Thank you very much, and welcome to to all of the the attendees. Let me first give you a short introduction to RTX.

Some of you might know RTX, yeah, and and some of you might not. Who's RTX?

Basically, we've been working with developing wireless communication solutions and products for critical environments for more than 30 years. Our main specialty are are three segments where we sorry, where we deploy our technology.

One is is Enterprise, where where we deliver headsets and and handsets to different environments such as warehouses and and office buildings. One place where you might find our products is if you go to the local grocery store store, you'll find these push-to-talk headsets that really enable good customer service and and safety for for office staff.

That's where you'll find our products. We also have a segment into to Healthcare, where we develop wireless infrastructure for monitoring of critical heart patients.

Really allowing heart patients to freely move around because they are connected to to surveillance equipment wirelessly. It also allows the clinical staff to to to to have a more optimized day-to-day work because you can do centralized patient monitoring.

Then finally, we actually also deploy our technology as a as a chip, where we enable our customers to building wireless solutions with yeah, secure and wireless technology. That can be deployed in anything from defense, first responders, but also into professional audio.

We do all of this in an OEM model, you won't find the RTX brand in the store, but you'll find our partners' brands in the store, partners that we've been working with for decades, the likes of HP, Cisco, Philips, Alcatel, that brings our product to market. That was the very quick flyover from from RTX, and then I'll hand over to Mille, who will lead us through the Q3 results.

Yes. Just in a few minutes, I'll take you through the main results for RTX.

The first 9 months, revenue went up by 8%, corrected for constant currency. Gross margin increased to 54.8%, up 4.1 percentage point compared to last year.

EBITDA rose by 35% compared to last year. I'll dig a little bit deeper into those numbers just in a second.

The last thing that happened in Q3 is that we extended the current share buyback program. Last year, we approved a share buyback program of 20 million, and we extended that with another 20 million in the quarter.

If we take the highlights, the next slide, yes. We see a revenue of 150 million for this quarter, and 416 for the full 9 months.

You see in the graph on the right, there you can see the distribution between quarters and a relatively even distribution compared to last year, but an increased profitability. That leads me to the next slide, which is the gross margin, where we see an increase both when we compare to the third quarter last year, and when we compare to the first 9 months of last year, and when we compare to the full year.

The reason for this is the split between the segments. First, I'll just take you to the development of the EBITDA, because with the business that we have, the impact of gross margin very much goes to EBITDA, because our capacity costs do not scale at the same rate as our revenue or EBITDA.

To understand a little bit better why this increased profitability is shown in this first 9 months to the extent that it is, I will just take you through the development in the three segment. We have, as Henrik mentioned, Enterprise, ProAudio, and Healthcare.

ProAudio and Healthcare are the two segments with the highest margin. Enterprise is our biggest segment, where we have the largest share of revenue, where we've got solid long-term partnerships, but it's also a segment where the growth in the market is lower than the two others.

Therefore, when we see a different distribution as we had in the first 9 months compared to last year, where ProAudio and Healthcare takes up a much bigger share, we see that reflected in the gross margin for the whole company. ProAudio, we a year ago or a couple of years ago decided that we wanted to focus on module business, standardized products, economy of scale, and that seems to pay out as we see here in the growth.

Healthcare growth is one of our strategic investment areas, where we have also seen a significant growth in the revenue. This leads us then to the outlook, where we this morning increased our outlook for the year.

We increased mainly on the profitability markers, EBITDA and EBIT, but also a little on revenue. The reason for this is that we have basically now, we have a solid 10 and a half months, a month and a half to go in the quarter, and we feel that we are relatively sure that the profitability that we can predict is there.

The reason that the, you can say, the interval is still relatively large is the component situation, where delivery lead times of components is a big challenge that we are facing. Increase of profitability from on EBITDA from 35 to 65 up to 50 to 75, and on EBIT from 0 to 30 up to 20 to 45.

With that, that kind of supports our long-term ambition, will you say a few words about that?

Of course. Thank you, Mille.

