H1 2025 Results

About this update from Raspberry Pi Holdings Plc

23 September 2025   Raspberry Pi Holdings plc ("Raspberry Pi", "the Company", or "the Group")   An encouraging first half with momentum building, positioning the Group for continued growth in the second half     Raspberry Pi (LSE: RPI), a leader in high-performance, low-cost computing, is pleased to announce its unaudited results for the half year ended 30 June 2025 ("H1 2025"). Financial Highlights   H1 2025 H12024 % change Revenue ($m) 135.5 144.0 (6%) Gross profit ($m) 33.2 34.2 (3%) Gross margin (%) 25% 24% +1ppt Adjusted EBITDA* ($m) 19.4 20.9 (7%) Profit before tax 6.2 10.8 (43%) Basic Earnings Per Share (EPS) (c) 2.79 4.53 (38%) Adjusted EPS (c)* 4.76 7.10 (33%) Cash ($m) 34.3 40.4 (15%)   *The Group uses certain measures in addition to those reported under IFRS, under which the Group reports. These Alternative Performance Measures ("APMs") are not considered a substitute for, or superior to, the equivalent statutory IFRS measures. These APMs are explained, defined and reconciled in the APM section and are applied consistently. •       Unit volumes were flat compared to the strong H1 2024, which benefited from post-shortage channel re-stocking and the launch of Raspberry Pi 5 in Q4 2023, but increased 9% sequentially on H2 2024. •       Revenues from direct sales of single-board computers (SBCs) and Compute Modules increased 21% compared to H1 2024 and by 27% sequentially, reflecting strengthening demand from existing and new OEM customers. •       Gross margin increased to 25% from 24% in H1 2024, and was flat sequentially. •       Profitability was in line with the Board's expectations, with Adjusted EBITDA of $19.4 million, down 7% compared to H1 2024, but up 19% sequentially. •       Cash was $34.3 million after paying off extended payables, with further normalisation of creditor days expected through H2 2025. Non-Financial KPIs     H1 2025 H1 2024 % change Unit volume (m) 3.6 3.7                 (3) Number of Products Released 7 3                 13% Number of Approved Resellers 115 112                 3% Engineers as a % of total employees at period end 48% 50%   Operational Highlights •       Direct unit shipments to Approved Resellers and OEMs grew 13% in H1 2025 compared to H1 2024 and 8% sequentially driven by strengthening demand for existing products, encouraging take-up of new products and the growing success of our direct sales strategy. •       7 new products were launched in H1 2025, with a similar number expected in the second half. •       For the first time, semiconductor unit volumes at 4.5 million in H1 2025, were higher than board unit volumes. Outlook •       The second half has started well with EBITDA ahead of last year. •       Volumes are expected to be higher in the second half supported by strengthening demand and a substantial order backlog. •       The Group has sufficient DRAM supply on hand and on order to meet its FY2025 sales goals and has several commercial and technical options to mitigate shortages or further price rises in FY2026. •       FY2025 is on-track to be the first full year in which semiconductor unit volumes are higher than board unit volumes. •       Profit expectations for the full year remain unchanged. Eben Upton, CEO of Raspberry Pi said: "We continued to build momentum in the half, with growing demand from our reseller channel and OEMs driving an 8% sequential increase in direct unit shipments and a significant customer order backlog at the end of June. Our growing pipeline of OEM opportunities, disciplined supply chain management and strong product roadmap position the business for future growth. For the full year, we remain on track with profit expectations unchanged, underpinned by strong anticipated sales volumes and unit economics in the second half. We are encouraged by the uptake of new products, expanding OEM engagement, and the first instance of semiconductor volumes exceeding board volumes."   Hybrid analyst and institutional investor briefing   Eben Upton, CEO, and Richard Boult, CFO, will host a hybrid analyst and institutional investor briefing today at 09:30 BST at the offices of Peel Hunt, 7th Floor, 100 Liverpool St, London EC2M 2AT. Those wishing to attend the event in person or online, please register via  [email protected]. This announcement contains certain forward-looking statements, including with respect to the Company's current targets, expectations and projections about future performance, anticipated events or trends and other matters that are not historical facts. These forward‐looking statements, which sometimes use words such as "aim", "anticipate", "believe", "intend", "plan", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts and reflect the directors' beliefs and expectations, made in good faith and based on the information available to them at the time of the announcement. Such statements involve a number of risks, uncertainties and assumptions that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward‐ looking statement and should be treated with caution. Any forward-looking statements made in this announcement by or on behalf of Raspberry Pi speak only as of the date they are made. Except as required by applicable law or regulation, Raspberry Pi expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. For more information, please contact:   Raspberry Pi Holdings plc   Eben Upton, CEO, Richard Boult, CFO Alma Strategic Communications Andy Bryant - IR [email protected]     Alma Strategic Communications T: +44 (0)203 405 0205 Josh Royston, Caroline Forde, Hannah Campbell [email protected]           Notes to Editor Headquartered in Cambridge, UK, Raspberry Pi's mission is to put high-performance, low-cost, general-purpose computing platforms in the hands of people and organisations all over the world. Raspberry Pi is a full-stack engineering organisation, with research and development capabilities spanning the entire value chain, from semiconductor IP development, through semiconductor and electronic product design to software engineering and regulatory compliance. The high performance, low cost, and proven physical robustness of Raspberry Pi products make them suitable for a wide range of applications, across three distinct markets: Industrial and Embedded, Enthusiast and Education, and Semiconductors. The Company has contributed approximately $230 million since inception to support the work of the Raspberry Pi Foundation, a UK charity founded in 2008 and a major shareholder in Raspberry Pi, to enable young people to realise their full potential through computing. Raspberry Pi has been recognised with the London Stock Exchange's Green Economy Mark for its work in reducing the carbon intensity of embedded computing.       