Dormakaba seen down on FX challenges and soft U.S. demand

Dormakaba Holding AG

24/02/2026 07:45

** Shares in Swiss access solutions company Dormakaba  DOKA.S are seen down 3.1% in pre-market trade after half-year results slightly missed market expectations

** Top-line momentum was slowed by FX headwinds of -5%, Vontobel notes

** Soft trends in the last quarter of the 2025 calendar year, with U.S. public-sector delays and a slower Asia run-rate, weighed on results, Vontobel says

** The broker adds that a strong showing in access solutions division in Europe helped to offset a lack of demand in U.S. hospitality

** Credibility is on its way back, Vontobel says, as there was visible adjusted EBITDA margin progress and benefits from the company's restructuring programme flowing through to results

** Analysts at Zuercher Kantonalbank expect the results to have a slightly negative impact on share performance at open

(Reporting by Bernadette Hogg)

((bernadette.hogg@thomsonreuters.com))