All in all, I think the first 9 months is definitely pointing in the right direction, even though Q3 have been impacted by limitations in component supplies. We are seeing a strong market trends in the segments that we also pointed out in our growth ambition that really should drive our future growth, both the Healthcare, but also the turnaround on the ProAudio business, and also as part of the Enterprise business, our retail, these push-to-talk headsets are really showing a positive drive, and we see a positive market pull of these.

Of course, happy to see also that we're able to turn this into both growth on top line, but very much seen from the first 9 months on the EBITDA and EBIT, which I think is so important because that allows us to reinvest into the business, harvesting more of the future growth opportunities. Yeah.

Thank you, Mille and Henrik. Wow, what numbers you got here, and an upgrade.

Henrik, what are you most pleased with in the Q3 results?

I think, of course, the underlying market pull, I think, is the most really affirmative trends that we're seeing beneath our strategy and our growth ambitions. Of course, we are challenged by the component situation, the limitation of components, but I think that also shows some of our strength that we are able to, even in difficult circumstances, both to increase our earnings, because it's not only on delivery capability, it's also pushing pricing on components, and that our team, that are really working extremely hard in managing this both with our customers, but also with our suppliers in managing this difficult situation, and still shown a 9-month growth trajectory.

I think that, I think, is what I'm most pleased with.

You could have sold more.

Yeah. If we had unlimited capacity and unlimited component supply, yes, we could have sold more.

We are managing that and trying to manage that also going forward in dialogue, close dialogue with our customers, we can align deliveries to customers over time.

How much more could you have sold in the third quarter?

I cannot give you detailed numbers, but it would have, of course, delivered a better result than we're seeing on top line. We're working diligently really to be able to deliver that over the next quarters.

Will this, you're saying you're working on it for the next quarters, but will this problem continue the coming year?

I think that that is a reality. The root cause behind all of this, or there are more, but the main root cause is really the push for data centers, which is driven by the AI pull.

That really pushes the electronic supply chain to its outmost. It pushes the ICs, the memory, and now even the PCB, so that's the printed circuit boards.

Building data centers, they pay huge amount of money, the margins on that is higher, and that is challenging us. We are foreseeing that going into '27 as well, yeah.

How are you working with this?

I think there are three main elements that we're working. One is, of course, staying very close to our customers, because our customers, they are also major electronics suppliers and even producers.

Being in close dialogue with them and also to manage the supply and making sure that we can still support their business is extremely important; having longer forecast, because longer forecast visibility makes our supply chain able to manage the situation much better; and that's the second part is really the close collaboration with our suppliers, the electronic manufacturers and the sourcing, being, yeah, very close to them.

If I'm an investor, that's actually a good thing because then you know what's going to happen in 18 months.

Exactly. Of course it is.

How much you can get and the price.

Yeah. The price is actually a challenge because when you are in this situation, you get into something called allocation, right?

You put an order in, and that puts you in a position to most likely you will get it, but there are uncertainties because the situation change basically on a day-to-day basis. I think that is also actually pointing to the strength of RTX because we are working with some of the major manufacturers of the world, and our customers are some of the biggest companies in the world, and they kind of loan us their leverage so we can navigate in this.

Also the flexibility in our asset-light setup is, I think, even though it is a challenge, it is proving a strong point for RTX. Then

Mille just took us through the numbers. If we look at EBIT, you delivered around 9 million in the first 9 months, and why your full-year upgraded guidance is now 20 to 45 million.

That means that you need a very strong Q4. Mille, maybe you want to answer that.

What makes you confident that business can deliver those numbers?

With the Q4, we need a revenue of 170 to 200. That is something that we've done before.

As Henrik mentioned, we've got spillover or postponed orders from Q3, on top line, we actually feel, even though the uncertainty is really high, we're confident about the top level. Then we have a structural issue that on the last quarter, summer holiday means that the capacity cost for staff is lower than the rest of the year, we also feel quite confident on our capacity cost.

As mentioned before, the split between the three segments also supports the gross margin, even though the share of Enterprise is expected to be significantly higher here in the last quarter. Yeah.

