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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Raspberry Pi interim results2026Results for the six months ended 30 June 2026
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June To put high-performance, low-cost, general-purpose computing platforms in the hands of engineers worldwide. Our missionComputing for everybody 2 HQCambridgeManufacturingUK 80+Product availability in over 80 countries77m+SBC and compute module units sold since 2012 153Employees3.3m+Reddit members on r/raspberry_pi Dr Eben Upton CBE FREngChief Executive Officer, Founder Richard BoultChief Financial Officer Arm andSonySupportive strategic shareholders IndustrialEnthusiast and education75% 25% Estimated end marketsUnits by destination EuropeN. AmericaAsiaROW (FY24: Industrial 70%, E&E 30%)(FY24: Europe 39%, N. America 29%, Asia 29%, ROW 3%) FY25 33% 32% 31% 4%
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Computing for everybody 3 Strong profit delivery, powered by accelerating demand Record H1 performanceSupply-chain resilienceProduct innovation Growing OEM opportunityBuilding for growthConfident outlook Strong demand, disciplined execution, and favourable unit economics delivered record profitability of $40.3m adjusted EBITDA. Strategic inventory holdings and a diversified supplier base underpinned product availabilitydespite constrained memory markets. Continued hardware, software, and silicon innovation is expanding Raspberry Pi’s addressable market and delivering value to customers as they deploy AI at the edge. Raspberry Pi is increasingly recognisedas a production-scale technology partner, with particularly strong traction in the Smart Home and Aerospace and Defence markets. Investments in people, structures, and capabilities strengthen the organisation while preserving its engineering-led culture. Significant backlog, strong demand, and capacity expansion support higher H2 volumes, with FY26 adjusted EBITDA expected to exceed market consensus.
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Financial review: H1 2026
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Financial review: H1 2026 5 Strong growth in unit volumes and high H1 gross profit per boardUnit volumes Price elasticity $60$60$55$60$110 Half-year KPIsBoard unit volume4.2m(H1 2025: 3.6m)GP per unit$12.2(H1 2025: $8.0) Units (m) CM4 4GB RRP Gross margin23.0%(H1 2025: 25.0%)Adj. EBITDA$40.3m(H1 2025: $19.4m) Unit backlog2.6m(H1 2025: 0.6m)Gross profit$59.4m(H1 2025: $33.2m)Net cash$18.4m(H1 2025: $34.3m)Adj. basic EPS¢13.9(H1 2025: ¢4.8) 3.73.33.64.04.2 0 1 2 3 4 5 H1 24H2 24H1 25H2 25H1 26 Net cash$18.4m(H1 2025: $34.3m) Adj. EBITDA$40.3m(H1 2025: $19.4m)
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Financial review: H1 2026 26% growth in direct units 6 §Raspberry Pi goesto market directly to customers via 114 ApprovedResellers and through a long-standing license agreement with Premier Farnell. §In H1 2026, total units shipped increased by 17%,with direct units increasing by 26%compared to H1 2025and unit sales through our licensee declining by 11%. §Direct unit sales of compute modules grew 57% in H1 2026, a continuation of the H2 vs. H1 growth seen in 2025, with further good growth in Compute Module 4 as well as Compute Module 5, which launched in 2024. §Direct sales of Raspberry Pi 4 and 5 increased by 69% and 47% respectively,with continued growth in demand for the 8GB variants despite significant price rises forced by memory cost increases. §The order book remains strong; there are currently 2.6m units on back order (31 December 2025: 1.3m). Initiativesare in place to increase production in Q4. Units (m) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 H1 24H2 24H1 25H2 25H1 26 Direct unitsLicensee units 26% increase
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Financial review: H1 2026 Strong growth in revenue and gross profit per unit 7 Gross profit per unit ($) Revenue ($m)Gross profit per unit ($) §ASP*increased by 42%,from $46.4 in H1 2025 to $65.9 inH1 2026, due to increases in the selling priceto cover increases in the cost of memory components.§Revenue in H1 2026 was $256.9m (H1 2025: $135.5m), a 90% increase duetothe rise in unit sales and the increase in direct unit sale prices.§Component sales in respect of production of SBCs for licensees increased by 164% due to the higher price of memory components. §Gross profit increased by 79% due to higher unit sales and GPper board.§SBC and compute module GP per board increased by 53%,from $8.0 in H1 2025 to $12.2 inH1 2026,reflecting a combination of the increase in market priceand the benefit of inventory held at 1 January 2026, which had been acquired at lower costs in the previousyear.§The beneficial effect of the lower-cost inventory has been largely consumed,and the current cost of inventory now approximates to market prices.§The GPof accessories increased by 90%to $7.8m or $1.9 per unit, ahead of ourtarget.§Gross margin rate declined to 23% (H1 2025: 25%) due to the increase in the selling prices of boards rising by more than the respective GP. *Average selling price (ASP) is calculated by dividing recommended retail price (RRP) by total units sold.
