Annual Report
2024/25
RTX A/S • Stroemmen 6 • DK-9400 Noerresundby • CVR no. 17 00 21 47
1 October 2024 – 30 September 2025
→ Our Growth Strategy
→ Global Industry Structure
→ Our Customer Partnerships
→ How we Work
→ Enterprise
→ ProAudio
→ Healthcare
Business
& Strategy
Remuneration
Report
→ 2023/24 Performance
→ Quarterly financial Highlights
Performance
Corporate
Governance
Report
Strategy
& Outlook
Page 14
Introduction
RTX at a Glance 4
Letter from the Chair and CEO 5
Financial Highlights for the Group 8
Group and Parent Financial Statements
Income Statement 62
Statement of ComprehensiveIncome 62
Balance Sheet 30 September 63
Equity Statement for the Group 64
Equity Statement for the Parent 65
Cash Flow Statement 66
Notes 67
Statements
Management’s Statement 106
Independent Auditor’s Report 107
The 2024/25 RTX
reporting suite
Business & Strategy
Key Market Trends 11
Our Business Model 12
Our Partnership Driven Value Chain 13
Our Strategy 14
Our Growth Ambition 15
Enterprise 16
ProAudio 18
Healthcare 20
Outlook 2025/26 22
Our Equity Story 23
Performance
2024/25 Performance 25
Quarterly Financial Highlights 28
Sustainability
Sustainability at RTX 30
Social Responsibility 33
Governance and Integrity 35
Environmental and Climate Impact 36
ESG Reporting Table 39
Governance
Corporate Governance 41
Risk Management 45
Capital Structure and Allocation 52
The RTX Share 54
Board of Directors 56
Executive Management 58
Financial StatementsManagement Review
Contents
RTX Annual Report 2024/25
2024/252023/242022/232021/22
663
783
498
547
RTX at
a Glance
Helping people
perform at their best
Focusing on making sure all the component systems
integrate seamlessly and reliably, we design, develop
and manufacture wireless IP telephony products and
sub-systems.
Our Revenue
DKKm
402
DKK million
in revenue
74%
of group
revenue
Enterprise
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.
67
DKK million
in revenue
12%
of group
revenue
79
DKK million
in revenue
14%
of group
revenue
ProAudio Healthcare
MÅ IKKE SLETTET
Introduction
RTX Annual Report 2024/25 Introduction
Restoring profitability
and reinforcing the
foundation for long-
term, sustainable
growth
Letter from the Chair and CEO
During the financial year 2024/25, RTX
has restored profitability and reinforced
the foundation for long-term, sustainable
growth. The company’s renewed momentum
reflects stronger market demand, operational
discipline, and effective execution across its
core segments.
Henrik Mørck Mogensen
CEO
Henrik Schimmell
Chair
RTX Annual Report 2024/25 Introduction
Profitable growth regained
At the start of the financial year, RTX entered a
period of renewed customer activity following an
environment shaped by elevated customer inven-
tories and macroeconomic uncertainty. Over the
year, visibility improved, supported by stronger
order intake, enhanced operational efficiency,
and focused execution across our core segments.
Enterprise and Healthcare remained key growth
drivers, confirming RTX’s strong market position
and technology relevance. In June 2025, we
raised our full-year outlook, reflecting higher
activity and improved visibility.
Revenue increased to DKK 547 million, up 10%
from the prior year. EBITDA reached DKK 36
million, confirming the scalability of our busi-
ness model and the strength of our product and
customer portfolio. Growth was driven by robust
performance in our Enterprise and Healthcare
segments, both supported by solid execution and
close customer collaboration. With strengthened
operations and customer partnerships, RTX is
well positioned to sustain profitable growth and
create long-term shareholder value.
Strong performance in core segments
In Enterprise, normalization among key customers
and stronger activity in the sub-segment, Retail,
lifted volumes and profitability. Healthcare also
delivered significant growth, reflecting the first full
year of sales from products under RTX ownership
following our strategic partnership with a leading
global healthcare company.
The ProAudio segment continued to face market
headwinds, as our customers experienced slower
sell-through and increased competition. RTX
advanced the phase-out of low-margin products to
focus on module sales, driving scalability through a
modular product platform built on our high quality
wireless audio technology. Hereby, RTX is posi-
tioning the segment for profitable scalability.
Focused execution and
operational efficiency
Throughout the year, we maintained cost cautious-
ness and operational focus. Higher efficiency,
combined with stronger order intake, led to
improved earnings and a healthier order book.
Although visibility remains limited to three to six
months due to short order cycles, our position today
is more resilient and we maintain cost cautiousness
while balancing with investment in growth areas.
Building the foundation for the future
Looking ahead, RTX is well positioned to capture
growth in its key markets. Over the next five
years, our ambition is to deliver sustainable
double-digit average annual growth and achieve
an EBITDA margin exceeding 15%. This ambi-
tion is driven by strong partnerships, focused
investments in innovative products and attrac-
tive markets, and a deliberate effort to expand
market share. Enterprise and Healthcare will
remain our core growth engines supported by
innovation, operational excellence, and deep
customer relationships. Our scalable business
model allows us to grow revenue faster than
capacity costs, enabling continued increase in
EBITDA margin as revenue increases.
Sustainability and responsibility
At RTX, responsible action is essential to our
long-term success. Since joining the UN Global
Compact in 2014, we have aligned with its prin-
ciples on human rights, labor, environment, and
anti-corruption. In 2024/25, we advanced our
sustainability agenda by developing a Scope 3
methodology to establish our emissions baseline
and enable data-driven management. Although
RTX is not formally in scope of the CSRD, we
proactively work with sustainability and disclose
key elements to create transparency and mirror
our customers’ focus on responsible operations.
“Over the year, business
conditions improved,
supported by stronger order
intake, enhanced operational
efficiency, and focused
execution across our core
segments.”
Henrik Mørck Mogensen, CEO
RTX Annual Report 2024/25 Introduction
Leadership transition
During 2024/25, RTX appointed a new CEO.
On 1 March 2025, Henrik Mørck Mogensen
assumed the role of CEO, and his technical
expertise and commercial leadership will help
guide RTX into its next phase of scalable, profit-
able growth. The Executive Management Team
ensured stable operations during the transition
and continues to play a central role in executing
RTX’s strategy and driving performance across
business areas.
Our people and partnerships
RTX is, above all, a people company. The
progress achieved this year reflects the profes-
sionalism, adaptability, and collaboration of our
employees across all areas of the organization.
Their efforts, together with the continued trust
of our customers and partners, have been vital
in rebuilding strength and positioning RTX for
renewed growth.
We thank all our colleagues, customers, and
shareholders for their confidence and commit-
ment. Together, we are building a stronger, more
competitive, and more sustainable RTX, ready to
capture the opportunities ahead.
Henrik Mørck Mogensen Henrik Schimmell
CEO Chair
Since joining RTX in March, I’ve been
deeply impressed by our engineering
strength, the quality of our customer part-
nerships, and the dedication of our people
across the organization.
The market continues to evolve rapidly and
new opportunities and challenges arise,
and we need to stay agile and ready to
harvest opportunities. My focus is clear:
• Turning technology into customer value
through sharper commercial execution.
• Driving growth by focusing on high
potential markets within Healthcare and
Enterprise.
• Building efficiency and scalability
through people and operational devel-
opment.
With this focus, and through close collab-
oration with our customers and partners,
I am confident that RTX’s technological
leadership will continue to create lasting
value.
Renewing momentum through focus,
scalability, and partnerships
Henrik Mørck Mogensen
Chief Executive Officer,
RTX A/S
”The Board remains
confident in RTX’s
strategy and its ability to
create long-term value
for shareholders. The
leadership transition
further strengthens
the company’s position
to pursue market
opportunities”
Henrik Schimmell, Chair
RTX Annual Report 2024/25 Introduction
Financial Highlights for the Group
Amounts in DKK million 2024/25 2023/24 2022/23 2021/22 2020/21
Key ratios (percentage)
Growth in net turnover 9.8 -36.3 18.0 45.1 -17.8
Gross margin 50.0 46.7 45.8 46.6 52.3
EBIT margin 1.6 -6.8 8.7 6.9 1.3
Return on invested capital
(3)
6.6 -5.1 28.7 25.6 10.7
Return on equity 3.2 -8.8 13.2 10.9 1.1
Equity ratio 68.0 65.8 65.2 59.6 59.5
Employment
Average number of full-time employees
(4)
301 291 299 282 286
Average number of FTE employed directly
(4)
273 256 267 249 257
Revenue per employee (DKK '000) 1,818 1,713 2,618 2,352 1,598
Operating profit per employee (DKK '000) 29 -117 227 162 21
Shares (number of shares in thousands)
Average number of shares in distribution 7,975 8,084 8,200 8,169 8,243
Average number of diluted shares 7,995 8,056 8,195 8,198 8,302
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(5)
1.3 -3.8 5.7 4.2 0.4
Profit/loss for the year, diluted (DEPS), per share
(5)
1.3 -3.8 5.7 4.1 0.4
Dividends, per share - - - - -
Equity value, per share 41.9 40.5 45.9 40.5 35.4
Listed price at year end, per share 93.0 82.6 83.6 115.0 165.0
(3) Calculated over a rolling 12 months’ period
(4) Employees in RTX legal entities are “employed directly”. Those hired through service partners in countries where we have no legal entity, comprise the rest
(5) Not annualised
Amounts in DKK million 2024/25 2023/24 2022/23 2021/22 2020/21
Income statement items
Revenue 547.1 498.3 782.8 663.3 457.2
Gross profit 273.8 232.9 358.4 309.3 239.1
EBITDA 35.5 3.1 107.5 85.4 37.3
EBITDA % 6.5% 0.6% 13.7% 12.9% 8.2%
Operating profit/loss (EBIT) 8.7 -34.1 67.9 45.6 6.1
Net financials 5.2 -4.2 -8.7 -3.4 -6.6
Profit/loss before tax 14.0 -38.3 59.2 42.3 -0.6
Profit/loss for the year 10.5 -30.7 46.7 33.9 3.6
Balance sheet items
Net liquidity position
(1)
153.0 107.7 137.7 73.8 120.4
Total inventory 36.8 78.3 102.2 102.5 32.4
Total assets 490.5 491.3 578.1 556.8 485.3
Equity 333.7 323.4 377.1 331.6 288.5
Liabilities 156.8 167.8 201.0 225.2 196.8
Other key figures
Total development cost incurred 51.0 65.5 33.2 30.6 42.3
Capitalized own development cost 23.9 19.9 13.5 15.8 24.9
Depreciation, amortization and impairment 26.8 37.2 39.6 39.7 31.3
Free Cash Flow
(2)
52.8 -1.0 70.3 30.5 54.2
Cash flow from operations 82.8 21.5 97.0 -0.0 44.5
Cash flow from investments -30.0 -22.5 -26.7 30.5 9.7
Investment in property, plant and equipment 4.5 1.4 10.2 11.4 18.6
Increase/decrease in cash and cash equivalents 42.9 -28.3 62.5 24.9 -22.4
(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. The calculation of the financial highlights is described on page 104
RTX Annual Report 2024/25 Introduction
Key Market Trends
The need for mobility, reliability, and
operational efficiency is driving strong
global growth in wireless products and
applications.
