XCSE:RTX ESEF Annual Report
RTX A/S (XCSE:RTX)
ESEF Annual Report
2025-05-20
For: 2025-03-31
View Original
Added on
September 22, 2026
RTX Interim Report
for Q2 and H1 2024/25
(the period 1 October 2024 – 31 March 2025)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 13 May 2025
Announcement no. 09/2025
No. of pages: 19
“I am very pleased with the strong development in H1, which
delivered a significant improvement in result compared to last year.
Our Q2 performance clearly shows that with an increase of 28%
to 160 DKKm in revenue, RTX has a robust and scalable business
model. Growth was led by our largest segment, Enterprise, where
order volumes have increased in retail sub-segment, supplemented
by revenue progress in the Healthcare segment.
As new CEO of RTX, I’m excited to be part of a robust and agile
organization. With a highly skilled team, a global customer base,
and a strong foundation, I believe we are well positioned to drive
continued growth and innovation. The current US tariffs have
created uncertainty and affected customer ordering patterns.
We are working closely with customers and suppliers to manage
the situation, and our long-standing effort to diversify production
footprint gives us the flexibility to shift between locations.
While we maintain our outlook, we recognize both growth
opportunities from volume increase, and risks particularly related to
global tariffs and potential order postponements.“
Henrik Mørck Mogensen, CEO
Q2 revenue growth drives
positive EBITDA for H1
Financial highlights
• Revenue for Q2 2024/25 increased by 28% year
on year, reaching 160 DKKm compared to 125 DKKm
in Q2 2023/24. For the first half year (H1), revenue
rose by 26% year on year, totalling 260 DKKm in H1
2024/25.
• Gross margin reached 47.9% for Q2 2024/25, and
50.1% for H1 2024/25. The gross margin is positive-
ly impacted by product mix and increase in revenue
from Healthcare segment.
• EBITDA reached 16.6 DKKm for Q2 2024/25,
and 7.2 DKKm for H1 2024/25 (Q2 2023/24: 0.9
DKKm, H1: -29.5 DKKm).
• Compared to last year the currency variation had a
positive impact of 2.1% on the H1 result.
Outlook
RTX confirms the previously announced financial out-
look for 2024/25:
• Revenue DKK 490-520 million
• EBITDA DKK 0 to 20 million
• EBIT DKK -35 to -15 million
Business highlights
• New CEO, Henrik Mørck Mogensen started 1st of
March 2025.
• Growth in Enterprise segment driven by our cus-
tomers experiencing increasing demand in the retail
sector, and normalization in other sectors.
• Limited horizon on future forecast due to shorter or-
der cycles and ongoing consolidation among market
participants, which creates opportunities but also
volatility around future demand forecast.
• Healthcare revenue growth is driven by sale of RTX
products, which are key components in patient mon-
itoring solutions systems.
• New board members and composition of chairman-
ship.
Investor and analyst conference call
On Wednesday, 14 May 2025 at 13:05 CET, RTX will
hold a conference call for investors and analysts hosted
by Danske Bank. To register for the conference call,
please e-mail vonh@danskebank.dk.
2
RTX interim report for Q2 and H1 2024/25
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
FY
2023/24
Key ratios (percentage)
Growth in net turnover 27.7% -30.4% 25.7% -46.6% -36.3%
Gross Margin 49.7% 45.6% 50.1% 42.9% 46.7%
Profit margin 6.4% -7.7% -2.1% -24.5% -6.8%
Return on invested capital
(3)
7.5% 3.4% 7.5% 3.4% -5.1 %
Return on equity
(3)
3.3% -2.6% 3.3% -2.6% -8.8 %
Equity ratio 65.7% 69.7% 65.7% 69.7% 65.8 %
Employment
Average number of full-time employees
(4)
Average number of FTE employed directly
(4)
272 259 262 262 256
Revenue per employee (DKK ‘000)
(5)
529 430 871 702 1,713
Operating profit/loss (EBIT) per employee
(DKK ‘000)
(5)
34 -33 -18 -172 -117
Shares (number of shares in thousands)
Average number of shares in distribution 7,978 8,114 7,978 8,158 8,084
Average number of diluted shares 8,042 8,087 7,972 8,112 8,056
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(5)
1.0 -0.8 0.1 -5.0 -3.8
Profit/loss for the year, diluted (DEPS), per share
(5)
1.0 -0.8 0.1 -5.0 -3.8
Dividends, per share - - - - -
Equity value, per share 41.0 40.4 41.0 40.4 40.5
Listed price, per share 56.4 97.2 56.4 97.2 82.6
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 2023/24 in the
accounting policies, on page 97
(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 remaining employees.
