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RTX Interim / Quarterly Report 2026
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Interim / Quarterly Report
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Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 13 May 2026
Announcement no. 32/2026
No. of pages: 18
RTX Interim Report Q2 and H1 2025/26
(Reporting period: 1 October 2025 – 31 March 2026)
RTX A/S • Stroemmen 6 • DK-9400 Noerresundby • CVR no. 17 00 21 47
RTX
RTX interim report for Q2 and H1 2025/26
Q2 progress supports full-year ambition despite rising market uncertainties
"Our H1 performance confirms the strength of RTX's underlying momentum and supports our full-year ambition, despite an increasing uncertain market environment. We delivered a strong first half of 2025/26 with revenue and EBITDA above last year's level and continued improvement in gross margins despite a significantly weaker USD.
Healthcare and ProAudio continue to drive solid improvements supported by strong market demand and the continued development of key partnerships. The large long-term customers continue to indicate confidence in their demand, supporting our outlook expectations for the full-year.
Increased uncertainty around RAM and memory pricing and lead times requires continued management attention. We are addressing these challenges proactively, while maintaining disciplined execution across our key segments".
Henrik Mørck Mogensen, CEO
Financial highlights
- Revenue for Q2 2025/26 decreased by 2% year-on-year, reaching 157 DKKm compared to 160 DKKm in Q2 2024/25. For the first half year (H1), revenue rose by 2% year-on-year, totalling 264 DKKm in H1 2025/26. Adjusted for currency effects revenue for the half year increased by 11%.
- Gross margin reached 56.0% for Q2 2025/26, and 55.6% for H1 2025/26. Gross margin improved compared to H1 last year due to a favourable segment and product mix, as well as higher revenue share from the ProAudio and Healthcare segments.
- EBITDA reached 21 DKKm for Q2 2025/26 (Q2 2024/25: 17 DKKm) and 17 DKKm for H1 2025/26 (7 DKKm in H1 2024/25).
Guidance
RTX confirms the guidance announced on 27 November 2025 for 2025/26.
- Revenue 575 to 625 DKKm
- EBITDA 35 to 65 DKKm
- EBIT 0 to 30 DKKm
Business highlights
- Enterprise segment saw a significant increase in revenue compared to the first quarter of the financial year, however still lower than H1 2024/25. This is a result of both demand distribution with our large customers and delivery delays from production. Customer forecasts for H2 supports the expectations for the full year.
- Healthcare segment delivered a solid revenue for the quarter building on our strong customer relationships and product portfolio.
- ProAudio segment delivered a strong result for the quarter, reflecting a good momentum with key customers in the module business.
- A share buy-back program of 20 DKKm initiated in August 2025 is running, with 14.6 DKKm completed by the end of Q2 2025/26. 170,000 own shares were cancelled following approval at the Annual General Meeting in January 2026.
Investor and analyst conference call
18 May 2026, 10:15 CET (register by mail to [email protected]).
19 May, 12:30 CET (register on www.inderes.dk)
RTX interim report for Q2 and H1 2025/26
Group Financial Highlights and Key Ratios
(non-audited)
| Amounts in DKK million | Q2 2025/26 | Q2 2024/25 | H1 2025/26 | H1 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|
| Income statement items | |||||
| Revenue | 156.6 | 159.9 | 264.4 | 260.4 | 547.1 |
| Gross profit | 87.8 | 79.5 | 147.0 | 130.5 | 273.8 |
| EBITDA | 20.6 | 16.6 | 16.7 | 7.2 | 35.5 |
| EBITDA % | 13.2% | 10.4% | 6.3% | 2.7% | 6.5% |
| Operating profit/loss (EBIT) | 13.1 | 10.2 | 2.2 | -5.4 | 8.7 |
| Net financials | 0.6 | -0.1 | 0.8 | 6.4 | 5.2 |
| Profit/loss before tax | 13.6 | 10.1 | 3.0 | 0.9 | 14.0 |
| Profit/loss for the period | 10.6 | 7.9 | 2.4 | 0.7 | 10.5 |
| Balance sheet items | |||||
| Net liquidity position (1) | 127.5 | 108.3 | 127.5 | 108.3 | 153.0 |
| Total inventory | 29.6 | 74.1 | 29.6 | 74.1 | 36.8 |
| Total assets | 507.8 | 497.9 | 507.8 | 497.9 | 490.5 |
| Equity | 324.9 | 327.3 | 324.9 | 327.3 | 333.7 |
| Liabilities | 183.0 | 170.5 | 183.0 | 170.5 | 156.8 |
| Other key figures | |||||
| Total development cost incurred | 20.9 | 11.9 | 49.2 | 20.6 | 51.0 |
| Capitalized own development cost | 7.7 | 5.7 | 15.9 | 9.2 | 23.9 |
| Depreciation and amortization | 7.6 | 6.4 | 14.5 | 12.6 | 26.8 |
| Free Cash Flow (2) | -13.1 | 20.6 | -9.2 | 7.0 | 52.8 |
| Cash flow from operations | -4.7 | 27.9 | 8.6 | 20.9 | 82.8 |
| Cash flow from investments | -8.4 | -7.3 | -17.8 | -13.9 | -30.0 |
| Investment in property, plant and equipment | 0.7 | 0.4 | 1.5 | 2.7 | 4.5 |
| Increase/decrease in cash and cash equivalents | -21.1 | 18.4 | -25.6 | 3.4 | 42.9 |
(1) Equals total of cash and current asset investments.
