Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 29 January 2026
Announcement no. 7/2026
No. of pages: 18
RTX Interim Report
for Q1 2025/26
(the period 1 October 2025 – 31 December 2025)
RTX A/S • Stroemmen 6 • DK-9400 Noerresundby • CVR no. 17 00 21 47
“The first quarter of 2025/26 showed revenue of 108 DKKm and
delivering 7% year-on-year growth. This reflects continued demand
across our core markets and provides a supportive foundation for
achieving our outlook for the year.
Healthcare delivered a solid performance, fully in line with previous
quarters, and continues to increase its contribution to the Group.
Enterprise revenue was impacted by the timing of deliveries
between quarters. Retail showed the strongest momentum,
while demand from our key enterprise customers remains steady,
particularly among long term customers. ProAudio provided a
strong result in the quarter, benefiting from good momentum and
timing effects.
In an environment of ongoing geopolitical risk and broader global
market uncertainty, we maintain our full-year outlook, supported by
current order activity and performance“
Henrik Mørck Mogensen, CEO
Q1 2025/26: Revenue growth
of 7% year-on-year, or 17% at
constant currency.
Financial highlights
• Revenue for Q1 2025/26 increased by 7% year-on-
year to 108 DKKm, compared to 101 DKKm in Q1
2024/25. Adjusted for currency effects revenue for
the quarter increased by 17%.
• Gross margin reached 54.9% for Q1 2025/26,
compared to 50.8% in Q1 2024/25. Gross margin
improved due to a favourable segment and product
mix, as well as higher revenue from the Healthcare
segment.
• EBITDA improved to -3.9 DKKm in Q1 2025/26
compared to -9.4 DKKm in Q1 2024/25. The EBIT-
DA were negatively affected by 5.6 DKKm due to
a weaker USD, which denominates the majority of
revenue and product costs.
Guidance
RTX confirms the guidance announced on 27 November
2025 for 2025/26:
• Revenue 575 to 625 DKKm
• EBITDA 35 to 65 DKKm
• EBIT 0 to 30 DKKm
Business highlights
• Enterprise segment was impacted by delivery relat-
ed schedules, resulting in a lower revenue than same
quarter last year. Retail continues to show momen-
tum and input from long-term customers supports
our expectations for the full year.
• Healthcare segment delivered a solid revenue for
the quarter which is significantly higher than same
quarter last year.
• ProAudio segment delivered a strong result for the
quarter, reflecting both a good momentum with key
customers and positive impact related to timing of
shipments.
• Reduction in inventory from 36.8 DKKm end
2024/25 to 29.3 DKKm end Q1 2025/26, shows
our continuous effort to reduce component in-
ventory and secure availability in corporation with
production partners.
Investor and analyst conference call
On Friday, 30 January 2026 at 10:15 CET, RTX will
hold a conference call for investors and analysts hosted
by Danske Bank. To register for the conference call,
please e-mail vonh@danskebank.dk.
2
RTX interim report for Q1 2025/26
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q1
2025/26
Q1
2024/25
FY
2024/25
Key ratios (percentage)
Growth in net turnover 7.2 22.7 9.8
Gross margin 54.9 50.8 50.0
EBIT margin -10.1 -15.6 1.6
Return on invested capital
(3)
8.6 2.2 6.6
Return on equity
(3)
2.9 -1.0 3.2
Equity ratio 67.5 67.8 68.0
Employment
Average number of full-time employees
(4)
Average number of FTE employed directly
(4)
289 252 273
Revenue per employee (DKK ‘000)
(5)
341 356 1,818
Operating profit/loss (EBIT) per employee (DKK ‘000)
(5)
-34 -55 29
Shares (number of shares in thousands)
Average number of shares in distribution 7,923 7,978 7,975
Average number of diluted shares 7,971 7,946 7,995
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(5)
-1.0 -0.9 1.3
Profit/loss for the year, diluted (DEPS), per share
(5)
-1.0 -0.9 1.3
Dividends, per share - - -
Equity value, per share 40.6 40.1 41.9
Listed price, per share 107.5 56.4 93.0
(3)
Calculated over a rolling 12 months’ period.
