Slides
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2025/26 Results Till Reuter, CEO René Peter, CFO
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1 September 2026 2 New picture Business highlights Till Reuter, CEO
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3 Business highlights 1 September 2026 Milestone reached - setting the stage for next chapter Organic growth Organic net sales growth of +3.0%, driven by both business segments, strong order book for Access Solutions Cash flow Adj. operating cash flow margin of 12.5% , leverage at 0.8x Adj. EBITDA margin of 16.1% achieved for the first time , margin expansion in both business segments; cost savings of CHF 235m delivered ahead of plan Targeted go - to - market delivering results Global verticals approach gaining traction with lighthouse wins across the globe Building momentum to accelerate US growth New leadership, solid delivery in hardware and automatics, first bolt - on acquisitions Bolt - on acquisitions gathering pace 8 transactions FY 2025/26, 2 transactions YTD 2026/27 Outlook 2026/27: organic net sales growth of >3% , operating profit margin >11%, operating cash flow margin of 10.5 - 11.5% Dividend CHF 0.95 (+3.3%) per share proposed for FY 2025/26 Ownership structure simplification Steps to simplify legal and ownership structure to be proposed at the upcoming AGM
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Two years of consistent delivery and disciplined execution 1 September 2026 4 Business highlights Elevate Performance S4G overachieved savings of CHF 235m realized, 16.1% adj. EBITDA margin for the first time for the Group Strengthened local - for - local footprint d bs centers of excellence well established, Nogales plant inaugurated, Sofia to commission Oct 2026 Commercial transformation first savings realized, on track to deliver by 2027/28 Reduce complexity Active portfolio management 4 divestments & exit from Russia Product portfolio streamlining on track consolidation of door closer and Access Control solutions well underway, new Product Management and Development organization established From Push to Pull improved demand planning, delivery performance and inventories, value - based sourcing implemented Innovate & Grow Focused and targeted go - to - market strengthened verticals, strong pipeline with early lighthouse wins US growth plan and strategy by product defined and progressing well, first achievements in hardware & automatics, new leadership in place Expanding through targeted M&A 13 transactions accomplished to strengthen product portfolio & key verticals Sustainability Further value creation opportunity
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Driving growth through a focused and targeted approach 1 September 2026 5 Business highlights Airports American Airlines DFW hub, US Airports Frankfurt, Munich, Düsseldorf airports, Germany Healthcare New Aker hospital Norway Healthcare Strategic partnership With two major healthcare systems, US Data centers >35 project wins across the globe Critical infrastructure >7.000 clients in the last 12 months
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Expanding through targeted acquisitions 1 September 2026 6 Business highlights bolt - on acquisition venture investment Computer Vision United States Access Automation United States Access Control / Lodging systems Australia November 2025 Credential Management United States February 2026 January 2026 May 2026 closing date Access Solutions Germany Access Solutions service for automatic doors Germany December 2025 July 2025 Access Solutions Software Germany May 2026 Access Control Germany March 2026 Key & Wall Solutions Movable Walls United Kingdom July 2026 August 2026 Access Control United States
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Building momentum to accelerate US growth 1 September 2026 7 Business highlights + First transactions Organic Hardware Mid - single - digit organic sales growth, volume growth Access Control Hospitality pick up with volume rebound in H2, solid outlook High - single digit growth in H2, driven by volume recovery bolt - on Access Automation venture investment Access Control Access Control bolt - on +1.0% +5.5% H1 25/26 H2 25/26 Automatics Notable project wins in airports, retail & healthcare Good organic sales growth, with volumes up yoy New leadership established Critical product gaps closed Strengthened go - to - market in key verticals
