RTX — Interim / Quarterly Report 2022

May 3, 2022

Interim report for Q2 and H1 2021/22 (the period 01.10.2021 - 31.03.2022)

Announcement

to Nasdaq Copenhagen A/S and the media Nørresundby, 3 May 2022 Announcement no. 12/2022 No. of pages: 17

Continued Demand Growth; Supply Challenges Persist

"The strong improvement in demand continued in second quarter of 2021/22 and led to revenue increasing by more than 50% compared to last year. I see the growth opportunities for RTX from our large framework agreements and our product platforms as significant and the continued demand improvement after the pandemic underlines this belief. The global component scarcity in the electronics industry and other supply chain disruptions such as temporary lockdowns have had a negative effect on the second quarter for RTX – without such challenges our strong order book would have led to a significantly higher revenue. We maintain our outlook for the year based on a record strong order book but with uncertainty from the supply chain challenges."

Peter Røpke, CEO

Highlights Q2 2021/22

• Net revenue increased by 51.7% to DKK 134.3 million in Q2 2021/22 (Q2 2020/21: DKK 88.5 million). The strong growth is driven by continued demand improvement in the quarter. Growth continued to be adversely impacted by supply challenges primarily related to global component scarcity in the electronics industry and secondarily to supply chain disruptions in production and logistics due to temporary lockdowns, especially in China. These supply challenges postponed deliveries and revenue of approx. DKK 90 million into future periods. As revenue of approx. DKK 55 million had been postponed from Q1 into Q2, the net effect on revenue from these supply challenges in Q2 has been a negative effect of approx. DKK 35 million.
• Enterprise segment: Revenue increased by 43.4% to DKK 84.0 million. The increase is seen broadly in the segment and the demand is generally high across products and customers. Revenue was adversely impacted by the component scarcity.
• ProAudio segment: Revenue increased by 63.3% to DKK 35.2 million. The effects of COVID-19 on demand have been limited in the quarter. Recurring revenue from product sales and royalty increased over last year due to continued increase in demand for RTX's product platforms in the ProAudio segment in accordance with the strategy for the segment. Revenue from engineering services decreased compared to last year in line with the strategy to focus on creating recurring revenue.

Q2 2021/22

Revenue

• Healthcare segment: Revenue increased by 79.8% to DKK 15.1 million with growth broadly in the segment.

FX corrected revenue growth was 42.0% as revenue compared to last year was positively impacted by the stronger US dollar.

• Gross profit increased by 34.5% to DKK 67.0 million in Q2 2021/22 (Q2 2020/21: DKK 49.8 million) driven by the revenue growth. The gross margin decreased to 49.9% (Q2 2020/21: 56.3%) negatively impacted compared to last year by the revenue mix with a lower share of revenue from engineering services and by increased component costs compared to last year due to the component scarcity and high prices on component spot buys. Increases in sales prices have partly counterbalanced the component price increases.
• Operating performance improved over last year driven by the increase in revenue with EBITDA of DKK 11.7 million in Q2 2021/22 (Q2 2020/21: DKK -4.0 million) and EBIT of DKK 1.7 million in Q2 2021/22 (Q2 2020/21: DKK -11.3 million).

• Cash flows from operations (CFFO) in Q2 2021/22 amounted to DKK 6.6 million compared to DKK -20.8 million in Q2 2020/21. Compared to last year, CFFO was positively impacted by the increased earnings and by the working capital development.

Summary H1 2021/22

• Net revenue increased by 74.0% to DKK 260.7 million in H1 2021/22 (H1 2020/21: DKK 149.8 million) with the strong growth driven by the improvement in demand. The growth could have been even stronger had it not been for the global component scarcity in the electronics industry and other supply chain impediments. In H1 2021/22, Enterprise segment revenue increased by 84.8% to DKK 173.8 million, ProAudio segment revenue increased by 49.6% to DKK 60.8 million and Healthcare segment revenue increased by 72.6% to DKK 26.1 million. FX corrected revenue growth of RTX in H1 was 64.1% as revenue compared to last year was positively impacted by the stronger US dollar.
• Gross profit in H1 2021/22 increased by 58.6% to DKK 127.4 million (H1 2020/21: DKK 80.3 million) due to the revenue growth – corresponding

H1 2021/22 Revenue 261 DKKm EBITDA

17 DKKm

EBIT -3 DKKm to a gross margin of 48.9% (H1 2020/21: 53.6%) impacted, compared to last year, by a lower share of revenue from engineering services and by increases in component costs partly counterbalanced by sales price increases. The significantly higher revenue increased earnings in H1 2021/22 with EBITDA of DKK 16.7 million (H1 2020/21: DKK -22.7 million) and EBIT of DKK -3.1 million (2020/21: DKK -36.6 million).

• Cash flow from operations (CFFO) amounted to DKK 20.9 million in H1 2021/22 (H1 2020/21: DKK 9.9 million).

Outlook for 2021/22

• RTX maintains the outlook for the financial year 2021/22 with revenue above DKK 520 million, EBITDA above DKK 50 million and EBIT above DKK 10 million. As stated in the annual report for 2020/21 when announcing the outlook, uncertainty for the financial year remains higher than normal especially due to the component situation.