(2) Free Cash Flow = Cash flow from operations + Cash flow from investments.
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 2024/25 in the accounting policies, on page 104.
| Amounts in DKK million | Q2 2025/26 | Q2 2024/25 | H1 2025/26 | H1 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|
| Key ratios (percentage) | |||||
| Growth in net turnover | -2.0 | 27.7 | 1.5 | 25.7 | 9.8 |
| Gross margin | 56.0 | 49.7 | 55.6 | 50.1 | 50.0 |
| EBIT margin | 8.3 | 6.4 | 0.8 | -2.1 | 1.6 |
| Return on invested capital (3) | 9.7 | 7.5 | 9.7 | 7.5 | 6.6 |
| Return on equity (3) | 3.7 | 3.3 | 3.7 | 3.3 | 3.2 |
| Equity ratio | 64.0 | 65.7 | 64.0 | 65.7 | 68.0 |
| Employment | |||||
| Average number of full-time employees (4) | 319 | 302 | 317 | 292 | 301 |
| Average number of FTE employed directly (4) | 292 | 272 | 290 | 262 | 273 |
| Revenue per employee (DKK '000) (5) | 491 | 529 | 834 | 892 | 1,818 |
| Operating profit/loss (EBIT) per employee (DKK '000) (5) | 41 | 34 | 7 | -19 | 29 |
| Shares (number of shares in thousands) | |||||
| Average number of shares in distribution | 7,876 | 7,978 | 7,900 | 7,978 | 7,975 |
| Average number of diluted shares | 7,930 | 8,042 | 7,951 | 7,972 | 7,995 |
| Share data (DKK per share at DKK 5) | |||||
| Profit/loss for the year (EPS), per share (5) | 1.3 | 1.0 | 0.3 | 0.1 | 1.3 |
| Profit/loss for the year, diluted (DEPS), per share (5) | 1.3 | 1.0 | 0.3 | 0.1 | 1.3 |
| Dividends, per share | - | - | - | - | - |
| Equity value, per share | 41.3 | 41.0 | 41.3 | 41.0 | 41.9 |
| Listed price, per share | 95.0 | 69.4 | 95.0 | 69.4 | 93.0 |
(3) Calculated over a rolling 12 months' period.
(4) Employees employed in RTX legal entities are defined as "employed directly". Employees employees through service partner in countries where we have no legal entity, comprise the rest.
(5) Not annualized.
RTX interim report for Q2 and H1 2025/26
RTX at a Glance
Our purpose is to help people perform at their best.
We provide our customers with the best possible wireless communications solutions, allowing their customers to seamlessly connect and communicate.
Utilizing wireless expertise, we provide secure and reliable communication products and solutions fit for challenging environments.
Enterprise
With a strong focus on seamless and reliable system integration, we design, develop, and manufacture wireless IP telephony products and sub-systems.
105
DKKm Q2 revenue
67%
of Q2 group revenue
ProAudio
We provide embedded wireless modules for commercial wireless audio solutions, supporting a broad range of products with superior sound quality, precise timing, and resilient, reliable transmission.
23
DKKm Q2 revenue
15%
of Q2 group revenue
Healthcare
We provide the critical wireless communication infrastructure that you can embed seamlessly and reliably into a broad spectrum of high-tech medical devices, including multi-parametric patient monitoring.
29
DKKm Q2 revenue
18%
of Q2 group revenue
RTX interim report for Q2 and H1 2025/26
Management report for Q2 and H1 2025/26
Adjusted for currency effects, RTX achieved 11% year-on-year revenue growth in H1, corresponding to reported growth of 2%. The revenue mix between segments in the quarter was influenced by timing effects and growth in Healthcare and ProAudio. The full year outlook is maintained balancing opportunities from market demand with supply constraints on components, particularly memory and printed circuit boards.
