Raspberry Pi Holdings plc (RPI) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.179 Welcome to our results presentation for 2025, fourth time 00:00:05.179 -- 00:00:08.905 we've done this, first time we've done it in this particular room. 00:00:08.905 -- 00:00:12.871 Rich and I are going to walk you through some abbreviated highlights of the year, give 00:00:12.871 -- 00:00:18.099 a summary of our financial performance, an update on our progress against strategy 00:00:18.099 -- 00:00:24.078 in the year, and then we'll conclude with some words on the outlook for the rest of 2026. 00:00:24.078 -- 00:00:29.288 In summary, 2025 is an absolutely standout year for us. 00:00:29.288 -- 00:00:33.171 Shipments of boards and modules increased 9% to 7.6 00:00:33.355 -- 00:00:37.523 million units, and that delivered a 25% increase 00:00:37.523 -- 00:00:42.193 in EBITDA. We saw demand build steadily through the year. 00:00:42.193 -- 00:00:45.059 The second half of the year was better than the first half. 00:00:45.059 -- 00:00:48.046 The fourth quarter was better than the third quarter. 00:00:48.046 -- 00:00:52.235 And we've really taken that demand with us, that demand momentum with us into the first 00:00:52.235 -- 00:00:57.247 quarter of 2026. We saw particular strength in our two largest markets, the 00:00:57.247 -- 00:01:02.428 United States and China. And as we speculated when we did our half-year results, this 00:01:02.428 -- 00:01:06.095 was in the end the crossover year for semiconductors. 00:01:06.095 -- 00:01:11.585 The first year in which we sold more semiconductor products than we sold boards 00:01:11.585 -- 00:01:16.714 and modules. We saw a 47% year-on-year increase in chip sales to 8.4 million 00:01:16.714 -- 00:01:21.769 units. Look, we're at heart of Raspberry Pi, we're at heart of product 00:01:21.769 -- 00:01:...