• The order book for 2021/22 is very strong at a record level with high demand and a significant order backlog. The order book for 2021/22 has improved further in Q2. This provides a strong revenue visibility for the year. However, the global component shortage – especially related to semiconductors and other electronic components – and the supply chain disruptions from temporary lockdowns in Asia and the global logistic challenges continue to create uncertainty for the financial year and therefore for the outlook for 2021/22. The component shortage situation and other supply chain impediments appear to continue throughout 2022 and the situation has not improved in Q2.
• The increasing component costs, including the increasing costs for securing components in the spot buy market and through other channels, creates added uncertainty for the year related to the outlook regarding earnings (EBITDA and EBIT).
• For the list of assumptions behind the outlook, refer to the annual report for 2020/21 (pages 22-23).

Share Capital Reduction Completed

As decided by the General Meeting in 2022, RTX's share capital has been reduced by nominal DKK 875,000 via cancellation of 175,000 treasury shares acquired through share buy-back programs. The share capital reduction was finally completed and registered on 7 April 2022 (cf. company announcement 10/2022).

RTX A/S

Peter Thostrup Peter Røpke Chair CEO

Enquiries and further information:

CEO, Peter Røpke, tel +45 96 32 23 00

CFO, Morten Axel Petersen, tel +45 96 32 23 00

Investor and analyst conference call

On Tuesday, 3 May 2022 at 15.00 (3.00 pm) CET, RTX will hold a conference call for investors and analysts hosted by Danske Bank.

In this conference call, the Company's management will comment on the interim report for the second quarter and first half of the financial year 2021/22.

To register for the conference call, please e-mail vonh@danskebank.dk.

Group Financial Highlights and Key Ratios

(non-audited)

	Q2	Q2	H1	H1	FY
Amounts in DKK million	2021/22	2020/21	2021/22	2020/21	2020/21
Income statement items
Revenue	134.3	88.5	260.7	149.8	457.2
Gross profit	67.0	49.8	127.4	80.3	239.1
EBITDA	11.7	-4.0	16.7	-22.7	37.3
EBITDA %	8.7%	-4.5%	6.4%	-15.2%	8.2%
Operating profit/loss (EBIT)	1.7	-11.3	-3.1	-36.6	6.1
Net financials	-4.4	-3.0	-3.7	-5.0	-6.6
Profit/loss before tax	-2.7	-14.3	-6.8	-41.6	-0.6
Profit/loss for the period	-2.3	-11.3	-5.6	-32.8	3.6
Balance sheet items
Cash and current asset investments	118.3	123.3	118.3	123.3	120.4
Total assets	471.7	415.6	471.7	415.6	485.3
Equity	286.8	268.5	286.8	268.5	288.5
Liabilities	185.0	147.1	185.0	147.1	196.8
Other key figures
Development cost financed by RTX
before capitalization	6.8	10.9	14.8	24.2	42.3
Capitalized development costs	5.1	7.5	7.6	15.7	24.9
Depreciation, amortization and impairment	10.0	7.3	19.8	13.9	31.3
Cash flow from operations	6.6	-20.8	20.9	9.9	44.5
Cash flow from investments	-10.6	23.3	-15.5	14.2	9.7
Investments in property, plant and equipment	4.4	7.8	6.6	9.4	18.6
Increase/decrease in cash and cash equivalents	-5.5	-43.5	2.6	-30.3	-22.4

	Q2	Q2	H1	H1	FY
Amounts in DKK million	2021/22	2020/21	2021/22	2020/21	2020/21
Key ratios (percentage)
Growth in net turnover	51.7%	-21.5%	74.0%	-37.8%	-17.8%
Profit margin	1.2%	-12.7%	-1.2%	-24.4%	1.3%
Return on invested capital(1)	29.6%	21.5%	29.6%	21.5%	10.7%
Return on equity(1)	11.1%	6.1%	11.1%	6.1%	1.1%
Equity ratio	60.8%	64.6%	60.8%	64.6%	59.5%
Employment
Average number of full-time employees	281	285	279	289	286
Average number of FTE employed directly	248	258	246	261	257
Revenue per employee (DKK '000)(2)	478	311	934	518	1,598
Operating profit per employee (DKK '000)(2)	6	-40	-11	-127	21
Shares
Average number of shares in circulation ('000)	8,170	8,284	8,155	8,309	8,243
Average number of diluted shares ('000)	8,211	8,418	8,182	8,458	8,302
Share data (DKK per share at DKK 5)
Profit/loss for the period (EPS), per share(2)	-0.3	-1.4	-0.7	-3.9	0.4
Profit/loss for the period, diluted (DEPS), per share(2)	-0.3	-1.3	-0.7	-3.9	0.4
Dividends, per share (DKK)	-	-	-	-	0.0
Equity value, per share	35.0	32.6	35.0	32.6	34.4
Listed price, per share	173.4	193.0	173.4	193.0	165.0

Note: The Group's financial year runs from 1 October to 30 September. Definitions of the key ratios used are stated in the annual report for 2020/21 in the accounting policies.

(1) Calculated over a 12 months' period. (2) Not annualized.

Management report Q2 2021/22

The continued demand improvement led to growth of more than 50% in Q2 compared to last year. The global component scarcity continues to impact revenue and gross margin.

