RTX (RTX) Q2 25/26 earnings summary

Executive summary

• Achieved 2% year-over-year revenue growth in H1 2025/26, or 11% growth adjusted for currency effects, with improved gross margin and EBITDA despite a weaker USD.

• Healthcare and ProAudio segments showed strong growth and improved profitability, while Enterprise faced demand and delivery challenges.

• Maintained a strong balance sheet, reduced inventory, and increased net liquidity, supporting resilience and investment capacity.

• Full-year guidance is maintained, supported by customer confidence and a robust order pipeline.

Financial highlights

• H1 2025/26 revenue reached DKK 264m, up from DKK 260m in H1 2024/25; at constant currency, up 11%.

• Gross margin improved to 56.0% in Q2 (55.6% in H1), up from 49.7% in Q2 and 50.1% in H1 last year.

• EBITDA for H1 was DKK 17m (H1 2024/25: DKK 7m); Q2 EBITDA was DKK 21m (Q2 2024/25: DKK 17m).

• EBIT for H1 was DKK 2m (H1 2024/25: -DKK 5m); Q2 EBIT was DKK 13m (Q2 2024/25: DKK 10m).

• Net liquidity increased to DKK 128m at end of H1, up from DKK 108.3m last year.

Outlook and guidance

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

• Revenue growth expected from a solid pipeline, customer relationships, and new product launches.

• EBITDA outlook supported by efficiencies, cost discipline, and favorable product mix.

• Outlook subject to market and supply chain uncertainties.