Raspberry Pi Holdings Plc · LSE:RPI
Raspberry Pi — H1 2025 Earnings Presentation
23 slides from Raspberry Pi's earnings presentation, Sep 23, 2025
Slide 1: Computing for everybody
Computing for everybody Interim Results for the six months to 30 June 2025 1
Slide 2: Introduction and Our Mission
Introduction Our Mission To put high-performance, low-cost, general-purpose computing platforms in the hands of engineers all over the world Dr Eben Upton CBE FREng Richard Boult Chief Executive Officer, Founder Chief Financial Officer Agenda • Introduction • H1 2025 Operational Highlights • Financi
Slide 3: H1 2025 highlights
H1 2025 highlights Increase in activity from both new and existing OEM customers Coins with solid fill Financial Market Innovation Commercial progress • Unit volumes were flat • Channel inventory at more • 7 new products were • Encouraging progress in our compared to the strong H1 normal levels laun
Slide 4: Financial Review of H1 2025
Financial Review of H1 2025 Raspberry Pi Holdings plc April 2025 4
Slide 5: H1 2025 Financial Highlights
H1 2025 Financial Highlights Full recovery in demand through the half Unit Volume GP per Unit Gross Profit Gross Margin 3.6m $8.0 $33.2m 25% (H1 2024 3.7m) (H1 2024 $8.3) (H1 2024 $34.2m) (H1 2024 24%) (H2 2024 3.3m) (H2 2024 $6.4) (H2 2024 $29.0m) (H2 2024 25%) Adj EBITDA Adj Operating Profit Adj B
Slide 6: Board Units, profitability and revenue
Board Units, profitability and revenue Units half-by-half Gross Profit per Unit H1 Revenue 6.0 10.0 120.0 110.1 9.0 1.1 5.0 100.0 1.1 1.6 90.1 8.0 Direct unit volumes 4.0 1.3 80.0 up 13% 7.0 $ million 6.0 Units millions 3.0 1.3 0.9 60.0 Gross Profit per Unit 0.8 53.9 0.5 5.0 8.3 8.0 2.0 3.8 40.0 4.0
Slide 7: Income Statement
Income Statement Income Statement (unaudited) Key Items $ million H1 2025 H1 2024 Change % change 135.5 144.0 (8.5) Revenue (6%) Revenue: 33.2 34.2 (1.0) Gross profit (3%) • Revenue in H1 2025 was $135.5m (H1 2024: $144.0m) a decline led by reduced royalty units resulting in lower royalties and comp
Slide 8: Balance Sheet Summary
Balance Sheet Summary Inventory Trade Payables 160.0 100.0 180 140.0 41.4 153 160 63.8 120.0 80.0 62.5 127 140 100.0 120 60.0 $m 100 80.0 $m 76 80 40.0 60.0 117.9 60 92.9 40.0 83.2 20.0 40 20 20.0 0.0 0 0.0 June'24 Dec'24 June'25 June'24 Dec'24 June'25 Trade and other Payables Trade payables Extende
Slide 9: Cashflow Summary
Cashflow Summary H1 2025 Cash flow Summary Cash 50.0 45.8 40.0 40.4 34.3 30.0 $m 20.0 10.0 0.0 June'24 Dec'24 June'25 Raspberry Pi Holdings plc September 2025 9
Slide 10: Gross profit per board levers
Gross profit per board levers Revenue model* Unit economics variables Costs Margin upside Portfolio lever c. 20% of sales, mostly sold at Processor Memory Density RRP Majority of sales, lower margin than direct to Custom OEM DRAM Boards Higher ASP but Target to grow lower GP than Pricing gross profi
Slide 11: Strategy update
Strategy update 1. Product 2. Industrial opportunity 3. Semiconductors Raspberry Pi Holdings plc April 2025 11
Slide 12: Product: Incremental improvements across the product portfolio
Product: Incremental improvements across the product portfolio Focus in FY2025 is on deepening the offering, responding to customer feedback, FY2024 saw the introduction of several major platform products, addressing functionality and performance gaps, and delivering targeted, including Raspberry Pi
Slide 13: "Board to Board" initiative focused on key industrial OEMs
“Board to Board” initiative focused on key industrial OEMs Engagement Scale Sectors Opportunity 20+ meetings with CTOs of $1.3bn median sales with a Valve & motion control, 100k+ annual unit key industrial OEMs market cap range of $250m to instrumentation, industrial opportunities where Raspberry Me
Slide 14: Key OEM opportunity: innovation, economics, talent
Key OEM opportunity: innovation, economics, talent OEMs need to move faster without compromising reliability or security Innovation considerations Growth in Edge Computing Increasing complexity of platforms, frameworks and networks 8% 2025-34E CAGR AI/ML techniques for data analysis and distributed
Slide 15: Investing in the broader OEM market
Investing in the broader OEM market Marketing Trade show presence Webinar programme Re-focusing outbound communications Investments in partner marketing Early-access programs for Compute Module 5 and RP2350 Building the direct pipeline via the reseller funnel Raspberry Pi Holdings plc September 2025
Slide 16: Case studies: Brazil
Case studies: Brazil Prodata mobility Savefarm Excel Fueling systems Smart City Agritech Automotive ▪ Payment and identity validator for public transport ▪ Selective spraying system for precision agriculture ▪ Advanced solutions for fuel supply management and fleet control ▪ Leader in integrated sol
Slide 17: Semiconductors: encouraging progress in H1 2025
Semiconductors: encouraging progress in H1 2025 Record shipments in H1 RP2040 Case Study RP2350 Latest MCUs • South Korean leader in Ethernet connectivity solutions • Serving diverse industries from smart home automation, to healthcare and manufacturing The challenge Units millions 4.5 • Existing Et
Slide 18: FY 2025 Outlook
FY 2025 Outlook Units Supply chain Financials The Company has sufficient DRAM supply through Volumes expected to be higher in H2 2025 to the end of 2025, with commercial and technical Profit expectations for the full year remain supported by strengthening demand and a options to mitigate shortages o
Slide 19: Q&A
Q&A Raspberry Pi Holdings plc April 2025 19
Slide 20: Appendix
Appendix Raspberry Pi Holdings plc April 2025 20
Slide 21: The Board
The Board Independent Non-Executive Members of the Board of Directors Martin Hellawell Sherry Coutu CBE David Gammon HonFREng Independent Non-Executive Chair Senior Independent Non-Executive Independent Non-Executive Rachel Izzard Chris Mairs CBE Daniel Labbad Independent Non-Executive Independent N
Slide 22: Direct to OEM - target industrial markets
Direct to OEM - target industrial markets AgriTech Aerospace Audio Automotive Digital Signage Target end markets EV Infrastructure Retail & POS Industrial Automation Medical & Healthcare Thin Clients IoT Gateways RFID Gaming Smart Home Sensor OEM Continuity between Reduction in Regulatory Access to
Slide 23: Investment Case: Raspberry Pi is the leader in versatile computing
Investment Case: Raspberry Pi is the leader in versatile computing De-risking of Extensive product range and 1 High barriers to entry 2 3 established customer base long-term growth Deep moats: A 12-year investment in hardware, software, Large and growing markets: Large addressable market for Broad p
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