Revenue from product sales
Share of revenue from product sales
Revenue by segment
Enterprise ProAudio Healthcare
Performance
Q2 2025/26 represents a solid development in ProAudio and Healthcare. Enterprise has delivered acceptable revenue although impacted by demand patterns and delivery delays from production. The revenue and EBITDA for the first half year showed a positive development supporting our long-term ambition, although impacted by a 9% lower USD rate and increasing uncertainties around component deliveries. RTX continues to strengthen its foundation for long-term sustainable growth across Enterprise, Healthcare, and ProAudio. We remain focused on building and maintaining strong customer relationships, deep market insight, robust technology capabilities, and competitive product offerings. Based on the first half year, we remain confident in the full-year outlook, with revenue of 575-625 DKKm, EBITDA at 35-65 DKKm and EBIT at 0-30 DKKm.
Revenue
For the first half year, revenue rose by 11% at constant currencies, and 2% in reported currencies year-on-year, totalling 264 DKKm in H1 2025/26, compared to 260 DKKm in H1 2024/25.
Enterprise segment saw a significant increase in revenue compared to the first quarter of the financial year, however still lower than H1 2024/25. This is a result of both demand distribution with our large customers and delivery delays from production. The large long-term customers continue to indicate confidence in their demand, supporting our outlook expectations for the full year. We continue to see a number of the smaller customers being more impacted by the uncertainties in the geopolitical environment and being more sensitive to changes in the competitive environment. Revenue for Q2 2025/26 reached 105 DKKm (Q2 2024/25: 114 DKKm). Revenue for H1 2025/26 reached 166 DKKm (H1 2024/25: 193 DKKm).
ProAudio segment showed a solid result for both the quarter and the first half year, impacted by timing effects of shipments, but also a good momentum in the customers base. RTX focuses on module sales, driving scalability through a modular product platform built on our high quality wireless audio technology. Revenue for Q2 2025/26 reached 23 DKKm (Q2 2024/25: 21 DKKm). Revenue for H1 2025/26 reached 50 DKKm (H1 2024/25: 39 DKKm).
Healthcare delivered on expectations for the quarter and significantly higher than H1 2024/25. The positive development in Healthcare continues to be driven by revenue from systems sales in cooperation with our key Healthcare customer. Revenue for Q2 2025/26 reached 29 DKKm (Q2 2024/25: 24 DKKm). Revenue for H1 2025/26 reached 48 DKKm (H1 2024/25: 29 DKKm).
RTX interim report for Q2 and H1 2025/26
Gross profit
For the first half year, gross profit rose by 13% year-on-year, totalling 147 DKKm in H1 2025/26, compared to 131 DKKm in H1 2024/25. The gross profit for Q2 2025/26 reached 87.8 DKKm (Q2 2024/25: 79.5 DKKm). The gross profit is positively impacted by the revenue level, product and segment mix.
The gross margin for H1 2025/26 reached 55.6% compared to 50.1% in H1 2024/25. The gross margins are positively impacted by a favourable product mix combined with higher revenue share from ProAudio and Healthcare segment.
Capacity costs
Capacity costs (staff costs and other external expenses) amounted to 146 DKKm in H1 2025/26 (H1 2024/25: 133 DKKm). The increase is arising primarily from salary inflation, organizational adjustments, market insight and strategic hires.
The average number of employees was 317 in H1 2025/26, compared to 292 in H1 2024/25. The increase is primarily due to the establishment of the subsidiary RTX Romania S.R.L and strategic hires in Healthcare and Product Management.
External costs decreased slightly in H1 2025/26 compared to H1 2024/25, as a combined result of cost cautiousness and the organizational changes, which reduced the dependence on external consultants.
Operating profits – EBITDA and EBIT
EBITDA reached 17 DKKm for H1 2025/26 and 21 DKKm for Q2 2025/26 (H1 2024/25: 7 DKKm, Q2 2024/25: 17 DKKm).
For H1 2025/26, EBITDA benefited from higher revenue and improved gross margins but was negatively impacted by the weaker USD, as revenue is primarily denominated in USD while costs are mainly incurred in DKK, EUR, and HKD.
EBIT reached 13 DKKm for Q2 2025/26 and 2 DKKm for H1 2025/26 (Q2 2024/25: 10 DKKm, H1 2024/25: -5 DKKm). EBIT for H1 2025/26 was impacted by the improved EBITDA and higher amortization on Healthcare development projects which has been completed during the last year.
Capitalized development projects, depreciation, and amortization
During Q2 2025/26, RTX continued to invest in the development of new product features and future offerings, primarily within the Enterprise and Healthcare segments. In the Enterprise segment, the investments were focused on further strengthening the core business platforms, while in the Healthcare segment, a substantial part of the investments were directed towards areas of strategic long-term growth potential. Own development costs of 7.7 DKKm were capitalized in Q2 2025/26 and 15.9 DKKm in H1 (Q2 2024/25: 5.7 DKKm, H1 2024/25: 9.2 DKKm). The level of R&D costs reflects RTX's strategy to extend the product portfolio to meet customer requirements. Depreciation and amortization amounted to 7.6 DKKm in Q2 2025/26 and 14.5 DKKm in H1.
