XCSE:RTX ESEF Annual Report
RTX A/S (XCSE:RTX)
ESEF Annual Report
2026-05-27
For: 2026-03-31
View Original
Added on
September 22, 2026
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
“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
Q2 progress supports full-year
ambition despite rising market
uncertainties
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 im-
proved 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 expecta-
tions for the full year.
• Healthcare segment delivered a solid revenue for
the quarter building on our strong customer relation-
ships and product portfolio.
• ProAudio segment delivered a strong result for the
quarter, reflecting a good momentum with key cus-
tomers 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
vonh@danskebank.dk).
19 May, 12:30 CET (register on www.inderes.dk)
2
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
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)
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.
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.
3
RTX interim report for Q2 and H1 2025/26
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
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.
23
DKKm Q2
revenue
15%
of Q2 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.
29
DKKm Q2
revenue
18%
of Q2 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 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 by segment
DKK million
Revenue from product sales
% of total revenue
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 increas-
ing 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 rela-
tionships, 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 dis-
tribution with our large customers and delivery
delays from production. The large long- term cus-
tomers 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 compet-
itive 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 mo-
mentum 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 Health-
care 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).
Share of revenue from product sales Enterprise ProAudio Healthcare
H1
2025/26
H1
2024/25
Q2
2025/26
Q2
2024/25
FY
2024/25
94.1%
95.9%
93.3%
94.6%
93.5%
H1
2025/26
H1
2024/25
Q2
2025/26
Q2
2024/25
FY
2024/25
402
114
105
193
166
39
50
260
264
29
48
67
21
24
23
79
160
29
547
157
5
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 ex-
penses) amounted to 146 DKKm in H1 2025/26
(H1 2024/25: 133 DKKm). The increase is aris-
ing 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 reve-
nue 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 seg-
ment, 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 capital-
ized 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
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
H1
2025/26
H1
2024/25
Q2
2025/26
Q2
2024/25
FY
2024/25
196
53
58
99
113
34
33
133
146
67
16
17
262
69
75
H1
2025/26
H1
2024/25
Q2
2025/26
Q2
2024/25
FY
2024/25
274
80
88
131
147
233
274
50.0%
49.7%
56.0%
50.1%
55.6%
H1
2025/26
H1
2024/25
Q2
2025/26
Q2
2024/25
FY
2024/25
36
7
17
17
21
6.5%
10.4%
13.2%
2.7%
6.3%
H1
2025/26
H1
2024/25
Q2
2025/26
Q2
2024/25
FY
2024/25
9
-5
2
10
13
1.6%
-2.1%
0.8%
6.4%
8.3%
6
RTX interim report for Q2 and H1 2025/26
Cash flow from operations (CFFO)
DKK million
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 finan-
cial 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 Meet-
ing 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 posi-
tion (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) correspond-
ing to an equity ratio of 64.0% (H1 2024/25:
65.7%).
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
H1
2025/26
H1
2024/25
Q2
2025/26
Q2
2024/25
FY
2024/25
1.3
1.0
1.3
0.1
0.3
H1
2025/26
H1
2024/25
Q2
2025/26
Q2
2024/25
FY
2024/25
83
28
-5
21
9
H1
2025/26
H1
2024/25
Q2
2025/26
Q2
2024/25
FY
2024/25
153
108
128
108
128
H1
2025/26
H1
2024/25
Q2
2025/26
Q2
2024/25
FY
2024/25
334
327
325
327
325
68.0%
65.7%
64.0%
65.7%
64.0%
7
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 finan-
cial 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 main-
tained at 0 to 30 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 with key customers and
the continued uncertainty in the broader market and
supply chain environment.
RTX A/S
Henrik Schimmell Henrik Mørck Mogensen
Chair CEO
Financial calendar
Expected publication of financial infor-
mation 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
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 Q2 and H1 2025/26
Income Statement
(non-audited)
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
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
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
9
RTX interim report for Q2 and H1 2025/26
Amounts in DKK ‘000 31.03.26 31.03.25 30.09.25
Assets
Own completed development projects 42,038 14,967
Own development projects in progress 67,296 63,085
Software 148 495
Goodwill 7,797 7,797
Intangible assets 117,279 86,344
Right-of-use assets (lease assets) 45,303 50,509
Plant and machinery 7,088 11,226
Other fixtures, tools and equipment 2,855 3,680
Leasehold improvements 6,917 8,455
Tangible assets 62,163 73,870
Deposits 6,702 6,708
Deferred tax assets 4,011 5,353
Other non-current assets 10,713 12,061
Total non-current assets 190,155 172,275
Inventories 29,592 74,140 36,756
Trade receivables 146,577 130,707
Contract development projects in progress 4,042 2,607
Income taxes 63 465
Other receivables 2,273 3,234
Prepaid expenses 7,637 6,145
Receivables 160,592 143,158
Current asset investments in the trading portfolio 34,529 33,883
Current asset investments 34,529 33,883
Cash at bank and in hand 92,976 74,417
Total current assets 317,689 325,598
Total assets 507,844 497,873
Balance Sheet
(non-audited)
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
10
RTX interim report for Q2 and H1 2025/26
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 - - - - 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.
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
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
Equity Statement
(non-audited)
11
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
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
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 activites -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
12
RTX interim report for Q2 and H1 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 Q2 and H1 2025/26
3 Segment information continued
2025/26 2024/25
Amounts in DKK million 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.
Notes
14
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
15
RTX interim report for Q2 and H1 2025/26
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.
Notes
16
RTX interim report for Q2 and H1 2025/26
Management’s Statement
Executive Board
Board of Directors
17
RTX interim report for Q2 and H1 2025/26
Design and production: Noted