Raspberry Pi Holdings Plc · LSE:RPI
Raspberry Pi — FY2025 Earnings Presentation
25 slides from Raspberry Pi's earnings presentation, Mar 31, 2026
Slide 1: Computing for everybody
Computing for everybody FY25 Final Results March 31 2026 1
Slide 2: Introduction: Our Mission
Introduction Our Mission Dr Eben Upton CBE FREng Chief Executive Officer, Founder FY2025 Highlights To put high-performance, low-cost, Financial Review general-purpose computing Strategy Update platforms in the hands of Outlook engineers all over the world. Richard Boult Chief Financial Officer Appe
Slide 3: FY 2025 Highlights
FY 2025 Highlights Strong profit delivery, powered by accelerating demand Coins with solid fill Financials Market Innovation Commercial progress Unit shipments were 4.0 million Demand strengthened through Continued product momentum, with Increased presence at Trade in H2, and a total of 7.6 million
Slide 4: Financial Review of FY 2025
Financial Review of FY 2025 Raspberry Pi Holdings plc April 2025 4
Slide 5: FY 2025 Financial Highlights
FY 2025 Financial Highlights Strong growth in direct unit volumes and high H2 gross profit per board Momentum into Q1 has continued Unit volumes (‘000s) Unit Volume GP per Unit Gross Profit Gross Margin H2 2025 Direct Units Direct Licensee up 24% Y-on-Y and 2,500 15% sequentially 7.6m $8.7 $77.8m 24
Slide 6: Board Units and Profitability
Board Units and Profitability Annual Units Direct units as % of total Gross Profit per Unit 9.0 100% 12.0 7.6 Target range 70-80% 8.0 7.0 10.0 7.0 80% 1.4 1.8 6.0 2.1 8.0 1.2 60% GP / Board $ Units (m) 5.0 6.0 4.0 40% 76% 3.0 70% 8.7 5.8 4.0 4.9 7.4 2.0 20% 2.0 1.0 0.0 0.0 0% FY 2024 FY 2025 FY 2024
Slide 7: Income Statement
Income Statement Income Statement to Dec 31 2025 ($m) Key Items $ million 2025 2024 % change Revenue 323.2 259.5 25 % Gross Profit: Gross profit 77.8 63.2 23 % • Gross profit increased by $14.6 million, or 23%, to $77.8m due to higher unit sales and profit per Gross margin (%) 24 % 24 % (1)% board t
Slide 8: Balance Sheet Summary
Balance Sheet Summary Intangibles Intangibles: • Increased due to ongoing development of new boards and semiconductor products. $83.2m Inventory: (2024: $73.2m) • Inventory of finished goods decreased by 51% to $31.2 million (December 2024: $63.8 million) due to increasing demand for products and th
Slide 9: Cashflow Summary
Cashflow Summary Cash flow Summary 120 Working Capital: • Repayment of extended payment terms on memory and processor chips absorbed $52.2m of cash. 11.2 Higher December sales and elevated component 100 sales drove an increase in receivables, absorbing 46.4 cash in the period. Capex: • Intangible as
Slide 10: DRAM market and mitigations
DRAM market and mitigations Market Strategic Actions Outlook Elevated DRAM is likely to trigger capacity investment and Long-run decline in memory pricing Current market an opportunity to take share potentially broadening supplier base Diversify suppliers ASML: Memory equipment Q4’25 orderbook Europ
Slide 11: Strategy update
Strategy update Raspberry Pi Holdings plc April 2025 11
Slide 12: Continued product momentum
Continued product momentum 13 new product launches (2024: 22) Radio Module 2 Raspberry Pi 500+ AI HAT+ 2 Compact pre-certified wireless communication module Complete premium all-in-one PC Enables customers to run advanced AI applications, including LLMs and VLMs Adds Wi-Fi and Bluetooth connectivity
Slide 13: World-class talent and investment across the business
World-class talent and investment across the business An elite engineering workforce • Longstanding investment in In-house engineering capability 71 engineers developing proprietary IP • Team with decades of experience in designing and shipping SoCs, embedded systems and mass-market electronic produ
Slide 14: A wide range of end market opportunities: general-purpose embedded computing
A wide range of end market opportunities: general-purpose embedded computing Digital signage Smart home Raspberry Pi delivers reliable, centrally managed digital signage at Raspberry Pi technology powers smart home devices, enabling scale, with support for high-quality interactive content. local pro
Slide 15: The OEM opportunity: R&D air-pocket creates opportunities to engage
The OEM opportunity: R&D air-pocket creates opportunities to engage Continuity between Access to advanced Reduction in fixed cost Regulatory compliance Maintaining and Confidence in Time to market OEM prototyping and technology of development and market access growing market share supply chain produ
Slide 16: OEM customer success stories
OEM customer success stories Sixfab ProGlove US Design Partner German OEM, served directly Edge Computer Systems Industrial Communication Gateways Strong customer Over 110,000 devices feedback deployed worldwide Now deployed across Best of Innovation 100s of sites award at CES 2026 worldwide Product
Slide 17: Artificial Intelligence opportunity
Artificial Intelligence opportunity Today: edge compute platform of choice Tomorrow: AI is moving to the edge Opportunity: edge dominance to AI dominance Raspberry Pi is the default edge compute platform AI infrastructure at an inflection point Industrial and embedded AI trends • 73m+ devices sold,
Slide 18: Semiconductors: 2025 was the cross-over year
Semiconductors: 2025 was the cross-over year Record shipments in FY 2025 1 Continued sales growth in the current range of microcontrollers The road 2 New microcontrollers and Raspberry Pi Pico products ahead 3 Other silicon devices delivering differentiated performance and features for boards and mo
Slide 19: Raspberry Pi Connect: 370k connected devices and growing
Raspberry Pi Connect: 370k connected devices and growing Standardising how Raspberry Pi devices are accessed and updated in the field: simpler, faster and CRA-compliant Key features Software Imager Over the Air updates Provision – Automatically provision keys and Connect integrated into setup – New
Slide 20: Outlook
Outlook Demand Supply Latest version of Imager and OTA modernises how chain Raspberry Financial Pi devices are managed, making updates Outlook easier, faster, and more scalable Strong sales momentum from H2 FY 2025 Raspberry Pi expects the current DRAM Increased memory costs and associated has carri
Slide 21: Views of our customers
Views of our customers Latest version of Imager and OTA modernises how Raspberry Pi devices are managed, making updates easier, faster, and more scalable From a supply chain perspective, Raspberry Pi Raspberry Pi provides a dependable and cost- Unify have been partners with Raspberry Pi for the past
Slide 22: Appendix
Appendix Raspberry Pi Holdings plc April 2025 22
Slide 23: Supporting OEMs product roadmap challenges
Supporting OEMs product roadmap challenges: footprint + cost + connectivity + security + supply chain reliability Illustrative Raspberry Pi intelligent applications Smart Energy 1 2 Smart Lighting Management 3 Door Lock 4 Smart blinds Voice 5 6 Doorbell Assistant 7 Smart Screen 8 Robot Vacuum 9 Secu
Slide 24: 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 25: Investment Case: Raspberry Pi is the leader in versatile computing
Investment Case: Raspberry Pi is the leader in versatile computing Extensive product range and 1 High barriers to entry 2 De-risking of long-term growth 3 established customer base Competitive moats: Long-standing investment in hardware, Large and growing markets: A total addressable market across R