XCSE:RTX ESEF Annual Report
RTX A/S (XCSE:RTX)
ESEF Annual Report
2026-09-02
For: 2026-06-30
View Original
Added on
September 18, 2026
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 27 August 2026
Announcement no. 48/2026
No. of pages: 18
RTX Interim Report
for Q3 and 9M 2025/26
(Reporting period: 1 October 2025 – 30 June 2026)
RTX A/S • Strømmen 6 • DK-9400 Nørresundby • CVR no. 17 00 21 47
“Revenue increased year-on-year in both Q3 and the first nine
months, though Q3 performance was significantly affected by
component shortages and production capacity constraints, limiting
our ability to translate strong demand into revenue. At constant
exchange rates, 9M revenue increased by 8.5%, reflecting stronger
underlying growth than the reported figures indicate.
The commercial momentum is broad-based across segments. In
Healthcare, RTX continues the planned expansion of its product
system deliveries under the cooperation agreement with our key
customer. In Enterprise, we are seeing renewed engagement from
previously less active customers, including growing interest in
our next-generation solutions. ProAudio continues to show good
performance, primarily on module business.
The positive revenue development and improved gross margin have
lifted EBITDA, despite continued investments in upskilling and
organizational development, as reflected in capacity costs. Supply-
side constraints currently limit output. The underlying demand
remains strong and based on year-to-date performance, order
visibility and current supply constraints, RTX raises guidance for the
full year.”
Henrik Mørck Mogensen, CEO
Strong demand supports
increase in guidance despite
supply constraints
Financial highlights
• Revenue for Q3 2025/26 increased by 3% year-on-
year, reaching 151 DKKm compared to 147 DKKm in
Q3 2024/25. For 9M 2025/26, revenue rose by
2% year-on-year, totalling 416 DKKm. Adjusted for
currency effects revenue for the first nine months
increased by 8.5%.
• Gross margin reached 53.3% for Q3 2025/26, and
54.8% for 9M 2025/26. Gross margin improved
compared to 9M last year due to a favourable
segment and product mix, as well as higher revenue
share from the ProAudio and Healthcare segments.
• EBITDA reached 13 DKKm for Q3 2025/26 (Q3
2024/25: 15 DKKm) and 30 DKKm for 9M 2025/26
(22 DKKm in 9M 2024/25).
Guidance
RTX raises the guidance announced on 27 November
2025 for 2025/26.
• Revenue 590 to 625 DKKm
• EBITDA 50 to 75 DKKm
• EBIT 20 to 45 DKKm
Business highlights
• The Enterprise segment delivered a quarter impact-
ed by delivery challenges, despite continued strong
demand and activity with key customers. The solid
order backlog and improving customer forecasts
support expectations for the full year, although im-
pacted by delivery challenges on components.
• Healthcare segment delivered a satisfactory result
for the quarter. The period was characterized by
closer collaboration with our strategic healthcare
partner and successful testing activities supporting
future growth opportunities. We also strengthened
the commercial and operational setup during the
quarter, supporting the long-term outlook.
• ProAudio segment delivered a strong result for the
quarter, reflecting a good momentum with key cus-
tomers in the module business.
• The share buy-back program initiated in August
2025 was expanded during the quarter from 20
DKKm to a total of 40 DKKm.
Investor and analyst conference call
27 August, 14:00 CEST (register on Teams)
28 August 2026, 11:30 CEST (register by mail to
2
RTX interim report for Q3 and 9M 2025/26
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
FY
2024/25
Key ratios (percentage)
Growth in net turnover 3.0 3.5 2.0 16.7 9.8
Gross margin 53.3 51.7 54.8 50.7 50.0
EBIT margin 3.9 5.4 1.9 0.6 1.6
Return on invested capital
(3)
9.6 9.7 9.6 9.7 6.6
Return on equity
(3)
3.4 4.7 3.4 4.7 3.2
Equity ratio 64.3 66.2 64.3 66.2 68.0
Employment
Average number of full-time employees
(4)
Average number of FTE employed directly
(4)
297 280 293 268 273
Revenue per employee (DKK ‘000)
(5)
468 480 1,303 1,371 1,818
Operating profit/loss (EBIT) per employee
(DKK ‘000)
(5)
18 26 25 8 29
Shares (number of shares in thousands)
Average number of shares in distribution 7,842 7,978 7,880 7,978 7,975
Average number of diluted shares 7,888 7,962 7,930 7,966 7,995
Share data (DKK per share at DKK 5)
Profit/loss for the period (EPS), per share
(5)
0.6 0.7 0.9 0.7 1.3
Profit/loss for the period, diluted (DEPS), per
share
(5)
0.6 0.7 0.9 0.7 1.3
Dividends, per share - - - - -
Equity value, per share 41.7 41.5 41.7 41.5 41.9
Listed price, per share 95.4 83.2 95.4 83.2 93.0
(3)
Calculated over a rolling 12 months’ period.
