RTX Interim Report
for Q3 and 9M 2024/25
RTX A/S • Stroemmen 6 • DK-9400 Noerresundby • CVR no. 17 00 21 47
(the period 1 October 2024 – 30 June 2025)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 28 August 2025
Announcement no. 15/2025
No. of pages: 19
“I am pleased to report continued strong momentum in Q3,
driven primarily by the Enterprise segment, where we see solid
and consistent demand, particularly from long-term customers
and the retail sub-segment. We are also seeing steady progress
in our Healthcare segment, where RTX products remain critical
components in advanced patient monitoring systems.
Although short order cycles continue to limit forecast visibility,
demand pattern across quarters is becoming more stable. We
are increasing our efforts to follow ongoing market dynamics and
trends, in order to better align with customer expectations and
evolving market demands.
At the end of June, we raised our full-year guidance, as strong Q3
result became evident and several orders for Q4 were secured. U.S.
tariff continues to create uncertainty, and we are working closely
with our large international customers to find the best solutions.
With strong expertise and a global customer base, the Company
has a solid foundation. By expanding our footprint and focusing on
strategic priorities, we are reinforcing our ability to drive sustainable
growth and long-term value.“
Henrik Mørck Mogensen, CEO
Q3 2024/25: Solid revenue
and profitability leads to
confidence in current guidance
Financial highlights
• Revenue for Q3 2024/25 increased by 3.5% year
on year to 146.9 DKKm, compared to 141.9 DKKm in
Q3 2023/24. Adjusted for currency effects, revenue
for the quarter increased by 9.9%. For the first nine
months of 2024/25, revenue rose by 16.7% year on
year to 407.3 DKKm, and by 18.0% when adjusted
for currency effects.
• Gross margin reached 51.7% for Q3 2024/25, and
50.7% for the first 9M 2024/25. Gross margin
improved due to a favourable product mix and higher
revenue from the Healthcare segment.
• EBITDA reached 15.0 DKKm for Q3 2024/25, and
22.2 DKKm for 9M 2024/25 (Q3 2023/24: 9.4
DKKm, 9M: -20.1 DKKm).
Guidance
RTX narrows the adjusted guidance announced on 23
June 2025 for 2024/25:
• Revenue DKK 530-560 million
• EBITDA DKK 25 to 35 million
• EBIT DKK -5 to 5 million
Business highlights
• Continued strong performance in Enterprise
segment driven mainly by customers in the retail
sector and long-term customers demand across
applications.
• The Healthcare segment delivered solid revenue
growth, driven by sales of RTX products used in
patient monitoring systems.
• While the order horizon remains short and creates
uncertainty in our forecast, we see more stable and
even demand patterns between quarters.
• Reduction in inventory from 74.1 DKKm in Q2 to
56.5 DKKm in Q3, mainly due to reduction in com-
ponent inventory.
• Increase in guidance for the financial year 2024/25
was communicated on 23 June 2025.
Investor and analyst conference call
On Friday, 29 August 2025 at 10:15 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 Q3 and 9M 2024/25
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
FY
2023/24
Key ratios (percentage)
Growth in net turnover 3.5 % -16.4% 16.7 % -37.4% -36.3%
Gross Margin 51.7 % 47.7 % 50.7 % 44.9 % 46.7%
EBIT Margin 5.4 % 0.1% 0.6 % -14.5% -6.8%
Return on invested capital
(3)
9.7 % 1.5% 9.7 % 1.5% -5.1 %
Return on equity
(3)
4.7 % -3.3% 4.7 % -3.3% -8.8 %
Equity ratio 66.2 % 65.7% 66.2 % 65.7% 65.8 %
Employment
Average number of full-time employees
(4)
Average number of FTE employed directly
(4)
280 254 268 259 256
Revenue per employee (DKK ‘000)
(5)
480 495 1,371 1,195 1,713
Operating profit/loss (EBIT) per employee
(DKK ‘000)
(5)
26 1 8 -173 -117
Shares (number of shares in thousands)
Average number of shares in distribution 7,978 8,040 7,978 8,118 8,084
Average number of diluted shares 7,962 8,048 7,966 8,086 8,056
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(5)
0.7 0.1 0.7 -4.9 -3.8
Profit/loss for the year, diluted (DEPS), per share
(5)
0.7 0.1 0.7 -5.0 -3.8