CEO's review Business review I am pleased with our first-half performance, as we completed our recovery from the disruptions to component supply and customer demand associated with the pandemic. A key positive was the 8% sequential increase in direct unit shipments to Approved Resellers and OEMs, driven by strengthening demand for existing products, encouraging take-up of new products and the growing success of our direct sales strategy. A year on from our successful IPO, our status as a listed company has aided us in attracting and retaining talent, strengthening our banking relationships, and driving engagement with prospective OEM customers and other partners. Demand and supply chain Demand for our products continued to grow through the half, with channel inventory at more normal levels and a noticeable increase in activity from both new and existing OEM customers. We have worked closely with our manufacturing partner Sony to support the ramp-up of production in response to this increased demand, with a particular focus on sourcing critical silicon components. We ended June with an order backlog of approximately 600k units and continue to support Sony in managing their supply chain through the second half. Spot prices for the LPDDR4 and LPDDR4X DRAM used in our Raspberry Pi 4 and Raspberry Pi 5 SBCs, and in our Compute Module 4 and 5 products, have increased rapidly in recent months. We are monitoring developments in the DRAM market, maintaining regular communication with our existing suppliers and qualifying several alternative suppliers. We have sufficient DRAM supply on hand and on order to support our full-year sales goals. If elevated DRAM pricing persists, we are well positioned with several strategic options. Our supplier relationships, strong inventory position, and ability to rapidly qualify new suppliers and implement engineering mitigations will assist us in navigating the highly volatile memory market, as we have done in the past. Our sales to US customers remain strong. Our core SBC and Compute Module products, "designed in Cambridge and manufactured in Wales", incur modest 10% tariffs, well below many competitors, and we do not believe that these tariffs have reduced demand. In our Education and Enthusiast market, we expect a competitive benefit to arise from the abolition of the de minimis tariff exemption on small, personal shipments into the United States. Financial summary First-half revenue and profitability were in line with the Board's expectations, with sales of $135.5 million and Adjusted EBITDA of $19.4 million, up 19% sequentially on H2 2024, driven by the recovery in OEM demand. Direct unit volumes increased by 8% sequentially while combined SBC and Compute Module revenues increased 27% over the period. Units and Gross Profit per board at 3.6 million and $8.0, respectively, were significantly higher sequentially reflecting an improved product mix and were broadly stable, compared to H1 2024. Gross Margin was flat at 25% sequentially and increased year-on-year benefiting from the expected lower costs on key components. We continue to manage operating costs while making targeted investments to support our planned growth. Product highlights and outlook While FY2024 saw the introduction of several major platform products, including Raspberry Pi 500, Compute Module 5, Raspberry Pi Pico 2, and our second-generation RP2350 microcontroller, the focus in FY2025 is on deepening our offering: responding to customer feedback, addressing functionality and performance gaps, and delivering targeted, incremental improvements to existing products. In the half, we expanded our offering to our OEM customers, with Compute Module variants qualified for a wider operating temperature range, and moved RP2350 into general availability. With increasing demand from our microcontroller customers for wireless connectivity, we launched our first standalone wireless module, Radio Module 2, in June. Building on our heritage of modular design, this product offers integrated 2.4GHz Wi-Fi and Bluetooth radios, a compact form factor, and a low-pin-count host interface. These design choices simplify integration, reduce external component count, and help customers avoid the time and expense of radio certification; all aligned with our goal of streamlining our customers' journey from prototype to production. Accessory demand remained strong in the half. We have observed an encouraging trend of customers buying our branded accessories for general (as distinct from Raspberry Pi-related) use, creating a medium-term opportunity to achieve higher attach rates. A notable launch was our new 45W USB-C power supply, capable of powering a broader range of third-party electronic devices. Product launches in the second half will include a major release targeting the Enthusiast and Education market; a next-generation AI accessory designed to support generative workloads including large language models; and a cost-engineered Compute Module product targeting the China domestic market. We expect to release a broadly similar number of products in the second half as in the first half. We are working to add support for over-the-air (OTA) firmware updates to Raspberry Pi Connect for Organisations, our IoT software platform for OEM customers. This is the first of a series of planned upgrades to the Connect offering, delivering a turnkey solution for compliant management of large fleets of IoT devices in the context of the UK Product Security and Telecommunications Infrastructure (PSTI) regulations and EU Cyber Resilience Act (CRA). We expect our integrated approach to enhance our products' appeal to OEM customers and build on the strong momentum we have seen in the adoption of the Connect remote access service. We anticipate that FY2025 will be the first year in which semiconductor unit shipments surpass board unit shipments. In the first half, we shipped 4.5 million semiconductor units, reflecting year-on-year growth of 105%. Performance was buoyed by several significant embedded design wins, with OEM customers selecting RP2040 and RP2350 microcontrollers based on their superior functionality and price/performance characteristics. Customer strategy We continue to evolve our customer strategy, emphasising direct-to-reseller and direct-to-OEM sales. Building closer relationships with our customers allows us to develop better products, accelerate long-term growth, and improve our Gross Profit Margin Participation. Our "Board to Board" initiative, which we initiated in the aftermath of our 2024 IPO, continues to open doors to senior leaders at major industrial OEMs, providing us with a deeper understanding of their business priorities, technical requirements, and operational constraints. Our strategic objective is to identify and bridge gaps between engineering teams and executive decision-makers, and to facilitate a shift from prototyping, where we see widespread adoption today, to scaled production of OEM devices built on Raspberry Pi technology. To date, this initiative has generated over twenty CTO-level engagements across sectors including industrial automation, smart homes and HVAC, energy infrastructure, and smart manufacturing. We find that many OEMs are struggling to develop and deploy products with embedded intelligence; recurring themes include longstanding issues around cybersecurity, connectivity, product longevity and pricing, amplified