(4)
Employees employed in RTX legal entities are defined as “employed directly”. Employees employed through service partner in countries where we have
no legal entity, comprise the rest.
(5)
Not annualized.
Amounts in DKK million
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
FY
2024/25
Income statement items
Revenue 151.3 146.9 415.7 407.3 547.1
Gross profit 80.6 76.0 227.6 206.5 273.8
EBITDA 13.4 15.0 30.1 22.2 35.5
EBITDA % 8.9% 10.2% 7.2% 5.4% 6.5%
Operating profit/loss (EBIT) 5.9 7.9 8.1 2.5 8.7
Net financials -0.2 -1.2 0.6 5.1 5.2
Profit/loss before tax 5.6 6.7 8.7 7.6 14.0
Profit/loss for the period 4.4 5.2 6.8 5.9 10.5
Balance sheet items
Net liquidity position
(1)
135.9 118.9 135.9 118.9 153.0
Total inventory 32.9 56.5 32.9 56.5 36.8
Total assets 507.5 499.8 507.5 499.8 490.5
Equity 326.2 331.0 326.2 331.0 333.7
Liabilities 181.4 168.8 181.4 168.8 156.8
Other key figures
Total development cost incurred 22.5 10.1 71.7 30.7 51.0
Capitalized own development cost 8.2 7.8 24.1 16.9 23.9
Depreciation and amortization 7.5 7.1 22.0 19.7 26.8
Cash flow from operations 22.8 19.9 31.4 40.8 82.8
Cash flow from investments -8.4 -8.4 -26.2 -22.3 -30.0
Free Cash Flow
(2)
14.3 11.6 5.1 18.5 52.8
Investment in property, plant and equipment 0.3 0.4 1.7 3.1 4.5
Increase/decrease in cash and cash equivalents 7.9 9.3 -17.6 12.7 42.9
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.
(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 Q3 and 9M 2025/26
With a strong focus on seamless and
reliable system integration, we design,
develop, and manufacture wireless IP
telephony products and sub-systems.
258
DKKm 9M
revenue
62%
of 9M group
revenue
Enterprise
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.
80
DKKm 9M
revenue
19%
of 9M group
revenue
ProAudio
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.
78
DKKm 9M
revenue
19%
of 9M group
revenue
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.
Utilizing wireless expertise, we provide secure
and reliable communication products and
solutions fit for challenging environments.
RTX
at a Glance
4
RTX interim report for Q3 and 9M 2025/26
Management report for
Q3 and 9M 2025/26
Adjusted for currency effects, RTX achieved 8.5% year-on-year
revenue growth in 9M, corresponding to reported growth of 2%.
The revenue mix across segments this quarter reflected delivery
timing alongside continued growth in Healthcare and ProAudio. The
full year outlook for profitability is increased, supported by a strong
market pull and a solid orderbook, while component shortage limits
our ability to fully convert demand into deliveries.
DA was below last year, as higher capacity costs
from strategic hires more than offset the increase
in gross profit. RTX continues to strengthen its
foundation for long-term sustainable growth
across Enterprise, Healthcare, and ProAudio.
Revenue
For 9M 2025/26, revenue rose by 8.5%, at con-
stant currencies, and 2% in reported currencies
year-on-year, totalling 416 DKKm, compared to
407 DKKm in 9M 2024/25. For Q3 2025/26,
revenue rose by 4.3 % at constant currencies,
and 3 % in reported currencies year-on-year.