(5)
Not annualized.
Amounts in DKK million
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
FY
2023/24
Income statement items
Revenue 159.9 125.2 260.4 207.1 498.3
Gross Profit 79.5 57.1 130.5 88.9 232.9
EBITDA 16.6 0.9 7.2 -29.5 3.1
EBITDA % 10.4% 0.7% 2.7% -14.3% 0.6%
Operating profit/loss (EBIT) 10.2 -9.6 -5.4 -50.8 -34.1
Net financials -0.1 1.8 6.4 -1.4 -4.2
Profit/loss before tax 10.1 -7.8 0.9 -52.2 -38.3
Profit/loss for the period 7.9 -6.1 0.7 -40.7 -30.7
Balance sheet items
Net liquidity position
(1)
108.3 87.2 108.3 87.2 107.7
Total inventory 74.1 99.8 74.1 99.8 78.3
Total assets 497.9 467.1 497.9 467.1 491.3
Equity 327.3 325.6 327.3 325.6 323.4
Liabilities 170.5 141.5 170.5 141.5 167.8
Other key figures
Total development cost incurred 11.9 32.2 20.6 41.5 65.5
Capitalized own development cost 5.7 7.0 9.2 10.6 19.9
Depreciation, amortization and impairment 6.4 10.5 12.6 21.2 37.2
Investment in property, plant and equipment 0.4 0.1 2.7 0.6 1.4
Free Cash Flow
(2)
20.6 -11.9 7.0 -35.0 -1.0
Cash flow from operations 27.9 -4.3 20.9 -22.9 21.5
Cash flow from investments -7.3 -7.6 -13.9 -12.0 -22.5
Increase/decrease in cash and cash equivalents 18.4 -22.7 3.4 -50.4 -28.3
(1)
Equals total of cash and current asset investments.
(2)
Free Cash Flow = Cash flow from operations + Cash flow from investments.
3
RTX interim report for Q2 and H1 2024/25
RTX at
a Glance
RTX innovates, designs,
and manufactures wireless
communication solutions.
Working in close partnership
with our B2B customers,
we offer customized,
‘turn-key’, end-to-end
solutions with full
product lifecycle
management.
We provide the crucial wireless communication
infrastructure that you can embed seamlessly and
reliably into a broad spectrum of high-tech medical
devices, including multi-parametric patient monitoring.
In the world of commercial wireless audio solutions,
good business depends on transmitting and receiving
high-quality sound reliably so that those listening can
hear clearly and comfortably.
29
DKK million
in revenue H1
11%
of share
group H1
39
DKK million
in revenue H1
15%
of share
group H1
Focusing on making sure all the component systems
integrate seamlessly and reliably, we design, develop
and manufacture wireless IP telephony products and
sub-systems.
193
DKK million
in revenue H1
74%
of share
group H1
Enterprise
ProAudio Healthcare
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.
4
RTX interim report for Q2 and H1 2024/25
Revenue
Revenue for Q2 2024/25 increased by 28% year on
year, reaching 160 DKKm compared to 125 DKKm in Q2
2023/24. For the first half year (H1), revenue rose by
26% year on year totalling 260 DKKm in H1 2024/25.
RTX furthermore experienced an increasing order in-
take particularly in the Enterprise segment. By the end
of Q2 2024/25, we see an increase in the order book
compared to the end of Q4 2023/24. However, we still
have a short order horizon as order lead-times largely
remains at 3 to 6 months.