by more recent concerns around tariffs, supply-chain resilience, and the recruitment and retention of engineering talent. We believe that Raspberry Pi technology offers a compelling solution to these challenges. Today we have over 100 OEMs in our design pipeline across a wide range of sectors. We continue to see good engagement in the traditionally strong IoT, industrial automation and aerospace sectors. We remain very selective in offering OEMs access to our product customisation program. However, for existing high-volume customers, who have built existing designs around our standard, we continue to explore partnerships which offer price improvement to the customer and incremental margin to us. People As our customer strategy evolves, we are making targeted investments in our sales and business development capacity, working to build a commercial organisation that can identify opportunities and sell directly to the largest OEMs at scale, while retaining and growing our broad customer base via our reseller channel. We continue to grow our engineering, finance, legal and communications functions, while developing and deploying automation to control costs and capture efficiencies. At the end of H1 2025, the permanent headcount was 141 employees ( end December 2024: 132 employees) with 48% (end December 2024: 48%) in front-line engineering roles. We are delighted that Christopher Mairs has decided to stay on the Board having previously expressed an intention to step down for personal reasons. Christopher brings exceptional technical expertise and insight to the Board and we are very pleased that he is able to continue. Outlook H2 2025 has started well with EBITDA ahead of last year. The Company expects higher volumes in H2 2025 driven by strengthening demand with a similar product mix to H1 2025. Profit expectations for the full year remain unchanged. Cash is expected to decrease in H2 2025, reflecting a decline in extended payables associated with key component supply agreements, before increasing significantly in FY2026. Looking ahead to 2026, we remain very encouraged by the demand environment, and specifically by the number and scale of ongoing OEM discussions.   Dr Eben Upton CBE FREng Chief Executive Officer and Founder 22 September 2025       Financial review The first half of 2025 saw a return to more normalised market dynamics. The half saw growth in unit sales of core industrial boards and established boards such as Raspberry Pi4. While year on year sales of Raspberry Pi5 and Compute Modules were lower due to the strong performance in H1 2024 arising, respectively, from the product launch and the final clearance of the historic order backlog. In the period, finished goods inventory continued to be worked downward, while we continued to accumulate component inventory to ensure security of supply. Total inventory remained broadly level but trade payables reduced leading to a net cash outflow of $11.5 million in the first half. Overall results Revenue in H1 2025 was $ 135.5 million ( H1 2024 : $ 144.0 million) a decline led by reduced royalty income together with lower related component sales. Sales of products through the direct channel increased by 13% as a result of stronger unit sales. As a result of the lower revenues, gross profit reduced by 3% . This reduction in gross profit together with control of overheads resulted in adjusted EBITDA of $ 19.4 million ( H1 2024: $20.9 million) . H1 2025 saw a full period of amortisation of the intangible development cost of RP2350 resulting in adjusted operating profit of $ 13.2 million ( H1 2024 : $ 15.7 million). $ million H1 2025 H1 2024 % change Revenue                    135.5                      144.0                  (6%) Gross profit                      33.2                        34.2                  (3%) Gross margin (%) 25% 24% +1ppt Adjusted R&D costs                       (4.6)                       (4.2)                 10% Adjusted administration costs                       (9.2)                       (9.1)       1%    Adjusted EBITDA                      19.4                        20.9                  (7%) Depreciation and amortisation                       (6.2)                       (5.2)                 19% Adjusted operating profit                      13.2                        15.7                  (16%) Employee share schemes                       (5.2)                       (2.2)                 136% Non-recurring costs                           -                        (2.1)                 (100%) Statutory operating profit                        8.0                        11.4                  (30%) Unit sales of single board computers and Compute Modules and microcontrollers Direct unit sales increased by 13% compared to H1 2024 while unit sales through our licensee declined by 31%. In total, units declined 3% compared to H1 2024. Through the period from the beginning of 2024 to June 2024 we saw the delivery through the direct channel of the last of the orders accumulated in the semiconductor supply shortage. These were primarily in respect of Compute Modules. There then followed a period of slow demand due to channel overstocking and then a recovery in the first part of 2025. H1 2025 was notable for the strength of demand for industrial channel products such as Raspberry Pi3, Raspberry Pi4 with 2GB of memory, and a return of good demand in China. Raspberry Pi5 direct sales grew 146% with an increase of 26% in the variants which were on sale in 2024 (4GB and 8GB) combined with the revenue from the new Pi5 2GB, Pi5 16GB and Pi500 variants. Direct sales of Pi4 and Pi3 each grew by 48% driven by the return to more normal channel inventory levels. Sales of Compute Modules fell by 32%, principally due to the strength of Q1 2024 sales when, as noted above, sales were bolstered by the last of the orders placed during the semiconductor shortage. Unit sales through licensees declined by 31%, with sales in the first part of 2024 particularly strong due to Raspberry Pi5 launch volumes. As sales normalised and balanced across channels, Raspberry Pi 5 licensee volumes for H1 2025 were 49% lower than H1 2024, while direct unit sales (discussed above) increased significantly. During the majority of 2024, Raspberry Pi4 volumes were low through the royalty channels, with volumes returning to better levels in H1 2025 and showing an overall 27% growth. Million units H1 2025 H1 2024 % change Unit sales through direct channel 2.7 2.4                 13% Unit sales through licensees 0.9 1.3                 (31%) Total unit sales 3.6 3.7                 (3%) Direct sales share of total                 75%                 65% +10ppt Licensee share of total                 25%                 35% -10ppt Microcontroller units 4.5 2.2                 105% Direct sales of 75% in H1 2025 is in line with management expectations of a share of 70-80%. Microcontroller unit sales, which include those incorporated in other Raspberry Pi products such as Raspberry Pi Pico boards, increased by 105% to 4.5 million units (H1 2024: 2.2 million units). For the first time unit sales of semiconductors have exceeded those of the SBCs and Compute Modules. The growth was aided by the new products RP2350 and Pico 2 and was particularly strong for RP2040. Revenue Revenue decreased by $8.5 million, or 6%, from $144.0 million for H1 2024 to $135.5 million for H1 2025. The split by category was as follows: $ million H1 2025 H1 2024 % change Products 109.6 89.5                 22% Components 17.6 43.6                 (60%) Royalties 7.8 10.3                 (24%) Publishing 0.5 0.6                 (17%)   135.5 144.0                 (6%) Product revenues are generated by supplying SBCs, Compute Modules, accessories and semiconductors directly to Approved Resellers and Original Equipment Manufacturers ("OEMs"). Revenues from direct sales of SBC's and Compute Modules increased 21% with substantial growth in Raspberry Pi5, Raspberry Pi4 and Raspberry Pi3 sales offset by a decline in Compute Module sales.  