(4)
Employees employed in RTX legal entities are defined as “employed directly”. Employees employees through service partner in countries where we have
no legal entity, comprise the rest.
(5)
Not annualized.
Amounts in DKK million
Q1
2025/26
Q1
2024/25
FY
2024/25
Income statement items
Revenue 107.8 100.5 547.1
Gross profit 59.2 51.0 273.8
EBITDA -3.9 -9.4 35.5
EBITDA % -3.6% -9.4% 6.5%
Operating profit/loss (EBIT) -10.9 -15.6 8.7
Net financials 0.3 6.4 5.2
Profit/loss before tax -10.6 -9.2 14.0
Profit/loss for the period -8.3 -7.2 10.5
Balance sheet items
Net liquidity position
(1)
149.0 96.6 153.0
Total inventory 29.3 81.9 36.8
Total assets 474.5 471.6 490.5
Equity 320.3 319.9 333.7
Liabilities 154.2 151.7 156.8
Other key figures
Total development cost incurred 28.3 8.8 51.0
Capitalized own development cost 8.2 3.5 23.9
Depreciation and amortization 6.9 6.2 26.8
Free Cash Flow
(2)
3.9 -13.6 52.8
Cash flow from operations 13.3 -7.0 82.8
Cash flow from investments -9.4 -6.6 -30.0
Investment in property, plant and equipment 0.8 2.3 4.5
Increase/decrease in cash and cash equivalents -4.5 -15.0 42.9
(1)
Equals total of cash and current asset investments.
(2)
Free Cash Flow = Cash flow from operations + Cash flow from investments.
Note: The Group’s financial year runs from 1 October to 30 September. Definitions of the key ratios used are stated in the annual report for 2024/25 in the
accounting policies, on page 104.
3
RTX interim report for Q1 2025/26
With a strong focus on seamless and
reliable system integration, we design,
develop, and manufacture wireless IP
telephony products and sub-systems.
62
DKK million
in revenue
57%
of group
revenue
Enterprise
We provide embedded wireless
modules for commercial wireless audio
solutions, supporting a broad range of
products with superior sound quality,
precise timing, and resilient, reliable
transmission.
27
DKK million
in revenue
25%
of group
revenue
ProAudio
We provide the critical wireless
communication infrastructure that you
can embed seamlessly and reliably into
a broad spectrum of high-tech medical
devices, including multi-parametric
patient monitoring.
19
DKK million
in revenue
18%
of group
revenue
Healthcare
Our purpose is to help people
perform at their best.
We provide our customers with the best possible
wireless communications solutions, allowing
their customers to seamlessly connect and
communicate.
Utilizing wireless expertise, we provide secure
and reliable communication products and
solutions fit for challenging environments.
RTX
at a Glance
4
RTX interim report for Q1 2025/26
Management report
for Q1 2025/26
Adjusted for currency effects, RTX achieved 17% year-on-year
revenue growth in Q1, corresponding to reported growth of 7%.
The revenue mix between segments in the quarter was influenced
by timing effects. Healthcare and ProAudio delivered solid
performance, while Enterprise accounted for a lower-than-usual
share. Despite an uncertain geopolitical environment, underlying
demand across all three segments remains solid, supporting
confidence in the outlook for the full financial year.
Revenue by segment
DKK million
Revenue from product sales
% of total revenue
Performance
Q1 2025/26 represented a satisfactory start to
the financial year for RTX, achieved in a chal-
lenging geopolitical environment characterized
by increased uncertainty and macroeconomic
headwinds, including currency volatility. RTX
continues to strengthen its foundation for long-
term, sustainable growth across Enterprise,
Healthcare, and ProAudio. We remain focused on
building and maintaining strong customer rela-
tionships, deep market insight, robust technology
capabilities, and competitive product offerings.
Based on the first quarter, we remain confident
in the full-year outlook, with revenue of 575-625
DKKm, EBITDA at 35-65 DKKm and EBIT at
0-30 DKKm.