Then

I think it's actually also I think what we're looking at is seeing the effect of our business model in itself, because, with the asset-light setup we have, we can scale the revenue without scaling the capacity cost. Compared to last year, where I think we did 141, we're looking into a significantly improvement in that, that's what we are guiding.

Delivering that will actually also, the top-up revenue compared to last year, a large portion of that will actually trickle down to the bottom line. That's also why we see and clearly expect a good impact of the additional revenue into Q4.

I know you've been working with scaling up. Are you now reaching the point where you will earn more and more the more you sell, earn more per 1 krone or $1 or whatever?

Of course, you can say that, but of course we're also investing into the business, and you can also look at the numbers that we are significantly investing in the business, because growth doesn't come for free, we have to invest in building up customers, building up markets, building up capacity and capabilities as, for example, we've done over the last year in Healthcare. We are seeing that kicking in, and of course we also have expectations for that to continue.

You have more than doubled your investments in development from 31 million Danish kroner to 72. What are you investing in, Mille?

We are investing in Healthcare. As a couple of years ago, we made a contract with one of our key customers in Healthcare taking over the responsibility, the full responsibility for the products, and that came with also taking over the development of the product so that we have the full ownership.

That is mainly that's the biggest part of the change. The other is that we are investing in a next-generation platform for Enterprise, which enables us to both have a more secure, more future-proofed, and more efficient platform to build on.

For those of those who are listening who does know what next-generation platform Enterprise means, can you tell us what it is?

I'm a finance person, I'll try to explain from my point of view.

Maybe Henrik can help us just so everybody understand what is that.

Basically, what I understand is that if you develop software individually and hardware for each individual customer and don't reuse anything, you spend a lot of time and money. If you create one platform and small add-ons or small apps like we know, then you can still have a customized product, but not at the same cost and at a higher security, it's easier to maintain.

You can produce more for less, is that if you should--

We can actually support more customers on the same platform. Then, of course, I think as many of the attendees also know, requirement for cybersecurity, requirements to keep up to make sure that we still keep our technology edge in an Enterprise business that we've been into for more than two decades.

Of course we need to make sure that we still support and secure that business so we're able to grow with existing customers, and also bringing on new customers while being prepared for the context that we live in, where cybersecurity is a part of our daily life, right?

Back to the investments that we were talking about, from 31 to 72 million, when do you seriously expect those investments to turn into growth?

I think we are seeing aspects of it. You see the growth rate of 50% year-over-year from Healthcare.

That is definitely one of the areas where we expect over the next 2-3 years really to see that payback. We see the platform approach that we introduced in ProAudio, where we really have a scalable business, and we see that trajectory going off.

Then we're also seeing in the retail segment, where we also with one of our major customers have really done a close development partnership, and bringing that to market is really driving growth. I think we'll see, some of the investments are longer term, I think most investments will see kicking in over the next 2 to 3 years.

Mille, we're talking about how you're becoming more profitable and you're making more money on what you sell, that's actually the baseline for this quarter. The gross margin has increased from 50.7 to 54.8%.

Can you tell us more about this improvement, and will it continue in the coming years? I think that

what I can say is that what we expect in the coming years is that the share of Enterprise of the total revenue is going to decrease, because both ProAudio and Healthcare is going to grow more than Enterprise. Since they are the two segments with the higher margin, we're expecting that to drive also growth in gross margin, to a certain limit, of course.

Okay. If we look at the elephant in the room, that's Enterprise, it's going the wrong way.

How is the future looking for Enterprise? That is headphones and when you're in Jysk or Lidl, for example.

I think yes, even though in Q3 and where Enterprise is today, yes, we colored it yellow. We still see a strong

Green future?

coming back even in Q4. We see as I think as Mille also said, we have a strong belief that Enterprise is a growth market, maybe not double digit, but single-digit growth.

Because we have the position that we have, where we clearly are the technology leader, we also have the opportunity to find those growth segments or niches, as we've done in retail. We do believe that we're able to also grow and also profitably the Enterprise business.

For you who is watching, we can see the questions are coming in. Please keep them coming.