Continued Revenue Growth

The revenue of RTX Group increased by 51.7% to DKK 134.3 million in Q2 2021/22 (Q2 2020/21: DKK 88.5 million). Corrected for exchange rate effects the increase equals 42.0% compared to last year as the USD has strengthened compared to last year. Improved customer demand in all segments contributed to the growth. The impact of COVID-19 on demand which was seen in Q2 of last year (2020/21) is no longer

	Q2	Change	H1	Change
DKK million	21/22	(%, YoY)	21/22	(%, YoY)
Enterprise revenue	84.0	43.4%	173.8	84.8%
ProAudio revenue	35.2	63.3%	60.8	49.6%
Healthcare revenue	15.1	79.8%	26.1	72.6%
Total revenue	134.3	51.7%	260.7	74.0%

significant. In H1 2021/22, revenue amounted to DKK 260.7 million – an increase of 74.0% (H1 2020/21: DKK 149.8 million) due to the significant improvements in demand in all segments. Corrected for exchange rate effect the growth in H1 was 64.1%.

Growth continued to be adversely impacted by component scarcity in the global electronics industry and other constraints in the global supply chains and flow of goods such as global shipping impediments, temporary lockdowns in Asia and travel restrictions complicating trouble shooting in relation to ramp-up of new production lines. The supply constraints postpone deliveries and thus revenue into future periods and had a negative impact on the growth in Q2 and H1 of 2021/22 as the effect of these constraints did not improve in these periods. The total effect of these supply chain constraints has been to postpone revenue of approx. DKK 90 million from Q2 to Q3. As similar supply challenges had

Revenue Q2 2021/22 Enterprise 84 DKKm

ProAudio 35 DKKm

Healthcare 15 DKKm postponed revenue of approx. DKK 55 million from Q1 into Q2, the net effect on Q2 2021/22 revenue from supply challenges was a negative impact of approx. DKK 35 million (and of approx. DKK 45 million on H1). Such postponements of revenue also contribute to the order book for future periods being very high.

Enterprise segment revenue increased by 43.4% to DKK 84.0 million in Q2 2021/22 (Q2: 2020/21: DKK 58.6 million). Corrected for exchange rate effects the growth was 34.4%. COVID-19 impacted Q2 of last year with lower demand, whereas demand in Q2 of this year was not impacted by COVID-19. The growth is seen broadly across customers in the segment. The global component scarcity and other supply chain constraints had a significant adverse impact on the Enterprise revenue in the quarter and postponed deliveries and revenue to future periods. Revenue in H1 2021/22 increased by 84.8% to DKK 173.8 million (H1 2020/21: DKK 94.1 million).

The work on tailoring the wireless headset platform developed by RTX to potential customers and on commercial agreements continue. In Q2, RTX also continued the development of own financed product ranges – such as cloud-based deployment and administration tools for our Enterprise suite of products ("RTX Cloud Services") and new versions of handsets and base stations.

ProAudio segment revenue reached DKK 35.2 million in Q2 2021/22 corresponding to a growth of 63.3% (Q2 2020/21: DKK 21.6 million). Corrected for exchange rate effects the growth was 52.2%. The growth is especially driven by RTX's product platforms and associated modules for the ProAudio segment and by the pick-up in business dependent on live performances. Recurring revenue from product sales and royalty increased over last year, while revenue from engineering services decreased compared to last year. These developments are in line with the strategy to focus on creating recurring revenue. Revenue in H1 2021/22 increased by 49.6% to DKK 60.8 million (H1 2020/21: DKK 40.6 million).

In Q2, the customer in the first major ODM framework agreement in the ProAudio segment (announced at the end of 2018/19) launched its marketing activities for the product suite. The agreement therefore now moves into the ramp phase where product deliveries are expected to start to increase gradually.

In the Healthcare segment revenues increased by 79.8% to DKK 15.1 million in Q2 2021/22 (Q2 2020/21: DKK 8.4 million). Corrected for exchange rate effects the increase was 68.4%. The growth, which stems from higher volumes of both the full ODM products and of the modules and accessories supplied by RTX, is partly due to the volume distribution over the year which is expected to be more evenly within the segment compared to last year which was significantly backloaded. Revenue in H1 2021/22 therefore increased by 72.6% to DKK 26.1 million (H1 2020/21: DKK 15.1 million).

67 DKKm

Gross profit

Gross profit increased by 34.5% to DKK 67.0 million in Q2 2021/22. The gross margin decreased by 6.4 percentage points (pp) to 49.9% due to the revenue mix and higher component costs.

Costs and Earnings

Due to the continued revenue growth, the gross profit increased by 34.5% to DKK 67.0 million in Q2 2021/22 (Q2 2020/21: DKK 49.8 million). The gross margin decreased to DKK 49.9% (Q2 2020/21: 56.3%) driven by the revenue mix with a lower share of revenue from engineering services in line with strategy and by component price increases and further increase in spot buys of components. Sales price increases partly counteracts the component price increases but the additional need for and cost of spot buys impacts the gross margin. For H1 2021/22, gross profit amounted to DKK 127.4 million, an increase of 58.6% over last year (H1 2020/21: DKK 80.3 million), while gross margin reached 48.9% (H1 2020/21: 53.6%).

