Slide 1: Raspberry Pi interim results 2026
Raspberry Pi interim results 2026 Results for the six months ended 30 June 2026 Raspberry Pi Holdings plc Interim results 2026 – 1 January to 30 June
Slide 2: Our mission: Computing for everybody
Computing for everybody Dr Eben Upton CBE FREng Our mission Chief Executive Officer, Founder To put high-performance, low-cost, general-purpose computing platforms in the hands of engineers Richard Boult Chief Financial Officer worldwide. FY25 Estimated end markets Units by destination 4% 25% 31% 33
Slide 3: Strong profit delivery, powered by accelerating demand
Computing for everybody Strong profit delivery, powered by accelerating demand Record H1 performance Supply-chain resilience Product innovation Strong demand, disciplined Strategic inventory holdings Continued hardware, software, execution, and favourable unit and a diversified supplier base and sil
Slide 4: Financial review: H1 2026
Financial review: H1 2026 Raspberry Pi Holdings plc Interim results 2026 – 1 January to 30 June
Slide 5: Strong growth in unit volumes and high H1 gross profit per board
Financial review: H1 2026 Strong growth in unit volumes and high H1 gross profit per board Unit volumes Half-year KPIs 5 Board unit volume Unit backlog 4.2m 2.6m 4 4.2 4.0 (H1 2025: 3.6m) (H1 2025: 0.6m) 3.7 3.6 3 3.3 GP per unit Gross profit $12.2 $59.4m Units (m) 2 (H1 2025: $8.0) (H1 2025: $33.2m
Slide 6: 26% growth in direct units
Financial review: H1 2026 26% growth in direct units § Raspberry Pi goes to market directly to customers via 114 Direct units Licensee units Approved Resellers and through a long-standing license agreement with Premier Farnell. 4.0 26% § In H1 2026, total units shipped increased by 17%, with direct
Slide 7: Strong growth in revenue and gross profit per unit
Financial review: H1 2026 Strong growth in revenue and gross profit per unit § ASP* increased by 42%, from $46.4 in H1 2025 to $65.9 in H1 2026, due to increases in the selling price to cover increases in the cost of memory Revenue ($m) components. Gross profit per unit ($) § Revenue in H1 2026 was
Slide 8: Adjusted EBITDA bridge
Financial review: H1 2026 Adjusted EBITDA bridge Increase Decrease Adj. EBITDA $50.0 3.5 (0.7) (4.6) $45.0 17.9 40.3 $40.3m $40.0 Adjusted EBITDA ($m) $35.0 $30.0 $25.0 4.8 19.4 $19.4m $20.0 $15.0 $10.0 $5.0 $0.0 H1 2025 adjusted Unit growth GP per board Accessories and Adjusted R&D Adjusted H1 2026
Slide 9: Income statement
Financial review: H1 2026 Income Statement Income statement Income statement to 30 June 2026 Key items $ million H1 2026 H1 2025 % change Gross profit Revenue 256.9 135.5 90% § Gross profit increased by 79% due to higher unit sales and the improved profit per board Gross profit 59.4 33.2 79% resulti
Slide 10: Balance sheet highlights
Financial review: H1 2026 Balance sheet highlights Intangibles Intangibles § Increased due to ongoing development of new boards and semiconductor products. $89.3m (H1 2025: $78.1m, FY 2025: $83.2m) Inventory § Increased overall by $117.4 million in the half, to $262.7 million. Inventory § Finished g
Slide 11: Cash flow summary
Financial review: H1 2026 Cash flow summary $80.0 Increase Decrease Total $70.0 40.3 (117.2) $60.0 101.9 (20.4) $50.0 $ million $40.0 (11.7) $30.0 $28.1m (3.2) $20.0 0.6 $18.4m $10.0 $0.0 Adj. EBITDA Payables Capex Others Opening net cash Inventory Receivables Tax paid Closing net cash (1 Jan) (30 J
Slide 12: Strategic memory purchases
Financial review: H1 2026 Strategic memory purchases Current strategic actions Working capital: illustrative direct customer example Successful long-term track record of managing memory purchasing, price, and inventory build. At IPO Now Opportunity Diversify suppliers Seven suppliers today, versus t
Slide 13: Strategy update
Strategy update Raspberry Pi Holdings plc Interim results 2026 – 1 January to 30 June
Slide 14: Three-layer growth strategy
Strategy update Three-layer growth strategy Driving profitable growth Grow unit sales Grow unit profit margin Grow profit margin participation Strategy to expand the number and value of industrial customers and partnerships Grow new and established Work towards strategic Engage in and win design-ins
Slide 15: Continued product momentum
Strategy update Continued product momentum Five new product and platform releases in H1 2026 (H1 2025: 7) Raspberry Pi Compute Module 5 Raspberry Pi AI HAT+ 2 3GB variant of Raspberry Pi 4 Programming Jig Brings generative AI capability to the A new density option, allowing customers to Supporting O