Revenue
Revenue for Q1 2025/26 reached 107.8 DKKm,
up 7% from last year, while EBITDA reached -3.9
DKKm, and improvement of 5.5 DKKm, despite
the headwind from the weaker USD, impacting
the revenue negatively in the quarter by 10.3
DKKm.
Enterprise segment experienced lower than
usual revenue, mainly due to timing on product
shipments, between quarters. The large long-
term customers continue to indicate confidence
in their demand, supporting our outlook expecta-
tions for the full year.
We also see a number of the smaller customers
being more impacted by the uncertainties in
the geopolitical environment and being more
sensitive to changes in the competitive environ-
ment. Revenue for the segment reached 61.5
DKKm, down 17.1 DKKm compared to 78.6 DKKm
in Q1 2024/25. Despite a weak quarter in the
Enterprise segment, we remain confident for the
full year outlook.
ProAudio segment showed a very good result,
impacted by timing effects of shipments, but also
a good momentum in the customers base. RTX fo-
cus on module sales, driving scalability through a
modular product platform built on our high quality
wireless audio technology. RTX realized revenue of
27 DKKm, an increase of 9.6 DKKm compared to
17.4 DKKm in Q1 2024/25.
Healthcare delivered on expectations for
the quarter and significantly higher than Q1
2024/25. Healthcare revenue reached 19.2
DKKm compared to 4.5 DKKm in Q1 2024/25,
an increase of 14.7 DKKm. The positive develop-
ment in Healthcare continues to be driven by rev-
enue from products for which RTX has assumed
extended ownership following the agreement
signed with a key customer in 2023, reflecting
the transition from development to product own-
ership and the completion of key features and
product milestones.
Share of revenue from product sales Enterprise ProAudio Healthcare
Q1
2025/26
Q1
2024/25
FY
2024/25
94.1%
92.5%
93.8%
Q1
2025/26
Q1
2024/25
FY
2024/25
402
79
62
67
17
5
27
79
101
19
547
108
5
RTX interim report for Q1 2025/26
Gross profit
The gross profit for Q1 2025/26 reached 59.2
DKKm (Q1 2024/25: 51.0 DKKm). The gross
profit is positively impacted by the revenue level,
product and segment mix.
The gross margin in Q1 2025/26 reached 54.9%
compared to 50.8% in Q1 2024/25. The gross
margins are positively impacted by a favourable
product mix combined with higher revenue from
the Healthcare segment.
Capacity costs
Capacity costs (staff costs and other exter-
nal expenses) amounted to 71.3 DKKm in Q1
2025/26, an increase from 63.9 DKKm in Q1
2024/25. The increase is arising primarily from
salary inflation, variable pay provisions, organiza-
tional adjustments and strategic hires.
The average number of employees was 316 in Q1
2025/26, compared to 282 in Q1 2024/25. The
increase is primarily due to the establishment of
the subsidiary RTX Romania S.R.L and replace-
ment hires.
External costs decreased in Q1 2025/26, as a
result of cost cautiousness across the company
and establishment of RTX Romania which re-
duced the dependence on external consultants.
Operating profits – EBITDA and EBIT
EBITDA was positively affected by the increase
in revenue and the increase in gross margins,
counterbalanced by higher capacity costs.
Compared to last year EBIT was furthermore
impacted by higher amortization on Healthcare
development projects.
EBITDA for Q1 2025/26 reached -3.9 DKKm (Q1
2024/25: -9.4 DKKm), whereas EBIT reached
-10.9 DKKm (Q1 2024/25: -15.6 DKKm).
Capitalized development projects,
depreciation, and amortization
During Q1 2025/26, RTX continued to invest in
the development of new product features and
future offerings, primarily within the Enterprise
and Healthcare segments. In the Enterprise seg-
ment, the investments were focused on further
strengthening the core business platforms, while
in the Healthcare segment, a substantial part
of the investments were directed towards areas
of strategic importance and long-term growth
potential. Own development costs of 8.2 DKKm
were capitalized in Q1 2025/26 compared to 3.5
DKKm in Q1 2024/25. The level of R&D costs
reflects RTX’s strategy to extend the product
portfolio to meet customer requirements. Depre-
ciation and amortization amounted to 6.9 DKKm
in Q1 2025/26.