Dividends, per share - - - - -
Equity value, per share 41.5 40.0 41.5 40.0 40.5
Listed price, per share 83.2 96.8 83.2 96.8 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
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
FY
2023/24
Income statement items
Revenue 146.9 141.9 407.3 349.0 498.3
Gross Profit 76.0 67.7 206.5 156.6 232.9
EBITDA 15.0 9.4 22.2 -20.1 3.1
EBITDA % 10.2 % 6.6 % 5.4 % -5.8% 0.6%
Operating profit/loss (EBIT) 7.9 0.2 2.5 -50.6 -34.1
Net financials -1.2 0.7 5.1 -0.8 -4.2
Profit/loss before tax 6.7 0.8 7.6 -51.4 -38.3
Profit/loss for the period 5.2 0.6 5.9 -40.1 -30.7
Balance sheet items
Net liquidity position
(1)
118.9 100.4 118.9 100.4 107.7
Total inventory 56.5 90.7 56.5 90.7 78.3
Total assets 499.8 488.3 499.8 488.3 491.3
Equity 331.0 320.8 331.0 320.8 323.4
Liabilities 168.8 167.5 168.8 167.5 167.8
Other key figures
Total development cost incurred 21.9 17.0 30.7 58.5 65.5
Capitalized own development cost 7.8 5.3 16.9 15.9 19.9
Depreciation, amortization and impairment 7.1 9.2 19.7 30.5 37.2
Investment in property, plant and equipment 0.4 0.7 3.1 1.4 1.4
Free Cash Flow
(2)
11.6 20.8 18.5 -14.2 -1.0
Cash flow from operations 19.9 26.8 40.8 3.8 21.5
Cash flow from investments -8.4 -6.0 -22.3 -18.0 -22.5
Increase/decrease in cash and cash equivalents 9.3 13.1 12.7 -37.3 -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 Q3 and 9M 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.
52
DKK million
in revenue 9M
13%
of share
group 9M
56
DKK million
in revenue 9M
14%
of share
group 9M
Focusing on making sure all the component systems
integrate seamlessly and reliably, we design, develop
and manufacture wireless IP telephony products and
sub-systems.
299
DKK million
in revenue 9M
73%
of share
group 9M
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 Q3 and 9M 2024/25
Revenue
Revenue for Q3 2024/25 increased by 3.5% year
on year to DKK 146.9 million, compared to DKK 141.9
million in Q3 2023/24. Adjusted for currency effects,
revenue for the quarter increased by 9.9%. For the
first nine months of 2024/25, revenue rose by 16.7%
year on year to DKK 407.3 million, and by 18.0% when
adjusted for currency effects.
The decline in the USD exchange rate negatively im-
pacted reported revenue particularly in Q3. This high-
lights RTX’s revenue sensitivity to USD fluctuations, as
most sales and direct costs are in USD, while capacity
costs primarily are in DKK and HKD. To manage this
risk, we use USD hedging to mitigate and better antici-
pate the effects of currency fluctuations.
RTX saw order intake in line with expectations, par-
ticularly within the Enterprise segment. The order book
remains short with most deliveries scheduled within a
three-months horizon.
The revenue development reflects that more of our
long-term customers have now normalized their
inventory levels and resumed ordering, supporting a
return to regular demand patterns. This improvement
in revenue compared to last year has been driven by
strong retail performance as well as increased sales
within the Healthcare segment. Revenue for the
quarter was broadly in line with expectations, and the
current order book suggests that Q4 is also on track to
meet forecasts.
• Enterprise segment: Revenue in Q3 2024/25
reached 106.4 DKKm, up from 103.0 DKKm in Q3
2023/24. For 9M 2024/25 revenue totalled 299.4
DKKm, a 31% increase year on year compared to
228.4 DKKm in 9M 2023/24. In Q3, we continue
to see a gradual return to typical ordering patterns
among several key Enterprise customers, with the
retail sub-segment showing solid growth. Some
customers, however, remain cautious, still man-
aging elevated inventories or adjusting to changes
in their market position. Across the segment, the
focus on working capital remains strong, leading to
short-term order visibility for RTX. Despite this, the
overall development in Enterprise is encouraging, as
long-standing customers show steady demand for
core products and increasing interest in expanding
into new application areas where we have dialogues
on future products.
