REG — Raspberry Pi Hldgs — Interim Results

For best results when printing this announcement, please click on link below: RNS Number: 0590W Raspberry Pi Holdings PLC 24 September 2026 24 September 2026 Raspberry Pi Holdings plc ("Raspberry Pi", “the Company”, or “the Group”) Record first-half revenue and profitability; continued strong growth in unit shipments Raspberry Pi (LSE: RPI), a leader in high-performance, low-cost computing, is pleased to announce its unaudited results for the half year ended 30 June 2026 (“H1 2026”).

The Company delivered record first-half performance, driven by strong OEM and reseller demand, increased unit shipments, favourable product mix and disciplined execution during a period of significant supply-chain disruption. 3 (46%) *The Group uses certain measures in addition to those reported under IFRS, under which the Group reports. These Alternative Performance Measures ("APMs") are not considered a substitute for, or superior to, the equivalent statutory IFRS measures. These APMs are explained, defined and reconciled in the APM section and are applied consistently.

3 million. 2. 6 million. 90 cents.

2 million. 4 million, reflecting continued acceleration in OEM adoption. 6 million units. * Robust demand growth across a broad range of sectors, with particularly strong engagement in Smart Home and Aerospace and Defence.

Operational Highlights * Strategic inventory holdings, and an increasingly diversified supplier base, underpinned product availability during a period of significant disruption in the memory market. * Five new product and platform releases, including AI HAT+ 2, expanding the capabilities of Raspberry Pi 5 to capture a growing share of the edge-AI opportunity. * Further investment in operational capacity, delivering insights into engineering programmes, and manufacturing and supply-chain activities, enabling repeatable execution as the business continues to scale.

Outlook * Unit volumes are expected to be higher in the second half than the first half, supported by a substantial order backlog, continued strong demand, and production capacity expansion. * The exceptional unit economics achieved in the first half have moderated, with full-year EBITDA expected to be ahead of market consensus. * The Group has sufficient memory inventory in hand and on order to meet its FY 2026 production goals and will continue to make strategic purchases to meet its FY 2027 needs.

* A strong pipeline of OEM opportunities and the increasing salience of its offering in key end markets mean that Raspberry Pi is well positioned for rapid growth in unit shipments in 2027 and beyond. Eben Upton, CEO of Raspberry Pi said: “Raspberry Pi delivered a record first half, with revenue up 90% and Adjusted EBITDA up 108%. Demand from our OEM customers and our reseller channel was strong throughout, and our order backlog doubled during the period. The decision in FY 2025 to build significant strategic memory inventory has allowed us to maintain product availability at a time when smaller competitors have struggled to secure allocation.

30 BST. com). This announcement contains certain forward-looking statements, including with respect to the Company's current targets, expectations and projections about future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which sometimes use words such as "aim", "anticipate", "believe", "intend", "plan", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts and reflect the directors' beliefs and expectations, made in good faith and based on the information available to them at the time of the announcement.

Such statements involve a number of risks, uncertainties and assumptions that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement and should be treated with caution. Any forward-looking statements made in this announcement by or on behalf of Raspberry Pi speak only as of the date they are made.

Except as required by applicable law or regulation, Raspberry Pi expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. com) Notes to Editor 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 77 million units have been sold.

CEO’s statement “A record half for Raspberry Pi” Raspberry Pi delivered an exceptional first half, with record revenue, record profitability and continued growth in unit shipments. Strong demand from our OEM customers and reseller channel partners, disciplined execution, favourable product mix and strong unit economics yielded revenue growth of 90% and Adjusted EBITDA growth of 108%. While our financial performance benefited from the consumption of strategic memory inventory acquired during FY 2025, we continue to demonstrate our resilience during a period of significant supply-chain disruption.

The continued growth in our unit shipments and material increase in our order backlog in the half reflect accelerating adoption by new and existing OEM customers, and a specific uptick in the use of our products in edge-AI inference applications. We have continued to invest to strengthen our brand in enthusiast, industrial and embedded markets, deepen relationships with our customers and channel, and position Raspberry Pi to address larger opportunities over time.

The depth and breadth of customer engagement have exceeded our expectations: customers increasingly view Raspberry Pi not only as a prototyping platform, but as a technology partner capable of supporting production at meaningful scale. Strong financial performance Revenue and profitability were materially ahead of the prior year, supported by strong unit shipments and a favourable product mix, and by unit economics which reflect both our own price increases in FY 2026 and the continued consumption of memory inventory acquired at lower prices during FY 2025. Demand remained robust through the half, across both our OEM customer base and our reseller channel. 6 million).

4 million, reflecting continued acceleration in OEM demand. 6 million units. 5 million) reflecting higher unit shipments, a shift in product mix towards higher memory-density variants, and most significantly the passthrough of higher costs for volatile and non-volatile memory components. Profitability in the half benefited significantly from the decision in FY 2025 to build strategic memory inventory in anticipation of tightening supply and increasing prices.

4 million). Gross margin of 23% (H1 2025: 25%) reflects the passthrough of higher memory costs over a substantially larger revenue base. 3 million). We utilised our debt facilities at the end of the first half and expect to continue to do so through the second half, reflecting the working capital impact of holding sufficient memory inventory to support strengthening demand into 2027.

We continue to take a disciplined approach to capital allocation, balancing near-term working capital requirements with the longer-term needs of the business. Successfully managing supply constraints During the half we worked closely with our contract manufacturing partner Sony, and with our wider supplier network, to deliver increased production volumes and maintain continuity of supply. This work has been particularly important in the context of continued disruption in global memory markets, and sporadic shortages of non-memory components. The current memory price cycle is a large, but ultimately typical, instance of a phenomenon that periodically affects the industry.

