RTX (RTX) Q1 24/25 earnings summary

Executive summary

• Q1 2024/25 revenue increased 23% year-over-year to 101 DKKm, driven by strong Enterprise segment performance and resumed customer orders after inventory reductions.

• Gross margin improved to 50.8% from 38.9% in Q1 2023/24, reflecting favorable product mix and cost optimization.

• EBITDA loss narrowed to -9.4 DKKm from -30.5 DKKm year-over-year, mainly due to higher revenue and improved margins.

• Order intake improved, especially in the Enterprise segment, but order horizons remain short at 3–6 months, limiting full-year visibility.

• New CEO Henrik Mørck Mogensen to start March 2025.

Financial highlights

• Revenue: 101 DKKm in Q1 2024/25 vs. 82 DKKm in Q1 2023/24 (+23%).

• Gross margin: 50.8% in Q1 2024/25 vs. 38.9% in Q1 2023/24 (+11.9 pp).

• EBITDA: -9.4 DKKm in Q1 2024/25 vs. -30.5 DKKm in Q1 2023/24.

• EBIT: -15.6 DKKm (Q1 2023/24: -41.2 DKKm).

• Net liquidity: 97 DKKm at Q1 end, down from 116 DKKm year-over-year.

Outlook and guidance

• FY 2024/25 revenue guidance maintained at 490–520 DKKm.

• EBITDA expected between 0 and 20 DKKm; EBIT between -35 and -15 DKKm.

• Gross margin for the full year expected to be higher than last year, supported by product mix and cost optimization.

• Orderbook visibility remains short at 3–6 months, but order pipeline is building up.

• Main uncertainties include macroeconomic volatility, customer inventory replenishment, and short order horizons.