Gross profit and Gross margin
DKK million
Capacity costs
DKK million
EBITDA and EBITDA margin
DKK million
EBIT and EBIT margin
DKK million
Gross profit Gross margin (%) Staff costs Other external costs EBIT
EBIT margin
EBITDA
EBITDA margin
Q1
2025/26
Q1
2024/25
FY
2024/25
196
46
55
67
18
17
262
64
71
Q1
2025/26
Q1
2024/25
FY
2024/25
0
65
274
51
59
233
274
50.0%
50.7%
54.9%
46.7%
50.0%
Q1
2025/26
Q1
2024/25
FY
2024/25
36
-9
-4
6.5%
-9.4%
-3.6%
Q1
2025/26
Q1
2024/25
FY
2024/25
9
-16
-11
1.6%
-15.5%
-10.1%
6
RTX interim report for Q1 2025/26
Cash flow from operations (CFFO)
DKK million
Net profit and Earnings per share
Net profit before tax amounted to -10.6 DKKm
in Q1 2025/26 compared to -9.2 DKKm in Q1
2024/25, primarily driven by higher EBITDA, and
significantly lower financial income from hedge
gains, compared to Q1 2024/25.
Earnings per share (EPS) reached -1.0 DKK, com-
pared to –0.9 DKK in Q1 2024/25.
Cash flow
Cash flow from operations (CFFO) in Q1
2025/26 was impacted by a decrease in working
capital. Inventory continued to decrease during
the quarter, as components in stock were used
for finished products, reaching 29.3 DKKm by
end of Q1 2025/26. Receivables decreased
by 21.2 DKKm and payables decreased by 11.3
DKKm, resulting in positive net impact on cash.
Cash was invested into future growth, via invest-
ments in capitalized development projects and
fixed assets for a total amount of 9.4 DKKm in Q1
2025/26 (Q1 2024/25: 6.6 DKKm). A share buy
back program of 20 DKKm initiated in August
2025 is running, with 8.6 DKKm completed by
the end of Q1 2025/26.
Assets, equity and liabilities
The total assets amounted to 474 DKKm at the
end of Q1 2025/26 (FY 2024/25: 491 DKKm).
The main changes are seen on intangible assets,
inventories and receivables. The Group’s total net
liquidity position (total cash funds plus current
securities less bank debt) reached 149 DKKm
at the end of Q1 2025/26 (FY 2024/25: 153
DKKm).
At the end of Q1 2025/26, total equity was 320
DKKm (FY 2024/25: 334 DKKm) correspond-
ing to an equity ratio of 67.5% (FY 2024/25:
68.0%). RTX continues to have a strong balance
sheet and a sufficient cash position.
Earnings per share (EPS)
DKK per share
Parent company
The comments above relate to the development
and performance of the Group. The development
and performance of the parent company, RTX
A/S, are in all material aspects similar to the
descriptions for the Group.
Equity
DKK million
Net liquidity position
DKK million
Equity
Equity ratio
Q1
2025/26
Q1
2024/25
FY
2024/25
1.3
-0.9 -1.0
233
274
46.7%
50.0%
Q1
2025/26
Q1
2024/25
FY
2024/25
83
-7
13
233
274
46.7%
50.0%
Q1
2025/26
Q1
2024/25
FY
2024/25
153
97
149
233
274
46.7%
50.0%
Q1
2025/26
Q1
2024/25
FY
2024/25
5
125
334
320 320
233
274
68.0%
67.8%
67.5%
46.7%
50.0%
7
RTX interim report for Q1 2025/26
Outlook maintained
The short order horizon and ongoing market dynamics
continue to limit RTX’s visibility beyond a three to six-
months period. Key factors affecting forecast accuracy
and financial guidance for 2025/26 include global
tariffs, potential order delays, and fluctuations in the
USD exchange rate.