As in previous cycles, sustained high prices are encouraging additional investment in foundry capacity, with meaningful new supply expected to come on stream in 2028. Our emphasis remains on navigating the current cycle while ensuring cost-competitive continuity of supply over the longer term. This work is underpinned by our diversified approach to memory procurement: we qualified several new suppliers in the half and expect to qualify further suppliers in the second half. Our ability to secure memory supply and maintain product availability has become a clear competitive advantage.

As memory markets have tightened, smaller competitors have found it challenging to secure memory allocation from the major vendors or to qualify alternative suppliers. Likewise, OEMs have been exposed to an increasingly complex procurement environment, impacting product roadmaps and increasing the salience of Raspberry Pi as an available and cost-effective alternative to in-house designs. To address our persistently elevated customer backlog, we took a number of steps to increase production, achieving increased utilisation of existing production capacity in the short term, while co-investing with Sony to bring new capacity online in the second half.

Innovation and product execution We released five new products and platforms in the half, across hardware, software and accessories. A key launch during the period was AI HAT+ 2, which materially expands the AI capabilities of Raspberry Pi 5 and enables customers to run more sophisticated AI workloads at the edge, including large-language and vision-language models which previously relied on more expensive edge hardware or on cloud infrastructure. There is a substantial long-term opportunity to migrate intelligence from the cloud to the edge, delivering improvements in privacy, latency, reliability and operating cost.

The launch of AI HAT+ 2 positions Raspberry Pi to capture a growing share of this edge-AI opportunity. Also in the half, we released the Raspberry Pi Flash Drive, a new entry in our successful flash storage product line; the Smart Display Module platform, a standards-based solution for digital signage customers; and a new 3GB variant of Raspberry Pi 4, developed to address customer demand for an intermediate memory density product in the context of ongoing price increases.

Our IoT cloud infrastructure platform, Raspberry Pi Connect for Organisations, gained additional device management and security capabilities, supporting our long-term strategy of reducing complexity for our OEM customers while generating incremental recurring revenue from devices in the field. Strong demand in our end markets We continue to evolve our customer strategy, deepening direct relationships with larger OEM customers while working closely with our Approved Resellers and Authorised Distributors to address the broader industrial and embedded market.

We are seeing robust growth in demand across a broad range of sectors, with particularly strong engagement in Smart Home and in Aerospace and Defence. In Smart Home, demand is being driven by rising system complexity, higher expectations for connectivity and security, and supply-chain challenges affecting both competing compute platform vendors and customers’ in-house programmes. In Aerospace and Defence, we are seeing growing interest from primes, challengers and national militaries in cost-effective computing solutions for advanced autonomy.

Our Board-to-Board initiative continues to provide us with valuable access to senior decision-makers at major OEMs, helping us better understand prospective customers’ technical and commercial challenges. Over the past 18 months, we have engaged with more than 50 C-suite leaders and have identified 26 projects, with an increasing focus on defence contractors and national militaries. Opportunities sourced through this initiative are generally larger than our typical OEM engagements, but with longer lead times and a greater requirement for design support. We continue to invest in our application engineering function to enable us to meet this requirement.

We saw growing momentum in China in the half, with demand for Raspberry Pi products, and particularly Raspberry Pi silicon, continuing to build on the back of active design win activity. Demand in the United States remained strong, underscoring our competitive position in a market where supply chain resilience and low import tariffs are important considerations for many customers. Semiconductor unit shipments were lower in the half, reflecting a comparative period in H1 2025 that included several unusually large OEM orders. Engagement with large Tier 1 and Tier 2 OEMs continues to deepen, particularly around our newer RP235x product family.

These conversations reinforce our confidence in product-market fit, and in the long-term growth opportunity for Raspberry Pi silicon. Building the organisation for the next phase of growth We continue to build the organisational structures and capabilities that will allow us to scale further, without sacrificing the high-performance culture that differentiates us from our competitors. In the half, we made key hires across operations, finance and enterprise sales, while continuing to attract and retain high-calibre talent in our software, hardware and silicon engineering teams.

A significant development during the half was the appointment of Tim Mamtora as Chief Operating Officer. Formerly with Broadcom and Imagination Technologies, Tim brings a wealth of experience in engineering leadership and semiconductor development. He and his team are already building better operational intelligence across the business; delivering greater insight into engineering programmes, manufacturing activity and supply-chain dynamics; and allowing us to make decisions, allocate resources and manage risk faster and with greater precision.

We will continue to evolve the executive team in the second half, with Tim Powell joining as Chief Financial Officer in October, bringing significant experience from public-company and high-growth environments. Tim will succeed Richard Boult, who is stepping down after seven years with the Company; I would like to take this opportunity to thank Richard for his friendship, and for his invaluable contribution to Raspberry Pi during a pivotal period in our journey. Outlook We expect second-half unit volumes to exceed those in the first half, supported by our significant order backlog, continued strong demand, and the capacity expansion plans we have put in place at Sony.

The exceptional unit economics achieved in the first half have moderated as lower-cost memory inventory acquired during FY 2025 has been consumed. Notwithstanding this moderation, we expect full-year EBITDA to be ahead of market consensus. We have sufficient memory inventory in hand and on order to meet our FY 2026 production goals and will continue to make strategic purchases to ensure that we enter FY 2027 with significant inventory across the full range of density points.