• ProAudio segment: Revenue in Q3 2024/25
reached 17.5 DKKm, down from 27.0 DKKm in Q3
2023/24. For 9M 2024/25 revenue totalled 56.2
DKKm, a 39% decrease year on year compared to
91.6 DKKm in 9M 2023/24. In response to chang-
ing market conditions, we adjusted our ProAudio
strategy last year to focus primarily on the sale of
modules, thereby offering a more standardized
product range that enables high-quality audio,
stable connectivity, and faster development for
customers building professional audio solutions.
We are seeing increased interest across various
sub-segments, with several customers currently
working to integrate our modules into their products.
Management report for Q3 and 9M 2024/25
Q3 2024/25: Solid revenue and profitability leads to confidence in current guidance
Revenue
Q3: 146.9 DKK
Q3 2023/24: 141.9 DKKm
9M: 407.3 DKKm
9M 2023/24: 349.0 DKKm
5
RTX interim report for Q3 and 9M 2024/25
While volumes have not yet materialized, we are en-
gaged in many promising dialogues with existing and
potential customers, indicating growing momentum
around our modules.
• Healthcare segment: Revenue in Q3 2024/25
reached 23.0 DKKm, up from 12.0 DKKm in Q3
2023/24. For 9M 2024/25 revenue totalled 51.8
DKKm, a 78% increase year on year compared to
29.0 DKKm in 9M 2023/24. The positive devel-
opment in Healthcare continues to reflect revenue
from products where RTX has taken on extended
ownership, based on the agreement signed with a
key customer in November 2023. This transition
remains on track, and over time, revenue from fully
RTX-owned products is expected to grow, as these
solutions are integrated into larger system sales by
our Healthcare partner. While the process involves
coordination with multiple parties and remains
complex, it continues to strengthen RTX’s role in the
value chain and provides valuable market insight.
We expect these developments to positively impact
both revenue and gross margin in the Healthcare
segment in the years ahead.
DKK million
Q3
24/25
Change
(YoY)
9M
24/25
Change
(YoY)
Enterprise revenue 106.4 3.5 299,3 71.0
ProAudio revenue 17.5 -9.5 56.2 -35.4
Healthcare revenue 23 11.0 51.8 22.7
Total 146.9 5.0 407.3 58.3
Gross profit for Q3 2024/25 increased by 12 % year
on year, reaching 76.0 DKKm compared to 67.7 DKKm
in Q3 2023/24. For 9M 2024/25, gross profit rose by
32% year on year, totalling 206.5 DKKm.
Gross margin reached 51.7% for Q3 2024/25, and
50.7% for 9M 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
Q3. 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
Q3
24/25
Change
(YoY)
9M
24/25
Change
(YoY)
Gross profit 76.0 8.3 206.5 49.9
Gross margin 51.7% 4.0 pp 50.7% 5.8 pp
Capacity costs consist mainly of staff costs and
secondly of other external expenses. Capacity costs
amounted to 201.3 DKKm in 9M 2024/25 (9M
2023/24: 192.7 DKKm) before capitalization of devel-
opment costs. We continue to balance cost cautious-
ness in capacity costs and organizational development,
and ensuring the right skills and resources to drive
growth in revenue and increase in profitability.
DKK million
Q3
24/25
Change
(YoY)
9M
24/25
Change
(YoY)
Capacity costs
(1)
68.7 5.2 201.3 8.6
Value of own work
capitalized 7.8 2.5 16.9 1.0
Depreciation etc.
(2)
7.1 -2.1 19.7 -10.7
(1)
Staff costs and other external expenses
(2)
Depreciation, amortization and impairment
Capitalized development costs: RTX continues to
invest in the development of new product features and
future offerings across all three segments, and a large
part of investments are directed toward the Healthcare
segment, reflecting its strategic importance and growth
potential.
In total, RTX capitalized own development costs of
16.9 DKKm in 9M 2024/25 (9M 2023/24: 15.9
DKKm).
