dormakaba (DOKA) H1 2025 earnings summary

Executive summary

• Achieved strong organic net sales growth of 5.1% to CHF 1,421.3m in H1 2024/25, with adjusted EBITDA margin up 60 bps to 15.2% and margin expansion for the fifth consecutive half-year.

• Net profit surged 99.4% year-over-year to CHF 96.7m, supported by operational improvements and lower restructuring expenses.

• Transformation program delivered CHF 31m in H1 savings and CHF 115m since inception, with three divestments and two bolt-on acquisitions completed.

• Maintained a strong balance sheet, reducing net debt by 20.5% to CHF 466.4m and leverage to 1.1x adjusted EBITDA.

• Upgraded full-year 2024/25 outlook, reflecting continued momentum and strategic progress from transformation to profitable growth.

Financial highlights

• Net sales reached CHF 1,421.3m, with 5.1% organic growth, volume growth of 3.3%, and price increases of 1.8%.

• Adjusted EBITDA rose 7.7% to CHF 216.1m (15.2% margin, up 60 bps); net profit nearly doubled to CHF 96.7m.

• Free cash flow was CHF 50.9m, down 8.6% year-over-year, with margin at 3.6% due to higher net working capital and supply chain constraints.

• Gross margin improved by 50 bps to 41.4% year-over-year.

• ROCE increased by 240 bps to 29.9% due to higher profitability.

Outlook and guidance

• Upgraded full-year 2024/25 guidance: organic net sales growth of 3–5% and adjusted EBITDA margin around 15.5%.

• Midterm target remains 16–18% EBITDA margin by 2025/26.

• Transformation program expected to deliver CHF 170m in cost savings by 2025/26, with additional CHF 40m for commercial transformation and CHF 10m for door closer complexity.