DKK million	Q2 21/22	Change (%, YoY)	H1 21/22	Change (%, YoY)
Gross profit	67.0	34.5%	127.4	58.6%
Gross margin	49.9%	-6.4 pp	48.9%	-4.7 pp

RTX realized capacity costs, consisting of staff costs and other external expenses, of DKK 60.4 million (before capitalization of development costs) in Q2 2021/22 compared to DKK 61.4 million in Q2 last year. RTX has continued the cautious management of costs in light of the higher recent volatility stemming from component scarcity and supply constraints while also maintaining a reasonable capacity level so as to not jeopardize the realization of the significant medium term growth potential from the large framework agreements. The average total headcount was 281 FTEs in Q2 2021/22 compared to an average of 285 FTEs in Q2 of last year. In H1 2021/22, capacity costs amounted to DKK 118.2 million (H1 2020/21: DKK 118.7 million).

DKK million	Q2 21/22	Change (%, YoY)	H1 21/22	Change (%, YoY)
Capacity costs(1) Value of own work	-60.4	-1.5%	-118.2	-0.4%
capitalized	5.1	-32.4%	7.6	-51.6%
Depreciation etc.(2)	-10.0	37.2%	-19.8	42.7%

(1) Staff costs and other external expenses

(2)Depreciation, amortization and impairment

In the quarter, RTX has continued to fund development activities of e.g. cloud-based product deployment and administration tools, new handsets/base stations, new features for RTX's ProAudio platforms and as well product development for the future development of the healthcare segment. Therefore, the Group capitalized development costs of DKK 5.1 million in Q2 2021/22 (Q2 2020/21: DKK 7.5 million).

Operating performance before depreciations and amortizations (EBITDA) improved by DKK 15.7 million to DKK 11.7 million in Q2 2021/22 (Q2 2020/21: DKK -4.0 million). The strong revenue growth and the stable capacity cost level drives the EBITDA improvement, while the lower gross margin has a negative impact compared to last year. The EBITDA margin in Q2 2021/22 therefore reached 8.7% compared to -4.5%

in Q2 last year. For the first half of 2021/22, EBITDA improved significantly by DKK 39.4 million to DKK 16.7 million (H1 2020/21: DKK -22.7 million) primarily impacted by the strong revenue growth and the lower gross margin.

DKK million	Q2 21/22	Change (YoY)	H1 21/22	Change (YoY)
EBITDA	11.7	15.7	16.7	39.4
EBIT	1.7	13.0	-3.1	33.5
Profit/loss before tax	-2.7	11.6	-6.8	34.8
EPS (DKK per share)	-0.3	1.1	-0.7	3.3

Depreciations and amortizations increased to DKK 10.0 million in Q2 2021/22 (Q2 2020/21: DKK 7.3 million) with the expected increase over last year caused by amortization of further own financed development projects as a reflection of RTX's strategy to create recurring revenues by creating product platforms which can be tailored on an ODM basis to individual customers. For H1 2021/22, depreciations and amortizations increased to DKK 19.8 million (H1 2020/21: DKK 13.9 million).

Operating profit (EBIT) improved compared to last year and amounted to DKK 1.7 million (Q2 2020/21: DKK -11.3 million) impacted by the stronger EBITDA and by the increased depreciations and amortizations. For the first half of 2021/22, EBIT improved significantly by DKK 33.5 million to DKK -3.1 million compared to DKK -36.6 million in H1 of last year.

Net financial items amounted to DKK -4.4 million in Q2 2021/22 (Q2 2020/21: DKK -3.0 million). Financial items are positively impacted primarily by exchange rate adjustments of balance sheet items due to the strengthening US dollar partly counterbalanced by the value developments of the Group's USD hedging arrangements. The main negative impact on financial items is the fair value adjustment of investments in the trading portfolio due to the significantly increasing interest rates on bonds during the quarter (leading to lower bond prices).

Profit before tax amounted to DKK -2.7 million in Q2 corresponding to an improvement compared to DKK -14.3 million in Q2 of last year. In H1 2021/22, profit before tax amounted to DKK -6.8 million – significantly improved from DKK -41.6 million in H1 2020/21.

Equity, Assets and Cash Flow

The equity ratio of RTX continues to be solid at 60.8% at the end of Q2 2021/22 compared to 64.6% at the end of Q2 last year and 60.5% at the end of the previous quarter (Q1 2021/22). The total assets amounted to DKK 471.7 million at the end of Q2 compared to DKK 415.6 million at the end of Q2 last year but at the same level as the previous quarter (Q1 2021/22). Inventories are higher than last year due to more goods in transit towards customers and significantly higher component buffer stock as RTX strive to secure as many important components as possible in tight component markets when the possibility arises. Receivables are higher than last year due to the higher revenue in Q2 this year compared to last year.

Strong balance sheet RTX continues to have a strong balance sheet with a high equity ratio (60.8%) and a solid net liquidity position of DKK 118 million.

The Group realized cash flow from operations (CFFO) of DKK 6.6 million in Q2 compared to DKK -20.8 million in Q2 last year. Compared to last year, CFFO was positively impacted by the improved earnings and by a smaller increase in working capital. In H1 2021/22, CFFO amounted to DKK 20.9 million (H1 2020/21: DKK 9.9 million).