Enterprise segment revenue for the first nine
months was lower than in 9M 2024/25, impact-
ed by component shortages and constrained
production capacity limiting our ability to convert
demand into deliveries. The order backlog and
customer forecasts improved during the quarter
and continue to support our expectations for
the full year. Revenue for Q3 2025/26 reached
92 DKKm (Q3 2024/25: 106 DKKm). Reve-
nue for 9M 2025/26 reached 258 DKKm (9M
2024/25: 299 DKKm).
ProAudio segment delivered a strong result
for both the quarter and the first nine months,
reflecting good momentum with key customers
in the module business. RTX focuses on module
sales, driving scalability through a modular prod-
uct platform built on our high quality wireless
audio technology. Revenue for Q3 2025/26
reached 30 DKKm (Q3 2024/25: 18 DKKm).
Revenue for 9M 2025/26 reached 80 DKKm
(9M 2024/25: 56 DKKm).
Healthcare segment delivered a satisfactory
result for the quarter, characterized by closer
collaboration with our strategic healthcare partner
and successful testing activities supporting
future growth opportunities. The commercial and
operational setup was further strengthened during
the quarter, supporting the long-term outlook.
Revenue for Q3 2025/26 reached 30 DKKm (Q3
2024/25: 23 DKKm). Revenue for 9M 2025/26
reached 78 DKKm (9M 2024/25: 52 DKKm).
Performance
Revenue grew both for the quarter and the first
nine months of 2025/26, driven by ProAudio
and Healthcare, which grew 42% and 51%
year-on-year respectively for the nine months.
This more than offset lower revenue particularly
in Enterprise, where component shortages and
constrained production capacity limited our
ability to convert demand into deliveries during
the quarter. For the first nine months, EBITDA
and EBIT improved year-on-year, supported by
the improved gross margin and the growth in
ProAudio and Healthcare. For the quarter, EBIT-
Revenue by segment
DKK million
Enterprise ProAudio Healthcare
9M
2025/26
9M
2024/25
Q3
2025/26
Q3
2024/25
FY
2024/25
402
106
92
299
258
56
80
407
416
52
78
67
18
23
30
79
147
30
547
151
5
RTX interim report for Q3 and 9M 2025/26
Gross profit
For 9M 2025/26, gross profit rose by 10%
year-on-year, totalling 228 DKKm, compared to
207 DKKm in 9M 2024/25. Gross profit for Q3
2025/26 reached 81 DKKm (Q3 2024/25: 76
DKKm).
The gross margin for 9M 2025/26 reached
54.8% compared to 50.7% for 9M 2024/25,
and 53.3% for Q3 2025/26 compared to
51.7% for Q3 2024/25. The gross margins are
positively impacted by a favourable product mix
combined with a higher revenue share from the
ProAudio and Healthcare segments.
Capacity costs
Capacity costs (staff costs and other exter-
nal expenses) amounted to 222 DKKm in 9M
2025/26 compared to 201 DKKm for 9M
2024/25. The increase is arising primarily from
salary inflation, organizational adjustments and
strategic hires.
The average number of employees was 319 in
9M 2025/26, compared to 297 in 9M 2024/25.
The increase is primarily due to the establishment
of the subsidiary RTX Romania S.R.L in January
2025 and strategic hires in Healthcare and Prod-
uct Management.
Other external costs increased slightly in 9M
2025/26 compared to 9M 2024/25 due to
general inflation.
Operating profits – EBITDA and EBIT
EBITDA reached 13 DKKm for Q3 2025/26 and
30 DKKm for 9M 2025/26 (Q3 2024/25: 15
DKKm, 9M 2024/25: 22 DKKm).
For Q3 2025/26, EBITDA benefited from higher
revenue and improved gross margins but was
negatively impacted by the weaker USD, as reve-
nue is primarily denominated in USD while costs
are mainly incurred in DKK, EUR, and HKD.