During the quarter, we have seen significant fluctua-
tions in the USD to DKK exchange rate, which has had
an impact on the revenue positively for the quarter by
2.4% and for H1 by 2.1%, compared to last year.
The development in revenue reflects that some of our
customers have reduced their inventories to a level
where they are placing new orders. Revenue in the
quarter is overall in line with expectations for the
quarter, and the order book indicates that Q3 is also
likely to meet our expectations.
We maintain close relations to our key customers and
continuously seek to expand our portfolio with new
customers.
• Enterprise segment: Revenue for Q2 2024/25
reached 114 DKKm (Q2 2023/24: 81 DKKm).
Revenue for H1 2024/25 reached 193 DKKm (H1
2023/24: 125 DKKm), which is an increase of 54%
year on year. We continue to see a trend towards
normalization among some of our key enterprise
customers and growth in the retail sub-segments.
We also see other customers still showing low de-
mand, both due to continuous inventory and chang-
es in market conditions and position. Common for
all is an effort to optimize working capital, resulting
in short order horizons to RTX. All in all the devel-
opment and outlook for the Enterprise segment is
positive, and our long-term customers are seeing
normalization of core products and growth potential
in new segments.
• Healthcare segment: Revenue in Q2 2024/25
reached 24 DKKm, up from 4 DKKm in Q2
2023/24. For H1 2024/25 revenue totalled 29
DKKm, a 68% increase year on year compared
to 17 DKKm in H1 2023/24. This growth reflects
revenue from products where RTX has assumed
extended ownership, following an agreement signed
in November 2023 with one of our key customers.
Over the coming years, Healthcare revenue from
products under full RTX ownership is expected to
gradually increase, as RTX products serve as critical
components in larger system sale for our Healthcare
partner. Although the transition involves coordina-
tion with multiple parties and is complex, it provides
RTX with deeper market insights. We expect these
developments to positively impact both revenue and
gross margin in the Healthcare segment in the years
ahead.
Management report for Q2 and H1 2024/25
Q2 revenue growth drives positive EBITDA for H1.
Significant growth in Enterprise and Healthcare, and a resilient outlook for the year despite tariff-related uncertainties.
Revenue
Q2: 159.9 DKK
Q2 2023/24: 125.2 DKKm
H1: 260.4 DKKm
H1 2023/24: 207.1 DKKm
5
RTX interim report for Q2 and H1 2024/25
• ProAudio segment: Revenue in Q2 2024/25
reached 21 DKKm, down from 41 DKKm in Q2
2023/24. For H1 2024/25 revenue totalled 39
DKKm, a 40% decrease year on year compared to
65 DKKm in H1 2023/24. The decline is primarily
due to lower demand from our full-product cus-
tomers, who are facing increased competition and
weaker market demand than initially anticipated,
when the products were launched. Our strategic
focus within ProAudio is shifting towards modules,
offering a more standardized product portfolio that
delivery high-quality sound, reliable connectivity and
faster development time for customers who design
and manufacture products for professional audio
providers and end users. We are seeing growing
interest and development from customers in various
sub-segments, who are currently in the phase of in-
tegrating our modules into their products. However,
volumes have not yet materialized.
DKK million
Q2
24/25
Change
(YoY)
H1
24/25
Change
(YoY)
Enterprise revenue 114.4 33.5 192.9 67.5
ProAudio revenue 21.2 -19.6 38.7 -25,9
Healthcare revenue 24.2 20.7 28.8 11,7
Total 159.9 34.6 260.4 53.3
Gross profit for Q2 2024/25 increased by 39% year
on year, reaching 80 DKKm compared to 57 DKKm in
Q2 2023/24. For H1 2024/25, gross profit rose by
47% year on year, totalling 131 DKKm.
Gross margin reached 49.7% for Q2 2024/25, and
50.1% for H1 2024/25. The gross margin is positively
impacted by product mix and increase in revenue from
Healthcare segment.
As anticipated, we continue to see a solid gross margin in
Q2. This is a result of both the product mix and our cost
optimization efforts in production planning and sourcing.