Gross profit and Gross margin
Capacity costs
EBITDA and EBITDA margin
EBIT and EBIT margin
RTX interim report for Q2 and H1 2025/26
Net profit and Earnings per share
Net profit before tax amounted to 13.6 DKKm in Q2 2025/26 and 3.0 DKKm for H1 (Q2 2024/25: 10.1 DKKm, H1 2024/25: 0.9 DKKm).
The net profit development is primarily driven by higher EBITDA and significantly lower financial income from hedge gains, compared to H1 2024/25.
Earnings per share (EPS) reached 1.3 DKK in Q2 2025/26, compared to 1.0 DKK in Q2 2024/25.
Cash flow
Cash flow from operations (CFFO) in Q2 2025/26 amounted to -5 DKKm, and for H1 2025/26 to 9 DKKm (Q2 2024/25: 28 DKKm, H1 2024/25: 21 DKKm). The development was mainly driven by working capital movements, particularly an increase in receivables due to timing of shipments, partly offset by higher trade payables.
In addition, 170,000 own shares were cancelled following approval at the Annual General Meeting in January 2026. A share buy-back program of 20 DKKm initiated in August 2025 is running, with 14.6 DKKm completed by the end of H1 2025/26.
Assets, equity and liabilities
The total assets amounted to 508 DKKm at the end of H1 2025/26 compared to 498 DKKm at the end of H1 2024/25. The main changes are seen on intangible assets, inventories and receivables. The Group's total net liquidity position (total cash funds plus current securities less bank debt) amounted to 128 DKKm at the end of H1 2025/26 compared to 153 DKKm at the start of the fiscal year.
At the end of H1 2025/26, total equity was 325 DKKm (H1 2024/25: 327 DKKm) corresponding to an equity ratio of 64.0% (H1 2024/25: 65.7%).
Parent company
The comments above relate to the development and performance of the Group. The development and performance of the parent company, RTX A/S, are in all material aspects similar to the descriptions for the Group.
Earnings per share (EPS)
DKK per share
Cash flow from operations (CFFO)
DKK million
Net liquidity position
DKK million
Equity
DKK million
RTX interim report for Q2 and H1 2025/26
Outlook maintained
Based on the performance in H1 2025/26, continued positive dialogue with key customers, and the current order pipeline, RTX maintains its outlook for the financial year 2025/26.
Revenue expectation for the full year 2025/26 is maintained at 575 to 625 DKKm, based on 6 months' results, order book and pipeline.
EBITDA expectation for the full year 2025/26 is maintained at 35 to 65 DKKm, based on revenue, gross margin expectations and capacity cost forecast.
EBIT expectation for the full year 2025/26 is maintained at 0 to 30 DKKm.
The outlook remains subject to the uncertainties inherent in forward-looking statements, including market developments, customer demand patterns, component availability, and currency fluctuations. That said, we believe the guidance remains balanced and reflects both the positive market momentum with key customers and the continued uncertainty in the broader market and supply chain environment.
RTX A/S
Henrik Schimmell
Chair
Henrik Mørck Mogensen
CEO
Risks and uncertainties for the 2025/26 financial year
Forward-looking statements:
The above statements on the Group's future conditions, including in particular, future revenue and operating profit (EBITDA), reflect Management's current outlook and carry some uncertainty. These statements can be affected by several 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, 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.
Financial calendar
Expected publication of financial information for the financial year 2025/26:
27 August 2026
Q3 Report 2025/26
25 November 2026
Annual Report 2025/26
Enquiries and further information:
CEO, Henrik Mørck Mogensen,
CFO, Mille Tram Lux tel +45 96 32 23 00