Revenue expectation for the full year 2025/26 is
maintained at 575 to 625 DKKm, based on 3 months
results, order book and pipeline.
EBITDA expectation for the full year 2025/26 is main-
tained at 35 to 65 DKKm, based on Revenue and GM
expectations and capacity cost forecast.
EBIT expectation for the full year 2025/26 is main-
tained at 0 to 30 DKKm.
With the current variation in both geopolitical situation,
USD currency forecast, the uncertainty is increased
across the world, and is also impacting the uncertainty
of the RTX financial outlook. However, the guidance is
based on dialogue with key customers on their expec-
tations for 2025/26, combined with our market insight
on new customers and products.
RTX A/S
Henrik Schimmell Henrik Mørck Mogensen
Chair CEO
Financial calendar
Expected publication of financial infor-
mation for the financial year 2025/26:
13 May 2026
Q2 Report 2025/26
27 August 2026
Q3 Report 2025/26
25 November 2026
Annual Report 2025/26
Enquiries and
further information:
CEO, Henrik Mørck Mogensen,
CFO, Mille Tram Lux tel +45 96 32 23 00
Risks and uncertainties for the 2025/26 financial year
Forward-looking statements:
The above statements on the Group’s future conditions, including in particular, future revenue and operating profit
(EBITDA), reflect Management’s current outlook and carry some uncertainty. These statements can be affected by
several risks and uncertainties, which mean that actual developments and results can be materially different from
the expectations expressed directly or indirectly in this interim report. These risks and uncertainties include, but are
not limited to, general economic conditions and developments, changes in demand for RTX’s products and services,
competition, technological changes, fluctuations in currencies, component availability and fluctuations in sub-con-
tractor supplies as well as legislative and/or regulatory changes.
8
RTX interim report for Q1 2025/26
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q1
2025/26
Q1
2024/25
FY
2024/25
Revenue 3 107,778 100,525 547,107
Value of own work capitalized 4 8,164 3,516 23,879
Cost of goods sold -48,564 -49,505 -273,315
Other external expenses -16,733 -17,707 -66,572
Staff costs -54,572 -46,236 -195,574
Operating profit/loss before depreciation and amortization (EBITDA) -3,927 -9,407 35,525
Depreciation, amortization 4 -6,928 -6,231 -26,780
Operating profit/loss (EBIT) -10,855 -15,638 8,745
Financial income 5 2,016 8,614 7,536
Financial expenses 5 -1,761 -2,211 -2,298
Profit/loss before tax -10,600 -9,235 13,983
Tax on profit/loss 2,333 2,032 -3,528
Profit/loss for the period -8,267 -7,203 10,455
Earnings per share
Earnings per share (DKK) -1.0 -0.9 1.3
Earnings per share, diluted (DKK) -1.0 -0.9 1.3
Amounts in DKK ‘000 Note
Q1
2025/26
Q1
2024/25
FY
2024/25
Profit/loss for the period -8,267 -7,203 10,455
Items that can be reclassified subsequently to the income statement
Exchange rate adjustments of foreign subsidiaries -77 3,376 -2,097
Fair value adjustment relating to hedging instruments (net) 285 - -82
Tax on hedging instruments (net) -63 - 18
Other comprehensive income, net of tax 145 3,376 -2,161
