Published by Global Banking & Finance Review®
Posted on February 24, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleSwiss access solutions group Dormakaba posted a 20% half-year profit drop to CHF 77.4m, missing forecasts as FX pressures hit volumes. Margin improved to 15.6%, and the firm kept its 2025/26 outlook, citing stronger H2 growth.
By Mirko Miorelli and Bernadette Hogg
Feb 24 (Reuters) - Swiss access solutions provider Dormakaba reported a 20% fall in its half-year profit on Tuesday, missing market expectations, hit by soft demand in the North American hospitality market and unfavourable currency exchange rates.
Shares fell more than 6% in early trading, hitting their lowest price since September 2024.
The security group, based in Rümlang near Zurich, said its net profit was 77.4 million Swiss francs ($99.7 million) in the six months through December. Analysts polled by it were expecting 85.7 million francs on average.
It said good sales growth in access solutions in Europe, and particularly in Germany and Switzerland, compensated for softer demand in the North American hospitality space and a softer residential market in Australia.
Dormakaba, whose entrance systems can be found in venues such as offices, commercial buildings, airports and sports stadiums, stood by its plans for U.S. expansion. CEO Till Reuter said the company was shifting resources from Europe to the U.S. to enhance product development and R&D investments there.
It said in September it aimed to increase revenue from its key access solutions business in North America to more than 1 billion Swiss francs by the 2027/28 financial year.
Reuter, who became CEO in January 2024, reiterated that Dormakaba's local-for-local manufacturing was its best hedge against tariff volatility. It continues to pass on costs from U.S. President Donald Trump's import duties to the end customers, finance chief René Peter added.
The group confirmed its outlook for the 2025/26 financial year, including organic sales growth of between 3% and 5% and an adjusted EBITDA margin exceeding 16%. However, the CEO told Reuters that sales growth was expected to be at the lower end of that range.
Exchange rate effects, related to the strength of the Swiss franc versus other major currencies, are expected to pull net sales around 4% lower in the second half of the year, Peter said.
($1 = 0.7763 Swiss francs)
(Reporting by Mirko Miorelli and Bernadette Hogg in Gdansk, editing by Milla Nissi-Prussak)
Dormakaba reported a 20% decline in half-year net profit to CHF 77.4 million, missing market expectations. Despite FX headwinds, the company maintained its FY 2025/26 outlook.
Net profit was CHF 77.4 million for the six months through December. The adjusted EBITDA margin rose to 15.6% from 15.2% a year earlier, narrowly below the 15.7% consensus.
Europe, particularly Germany and Switzerland, delivered good growth, while North American hospitality and Australia’s residential sectors were softer. Management reaffirmed the 2025/26 outlook, expecting stronger H2 volumes.
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