RTX interim report for Q2 and H1 2025/26
Income Statement
(non-audited)
| Amounts in DKK '000 | Note | Q2 2025/26 | Q2 2024/25 | H1 2025/26 | H1 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|---|
| Revenue | 3 | 156,597 | 159,864 | 264,375 | 260,389 | 547,107 |
| Value of own work capitalized | 4 | 7,720 | 5,664 | 15,884 | 9,180 | 23,879 |
| Cost of goods sold | -68,845 | -80,356 | -117,409 | -129,861 | -273,315 | |
| Other external expenses | -16,646 | -16,036 | -33,379 | -33,743 | -66,572 | |
| Staff costs | -58,203 | -52,572 | -112,775 | -98,808 | -195,574 | |
| Operating profit/loss before depreciation and amortization (EBITDA) | 20,623 | 16,564 | 16,696 | 7,157 | 35,525 | |
| Depreciation and amortization | 4 | -7,553 | -6,369 | -14,481 | -12,600 | -26,780 |
| Operating profit/loss (EBIT) | 13,070 | 10,195 | 2,215 | -5,443 | 8,745 | |
| Financial income | 5 | 1,324 | 2,261 | 3,340 | 8,712 | 7,536 |
| Financial expenses | 5 | -769 | -2,313 | -2,530 | -2,361 | -2,298 |
| Profit/loss before tax | 13,625 | 10,143 | 3,025 | 908 | 13,983 | |
| Tax on profit/loss | -3,000 | -2,232 | -667 | -200 | -3,528 | |
| Profit/loss for the period | 10,625 | 7,911 | 2,358 | 708 | 10,455 | |
| Earnings per share | ||||||
| Earnings per share (DKK) | 1.3 | 1.0 | 0.3 | 0.1 | 1.3 | |
| Earnings per share, diluted (DKK) | 1.3 | 1.0 | 0.3 | 0.1 | 1.3 |
Statement of Comprehensive Income
(non-audited)
| Amounts in DKK '000 | Note | Q2 2025/26 | Q2 2024/25 | H1 2025/26 | H1 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|---|
| Profit/loss for the period | 10,625 | 7,911 | 2,358 | 708 | 10,455 | |
| Items that can be reclassified subsequently to the income statement | ||||||
| Exchange rate adjustments of foreign subsidiaries | 808 | -1,738 | 731 | 1,638 | -2,097 | |
| Fair value adjustment relating to hedging instruments | -3,212 | 273 | -2,927 | 273 | -82 | |
| Tax on hedging instruments | 707 | -60 | 644 | -60 | 18 | |
| Other comprehensive income, net of tax | -1,697 | -1,525 | -1,552 | 1,851 | -2,161 | |
| Comprehensive income for the period | 8,928 | 6,386 | 806 | 2,559 | 8,294 |
RTX interim report for Q2 and H1 2025/26
<
Balance Sheet
(non-audited)
| Amounts in DKK '000 | 31.03.26 | 31.03.25 | 30.09.25 |
|---|---|---|---|
| Assets | |||
| Own completed development projects | 42,038 | 14,967 | 26,528 |
| Own development projects in progress | 67,296 | 63,085 | 61,243 |
| Software | 148 | 495 | 321 |
| Goodwill | 7,797 | 7,797 | 7,797 |
| Intangible assets | 117,279 | 86,344 | 95,889 |
| Right-of-use assets (lease assets) | 45,303 | 50,509 | 46,811 |
| Plant and machinery | 7,088 | 11,226 | 9,241 |
| Other fixtures, tools and equipment | 2,855 | 3,680 | 3,275 |
| Leasehold improvements | 6,917 | 8,455 | 7,675 |
| Tangible assets | 62,163 | 73,870 | 67,002 |
| Deposits | 6,702 | 6,708 | 6,653 |
| Deferred tax assets | 4,011 | 5,353 | 3,676 |
| Other non-current assets | 10,713 | 12,061 | 10,329 |
| Total non-current assets | 190,155 | 172,275 | 173,220 |
| Inventories | 29,592 | 74,140 | 36,756 |
| Trade receivables | 146,577 | 130,707 | 116,366 |
| Contract development projects in progress | 4,042 | 2,607 | 2,525 |
| Income taxes | 63 | 465 | 129 |
| Other receivables | 2,273 | 3,234 | 2,936 |
| Prepaid expenses | 7,637 | 6,145 | 5,608 |
| Receivables | 160,592 | 143,158 | 127,564 |
| Current asset investments in the trading portfolio | 34,529 | 33,883 | 34,462 |
| Current asset investments | 34,529 | 33,883 | 34,462 |
| Cash at bank and in hand | 92,976 | 74,417 | 118,513 |
| Total current assets | 317,689 | 325,598 | 317,295 |
| Total assets | 507,844 | 497,873 | 490,515 |
| Amounts in DKK '000 | 31.03.26 | 31.03.25 | 30.09.25 |
| --- | --- | --- | --- |
| Equity and liabilities | |||