Now is the time to ask Mille and Henrik a lot of questions or just one question. We're happy to answer them here.

This, back to Enterprise, are you seeing signs that Enterprise could return into growth to be a growing business?

Yes, clearly. Enterprise as a whole, I think it is going to be a growing business.

The core will be steadily growing, but seeing that we are exposed with these customers like HP, Cisco that are globally, that has a broad solution portfolio, we have the ability to seek those growth sub-verticals. I think the best example of that is actually the retail headset, which is part of Enterprise, it's based on the Enterprise platform that we're using.

We just made it dedicated for the specific use in retail stores, and we'll see more of those. I do believe combined, there'll be sub-segments that might go a bit down, but we will have opportunity to grow other sub-segments, as we've done historically.

I know you're one of the largest in Europe, actually, making those

business-to-business

for stores,

for retail.

Do you want to be the biggest in the world?

For sure.

Yeah.

I think we have the right technology, and if you look into that market, there really is a technology trend. In many, if you across Europe, across US, if you go in, they have walkie-talkie or call buttons in there, and that really is not fit for the future retail store, which is much more an omnichannel, where you actually both have the online warehouse, but also the physical store where you can go in and get good customer service.

That will actually require a different type of teamwork between the employees in stores, and they need to have that hand-free, being able to move around, having crystal clear voice, being able to integrate the voice into their back-end systems. There's a technology transformation going on in that, and that's what our technology is actually leading.

Yeah. Clearly, and I think with our key partners, we are in the right position really to grab that position as the leading provider there.

Then we have the growth engines, Henrik. Healthcare is growing by 51% and ProAudio by 42%.

Are we beginning to see a more fundamental shift in where RTX growth and earnings will come from those two segments of three in the future?

I think so. That's also if you look at our annual report, that's actually our strategy.

It's really to secure the strong foundation base in our Enterprise business, but building a really scalable business model in ProAudio, which I think we've seen the strong signs that we are delivering on that, and then Healthcare as both the leading in profitability growth, but also in top-line growth. I think we are seeing good signs of that, and we are delivering on that.

There's a lot of stones that has to be crossed and jumped over before claiming success, but I think we are seeing good signs on it. I also think, but for sure it will also require more investment over time that we invest in the right products in the right markets.

If you should choose Healthcare or ProAudio, which one would you go with? You could only have one of those.

Yeah. Then you shouldn't work at RTX, because No, but really, but RTX is really about, we have strong technology, we know how to build secure, reliable wireless communications, and that is needed in many segments.

I think when you buy into RTX, you also buy into that we are very focused in a number of segments where we believe we can be the winner. I think we are the winner in Enterprise.

I'm sure we can be in Healthcare infrastructure for patient monitoring, and also in ProAudio, where we can focus on the critical communication part. I think that is actually the strategy.

It is that we have more than one growth bets and more than one growth verticals. I think that, hopefully also provides some solidity or robustness into our growth strategy.

Okay. Healthcare, if we look at that one, we've been talking a lot about that in your annual report and the reports before.

Healthcare, you're moving into the US, and it's the communication monitoring patients at the hospitals. When are you in the hospitals, and when are you earning money in Healthcare?

So

When is it growing? When is it a big part of RTX?

I would say it is becoming a big part. We are in US with our customers.

In the segment for monitoring critical cardiac patients, we have close to a 50% market share with our customers in that segment. That segment in itself is growing, and we see with our investments in we have a USB access point that we are launching next year.

We are doing trials this year. is what's going to extend that, and really extend that market.

I think we are present in the US and we're going to grow that market. There's also a European market.

I think over time, for me, it's about building a broader portfolio, and I think we are on the way on that. We've done As

to when, it takes time? The investors has to be patient?

I would say actually today, if you look at our organization, Healthcare is a big part of RTX, because we've really built competences on that. If you look at revenue, it's yeah, it's moving close to 20% of our revenue, right?

I think really within the next 2 to 3 years, we will see that Healthcare is, and I do actually believe it is today, a big part of RTX and of who we are becoming.

Then we have ProAudio. That's a little bit blurry for some of the investors and the people reading about RTX.

