Capital management has the following objectives:
In response to ongoing economic and geopolitical uncertainties, including trade tariffs and geopolitical conflicts such as the wars in Ukraine and the Middle East, dormakaba continues to maintain a strong focus on liquidity and net working capital management. 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.
|
CHF million |
|
Financial year ended 30.06.2026 |
|
Financial year ended 30.06.2025 |
|
Current borrowings |
|
23.5 |
|
322.9 |
|
Short-term bank loans and overdrafts |
|
21.5 |
|
2.3 |
|
Bonds – short-term |
|
0.0 |
|
320.0 |
|
Current portion of other non-current liabilities |
|
2.0 |
|
0.6 |
|
Non-current liabilities |
|
483.7 |
|
480.4 |
|
Bonds – long-term |
|
474.3 |
|
474.0 |
|
Other non-interest bearing liabilities |
|
5.2 |
|
2.9 |
|
Other interest-bearing liabilities |
|
4.2 |
|
3.5 |
As of 30 June 2026, short-term bank loans and overdrafts amount to CHF 21.5 million (2024/25: CHF 2.3 million).
The syndicated credit facility of CHF 525 million will expire at its final maturity on 31 December 2027. The CHF 200 million increase option remains available. 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 2026 and throughout the 2025/26 financial year, dormakaba complied with the financial covenant.
The key figures, including the maturities, as of 30 June 2026 and 30 June 2025 are disclosed below.
|
|
|
Financial year ended 30.06.2026 |
|
Financial year ended 30.06.2025 |
||||||||||||
|
CHF million |
|
Up to 1 year |
|
2 to 5 years |
|
Over 5 years |
|
Total |
|
Up to 1 year |
|
2 to 5 years |
|
Over 5 years |
|
Total |
|
Short-term bank loans and overdrafts |
|
21.5 |
|
|
|
|
|
21.5 |
|
2.3 |
|
|
|
|
|
2.3 |
|
Bonds |
|
|
|
474.3 |
|
|
|
474.3 |
|
320.0 |
|
474.0 |
|
|
|
794.0 |
|
Other liabilities |
|
2.0 |
|
6.9 |
|
2.5 |
|
11.4 |
|
0.6 |
|
4.0 |
|
2.4 |
|
7.0 |
|
Cash and cash equivalents |
|
–149.1 |
|
|
|
|
|
–149.1 |
|
–445.1 |
|
|
|
|
|
–445.1 |
|
Net debt |
|
–125.6 |
|
481.2 |
|
2.5 |
|
358.1 |
|
–122.2 |
|
478.0 |
|
2.4 |
|
358.2 |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
449.0 |
|
|
|
|
|
|
|
445.0 |
|
Net debt/Adjusted EBITDA (Leverage) |
|
|
|
|
|
|
|
0.8x |
|
|
|
|
|
|
|
0.8x |
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).
dormakaba Finance AG issued bonds with a total nominal value of CHF 475 million:
|
CHF million |
|
Coupon % p.a. |
Financial year ended 30.06.2026 |
|
Coupon % p.a. |
Financial year ended 30.06.2025 |
|
Bonds (at fixed interest rates) |
|
|
474.3 |
|
|
794.0 |
|
CHF 320 million bond 2017–2025 Payment date: 13 October 2017 Issue price: 100.46% |
|
|
|
|
1.000 |
320.0 |
|
CHF 275 million bond 2022–2027 Payment date: 14 October 2022 Issue price: 100.00% |
|
3.750 |
274.8 |
|
3.750 |
274.7 |
|
CHF 200 million bond 2025–2030 Payment date: 18 June 2025 Issue price: 100.012% |
|
1.375 |
199.5 |
|
1.375 |
199.3 |
The interest expenses for the bonds amount to CHF 14.2 million in 2025/26 (2024/25: CHF 13.7 million). This is disclosed in the note on the financial result (1.5).
S&P Global Rating rated dormakaba on 16 February 2026 with a BBB credit rating with a stable outlook.