Gross profit
Q3: 76.0 DKKm
Q3 2023/24: 67.7 DKKm
9M:206.5 DKKm
9M 2023/24: 156.6 DKKm
EBITDA
Q3: 15.0 DKKm
Q3 2023/24: 9.4 DKKm
9M: 22.2 DKKm
9M 2023/24: -20.1 DKKm
6
RTX interim report for Q3 and 9M 2024/25
Depreciations and amortizations amounted to 19.7
DKKm in 9M 2024/25 (9M 2023/24: 30.5 DKKm),
which reflects a combination of development projects
which are at the end of the amortization period, and
a relatively large share of the development projects in
progress in Healthcare, which are expected to be com-
pleted gradually over the next year, and consequently
initiating amortization.
EBITDA reached 15.0 DKKm for Q3 2024/25, and
22.2 DKKm for 9M 2024/25 (Q3 2023/24: 9.4
DKKm, 9M: -20.1 DKKm). EBITDA is positively impact-
ed by growth in revenue and solid gross margin levels.
EBIT for Q3 2024/25 reached 7.9 DKKm, and 2.5
DKKm for 9M (Q3 2023/24: 0.2 DKKm, 9M: -50.6
DKKm). EBIT is impacted by the same factors as EBIT-
DA, benefiting from revenue growth and solid gross
margin levels. Additionally, EBIT reflects lower amorti-
zation expenses as most Enterprise segment capitaliza-
tions are now fully amortized. Meanwhile, Healthcare
development projects in progress are approaching mass
production, which will initiate a new amortization phase
in the coming year.
Profit before tax reached 6.7 DKKm for Q3 2024/25,
and 7.6 DKKm for 9M (Q3 2023/24: 0.8 DKKm, 9M:
-51 DKKm).
DKK million
Q3
24/25
Change
(YoY)
9M
24/25
Change
(YoY)
EBITDA 15.0 5.6 22.2 42.3
EBIT 7.9 7.7 2.5 53.1
EPS (DKK per share) 0.7 0.6 0.7 5.6
Equity, Assets, Inventory and Cash Flow
Cash flows from operations (CFFO) for Q3 2024/25
reached 19.9 DKKm, and 40.8 DKKm for 9M (Q3
2023/24: 26.8 DKKm, 9M: 3.8 DKKm).
The net liquidity position of RTX amounted to 118.9
DKKm at the end of 9M 2024/25 compared to 100.4
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
Q3
24/25
Change
(YoY)
9M1
24/25
Change
(YoY)
CFFO 19.9 -6.9 40.8 37.0
Net liquidity pos. 118.9 18.5 118.9 18.5
Inventory amounted to 56.5 DKKm reflecting a reduc-
tion in component inventory of 34.2 DKKm compared
to Q3 last year. The component inventory is expected
to continue to decrease as components are used in
finished products.
Equity ratio
66.2 %
ROIC
9.7 %
Total assets were 499.8 DKKm at the end of 9M
2024/25 compared to 488.3 DKKm at the end
of 9M 2023/24. The increase mainly reflects higher
trade receivables due to stronger revenue and expand-
ed development activities within Healthcare.
The total value of development costs incurred before
capitalization for 9M 2024/25 reached 30.7 DKKm.
Return on Invested Capital is calculated over a
12 months’ period, and is positively impacted by rev-
enue level. For the end of 9M 2024/25 ROIC was 9.7%
(9M 2023/24: 1.5 %).
The equity ratio of RTX has increased and continues to
be at a solid level at 66.2% at the end of 9M 2024/25
(9M 2023/24: 65.7 %).
Guidance for 2024/25
RTX narrows the adjusted guidance announced on 23
June 2025 for 2024/25:
• Revenue 530 to 560 DKKm
(from 490 to 520 DKKm)
• EBITDA 25 to 35 DKKm
(from 0 to 20 DKKm)
• EBIT -5 to 5 DKKm
(from -35 to -15 DKKm)
7
RTX interim report for Q3 and 9M 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:
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
The short order horizon and ongoing market dynamics
continue to limit RTX’s visibility beyond a three to six-
months period. Key factors affecting forecast accuracy
and financial guidance for 2024/25 include global
tariffs, potential order delays, and fluctuations in the
USD exchange rate.