I remember something about the football fields, the sound, concerts, defense. It's a big, broad, blurry thing for some people.

What are your plans for ProAudio?

I think for ProAudio, it's a clear plan. That's what we have been implementing.

It is to deliver standardized chips or modules that fits many markets, and we allow our customers to address those markets, whether it's solutions for football VAR or if it's Formula 1 pit crew communication, or if it is tactical teams in deployment. I think that is actually the strength, because you're right, it is a lot of different markets.

There, I think, the smart thing about our business model is that we've actually focused it on the same standardized product, because that allows us really to scale it without huge investments. That is really what we've done, and you also see, I think, the impact of that really kicking in into the ProAudio business that has a strong growth, and also a strong growth in

In the future. How big will ProAudio be, a big part of RTX will that be, Mille, when you look forward?

Let's see. I think what we see is that Healthcare, as Henrik is saying, is our main growth segment.

We see vertical sub-verticals where we see potential, and not all of them are going to spin out, but some of them are going to spin out. I think we'll see highest growth in Healthcare, second growth in ProAudio, and then as Enterprise as a pool, the lowest growth, but still growth.

What could be the biggest obstacle looking the coming years, Mille, for RTX?

As a whole? Mhm.

I think to actually continue to succeed on the growth in Healthcare, actually establishing ourselves in the healthcare market together with our customer and other customers, and I think it is combined with that, really driving the usability of our technology like we have done in retail. Using our technology to make a change, translating technology, if you will, to problem solving, there I think we've got a really huge potential.

Also, it was the obstacle I asked about, the biggest obstacle the coming years.

The biggest obstacle, I think it's the market. How do we actually understand and address the market?

How do we move closer to our customers, to our use cases? I think RTX has a really, really strong technology base, and we want to become even better at understanding customer needs, acting on customer needs, prioritizing based on market needs.

What are you thinking about lying at home at night thinking about RTX? I know you're trying to look ahead,

and

you came with a strategy in December. What could change that plan?

I don't know what can actually change that plan, because I think that is actually the most important for RTX is actually to have a clear direction, and to be determined in the verticals and the markets and the positions that we want to be: in Healthcare, in Enterprise and the sub-segment of retail, in ProAudio with the critical communication. Because wireless communication can be used anywhere, and we can solve a lot of problems.

I think getting that direction and determination really to grab that, to get, as Mille say, closer to our customers and really owning the solutions to specific problems, and the determination that actually takes, and it's not an easy journey. I think it very much lies in our own hands in terms of we have a strong team, and we are building that team.

Having that clear direction and the ability to execute on it, I think that is, and then it lies on us to do so, and I think

Is that the hardest thing, to execute?

I do think to be honest, I think it's easier to make a strategy, it's harder to make the strategy reality. Strategy, it's a PowerPoint, right, and a market survey and stuff like that.

Getting it executed and turning it into action that you can actually see, both in financial results, but also in milestones, in customer wins, getting it transformed into and getting the full organization aligned behind that, I think that is clearly the hardest part.

Back to the numbers, Mille. EBITDA has increased by 35%, you showed us before, to 30.1 million, even as you are investing, as we talked about before.

What does this number tell us about the underlying profitability of RTX?

The growth or the actual EBITDA?

The growth,

that's

the increasement by 35%.

I think that the increase on 35%, when we, you can say, only have 30 million of EBITDA, the percentage probably doesn't say that much, because 35% of 30 is not so significant. I think what it does say is that when we reach a revenue of around 600, that's when we start really being profitable and being able to invest in our future.

As we surpass that, then we have even more to invest in future growth.

When do we reach the 600 million?

Who knows? Maybe this year.

It's within our guidance.

Within the guidance.

Yeah.

Then you will turn into a profitable engine, super engine?

That's our firm belief and hope, yes.

Yeah.

All right. Let's talk about the share buyback program.

You increased it from 20 to 40. Why?