| Share capital | 41,489 | 42,339 | 42,339 |
| Share premium account | 137,803 | 170,439 | 170,439 |
| Currency adjustments | 5,409 | 8,413 | 4,678 |
| Cash flow hedging | -2,412 | 273 | -129 |
| Retained earnings | 142,584 | 105,870 | 116,343 |
| Equity | 324,873 | 327,334 | 333,670 |
| Lease liabilities | 43,079 | 48,717 | 45,141 |
| Provisions | 500 | 1,049 | 200 |
| Deferred income | 21,401 | 21,935 | 13,006 |
| Other payables | - | - | 3,602 |
| Non-current liabilities | 64,980 | 71,701 | 61,949 |
| Lease liabilities | 8,252 | 7,805 | 7,715 |
| Prepayments received from customers | 6,778 | 8,738 | 6,366 |
| Trade payables | 55,524 | 50,865 | 42,053 |
| Contract development projects in progress | 1,514 | 6,111 | 4,219 |
| Income taxes | 537 | 29 | 518 |
| Provisions | 3,400 | 1,451 | 3,700 |
| Deferred revenue | 6,607 | - | 6,648 |
| Other payables | 35,379 | 23,839 | 23,677 |
| Current liabilities | 117,991 | 98,838 | 94,896 |
| Total liabilities | 182,971 | 170,539 | 156,845 |
| Total equity and liabilities | 507,844 | 497,873 | 490,515 |
RTX interim report for Q2 and H1 2025/26
<
Equity Statement
(non-audited)
| Amounts in DKK '000 | Share capital | Share premium | Currency adjustments | Cash flow hedging | Retained earnings | Total |
|---|---|---|---|---|---|---|
| Equity at 1 October 2024 | 42,339 | 170,439 | 6,775 | -65 | 103,931 | 323,419 |
| Profit/loss for the period | - | - | - | - | 708 | 708 |
| Exchange rate adjustments of foreign subsidiaries | - | - | 1,638 | - | - | 1,638 |
| Fair value adjustment relating to hedging instruments | - | - | - | 289 | -16 | 273 |
| Tax on hedging instruments | - | - | - | 49 | -109 | -60 |
| Other comprehensive income, net of tax | - | - | 1,638 | 338 | -125 | 1,851 |
| Comprehensive income for the period | - | - | 1,638 | 338 | 583 | 2,559 |
| Share-based remuneration | - | - | - | - | 1,434 | 1,434 |
| Current tax on equity transactions | - | - | - | - | - | - |
| Deferred tax on equity transactions | - | - | - | - | -78 | -78 |
| Annulment of treasury shares | - | - | - | - | - | - |
| Acquisition of treasury shares | - | - | - | - | - | - |
| Other transactions | - | - | - | - | 1,356 | 1,356 |
| Equity at 31 March 2025 | 42,339 | 170,439 | 8,413 | 273 | 105,870 | 327,334 |
| Amounts in DKK '000 | Share capital | Share premium | Currency adjustments | Cash flow hedging | Retained earnings | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Equity at 1 October 2025 | 42,339 | 170,439 | 4,678 | -129 | 116,343 | 333,670 |
| Profit/loss for the period | - | - | - | - | 2,358 | 2,358 |
| Exchange rate adjustments of foreign subsidiaries | - | - | 731 | - | - | 731 |
| Fair value adjustment relating to hedging instruments | - | - | - | -2,927 | - | -2,927 |
| Tax on hedging instruments | - | - | - | 644 | - | 644 |
| Other comprehensive income, net of tax | - | - | 731 | -2,283 | - | -1,552 |
| Comprehensive income for the period | - | - | 731 | -2,283 | 2,358 | 806 |
| Share-based remuneration | - | - | - | - | 2,125 | 2,125 |
| Current tax on equity transactions | - | - | - | - | 494 | 494 |
| Deferred tax on equity transactions | - | - | - | - | 238 | 238 |
| Annulment of treasury shares | -850 | -32,636 | - | - | 33,473 | -13 |
| Acquisition of treasury shares | - | - | - | - | -12,447 | -12,447 |
| Other transactions | -850 | -32,636 | - | - | 23,883 | -9,603 |
| Equity at 31 March 2026 | 41,489 | 137,803 | 5,409 | -2,412 | 142,584 | 324,873 |
Share capital of DKK 41,489,190 consists of 8,297,838 shares at DKK 5 (DKK 42,339,190 consisting of 8,467,838 shares at 31 March 2025). The Group holds 434,634 treasury shares at 31 March 2026 (489,362 shares at 31 March 2025). There are no shares carrying special rights.