The rise in demand for healthcare services
is intensifying expenditures and creating
workforce strains due to staff shortages.
The demand for agility and resilience is
increasing the need for trusted supply chains
and driving investment in defense and
emergency communications.
The demand for greater operational efficiency
is accelerating adoption of integrated
communication solutions across retail,
healthcare, and industrial settings.
Anytime,
anywhere
Aging population and
increasing life expectancy
Geopolitical tension
and uncertainty
Continued
digitalization
RTX Annual Report 2024/25 Business & Strategy
Our Business Model
Investing in products, platforms and technologies
Building scalable processes and capabilities
Optimizing partner network
We deploy our wireless capabilities across multiple attractive B2B
markets, as a wireless design and manufacturing partner, to secure
profitable growth via increased revenue and scalability.
Core capabilities…
• Wireless expertise: Technology leader in short-range wireless communication
• Modular architecture and platform-based technology innovation: Ensures agility, speed to
market, and scalability
• Market insight and solution-driven innovation: Ensures value creation
• Execution excellence: Across the entire value chain from design and development, to test,
production, logistics, and product lifecycle management
…deployed in attractive B2B target markets…
• Enterprise
• ProAudio
• Healthcare
…via long-term partnerships…
• RTX as trusted technology partner for leading global brands
• Production outsourced to global EMSs (Electronics Manufacturing Services)
…fosters economies of scale and drives profitable growth
Reaping economies of scale from product sales
under long-term framework agreements
Enterprise Healthcare
ProAudio
RTX Annual Report 2024/25 Business & Strategy
Our Partnership Driven Value Chain
EMS Production Partnerships
Provide asset light business model for RTX
Provide scalability and adaptability to customer needs
Provide resilient global production footprint for RTX amid
geopolitical instability and tariff uncertainty
*
RTX
RTX mission is to help our customers make a difference
in their markets via:
• Market insights
• Technology leadership and innovation
• Design and development
• Manufacturing (outsourced) and logistics
• Product lifecycle management
B2B Customer Partnerships
Leading global brand owners
Long-term, 5-7 years, framework agreements provide
repeat revenue for RTX
Design-in element, from integrating into customers'
broader solutions, provides stickiness of partnerships
* Helps mitigate risks related to tariff uncertainty and geopolitical instability, as
production and assembly can be moved between countries
RTX Annual Report 2024/25 Business & Strategy
Our Strategy
Playing to Win
Where to Play How to Win Competitive Advantage
To be the preferred
partner for wireless
technology solutions
Leading global brand
owners in select
target markets:
Enterprise, ProAudio,
and Healthcare
Market insight and solution-
driven innovation
Customer centricity
Agility and speed to market
Execution excellence
Long-term partnerships
Winning Aspiration
Double-digit revenue CAGR toward 2030
EBITDA margin above 15% by 2030
Partnerships with 2-3 of the top-5
players in each target market
A global organization of innovative
and accountable people delivering
results through collaboration
Technology leader in
short-range wireless
communication
Scalable technology
platforms
Resilient supply chain
RTX Annual Report 2024/25 Business & Strategy
Our Growth Ambition
Revenue
Ambition
Targeting double-digit
annual revenue growth
toward 2030
Profitability
Ambition
Targeting EBITDA
margin above 15%
by 2030
Healthcare: Accelerate growth from wireless patient monitoring infrastructure
As hospitals push for greater efficiency and better patient outcomes, wireless patient monitoring is becoming essential. With RTX technology in approximately
1,500 U.S. hospitals and chronic cardiovascular patients expected to increase 30%, RTX is ready to help drive the shift to connected care
Protect and develop core business
Enterprise: Capture growth opportunities from continued market consolidation and existing customers across the global enterprise
communications market of 5 million wireless handsets and 8 million wireless headsets annually
ProAudio: Capture growth opportunities from the ramp-up of the modules business, focusing on the annual market of 10 million wireless intercom units
Cultivate new growth markets
Building on our core wireless strengths, RTX is cultivating new growth opportunities across Defense, First Responders,
and Hospitality, enabling smarter, more connected operations in demanding, high-impact environments
Retail: Unlock growth with mobility solutions for frontline workers
Efficiency demands and digitalization are transforming retail. With a sizable under-connected workforce (15 million U.S. and 30 million European retail workers)
shifting to mobile-first operations, RTX is ready to help drive the next wave of connected retail
Business & Strategy
RTX Annual Report 2024/25
Enterprise
EBITDA
DKKm
31 LY -6
Revenue
DKKm
402 LY 331
Share of group
revenue
%
74% LY 61%
“Our 2024/25 revenue growth of 21%
was primarily driven by normalization
of key customer demand patterns and
strong growth in solutions for frontline
workers in the retail sector. Our value
creation within retail is driven by the
digitalization of this space and centered
around wireless communication systems
that drive labor efficiency, enhance
customer experience, and support
operational excellence. During the year
we continued to advance our product
platforms and saw continuously strong
order books from several long-term
customers, though order horizon remains
short at three to six months.”
Jens Nielsen, Head of Enterprise
RTX Annual Report 2024/25 Business & Strategy
at USD 860 million or 5 million units annually,
with DECT technology comprising around 4
million units. The global wireless professional
headsets market is estimated at over USD 1
billion or 8 million headsets annually.
Growth is primarily seen in security-sensitive
sectors like healthcare, manufacturing, and
finance, as well as in retail and hospitality driven
by digitalization and mobile workforce needs.
Handset manufacturing continues to consolidate,
driven by increased outsourcing of development
and production – a trend RTX both drives and
benefits from.
Enterprise growth strategy
RTX aims to expand its leadership in Enterprise
products and solutions by driving market consoli-
dation and expanding market share.
Our pure-play wireless design and manufacturing
model eliminates channel conflicts, enabling us to
benefit from customer outsourcing and securing
revenue through long-term framework agreements
with large global clients. With system integration
and cloud-based deployment and management
tools as core differentiators, RTX enhances
customer solutions and increases share of wallet.
Growth will be driven by continued scaling of
partnerships tied to major Enterprise agreements
and continued focus on high-potential areas such
as frontline workers in retail.
Our business
In Enterprise, we help large global B2B customers
deliver advanced wireless communication solu-
tions to their customers in diverse environments;
from retail and healthcare to warehouses,
offices, and demanding industrial settings
requiring explosion- or waterproof equipment.
We design, develop, and manufacture wireless
IP telephony products and subsystems including
headsets, handsets, base stations, repeaters,
and location beacons, supported by cloud-based
deployment and device management tools for
seamless integration and reliability.
With deep technical expertise, we enable
customers to win contracts, and make a differ-
ence in their markets, through modular, scalable,
and high-quality communication solutions that
offer superior audio, location detection, unique
safety and alarm features, and easy system
integration.
Market trends
Driven by digital transformation efforts, more
businesses are moving enterprise telephony to
the cloud to boost agility and support distributed
workforces, driving demand for new endpoints
like wireless headsets and handsets over tradi-
tional corded solutions.
According to Frost & Sullivan, the global profes-
sional market for wireless handsets is estimated
Behind every call-button pressed
and every rapid response initiated is
a dedicated healthcare professional
working tirelessly, often under
pressure, to protect and care for
others. In hospitals, elderly care
homes, and emergency centers, ...
→ Read more at rtx.dk
Empowering communication
in healthcare
For a new project installing DECT
solutions in a medium to large site
with expansion options into multiple
buildings a detailed sales quotation
and installation plan is needed. The
site is an office space with nearby
industrial buildings for production. ...
→ Read more at rtx.dk
Planning with the RTX
Cloud Services solution
Enterprise insights
RTX Annual Report 2024/25 Business & Strategy
ProAudio
EBITDA
DKKm
-18 LY 5
Revenue
DKKm
79 LY 120
Share of group
revenue
%
14% LY 22%
“In 2024/25, ProAudio revenue was below
expectations, reflecting lower volumes from
key customers and longer development
cycles with new ones. The strategic focus
remains on transitioning from products to
standardized modules – a process taking
longer than planned but a key to unlocking
future growth. Considerable effort went
into winding down legacy product activities,
allowing full focus on scaling the module
business going forward. Our commercial
team was strengthened, and cooperation
began with a new defense-sector customer,
expected to provide limited short-term
revenue and promising long-term potential.”
Jacob N. Andersen, Head of ProAudio
RTX Annual Report 2024/25 Business & Strategy
and growing share of professional audio, with
annual sales exceeding 2 million wireless micro-
phones (Arizton) and over 10 million wireless
intercom units growing at a 9% CAGR (PBI). In
addition, demand in Critical Communications,
particularly Defense and First Responders, is
showing signs of accelerated growth amid rising
geopolitical tensions.
ProAudio growth strategy
In ProAudio, we want to lead the transition to
digital wireless in professional audio markets and
generate revenue from our unique technology.
We achieve this by refining and productizing our
technology into flexible platforms like Sheerlink
®
and TeamEngage
®
, supported by RTX modules.
This modular approach enables us to develop
standardized, multipurpose modules, giving a
wide range of customers a short time to market
and cost-effective entry, while providing RTX
with scalability and revenue through framework
agreements.
A key growth driver will be the continued market
expansion with our Sheerlink
®
and TeamEngage
®
platforms and modules.
Our business
In ProAudio, we help B2B customers design
and develop advanced wireless audio solutions
by delivering high-performance audio modules
tailored to their needs. Our technologies are
applied in intercom systems for commercial,
industrial, and defense environments as well as
microphone and instrument connectivity, wireless
gaming, small conference systems, and content
creation solutions. Our deliveries range from
modules and circuit boards to few complete
products; all powered by RTX software.
Leveraging RTX-patented technologies, we
deliver resilient, low- latency, and high- quality
wireless connectivity for professional- grade
audio solutions in challenging environments.
With our proven TeamEngage
®
and Sheerlink
®
platforms, we strengthen RTX’s position in the
professional audio market by enabling faster,
more cost- efficient product development for our
customers.
Market trends
The professional audio solutions market is
fragmented yet growing, driven by a shift toward
digital wireless as mobility and connectivity
demands increase. RTX’s platform- based
approach effectively serves this growth with a
focused range of hardware modules and software
options aligned with key trends such as higher
capacity, automatic configuration, and ease of
use. Wireless solutions now represent a major
In mission-critical environments, such
as public safety, emergency response,
defense, or industrial operations, clear
communication is vital for coordination
and safety. Teams often work in noisy,
fast-paced environments ...
→ Read more at rtx.dk
RTX has collaborated with Catchbox
to make professional audio technology
intuitive and accessible to everyone
with an innovative solution: the
Catchbox Plus system. This
collaboration unites ...
→ Read more at rtx.dk
From transport to field:
seamless connectivity
with RTX TeamEngage
®
Redefining industry standards
through intuitive audio
ProAudio insights
RTX Annual Report 2024/25 Business & Strategy
Healthcare
EBITDA
DKKm
23 LY 4
Revenue
DKKm
67 LY 47
Share of group
revenue
%
12% LY 9%
“2024/25 revenue growth of 43% was
driven by strong sales of infrastructure
products and patient monitoring modules,
alongside a continued buildup of the
orderbook. The transition to full ownership
of healthcare infrastructure systems is
advancing in close collaboration with
partners and customers, though somewhat
prolonged due to its complexity. We
successfully completed a field test of our
new infrastructure product in collaboration
with our long-term healthcare partner and
a leading U.S. hospital chain.”
