dormakaba Holding AG: Takeaways from the dbAccess European Champions conference

Research evidence excerpt

dormakaba Holding AG: Takeaways from the dbAccess European Champions conference

28 May 2026

dormakaba Holding AG

Figure 1: Forecasts and ratios

Source: Company data, Deutsche Bank Research

Feedback from meetings with CEO

We hosted a series of investor meetings with CEO Till Reuter and Swetlana Iodko,

Head Investor Relations, at the dbAccess European Champions Conference in

Frankfurt. In this note, we have detailed the key conclusions from the discussions:

▪ Guidance remains intact despite softer H1: Management reiterated

confidence that FY25/26 guidance is achievable, namely 3–5% yoy

organic revenue growth and an adjusted EBITDA margin of >16%, even

though H1 25/26 came in slightly softer at 2% yoy organic growth and a

15.6% adjusted EBITDA margin. Importantly, CEO Reuter indicated that

operational performance is improving, supporting confidence in a

stronger trajectory into H2.

▪ M&A remains central to the strategic agenda: CEO Reuter again

emphasised that acquisitions will be a decisive lever for both

dormakaba’s near- and medium-term strategy. For now, the focus

remains firmly on the US, where management is looking to close product

gaps and further expand into attractive verticals such as airports,

hospitals and data centres.

▪ Scale not seen as a prerequisite for higher US margins: Asked whether

dormakaba needs to match the scale of major peers in the US to achieve

highly attractive EBITDA margins of >20%, CEO Reuter argued this is not

necessary. In his view, success will depend more on targeting the right

growth pockets and maintaining discipline, rather than pursuing scale for

its own sake.

▪ Competitive backdrop in the US remains manageable: CEO Reuter also

noted that the US market is sufficiently large to accommodate three