RTX interim report for Q2 and H1 2025/26
Cash Flow Statement
(non-audited)
| Amounts in DKK '000 | Q2 2025/26 | Q2 2024/25 | H1 2025/26 | H1 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|
| Operating profit/loss (EBIT) | 13,070 | 10,195 | 2,215 | -5,443 | 8,745 |
| Reversal of items with no effects on cash flow | |||||
| Depreciation and amortization | 7,553 | 6,369 | 14,481 | 12,600 | 26,780 |
| Other items with no effects on cash flow | 471 | 8,205 | -1,146 | 7,059 | 12,879 |
| Change in working capital | |||||
| Change in inventories | -624 | 3,269 | 8,494 | 1,051 | 29,265 |
| Change in receivables | -56,637 | -19,432 | -35,424 | -4,477 | 10,514 |
| Change in trade payables, etc. | 30,544 | 15,650 | 19,278 | 1,024 | -8,612 |
| Financial income received | 2,471 | 2,847 | 3,796 | 10,696 | 7,326 |
| Financial expenses paid | -671 | 955 | -2,201 | -1,256 | -3,158 |
| Income taxes paid | -836 | -136 | -892 | -369 | -944 |
| Cash flow from operating activities | -4,659 | 27,922 | 8,601 | 20,885 | 82,795 |
| Investments in own development projects | -7,739 | -5,791 | -15,878 | -9,862 | -24,731 |
| Acquisition of property, plant and equipment | -663 | -357 | -1,481 | -2,663 | -4,478 |
| Sale of tangible assets | - | - | - | - | 147 |
| Deposits on leaseholds | -29 | -50 | -49 | -103 | -48 |
| Acquisition of current asset investments in the trading portfolio | - | -1,124 | -395 | -1,290 | -911 |
| Cash flow from investments | -8,431 | -7,322 | -17,803 | -13,918 | -30,021 |
| Amounts in DKK '000 | Q2 2025/26 | Q2 2024/25 | H1 2025/26 | H1 2024/25 | FY 2024/25 |
| --- | --- | --- | --- | --- | --- |
| Repayment of lease liabilities | -1,977 | -2,248 | -3,915 | -3,579 | -7,751 |
| Acquisition of treasury shares | -5,987 | - | -12,447 | - | -2,147 |
| Cash flow from financing activities | -7,964 | -2,248 | -16,362 | -3,579 | -9,898 |
| Increase/decrease in cash and cash equivalents | -21,054 | 18,352 | -25,564 | 3,388 | 42,876 |
| Exchange rate adjustments on cash | -483 | -6,641 | 27 | -2,958 | 1,650 |
| Cash and cash equivalents at the beginning of the period, net | 114,513 | 62,706 | 118,513 | 73,987 | 73,987 |
| Cash and cash equivalents at the end of the period, net | 92,976 | 74,417 | 92,976 | 74,417 | 118,513 |
| Cash and cash equivalents at the end of the period, net are composed as follows: | |||||
| Cash at bank and in hand | 92,976 | 74,417 | 92,976 | 74,417 | 118,513 |
| Cash and cash equivalents at the end of the period, net | 92,976 | 74,417 | 92,976 | 74,417 | 118,513 |
RTX interim report for Q2 and H1 2025/26
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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 2024/25 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 2024/25 annual report for a more detailed description of the accounting policies.
The applied accounting policies are unchanged compared to the annual report for 2024/25. New or amended standards and interpretations becoming effective for the financial year 2025/26 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 recognized 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 2025.
3 Segment information
In accordance with internal reporting, RTX reports on the three target market segments; Enterprise, ProAudio and Healthcare. Costs are reported by allocating costs directly attributable to the three reportable market segments whereas common functions costs which cannot be allocated directly to a segment (primarily other external expenses, staff costs and depreciations related to IT, finance, overall management, joint facilities, joint technology projects, and supply chain management) are allocated based on allocation keys related to relative revenue split in accordance with internal reporting. For a presentation of the events within the segments in the financial year and the development compared to 2024/25, please refer to the Management Review.
RTX interim report for Q2 and H1 2025/26
Notes
3 Segment information continued
| Amounts in DKK million | 2025/26 | 2024/25 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | Full year | |
| Revenue | ||||||||||
| Enterprise | 61,537 | 104,531 | - | - | 166,068 | 78,559 | 114,373 | 106,440 | 102,275 | 401,647 |
| ProAudio | 27,001 | 23,117 | - | - | 50,118 | 17,442 | 21,244 | 17,506 | 22,370 | 78,562 |
| Healthcare | 19,240 | 28,949 | - | - | 48,189 | 4,524 | 24,247 | 22,982 | 15,145 | 66,898 |
| Total Revenue, RTX Group | 107,778 | 156,597 | - | - | 264,375 | 100,525 | 159,864 | 146,928 | 139,790 | 547,107 |
| EBITDA | ||||||||||
| Enterprise | -13,227 | 3,646 | - | - | -9,581 | 462 | 8,923 | 11,410 | 10,265 | 31,060 |
| ProAudio | 3,668 | 4,493 | - | - | 8,161 | -4,864 | -4,727 | -6,768 | -2,068 | -18,427 |
| Healthcare | 5,632 | 12,484 | - | - | 18,116 | -5,005 | 12,368 | 10,395 | 5,134 | 22,892 |
| Total EBITDA, RTX Group | -3,927 | 20,623 | - | - | 16,696 | -9,407 | 16,564 | 15,037 | 13,331 | 35,525 |
| Revenue, geographical segment | ||||||||||
| Denmark | 15,354 | 12,386 | - | - | 27,740 | 11,630 | 36,494 | 26,456 | 21,742 | 96,322 |
| France | 26,989 | 19,642 | - | - | 46,631 | 21,013 | 18,343 | 24,558 | 25,923 | 89,837 |
| Great Britain | 2,191 | 14,359 | 16,550 | 14,310 | 17,153 | 13,793 | 13,816 | 59,072 | ||
| Other Europe | 21,145 | 23,784 | - | - | 44,929 | 13,881 | 33,729 | 28,132 | 22,969 | 98,711 |
| USA | 17,326 | 47,662 | - | - | 64,988 | 22,332 | 35,452 | 34,665 | 32,059 | 124,508 |
| Other Asia and Pacific | 24,276 | 38,672 | - | - | 62,948 | 15,996 | 17,227 | 17,774 | 23,104 | 74,101 |
| Other | 497 | 92 | - | - | 589 | 1,363 | 1,466 | 1,550 | 177 | 4,556 |
| Total Revenue, RTX Group | 107,778 | 156,597 | - | - | 264,375 | 100,525 | 159,864 | 146,928 | 139,790 | 547,107 |
Revenue is distributed to geographic area according to the geographical location of the customer entity being invoiced. Certain countries that were previously disclosed separately have been included in other segments, as their revenue is no longer considered individually material. Comparative figures have been restated accordingly.
