Raspberry Pi Holdings plc (RPI) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to our results presentation for 2025, fourth time we've done this, first time we've done it in this particular room. Rich and I are going to walk you through some abbreviated highlights of the year, give a summary of our financial performance, an update on our progress against strategy in the year, and then we'll conclude with some words on the outlook for the rest of 2026. In summary, 2025 is an absolutely standout year for us. Shipments of boards and modules increased 9% to 7.6 million units, and that delivered a 25% increase in EBITDA. We saw demand build steadily through the year. The second half of the year was better than the first half. The fourth quarter was better than the third quarter. And we've really taken that demand with us, that demand momentum with us into the first quarter of 2026. We saw particular strength in our two largest markets, the United States and China. And as we speculated when we did our half-year results, this was in the end the crossover year for semiconductors. The first year in which we sold more semiconductor products than we sold boards and modules. We saw a 47% year-on-year increase in chip sales to 8.4 million units. Look, we're at heart of Raspberry Pi, we're at heart of product company, and we love launching products more than pretty much anything else we do. This was a somewhat slower year for us than 2024, but still one of our strongest years historically. A bunch of new hardware products, including some new microcontroller variants. We launched in August, we launched variants of the RP2350, the new, the second generation microcontroller. We launched variants of that product. which for the first time integrate non-volatile memory into the package. But really the star of the show for us was the performance of our firs...