Slide 16: A proven platform driving innovation in trillion-dollar markets
Strategy update A proven platform driving innovation in trillion-dollar markets Form 4, a 3D printer based on Raspberry Pi Compute Module 4, featured prominently in Apple’s design lab during the September 2026 Apple Event. Formlabs chose Raspberry Pi because it is market-proven at scale, stating tha
Slide 17: Investing for the next phase of growth
Strategy update Investing for the next phase of growth H1 2026 Looking ahead Key new hires Operational excellence Go-to-market strategy Strengthening the executive team Optimising manufacturing and supply chain Expanding reseller network and enterprise sales § Welcomed Tim Mamtora to the newly creat
Slide 18: Competitive environment
Strategy update Competitive environment Platform heritage Accelerants since IPO Competitor challenges Competitors are struggling to source DRAM and Growing industrial and embedded other components, leading to long lead times and brand recognition Proprietary uncertain pricing. technology Raspberry P
Slide 19: Demand: edge AI
Strategy update Demand: edge AI Large-scale What is changing today? inference AI inference. Data processing Gradual migration over time Illustration: building an Training industrial dashboard on top of an embedded Video and audio inference Accelerated growth: Raspberry Pi Language and § 30× RPi plat
Slide 20: Edge AI engagement accelerating across broad end markets
Strategy update Edge AI engagement accelerating across broad end markets Standout sectors in H1 FY26 EV infrastructure Industrial Medical Smart home AgriTech automation and healthcare Aerospace and Audio IoT gateways Retail & POS Automotive defence Thin clients Gaming RFID Digital signage Edge AI Ra
Slide 21: Demand: smart environments
Strategy update Demand: smart environments Rising demand from new and existing OEMs Customer success: Homey serving the smart home market has been a major contributor to volume growth over the last twelve months. Homey Pro smart home hub Homey Pro is an advanced hub that makes smart Solution Increas
Slide 22: Demand: defence tech megatrends
Strategy update Demand: defence tech megatrends Accelerated demand for secure, high-performance hardware delivering on-device intelligence Growing market share Defence megatrends Illustrative current deployments Raspberry Pi hardware is seeing increased use in Autonomous and unmanned the defence sec
Slide 23: Defence tech: applications and market sizing
Strategy update Defence tech: applications and market sizing Information displays Edge sensors Unmanned systems § Raspberry Pi computers can efficiently drive a variety § Field-deployed sensors provide critical information. § Raspberry Pi computers are used to innovate at scale, of display types. su
Slide 24: Growing our silicon footprint
Strategy update We design silicon for our own boards and modules Growing our silicon footprint Bringing technical efficiency and cost structure benefits that deepen the competitive moat around our single-board computers and modules. RP1, a custom-designed I/O controller developed for Raspberry Pi 5,
Slide 25: Outlook
Outlook Raspberry Pi Holdings plc Interim results 2026 – 1 January to 30 June
Slide 26: Unit and profit growth accelerating post-IPO
Outlook Unit and profit growth accelerating post-IPO June 2024 IPO June 2024 IPO Outlook § Unit volumes expected to be higher in H2 than in H1, supported by backlog, continued strong demand, and capacity expansion. § Exceptional unit economics seen Direct distribution channel sales (million units) i
Slide 27: Appendix
Appendix Raspberry Pi Holdings plc Interim results 2026 – 1 January to 30 June
Slide 28: The Raspberry Pi platform
Appendix The Raspberry Pi platform Single-board computers Silicon Accessories Software Our single-board computers We design our own To complement our computer Raspberry Pi OS is our official (SBCs) deliver industry-standard semiconductors, which are products, we also design a operating system. Conti
Slide 29: Company strengths
Appendix Company strengths High barriers to entry 01 De-risking of long-term growth 02 Extensive product range and established customer base 03 Competitive moats: Long-standing investment in hardware, Large and growing markets: A total addressable market Regular product launches: Continuous developm