Yash Singh, Head of Healthcare
RTX Annual Report 2024/25 Business & Strategy
Several trends are driving demand for wireless
continuous patient monitoring. Demographics:
Aging populations and rising prevalence of chronic
conditions such as obesity, diabetes, and hyperten-
sion – the American Heart Association is projecting
an increase of more than 30% in the population
with chronic cardiovascular diseases over the next
decade. Digitalization: Hospital modernization and
workflow optimization are accelerating the shift
from wired to wireless monitoring. Shorter length of
stays: Wireless monitoring enhances patient mobil-
ity, shortens recovery time, and supports hospitals’
efforts to optimize bed use and discharge process-
es. Resource constraints: Centralized monitoring
improves staff utilization and operational efficiency
amid growing labor and budget pressures.
In the USA, around 70% of acute-care hospitals
use cardiac telemetry, and RTX technology is al-
ready deployed in more than 1,500 hospitals.
Healthcare growth strategy
RTX aims to address healthcare infrastructure
challenges through a full ecosystem solution devel-
oped in collaboration with our leading partners. We
are focused on expanding our wireless solutions
for continuous patient monitoring by 1) Growing
our existing centralized monitoring business and
increasing share- of- wallet with our long- term health-
care partner, 2) Completing the transition to full
ownership of our healthcare infrastructure system to
expand our value chain position, and 3) Broadening
our portfolio with new infrastructure products.
Our business
In Healthcare, RTX enables B2B customers to
integrate advanced wireless technology into
critical patient care solutions. Our technology
ensures seamless, reliable connectivity for patient
monitoring infrastructures and devices, enhancing
both patient mobility and healthcare efficiency.
Continuous monitoring of patient vitals is critical
to improving outcomes and optimizing healthcare
efficiency. Wireless technology further enhances
this by enabling secure, real- time transmission of
data from multiple devices and sensors to central-
ized monitoring systems — supporting patient
mobility, operational efficiency, and the growing
demand for connected healthcare solutions.
Through close collaboration with customers, our
platform provides standards- compliant, plug-
and- play access points, repeaters, and modules
easily integrated into patient- worn and near-
patient devices. This accelerates development
and commercialization of innovative, high- value
healthcare solutions.
Market trends
The healthcare market is relatively recession-re-
silient but characterized by long, conservative
product lifecycles that may slow new introduc-
tions but deliver stable, long-term revenue once
products are established.
Transitioning patients to ambulatory
status, meaning encouraging patients
to move shortly after surgery, has been
proven to reduce recovery time and
improve physical and emotional well-
being. ...
→ Read more at rtx.dk
Freedom to Heal: How
Wireless Monitoring
Empowers Patient Recovery
Healthcare insights
RTX help B2B customers in the
healthcare sector by integrating
wireless technology into critical patient
care solutions. Our wireless technology
enables seamless and reliable patient
monitoring infrastructure and devices ...
→ Read more at rtx.dk
Wireless Patient
Monitoring
RTX Annual Report 2024/25 Business & Strategy
Outlook
2025/26
RTX expects double-digit revenue growth, net of currency effects.
Although the short order horizon and ongoing industry uncertainty
affect the revenue outlook, RTX maintains a solid pipeline and strong
customer relationships, providing forecast visibility for the next three
to six months.
Outlook 2025/26
RTX guides a 2025/26 financial outlook of:
• Revenue of DKK 575 to 625 million
• EBITDA of DKK 35 to 65 million
• EBIT of DKK 0 to 30 million
This outlook reflects continued growth
momentum, supported by a solid pipeline,
strong customer relationships, and new product
ramp-ups.
The EBITDA range assumes a strong gross
margin, supported by operational efficiencies,
cost discipline, and favorable product mix devel-
opment. Continued investments in innovation
and customer programs are expected to support
future growth while maintaining healthy profita-
bility.
The main uncertainties for the year relate to
macroeconomic volatility, the pace of customer
inventory replenishment, and market perfor-
mance in key growth segments.
As RTX’s revenue is primarily denominated in
USD, the assumed weaker USD is expected to
negatively impact reported revenue by approx-
imately 7%, compared to 2024/25. Despite
these factors, RTX remains well positioned to
capitalize on growth opportunities, driven by new
product launches and expanding demand from
both existing and new customers.
Revenue (DKKm)
575 - 625
Forward-looking
statements
This Annual Report includes
forward-looking statements on
various matters such as future
product development, future
expected revenue and earnings
as well as future strategies and
potential business expansion.
Such statements are subject to
risks and uncertainties as various
factors, many of which are
outside the control of RTX, may
cause the actual development
and results to differ materially
from the expectations expressed
directly or indirectly in this Annual
Report. Such factors include, but
are not limited to, economic and
geopolitical conditions and devel-
opments, changes in demand
for RTX’s products and services,
competition, technological
changes, fluctuations in curren-
cies and interest rates, compo-
nent availability and fluctuations
in sub-contractor supplies as well
as legislative and/or regulatory
changes.
FX (USD) sensitivity
Average USD/DKK rate 2024/25 6.76
USD/DKK rate (outlook 2025/26) 6.30
Impact of ±0.1 change in USD/DKK
Revenue DKK +/-9 million
EBITDA (DKKm)
35 - 65
EBIT (DKKm)
0 - 30
RTX Annual Report 2024/25 Business & Strategy
Our Equity
Story
Long-term
Profitable Growth
With our strong core as foundation
and our scalable business model,
we aim to accelerate growth in
select target markets – especially
Healthcare and Retail – to pursue
long-term profitable growth.
Winning Aspiration: Partnerships
with 2-3 of the top-5 players in
each target market.
Our revenue ambition: We are
targeting double-digit annual
revenue growth towards 2030.
Our profitability ambition: We are
targeting an EBITDA margin above
15% by 2030.
Strong Core
Danish based trusted technology
partner to leading global brands,
with repeat revenue via long-term
framework agreements and sticki-
ness via design-in elements of the
business model.
Our three segments – Enterprise,
ProAudio, and Healthcare – form
the backbone of RTX and serves
as a strong and scalable base from
which to drive growth.
The foundation of our success is
our people and our partnerships
– we set ambitious goals while
fostering a supportive culture that
fuels innovation, accountability,
and collaboration.
Accelerating Growth
Beyond continued consolidation in
enterprise communication there are
growth opportunities for commu-
nication solutions for frontline
workers, especially across Retail
operations, driven by the need
for digitalization and efficiency
improvements.
Healthcare constitutes a sizable
growth opportunity for RTX as
we expand our value chain share
and broaden our portfolio of infra-
structure products for continuous
patient monitoring solutions for
hospitals – driving operational
efficiency and enabling patient
mobility.
Market driven technology inno-
vation and co-creation with key
partners based on business devel-
opment efforts to continuously
identify and shape new markets
where RTX technology can lead.
Scalable
Business Model
Production partnerships with global
EMSs (Electrorics Manufacturing
Services) provide RTX with an
asset light business model as well
as a resilient global production
footprint amid geopolitical insta-
bility and tariff uncertainty.
Modular architecture and plat-
form-based technology innovation
ensure shorter time to market and
drive economics of scale via reuse
across products and markets.
Operational excellence throughout
the value chain – including
continued focus on process and
supply chain optimization to
improve cost competitiveness and
agility.
RTX Annual Report 2024/25 Business & Strategy
2024/252023/242022/232021/222020/21
86%
92% 92%
94% 94%
2024/252023/242022/232021/222020/21
308
493
527
331
402
103
114
186
120
79
47
56
70
47
67
457
663
783
498
547
2024/25 Performance
During the financial year 2024/25, RTX has restored
profitability and reinforced the foundation for long-term,
sustainable growth. The company’s renewed momentum
reflects stronger market demand, operational discipline,
and effective execution across its core segments.
Revenue by segment
DKK million
Revenue from product sales
% of total revenue
Performance
During the financial year 2024/25, RTX restored
profitability and reinforced the foundation for
long-term, sustainable growth. The company’s
renewed momentum reflected stronger market
demand, operational discipline, and effective
execution across its Enterprise, Healthcare, and
ProAudio segments. In June 2025 RTX revised
its expectations upward as market conditions
improved. The original outlook was: revenue of
DKK 490–520 million, EBITDA of DKK 0–20
million and EBIT of DKK –35 to –15 million. As
demand strengthened and operational perfor-
mance improved, RTX adjusted its outlook to
revenue of DKK 530–560 million, EBITDA of
DKK 25–35 million and EBIT of DKK –5 to +5
million.
Revenue
Revenue for 2024/25 increased to DKK 547
million, up 10% from last year, while EBITDA
reached DKK 36 million confirming the scalability
of RTX’s business model and the strength of its
product and customer portfolio.
Enterprise segment experienced normalization
among key customers and increased activity
in the Retail sub-segment, resulting in higher
volumes and improved profitability. Revenue for
the segment reached DKK 402 million, up DKK 71
million compared to 2023/24. This growth was
driven by increased orders from several major
customers as well as solid performance in Retail.
We have seen a gradual return to typical ordering
patterns from many key customers, and the
overall development in the Enterprise segment is
encouraging. Long-standing customers continue
to show stable demand for our core products,
while also demonstrating growing interest in
exploring new application areas.
ProAudio segment continued to face market
headwinds, as customers experienced slower sell-
through and increased competition. RTX advanced
the phase-out of low-margin products to focus on
module sales, driving scalability through a modular
product platform built on our high quality wireless
audio technology Hereby, RTX is positioning the
segment for profitable scalability. In the ProAudio
segment, RTX realized revenue of DKK 79
million, a decrease of DKK 41 million compared to
2023/24.
Healthcare delivered significant growth, driven
by sales of key products. Healthcare revenue
reached DKK 67 million compared to DKK 47
million in 2023/24, an increase of DKK 20
million. The positive development in Healthcare
continues to be driven by revenue from products
for which RTX has assumed extended ownership
under the agreement signed with a key customer
in November 2023. This transition is progressing
and over time, revenue from fully RTX-owned
products is expected to grow, as these solutions
is a part of larger system sales by our Healthcare
partner.
Share of revenue from product sales Enterprise ProAudio Healthcare
RTX Annual Report 2024/25 Performance
2024/252023/242022/232021/222020/21
171
177
192
179
196
55
62
72
71
67
227
240
264
250
262
2024/252023/242022/232021/222020/21
0
65
239
309
358
233
274
52.3%
46.6%
45.8%
46.7%
50.0%
2024/252023/242022/232021/222020/21
6
46
68
-34
9
1.3%
6.9%
8.7%
-6.8%
1.6%
2024/252023/242022/232021/222020/21
37
85
108
36
3
8.2%
12.9%
13.7%
0.6%
6.5%
Gross profit
The gross profit development is positively
impacted by the revenue level and reached DKK
274 million (2023/24: DKK 233 million).
The gross margin in 2024/25 was 50.0%
compared to 46.7% in the previous financial
year. The gross margin is negatively impacted by
component write offs as a result of changes in
product mix, End of Life components and closing
down non profitable products. Gross margins are
positively impacted by a favourable product mix
combined with higher revenue from the Health-
care segment.