DKK million	Q2 21/22	Change (YoY)	H1 21/22	Change (YoY)
CFFO(1)	6.6	27.4	20.9	11.0
Net liquidity position(2) 118.3		-5.0	118.3	-5.0

(1) Cash flow from operations

(2) Cash and current asset investments in trading portfolio

The total cash funds and current securities less bank

debt of RTX amounted to DKK 118.3 million at the end of Q2 compared to DKK 123.3 million at the end of Q2 last year. The level is positively impacted by the cash generated by operations over the past 12 months. It is negatively impacted by investments made into product development and into various tangible assets (primarily various test equipment plus costs for renovation of additional leased area at RTX headquarters) over the past 12 months. It is further negatively impacted by distributions to shareholders via share buy-backs of DKK 19.2 million over the past 12 months.

The balance sheet of RTX thus continues to be strong with a high equity ratio and a significant net cash position.

Outlook for 2021/22

RTX maintains the outlook for the financial year 2021/22 with revenue above DKK 520 million, EBITDA above DKK 50 million and EBIT above DKK 10 million. As stated in the annual report for 2020/21 when announcing the outlook, uncertainty for the financial year remains higher than normal especially due to the component situation.

The order book for 2021/22 is very strong at a record level with high demand and a significant order backlog. The order book for 2021/22 has improved further in Q2. This provides a strong revenue visibility for the year. However, the global component shortage – especially related to semiconductors and other electronic components – and the supply chain disruptions from temporary lockdowns in Asia and the global logistic challenges continue to create uncertainty for the financial year and therefore for the outlook for 2021/22. The component shortage situation and other supply chain impediments appear to continue throughout 2022 and the situation has not improved in Q2.

The increasing component costs, including the increasing costs for securing components in the spot buy market and through other channels, creates added uncertainty for the year related to the outlook regarding earnings (EBITDA and EBIT).

RTX has not had and does not expect any direct impact from the deplorable Russian invasion of Ukraine. Russia and Belarus have in no way been important markets for RTX accounting for less than 0.1% of revenue over

the latest years. All business in Russia and Belarus has been discontinued. Some indirect and yet unknown consequences from the invasion on the supply markets may arise in the future and RTX monitors any such developments.

For the list of assumptions behind the outlook, refer to the annual report for 2020/21 (pages 22-23).

Share Capital Reduction Completed

As adopted at the Annual General Meeting on 27 January 2022 and as subsequently confirmed and finally adopted by the Extraordinary General Meeting held on 4 March 2022, RTX's share capital has been reduced by nominal DKK 875,000 via cancellation of 175,000 treasury shares acquired through share buyback programs. The share capital reduction was finally completed and registered on 7 April 2022 (cf. company announcement 10/2022).

Financial calendar

Expected publication of financial information for the financial year 2021/22:

30 August 2022 Interim report Q3 2021/22

29 November 2022

Annual report for 2021/22

Risks and uncertainties for the 2021/22 financial year Forward-looking statements

The above statements on the Group's future conditions, including in particular, future revenue and operating profit (EBITDA and EBIT), reflect Management's current outlook and carry some uncertainty. These statements can be affected by a number of risks and uncertainties, which mean that actual developments and results can be materially different from the expectations expressed directly or indirectly in this interim report. These risks and uncertainties include, but are not limited to, general economic conditions and developments including the impact of the COVID-19 pandemic, changes in demand for RTX's products and services, competition, technological changes, fluctuations in currencies, component availability and fluctuations in sub-contractor supplies as well as legislative and/or regulatory changes.

Income Statement

(non-audited)

Q2 Q2 H1 H1 FY Amounts in DKK '000 Note 2021/22 2020/21 2021/22 2020/21 2020/21 Revenue 3 134,276 88,525 260,685 149,815 457,157 Value of own work capitalized 4 5,091 7,536 7,579 15,668 24,899 Cost of sales -67,230 -38,688 -133,329 -69,527 -218,068 Other external expenses -15,306 -13,133 -31,740 -27,585 -55,336 Staff costs -45,133 -48,223 -86,503 -91,104 -171,341 Operating profit/loss before depreciation and amortization (EBITDA) 11,698 -3,983 16,692 -22,733 37,311 Depreciation, amortization and impairment 4 -10,022 -7,303 -19,769 -13,853 -31,251 Operating profit/loss (EBIT) 1,676 -11,286 -3,077 -36,586 6,060 Financial income 5 1,290 1,329 2,994 1,571 1,617 Financial expenses 5 -5,661 -4,373 -6,715 -6,611 -8,251 Profit/loss before tax -2,695 -14,330 -6,798 -41,626 -574 Tax on profit/loss 352 3,007 1,217 8,860 4,222 Profit/loss for the period -2,343 -11,323 -5,581 -32,766 3,648 Earnings per share (EPS) Earnings per share (DKK) -0.3 -1,4 -0.7 -3,9 0.4 Earnings per share, diluted (DKK) -0.3 -1,3 -0.7 -3,9 0.4

Statement of Comprehensive Income

(non-audited)