Accessory sales grew by 24%, with revenues continuing to benefit from the extensive product launches in H2 2024. Microcontroller sales, also reported within product sales grew 105% to 4.5 million units. Per unit royalties are earned on products that our licensee has manufactured (Pi5) or sold (Pi4) using our designs and trademarks. Component sales represent the sale of components used in the manufacture of Raspberry Pi products for our licensee which are then sold to end customers. Both royalties and component revenues in H1 2024 benefitted from the continuing launch demand and production of Raspberry Pi5. With a more stable level of demand in 2025, revenues declined compared to 2024. Component sales in H1 2024 saw a high volume of memory chips supplied to meet the licensee's increased sales and production arising from the recent Raspberry Pi5 launch, together with sales by the Group of application processor chips to Sony, also for licensee use. Component sales are almost entirely to our contract manufacturer in the UK and this reduction in sales is the principal cause of the decline of the UK based revenue shown in Note 3 to the financial statements. Average selling price ("ASP") per board ASP decreased by 1% from $46.9 in H1 2024 to $46.4 in H1 2025 due to a decrease in the portion of unit sales that are from Raspberry Pi5's and Compute Modules. The ASP of boards sold through the direct channel increased from $34.7 to $37.1 with the higher portion of Pi4, Pi5 unit sales offsetting the decline in Compute Modules. The ASP of boards sold through the licensee channel increased from $69.2 to $74.3, the increase coming from sales of Pi5/16GB. Partnership revenue Total partnership revenue being the sum of the retail prices of all units supplied, whether through the direct sales channel or through the licensee channel was $193.5 million (H1 2024 : $193.5 million). $ million H1 2025 H1 2024 % change SBCs and compute modules                    165.5   171.8                 (4%) Accessories 24.5 20.2                 21% Microcontrollers, publishing and others 3.5 1.5                 133%   Gross profit per board Product gross profit and margin H1 2025 H1 2024 % change SBCs and Compute Modules 8.0 8.3                 (4%) Board share of gross profit                 86%                 88%                 (2%) Accessory margin per board 1.1 1.1        -% SBC and Compute Module gross profit per board declined by 4% from $8.3 in H1 2024 to $8.0 in H1 2025. The decline on H1 2024 was due to lower sales of the Compute Modules which have good unit profits and increased volumes of the lower unit profit Pi5/2GB and Pi3. The use of the lower cost BCM2712D0 in the Pi5 in 2025 supported the margin. In H2 2024 the gross profit per SBC and Compute Module was $6.4 due to sales of the newly launched Pico 2 in August 2024 and the increase in sales of the Pi Zero 2, both of which have a lower unit profit, before rising to $8.0 in H1 2025. Gross profit $ million H1 2025 H1 2024 % change SBCs and Compute Modules                      28.4                        30.0                  (5%) Accessories                        4.1                          4.1        -% Microcontrollers, publishing and others                        0.7                          0.1                 600% Reported gross profit                      33.2                        34.2                  (3%) Gross profit from SBCs and Compute Modules was $28.4 million (H1 2024: $30.0 million) a decline of $1.6 million for the reasons of lower unit sales and gross profit per unit described above. The gross profit of accessories remained flat at $4.1 million. New products launched in H2 2024 and H1 2025 included an AI camera, two HATs, incorporating AI accelerator chips, and growth in power supplies and cameras. Overall the accessory profit per board remained at $1.1 per board, ahead of our target of $1 per board. The strong improvement in microcontroller unit sales led to increased profits compared to H1 2024. The gross margin rate increased to 25% (H1 2024: 24%) as a result of the introduction of the lower cost BCM2712D0 used in the Raspberry Pi5 and Compute Module 5. Adjusted research and development costs Adjusted research and development expenses is a non-IFRS measure used by the Board and management to monitor the Group's performance. $ million H1 2025 H1 2024 Research and development expenses as reported                      11.7                           8.5 Adjusted for:     Amortisation (net of capitalised amortisation)                      (4.1)                       (2.9) Share-based payment charges                      (2.2)                       (1.4) NI on share-based payment charges                      (0.8)                           -                          Adjusted research and development expenses                        4.6                          4.2 Adjusted research and development expenses increased slightly to $4.6 million for the half year ended 30 June 2025 from $4.2 million in H1 2024. It represents the cost of research and non-capitalised development costs. Total research and development expenses rose by 38% to $11.7 million (H1 2024: $8.5 million), reflecting higher investment in innovation. This increase was driven by the expansion of the engineering team in areas of new product development, alongside higher share-based payment charges and associated National Insurance costs. The increase in National Insurance on share-based payment charges in H1 2025 is reflective of a full six months of charges from the post-IPO share option awards and the impact of new awards granted during the period, whereas H1 2024 included only the costs associated with the awards granted from the IPO date to the end of the reporting period. Net amortisation of capitalised investment increased to $4.1 million (H1 2024: $2.9 million), reflecting a growing portfolio of capitalised development costs. Adjusted administrative costs Adjusted administrative expenses is a non-IFRS measure used by the Board and management to monitor the Group's performance. $ million H1 2025 H1 2024 Administrative expenses as reported                      