We continue to focus on securing a strong gross margin
through sourcing, planning and increasing volume.
DKK million
Q2
24/25
Change
(YoY)
H1
24/25
Change
(YoY)
Gross profit 79.5 22.4 130.5 41.6
Gross margin 49.7 % 4.2 pp 50.1% 7.2 pp
Capacity costs, which consist mainly of staff costs and
other external expenses, amounted to 132.6 DKKm in
H1 2024/25 (H1 2023/24: 129.1 DKKm) before capi-
talization of development costs. We continue to balance
cost cautiousness in capacity costs and organizational
development, with investments in increasing revenue
and product portfolio.
DKK million
Q2
24/25
Change
(YoY)
H1
24/25
Change
(YoY)
Capacity costs
(1)
68.6 5.5 132.6 3.5
Value of own work
capitalized 5.7 -1.4 9.2 -1.5
Depreciation etc.
(2)
6.4 -4.2 12.6 -8.6
(1)
Staff costs and other external expenses
(2)
Depreciation, amortization and impairment
Capitalized development costs: RTX continues to
invest in development of new product features and the
future product portfolio.
In total, RTX capitalized own development costs of 9.2
DKKm in H1 2024/25 (H1 2023/24: 10.6 DKKm).
Depreciations and amortizations amounted to 12.6
DKKm in H1 2024/25 (H1 2023/24: 21.6 DKKm),
which reflects a combination of development projects
which are at the end of the depreciation period, and
a relatively large share of the development projects
in Healthcare, which are expected to be completed
gradually over the next year, and consequently ready for
depreciation.
Gross profit
Q2: 79.5 DKKm
Q2 2023/24: 57.1 DKKm
H1: 130.5 DKKm
H1 2023/24: 88.9 DKKm
EBITDA
Q2: 16.6 DKKm
Q2 2023/24: 0.9 DKKm
H2: 7.2 DKKm
H1 2023/24: -29.5 DKKm
6
RTX interim report for Q2 and H1 2024/25
EBITDA reached 16.6 DKKm for Q2 2024/25, and 7.2
DKKm for H1 2024/25 (Q2 2023/24: 0.9 DKKm, H1:
-29.5 DKKm). EBITDA is positively impacted by growth
in revenue and solid gross margin levels.
EBIT for Q2 2024/25 reached 10.2 DKKm, and -5.4
DKKm for H1 (Q2 2023/24: -9.6 DKKm, H1: -50.8
DKKm). EBIT is impacted by lower depreciation as most
capitalization in Enterprise is fully depreciated and
Healthcare development project reach mass production
over the coming year and commence the depreciation
phase.
Profit before tax for Q2 2024/25 reached 10.1 DKKm,
and 0.9 DKKm for H1 (Q2 2023/24: -9.6 DKKm, H1:
-52.2 DKKm).
DKK million
Q2
24/25
Change
(YoY)
H1
24/25
Change
(YoY)
EBITDA 16.6 15.6 7,2 36.7
EBIT 10.2 19.8 -5.4 45.3
EPS (DKK per share) 1.0 1.8 0.1 5.1
Equity, Assets, Inventory and Cash Flow
Cash flows from operations (CFFO) for Q2 2024/25
reached 27.9 DKKm, and 20.9 DKKm for H1 (Q2
2023/24: -4.3 DKKm, H1: -22.9 DKKm).
The net liquidity position of RTX amounted to 108.3
DKKm at the end of H1 2024/25 compared to 87.2
DKKm at the start of the fiscal year. The level is impact-
ed by the operational result, reduction in component
inventory and development in working capital.
DKK million
Q2
24/25
Change
(YoY)
H1
24/25
Change
(YoY)
CFFO
(1)
27.9 32.2 20.9 43.8
Net liquidity pos.
(2)
108.3 21.1 108.3 21.1
Inventory amounted to 74.1 DKKm reflecting a reduc-
tion in component inventory. The component inventory
is expected to continue to decrease as components are
used in finished products.
