RTX (RTX) Q2 25/26 earnings summary

Executive summary

• Achieved 2% year-on-year revenue growth in H1 2025/26, or 11% growth adjusted for currency effects, driven by strong Healthcare and ProAudio performance and improved gross margin and EBITDA.

• Maintained a strong balance sheet with net liquidity near DKK 128 million, supported by inventory reduction and extended share buyback by DKK 20 million.

• Full-year guidance for revenue, EBITDA, and EBIT is maintained, supported by customer confidence and a robust order pipeline despite ongoing supply chain and market challenges.

Financial highlights

• H1 2025/26 revenue reached DKK 264 million, up from DKK 260 million last year; Q2 revenue was DKK 157 million, down 2% year-over-year.

• Gross margin improved to 56% in Q2 and 55.6% for H1, up from 49.7% and 50.1% last year.

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

• Free cash flow for H1 was -DKK 9.2 million, impacted by working capital changes and share buybacks.

• Net liquidity at end of H1 was DKK 128 million (DKK 108.3 million last year).

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, but subject to market and supply chain uncertainties.

• Double-digit annual growth and EBITDA margin above 15% targeted by 2030.