Dormakaba agrees stake purchase from top shareholder to simplify ownership (updated)

Dormakaba Holding AG

01/09/2026 06:33

Adds shares and CEO comments in paragraphs 1, 4-5, details on outlook and change to the IFRS in paragraphs 8-9.
CEO Till Reuter says cleaner structure should improve investor appeal
Mankel family to grow its 10.8% holding in main Dormakaba listing in exchange for operating business stake
FY 2026/27 organic sales seen rising around 3%; operating proft margin above 11%
By Anastasiia Kozlova
Sept 1 (Reuters) - Swiss security group Dormakaba DOKA.S said on Tuesday it would simplify its ownership structure by buying out a stake from its top shareholder, boosting its shares, after reporting full-year results in line with market expectations.
The rival to Allegion ALLE.N and Assa Abloy ASSAb.ST has agreed to acquire the Mankel family's 47.5% stake in its operating business for 2.13 billion Swiss francs ($2.63 billion), to be covered with an issuance of about 36.2 million shares in the listed entity and a cash payment of 29.9 million francs.
The Mankel family, the former owners of Dorma before its 2015 merger with Kaba, already owns 10.8% in the SIX-listed Dormakaba Holding AG, on top of the stake in the operating business which is held through an intermediate holding company in Germany.
"We believe the simplified and more transparent shareholder structure will make the company more attractive to investors," CEO Till Reuter said in an interview with Reuters.
Reuter said the transaction would also create around 2 billion francs in capital contribution reserves, allowing the company to distribute tax-free dividends to Swiss shareholders. Its shares rose 3% by 0916 GMT.
Dormakaba expects to complete the deal, subject to shareholder and regulatory approvals, on or around January 7, 2027.
Its adjusted earnings before interest, taxes, depreciation and amortisation were 449 million francs in its 2025/26 financial year, which met analysts' average estimate provided by the company. The corresponding margin stood at 16.1%.
For the newly started financial year, Dormakaba expects organic sales growth of around 3% and a reported operating profit margin of more than 11%.
It will also adopt International Financial Reporting Standards, or IFRS, from fiscal 2026/27, with prior-year figures restated for comparability.
     
($1 = 0.8095 Swiss francs)

(Reporting by Anastasiia Kozlova in Gdansk, editing by Milla Nissi-Prussak)
((Anastasiia.Kozlova@thomsonreuters.com;))