Revenue expectation for the full year 2024/25 at 530-
560 DKKm, is largely based on 9M result and 3 months
order book.
Gross margin for the full year 2024/25 is expected to
be positively impacted by the product mix and larger
share of Healthcare revenue. Overall the gross margin
for 2024/25 is expected to be higher than last year.
Capacity costs for 2024/25 are expected to increase
slightly, reflecting salary inflation, organizational ad-
justments, and strategic hires.
Inventory consists of components, finished goods, and
goods in transit. Component incentory is expected to
normalize by the end of the calendar year, as compo-
nents are consumed in sold products and sourcing re-
turns to standard practice through our production part-
ners. For the current financial year a further reduction in
component inventory compared to Q3 is expected.
The guidance is based on dialogue with key customers
on their expectations for 2024/25, combined with our
market insight on new customers and products.
RTX A/S
Henrik Schimmell Henrik Mørck Mogensen
Chair CEO
8
RTX interim report for Q3 and 9M 2024/25
Amounts in DKK ‘000 Note
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
FY
2023/24
Revenue 3 146,928 141,940 407,317 349,049 498,340
Value of own work capitalized 4 7,763 5,275 16,943 15,914 19,937
Cost of sales -70,924 -74,265 -200,785 -192,458 -265,430
Other external expenses -15,102 -17,435 -48,845 -54,167 -71,063
Staff costs -53,628 -46,120 -152,436 -138,484 -178,667
Operating profit/loss before depreciation
and amortization (EBITDA) 15,037 9,395 22,194 -20,146 3,117
Depreciation, amortization and impairment 4 -7,139 -9,238 -19,739 -30,485 -37,219
Operating profit/loss (EBIT) 7,898 157 2,455 -50,631 -34,102
Financial income 5 5,069 1,323 7,603 4,443 6,434
Financial expenses 5 -6,274 -672 -2,457 -5,199 -10,633
Profit/loss before tax 6,693 808 7,601 -51,387 -38,301
Tax on profit/loss -1,472 -178 -1,672 11,305 7,616
Profit/loss for the period 5,221 630 5,929 -40,082 -30,685
Earnings per share
Earnings per share (DKK) 0.7 0.1 0.7 -4.9 -3.8
Earnings per share, diluted (DKK) 0.7 0.1 0.7 -5.0 -3.8
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
FY
2023/24
Profit/loss for the period 5,221 630 5,929 -40,082 -30,685
Items that can be reclassified subsequently
to the income statement
Exchange rate adjustments of foreign
subsidiaries -3,977 505 -2,339 -356 -2,076
Fair value adjustment relating to hedging
instruments 494 1 767 71 71
Tax on hedging instruments -109 -1 -169 -16 -16
Fair value of hedging instruments
reclassified to the income statement -703 10 -703 222 222
Tax on hedging instruments reclassified 155 -2 155 -49 -49
Other comprehensive income, net of tax -4,140 514 -2,289 -127 -1,848
Comprehensive income for the period 1,081 1,144 3,640 -40,209 -32,533
9
RTX interim report for Q3 and 9M 2024/25
Amounts in DKK ‘000 30.06.25 30.06.24 30.09.24
Assets
Own completed development projects 29,076 10,717
Own development projects in progress 54,363 58,829
Software 408 755
Goodwill 7,797 7,797
Intangible assets 91,644 78,098
Right-of-use assets (lease assets) 48,721 51,360
Plant and machinery 9,766 15,319
Other fixtures, tools and equipment 3,455 3,306
Leasehold improvements 8,065 9,625
Tangible assets 70,007 79,610
Deposits 6,649 6,712
Deferred tax assets 3,902 12,990
Other non-current assets 10,551 19,702
Total non-current assets 172,202 177,410
Inventories 56,520 90,739 78,271
Trade receivables 137,049 107,499
Contract development projects in progress 2,000 3,552
Income taxes 844 308
Other receivables 5,263 2,250
Prepaid expenses 7,085 6,116
Receivables 152,241 119,725
Current asset investments in the trading portfolio 34,181 32,778
Current asset investments 34,181 32,778
Cash at bank and in hand 84,686 67,670
Total current assets 327,628 310,912
Total assets 499,830 488,322
Balance Sheet
