Dear Shareholders,

dormakaba sustained momentum in the first half of 2024/25. We delivered a strong financial performance in a demanding environment, combining strong organic net sales growth with expanded margins. Our transformation program continues to deliver, and is being complemented by further margin-enhancing initiatives. We are progressing our strategic pivot from reshaping our foundation to achieving further profitable growth, and have upgraded our outlook for the 2024/25 full-year.

Our momentum carried into 2025 as we kicked-off the new year with an impressive showcase of our vision at BAU 2025, the world’s leading trade fair for architecture, materials, and systems. Our offering resonated very well with our many visitors – from advanced access solutions to innovations for energy efficiency, we demonstrated how our offering adds value across the building lifecycle, positioning us well for growth.

Innovation remains a key driver of our strategy. We are advancing our products to be more connected, intelligent, and interoperable, while aligning with major trends such as energy efficiency. This makes us well equipped to meet the rising demand for tailored solutions for securing critical infrastructure in sectors like energy, transportation, healthcare, and data centers – a top priority for governments and industries and a focus at BAU. Our solution Skyra transforms remote access using a Bluetooth-enabled rechargeable key that makes it simple for organizations to maintain secure access to critical infrastructure across multiple and remote locations. Further, we have expanded our partnership with Rohde & Schwarz beyond airports to the broader critical infrastructure sector. Global pilot projects for the Automated Personnel Screening solution have been extended and are underway in the USA, Singapore, and the Netherlands.

Strong organic growth and expanded margins reflect strategy execution

Our financial performance in the first half of 2024/25 shows that, with our global offering, we are well positioned in an attractive industry with good growth potential. It also confirms the tangible improvements generated by our transformation program, with further savings still ahead.

We achieved strong organic net sales growth of 5.1% in a demanding economic environment. The adjusted EBITDA margin rose by 60 basis points to 15.2% – the fifth consecutive half-year improvement. Growth and margin expansion was driven by both business segments: Access Solutions posted strong volume growth in all core markets, and Key & Wall Solutions and OEM continued its record performance with regards to profitable growth. Return on capital employed (ROCE) improved by 240 basis points to 29.9%, reflecting the increase in profitability. While our balance sheet remains strong with a leverage ratio of 1.1x (net debt/adj. EBITDA), our free cash flow was impacted by increased inventories due to supply chain constraints and project-specific inventory build-up.

Our commitment to shift gears to growth is underlined both by the continued strong organic net sales growth as well as by a first bolt-on acquisition of Montagebedrijf Van den Berg B.V. in the Netherlands (announced in February 2025).

Strategy reiterated and enhanced: From Shape to Growth

With the transformation program well into its execution phase, we are taking the next step in strategy implementation: from Shape to Growth. We are focusing on the three value drivers Elevate Performance, Reduce Complexity and Innovate & Grow, all underpinned by a leading position in sustainability. Some selected highlights in strategy execution are:

Elevate Performance: Transformation program continues to deliver, commercial transformation added

• Our transformation program continues to deliver and we remain on track to achieve our annual cost savings target of CHF 170 million by the end of 2025/26.
• We made further progress ramping-up our regional shared service centers, with more than ten countries around the world fully migrated.
• We launched our commercial transformation program which focuses on productivity, shared business services, automation and digitalization. We expect this initiative to add a further CHF 40 million in savings by 2027/28. In early February 2025 we reached an important milestone by finalizing our negotiations with the German employee representatives.

Reduce Complexity: Streamlining our product portfolio and operations for agility and growth

• Our global R&D roadmap is firmly in place to boost market impact.
• We are streamlining our software and hardware portfolio. As a first step, we are optimizing our door closer range with a modular offering tailored to customer needs: an initiative projected to yield savings of CHF 10 million by 2027/28, with an additional CHF 10 million beyond.
• We are developing our global supply chain towards resilience, simplicity and cost efficiency. Our goal is to bring it closer to our markets with a strong local-for-local operations footprint while also optimizing the best-cost country share.
• Our business portfolio is undergoing review: recently we divested our sub-Saharan African operations and the UK service business for swing and sliding doors.

Innovate & Grow: Well-equipped to meet demand in high-potential growth sectors

Our strategic investments in innovation and markets are starting to pay off, as highlighted by our growth and the successful presence at BAU 2025 mentioned above.

Finally, we created the new role of Chief Transformation Officer at executive level to highlight our commitment to transformation and execution. At the beginning of January, Chris Baur joined the executive team as Chief Transformation Officer and President Key & Wall Solutions and OEM, marking another important step in our ongoing shift from Shape to Growth.

Outlook: Upgraded to reflect continued momentum

We continue to innovate, execute our strategy and transformation program, and continuously improve our operational efficiency. For the full financial year 2024/25, we expect organic net sales growth to continue at 3–5%, in line with our mid-term target, and upgrade our guidance for the adjusted EBITDA margin to around 15.5%.

Strategy thrives on execution, and execution thrives on people. Our employees have shown an outstanding commitment to bring the best in innovation and service to our customers. We take this opportunity to thank them, as we do our customers, whose drive to create the buildings of the future inspires our ingenuity and agility. We also owe great gratitude to our late Chief Financial Officer Christina Johansson whose contributions to our success were immensely valuable. Finally, we thank you for your continued trust during this time of transformation.

Svein Richard Brandtzæg

Chairman

Till Reuter

CEO