This Research Note examines one of the top three companies in the global access solutions market, dormakaba. Based on their FY2024/2025 financial results, year ending 30 June 2025, and investor presentation, we summarize their financial highlights and explore their North American growth strategy and business model change for access control products. Previously, we covered their Capital Markets Day presentation in December 2024. dormakaba is listed on the SIX Swiss Exchange and is headquartered in Rümlang, near Zurich, Switzerland. Around 15,000 employees worldwide support a growing customer base in more than 130 countries. dormakaba FY 2024/2025 Financial Highlights Organic net sales growth of 4.1%, supported by strong volume growth; adjusted EBITDA margin increased by 80 bps to 15.5%; net profit of CHF 188.0 million Strong balance sheet; leverage improved to 0.8x; free cash flow at CHF 176.9 million Mid-term targets 2025/26 on track, ROCE target reached one year ahead of plan Strong strategy execution; transformation program […]