13.5                        14.3  Adjusted for:     Depreciation                       (2.1)                       (2.3) Share-based payment charges                       (1.6)                       (0.8) NI on share-based payment charges                       (0.6)                           -                          Non-recurring costs                           -                                                (2.1) Adjusted administrative expenses                        9.2                          9.1 Adjusted administrative costs were level year on year with increases in staff costs primarily due to salary inflation and the expansion of central management costs reflecting the requirements of being listed and commensurately higher salaries offsetting a reduction in consulting and third party costs in the period and foreign currency gains arising on the retranslation. Depreciation and amortisation $ million H1 2025 H1 2024 Depreciation of PPE and leased assets                        2.1                          2.3 Amortisation (net of capitalised amortisation)                        4.1                          2.9 Depreciation and amortisation                        6.2                          5.2 Depreciation of PPE and leased assets remained consistent with the prior period, as no significant new leases were entered into and there were no material additions to fixed assets. Amortisation of intangibles charged to the income statement increased by 41% to $4.1 million in H1 2025 from $2.9 million in H1 2024. The first half of 2025 saw a full period of amortisation of the intangible development cost of RP2350. Total depreciation and amortisation increased by 19% to $6.2 million in H1 2025 from $5.2 million in H1 2024. Finance costs and finance income Finance costs have increased due to the discounting of payables with longer than standard credit terms. These were entered into predominantly in H2 2024.   Share-based payments A share-based payment charge of $3.8 million was recorded in the period. The charge comprises $1.2 million in respect of the charges for share awards granted on 14 May 2025, and $2.6 million in respect of the post-IPO award of market value and nil cost options granted on the 11 June 2024 listing date. In comparison, H1 2024 had a share-based payment charge of $2.2 million. The charge comprised $0.8 million in respect of the charges arising on the pre-IPO scheme, a $1.2 million accelerated charge on vesting and settlement of that scheme and an additional $0.2 million in respect of the new post-IPO awards granted in 2024. Non-recurring costs There were no non-recurring costs incurred in the six-month period to 30 June 2025. Costs of $2.1 million were charged to the income statement in H1 2024 in respect of fees and charges arising from the listing process which were incurred to prepare the business for operation after listing. Operating profit and profit before tax Operating profit for H1 2025 was $8.0 million (H1 2024: $11.4 million) a decline of 30%. Profit before tax in H1 2025 was $6.2 million (H1 2024: $10.8 million) a decline of 43%. Taxation In line with IAS 34, the taxation charge for the period is calculated using the estimated annual effective tax rate applied to the interim pre-tax profit. The effective tax rate for the period is 13%, compared to 29% in H1 2024. As the Group's profits are generated almost exclusively from UK activities, the underlying effective tax rate generally aligns with the UK corporation tax rate of 25%. The higher rate in H1 2024 was due to non-deductible IPO-related costs. The effective rate of 13% for H1 2025, which is lower than the UK corporation tax rate, is primarily due to a credit of $0.7 million from foreign exchange differences arising on the retranslation of prior year tax balances. Profit after tax Profit after tax for H1 2025 was $5.4 million (H1 2024: $7.6 million), a decline of 29%. Seasonality The Group's operations are not materially different in size or nature between the two halves of the financial year. Earnings per share Basic earnings per share for the half year ended 30 June 2025 was 2.79 cents, down from 4.53 cents for H1 2024. This reflects a lower profit after tax of $5.4 million (H1 2024: $7.6 million) and a 13% increase in the weighted average shares in issue due to the primary share issue in June 2024 and the conversion of the pre-IPO LTIP to ordinary shares. Diluted earnings per share was 2.73 cents (H1 2024: 4.34 cents). Adjusted earnings per share, which excludes the impact of non-recurring costs and share‑based payments net of tax, was 4.76 cents (H1 2024: 7.10 cents). Adjusted diluted earnings per share was 4.64 cents, reflecting an adjusted profit after tax of $9.2 million. Dividends No dividends have been proposed. The current medium-term expectation is that cash generated will be reinvested into the business. Cash flows from operations   $ million H1 2025 H1 2024 Adjusted EBITDA                      19.4                        20.9  Increase in inventory                       (3.2)                     (37.6) Decrease in trade and other receivables                        0.4                        13.3  Decrease in trade and other payables                    (18.1)                     (13.2) Decrease in current provisions                       (0.3)                       (0.2) Non-recurring costs                           -                                                (2.1) Interest received                        0.4                          0.3 Tax credit received                        3.8                            -                          Tax paid                       (3.1)                       (3.4) Other non-cash movements                       (0.2)                         0.2 Net cash flows used in operating activities                       (0.9)                     (21.8) Inventory Inventory increased overall by $2.6 million in the half to $159.3 million (2024 half year: $145.7 million; 2024 full year: $156.7 million). Inventory of finished goods declined to $41.4 million (H1 2024: $62.5 million; FY2024: $63.8 million) as sales improved and production was reduced in response to the slowdown in demand as seen in H2 2024. At this current level of finished goods, there are certain product lines with stock levels below minimum acceptable levels and over time some modest expansion of finished goods inventory can be expected. Component inventory has increased by $25.0 million from December 2024. Stock of memory held for future production has been kept at similar levels to December 2024, to give certainty of future input costs. Across the majority of memory variants the group is covered to the end of the year but there are certain lines where purchases will need to be made. The finished goods inventory, assembled at historic memory costs, should ensure that the material impact of memory price fluctuations are deferred into later years. Stocks of processor chips account for most of the increase in component inventory ensuring certainty of future production. Other working capital movements