RTX interim report for Q2 and H1 2025/26
Notes
4 Development costs
| Amounts in DKK '000 | Q2 2025/26 | Q2 2024/25 | H1 2025/26 | H1 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|
| Research and development cost incurred before capitalization(1) | 20,881 | 11,850 | 49,228 | 20,606 | 50,970 |
| Capitalization regarding strategic collaboration(1) | - | - | -11,223 | - | - |
| Value of own work capitalized(2) | -7,624 | -5,488 | -15,726 | -8,979 | -23,506 |
| Total amortization on development projects | 3,096 | 1,773 | 5,538 | 3,629 | 8,778 |
| Development costs recognized in the profit/loss account | 16,353 | 8,135 | 27,817 | 15,256 | 36,242 |
(1) Research and development cost incurred before capitalization of 20.9 DKKm in Q2 2025/26 includes additional investment in strategic collaboration with a large global Healthcare company regarding a new generation of wireless infrastructure for patient monitoring solutions for the hospital healthcare sector. The investment in H1 2025/26 relates to deferred income of 11.2 DKKm which will be recognized as income over 5 years starting Q2 2025/26.
(2) Total value of own work capitalized of 7.6 DKKm in Q2 2025/26 according to the income statement includes own tangible assets of 0.1 DKKm (Q2 2024/25: DKK 0.2 million).
5 Financial items
| Amounts in DKK '000 | Q2 2025/26 | Q2 2024/25 | H1 2025/26 | H1 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|
| Exchange rate gains (net) | 1,200 | - | 1,891 | 6,340 | 210 |
| Gain on hedging instruments (net) | - | 814 | - | - | 4,799 |
| Other financial income | 124 | 1,447 | 1,449 | 2,372 | 2,527 |
| Total financial income | 1,324 | 2,261 | 3,340 | 8,712 | 7,536 |
| Exchange rate losses (net) | - | 709 | - | - | - |
| Fair value adjustments of investment in trading portfolio | - | 1,105 | 329 | 1,105 | 147 |
| Financing element, IFRS 16 | 416 | 499 | 869 | 1,086 | 2,036 |
| Loss on hedging instruments (net) | 328 | - | 1,251 | 114 | - |
| Other financial costs | 25 | - | 81 | 56 | 115 |
| Total financial expenses | 769 | 2,313 | 2,530 | 2,361 | 2,298 |
RTX interim report for Q2 and H1 2025/26
Notes
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), asset | - | 2 | - | 2 |
| Financial instruments (hedging), liability | - | -2,414 | - | -2,414 |
| Bonds listed on the stock exchange, in the trading portfolio | 34,529 | - | - | 34,529 |
| Financial net assets at fair value at 31 March 2026 | 34,529 | -2,412 | - | 32,117 |
| Financial instruments (hedging), asset | - | 895 | - | 895 |
| Financial instruments (hedging), liability | - | - | - | - |
| Bonds listed on the stock exchange, in the trading portfolio | 33,883 | - | - | 33,883 |
| Financial net assets at fair value at 31 March 2025 | 33,883 | 895 | - | 34,778 |
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.
RTX interim report for Q2 and H1 2025/26
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 first half of the financial year 2025/26 (covering the period 1 October 2025 to 31 March 2026).
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 of 31 March 2026 and of its financial performance and cash flow for the first half of the financial year 2025/26.
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.
Executive Board
Henrik Mørck Mogensen
CEO
Mille Tram Lux
CFO
Board of Directors
Henrik Schimmell
Chair of the Board
Katja Millard
Deputy Chair
Jesper Mailind
Board member
Mogens Vedel Hestbæk
Board member
Gitte Schjøtz
Board member
Carsten Drachmann
Board member
Kevin Harritsø
Employee Representative
Camilla Munk
Employee Representative
Kurt Heick Rasmussen
Employee Representative
Noerresundby, 13 May 2026
Design and production tested
RTX
RTX A/S
Stroemmen 6
9400 Noerresundby
Denmark
rtx.dk