We have a capital policy which says that we should have 80 to 100 million in cash, and the reason for that is that we need both because we've got big customers, they look at our solidity and liquidity ratios, and because there are changes in the market like the component situation where we need to be easily flexible and have capital ready. You probably also saw that we had 135 million at the end of the quarter, which is more than that, and therefore, that's basically why we are initiating or extending.

Is that hard to balance giving capital back to shareholders and investing?

You can say this is basically a board priority to say when are we investing, but as long as we have a capital policy, and that's the idea of having a capital policy, that it's transparent for investors what do we do with our excess cash.

Yeah.

All right. The decline in the component shortages, That was the headlines of today's news about RTX.

When do you think they will finish?

I don't have a crystal ball, but I think the signs and trends that we're looking for, it's going to be part of 2027 at least. I think it is going to be part of what you could say normal business in '27, to manage that, to manage longer lead times both to customers and to suppliers.

It is definitely something that we of course already have taken into the end-of-year guidance, and it's also that we are looking into going forward into next year how to navigate that. I think, even though it is a challenge, and we'd rather have it without, I think we are in a good position to manage it anyway.

Let's look at some of the questions that came in here. There is one: Have any orders that we were expected in '25-'26 slipped into next year, the coming financial year, due to the component shortages, capacity limitations?

The short answers is yes, but it's, of course, something that we are in close dialogue with our customers about because, to me, that's actually what matters most is that we are able to supply to our customers so they can service their customers and have a running business, because I think that's how you drive business over time. I think we are seeing good dialogues and good understanding of that.

I think, again, we're about to manage it, but yes, there are orders slipping in.

For another question for customers, does this change anything about lead times, component availability, or delivery commitments?

I think, again, that's part of the conversation that we do have with our customers, and I think you can say we've gone from a few months of delivery lead times to, for some components, to 12 months, even longer. It definitely has changed significantly.

It's not all components, it's specifically the three categories I mentioned earlier that are challenging, that has significantly longer lead times, and that's gone from a few months to close to a year.

Mille, if investors should take away just one number or one financial development from this quarter, Q3, what should it be?

You can never just take one number for a growth company. You should look at the revenue, and you should look at the profitability.

What we are trying to do is to increase our revenue, and at the same time increase our profitability. That is because we want to take advantage of the knowledge that we have and the technology we have and convert it into revenue and profit.

Henrik, if we are sitting here again a year from now, what needs to have happened in RTX for you to be pleased?

I think it's very much and back to the strategy execution, it's actually continuing on the momentum and the traction that we do have, getting our investments that we've been building over the last year or so, getting that to market, starting to getting customer interaction, servicing customers on that, of course driving business on it. It's continuing the growth trajectory in Healthcare, it's really seeing the positive trend in ProAudio, continuing that with strong profitability.

It's the sub-segment of retail with the push-to-talk headsets really to see that continuing to grow, and again capturing that market, and really seeing a solid, steady growing healthcare business coming back as controlled based on us controlling the component situation. I think it's about really keeping the momentum, because I think what we're doing today and the signs that we're seeing in the first 9 months is really where we want to go.

Keeping that trajectory, I think, is the most important.

Do you feel some pressure from the investors? Because I know that the stock slipped before you started.

We were at the bottom in December '24, you started in March '25, since then it has gone up.

To be honest, I wouldn't call it pressure, because, of course, there's pressure, but I think the dialogues I have with investors are actually more in the terms because we have a shared target, we want to see RTX grow. If RTX grows and we are profitable, well, I'm quite sure that over time stock prices will rise and we'll all be happy.

I think we have a joint goal, and so I think the conversation is actually more helpful and getting specific input on how to do. Then we might have a different sense of patience on when to deliver results, and it's my and Mille's business to drive this business, not only on quarter to quarter, but on the long term, because that's what we're here for, long-term value creation.

I think it's really is constructive dialogues that we're having with investors that has a shared interest in making RTX as great as possible.

Thank you both of you, Henrik Mørck Mogensen and Mille Tram Lux, and thank you all for joining us today. A recorded version of this webcast will be on the website soon, and you will also get a link.

Thank you for all the questions we got. Thank you, and goodbye.

Thank you.

Bye.

Bye.