Comprehensive income for the period -8,122 -3,827 8,294
9
RTX interim report for Q1 2025/26
Amounts in DKK ‘000 31.12.25 31.12.24 30.09.25
Assets
Own completed development projects 45,135 8,199
Own development projects in progress 59,557 65,833
Software 235 581
Goodwill 7,797 7,797
Intangible assets 112,724 82,410
Right-of-use assets (lease assets) 45,353 48,108
Plant and machinery 8,461 12,674
Other fixtures, tools and equipment 2,815 4,043
Leasehold improvements 7,285 8,845
Tangible assets 63,914 73,670
Deposits 6,673 6,658
Deferred tax assets 6,464 7,498
Other non-current assets 13,137 14,156
Total non-current assets 189,775 170,236
Inventories 29,298 81,889 36,756
Trade receivables 94,815 113,849
Contract development projects in progress 1,583 2,838
Income taxes 67 329
Other receivables 3,643 208
Prepaid expenses 6,258 5,648
Receivables 106,366 122,872
Current asset investments in the trading portfolio 34,528 33,864
Current asset investments 34,528 33,864
Cash at bank and in hand 114,513 62,706
Total current assets 284,705 301,331
Total assets 474,480 471,567
Balance Sheet
(non-audited)
Amounts in DKK ‘000 31.12.25 31.12.24 30.09.25
Equity and liabilities
Share capital 42,339 42,339 42,339
Share premium account 170,439 170,439 170,439
Currency adjustments 4,601 10,151 4,678
Cash flow hedging 93 - -129
Retained earnings 102,846 96,939 116,343
Equity 320,318 319,868 333,670
Lease liabilities 43,538 47,046 45,141
Provisions 400 969 200
Deferred revenue 21,163 21,935 13,006
Other payables - - 3,602
Non-current liabilities 65,101 69,950 61,949
Lease liabilities 7,864 7,045 7,715
Prepayments received from customers 6,723 11,445 6,366
Trade payables 32,025 43,160 42,053
Contract development projects in progress 1,703 2,836 4,219
Income taxes 549 85 518
Provisions 3,500 716 3,700
Deferred revenue 8,497 - 6,648
Other payables 28,200 16,462 23,677
Current liabilities 89,061 81,749 94,896
Total liabilities 154,162 151,699 156,845
Total equity and liabilities 474,480 471,567 490,515
10
RTX interim report for Q1 2025/26
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2025 42,339 170,439 4,678 -129 116,343 333,670
-
Profit/loss for the period - - - - -8,267 -8,267
Exchange rate adjustments
of foreign subsidiaries - - -77 - - -77
Fair value adjustment relating
to hedging instruments - - - 285 - 285
Tax on hedging instruments - - - -63 - -63
Fair value of hedging instruments
reclassified to the income statement - - - - - -
Tax on hedging instruments reclassified - - - - - -
Other comprehensive income,
net of tax - - -77 222 - 145
Comprehensive income for the period - - -77 222 -8,267 -8,122
Share-based remuneration - - - - 986 986
Current tax on equity transactions - - - - - -
Deferred tax on equity transactions - - - - 243 243
Acquisition of treasury shares - - - - -6,459 -6,459
Other transactions - - - - -5,230 -5,230
Equity at 31 December 2025 42,339 170,439 4,601 93 102,846 320,318
Share capital of DKK 42,339,190 consists of 8,467,838 shares at DKK 5 (DKK 42,339,190 consisting of 8,467,838
shares at 31 December 2024). The Group holds 574,657 treasury shares at 31 December 2025 (489,362 shares at
