REG - Raspberry Pi Hldgs - Year-end Trading Update

Raspberry PI HoldingsAnnouncement

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RNS Number : 5832O  Raspberry Pi Holdings PLC  13 January 2026

 

13 January 2026

 

 

Raspberry Pi Holdings plc

("Raspberry Pi" or "the Company")

 

Year-end trading update

 

Raspberry Pi, a leader in low-cost, high-performance computing, today provides
an update on trading for the financial year ended December 2025 (FY2025) and
the outlook for FY2026.

 

The Board is pleased to confirm that it expects Adjusted FY2025 EBITDA to be
ahead of market consensus forecasts, at not less than $45m 1 , up over 20% on
FY2024. Unit shipments were 4.0 million in H2, a total of 7.6 million for
FY2025, with the strong profit performance reflecting favourable unit
economics in H2 and, in particular, through Q4. Net cash was $28m at year end,
after paying down, as previously reported, $22m of extended supplier payables
in the second half of FY2025.

 

Looking ahead, the Company enters 2026 seeing robust demand from its OEM
customers and major reseller partners, a strong pipeline of new product
introductions and several active initiatives in place to accelerate
medium-term growth.

 

As has been widely reported, the cost of the LPDDR4 DRAM used in many
Raspberry Pi products has increased rapidly in recent months, with some major
suppliers now indicating limitations of supply at high densities. This trend
has largely been driven by memory vendors diverting manufacturing capacity to
meet the surge in AI data centre investment. The Company has taken, and
continues to take, multiple mitigating steps including: (i) qualifying
additional suppliers; (ii) developing product variants with reduced memory
capacity and assisting its OEM customers in migrating to these variants; and
(iii) raising prices to reflect increases in input costs and protect
profitability. The Company's long-standing approach to managing its supply
chain through close relationships with key suppliers, and its maintenance of
LPDDR4 inventory buffers, has enabled it to secure a sufficient supply of
memory across most LPDDR4-dependent products to meet expected H1 2026 demand.
In addition, around one-third of the Company's core product portfolio by
volume either uses no DRAM, or older LPDDR2 DRAM, for which it maintains a
separate, substantial inventory buffer. These products are not exposed to DRAM
cost increases.

 

There is significant uncertainty as to the timing of a return to more normal
DRAM pricing and availability. Based on current customer backlogs and
inventory levels, the Board is confident that H1 2026 unit shipments will grow
versus H1 2025, with profitability in the period in line with Board
expectations. Visibility beyond H1 2026 is limited. H2 2026 performance and
profitability will depend on DRAM pricing trends, high-density supply
availability, the effectiveness of mitigation initiatives designed to support
volumes and gross margins, and customer reaction to any further price
increases.

 

Notice of results

The Group will report its FY2025 results on Tuesday, 31 March 2026.

 

Eben Upton, CEO of Raspberry Pi said:

 

"I am delighted by our standout performance in 2025, reflecting the
flexibility and resilience of the Raspberry Pi business model, and the
accelerating adoption of our compute platforms by volume OEM customers. Growth
in unit shipments in our semiconductor business, and positive customer
feedback on our Connect Remote Access and Over-The-Air Update offerings,
demonstrate our ability to bring the Raspberry Pi value proposition to new
markets. Despite a challenging memory supply environment, our supply chain
discipline has enabled us to meet expanding customer demand. We enter 2026
benefiting from substantial inventory buffers, long-standing and growing
industrial OEM relationships, which typically account for 70% of our demand,
and a number of initiatives intended to optimise the performance of our
business in the short and medium-term."

 

 1  As at 12 January 2026, the Board understands the market expectations for
FY2025 adjusted EBITDA, based on published analyst forecasts, to be $40.9m,
within a range of $40.8m to $41.0m.

 

For more information, please contact:

 Raspberry Pi Holdings plc
 Eben Upton, CEO, Richard Boult, CFO                           Via Alma Strategic Communications
 Andy Bryant - IR                                              investors@raspberrypi.com (mailto:investors@raspberrypi.com)

 Alma Strategic Communications                                 T: +44 (0)203 405 0205
 Josh Royston, Caroline Forde, Hannah Campbell, Emma Thompson  raspberrypi@almastrategic.com (mailto:raspberrypi@almastrategic.com)

 

About Raspberry Pi

Headquartered in Cambridge, UK, Raspberry Pi's mission is to put
high-performance, low-cost, general-purpose computing platforms in the hands
of enthusiasts and engineers all over the world.

 

Raspberry Pi is a full-stack engineering organisation, with research and
development capabilities spanning the entire value chain, from semiconductor
IP development, through semiconductor and electronic product design to
software engineering and regulatory compliance. The high performance, low
cost, and physical robustness of Raspberry Pi products make them suitable for
a wide range of applications, across three distinct markets: Industrial and
Embedded, Enthusiast and Education, and Semiconductors. To date, over 75
million units have been sold.

 

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