Capacity costs
Capacity costs (staff costs and other external
expenses) amounted to DKK 262 million in
2024/25, an increase from DKK 250 million in
2023/24. The increase is arising primarily from
salary inflation, organizational adjustments and
strategic hires.
The average number of employees was 301 in
2024/25, compared to 291 in 2023/24. The
increase is primarily due to the establishment of
the subsidiary RTX Romania S.R.L.
External costs decreased in 2024/25, as a result
of cost cautiousness across the company and
establishment of RTX Romania which reduced
the dependence on external consultants.
Operating profits – EBITDA and EBIT
EBITDA was positively affected by the increase in
revenue and the solid increase in gross margins.
Compared to last year EBIT was furthermore
impacted by lower amortization, as most capital-
ized development projects within the Enterprise
segment were either fully amortized or still under
development. Within the Healthcare segment,
multiple development projects are advancing and
are anticipated to begin amortization in the next
financial year. The first effects of this transition
were already reflected toward the end of the
financial year.
EBITDA for 2024/25 reached DKK 36 million
(2023/24: DKK 3 million), whereas EBIT
reached DKK 9 million (2023/24: DKK -35
million).
Capitalized development projects,
depreciation, and amortization
During 2024/25, RTX continued to invest in the
development of new product features and future
offerings, primarily within the Enterprise and
Healthcare segments. In the Enterprise segment,
the investments were focused on further
strengthening the core business platforms, while
in the Healthcare segment, a substantial part
of the investments were directed towards areas
of strategic importance and long-term growth
potential. Own development costs of DKK 24
million were capitalized in 2024/25 compared
to DKK 20 million in 2023/24. The level of
R&D costs reflects RTX’s strategy to extend
the product portfolio to meet customer require-
ments. Depreciation and amortization amounted
to DKK 27 million in 2024/25.
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
RTX Annual Report 2024/25 Performance
2024/252023/242022/232021/222020/21
0.4
4.2
5.7
-3.8
1.3
2024/252023/242022/232021/222020/21
45
0
97
83
22
2024/252023/242022/232021/222020/21
120
74
138
153
108
2024/252023/242022/232021/222020/21
289
332
377
334
323
59.4 %
65.2 %
65.8 %
68.0 %
59.6 %
Cash flow from operations (CFFO)
DKK million
Net profit and Earnings per share
Net profit before tax amounted to DKK 14.0
million in 2024/25 compared to DKK -38.3
million in 2023/24, primarily driven by higher
EBITDA, lower depreciation, and positive finan-
cial income from hedge gains. The positive net
profit for the year marks a significant improve-
ment and represents an important step for a
sustainably profitable business. Earnings per
share (EPS) increased to DKK 1.3, compared
to DKK –3.8 last year, reflecting strength-
ened operations, improved financial efficiency,
and renewed momentum across RTX’s core
segments.
Cash flow
Cash flow from operations (CFFO) in 2024/25
was impacted by a decrease in working capital
and positive earnings for the year. Inventory
decreased during the year, as components in
stock were used for finished products, reaching
DKK 37 million by year end. Receivables and
payables both decreased by DKK 10 million,
resulting in no net impact on cash. The positive
earnings in the period had an impact of DKK 9
million. Cash was invested into future growth, via
investments in capitalized development projects
and fixed assets for a total amount of DKK 30
million (2023/24: DKK 23 million). A share buy
back program of DKK 20 million was initiated in
August 2025, with DKK 2.1 million completed
during the financial year.
Assets, equity and liabilities
The total assets amounted to DKK 491 million
at the end of 2024/25 (2023/24: DKK 491
million). The main changes are seen on inventory
which have been reduced compared to last year
and cash that has increased compared to last
year. The Group’s total net liquidity position (total
cash funds plus current securities less bank
debt) increased to DKK 153 million at the end of
2024/25 (2023/24: DKK 108 million), posi-
tively impacted by the reduced working capital
and by earnings.
At the end of 2024/25, total equity was DKK
334 million (2023/24: DKK 323 million) corre-
sponding to an equity ratio of 68.0% (2023/24:
65.8%). RTX continues to have a strong balance
Earnings per share (EPS)
DKK per share
sheet and a sufficient cash position. Trade
payables are lower than last year, whereas other
payables have increased, primarily due to salary
related provisions due to increase in FTEs in
2024/25.
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
RTX Annual Report 2024/25 Performance
Quarterly Financial Highlights
Q4 2024/25 – fourth quarter meeting expectations
RTX revenue for the fourth quarter of the financial year reached DKK 140 million in
line with the previous quarter. A lower exchange rate on the USD, impacted revenue
for Q4 negatively by DKK 7.5 million, compared to last years exchange rate.
The gross margin in Q4 2024/25 amounted to 48.1% compared to 51.0% in Q4
last year. The mix between segments impacts gross margin as well as the product
portfolio. The gross margin for the quarter is further impacted by component write
offs as a result of changes in product mix, End of Life components, and closing down
non profitable products. The full year gross margin is 50.0%, significantly higher than
last years 46.7%.
Capacity costs in Q4 2024/25 amounted to DKK 60.1 million compared to DKK
57.0 million in Q4 2023/24. The increase is arising primarily from salary inflation,
organizational adjustments and strategic hires.
EBITDA reached DKK 13.3 million in Q4 2024/25 (Q4 2023/24: DKK 23.3
million). EBIT amounted to DKK 6.2 million in Q4 2024/25 (Q4 2023/24 DKK
16.5 million).
2024/25 2023/24
Amounts in DKK million Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
Income statement items
Revenue 100.5 159.9 146.9 139.8 547.1 81.9 125.2 141.9 149.3 498.3
Gross profit 51.0 79.5 76.0 67.3 273.8 31.9 57.1 67.7 76.2 232.9
Gross margin 50.7% 49.7% 51.7% 48.1% 50.0% 38.9% 45.6% 47.7% 51.0% 46.7%
EBITDA -9.4 16.6 15.0 13.3 35.5 -30.5 0.9 9.4 23.3 3.1
EBITDA % -9.4% 10.4% 10.2% 9.5% 6.5% 0.4% 0.0% 6.6% 15.6% 0.6%
Operating profit/loss (EBIT) -15.6 10.2 7.9 6.2 8.7 -41.2 -9.6 0.2 16.5 -34.1
Net financials 6.4 -0.1 -1.2 0.1 5.2 -3.2 1.8 0.7 -3.5 -4.2
Profit/loss before tax -9.2 10.1 6.7 6.4 14.0 -44.4 -7.8 0.8 13.1 -38.3
Profit/loss for the year -7.2 7.9 5.2 4.6 10.5 -34.6 -6.1 0.6 9.4 -30.7
Segment information
Enterprise revenue 78.6 114.4 106.4 102.2 401.6 44.5 80.9 103.0 103.0 331.4
ProAudio revenue 17.4 21.2 17.5 22.4 78.6 23.8 40.8 27 28.7 120.3
Healthcare revenue 4.5 24.2 23.0 15.1 66.9 13.5 3.5 12 17.7 46.7
Balance sheet items
Cash and current
asset investments 96.6 108.3 118.9 153.0 153.0 115.5 87.2 100.4 107.7 107.7
Total inventory 81.9 74.1 56.5 36.8 36.8 107.7 99.8 90.7 78.3 78.3
Total assets 471.6 497.9 499.8 490.5 490.5 470.0 467.1 488.3 491.3 491.3
Equity 319.9 327.3 331.0 333.7 333.7 338.8 325.6 320.8 323.4 323.4
Liabilities 151.7 170.5 168.8 156.8 156.8 131.2 141.5 167.5 167.9 167.9
Cash flow items
Cash flow from operations -7.0 27.9 19.9 42.0 82.8 -18.6 -4.3 26.8 17.6 21.5
Paid dividend 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Acquisition of treasury shares 0.0 0.0 0.0 2.1 2.1 45,236 99,804 53,376 32,418 230,834
RTX Annual Report 2024/25 Performance
RTX Annual Report 2024/25 Sustainability
RTX Annual Report 2024/25 Sustainability
RTX Annual Report 2024/25 Sustainability
RTX Annual Report 2024/25 Sustainability
RTX Annual Report 2024/25 Sustainability
→ Environment
→ Social
→ Governance
RTX Annual Report 2024/25 Sustainability
RTX Annual Report 2024/25 Sustainability
RTX Annual Report 2024/25 Sustainability
RTX Annual Report 2024/25 Sustainability
RTX Annual Report 2024/25 Sustainability
RTX Annual Report 2024/25 Governance
RTX Annual Report 2024/25 Governance
→ Our Growth Strategy
→ Global Industry Structure
→ Our Customer Partnerships
→ How we Work
→ Enterprise
→ ProAudio
→ Healthcare
Business
& Strategy
RTX Annual Report 2024/25 Governance
RTX Annual Report 2024/25 Governance
Risk Management
Identifying, monitoring and mitigating risks are key parts of RTX’s governance model,
and the latest years we have seen the emergence of a variety of risks, component
scarcity and recovery, as well as macroeconomic and geopolitical instability.
RTX operates as an international provider of
advanced wireless technology solutions devel-
oped and manufactured for leading global
brands. As such, the company is exposed to
various risks inherent in its business operations.
Managing these risks is an integrated part of
RTX’s overall management activities.
At RTX, risks are defined as “an occurrence
caused by external or internal events which
hinders us in meeting our objectives”. The risk
management approach is based on risk identi-
fication and assessment followed by defining
mitigating actions and implementing those
mitigating actions which are deemed relevant and
attractive. Mitigating actions are planned and
conducted to decrease the likelihood of a risk
occurring and/or to decrease the impact of a risk
if occurring.
Group Executive Management is responsible for
reviewing the overall risk exposure of RTX on an
ongoing basis. Once risks have been identified,
assessed and mitigating actions defined, execu-
tive management evaluates the risk exposure to
ensure that appropriate plans are in place. The
Board of Directors is ultimately responsible for
risk management, and it has appointed the Audit
Committee to supervise the risk profile evalu-
ation on a quarterly basis. Significant risks are
reported to the Board of Directors at least on a
quarterly basis. During 2024/25, risks stemming
from the significant geopolitical and macroeco-
nomic uncertainties have been in particular focus
in this process.
RTX takes out statutory insurances as well as
the insurances deemed to be relevant in order to
eliminate or reduce unwanted and insurable risks.
At regular intervals, RTX conducts a review of the
insurances and their coverage in cooperation with
external advisers. The Group’s insurances are
reviewed periodically by the Audit Committee.
For an overview of financial risks
and RTX’s handling of such refer
to note 5.6 to the financial state-
ments in this annual report.
The risk management process
The risk management process at RTX includes the
interlinked processes of risk identification, assess-
ment and mitigation managed by Group Executive
Management and reported to and supervised by the
Board of Directors.
Identification
Mitigation
Reporting Assessment
RTX Annual Report 2024/25 Governance
Lower Estimated likelihood Higher
Lower Potential Impact Higher
Customer
Partnerships
Climate
Change
IT & Cyber
security
Technology
Politics &
regulations
IPR
Macro-
economy
Components
C
D
E
J
A
Supply chain
F
I
H
HR & talent
G
B
Macroeconomy
Risk description Macroeconomic uncertainty and adverse economic conditions with low rates of economic
growth may lead to a reduced demand from end users and thereby from RTX’s customers
thus impacting the activity level and financial results of RTX.