31 December 2024). There are no shares carrying special rights.
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2024 42,339 170,439 6,775 -65 103,931 323,419
Profit/loss for the period - - - - -7,203 -7,203
Exchange rate adjustments
of foreign subsidiaries - - 3,376 - - 3,376
Fair value adjustment relating
to hedging instruments - - - 19 -19 -
Tax on hedging instruments - - - 109 -109 -
Fair value of hedging instruments
reclassified to the income statement - - - - - -
Tax on hedging instruments reclassified - - - -63 63 -
Other comprehensive income,
net of tax - - 3,376 65 -65 3,376
Comprehensive income for the period - - 3,376 65 -7,268 -3,827
Share-based remuneration - - - - 434 434
Current tax on equity transactions - - - - - -
Deferred tax on equity transactions - - - - -158 -158
Acquisition of treasury shares - - - - - -
Other transactions - - - - 276 276
Equity at 31 December 2024 42,339 170,439 10,151 - 96,939 319,868
Equity Statement
(non-audited)
11
RTX interim report for Q1 2025/26
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q1
2025/26
Q1
2024/25
FY
2024/25
Operating profit/loss (EBIT) -10,855 -15,638 8,745
Reversal of items with no effects on cash flow
Depreciation and amortization 6,928 6,231 26,780
Other items with no effects on cash flow -1,617 -1,146 12,879
Change in working capital
Change in inventories 9,118 -2,218 29,265
Change in receivables 21,213 14,955 10,514
Change in trade payables, etc. -11,266 -14,626 -8,612
Financial income received 1,325 7,849 7,326
Financial expenses paid -1,530 -2,211 -3,158
Income taxes paid -56 -233 -944
Cash flow from operating activities 13,260 -7,037 82,795
Investments in own development projects -8,139 -4,071 -24,731
Acquisition of property, plant and equipment -818 -2,306 -4,478
Sale of tangible assets - - 147
Deposits on leaseholds -20 -53 -48
Acquisition of current asset investments in the trading portfolio -395 -166 -911
Cash flow from investments -9,372 -6,596 -30,021
Amounts in DKK ‘000
Q1
2025/26
Q1
2024/25
FY
2024/25
Repayment of lease liabilities -1,938 -1,331 -7,751
Acquisition of treasury shares -6,460 - -2,147
Cash flow from financing activities -8,398 -1,331 -9,898
Increase/decrease in cash and cash equivalents -4,510 -14,964 42,876
Exchange rate adjustments on cash 510 3,683 1,650
Cash and cash equivalents at the beginning of the period, net 118,513 73,987 73,987
Cash and cash equivalents at the end of the period, net 114,513 62,706 118,513
Cash and cash equivalents at the end of the period, net are composed
as follows:
Cash at bank and in hand 114,513 62,706 118,513
Cash and cash equivalents at the end
of the period, net 114,513 62,706 118,513
12
RTX interim report for Q1 2025/26
1 Accounting policies
The interim report is presented in accordance with IAS 34 “Interim Financial Reporting” as adopted
by the EU and additional Danish disclosure requirements for interim reporting of listed companies. An
interim report has not been prepared for the Parent.
The accounting policies applied in this interim report are consistent with those applied in the Compa-
ny’s 2024/25 annual report which was presented in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual
reports of listed companies. We refer to the 2024/25 annual report for a more detailed description of
the accounting policies.
The applied accounting policies are unchanged compared to the annual report for 2024/25. New or
amended standards and interpretations becoming effective for the financial year 2025/26 have no
material impact on the interim report.
2 Estimates and assumptions
The preparation of interim reports requires management to make financial estimates and assumptions
that affect the application of accounting policy and recognised assets, liabilities, income and expenses.
Actual results might be different from these estimates.
The material estimates that management make when applying the accounting principles of the Group
and the material uncertainty connected with these estimates and assumptions are unchanged in the
preparation of the interim report compared to the preparation of the annual report as per 30 September
2025.
3 Segment information
In accordance with internal reporting, RTX reports on the three target market segments; Enterprise,
ProAudio and Healthcare. Costs are reported by allocating costs directly attributable to the three
reportable market segments whereas common functions costs which cannot be allocated directly to a
segment (primarily other external expenses, staff costs and depreciations related to IT, finance, overall
management, joint facilities, joint technology projects, and supply chain management) are allocated
based on allocation keys related to relative revenue split in accordance with internal reporting. For a
presentation of the events within the segments in the financial year and the development compared to
2024/25, please refer to the Management Review.