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Organic growth while unlocking the margin potential 8 Business highlights 1 September 2026 Organic net sales growth +3.0% Adj. op. cash flow margin 12.5% Adj. EBITDA margin 16.1% +80 bps +60 bps
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First time adj. EBITDA margin of 16.1% – milestone reached 1 September 2026 9 Business highlights Well on track CHF 40 m Commercial transformation CHF 10 m Door closer complexity reduction by 2027/28 Well on track CHF 40 m Commercial transformation CHF 10 m Door closer complexity reduction by 2027/28 CHF 235 m Cumulative from FY 2023/24 Savings delivered + FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26 14.7% 15.5% 16.1% 13.5% 13.5%
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Transforming today, innovating for tomorrow 1 September 2026 10 Business highlights EasyAssist System Door closer with electric opening & closing assistance BEST 5lb push exit device Barrier free 5lb push exit device, max operating force for emergency exits Argus Air XS Ultra compact electronic gate for automated passenger access ES Motion IQ Entrance system automatic - door control for sliding doors Lyazon Single integration API for managing access for multi - housing operators picture Ambiance Cloud Cloud - based hotel access management software Skyra Cloud and API - based access solution with battery - free cylinders & locks Apexx Strato Rotary Keyless electronic access for ATM and kiosk access points
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11 1 September 2026 Financial performance René Peter, CFO
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Delivering growth, margin expansion & solid cash 12 Financial performance 1 September 2026 Net sales + 3 .0 % ROCE 31 .0 % Adj. EBITDA margin 16.1 % +4 0 bps +60 bps CHF 2,792.4m Net profit CHF 185.2 m Net debt CHF 358.1 m Adj. operating cash flow margin 12.5 % - 0.0% +80 bps - 1.5%
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Organic growth fueled by pricing & volume recovery in H2 13 Financial performance Net sales, in CHF m 1 September 2026 11.1 - 4.9% Currency translation - 1.0% Divested / discontinued Currency / divestment adjusted Volume Price Acquisitions FY 2025/26 2,870.1 - 141.7 - 28.1 2,700.3 10.8 FY 2024/25 + 3.0 % organic growth +0.4% +2.6% 70.2 2,792.4 +0.4%
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- 4.8% +2.7% +4.6% - 3.2% - 3.0% +3.3% +3.4% +4.8% +1.3% - 2.0% +3.5% USA / Canada Germany Switzerland Australia / NZ UK / Ireland Rest of World - 13.4% Organic growth & margin expansion in both segments 1 September 2026 14 Financial performance 1 Net sales 3 rd party, in CHF m Net sales CHF 2,792.4m KWO Access Solutions Organic growth 2 Adj. EBITDA margin Net sales (CHF m) +2.2% 21.2% (+20 bps) 468.6 +3.1% 16.7% (+100 bps) 2,377.2 687.2 354.3 229.9 192.0 94.7 813.4 Total change o/w organic Access Solutions - growth by market Net sales 1 2 Org. growth 3 rd party; total org. growth Access Solutions +3.0%, KWO +2.1%
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Price increase and cost savings drive adj. EBITDA margin 15 Financial performance In CHF m 1) Price over cost is defined as the sum of price increases, cost inflation & efficiency gains 1 September 2026 15.5% 16.1% % Adj. EBITDA margin 1.4 31.6 FY 2024/25 Currency translation Divested / discontinued Currency / divestment adjusted Volume Price over cost 1) Acquisitions FY 2025/26 445.0 - 2 4.8 - 2.2 418.0 - 2.0 449.0