EBIT reached 6 DKKm for Q3 2025/26 and 8
DKKm for 9M 2025/26 (Q3 2024/25: 8 DKKm,
9M 2024/25: 2 DKKm). EBIT for 9M 2025/26
reflects the improved EBITDA, partly offset by
higher amortization on Healthcare development
projects completed during the financial year.
Capitalized development projects,
depreciation, and amortization
During Q3 2025/26, RTX continued to invest in
new product features, primarily within Enterprise
and Healthcare. Own development costs of 8
DKKm were capitalized in Q3 2025/26 and
24 DKKm in 9M (Q3 2024/25: 8 DKKm, 9M
2024/25: 17 DKKm).
R&D cost incurred before capitalization increased
to 22.5 DKKm in Q3 2025/26 (Q3 2024/25:
10.1 DKKm), driven mainly by the strategic
collaboration with a global healthcare partner
on patient monitoring infrastructure, alongside
continued Enterprise next-generation product
investment. Depreciation and amortization
amounted to 8 DKKm in Q3 2025/26 and 22
DKKm in 9M 2025/26.
Gross profit and Gross margin
DKK million
Capacity costs
DKK million
EBITDA and EBITDA margin
DKK million
EBIT and EBIT margin
DKK million
Gross profit Gross margin (%) Staff costs Other external costs EBIT
EBIT margin
EBITDA
EBITDA margin
9M
2025/26
9M
2024/25
Q3
2025/26
Q3
2024/25
FY
2024/25
196
54
58
152
171
49
51
201
222
67
15
17
262
69
75
9M
2025/26
9M
2024/25
Q3
2025/26
Q3
2024/25
FY
2024/25
274
76
81
207
228
50.0%
51.7%
53.3%
50.7%
54.8%
9M
2025/26
9M
2024/25
Q3
2025/26
Q3
2024/25
FY
2024/25
36
22
30
15
13
6.5%
10.2%
8.9%
5.4%
7.2%
9M
2025/26
9M
2024/25
Q3
2025/26
Q3
2024/25
FY
2024/25
9
2
8
8
6
1.6%
0.6%
1.9%
5.4%
3.9%
6
RTX interim report for Q3 and 9M 2025/26
Cash flow from operations (CFFO)
DKK million
Net profit and Earnings per share
Net profit before tax amounted to 5.6 DKKm
in Q3 2025/26 and 8.7 DKKm for 9M (Q3
2024/25: 6.7 DKKm, 9M 2024/25: 7.6 DKKm).
For 9M 2025/26, the development is primarily
driven by higher EBITDA, partly offset by signif-
icantly lower financial income from hedge gains
compared to 9M 2024/25.
Earnings per share (EPS) reached 0.6 DKK in Q3
2025/26, compared to 0.7 DKK in Q3 2024/25.
Cash flow
Cash flow from operations (CFFO) in Q3
2025/26 amounted to 23 DKKm, and for 9M
2025/26 to 31 DKKm (Q3 2024/25: 20 DKKm,
9M 2024/25: 41 DKKm). For the first nine
months, the development was mainly driven
by working capital movements, particularly an
increase in receivables, partly offset by higher
trade payables. In Q3 2025/26, CFFO benefited
from a reduction in receivables.
The share buy-back program initiated in August
2025 was expanded during the quarter from
20 DKKm to a total of 40 DKKm, with 17 DKKm
completed in 2025/26 by the end of Q3.
Assets, equity and liabilities
The total assets amounted to 508 DKKm at the
end of 9M 2025/26 compared to 500 DKKm
at the end of 9M 2024/25. Inventories were re-
duced to 33 DKKm from 57 DKKm at the end of
9M 2024/25, while intangible assets increased
to 125 DKKm from 92 DKKm, reflecting capital-
ization of development projects, particularly in
Healthcare. Total net liquidity position (total of
cash and current asset investments) amounted
to 136 DKKm at the end of 9M 2025/26 com-
pared to 153 DKKm at the start of the fiscal year.
At the end of 9M 2025/26, total equity was 326
DKKm (9M 2024/25: 331 DKKm) correspond-
ing to an equity ratio of 64.3% (9M 2024/25:
66.2%).