Total assets were 497.9 DKKm at the end of H1
2024/25 compared to 467.1 DKKm at the end
of H1 2023/24. The increase primarily arise from
intangible assets related to Healthcare and increase in
trade receivables due to increased revenue.
Equity ratio
65.7 %
ROIC
7.5 %
The total value of development costs incurred before
capitalization for H1 2024/25 is 8.8 DKKm
(ref. note 4).
Return on Invested Capital is calculated over a
12 months’ period, and is impacted by revenue level.
For the end of H1 2024/25 ROIC was 7.5%
(H1 2023/24: 3.4 %).
The equity ratio of RTX has decreased but continues to
be at a solid level at 65.7% at the end of H1 2024/25
(H1 2023/24: 69.7 %).
7
RTX interim report for Q2 and H1 2024/25
Risks and uncertainties
for the 2024/25
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 infor-
mation for the financial year 2024/25:
28 August 2025
Q3 Report 2024/25
27 November 2025
Annual Report 2024/25
Enquiries and
further information:
CEO, Henrik Mørck Mogensen,
CFO, Mille Tram Lux tel +45 96 32 23 00
Outlook for 2024/25
RTX confirms the previously announced financial out-
look for 2024/25:
• Revenue DKK 490-520 million
• EBITDA DKK 0 to 20 million
• EBIT DKK -35 to -15 million
The order horizon and industry uncertainty impact
the revenue outlook, where RTX has limited visibility
beyond three to six months. While we maintain our
outlook, we recognize both growth opportunities from
volume increase and risks particularly related to the
consequences of global tariffs, development in USD
and potential order postponements.
Revenue outlook is maintained at 490-520 DKKm. The
H1 result and the current order book substantiate this
outlook range.
Gross margin is expected to be positively impacted
by the product mix and lower semi-variable costs
compared to last year. Overall the gross margin for
2024/25 is expected to be higher than last year.
Capacity costs for 2024/25 are expected to be slight-
ly higher than for 2023/24. This reflects a balance
between cost cautiousness, salary development and
organizational adjustments.
Inventory comprises components, finished goods,
and goods in transit. We expect to see a reduction of
component inventory during 2024/25, as components
will be used in sold products and inflow of components
is returning to normal practice, where they are sourced
by our production partners. The absolute size of the in-
ventory reduction depends on development in revenue
and the product mix.
The outlook is based on dialogue with key customers
on their expectations for 2024/25, combined with our
market insight on new customers and products. For a
full list of assumptions behind the outlook, refer to the
annual report for 2023/24 (pages 32-33).
RTX A/S
Henrik Schimmell Henrik Mørck Mogensen
Chair CEO
8
RTX interim report for Q2 and H1 2024/25
Amounts in DKK ‘000 Note
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
FY
2023/24
Revenue 3 159,864 125,209 260,389 207,109 498,340
Value of own work capitalized 4 5,664 7,016 9,180 10,639 19,937
Cost of sales -80,356 -68,156 -129,861 -118,193 -265,430
Other external expenses -16,036 -17,439 -33,743 -36,732 -71,063
Staff costs -52,572 -45,714 -98,808 -92,364 -178,667
Operating profit/loss before depreciation
and amortization (EBITDA) 16,564 916 7,157 -29,541 3,117
Depreciation, amortization and impairment 4 -6,369 -10,548 -12,600 -21,247 -37,219
Operating profit/loss (EBIT) 10,195 -9,632 -5,443 -50,788 -34,102
Financial income 5 2,261 3,039 8,712 3,655 6,434
Financial expenses 5 -2,313 -1,213 -2,361 -5,062 -10,633
Profit/loss before tax 10,143 -7,806 908 -52,195 -38,301
Tax on profit/loss -2,232 1,717 -200 11,483 7,616
Profit/loss for the period 7,911 -6,089 708 -40,712 -30,685
Earnings per share
Earnings per share (DKK) 1.0 -0.8 0.1 -5.0 -3.8
Earnings per share, diluted (DKK) 1.0 -0.8 0.1 -5.0 -3.8
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
FY
2023/24
Profit/loss for the period 7,911 -6,089 708 -40,712 -30,685
Items that can be reclassified subsequently
to the income statement