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Broad - based Profit & Loss improvement 16 Financial performance 1 September 2026 In CHF m Adjusted IAC 1 Reported Adjusted Change (adjusted) Net sales 2,792.4 2,792.4 2,870.1 - 2.7% Gross margin 1,167.8 - 12.3 1,155.5 1,193.1 - 2.1% Gross margin % 41.8% 41.4% 41.6% +30 bps Functional expenses 810.2 35.7 845.9 838.7 - 3.4% Functional expenses % 29.0% 30.3% 29.2% - 20 bps Other operating income (net) 10.6 - 33.7 - 23.1 11.7 - 9.4% EBIT 368.2 - 81.7 286.5 366.1 +0.6% EBIT % 13.2% 10.3% 12.8% +40bps Depreciation and amortization 80.8 28.4 109.2 78.9 +2.4% EBITDA 449.0 - 53.3 395.7 445.0 +0.9% EBITDA % 16.1% 14.2% 15.5% +40 bps Financial result, net - 37.1 - 37.1 - 43.4 - 14.5% Profit before taxes 331.1 - 81.7 249.4 322.7 +2.6% Income taxes - 83.1 18.9 - 64.2 - 82.3 +1.0% Effective Tax rate 25.1% 2) 25.7% 25.5% 2) - 40 bps Net profit 248.0 - 62.8 185.2 240.4 +5.6% FY 2025/26 FY 2024/25 +20 bps - 20 bps +3.2% 1 Items affecting comparability 2 Income tax adjusted for impacts from divestments/non - deductible goodwill amortization, losses resulting from restructuring cost, and tax rate changes +60 bps
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Building momentum in cash generation 17 Financial performance 1 September 2026 In CHF m Adj. EBITDA 449.0 445.0 +4.0 Change in NWC (excl. IAC) - 4.5 - 12.2 +7.7 Change in other assets/liabilities (excl. IAC) - 18.1 4.9 - 23.0 Financial expenses paid, net - 33.0 - 37.9 +4.9 Tax expenses paid, net - 43.8 - 63.8 +20.0 Adj. operating cash flow 349.6 336.0 +13.6 Adj. operating cash flow margin 12.5% 11.7% Restructuring expenses paid - 59.9 - 71.5 +11.6 Net cash from operating activities 289.7 264.5 +25.2 CAPEX net - 126.8 - 87.6 - 39.2 Free cash flow 162.9 176.9 - 14.0 Sale / Acquisition of subsidiaries - 75.9 - 3.1 - 72.8 FY 2025/26 FY 2024/25 Change +80 bps
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Maintaining strong financial profile 18 Financial performance 0.8x FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26 1.9x 1.6x 1.1 x Leverage defined as Net debt / adj. EBITDA 1 September 2026 Net debt stable year - on - year at CHF 358.1m Strong balance sheet with leverage ratio of 0.8x S&P Global Ratings assigned a first - time investment grade rating of BBB with a stable outlook 0.8x
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ROCE: creating value, year after year 19 Financial performance 1 September 2026 Net debt reduced to CHF 458.1m ( - 1.8%) S&P Global Ratings assigned a first - time investment grade rating of BBB with a stable outlook FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26 24.4% 25.1% 29.0% 30.6% 31.0%
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Attractive shareholder remuneration 20 Financial performance 1 September 2026 Board proposes a dividend of CHF 0.95 (increase of 3.3% ) per share at Annual General Meeting on October 20 th , 2026 Dividend to be paid out of statutory retained earnings of the parent entity
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Leading in Sustainability 21 Financial performance 1 September 2026 EcoVadis “Platinum” Placing the company among the top 1% of >150,000 companies assessed for sustainability CDP Climate A List Leadership in climate transparency and action TIME World’s Most Sustainable Companies Named among global leaders in sustainability People - 40% Climate Waste - 26% - 74% Good progress & External recognition Recordable injury rate vs. baseline; early achievement of - 33% target by two years CO 2 in our operations (Scope 1+2) since FY 2019/20 Landfill waste vs. FY 2020/21
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22 1 September 2026 New picture Outlook Till Reuter, CEO
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23 Outlook 23 1 September 2026 >3% Organic net sales growth >11% Operating profit margin 10.5 - 11.5% Operating cash flow margin Outlook 2026/27 All targets provided for 2026/27 are based on IFRS18
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Upcoming Events & Contact 24 dormakaba Investor Relations: investor@dormakaba.com 20 October 2026 18 November 2026 Annual General Meeting Capital Markets Day 2 March 2027 Half year results 2026/27 1 September 2026 2 8 October 2026 Q1 Trading Update
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Annex