(non-audited)
Amounts in DKK ‘000 30.06.25 30.06.24 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 4,436 8,495 6,775
Cash flow hedging 64 -64 -65
Retained earnings 113,751 99,598 103,931
Equity 331,029 320,807 323,419
Lease liabilities 46,998 50,524 48,167
Deferred tax liabilities - 5,452 -
Provisions 1,174 1,389 969
Deferred income 20,751 21,935 21,935
Other payables - - 2,775
Non-current liabilities 68,923 79,300 73,846
Lease liabilities 7,748 6,381 7,041
Prepayments received from customers 8,668 10,169 8,823
Trade payables 50,220 45,875 57,402
Contract development projects in progress 3,910 3,481 3,370
Income taxes 60 162 98
Provisions 1,326 2,716 1,110
Other payables 27,946 19,431 16,159
Current liabilities 99,878 88,215 94,003
Total liabilities 168,801 167,515 167,849
Total equity and liabilities 499,830 488,322 491,268
10
RTX interim report for Q3 and 9M 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 - - - - 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
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
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 - - - - -40,082 -40,082
Exchange rate adjustments
of foreign subsidiaries - - -356 - - -356
Fair value adjustment relating
to hedging instruments - - - 71 - 71
Tax on hedging instruments - - - -16 - -16
Fair value of hedging instruments
reclassified to the income statement - - - 222 - 222
Tax on hedging instruments reclassified - - - -49 - -49
Other comprehensive income,
net of tax - - -356 229 - -127
Comprehensive income for the period - - -356 229 -40,082 -40,209
Share-based remuneration - - - - 1,264 1,264
Current tax on equity transactions - - - - 171 171
Deferred tax on equity transactions - - - - - -
Acquisition of treasury shares - - - - -17,524 -17,524
Other transactions - - - - -16,089 -16,089
Equity at 30 June 2024 42,339 170,439 8,495 -64 99,598 320,807
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 30 June 2024). The Group holds 489,362 treasury shares at 30 June 2025 (455,344 shares at 30 June
2024). There are no shares carrying special rights.
Equity Statement
(non-audited)
11
RTX interim report for Q3 and 9M 2024/25
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
FY
2023/24
Operating profit/loss (EBIT) 7,898 157 2,455 -50,631 -34,102
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 7,139 9,238 19,739 30,485 37,219
Other items with no effects on cash flow 1,858 -1,456 8,917 3,636 813
Change in working capital
Change in inventories 14,540 9,783 15,591 9,838 21,276
Change in receivables -8,843 -4,563 -13,320 67,938 50,009
Change in trade payables, etc. 1,191 12,497 2,215 -37,577 -28,004
Financial income received -2,244 676 8,452 2,732 3,803
Financial expenses paid -1,201 484 -2,457 -4,606 -9,758
Income taxes paid -393 -40 -765 -17,978 -19,756
Cash flow from operating activities 19,945 26,776 40,827 3,837 21,500
Investments in own development projects -7,989 -5,740 -17,851 -17,180 -21,808
Acquisition of property, plant and equipment -440 -746 -3,103 -1,360 -1,361
Sale of tangible assets - 542 - 542 533
Deposits on leaseholds 59 -9 -44 45 152
Acquisition of current asset investments in the
trading portofolio - - -1,290 -38 -38
Cash flow from investments -8,370 -5,953 -22,288 -17,991 -22,522
Amounts in DKK ‘000
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
FY
2023/24
Repayment of lease liabilities -2,281 -2,275 -5,861 -5,644 -7,115
Acquisition of treasury shares - -5,462 - -17,524 -20,190
Paid dividend - - - - -
Cash flow from financing activities -2,281 -7,737 -5,861 -23,168 -27,305
Increase/decrease in cash and cash equivalents 9,294 13,085 12,678 -37,323 -28,327
Exchange rate adjustments on cash 975 29 -1,979 -1,678 -4,357
Cash and cash equivalents at the beginning
of the period, net 74,417 54,556 73,987 106,671 106,671
Cash and cash equivalents at the end