Earnings per share (EPS)
DKK per share
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.
Equity
DKK million
Net liquidity position
DKK million
Equity
Equity ratio
9M
2025/26
9M
2024/25
Q3
2025/26
Q3
2024/25
FY
2024/25
1.3
0.7
0.6
0.7
0.9
9M
2025/26
9M
2024/25
Q3
2025/26
Q3
2024/25
FY
2024/25
83
20
23
41
31
9M
2025/26
9M
2024/25
Q3
2025/26
Q3
2024/25
FY
2024/25
153
119
136
119
136
9M
2025/26
9M
2024/25
Q3
2025/26
Q3
2024/25
FY
2024/25
334
331
326
331
326
68.0%
66.2%
64.3%
66.2%
64.3%
7
RTX interim report for Q3 and 9M 2025/26
Outlook on profitability increased
Based on the performance in 9M 2025/26, continued
positive dialogue with key customers, and the current
order pipeline, RTX increase its outlook on profitability
for the financial year 2025/26.
Revenue expectation for the full year 2025/26 is set at
590 to 625 DKKm, based on 9 months’ results, order
book and pipeline.
EBITDA expectation for the full year 2025/26 is set
at 50 to 75 DKKm, based on revenue, gross margin
expectations and capacity cost forecast.
EBIT expectation for the full year 2025/26 is set at
20 to 45 DKKm.
The outlook remains subject to the uncertainties inher-
ent in forward-looking statements, including market
developments, customer demand patterns, component
availability and currency fluctuations. That said, we be-
lieve the guidance remains balanced and reflects both
the positive market momentum among key customers
and the impact of component shortages. We expect
these constraints to persist into Q4.
RTX A/S
Henrik Schimmell Henrik Mørck Mogensen
Chair CEO
Financial calendar
Expected publication of financial infor-
mation for the financial year 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
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-con-
tractor supplies as well as legislative and/or regulatory changes.
8
RTX interim report for Q3 and 9M 2025/26
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
FY
2024/25
Revenue 3 151,275 146,928 415,650 407,317 547,107
Value of own work capitalized 4 8,225 7,763 24,109 16,943 23,879
Cost of goods sold -70,650 -70,924 -188,059 -200,785 -273,315
Other external expenses -17,406 -15,102 -50,785 -48,845 -66,572
Staff costs -58,050 -53,628 -170,825 -152,436 -195,574
Operating profit/loss before depreciation
and amortization (EBITDA) 13,394 15,037 30,090 22,194 35,525
Depreciation and amortization 4 -7,530 -7,139 -22,011 -19,739 -26,780
Operating profit/loss (EBIT) 5,864 7,898 8,079 2,455 8,745
Financial income 5 1,024 5,069 3,643 7,603 7,536
Financial expenses 5 -1,254 -6,274 -3,063 -2,457 -2,298
Profit/loss before tax 5,634 6,693 8,659 7,601 13,983
Tax on profit/loss -1,238 -1,472 -1,905 -1,672 -3,528
Profit/loss for the period 4,396 5,221 6,754 5,929 10,455
Earnings per share
Earnings per share (DKK) 0.6 0.7 0.9 0.7 1.3
Earnings per share, diluted (DKK) 0.6 0.7 0.9 0.7 1.3
Amounts in DKK ‘000 Note
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
FY
2024/25
Profit/loss for the period 4,396 5,221 6,754 5,929 10,455
Items that can be reclassified subsequently
to the income statement
Exchange rate adjustments of foreign
subsidiaries 416 -3,977 1,147 -2,339 -2,097
Fair value adjustment relating to hedging
instruments 300 494 -2,627 767 -82
Tax on hedging instruments -38 -109 606 -169 18
Fair value adjustment relating to hedging
instruments reclassified to the income
statement - -703 - -703 -
Tax on hedging instruments reclassified - 155 - 155 -
Other comprehensive income, net of tax 678 -4,140 -874 -2,289 -2,161
Comprehensive income for the period 5,074 1,081 5,880 3,640 8,294
9
RTX interim report for Q3 and 9M 2025/26
Amounts in DKK ‘000 30.06.26 30.06.25 30.09.25
Assets
Own completed development projects 51,624 29,076
Own development projects in progress 65,597 54,363
Software 61 408
Goodwill 7,797 7,797