Exchange rate adjustments of foreign
subsidiaries -1,738 873 1,638 -861 -2,076
Fair value adjustment relating to hedging
instruments 273 -43 273 70 71
Tax on hedging instruments -60 10 -60 -15 -16
Fair value of hedging instruments
reclassified to the income statement - 32 - 212 222
Tax on hedging instruments reclassified - -7 - -47 -49
Other comprehensive income, net of tax -1,525 865 1,851 -641 -1,848
Comprehensive income for the period 6,386 -5,224 2,559 -41,353 -32,533
9
RTX interim report for Q2 and H1 2024/25
Amounts in DKK ‘000 31.03.25 31.03.24 30.09.24
Assets
Own completed development projects 14,967 15,399
Own development projects in progress 63,085 47,865
Software 495 842
Goodwill 7,797 7,797
Intangible assets 86,344 71,903
Right-of-use assets (lease assets) 50,509 48,595
Plant and machinery 11,226 16,848
Other fixtures, tools and equipment 3,680 3,288
Leasehold improvements 8,455 10,015
Tangible assets 73,870 78,746
Deposits 6,708 6,703
Deferred tax assets 5,353 7,608
Other non-current assets 12,061 14,311
Total non-current assets 172,275 164,960
Inventories 74,140 99,812 78,271
Trade receivables 130,707 103,745
Contract development projects in progress 2,607 2,782
Income taxes 465 309
Other receivables 3,234 2,601
Prepaid expenses 6,145 5,627
Receivables 143,158 115,064
Current asset investments in the trading portfolio 33,883 32,666
Current asset investments 33,883 32,666
Cash at bank and in hand 74,417 54,556
Total current assets 325,598 302,098
Total assets 497,873 467,058
Balance Sheet
(non-audited)
Amounts in DKK ‘000 31.03.25 31.03.24 30.09.24
Equity and liabilities
Share capital 42,339 42,339 42,339
Share premium account 170,439 170,439 170,439
Currency adjustments 8,413 7,990 6,775
Cash flow hedging 273 -73 -65
Retained earnings 105,870 104,859 103,931
Equity 327,334 325,554 323,419
Lease liabilities 48,717 48,591 48,167
Deferred tax liabilities - - -
Provisions 1,049 1,389 969
Deferred income 21,935 16,710 21,935
Other payables - - 2,775
Non-current liabilities 71,701 66,690 73,846
Lease liabilities 7,805 5,481 7,041
Prepayments received from customers 8,738 10,513 8,823
Trade payables 50,865 31,806 57,402
Contract development projects in progress 6,111 4,663 3,370
Income taxes 29 158 98
Provisions 1,451 2,716 1,110
Other payables 23,839 19,477 16,159
Current liabilities 98,838 74,814 94,003
Total liabilities 170,539 141,504 167,849
Total equity and liabilities 497,873 467,058 491,268
10
RTX interim report for Q2 and H1 2024/25
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
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
Fair value of hedging instruments
reclassified to the income statement - - - - - -
Tax on hedging instruments reclas-
sified - - - - - -
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
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
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2023 42,339 170,439 8,851 -293 155,769 377,105
Profit/loss for the period - - - - -40,712 -40,712
Exchange rate adjustments
of foreign subsidiaries - - -861 - - -861
Fair value adjustment relating
to hedging instruments - - - 70 - 70
Tax on hedging instruments - - - -15 - -15
Fair value of hedging instruments
reclassified to the income statement - - - 212 - 212
Tax on hedging instruments reclas-
sified - - - -47 - -47
Other comprehensive income,
net of tax - - -861 220 - -641
Comprehensive income for the period - - -861 220 -40,712 -41,353
Share-based remuneration - - - - 1,751 1,751
Current tax on equity transactions - - - - - -
Deferred tax on equity transactions - - - - 113 113
Acquisition of treasury shares - - - - -12,062 -12,062
Other transactions - - - - -10,198 -10,198
Equity at 31 March 2024 42,339 170,439 7,990 -73 104,859 325,554
Share capital of DKK 42,339,190 consists of 8,467,838 shares at DKK 5 (DKK 42,339,190 consisting of 8,467,838
shares at 31 March 2024). The Group holds 489,362 treasury shares at 31 March 2025 ( 400,889 shares at 31
March 2024). There are no shares carrying special rights.
