Raspberry Pi (RPI) Trading update summary

Trading performance

• H1 FY 2026 profitability is expected to be materially ahead of H1 FY 2025, with adjusted EBITDA of at least $38m and unit sales over 4 million.

• Growth driven by increased unit volumes, favorable product mix, and use of low-cost DRAM inventory.

• Robust demand from OEMs and other customers continues despite DRAM price increases.

Outlook and strategic focus

• FY 2026 EBITDA is now expected to be significantly ahead of current market expectations, with consensus previously at $42.0m.

• H2 unit economics expected to moderate as low-cost memory inventory is depleted.

• Focus in H2 will be on gaining market share and strengthening customer relationships.

Inventory and supply chain

• Confident in securing necessary inventory for FY 2026 production goals despite ongoing macroeconomic and memory market challenges.

• Will continue leveraging existing and new memory vendor relationships and may utilize debt facilities for strategic inventory purchases.