Amounts in DKK '000	Note	Q2 2021/22	Q2 2020/21	H1 2021/22	H1 2020/21	FY 2020/21
Profit/loss for the period		-2,343	-11,323	-5,581	-32,766	3,648
Items that can be reclassified subsequently to the income statement
Exchange rate adjustments of foreign subsidiaries		627	1,377	1,348	-219	179
Fair value adjustment relating to hedging instruments		-297	-510	-712	-130	-59
Tax on hedging instruments		66	113	157	29	13
Fair value of hedging instruments reclassified to the income statement		388	-151	641	-97	62
Tax on hedging instruments reclassified		-86	33	-141	21	-14
Other comprehensive income, net of tax		698	862	1,293	-396	181
Comprehensive income for the period		-1,645	-10,461	-4,288	-33,162	3,829

Balance Sheet

(non-audited)

Amounts in DKK '000	31.03.22	31.03.21	30.09.21
Assets
Own completed development projects	49,541	17,738	49,551
Own development projects in progress	7,683	48,169	12,643
Goodwill	7,797	7,797	7,797
Intangible assets	65,021	73,704	69,991
Right-of-use assets (lease assets)	54,320	55,831	57,461
Plant and machinery	15,116	10,065	12,305
Other fixtures, tools and equipment	4,345	4,852	4,157
Leasehold improvements	11,929	7,488	11,840
Tangible assets	85,710	78,236	85,763
Deposits	7,083	6,617	6,836
Deferred tax assets	1,573	1,147	1,452
Other non-current assets	8,656	7,764	8,288
Total non-current assets	159,387	159,704	164,042
Inventories	56,555	26,478	32,371
Trade receivables	119,224	71,910	148,893
Contract development projects in progress	4,006	24,005	10,163
Income taxes	181	1,193	562
Other receivables	3,771	4,188	4,912
Prepaid expenses	10,282	4,800	3,954
Receivables	137,464	106,096	168,484
Current asset investments in the trading portfolio	97,192	114,293	100,952
Current asset investments	97,192	114,293	100,952
Cash at bank and in hand	21,124	8,997	19,461
Total current assets	312,335	255,864	321,268
Total assets	471,722	415,568	485,310

Amounts in DKK '000	31.03.22	31.03.21	30.09.21
Equity and liabilities
Share capital	43,214	43,214	43,214
Share premium account	203,714	203,714	203,714
Currency adjustments	7,320	5,574	5,972
Cash flow hedging	-275	-434	-204
Retained earnings	32,797	16,411	35,837
Equity	286,770	268,479	288,533
Lease liabilities	52,677	54,593	55,539
Deferred tax liabilities	4,839	1,953	6,581
Provisions	1,149	1,325	1,149
Other payables	13,435	13,209	13,272
Non-current liabilities	72,100	71,080	76,541
Lease liabilities	5,974	4,808	5,857
Prepayments received from customers	4,636	2,387	1,540
Trade payables	53,469	32,597	61,562
Contract development projects in progress	4,822	1,639	1,724
Income taxes	222	-	160
Provisions	1,731	2,589	1,909
Other payables	41,998	31,989	47,484
Current liabilities	112,852	76,009	120,236
Total liabilities	184,952	147,089	196,777
Total equity and liabilities	471,722	415,568	485,310

Equity Statement

(non-audited)

			Currency	Cash
Amounts in DKK '000	Share capital	Share premium	adjust- ments	flow hedging	Retained earnings	Total
Equity at 30 September 2020	43,214	203,714	5,793	-207	99,678	352,192
Profit/loss for the period	-	-	-	-	-32,766	-32,766
Exchange rate adjustments of foreign subsidiaries	-	-	-219	-	-	-219
Fair value adjustment relating to hedging instruments	-	-	-	-130	-	-130
Tax on hedging instruments	-	-	-	-	29	29
Fair value of hedging instruments reclassified to the income statement	-	-	-	-97	-	-97
Tax on hedging instruments reclassified	-	-	-	-	21	21
Other comprehensive income, net of tax	-	-	-219	-227	50	-396
Comprehensive income for the period	-	-	-219	-227	-32,716	-33,162
Share-based remuneration	-	-	-	-	1,616	1,616
Deferred tax on equity transactions	-	-	-	-	-2,550	-2,550
Current tax on equity transactions	-	-	-	-	1,913	1,913
Paid dividend for 2019/20	-	-	-	-	-20,710	-20,710
Acquisition of treasury shares	-	-	-	-	-30,820	-30,820
Other transactions	-	-	-	-	-50,551	-50,551
Equity at 31 March 2021	43,214	203,714	5,574	-434	16,411	268,479

	Share	Share	Currency adjust-	Cash flow	Retained
Amounts in DKK '000	capital	premium	ments	hedging	earnings	Total
Equity at 30 September 2021	43,214	203,714	5,972	-204	35,837	288,533
Profit/loss for the period	-	-	-	-	-5,581	-5,581
Exchange rate adjustments of foreign subsidiaries	-	-	1,348	-	-	1,348
Fair value adjustment relating to hedging instruments	-	-	-	-712	-	-712
Tax on hedging instruments	-	-	-	-	157	157
Fair value of hedging instruments reclassified to the income statement	-	-	-	641	-	641
Tax on hedging instruments reclassified	-	-	-	-	-141	-141
Other comprehensive income, net of tax	-	-	1,348	-71	16	1,293
Comprehensive income for the period	-	-	1,348	-71	-5,565	-4,288
Share-based remuneration	-	-	-	-	2,296	2,296
Deferred tax on equity transactions Other transactions	- -	- -	- -	- -	229 2,525	229 2,525
Equity at 31 March 2022	43,214	203,714	7,320	-275	32,797	286,770

Share capital of DKK 43,214,190 consists of 8,642,838 shares at DKK 5 (DKK 43,214,190 consisting of 8,642,838 shares at 31 March 2021). The Group holds 459,924 treasury shares at 31 March 2022 (398,886 shares at 31 March 2021). There are no shares carrying special rights.