Intangible assets 125,079 91,644
Right-of-use assets (lease assets) 43,335 48,721
Plant and machinery 6,181 9,766
Other fixtures, tools and equipment 2,482 3,455
Leasehold improvements 6,549 8,065
Tangible assets 58,547 70,007
Deposits 6,716 6,649
Deferred tax assets 3,010 3,902
Other non-current assets 9,726 10,551
Total non-current assets 193,352 172,202
Inventories 32,859 56,520 36,756
Trade receivables 129,127 137,049
Contract development projects in progress 2,839 2,000
Income taxes 1,001 844
Other receivables 4,593 5,263
Prepaid expenses 7,863 7,085
Receivables 145,423 152,241
Current asset investments in the trading portfolio 35,150 34,181
Current asset investments 35,150 34,181
Cash at bank and in hand 100,753 84,686
Total current assets 314,185 327,628
Total assets 507,537 499,830
Balance Sheet
(non-audited)
Amounts in DKK ‘000 30.06.26 30.06.25 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 5,825 4,436 4,678
Cash flow hedging -2,150 64 -129
Retained earnings 143,197 113,751 116,343
Equity 326,164 331,029 333,670
Lease liabilities 41,038 46,998 45,141
Provisions 400 1,174 200
Deferred revenue 22,193 20,751 13,006
Other payables - - 3,602
Non-current liabilities 63,631 68,923 61,949
Lease liabilities 8,289 7,748 7,715
Prepayments received from customers 4,317 8,668 6,366
Trade payables 50,443 50,220 42,053
Contract development projects in progress 3,326 3,910 4,219
Income taxes 103 60 518
Provisions 2,500 1,326 3,700
Deferred revenue 7,259 - 6,648
Other payables 41,505 27,946 23,677
Current liabilities 117,742 99,878 94,896
Total liabilities 181,373 168,801 156,845
Total equity and liabilities 507,537 499,830 490,515
10
RTX interim report for Q3 and 9M 2025/26
Equity Statement
(non-audited)
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
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 - - - - 6,754 6,754
Exchange rate adjustments
of foreign subsidiaries - - 1,147 - - 1,147
Fair value adjustment relating
to hedging instruments - - - -2,627 - -2,627
Tax on hedging instruments - - - 606 - 606
Fair value of hedging instruments
reclassified to the income statement - - - - - -
Tax on hedging instruments reclassified - - - - - -
Other comprehensive income,
net of tax - - 1,147 -2,021 - -874
Comprehensive income for the period - - 1,147 -2,021 6,754 5,880
Share-based remuneration - - - - 3,177 3,177
Current tax on equity transactions - - - - 494 494
Deferred tax on equity transactions - - - - -277 -277
Annulment of treasury shares -850 -32,636 - - 33,473 -13
Acquisition of treasury shares - - - - -16,767 -16,767
Other transactions -850 -32,636 - - 20,100 -13,386
Equity at 30 June 2026 41,489 137,803 5,825 -2,150 143,197 326,164
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 - - - - 5,929 5,929
Exchange rate adjustments
of foreign subsidiaries - - -2,339 - - -2,339
Fair value adjustment relating
to hedging instruments - - - 786 -19 767
Tax on hedging instruments - - - -60 -109 -169
Fair value of hedging instruments
reclassified to the income statement - - - -703 - -703
Tax on hedging instruments reclassified - - - 106 49 155
Other comprehensive income,
net of tax - - -2,339 129 -79 -2,289
Comprehensive income for the period - - -2,339 129 5,850 3,640
Share-based remuneration - - - - 3,966 3,966
Current tax on equity transactions - - - - - -
Deferred tax on equity transactions - - - - 4 4
Annulment of treasury shares - - - - - -
Acquisition of treasury shares - - - - - -
Other transactions - - - - 3,970 3,970
Equity at 30 June 2025 42,339 170,439 4,436 64 113,751 331,029
The share capital of DKK 41,489,190 consists of 8,297,838 shares of DKK 5 (DKK 42,339,190 consisting of
8,467,838 shares at 30 June 2025). The Group holds 478,287 treasury shares at 30 June 2026 (489,362 shares
at 30 June 2025). There are no shares carrying special rights.