of the period, net 84,686 67,670 84,686 67,670 73,987
Cash and cash equivalents at the end
of the period, net are composed as follows:
Cash at bank and in hand 84,686 67,670 84,686 67,670 73,987
Cash and cash equivalents at the end
of the period, net 84,686 67,670 84,686 67,670 73,987
12
RTX interim report for Q3 and 9M 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 Q3 and 9M 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 78,559 114,373 106,440 - 299,372 44,530 80,906 102,956 102,955 331,347
ProAudio 17,442 21,244 17,506 - 56,192 23,830 40,803 26,989 28,679 120,301
Healthcare 4,524 24,247 22,982 - 51,753 13,540 3,500 11,995 17,657 46,692
Total Revenue, RTX Group 100,525 159,864 146,928 - 407,317 81,900 125,209 141,940 149,291 498,340
EBITDA
Enterprise 462 8,923 11,410 - 20,795 -25,555 -2,427 7,833 13,755 -6,394
ProAudio -4,864 -4,727 -6,768 - -16,359 -3,664 4,696 617 3,677 5,326
Healthcare -5,005 12,368 10,395 - 17,758 -1,239 -1,354 945 5,833 4,185
Total EBITDA, RTX Group -9,407 16,564 15,037 - 22,194 -30,458 915 9,395 23,265 3,117
Revenue, geographical segment
Denmark 11,630 36,494 26,456 - 74,580 3,551 21,080 12,231 20,376 57,238
France 21,013 18,343 24,558 - 63,914 2,729 11,562 23,680 28,356 66,327
Germany 5,973 22,123 11,313 - 39,409 3,152 17,664 15,880 22,973 59,669
Great Britain 14,310 17,153 13,793 - 45,256 - - - 50,030 50,030
Other Europe 7,908 11,606 16,819 - 36,333 16,215 30,682 35,288 -31,366 50,819
USA 22,332 35,452 34,665 - 92,449 32,089 10,101 41,518 31,758 115,466
Hong Kong 3,412 6,219 6,582 - 16,213 4,988 518 329 12,829 18,664
Other Asia and Pacific 12,584 11,008 11,192 - 34,784 19,176 33,593 12,994 13,366 79,129
Other 1,363 1,466 1,550 - 4,379 - 9 20 969 998
Total Revenue, RTX Group 100,525 159,864 146,928 - 407,317 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 Q3 and 9M 2024/25
Notes
4 Development costs
Amounts in DKK ‘000
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
FY
2023/24
Development cost incurred before capitalization
(1)
10,055 17,015 30,661 58,544 65,477
Capitalization regarding strategic collaboration
(1)
- -21,935 - -21,935 -21,935
Value of own work capitalized
(2)
-7,719 -5,271 -16,698 -15,890 -19,914
Total amortization and impairment on development
projects 2,601 4,682 6,230 16,639 18,995
Development costs recognized in the profit/loss
account 13,072 -5,509 20,193 37,358 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 over 5 years starting Q3 2024/25.
(2)
Total value of own capitalized of DKK 7.8 million in Q3 2024/25 according to the income statement includes own tangible assets of DKK 0.1 million
(Q3 2023/24: DKK 0.0 million).
5 Financial items
Amounts in DKK ‘000
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
FY
2023/24
Exchange rate gains (net) - 300 574 - -
Fair value adjustments of investments
in trading portfolio 298 112 - 1,711 2,631
Gain on hedging instruments (net) 4,559 5 4,445 5 351
Other financial income 212 906 2,584 2,727 3,452
Total financial income 5,069 1,323 7,603 4,443 6,434
Exchange rate losses (net) 5,766 - - 3,098 7,449
Fair value adjustments of investment in
trading portfolio - 807
Financing element, IFRS 16 483 568 1,569 1,750 2,334
Loss on hedging instruments (net) - - - -
Other financial costs 25 104 81 351 850
Total financial expenses 6,274 672 2,457 5,199 10,633
15
RTX interim report for Q3 and 9M 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 - 2,736 - 2,736
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 instruments (hedging), liabiliy - -209 - -209
Bonds listed on the stock exchange, in the trading portfolio 32,778 - - 32,778
Financial net assets at fair value at 30 June 2024 32,778 -209 - 32,569
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 2024/25
Management’s Statement
Executive Board
Board of Directors
17
RTX interim report for Q3 and 9M 2024/25
Design and production: Noted