Cash Flow Statement

(non-audited)

Amounts in DKK '000	Q2 2021/22	Q2 2020/21	H1 2021/22	H1 2020/21	FY 2020/21
Operating profit/loss (EBIT)	1,676	-11,286	-3,077	-36,586	6,060
Reversal of items with no effect on cash flow
Depreciation, amortization and impairment	10,022	7,303	19,769	13,853	31,251
Other items with no effect on cash flow	4,533	1,102	5,436	2,485	2,703
Change in working capital
Change in inventories	-12,154	-6,037	-25,643	-11,303	-17,911
Change in receivables	4,467	-15,522	30,011	76,889	14,050
Change in trade payables etc.	-1,174	2,052	-7,222	-24,324	19,437
Cash flow from operating activities	7,370	-22,388	19,274	21,014	55,590
Financial income received	254	363	3,837	1,571	2,144
Financial expenses paid	-1,000	1,291	-2,232	-2,521	-3,309
Income taxes paid	-38	-104	42	-10,160	-9,920
Cash flow from operations	6,586	-20,838	20,921	9,904	44,505
Investments in own development projects	-5,645	-6,444	-7,937	-14,576	-21,669
Acquisition of property, plant and equipment	-4,368	-7,832	-6,628	-9,411	-18,563
Sale of tangible assets	2	3	2	107	107
Deposits on leaseholds	-232	-33	-247	1,321	1,102
Acquisition / sale of current asset
investments in the trading portfolio, net	-405	37,595	-723	36,722	48,721
Cash flow from investments	-10,648	23,289	-15,533	14,163	9,698

	Q2	Q2	H1	H1	FY
Amounts in DKK '000	2021/22	2020/21	2021/22	2020/21	2020/21
Repayment of lease liabilities	-1,394	-1,446	-2,745	-2,877	-5,815
Acquisition of treasury shares	-	-23,812	-	-30,820	-50,049
Paid dividend	-	-20,710	-	-20,710	-20,710
Cash flow from financing activities	-1,394	-45,968	-2,745	-54,407	-76,574
Increase/decrease in cash and cash equivalents	-5,456	-43,517	2,643	-30,340	-22,371
Exchange rate adjustments on cash	-619	354	-980	-1,448	1,047
Cash and cash equivalents
at the beginning of the period, net	27,199	52,160	19,461	40,785	40,785
Cash and cash equivalents at the end of the period, net	21,124	8,997	21,124	8,997	19,461
Cash and cash equivalents at the end of the period, net, are composed as follows:
Cash at bank and in hand	21,124	8,997	21,124	8,997	19,461
Cash and cash equivalents at the end of the period, net	21,124	8,997	21,124	8,997	19,461

Notes

1 Accounting policies

The interim report is presented in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and additional Danish disclosure requirements for interim reporting of listed companies. An interim report has not been prepared for the Parent.

The accounting policies applied in this interim report are consistent with those applied in the Company's 2020/21 annual report which was presented in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. We refer to the 2020/21 annual report for a more detailed description of the accounting policies.

The applied accounting policies are unchanged compared to the annual report for 2020/21. New or amended standards and interpretations becoming effective for the financial year 2021/22 have no material impact on the interim report.

2 Estimates and assumptions

The preparation of interim reports requires management to make financial estimates and assumptions that affect the application of accounting policy and recognised assets, liabilities, income and expenses. Actual results might be different from these estimates.

The material estimates that management make when applying the accounting principles of the Group and the material uncertainty connected with these estimates and assumptions are unchanged in the preparation of the interim report compared to the preparation of the annual report as per 30 September 2021.

3 Segment information

In accordance with internal reporting, RTX reports on the three target markets segments; Enterprise, ProAudio and Healthcare. Costs are reported by allocating costs directly attributable to the three reportable market segments whereas common functions costs etc. (primarily other external expenses, staff costs and depreciations related to IT, finance, overall management, joint facilities, joint technology projects, and supply chain management) are reported as non-allocated in accordance with internal reporting.

3 Segment information (continued)

	Q2	Q2	H1	H1	FY
Amounts in DKK '000	2021/22	2020/21	2021/22	2020/21	2020/21
Revenue
Enterprise	83,996	58,587	173,772	94,056	307,924
ProAudio	35,220	21,563	60,773	40,614	102,470
Healthcare	15,060	8,375	26,140	15,145	46,763
Group	134,276	88,525	260,685	149,815	457,157
EBITDA
Enterprise	25,862	19,549	51,250	23,858	104,394
ProAudio	17,578	4,800	28,038	6,405	32,534
Healthcare	3,208	1,724	3,928	2,685	16,667
Non-allocated	-34,950	-30,056	-66,524	-55,681	-116,284
Group	11,698	-3,983	16,692	-22,733	37,311
EBIT
Enterprise	20,715	17,337	41,262	20,150	93,441
ProAudio	15,597	2,959	23,982	2,818	25,199
Healthcare	2,990	1,525	3,491	2,286	15,862
Non-allocated	-37,626	-33,107	-71,812	-61,840	-128,442
Group	1,676	-11,286	-3,077	-36,586	6,060