Fluctuations in currency exchange rates – especially USD/DKK exchange rate – impact RTX
revenue and operating profits measured in DKK. Given the high solidity and the liquidity posi-
tion RTX does not have risk related to external providers of interest-bearing debt.
Mitigation To safeguard against the potential impact of low economic growth rates, RTX has, over
the past years, enlarged its customer base – e.g. through further long-term framework
agreements – to increase the likelihood of an underlying growth in RTX’s activity level
regardless of any lower economic growth. Also, RTX operates in different industrial sec-
tors/segments to reduce the exposure to any one sector. While the strong and enlarged
customer relationships through framework agreements create significant opportunities
for RTX, we have maintained a cautious approach to our capacity costs.
Regarding foreign exchange risk, RTX’s trading and currency policy aims, where possible,
to match the currencies of purchases and sales. When appropriate, RTX enters into
hedging transactions to reduce net currency exposure. During 2024/25, RTX continued
to hedge part of the expected future USD inflow to mitigate this risk.
Risk assessment
2024/25
Likelihood: High / Impact: High
The US has implemented new tariffs on trade with most countries, creating uncertainty
and order hesitation. Approximately 20–30% of RTX’s products are sold for use in the
US, and changes in trade conditions or exchange rates may therefore affect the Group’s
financial results.
RTX use production partners in mainly EU, The Philippines and China. We have for some
years been working with our global footprint which enables us to shift production in
different countries.
The tariff situation resulting in uncertainties has an impact on the USD, which will also
impact RTX. We continue to partially hedge to reduce the currency exposure.
A
Macroeconomy
B
Supply chain
C
Components
D
Customer partnerships
E
Politics and regulations
F
HR and talent
G
Technology
H
IPR
I
IT and cybersecurity
J
Climate Change
Arrows show directional
risk movement since the
previous financial year
Risk heat map
Risks are assessed using a two-dimensional risk matrix – estimating the
impact on RTX earnings and “license to operate” and the estimated likeli-
hood of a risk materializing.
A
Financial StatementsRTX Annual Report 2024/25
Supply chain Components
Risk description The Group’s production is handled by suppliers (contract manufacturers), which are lo-
cated both in Asia and Europe with the majority of sourced volume from Asia. The Group
depends on the ability of these suppliers to produce and supply the planned volume at
the agreed time and quality, and thus significant fluctuations in revenue and gross profit
may arise if some suppliers fail to supply as agreed.
Risk description Component lead times and availability of components (i.e. component suppliers not
fulfilling the full demand) may impact revenue, gross profits and gross margins – espe-
cially via postponements (and only to a lesser degree cancellations). The issue has
historically been pertinent for certain electronics components from time to time.
Mitigation RTX is in ongoing close contact with its suppliers in order to plan and monitor supplies,
quality assurance systems and production. To reduce our reliance on any single supplier,
RTX operates with a dual-supplier setup where possible to increase the supply chain
resilience.
A 12-month rolling forecast is managed by RTX to suppliers, which increases the ability
of suppliers to plan operations in order to meet RTX’s demand. The forecast is based
on a mix of customer directed forecasts, RTX projections and insight into historical and
future orderbook.
RTX cooperates with major contract manufacturers that operate multiple factories
across countries and continents, which means that production can be transferred from
one factory to another should one of the sites temporarily be out of operation for a
prolonged period.
Mitigation A 12-month rolling forecast is managed by RTX to suppliers, which increases the ability
of suppliers to plan operations in order to meet RTX’s demand. The forecast is based
on a mix of customer directed forecasts, RTX projections and insight in to historical and
future orderbook.
When necessary, the RTX Supply Chain organization works closely and directly with sup-
pliers of components in agreement, with our manufacturing partners)to increase allo-
cations of components, the components share of rare or restricted raw materials. This
involves making spot buys to fill short-term gaps while working with suppliers to ensure
allocation and prioritization, however much less than previous years, and only when eval-
uated necessary to ensure availability of key components for customer commitment or
strategic focus areas.
Risk assessment
2024/25
Likelihood: Medium / Impact: High
As outlined in section A) Macroeconomy, the geopolitical landscape has undergone
significant changes. Consequently, the assessment for RTX Supply Chain remains
high, as these developments influence both RTX’s strategic production decisions and
our customers’ growing demand for customized, resilient supply chain solutions. In
response, RTX continues to evaluate opportunities for a wider and more flexible global
production footprint to mitigate risk and enhance supply chain agility. RTX’s Supply
Chain organization has continued to work even closer with its suppliers in 2024/25 to
jointly ensure efficient production and on-time quality deliveries to our customers.
Risk assessment
2024/25
Likelihood: Medium / Impact: Medium
Availability of many electronic components normalized during 2024/25, and RTX saw
a significant reduction in component inventory toward the end of the year. On the other
hand the geopolitical situation continues to add criteria and constraints regarding the
origin and sourcing of components, increasing the need for transparency and flexibility in
the supply chain. RTX maintains a close dialogue with its production partners to secure
critical components and ensure on-time delivery of products to customers.
B C
Financial StatementsRTX Annual Report 2024/25
Customer partnerships Politics and regulations
Risk description A significant part of RTX’s business is based on long-term partnerships with leading
international companies in the market segments where RTX operates. The cooperation
with these customers is based on long-term framework agreements, and RTX’s products
are an integrated part of these customers’ solutions and offerings.
The company’s top ten customers represent more than 75% of 2024/25 revenue. It
would have a considerable impact on RTX’s organizational setup as well as its financial
performance, if key customers – for any given reason – face financial challenges, if RTX
and a given customer are not able to be successful together or if the market situation
were to significantly change.
Risk description International trade barriers out of protectionism or for other reason could influence the
ability of RTX to export products from certain countries to e.g. the US. Further, geopo-
litical disturbances can have an indirect effect on economic growth (see risk section on
“Macroeconomy”) or could impact RTX’s ability to utilize supply chains in certain coun-
tries.
Also, RTX is subject to increasing requirements for product safety, compliance regula-
tions and reporting. Failure to comply with these may harm RTX’s reputation and license
to operate.
Mitigation As RTX naturally relies on a limited number of strategic, global customers due to its
specialized technology and partnership-based business model, concentration risk is a
reality. To mitigate this, RTX invests substantial resources in achieving deep technical
integration with customer systems and products to ensure seamless collaboration.
This close integration not only creates significant switching costs but also means that
replacing RTX would require considerable time and effort from customers. Furthermore,
RTX maintains long-term framework agreements with key customers, reinforcing the
stability of these relationships. In general, RTX’s customers are large, well-reputed inter-
national companies. To further mitigate potential financial exposure from any custom-
er-specific events, RTX also takes out credit insurance on customers where possible.
Mitigation RTX is engaging with several internationally oriented suppliers with operations across
multiple countries and continents, which provide an agile setup in case of significant
trade barriers or geopolitical disturbances.
RTX operates in different industrial sectors/segments to reduce the exposure to any one
sector.
Regarding product safety, RTX’s management system, supplier agreements and compli-
ance frameworks are designed to deal with customer and regulatory requirements. The
management system is subject to both internal and external reviews and audits.
Risk assessment
2024/25
Likelihood: High / Impact: High
Customer consolidation and changing demand patterns continue to influence the
market landscape. RTX also maintains active engagement in new growth sub-segments,
ensuring that technological capabilities and resources are aligned with evolving market
opportunities. RTX’s focus on strategic partnerships, scalable platforms, and segment
diversification to reduce risk exposure.
Risk assessment
2024/25
Likelihood: High / Impact: High
The US has implemented new tariffs on trade with most countries, creating uncertainty
and order hesitation. Approximately 20–30% of RTX’s products are sold for use in the
US, and changes in trade conditions or exchange rates may therefore affect the Group’s
financial results.
Regulation and reporting requirements continue to grow, particularly in Europe. The
geopolitical instability in the world has increased over the past years and the potential
consequences may spill over to other areas or have an impact on the global electronics
production, and can thus pose an indirect risk also to RTX.
D E
Financial StatementsRTX Annual Report 2024/25
HR and talent Technology
Risk description RTX is a knowledge-intensive technology company, and its ability to develop innova-
tive products and solutions and to maintain a strong competitive position, depends on
attracting, developing, and retaining highly skilled and motivated employees. Difficulty in
securing or retaining key talent could hinder the successful execution of RTX’s strategy
and weaken the company’s long-term competitiveness.
Risk description A significant part of RTX’s business is based on its unique knowledge within advanced
wireless radio systems. Therefore, technological changes may affect future business
opportunities for RTX.
A revolution of the wireless communication standards and competence platforms, which
RTX currently incorporates into its products and solutions, may lead to lost business
opportunities, especially longer term.
Mitigation RTX aims to be an attractive workplace through competitive conditions, development
dialogues, satisfaction surveys, social initiatives, and incentive programs. A dedicated
People & Culture function drives talent attraction, engagement, and retention.
RTX cooperates closely with leading universities near its knowledge hubs on student
projects and recruitment to secure future talent.
Employee turnover and retention are monitored continuously to ensure proactive action.
These efforts, together with a strong company culture and focus on people develop-
ment, help RTX sustain the expertise and innovation capacity that underpin its long-term
competitiveness.
Mitigation Through close relationships with leading international customers, RTX has a solid under-
standing of the customers’ future product development plans. The close relations enable
RTX to predict and react to changes in technologies requested by the customers on an
ongoing basis.
Via innovation projects, RTX develops the technological competencies that will enable
RTX to offer products and solutions based on a wider range of technological opportuni-
ties. This reduces the dependence on single technologies. RTX’s corporate technology
office works on this continuously and also team up with leading research institutions for
specific innovation projects.
RTX's CTO Office scouts emerging technologies and evaluates technologies with poten-
tial implications (opportunities or threats) for RTX especially within wireless and audio
platforms and protocols.
Risk assessment
2024/25
Likelihood: Medium / Impact: Medium
Following a period of elevated employee turnover, the situation is stabilizing. RTX
continues to focus on employee engagement, leadership development, and retention as
key factors in maintaining competitiveness.
Risk assessment
2024/25
Likelihood: Low / Impact: Medium
Monitoring of the implications and usability of commoditized technologies for RTX
product application areas will remain in focus to identify risks, but also opportunities.
This includes the use of AI and ML engines.
F G
Financial StatementsRTX Annual Report 2024/25
IPR IT and cyber security
Risk description Operating in a highly IPR-protected industry, RTX’s options and flexibility may at times
be constrained by patents held by third parties. At the same time, RTX holds and has
patents pending within selected key technological areas to protect its innovations and
strengthen its competitive position.
There may be a risk that RTX inadvertently infringes on third party rights. Further, RTX’s
practices for protecting the company’s intellectual property rights may be inadequate
so that competitors may develop similar technologies. This can lead to loss of business
opportunities for RTX.