Equity Statement
(non-audited)
11
RTX interim report for Q2 and H1 2024/25
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
FY
2023/24
Operating profit/loss (EBIT) 10,195 -9,632 -5,443 -50,788 -34,102
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 6,369 10,548 12,600 21,247 37,219
Other items with no effects on cash flow 8,205 10,972 7,059 5,092 813
Change in working capital
Change in inventories 3,269 5,702 1,051 55 21,276
Change in receivables -19,432 -16,228 -4,477 72,501 50,009
Change in trade payables, etc. 15,650 -5,725 1,024 -50,074 -28,004
Cash flow from operating activities 24,256 -4,363 11,814 -1,967 47.211
Financial income received 2,847 369 10,696 2,056 3,803
Financial expenses paid 955 -122 -1,256 -5,090 -9,758
Income taxes paid -136 -206 -369 -17,938 -19,756
Cash flow from operations activities 27,922 -4,322 20,885 -22,939 21,500
Investments in own development projects -5,791 -7,509 -9,862 -11,440 -21,808
Acquisition of intangible assets - - - - -1,361
Acquisition of property, plant and equipment -357 -84 -2,663 -614 -
Sale of property, plant and equipment - - - - 152
Sale of tangible assets - - - - -38
Deposits on leaseholds -50 9 -103 54 -
Acquisition / sale of current asset investments in
the trading portofolio, net -1,124 - -1,290 -38 533
Cash flow from investments -7,322 -7,584 -13,918 -12,038 -22,522
Amounts in DKK ‘000
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
FY
2023/24
Repayment of lease liabilities -2,248 -1,673 -3,579 -3,369 -7,115
Acquisition of treasury shares - -9,105 - -12,062 -20,190
Paid dividend - - - - -
Cash flow from financing activities -2,248 -10,778 -3,579 -15,431 -27,305
Increase/decrease in cash and cash equivalents 18,352 -22,684 3,388 -50,408 -28,327
Exchange rate adjustments on cash -6,641 -5,767 -2,958 -1,707 -4,357
Cash and cash equivalents at the beginning
of the period, net 62,706 83,007 73,987 106,671 106,671
Cash and cash equivalents at the end
of the period, net 74,417 54,556 74,417 54,556 73,987
Cash and cash equivalents at the end
of the period, net are composed as follows:
Cash at bank and in hand 74,417 54,556 74,417 54,556 73,987
Cash and cash equivalents at the end
of the period, net 74,417 54,556 74,417 54,556 73,987
12
RTX interim report for Q2 and H1 2024/25
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 2023/24 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 2023/24 annual report for
a more detailed description of the accounting policies.
The applied accounting policies are unchanged compared to the annual report for 2023/24. New or amended standards
and interpretations becoming effective for the financial year 2024/25 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 202
4.
3 Segment information
In accordance with internal reporting, RTX reports on the three target market segments; Enterprise, ProAudio and Health-
care. 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 deprecia-
tions 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. The full allocation
to segments was implemented during 2023/24 and comparative figures for previous periods are presented below. For a
presentation of the events within the segments in the financial year and the development compared to 2023/24, please
refer to the Management Review.