Notes

3 Segment information (continued)

	Q2	Q2	H1	H1	FY
Amounts in DKK '000	2021/22	2020/21	2021/22	2020/21	2020/21
Revenue, geographical segments
Denmark	241	1,104	2,275	2,729	7,241
France	27,374	18,259	67,987	31,682	100,804
Netherlands	9,246	12,978	13,741	16,534	33,144
Germany	19,511	7,714	26,011	10,464	27,513
Other Europe	10,344	8,383	23,192	19,008	59,443
USA	31,118	24,047	57,063	41,206	125,127
Hong Kong	9,803	2,106	25,450	3,080	32,783
Other Asia and Pacific	24,725	13,376	43,051	24,304	67,346
Other	1,914	558	1,915	808	3,756
Total	134,276	88,525	260,685	149,815	457,157

Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.

4 Development costs

	Q2	Q2	H1	H1	FY
Amounts in DKK '000	2021/22	2020/21	2021/22	2020/21	2020/21
Development cost incurred before capitalization	6,770	10,907	14,750	24,177	42,349
Value of own work capitalized(1)	-4,051	-6,444	-5,758	-14,576	-24,899
Total amortization and impairment
on development projects	6,580	4,053	12,907	7,472	18,279
Development costs recognized
in the profit/loss account	9,299	8,516	21,899	17,073	35,729

(1) Total value of own work capitalized of DKK 5.1 million in Q2 2021/22 includes own tangible assets of DKK 1.0 million (Q2 2020/21: DKK 1.1 million). Total value of own work capitalized of DKK 7.6 million in H1 2021/22 includes own tangible assets of DKK 1.8 million (H1 2020/21: DKK 1.1 million).

Notes

5 Financial items

	Q2	Q2	H1	H1	FY
Amounts in DKK '000	2021/22	2020/21	2021/22	2020/21	2020/21
Exchange rate gains (net)	987	406	2,336	-	-
Fair value adjustments of investments in trading portfolio	-	-	-	-	-
Gain on hedging investments (net)	-	-	-	-	-
Other financial income	303	923	658	1,571	1,617
Financial income	1,290	1,329	2,994	1,571	1,617
Exchange rate losses (net)	-	-	-	1,788	605
Fair value adjustments of investments in trading portfolio	4,661	2,993	4,483	2,995	4,337
Financing element, IFRS 16	585	593	1,185	1,346	2,524
Loss on hedging investments (net)	276	569	619	9	96
Other financial costs	139	218	428	473	689
Financial expenses	5,661	4,373	6,715	6,611	8,251

6 Fair value hierarchy for financial instruments

The below indicates the classification of the financial instruments divided in accordance with the fair value hierarchy:

• Listed prices in an active market for the same type of instrument (level 1)
• Listed prices in an active market for similar assets or liabilities or other valuation methods, where all significant input is based on observable market data (level 2)
• Valuation methods, where any significant input is not based on observable market data (level 3)

Amounts in DKK '000	Level 1	Level 2	Level 3	Total
Financial instruments (hedging), liability	-	-850	-	-850
Bonds listed on the stock exchange, in the trading portfolio	97,192	-	-	97,192
Financial net assets at fair value at 31 March 2022	97,192	-850	-	96,342
Financial instruments (hedging), liability	-	-749	-	-749
Bonds listed on the stock exchange, in the trading portfolio	114,293	-	-	114,293
Financial net assets at fair value at 31 March 2021	114,293	-749	-	113,544

Financial hedging instruments comprise standard foreign exchange forward contracts with the USD/DKK exchange rate as the main element affecting the fair value of the contracts.

7 Events after the balance sheet date

Share capital reduction of nominal DKK 875,000 was finally completed after the balance sheet date. Refer to the Management Report on the subject.

Management's Statement

The Board of Directors and the Executive Board have today considered and adopted the interim report of RTX A/S for the second quarter and first half of the financial year 2021/22 (covering the period 1 October 2021 to 31 March 2022).

The interim report is prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU and additional Danish disclosure requirements for the interim reporting of listed companies. The interim report has not been audited or reviewed by the Company's auditor.

We consider the applied accounting policies appropriate for the interim report to provide, in our opinion, a true and fair view of the Group's assets, liabilities and financial position as at 31 March 2022 and of its financial performance and cash flow for the second quarter and first half of 2021/22.

We consider Management's review to give a true and fair view of the Group's activities and finances, profit/loss for the period and the Group's financial position as a whole, as well as a true and fair description of the most material risks and uncertainties facing the Group.

Noerresundby, 3 May 2022

Executive Board

President and CEO CFO

Board of Directors

Peter Thostrup Jesper Mailind Lars Christian Tofft Chair of the Board Deputy Chair

Peter Røpke Morten Axel Petersen

Henrik Schimmell Katja Haukohl Millard Ellen Andersen

Kurt Heick Rasmussen Flemming Vendbjerg Andersen Kevin Harritsø Employee Representative Employee Representative Employee Representative

RTX A/S Stroemmen 6 9400 Noerresundby Denmark rtx.dk