RTX (RTX) Q1 25/26 earnings summary

Executive summary

• Revenue grew 7% year-over-year to DKK 108m (or 17% at constant currency), with strong performance in Healthcare and ProAudio segments and improved gross margin to 54.9%.

• EBITDA improved to -3.9 DKKm from -9.4 DKKm, despite negative currency effects from a weaker USD.

• Inventory reduced to DKK 29.3m, and net liquidity remained strong at DKK 149m.

• Full-year guidance maintained, supported by solid demand and current order activity, though visibility is limited to 3–6 months.

• Healthcare and ProAudio segments delivered strong performances, while Enterprise was impacted by shipment timing.

Financial highlights

• Revenue: DKK 108m in Q1 2025/26, up from DKK 101m in Q1 2024/25; at constant currency, up 17%.

• Gross margin: 54.9% in Q1 2025/26, up from 50.8% in Q1 2024/25.

• EBITDA: -3.9 DKKm in Q1 2025/26, improved from -9.4 DKKm in Q1 2024/25.

• Free cash flow: DKK 3.9m, up from -13.6 DKKm in Q1 2024/25.

• Net liquidity: DKK 149m at quarter end.

Outlook and guidance

• Revenue guidance for 2025/26: DKK 575–625m; EBITDA: DKK 35–65m; EBIT: DKK 0–30m.

• Growth outlook supported by a strong pipeline, customer relationships, and new product launches.

• Guidance supported by current order activity and customer dialogue, but visibility limited to 3–6 months.

• Key risks include macroeconomic volatility and USD exchange rate fluctuations.