Risk description RTX’s business increasingly depends on reliable, resilient, and secure IT systems. Cyber-
security threats or severe IT incidents – such as data breaches, system outages, or
unauthorized access – could compromise RTX’s knowledge base, intellectual property,
or customer data. Such events may negatively impact the company’s operations, reputa-
tion, and competitive position, potentially resulting in financial losses, business disrup-
tion, or failure to meet contractual obligations.
Mitigation The company’s model for development projects includes a review of the project to
assess if there is a risk that RTX may infringe on or is limited by third party rights. It is
also a formal point of our project content that the project is considered for patenting.
RTX has competences within design, development and manufacturing of wireless solu-
tions and combinations of wireless technologies. The number of wireless technologies,
that RTX has competences within, are expanded over time to avoid dependency on a
single technology.
RTX is a member of ETSI (European Telecommunications Standards Institute) and other
technology forums. Such memberships ensure that RTX stays up to date on relevant
issues in the industry, including e.g. frequency bands, that may affect RTX’s business or
infringe on third party rights.
Mitigation While cybersecurity and IT risks cannot be fully eliminated, RTX continuously works to
minimize exposure through regular updates of technical security controls, policies, and
guidelines. IT security is managed centrally by Corporate IT, which implements stand-
ardized and centrally managed solutions to reduce the number of applications in use
and enable unified control of platforms, master data, and security functions. RTX also
utilizes AI-driven tools to monitor system activity and detect abnormalities, enhancing
early detection and response to potential threats. An IT Security Board oversees key
security matters, ensuring clear ownership, management attention, and alignment with
business priorities.
RTX conducts regular employee awareness and training campaigns to strengthen its
security culture. In addition, the use of multiple external production partners provides
short-term resilience and continuity in case of temporary IT service disruptions, safe-
guarding RTX’s delivery performance and operational reliability.
Risk assessment
2024/25
Likelihood: Medium / Impact: Low
RTX's CTO Office is monitoring the IP activities of selected competitors as well as part-
ners and customers to screen for potential IPR infringements without discovering any.
Furthermore, internal activities related to new patents have and will be increasing to
protect our freedom to operate.
Risk assessment
2024/25
Likelihood: High / Impact: Medium
Globally, the number of cybersecurity attacks continues to be very high and the risk of
IT security breaches thus remains significant. RTX has continued to implement IT infra-
structure upgrades to increase the resilience of our systems and have mandatory cyber
security training for all personnel.
H I
Financial StatementsRTX Annual Report 2024/25
Climate change
Risk description The European Sustainability Reporting Standards (ESRS) require companies to disclose
their assessment of climate-related risks. For RTX, significant risks and opportunities
stem from climate impacts on component and material sourcing for product production.
Key dependencies include our partnerships with production partners, influenced by
their geographical locations and resource utilization, both of which could be affected by
climate-related disruptions. This approach aims to ensure that RTX addresses potential
vulnerabilities in the supply chain while supporting sustainable operations and resilience.
Mitigation RTX has established a diversified partner network across multiple geographical regions,
collaborating with major global partners that maintain production facilities in various
locations. Climate change impacts are continuously assessed as a critical factor in
these partnerships, influencing decisions to enhance supply chain resilience and ensure
sustained operational reliability.
Risk assessment
2024/25
Likelihood: Medium / Impact: Medium
Current likelihood has been assessed to Medium, as the past year has demonstrated an
increased activity in climate impact to the global value chain (production and distribu-
tion). Climate change has an impact on production of electronics, both due to compo-
nents and locations of factories. Due to the mitigations described in the section above,
where we through partnerships have diversified our production locations, we mitigate the
business impact and consequently we set this to low/medium.
J
Financial StatementsRTX Annual Report 2024/25
Capital Structure
and Allocation
Maintaining flexibility to invest into growth opportunities,
displaying robustness for long-term framework agreements
and optimizing return for shareholders.
Capital allocation policy principles
The guiding principle for the policy on capital
allocation and structure of RTX is to: (i) maintain
sufficient financial flexibility to realize RTX’s
strategic objectives, including investments
into growth opportunities as well as balance
sheet robustness needed for long-term frame-
work agreements, which is needed to support
operations. At the same time (ii) ensuring a
financial structure maximizing the return for our
shareholders. Thereby, any excess capital after
the funding of growth opportunities and after
ensuring such robustness, should be returned to
shareholders.
RTX targets a net liquidity position (total cash
funds plus current securities less any bank
debt) of DKK 80-100 million. However, interim
deviations to the target cash level can occur
depending on specific growth opportunities or
other operational or strategic considerations.
RTX strives to maintain a reasonable balance
between distributions to shareholders via divi-
dends and via share buy-back programs, however
modifications to the capital structure will primarily
be done via share buy-backs. Depending on the
growth opportunities at hand or other operational
or strategic considerations, RTX may deviate from
the above payout ratio in a specific year.
RTX Annual Report 2024/25 Governance
→ Our Growth Strategy
→ Global Industry Structure
→ Our Customer Partnerships
→ How we Work
→ Enterprise
→ ProAudio
→ Healthcare
Business
& Strategy
Dividends and share buy back 2024/25
During 2024/25, RTX decided to launch a
share buy back program of DKK 20 million. The
program was initiated in September 2025 and
expected to be completed before August 2026
under Safe Harbour principles. During 2024/25,
RTX purchased own shares amounting to DKK 2.1
million.
Distribution to shareholders
2024/25 2023/24 2022/23 2021/22 2020/21
Dividends per share (DKK) 0.00* 0.00 0.00 0.00 0.00
Dividends, total (DKK million) 0.0* 0.0 0.0 0.0 0.0
Pay-out ratio (%) 0.0%* 0.0% 0.0% 0.0% 0.0%
Share buy-back (DKK million) 2.1 20.0 0.0 50.0 50.0
* Based on recommended dividend
Recommendation to Annual
General Meeting
To proceed with care in light of the current
macroeconomic environment and with a
continued focus on delivering value to share-
holders, the Board of Directors will propose that
no dividend be distributed for the financial year
2024/25.
The share buy back programme will continue,
reflecting confidence in RTX’s strategy and
financial position.
20 DKKm
A share buy back program amounting
to DKK 20 million was decided and
initiated during the financial year
2024/25
RTX Annual Report 2024/25 Governance
Oct Nov Dec Jan Fe b Mar Apr May Jun Jul Au g Sep
3 .1
3.8
11.8
8.3
5.4
21.8
5.0
8.2
12.4
16.0
12.7
8 .1
8 7. 3
93.0
82.4
82.4
DKK million DKK per share
The RTX Share
Impacted by ongoing market uncertainty and financial
challenges within RTX, the company’s share price experienced
high fluctuation and ended the year 2024/25 at a price,
which was close to 13% higher than where is started.
Share capital and treasury shares
As of 30 September 2025, RTX’s share
capital had a nominal value of DKK 42,339,190
comprising 8,467,838 shares each with a
nominal value of DKK 5. All shares carry equal
rights and they are not divided into classes.
RTX holds a total of 512,517 treasury shares
corresponding to 6.1 % of the share capital. The
treasury shares are held to fulfil obligations
arising from share-based incentive programs to
management and key employees as well as to
adjust the capital structure from time to time.
The RTX Share
Share price development and trading activity 2024/25
Turnover of shares
RTX A/S closing prices Nasdaq Small-Cap index
(rebased)
Stock Exchange
Nasdaq Copenhagen A/S
ISIN Code
DK0010267129
Index
Small-Cap (OMXCSCGI)
Restriction in voting rights
None
30 Sep. 2025 30 Sep. 2024
Share price (DKK per share) 93.0 82.6
Market capitalization (DKK million) 788 699
Average daily turnover (DKK million) 0.5 1.1
Shares issued (no.) 8,467,838 8,467,838
Treasury shares (no.) 512,517 489,362
Earnings per share (DKK) 1.3 -3,8
Price/earnings 70.9 -21,8
The share
At the end of the financial year at 30 September
2025, the RTX share was priced at DKK 93.0
corresponding to a market capitalization of
DKK 788 million. Over the year, the share price
fluctuated significantly, ranging from DKK 55 to
DKK 95. In comparison, the Nasdaq Copenhagen
Small Cap Index (OMXCSCGI) rose by close
to 6% during this period, reflecting an average
increase across its 50 listed companies, with
both significant increases and decreases across
the individual shares.
RTX Annual Report 2024/25 Governance
65%
15%
6%
14%
Financial Calendar
29 January 2026
Annual General Meeting
Deadline to submit proposals
for items on the agenda is
19 December 2025
29 January 2026
Interim report Q1 2025/26
13 May 2026
Interim report Q2 2025/26
27 August 2026
Interim report Q3 2025/26
25 November 2026
Annual report 2025/26
In accordance with section 55 of the Danish
Companies Act, the following investors have
reported holdings of between 5% and 10% of
RTX’s share capital:
• Polaris PPU Master Fund ICAV
• Arbejdsmarkedets Tillægspension (ATP)
• Fundamental Invest Stock Pick and related
Fundamental Invest Stock Pick II Acc
• Jens Hansen
• Jens Toftgaard Petersen
Treasury shares
As part of a share buy-back program commenced
on 1 September 2025, RTX acquired 23,155
shares in accordance with the Board’s authori-
zation to purchase treasury shares for a nominal
value of up to DKK 4,233,919 (equivalent to
approximately 10% of the Company’s share
capital at the time of authorization). The program
runs until 25 January 2028. RTX’s holding of
treasury shares must not exceed 10% of the
share capital at any time, and the acquisition
price may not deviate by more than 10% from the
market price on Nasdaq Copenhagen at the time
of purchase.
Investor relations
RTX aims to maintain an open dialogue with
investors and analysts about the company’s
business model, strategic priorities and financial
performance. RTX further aims to ensure equal,
timely and adequate information for all investors
by publishing company announcements in Danish
and English on the RTX website and by release
to Nasdaq Copenhagen. In addition to financial
reports and other company announcements,
RTX’s Executive Board uses investor meetings,
roadshows and conference calls as the primary
channels when communicating with stake-
holders.
RTX’s website provides information about analyst
coverage and access to investor-related materials
etc.
Shareholder composition
30 September 2025
% of shares
Danish Shareholders
International Shareholders
RTX A/S (treasury shares)
Shareholders not registered by name
Shareholder composition
At 30 September 2025, RTX had more than
4,400 shareholders registered by name,
including custodian banks, constituting approx-
imately 85% of the company’s share capital.
According to registered addresses, the majority
of shareholders are based in Denmark, but with
a sizeable share of shareholders being based
internationally. Approximately 58% of the share
capital was held or managed by the 25 largest
shareholders registered by name.
RTX Annual Report 2024/25 Governance
Board of
Directors
The RTX Board supports the company’s strategy of achieving
scalable growth by developing and supplying advanced wireless
solutions for global brands, strengthening long-term framework
agreements with key customers, and maintaining technological
leadership in wireless hardware and software.
The Board is composed of professionals who contribute with rele-
vant experience, knowledge, and skills to support RTX’s strategic
priorities and governance framework.
During the year, Henrik Schimmell was appointed
Chair of the Board, and Katja Millard was appointed
Vice Chair. In addition, Gitte Schjøtz and Carsten
Drachmann joined the board, further strengthening
RTX’s governance and strategic focus.
