RTX (RTX) Q1 25/26 earnings summary

Executive summary

• Q1 revenue reached DKK 108 million, up 7% year-over-year (17% at constant currency), with strong growth in Healthcare and ProAudio, while Enterprise declined due to shipment timing.

• Gross margin improved to 54.9%, driven by favorable segment mix and higher Healthcare revenue.

• EBITDA improved by DKK 5.5 million to -3.9 DKKm, despite negative currency effects from a weaker USD.

• Net liquidity remained strong at DKK 149 million, supporting business solidity.

• Full-year guidance maintained, supported by solid demand and a robust order book.

Financial highlights

• Revenue: DKK 108 million in Q1 2025/26, up from DKK 101 million in Q1 2024/25.

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

• EBITDA: -3.9 DKKm, improved from -9.4 DKKm last year.

• Free cash flow: DKK 3.9 million, up from -13.6 DKKm year-over-year.

• Net liquidity: DKK 149 million at Q1 end.

Outlook and guidance

• Full-year 2025/26 guidance maintained: revenue DKK 575–625 million, EBITDA DKK 35–65 million, EBIT DKK 0–30 million.

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

• Confidence in outlook based on Q1 performance, order book, and customer forecasts, with a 3–6 month order horizon.

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