Payables decreased compared to December 2024 due to the Group paying off at maturity favourable extended payment terms for memory and processor chip purchases. As the market for memory has firmed, such extended terms have become fewer and a further decline in payables with the consequential impact on cash balances can be expected in H2 2025. The inflow from trade receivables seen in H1 2024 was a result of the declining level of sales in the later stages of the period compared to the end of 2023. By the end of December 2024 volumes had recovered and were similarly strong at June 2025 resulting in only a small cashflow impact in H1 2025. Investing activities - capital expenditure $ million H1 2025 H1 2024 Tangible fixed assets                        0.5                          1.1 Internally generated intangibles and intangibles in the course of development                      12.1                        13.0  Net other intangibles acquired                        1.6                            -                          Intangible fixed assets                      13.7                        13.0  Total capital additions                      14.2                        14.1  Non-cash additions                       (4.7)                       (2.9) Total cash capital expenditure                        9.5                        11.2  Total capital additions for H1 2025 were $14.2 million (H1 2024: 14.1 million), including expenditure on intangible assets of $13.7 million (H1 2024: $13.0 million). This expenditure includes the amortisation of development licences of $4.7 million in H1 2025 (H1 2024: $2.9 million) which are shown as non-cash additions. Total cash capital expenditure in respect of intangible assets comprised $9.0 million (H1 2024: $10.1 million). Of this amount, $3.5 million (H1 2024: $3.6 million) was the capitalisation of engineering staff costs. Cash and facilities Cash at 30 June 2025 was $34.3 million (H1 2024: $40.4 million; FY2024: $45.8 million). On 5 March 2025, the Group replaced its existing RCF with a new facility of $80.0 million with four banks on terms more suitable for a listed group and at substantially reduced pricing. The facility has a term of 4 years. The facility remains undrawn. Risks and risk management Full details of the Group's approach to risk management and its principal risks are set out in the Annual Report and Accounts of Raspberry Pi Holdings plc, available at https://investors.raspberrypi.com. A summary of the Group's principal risks is set out on page 13 of this report. Related party transactions The Group's related parties include its subsidiary undertakings, key management personnel (comprising the Executive and Non-executive Directors), their closely related family members, and shareholders with significant influence. Transactions and balances between the parent and its subsidiaries, as well as between subsidiaries, have been eliminated upon consolidation and are not disclosed. Material transactions with related parties have been disclosed in Note 21. Related party transactions during the period ended 30 June 2025 were substantially the same in nature as those disclosed in Note 31 of the Annual Report and Accounts for the year ended 31 December 2024. There were no other related party transactions during the period that materially affected the financial position or performance of the Group. No guarantees were provided to, or received from, related parties during the period. Events after the reporting period There are no events after the reporting period that would require disclosure or adjustment to these interim financial statements.     Richard Boult Chief Financial Officer 22 September 2025       Principal risks and uncertainties Raspberry Pi's approach to risk management has evolved in line with the development of the business. It reflects both the relatively small scale of our operations and the close involvement of Executive Management, who bring deep technological expertise and maintain strong proximity to day-to-day activities. Risks can be identified at any time by any individual within the Group, fostering a culture of vigilance and shared responsibility. Our engineering team, characterised by high levels of seniority, long tenure, and sector-leading experience, plays a central role in risk identification and response. Combined with our open and inclusive operational culture, this ensures that risks are promptly surfaced and effectively managed. The Board regularly reviews the Group's key risks and the mitigation strategies in place, with oversight from the Audit and Risk Committee on the effectiveness of risk management processes. In reviewing the outlook for the remainder of the financial year, the Board has reaffirmed that the principal risks and uncertainties identified in the December 2024 Annual Report and Accounts remain relevant and continue to be actively monitored. These risks are outlined below: • Brand and reputation • People • Supply chain • Sales channels • Growth management • Markets and economic environment • Competition/competitors • Intellectual property and designs • Product development projects • Geopolitical risk • Control environment • Liquidity • Regulatory and compliance • Health and safety • Climate change These risks are detailed on pages 42 to 50 of the 2024 Annual Report, a copy of which is available on  https://investors.raspberrypi.com. In addition to the risks outlined above, the Board have identified Information and Cyber Security, Technology and Infrastructure as an increasing risk theme for the business. Although our digital interactions with consumers are limited, and the misuse of personal customer data is therefore also limited, the threat of cyber attacks and security breaches could result in loss of access or disruption to systems, and more importantly loss of access to key data including IP. This could impact our operation in a number of ways and ultimately result in financial and reputational harm. The Group has various mitigants in place to reduce these risks, including 2FA for key systems and sensitive IP, penetration testing and training for employees.     Condensed consolidated statement of comprehensive income for the half year ended 30 June 2025   $ million Notes Half year ended 30 June 2025 (unaudited) Half year ended 30 June 2024 (unaudited) Year ended 31 December 2024 (audited) Revenue 3                    135.5                      144.0                     259.5  Cost of sales                    (102.3)                   (109.8)                   (196.3) Gross profit                        33.2                        34.2                        63.2  Research and development expenses 4                    (11.7)                       (8.5)                     (17.9) Administrative expenses 5                    (13.5)                     (14.3)                     (27.7) Operating profit                          8.0                        11.4                        17.6  Finance income 8                        0.4                          0.3                         1.1 Finance cost 8                       (2.2)                       (0.9)                       (2.4) Profit before taxation                          6.2                        10.8                        16.3  Taxation charge 9                       (0.8)                       (3.2)                       (4.6) Profit after taxation                          5.4                          7.6                       11.7    Earnings per share (cents)         Basic 10                      2.79                       4.53  6.48 Diluted 10                      2.73                       4.34  6.20 The profit for the half year is attributable to the shareholders of Raspberry Pi Holdings plc and is derived from continuing operations. There are no recognised gains or losses other than those presented above. The accompanying notes are an integral part of these condensed consolidated financial statements.   