RTX (RTX) Q2 24/25 earnings summary

Executive summary

• Q2 2024/25 revenue grew 28% year-over-year to 160 DKKm, with H1 revenue up 26% to 260 DKKm, driven by strong Enterprise and Healthcare segment performance.

• EBITDA reached 16.6 DKKm in Q2 and 7.2 DKKm in H1, a significant turnaround from last year's losses.

• Enterprise segment led growth, especially in retail, while Healthcare saw a 68% year-over-year revenue increase due to expanded product ownership.

• ProAudio segment revenue declined 40% year-over-year in H1, reflecting weaker demand and increased competition.

• New CEO Henrik Mørck Mogensen appointed March 2025; board composition updated.

Financial highlights

• Q2 revenue: 160 DKKm (Q2 2023/24: 125 DKKm); H1 revenue: 260 DKKm (H1 2023/24: 207 DKKm).

• Q2 gross margin: 49.7% (Q2 2023/24: 45.6%); H1 gross margin: 50.1% (H1 2023/24: 42.9%).

• Q2 EBITDA: 16.6 DKKm (Q2 2023/24: 0.9 DKKm); H1 EBITDA: 7.2 DKKm (H1 2023/24: -29.5 DKKm).

• H1 net profit: 0.7 DKKm (prior year: loss); Q2 net profit: 7.9 DKKm.

• H1 free cash flow: 7 DKKm (prior year: -35 DKKm); net liquidity: 108 DKKm.

Outlook and guidance

• FY 2024/25 outlook maintained: revenue 490–520 DKKm, EBITDA 0–20 DKKm, EBIT -35 to -15 DKKm.

• Growth expected in Enterprise and Healthcare; order visibility limited to 3–6 months.

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

• Product and capacity costs in line with expectations; risks from tariffs and order postponements.