11
RTX interim report for Q3 and 9M 2025/26
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
FY
2024/25
Repayment of lease liabilities -2,077 -2,281 -5,992 -5,861 -7,751
Acquisition of treasury shares -4,320 - -16,767 - -2,147
Cash flow from financing activities -6,397 -2,281 -22,759 -5,861 -9,898
Increase/decrease in cash and cash equivalents 7,944 9,294 -17,620 12,678 42,876
Exchange rate adjustments on cash -167 975 -140 -1,979 1,650
Cash and cash equivalents at the beginning
of the period, net 92,976 74,417 118,513 73,987 73,987
Cash and cash equivalents at the end of the
period, net 100,753 84,686 100,753 84,686 118,513
Cash and cash equivalents at the end of the
period, net are composed as follows:
Cash at bank and in hand 100,753 84,686 100,753 84,686 118,513
Cash and cash equivalents at the end
of the period, net 100,753 84,686 100,753 84,686 118,513
Amounts in DKK ‘000
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
FY
2024/25
Operating profit/loss (EBIT) 5,864 7,898 8,079 2,455 8,745
Reversal of items with no effects on cash flow
Depreciation and amortization 7,530 7,139 22,011 19,739 26,780
Other items with no effects on cash flow -2,791 1,858 -3,937 8,917 12,879
Change in working capital
Change in inventories -3,167 14,540 5,327 15,591 29,265
Change in receivables 16,155 -8,843 -19,269 -13,320 10,514
Change in trade payables, etc. 396 1,191 19,674 2,215 -8,612
Financial income received 451 -2,244 4,247 8,452 7,326
Financial expenses paid -862 -1,201 -3,063 -2,457 -3,158
Income taxes paid -811 -393 -1,703 -765 -944
Cash flow from operating activities 22,765 19,945 31,366 40,827 82,795
Investments in own development projects -8,161 -7,989 -24,039 -17,851 -24,731
Acquisition of property, plant and equipment -250 -440 -1,731 -3,103 -4,478
Sale of tangible assets - - - - 147
Deposits on leaseholds -13 59 -63 -44 -48
Acquisition of current asset investments in the
trading portfolio - - -394 -1,290 -911
Cash flow from investments -8,424 -8,370 -26,227 -22,288 -30,021
12
RTX interim report for Q3 and 9M 2025/26
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 Compa-
ny’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.
Notes
13
RTX interim report for Q3 and 9M 2025/26
3 Segment information continued
2025/26 2024/25
Amounts in DKK ‘000 Q1 Q2 Q3 Q4 9M Q1 Q2 Q3 Q4 9M Full year
Revenue
Enterprise 61,537 104,531 91,589 - 257,657 78,559 114,373 106,440 102,275 299,372 401,647
ProAudio 27,001 23,117 29,540 - 79,658 17,442 21,244 17,506 22,370 56,192 78,562
Healthcare 19,240 28,949 30,146 - 78,335 4,524 24,247 22,982 15,145 51,753 66,898
Total Revenue, RTX Group 107,778 156,597 151,275 - 415,650 100,525 159,864 146,928 139,790 407,317 547,107
EBITDA
Enterprise -13,227 3,646 -5,877 - -15,458 462 8,923 11,410 10,265 20,795 31,060
ProAudio 3,668 4,493 12,156 - 20,317 -4,864 -4,727 -6,768 -2,068 -16,359 -18,427
Healthcare 5,632 12,484 7,115 - 25,231 -5,005 12,368 10,395 5,134 17,758 22,892
Total EBITDA, RTX Group -3,927 20,623 13,394 - 30,090 -9,407 16,564 15,037 13,331 22,194 35,525
Revenue, geographical segment
Denmark 15,354 12,386 9,459 - 37,199 11,630 36,494 26,456 21,742 74,580 96,322
France 26,989 19,642 22,141 - 68,772 21,013 18,343 24,558 25,923 63,914 89,837
Great Britain 2,191 14,359 14,088 - 30,638 14,310 17,153 13,793 13,816 45,256 59,072
Other Europe 21,145 23,784 18,841 - 63,770 13,881 33,729 28,132 22,969 75,742 98,711
USA 17,326 47,662 32,987 - 97,975 22,332 35,452 34,665 32,059 92,449 124,508
Other Asia and Pacific 24,276 38,672 53,046 - 115,994 15,996 17,227 17,774 23,104 50,997 74,101