Notes
13
RTX interim report for Q1 2025/26
3 Segment information continued
2025/26 2024/25
Amounts in DKK million Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
Revenue
Enterprise 61,537 - - - 78,559 114,373 106,440 102,275 401,647
ProAudio 27,001 - - - 17,442 21,244 17,506 22,370 78,562
Healthcare 19,240 - - - 4,524 24,247 22,982 15,145 66,898
Total Revenue, RTX Group 107,778 - - - 100,525 159,864 146,928
139,790 547,107
EBITDA
Enterprise -13,227 - - - 462 8,923 11,410 10,265 31,060
ProAudio 3,668 - - - -4,864 -4,727 -6,768 -2,068 -18,427
Healthcare 5,632 - - - -5,005 12,368 10,395 5,134 22,892
Total EBITDA, RTX Group -3,927 - - - -9,407 16,564 15,037
13,331 35,525
Revenue, geographical segment
Denmark 15,354 - - - 11,630 36,494 26,456 21,742 96,322
France 26,989 - - - 21,013 18,343 24,558 25,923 89,837
Great Britain 2,191 14,310 17,153 13,793 13,816 59,072
Other Europe 21,145 - - - 13,881 33,729 28,132 22,969 98,711
USA 17,326 - - - 22,332 35,452 34,665 32,059 124,508
Other Asia and Pacific 24,276 - - - 15,996 17,227 17,774 23,104 74,101
Other 497 - - - 1,363 1,466 1,550 177 4,556
Total Revenue, RTX Group 107,778 - - - 100,525 159,864 146,928
139,790 547,107
Revenue is distributed to geographic area according to the geographical location of the customer entity being invoiced. Certain countries that were previously disclosed separately have been included in other
segments, as their revenue is no longer considered individually material. Comparative figures have been restated accordingly.
Notes
14
RTX interim report for Q1 2025/26
Notes
4 Development costs
Amounts in DKK ‘000
Q1
2025/26
Q1
2024/25
FY
2024/25
Development cost incurred before capitalization
(1)
28,347 8,756 50,970
Capitalization regarding strategic collaboration
(1)
-11,223 - -
Value of own work capitalized
(2)
-8,102 -3,491 -23,506
Total amortization on development projects 2,442 1,856 8,778
Development costs recognized in the profit/loss account 11,464 7,121 36,242
(1)
Total value of development cost incurred before capitalization of 28.3 DKKm in Q1 2025/26 includes additional investment in strategic collaboration
with a large global Healthcare company regarding a new generation of wireless infrastructure for patient monitoring solutions for the hospital healthcare
sector. The investment relates to deferred income of 11.2 DKKm which will be recognized as income over 5 years starting Q2 2025/26.
(2)
Total value of own work capitalized of 8.2 DKKm in Q1 2025/26 according to the income statement includes own tangible assets of 0.1 DKKm (Q1
2024/25: DKK 0.0 million).
5 Financial items
Amounts in DKK ‘000
Q1
2025/26
Q1
2024/25
FY
2024/25
Exchange rate gains (net) 691 7,049 210
Gain on hedging instruments (net) - - 4,799
Other financial income 1,325 1,565 2,527
Total financial income 2,016 8,614 7,536
Fair value adjustments of investment in trading portfolio 329 - 147
Financing element, IFRS 16 453 587 2,036
Loss on hedging instruments (net) 923 928 -
Other financial costs 56 696 115
Total financial expenses 1,761 2,211 2,298
15
RTX interim report for Q1 2025/26
6 Fair value hierarchy for financial instruments
The below indicates the classification of the financial instruments divided in accordance with the fair value hierarchy:
• Listed prices in an active market for the same type of instrument (level 1)
• Listed prices in an active market for similar assets or liabilities or other valuation methods, where all significant
input is based on observable market data (level 2)
• Valuation methods, where any significant input is not based on observable market data (level 3)
Amounts in DKK ‘000 Level 1 Level 2 Level 3 Total
Financial instruments (hedging), assets - 252 - 252
Financial instruments (hedging), liability - -159 - -159
Bonds listed on the stock exchange, in the trading portfolio 34,528 - - 34,528
Financial net assets at fair value at 31 December 2025 34,528 93 - 34,621
Financial instruments (hedging), liability - - - -
Bonds listed on the stock exchange, in the trading portfolio 33,864 - - 33,864
Financial net assets at fair value at 31 December 2024 33,864 - - 33,864
Financial hedging instruments comprise standard foreign exchange forward contracts with the USD/DKK exchange
rate as the main element affecting the fair value of the contracts.
Notes
16
RTX interim report for Q1 2025/26
Management’s Statement
Executive Board
Board of Directors
17
RTX interim report for Q1 2025/26
Design and production: Noted