Henrik Schimmell
Chair
Danish
1962, male
Katja Millard
Vice Chair
Danish
1978, female
Mogens Vedel Hestbæk
Board member
Danish
1972, male
Directorships and other
management positions
Chair of the board of directors of LRE
Medical. Senior Vice President, Lean
Focus Nordics
Chief Marketing Officer, Motorola
Solutions
Group CFO, Per Aarsleff, Chair of
the board of directors of Articon P/f
and board member of Inussuk A/S
Education Ph.D. from Danish Technical Univer-
sity (1992); M.Sc.EE from Danish
Technical University (1986)
CBA from AVT Business School
2007. International Trade and
Marketing 2002
M. Sc. Economics and finance 1998
Competencies General management within medical
device/diagnostics and hearing
instrument industries. Competen-
cies within strategic planning, lean
business operations & M&A
International management back-
ground – software and hardware with
deep knowledge of the electronics
industry. Experience covers sales,
marketing, innovation and product
development
Finance, corporate governance in
listed companies. Group CFO and
executive management experience
form listed companies
Committees Audit Committee, Nomination &
Remuneration Committee
Audit Committee, Nomination &
Remuneration Committee
Chair Audit Committee
Meeting
attendance
Ordinary: 6 of 6,
Extraordinary: 1 of 1
Ordinary: 5 of 6,
Extraordinary: 1 of 1
Ordinary: 6 of 6,
Extraordinary: 1 of 1
Elected period Since 2019 Since 2024 Since 2024
Independence Yes Yes Yes
RTX Annual Report 2024/25 Governance
Jesper Mailind
Board Member
Danish
1956, male
Gitte Schjøtz
Board member
Danish
1970, female
Carsten Drachmann
Board member
Danish
1966, male
Camilla Sembach Munk
Board member
Danish
1989, female
Kevin Harritsø
Board member
Danish
1984, male
Kurt Heick Rasmussen
Board member
Danish
1974, male
Directorships and other
management positions
Chair of the board of directors of
Aidian Oy; Member of the boards of
directors of Etac AB and Contour
Design A/S
EVP, Chief Sustainability & Opera-
tions Officer, UL Solutions
CEO, Gomspace A/S
Education
Graduate Diploma in Business
Administration (1982); MBA (1984)
M.Sc. Copenhagen Business School
1994. Graduate of UL Executive
Leadership program from Yale
University
M.Sc. DTU 1991, MBA Stanford
2008, Insead 2016
M.Sc. in Wireless Communications
Systems, 2016
M.Sc. in Electrical Engineering 2009 B.Sc. in Engineering, 2000. Graduate
Diploma in Business Administration,
2009
Competencies General management and transition
management from global industries
including life science, medtech,
diagnostics, technology and manu-
facturing
Global leadership experience in P&L,
operational performance, and stra-
tegic geographic expansion coupled
with strong technical expertise and
sustainability insight
International executive experience
with focus on scaling growth,
enhancing enterprise value, and
investor returns. Expertise in
commercialising technology, global
market expansion, and strategic
investor communication
Project Engineer, RTX A/S. Team Lead, RTX A/S Senior Project Manager, RTX A/S
Committees Nomination & Remuneration
Committee
Meeting
attendance
Ordinary: 6 of 6,
Extraordinary: 0 of 1
Ordinary: 5 of 6,
Extraordinary: 0 of 1
Ordinary: 6 of 6,
Extraordinary: 1 of 1
Ordinary: 6 of 6,
Extraordinary: 0 of 1
Ordinary: 6 of 6,
Extraordinary: 1 of 1
Ordinary: 5 of 6,
Extraordinary: 1 of 1
Elected period 2009-2009 and since 2013 Since 2025 Since 2025 2023-2027 2019-2027 2015-2027
Independence No Yes Yes
Board members elected by the employees
RTX Annual Report 2024/25 Governance
Executive
Management
The Executive Management Team executes
RTX’s strategy of achieving scalable growth
by developing and supplying advanced wire-
less solutions for global brands, strengthening
long-term partnerships with key customers, and
maintaining technological leadership in wireless
solutions. The team is composed of experienced
leaders who contribute deep technological
insight, commercial acumen, and organizational
expertise to support RTX’s strategic priorities
and operational excellence.
Henrik Mørck Mogensen stepped
into the role of CEO, supported by
the Executive Management Team
in ensuring a smooth transition and
setting RTX on a strong path for
future growth.
Left to right: Henrik Mørck Mogensen,
Peter Jeggesen, Hans Henrik Petersen,
Peter Christensen, Jens Christian Lindof,
Mille Tram Lux.
RTX Annual Report 2024/25 Governance
Executive Management
Henrik Mørck
Mogensen
CEO
Danish
1976, male
Mille Tram Lux
CFO
Danish
1975, female
Jens Christian Lindof
CTO
Danish
1967, male
Peter Christensen
Senior Vice President, CCO
Danish
1973, male
Peter Jeggesen
Vice President R&D
Danish
1970, male
Hans Henrik Petersen
COO
Danish
1967, male
Education M.Sc. Software Engineering (1999);
M.B.A. Global business (2016)
BA in Finance & Accounting (2000);
Graduate Diploma in Accounting
(2005)
M.Sc. Electrical Engineering (Tele-
communication) (1991)
Electronics Engineer; Bachelor
Degree in Management, IMD; High
Performance Leadership, Pathfinder
I–III
M.Sc. in Computer Science (1998);
Diploma in Organization and Strategy
(2004)
M.Sc. in Engineering (1994)
Directorships and
other management
positions
None Chair of the boards of directors of
Scandinavian Medical Solutions A/S
Appointed period Since 2025 Since 2023 Since 2011 Since 2001 Since 2021 Since 2024
RTX Annual Report 2024/25 Governance
Contents
Notes
Section 1
Basis of Preparation
Notes 67
1.1 Basis of preparation and changes in
accounting principles 67
1.2 Uncertainties, estimates and judgements 68
Section 2
Result of the Year
2.1 Segment information 70
2.2 Revenue 71
2.3 Cost of goods sold 72
2.4 Staff costs and remuneration 72
2.5 Development costs 75
2.6 Fees to auditors elected at the annual
general meeting 76
2.7 Financial income and expenses 76
2.8 Derivatives 77
2.9 Income taxes 77
Section 3
Invested Capital
3.1 Intangible assets 80
3.2 Leases 82
3.3 Tangible assets 84
3.4 Investments in subsidiaries 86
3.5 Deposits 87
3.6 Prepaid expenses 87
Section 4
Working Capital
4.1 Inventories 88
4.2 Trade receivables 88
4.3 Contract development projects in progress 90
4.4 Provisions 91
4.5 Deferred revenue 92
4.6 Other payables 92
Section 5
Capital Structure and Financing
5.1 Current asset investments 93
5.2 Share capital 94
5.3 Treasury shares 95
5.4 Earnings per share 95
5.5 Dividend 95
5.6 Financial risks and financial instruments 96
Section 6
Other Disclosure Requirements
6.1 Contingent liabilities, collateral and
contractual obligations 101
6.2 Other items with no effects on cash flow 101
6.3 Related parties 102
6.4 Events after the balance sheet date 102
6.5 Accounting principles applied 102
Group and Parent
Financial Statements
Income Statement 62
Statement of ComprehensiveIncome 62
Balance Sheet 30 September 63
Equity Statement for the Group 64
Equity Statement for the Parent 65
Cash Flow Statement 66
Statements
Management's Statement 106
Independent Auditor's Report 107
Financial StatementsRTX Annual Report 2024/25
Group Parent
Amounts in DKK '000 Note 2024/25 2023/24 2024/25 2023/24
Revenue 2.1 - 2.2 547,107 498,340 547,107 498,340
Value of own work capitalized 2.5 23,879 19,937 23,879 19,937
Cost of goods sold 2.3 -273,315 -265,430 -273,315 -265,430
Other external expenses 2.5 - 2.6 -66,572 -71,063 -115,582 -110,979
Staff costs 2.4 -195,574 -178,667 -152,782 -143,873
Operating profit/loss before depreciation
and amortization (EBITDA) 35,525 3,117 29,307 -2,005
Depreciation and amortization 3.1 - 3.3 -26,780 -37,219 -24,448 -35,220
Operating profit/loss (EBIT) 8,745 -34,102 4,859 -37,225
Financial income 2.7 7,536 6,434 7,988 6,412
Financial expenses 2.7 -2,298 -10,633 -3,858 -12,841
Profit/loss before tax 13,983 -38,301 8,989 -43,654
Tax on profit/loss 2.9 -3,528 7,616 -2,455 8,235
Profit/loss for the year 10,455 -30,685 6,534 -35,419
Earnings per share
Earnings per share (DKK) 5.4 1.3 -3.8
Earnings per share, diluted (DKK) 5.4 1.3 -3.8
Attributable to:
Shareholders of the parent 10,455 -30,685
Income Statement Statement of
ComprehensiveIncome
Group Parent
Amounts in DKK '000 2024/25 2023/24 2024/25 2023/24
Profit/loss for the year 10,455 -30,685 6,534 -35,419
Items that can be reclassified subsequently to
the income statement
Exchange rate adjustments of foreign subsidiaries -2,097 -2,076 - -
Fair value adjustment relating to hedging instruments (net) -82 71 -82 71
Tax on hedging instruments (net) 18 -16 18 -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 -2,161 -1,848 -64 228
Comprehensive income for the year 8,294 -32,533 6,470 -35,191
Attributable to:
Shareholders of the parent 8,294 -32,533
Financial StatementsRTX Annual Report 2024/25
Balance Sheet 30 September
Group Parent
Amounts in DKK '000 Note 2024/25 2023/24 2024/25 2023/24
Assets
Own completed development projects 3.1 26,528 8,686 26,528 8,686
Own development projects in progress 3.1 61,243 63,132 61,243 63,132
Software 3.1 321 668 321 668
Goodwill 3.1 7,797 7,797 - -
Intangible assets 95,889 80,283 88,092 72,486
Right-of-use assets (lease assets) 3.2 46,811 49,342 41,905 44,156
Plant and machinery 3.3 9,241 13,638 9,241 13,638
Other fixtures, tools and equipment 3.3 3,275 2,853 3,255 2,740
Leasehold improvements 3.3 7,675 9,235 7,675 9,235
Tangible assets 67,002 75,068 62,076 69,769
Investments in subsidiaries 3.4 - - 40,449 39,350
Deposits 3.5 6,653 6,605 5,930 5,925
Deferred tax assets 2.9 3,676 5,435 1,473 3,375
Other non-current assets 10,329 12,040 47,852 48,650
Total non-current assets 173,220 167,391 198,020 190,905
Inventories 4.1 36,756 78,271 36,756 78,271
Trade receivables 4.2 116,366 123,595 116,366 123,595
Contract development projects in progress 4.3 2,525 3,681 2,525 3,681
Receivables from subsidiaries - - 295 -
Income taxes 2.9 129 298 11 241
Other receivables 2.8 2,936 4,049 2,360 3,445
Prepaid expenses 3.6 5,608 6,298 5,189 6,027
Receivables 5.6 127,564 137,921 126,746 136,989
Current asset investments in the trading portfolio 5.1 34,462 33,698 34,462 33,698
Current asset investments 34,462 33,698 34,462 33,698
Cash at bank and in hand 118,513 73,987 111,094 70,230
Total current assets 317,295 323,877 309,058 319,188
Total assets 490,515 491,268 507,078 510,093
Group Parent