Other 497 92 713 - 1,302 1,363 1,466 1,550 177 4,379 4,556
Total Revenue, RTX Group 107,778 156,597 151,275 - 415,650 100,525 159,864 146,928 139,790 407,317 547,107
In accordance with internal reporting, RTX reports on three target market segments: Enterprise, ProAudio and Healthcare. Costs directly attributable to the three reportable market segments are allocated
accordingly. The majority of RTX’s capacity costs are not allocated directly to a segment but are allocated based on the segments’ expected relative shares of revenue. This reflects RTX’s platform-based
operating and development model, under which resources, technologies and capabilities are shared across segments and therefore are not clearly attributed to individual segments. For a presentation of events
within the segments during the financial year and developments compared with 2024/25, please refer to the Management Review.
Notes
14
RTX interim report for Q3 and 9M 2025/26
Notes
4 Development costs
Amounts in DKK ‘000
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
FY
2024/25
Research and development cost incurred before
capitalization
(1)
22,491 10,055 71,719 30,661 50,970
Capitalization regarding strategic collaboration
(1)
-3,259 - -14,482 - -
Value of own work capitalized
(2)
-8,142 -7,719 -23,868 -16,698 -23,506
Total amortization on development projects 3,534 2,601 9,072 6,230 8,778
Development costs recognized in the profit/loss
account 14,624 4,937 42,441 20,193 36,242
(1)
Research and development cost incurred before capitalization of 22.5 DKKm in Q3 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 9M 2025/26 relates to deferred revenue of 14.5 DKKm, of which 11.2 DKKm was deferred in Q1 2025/26 and is recognized
as income over 5 years starting Q2 2025/26, and 3.3 DKKm was deferred in Q3 2025/26 and is recognized as income over 5 years starting Q3
2025/26.
(2)
Total value of own work capitalized of 8.2 DKKm in Q3 2025/26 according to the income statement includes own tangible assets of 0.2 DKKm (Q3
2024/25: 0.0 DKKm).
5 Financial items
Amounts in DKK ‘000
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
FY
2024/25
Exchange rate gains (net) - - 1,499 574 210
Fair value adjustments of investments in
trading portfolio 622 298 293 - -
Gain on hedging instruments (net) - 4,559 - 4,445 4,799
Other financial income 402 212 1,851 2,584 2,527
Total financial income 1,024 5,069 3,643 7,603 7,536
Exchange rate losses (net) 392 5,766 - - -
Fair value adjustments of investment in trading
portfolio - - - 807 147
Financing element, IFRS 16 405 483 1,274 1,569 2,036
Loss on hedging instruments (net) 430 - 1,681 - -
Other financial costs 27 25 108 81 115
Total financial expenses 1,254 6,274 3,063 2,457 2,298
15
RTX interim report for Q3 and 9M 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), assets - - - -
Financial instruments (hedging), liability - -2,756 - -2,756
Bonds listed on the stock exchange, in the trading portfolio 35,150 - - 35,150
Financial net assets at fair value at 30 June 2026 35,150 -2,756 - 32,394
Financial instruments (hedging), assets - 2,736 - 2,736
Financial instruments (hedging), liability - - - -
Bonds listed on the stock exchange, in the trading portfolio 34,181 - - 34,181
Financial net assets at fair value at 30 June 2025 34,181 2,736 - 36,917
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 Q3 and 9M 2025/26
Management’s Statement
Executive Board
Board of Directors
17
RTX interim report for Q3 and 9M 2025/26
Design and production: Noted