RTX (RTX) Q2 25/26 earnings summary

Executive summary

• H1 2025/26 delivered revenue and EBITDA above last year, with improved gross margins despite a weaker USD.

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

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

Financial highlights

• H1 2025/26 revenue rose 2% year-over-year to 264 DKKm; at constant currency, up 11%.

• Q2 2025/26 revenue was 157 DKKm, down 2% year-over-year.

• Gross margin improved to 55.6% in H1 (from 50.1% last year); Q2 gross margin at 56.0%.

• EBITDA for H1 was 17 DKKm (7 DKKm last year); Q2 EBITDA at 21 DKKm (17 DKKm last year).

• EBIT for H1 was 2 DKKm (vs. -5 DKKm last year); Q2 EBIT at 13 DKKm (10 DKKm last year).

• Net profit for H1 was 2.4 DKKm (0.7 DKKm last year); Q2 net profit at 10.6 DKKm (7.9 DKKm last year).

• EPS for H1 was 0.3 DKK (0.1 DKK last year); Q2 EPS at 1.3 DKK (1.0 DKK last year).

• Cash flow from operations in H1 was 9 DKKm (21 DKKm last year); Q2 at -5 DKKm (28 DKKm last year).

Outlook and guidance

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

• Outlook supported by strong customer relationships and order pipeline, but subject to market and supply chain uncertainties.