13
RTX interim report for Q2 and H1 2024/25
Notes
3 Segment information continued
2024/25 2023/24
Amounts in DKK million Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
Revenue
Enterprise 78,559 114,373 - - 192,932 44,530 80,906 102,956 102,955 331,347
ProAudio 17,442 21,244 - - 38,686 23,830 40,803 26,989 28,679 120,301
Healthcare 4,524 24,247 - - 28,771 13,540 3,500 11,995 17,657 46,692
Total Revenue, RTX Group 100,525 159,864 - - 260,389 81,900 125,209 141,940 149,291 498,340
EBITDA
Enterprise 462 8,923 - - 9,385 -25,555 -2,427 7,833 13,755 -6,394
ProAudio -4,864 -4,727 - - -9,591 -3,664 4,696 617 3,677 5,326
Healthcare -5,005 12,368 - - 7,363 -1,239 -1,354 945 5,833 4,185
Total EBITDA, RTX Group -9,407 16,564 - - 7,157 -30,458 915 9,395 23,265 3,117
Revenue, geographical segment
Denmark 11,630 36,494 - - 48,124 3,551 21,080 12,231 20,376 57,238
France 21,013 18,343 - - 39,356 2,729 11,562 23,680 28,356 66,327
Germany 5,973 22,123 - - 28,096 3,152 17,664 15,880 22,973 59,669
Great Britain 14,310 17,153 - - 31,463 - - - 50,030 50,030
Other Europe 7,908 11,606 - - 19,514 16,215 30,682 35,288 -31,366 50,819
USA 22,332 35,452 - - 57,784 32,089 10,101 41,518 31,758 115,466
Hong Kong 3,412 6,219 - - 9,631 4,988 518 329 12,829 18,664
Other Asia and Pacific 12,584 11,008 - - 23,592 19,176 33,593 12,994 13,366 79,129
Other 1,363 1,466 - - 2,829 - 9 20 969 998
Total Revenue, RTX Group 100,525 159,864 - - 260,389 81,900 125,209 141,940 149,291 498,340
Revenue is distributed to geographic area according to the geographical location of the customer entity being invoiced. This distribution does not reflect the location of the end-users, as our customers may
resell products and services globally.
14
RTX interim report for Q2 and H1 2024/25
Notes
4 Development costs
Amounts in DKK ‘000
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
FY
2023/24
Development cost incurred before capitalization
(1)
11,850 32,196 20,606 41,529 65,477
Capitalization regarding strategic collaboration
(1)
- -16,710 - -16,710 -21,935
Value of own work capitalized
(2)
-5,488 -7,006 -8,979 -10,619 -19,914
Total amortization and impairment on development
projects 1,773 5,918 3,629 11,957 18,995
Development costs recognized in the profit/loss
account 8,135 14,398 15,256 26,157 42,623
(1)
Total value of development cost incurred before capitalization of DKK 65.5 million in 2023/24 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 relates to deferred income of DKK 21.9 million which will be recognized as income on a long-term basis.
(2)
Total value of own capitalized of DKK 5.5 million in Q2 2024/25 according to the income statement includes own tangible assets of DKK 0.2 million
(Q2 2023/24: DKK 0.0 million).
5 Financial items
Amounts in DKK ‘000
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
FY
2023/24
Exchange rate gains (net) - 2,074 6,340 - -
Fair value adjustments of investments
in trading portfolio - 190 - 1,599 2,631
Gain on hedging instruments (net) 814 - - - 351
Other financial income 1,447 775 2,372 2,056 3,452
Total financial income 2,261 3,039 8,712 3,655 6,434
Exchange rate losses (net) 709 - - 3,398 7,449
Fair value adjustments of investment in trading
portfolio 1,105 - 1,105
Financing element, IFRS 16 499 586 1,086 1,182 2,334
Loss on hedging instruments (net) - 406 114 -
Other financial costs - 221 56 482 850
Total financial expenses 2,313 1,231 2,361 5,062 10,633
15
RTX interim report for Q2 and H1 2024/25
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), assets - 895 - 895
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 instruments (hedging), liability - -342 - -342
Bonds listed on the stock exchange, in the trading portfolio 32,666 - - 32,666
Financial net assets at fair value at 31 March 2024 32,666 -342 - 32,324
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.
16
RTX interim report for Q2 and H1 2024/25
Management’s Statement
Executive Board
Board of Directors
17
RTX interim report for Q2 and H1 2024/25
Design and production: Noted
RTX A/S