Condensed consolidated statement of financial position as at 30 June 2025 Registration number 15557387   $ million Notes At 30 June 2025 (unaudited) At 30 June 2024 (unaudited) At 31 December 2024 (audited) Assets         Intangible assets 11                      78.1                        65.8                        73.2  Property, plant and equipment                          3.7                          4.7                         4.5 Right-of-use assets                          5.3                          5.9                         6.1 Other non-current assets                          1.9                          2.3                         2.3 Total non-current assets                        89.0                        78.7                        86.1  Inventories 12                    159.3                      145.7                     156.7  Trade and other receivables 13                      35.8                        26.5                        36.2  Current tax receivables                          7.3                          5.5                         6.6 Cash and cash equivalents                        34.3                        40.4                        45.8  Other financial assets                          0.3                            -                            -  Total current assets                      237.0                      218.1                     245.3  Total assets                      326.0                      296.8                     331.4  Liabilities         Trade and other payables 14                    (79.9)                     (71.1)                     (96.1) Provisions                         (0.4)                       (0.3)                       (0.7) Lease liabilities                         (1.5)                       (1.3)                       (1.4) Total current liabilities                      (81.8)                     (72.7)                     (98.2) Provisions                         (3.3)                       (0.8)                       (1.9) Other non-current liabilities                         (6.9)                       (5.0)                       (6.0) Lease liabilities                         (4.5)                       (5.1)                       (4.8) Deferred tax liabilities                      (10.7)                     (11.6)                     (10.1) Total non-current liabilities                      (25.4)                     (22.5)                     (22.8) Total liabilities                    (107.2)                     (95.2)                   (121.0) Net assets                      218.8                      201.6                     210.4  Shareholders' equity         Share capital 18                        0.8                          0.8                         0.8 Share premium                        32.4                        31.8                        32.4  Merger reserve                    (221.9)                   (221.9)                   (221.9) Share-based payments                          6.5                          0.2                         2.7 Retained earnings                      401.0                      390.7                     396.4  Total shareholders' equity                      218.8                      201.6                     210.4  The accompanying notes are an integral part of these condensed consolidated financial statements.   Condensed consolidated statement of changes in equity for the half year ended 30 June 2025   $ million   Share capital Share premium Share-based payments Merger reserve Retained earnings Total At 1 January 2024                   -                           65.4                 1.3                  -                           92.5           159.2  Profit for the period                   -                                -                                 -                                 -                             7.6               7.6  Share-based payments                   -                                -                               2.2                  -                                -                             2.2  Share issued                   -                             0.8                   -                                 -                                -                             0.8  Share reorganisation            288.1           (66.2)                  -                        (221.9)                 -                                -                Share capital reduction          (287.3)                 -                                 -                                 -                         287.3                  -                Share listing proceeds                   -                           40.0                   -                                 -                                -                           40.0  Share issuance costs                   -                            (8.2)                  -                                 -                                -                            (8.2) Share scheme settlement                   -                                -                             (3.3)                 -                             3.3                  -                At 30 June 2024                0.8             31.8                 0.2         (221.9)          390.7           201.6                  At 1 January 2025                0.8             32.4                 2.7         (221.9)          396.4           210.4  Profit for the period                   -                                -                                 -                                 -                             5.4               5.4  Share-based payments                   -                                -                               3.8                  -                            (0.8)              3.0  At 30 June 2025                0.8             32.4                 6.5         (221.9)         401.0           218.8   The accompanying notes are an integral part of these condensed consolidated financial statements. Condensed consolidated statement of cash flows for half year ended 30 June 2025 $ million Notes Half year ended 30 June 2025 (unaudited) Half year ended 30 June 2024 (unaudited) Year ended 31 December 2024 (audited) Cash flows from operating activities 17                       (2.0)                     (18.7)                       (0.1) Interest received                          0.4                          0.3                         1.1 Tax credit received                          3.8                            -                            -  Tax paid                         (3.1)                       (3.4)                       (4.2) Net cash used in operating activities                         (0.9)                     (21.8)                       (3.2) Cash flows from investing activities         Purchase of intangible assets                         (9.0)                     (10.1)                     (20.9) Purchase of property, plant and equipment                         (0.5)                       (1.1)                       (2.2) Net cash used in investing activities                         (9.5)                     (11.2)                     (23.1) Cash proceeds from IPO share issues                             -                        40.0                        40.0  Share issuance costs of IPO shares                             -                        (8.2)                       (7.6) Cash proceeds from share issues (from pre-IPO)                             -                          0.8                         0.8 Repayment of principal on lease liabilities                         (0.8)                       (0.3)                       (2.2) Payment of interest on lease liabilities                         (0.2)                       (0.2)                       (0.4) Interest and other financing charges                         (0.6)                       (0.7)                       (0.8) Net cash (used in)/generated from financing activities                         (1.6)                       31.4                        29.8  Net (decrease)/increase in cash and cash equivalents                      (12.0)                       (1.6)                         3.5 Cash and cash equivalents at beginning of period                        45.8                        42.2                        42.2  Effect of exchange rates on cash and cash equivalents                          0.5                        (0.2)                         0.1 Cash and cash equivalents                        34.3                        40.4                        45.8  The accompanying notes are an integral part of the condensed consolidated financial statements.     Notes to the condensed consolidated financial statements for half year ended 30 June 2025   1   General information Raspberry Pi Holdings plc (the "Company") is a public limited company incorporated in England and Wales. The Company's registered office is at 194 Cambridge Science Park, Milton Road, Cambridge, England CB4 0AB, and the company number is 15557387. • On 12 March 2024: Raspberry Pi ListCo Ltd was incorporated as a private limited company. • On 23 May 2024: Raspberry Pi ListCo Ltd acquired Raspberry Pi Ltd for $288.1 million. • On 3 June 2024: The Company was re-registered as Raspberry Pi Holdings plc. • On 11 June 2024: The ordinary share capital was listed on the London Stock Exchange. • On 23 September 2024: The Company was added to the FTSE 250. 2   Basis of presentation and accounting policies Explained below are the key accounting policies of Raspberry Pi Holdings plc and all its subsidiaries (the "Group"). 2.1  Basis of preparation These condensed consolidated interim financial statements have been prepared in accordance with UK adopted International Accounting Standard 34 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules (DTR) of the UK's Financial Conduct Authority. The consolidated financial statements of Raspberry Pi Holdings plc comprise the results of Raspberry Pi Holdings plc, Raspberry Pi Ltd, Raspberry Pi North America Inc, Raspberry Pi Ireland Ltd, and the Raspberry Pi Employee Benefit Trust ("the Group"). The condensed consolidated financial statements should be read in conjunction with the consolidated annual financial statements for the year ended 31 December 2024, which were prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 and in accordance with IFRS accounting standards as issued by the International Accounting Standards Board (IASB). In respect of accounting standards applicable to the Group, there is no difference between UK-adopted IAS and IFRS accounting standards as issued by the IASB. The financial information contained in these condensed consolidated interim financial statements does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. These interim financial statements do not include all the information and disclosures required in the annual financial statements. The financial information for the six months ended 30 June 2025 and 30 June 2024 are unaudited. The financial information for the year ended 31 December 2024 has been extracted from the audited consolidated financial statements for the year ended 31 December 2024 prepared under IFRS. The statutory accounts for the year ended 31 December 2024 were approved by the Board of Directors on 1 April 2024 and delivered to the Registrar of Companies. The report of the auditors on the consolidated financial statements for 2024 was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006. As at 30 June 2025, there have been no significant changes in the classification, measurement, or risk exposure of financial instruments compared to those disclosed in the annual consolidated financial statements for the year ended 31 December 2024. Management has reviewed the financial risks and determined that no material updates are required for this reporting period. These condensed consolidated interim financial statements have been prepared under the historical cost convention unless otherwise stated. The Group's presentation currency is US Dollars, rounded to the nearest point million. Since all material subsidiaries have US Dollars as their functional currency, there is no foreign exchange upon consolidation and hence no cumulative translation reserve. 2.2  Capital reorganisation On 23 May 2024 Raspberry Pi Holdings plc acquired the entire shareholding of Raspberry Pi Ltd for $288.1 million by way of a share-for-share exchange agreement. This does not constitute a business combination under IFRS 3 "Business Combinations" as both entities were under common control and Raspberry Pi Holdings plc as the listing vehicle did not constitute a business as defined by IFRS 3. Management has used the retrospective presentation method, otherwise known as merger accounting. Under merger accounting principles, the assets and liabilities of the subsidiaries are consolidated at book value in the Group financial statements and the consolidated reserves of the Group have been adjusted to reflect the statutory share capital of Raspberry Pi Holdings plc with the difference presented in the merger reserve. There have been no changes to the struc...

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