Amounts in DKK '000 Note 2024/25 2023/24 2024/25 2023/24
Equity and liabilities
Share capital 5.2 42,339 42,339 42,339 42,339
Share premium account 170,439 170,439 170,439 170,439
Currency adjustments 4,678 6,775 - -
Cash flow hedging -129 -65 -129 -65
Reserve related to development costs - - 68,461 56,018
Retained earnings 116,343 103,931 35,804 39,821
Equity 333,670 323,419 316,914 308,552
Lease liabilities 5.6 45,141 48,167 42,306 44,641
Provisions 4.4 200 969 200 969
Deferred revenue 4.5 13,006 19,654 13,006 19,654
Other payables 4.6 3,602 2,775 420 -
Non-current liabilities 61,949 71,565 55,932 65,264
Lease liabilities 5.6 7,715 7,041 5,405 5,144
Prepayments received from customers 6,366 8,823 6,366 8,823
Trade payables 42,053 57,402 41,775 57,179
Contract development projects in progress 4.3 4,219 3,370 4,219 3,370
Payables to subsidiaries - - 47,951 45,740
Income taxes 2.9 518 98 - -
Provisions 4.4 3,700 1,110 3,700 1,110
Deferred revenue 4.5 6,648 2,281 6,648 2,281
Other payables 2.8, 4.6 23,677 16,159 18,168 12,630
Current liabilities 94,896 96,284 134,232 136,277
Total liabilities 156,845 167,849 190,164 201,541
Total equity and liabilities 490,515 491,268 507,078 510,093
Financial StatementsRTX Annual Report 2024/25
Equity Statement for the Group
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 year - - - - 10,455 10,455
Exchange rate adj. of foreign subsidiaries - - -2,097 - - -2,097
Fair value adjustment relating to hedging
instruments - - - -82 - -82
Tax on hedging instruments - - - 18 - 18
Fair value of hedging instruments
reclassified to the income statement - - - - - -
Tax on hedging instruments reclassified - - - - - -
Other comprehensive income, net of tax - - -2,097 -64 - -2,161
Comprehensive income for the year - - -2,097 -64 10,455 8,294
Share-based remuneration - - - - 3,886 3,886
Current tax on equity transactions - - - - 29 29
Deferred tax on equity transactions - - - - 189 189
Acquisitions of treasury shares - - - - -2,147 -2,147
Other transactions - - - - 1,957 1,957
Equity at 30 September 2025 42,339 170,439 4,678 -129 116,343 333,670
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 year - - - - -30,685 -30,685
Exchange rate adj. of foreign subsidiaries - - -2,076 - - -2,076
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 - - -2,076 228 - -1,848
Comprehensive income for the year - - -2,076 228 -30,685 -32,533
Share-based remuneration - - - - -1,063 -1,063
Current tax on equity transactions - - - - - -
Deferred tax on equity transactions - - - - 100 100
Acquisitions of treasury shares - - - - -20,190 -20,190
Other transactions - - - - -21,153 -21,153
Equity at 30 September 2024 42,339 170,439 6,775 -65 103,931 323,419
Financial StatementsRTX Annual Report 2024/25
Equity Statement for the Parent
Amounts in DKK ‘000
Share
capital
Share
premium
Cash flow
hedging
Reserve
related
to deve-
lopment
costs
(1)
Retained
earnings Total
Equity at 1 October 2023 42,339 170,439 -293 36,715 115,694 364,894
Profit/loss for the year - - - - -35,419 -35,419
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 - - 228 - - 228
Comprehensive income for the year - - 228 - -35,419 -35,191
Share-based remuneration - - - - -1,063 -1,063
Current tax on equity transactions - - - - - -
Deferred tax on equity transactions - - - - 100 100
Acquisition of treasury shares - - - - -20,188 -20,188
Development costs, net of tax - - - 19,303 -19,303 -
Other transactions - - - 19,303 -40,454 -21,151
Equity at 30 September 2024 42,339 170,439 -65 56,018 39,821 308,552
(1) In accordance with the Danish Financial Statements Act a reserve equivalent to the capitalized development costs net of tax is recognized in equity.
The reserve is reduced as the capitalized development costs are depreciated.
Amounts in DKK ‘000
Share
capital
Share
premium
Cash flow
hedging
Reserve
related
to deve-
lopment
costs
(1)
Retained
earnings Total
Equity at 1 October 2024 42,339 170,439 -65 56,018 39,821 308,552
Profit/loss for the year - - - - 6,534 6,534
Fair value adjustment relating to
hedging instruments - - -82 - - -82
Tax on hedging instruments - - 18 - - 18
Fair value of hedging instruments
reclassified to the income statement - - - - - -
Tax on hedging instruments reclassified - - - - - -
Other comprehensive income, net of tax - - -64 - - -64
Comprehensive income for the year - - -64 - 6,534 6,470
Share-based remuneration - - - - 3,886 3,886
Current tax on equity transactions - - - - 29 29
Deferred tax on equity transactions - - - - 124 124
Acquisition of treasury shares - - - - -2,147 -2,147
Development costs, net of tax - - - 12,443 -12,443 -
Other transactions - - - 12,443 -10,551 1,892
Equity at 30 September 2025 42,339 170,439 -129 68,461 35,804 316,914
(1) In accordance with the Danish Financial Statements Act a reserve equivalent to the capitalized development costs net of tax is recognized in equity.
The reserve is reduced as the capitalized development costs are depreciated.
Financial StatementsRTX Annual Report 2024/25
Group Parent
Amounts in DKK '000 Note 2024/25 2023/24 2024/25 2023/24
Operating profit/loss (EBIT) 8,745 -34,102 4,859 -37,225
Reversal of items with no effects on cash flow
Depreciation and amortization 26,780 37,219 24,448 35,220
Other items with no effects on cash flow 6.2 12,879 813 13,920 2,804
Change in working capital
Change in inventories 29,265 21,276 29,265 21,276
Change in receivables 10,514 50,009 10,339 49,732
Change in trade payables, etc. -8,612 -28,004 -8,843 -24,465
Financial income received 7,326 3,803 7,308 3,781
Financial expenses paid -3,158 -9,758 -4,382 -12,051
Income taxes paid 2.9 -944 -19,756 -170 -19,001
Cash flow from operating activities 82,795 21,500 76,744 20,071
Investments in own development projects -24,731 -21,808 -24,731 -21,808
Acquisition of property, plant and equipment -4,478 -1,361 -4,478 -1,361
Sale of tangible assets 147 533 147 -
Deposits on leaseholds -48 152 -5 -
Acquisition of current asset investments in the
trading portfolio -911 -38 -911 -38
Cash flow from investment activities -30,021 -22,522 -29,978 -23,207
Group Parent
Amounts in DKK '000 Note 2024/25 2023/24 2024/25 2023/24
Repayment of lease liabilities 5.6 -7,751 -7,115 -5,381 -4,776
Acquisition of treasury shares 5.3 -2,147 -20,190 -2,147 -20,190
Cash flow from financing activities -9,898 -27,305 -7,528 -24,966
Increase/decrease in cash and cash equivalents 42,876 -28,327 39,238 -28,102
Exchange rate adjustments on cash 1,650 -4,357 1,626 -4,358
Cash and cash equivalents at 1 October 73,987 106,671 70,230 102,690
Cash and cash equivalents at 30 September 118,513 73,987 111,094 70,230
Cash and cash equivalents at 30 September
are composed as follows:
Cash at bank and in hand 118,513 73,987 111,094 70,230
Cash and cash equivalents at 30 September 118,513 73,987 111,094 70,230
Cash Flow Statement
Financial StatementsRTX Annual Report 2024/25
Section 1
Basis of Preparation
Notes
MÅ IKKE SLETTET
Notes
Financial StatementsRTX Annual Report 2024/25
1.1 Basis of preparation and changes in accounting principles (continued)
Financial StatementsRTX Annual Report 2024/25
1.2 Uncertainties, estimates and judgements (continued)
Financial StatementsRTX Annual Report 2024/25
Section 2
Result of the Year
Notes
Financial StatementsRTX Annual Report 2024/25
2.1 Segment information (continued)
Financial StatementsRTX Annual Report 2024/25
2.2 Revenue (continued) 2.3 Cost of goods sold
Financial StatementsRTX Annual Report 2024/25
2.4 Staff costs and remuneration (continued)
Financial StatementsRTX Annual Report 2024/25
2.4 Staff costs and remuneration (continued)
Financial StatementsRTX Annual Report 2024/25
2.4 Staff costs and remuneration (continued) 2.5 Development costs
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
2.9 Income taxes (continued)
Financial StatementsRTX Annual Report 2024/25
2.9 Income taxes (continued)
Financial StatementsRTX Annual Report 2024/25
Section 3
Invested Capital
Notes
Financial StatementsRTX Annual Report 2024/25
3.1 Intangible assets (continued)
Financial StatementsRTX Annual Report 2024/25
3.1 Intangible assets (continued)
Financial StatementsRTX Annual Report 2024/25
3.2 Leases (continued)
Financial StatementsRTX Annual Report 2024/25
3.2 Leases (continued)
Financial StatementsRTX Annual Report 2024/25
3.3 Tangible assets (continued)
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
Section 4
Working Capital
Notes
Financial StatementsRTX Annual Report 2024/25
4.2 Trade receivables (continued)
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
Section 5
Capital Structure
and Financing
Notes
Financial StatementsRTX Annual Report 2024/25
5.1 Current asset investments (continued)
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
5.6 Financial risks and financial instruments (continued)
Financial StatementsRTX Annual Report 2024/25
5.6 Financial risks and financial instruments (continued)
Financial StatementsRTX Annual Report 2024/25
5.6 Financial risks and financial instruments (continued)
Financial StatementsRTX Annual Report 2024/25
5.6 Financial risks and financial instruments (continued)
Financial StatementsRTX Annual Report 2024/25
Section 6
Other Disclosure
Requirements
Notes
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
6.5 Accounting principles applied (continued)
Financial StatementsRTX Annual Report 2024/25
Financial StatementsRTX Annual Report 2024/25
Management's Statement
Executive Board
Board of Directors
Management’s Statement
RTX Annual Report 2024/25 Statements
Independent Auditor's Report
Independent Auditor’s Report
RTX Annual Report 2024/25 Statements
RTX Annual Report 2024/25 Statements
RTX Annual Report 2024/25 Statements
CVR no. 25 57 81 98
RTX Annual Report 2024/25 Statements
Subsidiaries
RTX Hong Kong Ltd.
8/F Corporation Square
8 Lam Lok Street
Kowloon Bay
Hong Kong
rtx.hk
RTX America, Inc.
10620 Treena St, Suite 230
San Diego
CA 92131
USA
rtx.dk
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1B Heltai Gaspar Street
Cluj-Napoca, Cluj 400427
Romania
rtx.dk
Head office
Phone: +45 9632 2300
VAT no: 17 00 21 47
RTX Annual Report 2024/25
Design and production: Noted
RTX A/S
Stroemmen 6
9400 Noerresundby
Denmark
rtx.dk