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116.1 Access Solutions - Net sales FY & H2 2025/26 26 Annex In CHF m, including intercompany sales 1 September 2026 11.1 FY 2024/25 Acquisitions FY 2025/26 + 2.5 % Volume +0.5% Currency / divestment adjusted Divested / discontinued - 1.2 % - 4.8% 2,440.7 - 116.1 - 28.1 2,296.5 12.6 57.0 2,377.2 Price + 3.0 % organic growth 8.3 - 4.6% Currency translation - 0.9 % Divested / discontinued Currency / divestment adjusted +1.1% Volume +2.4% Price Acquisitions - 11.5 1,167.2 12.6 28.0 1,216.1 H2 2025/26 1,235.7 - 57.0 H2 2024/25 + 3.5 % organic growth + 0.5% + 0.7 %
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Key & Wall Solutions and OEM - Net sales FY & H2 2025/26 27 Annex In CHF m, including intercompany sales 1 September 2026 - 6.0 % Currency translation Divested / discontinued Currency / divestment adjusted - 0.8 % Volume 2.9 % Price Acquisitions FY 2025/26 488.4 - 29.4 0.0 459.0 - 3.5 13.1 0.0 468.6 FY 2024/25 - 6.2 % Currency translation Divested / discontinued Currency / divestment adjusted 2.1 % Volume +3.5 % Price Acquisitions H2 2025/26 242.3 - 15.1 0.0 227.2 4.9 7.9 0.0 240.0 H2 2024/25 + 5.6 % organic growth + 2.1 % organic growth
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Net Sales bridge H2 2025/26 28 Net sales, in CHF m 1 September 2026 8.3 - 4.8% Currency translation - 0.8% Divested / discontinued Currency / divestment adjusted Volume Price Acquisitions H2 2025/26 1,448.8 - 70.1 - 11.5 1,367.2 H2 2024/25 Annex +1.4% +2.6% 18.2 36.0 1,429.7 + 4.0 % organic growth +0.6%
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Adj. EBITDA bridge H2 2025/26 29 In CHF m 1) Price over cost is defined as the sum of price increases, cost inflation & efficiency gains 1 September 2026 15.8% 16.6% % Adj. EBITDA margin 0.3 2.3 19.3 H2 2024/25 Currency translation Divested / discontinued Currency / divestment adjusted Volume Price over cost 1) Acquisitions H2 2025/26 228.9 - 12.6 216.6 - 1.1 237.1 Annex
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IFRS restatement - preliminary FY2025/26 impact 30 1 September 2026 Annex In CHF m Swiss GAAP FER IFRS impact IFRS Net Sales 2,792.4 34.5 2,826.9 Operating Profit 286.5 - 2.6 283.9 Operating Profit margin 10.3% - 30bps 10.0% Net Profit 185.2 8.7 193.9 Operating cash flow 289.7 34.5 324.2 Operating cash flow margin 10.4% 110bps 11.5% Average Capital Employed 1’188.0 26.2 1,214.2 FY 2025/26 IFRS includes non - audited restatement effects relating to IFRS implementation incl. the early adoption of IFRS 18
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31 1 September 2026 Disclaimer This communication contains certain forward - looking statements including, but not limited to, those using the words “believes”, “assumes”, “expects” or formulations of a similar kind. Such forward - looking statements reflect the current judgement of the company, involve risks and uncertainties and are made on the basis of assumptions and expectations that the company believes to be reasonable at this time but may prove to be er roneous. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks, uncer tai nties and other factors outside of the company's and the Group's control which could lead to substantial differences between the actual futur e r esults, the financial situation, the development or performance of the company or the Group and those either expressed or implied by such statement s. Except as required by applicable law or regulation, the company accepts no obligation to continue to report, update or otherwise review such for war d - looking statements or adjust them to new information, or future events or developments. For definition of alternative performance measures, please refer to the chapter “Notes to the consolidated financial statemen ts” of the Full Year Report 2025/26 of dormakaba . This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction. dormakaba ®, dorma+kaba ®, Kaba®, Dorma®, Ilco ®, LEGIC®, Silca ®, BEST® etc. are registered trademarks of the dormakaba Group. Due to country - specific constraints or marketing considerations, some of the dormakaba Group products and systems may not be available in every market.