (IAC) at EBITDA level amounted to CHF 53.3 million, above prior-year level, reflecting the closure of our Russian operations in FY 2025/26 and one-time gains from the sales of real estate in the prior year. Net profit amounted to CHF 185.2 million, representing a slight decline of 1.5% compared with the previous year.

Strong cash generation and capital efficiency

Adjusted operating cash flow increased to CHF 349.6 million, resulting in an adjusted operating cash flow margin of 12.5%, up 80 bps year-on-year. The improvement was driven by stronger net working capital management, including inventory optimization initiatives, enhanced payment terms and lower tax payments.

Return on capital employed (ROCE) reached 31.0%, an increase of 40 bps year-on-year. The improvement was driven by lower average capital employed and is consistent with the company's commitment to maintain ROCE above 30%.

Solid balance sheet and enhanced financial flexibility

Net debt remained essentially unchanged at CHF 358.1 million compared with CHF 358.2 million in the previous year. As a result, dormakaba maintained its conservative leverage ratio of 0.8x net debt to adjusted EBITDA.

In February 2026, S&P Global Ratings assigned dormakaba a first-time investment-grade BBB credit rating with a stable outlook. This significant milestone recognizes the resilience of the Group's balance sheet, supported by its conservative leverage profile and strong cash generation capabilities.

Beyond enhancing the company's financing flexibility, the rating further strengthens dormakaba's credibility with acquisition targets, business partners and investors, enabling the Group to pursue strategic opportunities with discipline and confidence from a position of financial strength.

Accelerating growth organically and through acquisitions

Growth through acquisitions remains a fundamental pillar of dormakaba's strategy. During 2025/26, the Group accelerated its targeted and disciplined M&A activities, completing six bolt-on acquisitions and two venture investments. Shortly after the close of the financial year, dormakaba completed two additional acquisitions in Access Solutions and Key & Wall Solutions and OEM segments. Beyond expanding the Group's portfolio and market presence, these acquisitions enhance dormakaba's ability to generate organic growth by broadening customer access, increasing cross-selling opportunities, strengthening local market positions and adding complementary technologies and capabilities. Together, they further reinforce the company's growth platform and competitive position.

In parallel, dormakaba's vertical go-to-market approach continued to support accelerating organic growth. By focusing on six dedicated vertical markets, namely aviation, healthcare, data centers, critical infrastructure, marine, and sports & entertainment, the Group is building deeper expertise across customer journeys and strengthening its ability to anticipate evolving customer needs driven by security requirements, digitalization, urbanization and sustainability trends in the built environment. This approach supports stronger commercial execution, improved sales and operations planning, greater supply network resilience, shorter lead times and enhanced cost competitiveness. Several project wins during the year demonstrate the effectiveness of this strategy, particularly in aviation, where dormakaba's new Argus Air XS solution contributed to contract wins with American Airlines in the United States as well as airports across EMEA and APAC. More information on dormakaba's vertical market strategy can be found in the "Verticals in Focus" section of this report.

Strategic transformation creating long-term value

The year's achievements reflect the disciplined execution of dormakaba's strategy. During the reporting period, the company completed a three-year strategic transformation cycle, marking the beginning of a new phase in its development.

The transformation program generated cumulative savings of CHF 235 million, including initial benefits from the ongoing commercial transformation. As a result, dormakaba has become leaner, more efficient and more competitive, supported by a strengthened local-for-local approach and enhanced procurement processes.

The company remains committed to further reducing complexity, streamlining its product portfolio and optimizing production costs to support sustainable growth and long-term shareholder value creation.

Portfolio optimization and strategic focus

During the reporting period, dormakaba completed the conversion of its Russian operations into a representative office structure. Consequently, no operational business activities will be conducted in Russia going forward. Russia represented the largest share of the businesses divested or discontinued during the period. In the previous year, the Group had already strengthened its strategic focus through the divestment of its operations in Kuwait and South Africa, as well as the sale of the Entrance System Automatics (ESA) service business in the United Kingdom.