This Research Note examines dormakaba, one of the three largest companies in the global access solutions market. Based on its FY2025/26 results (year ending June 30, 2026), we review the financial highlights and look closely at North America, its largest market. We then assess whether it can reach its goal of more than CHF 1 billion in North American revenue by FY2027/28. In March 2026, we examined dormakaba’s M&A activity over the previous 14 months and its commitment to executing its growth strategy at a bolder pace. This note brings our analysis up to date. It includes the planned acquisition of UK hotel software firm Alliants, announced on September 15, 2026. dormakaba FY2025/2026 Financial Highlights Net sales of CHF 2,792.4 million, up 3.0% organically (excluding currency effects and acquisitions) Record adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margin of 16.1%, up 60 basis points (bps) Adjusted operating cash flow margin of 12.5%, up […]