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Financial review: H1 2026 8 $0.0$5.0$10.0$15.0$20.0$25.0$30.0$35.0$40.0$45.0$50.0 H1 2025 adjusted EBITDAUnit growthGP per boardAccessories and other GPAdjusted R&D investmentAdjusted administrative costsH1 2026 adjusted EBITDA 19.44.8 17.93.5(0.7)(4.6)40.3 IncreaseDecreaseAdj. EBITDA Adjusted EBITDA bridgeAdjusted EBITDA ($m)$19.4m $40.3m
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Income Statement Income statement to 30 June 2026Key itemsGross profit§Gross profit increased by 79% due to higher unit sales and the improved profit per board resulting from the increase in selling prices. Research and development§Totalresearch and development expenses rose by 42% to $16.6 million (H1 2025: $11.7 million), driven by engineering team expansion and new product development, plus higher share-based payment charges and associated National Insurance.§Adjusted research and development expenses increased slightly to $5.3 million for the half, from $4.6 million in H1 2025. This represents the cost of research and non-capitalised development costs.Administrative expenses§Adjustedadministrative costs increased year on year, with increases in staff costs primarily due to salary inflation and the expansion of central management costs.§Total administrative expenses increased by 70.4% to $23.0 million (H1 2025: $13.5 million) due to higher charges for share-based payments, in particular, the National Insurance charge for this benefit together with performance-based pay increases.Adjusted EBITDA§Adjusted EBITDA increased by 108% and adjusted operating profit by 167%. Depreciation and amortisation§Amortisation of intangibles charged to the income statement reduced by 17%, mainly due to the longer economic lives of microcontrollers and the RP1 semiconductor.§Total depreciation and amortisation reduced by 18%.Tax§Effective tax rate of 13% (H1 2025: 13%), well below the 25% UK corporation tax rate.§Two permanent differences reduce the rate: patent-related income relief (~4ppt impact) and the tax deduction on share-based payments being based on employees' taxable amounts, not the P&L charge (~8ppt impact). Financial review: H1 2026 Income statement$ million H1 2026H1 2025% changeRevenue 256.9135.590%Gross profit59.433.279%Gross margin %23%25%-2pptAdjusted R&D costs(5.3)(4.6)(15)%Adjusted administration costs(13.8)(9.2)(50)%Adjusted EBITDA40.319.4108%Depreciation and amortisation(5.1)(6.2)18%Adjusted operating profit35.213.2167% H1 2026H1 2025% changeSingle-board computers and compute modulesASP ($) 65.946.442%Gross profit per unit ($)12.28.053%Gross profit from boards ($ million)51.128.480%Accessory gross profit per board ($)1.91.173% Earning per share (cents)H1 2026H1 2025Basic EPS 8.82.8Adjusted basic EPS13.94.8Adjusted diluted EPS13.54.6 9
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Financial review: H1 2026 $79.9m(H1 2025:$35.8m, FY 2025:$59.5m) $89.3m(H1 2025: $78.1m, FY 2025: $83.2m) $262.7m(H1 2025:$159.3m, FY 2025:$145.3m) $163.0m(H1 2025:$79.9m, FY 2025:$60.6m) $18.4m(H1 2025:$34.3m, FY 2025:$28.1m) Receivables Intangibles Inventory Payables Net cash Intangibles§Increased due to ongoing development of new boards and semiconductor products. Inventory§Increased overall by $117.4millionin the half,to $262.7million.§Finished goods up slightly to $42.7millionas demand remained strong.§Component inventory has increased by $105.9million since December 2025, mainly due to higher LPDDR4 volumes and cost per unit.§Continue to hold significant stocks of LPDDR2 memory for Raspberry Pi 1, 2 and 3,and Raspberry Pi Zero. Receivables§Trade receivables have increased due to a higher level of business activity compared to June2025,and to the annual slowdown seen at the end of the calendar year. Payables§Up from December 2025, driven by recent high memory purchases.§Expected to reduce over the rest of the year as memory purchasing slows and extended-term payables are settled. Cash§Cash at 30June 2026 was $28.4million, while $10.0millionof the RCF had been drawn. Net cashwas therefore $18.4million.§In July, the existing committed bank facility was increased to $140.0millionfrom $80.0million. Working capital$179.6m(H1 2025:$155.2m,FY 2025:$172.8m) Balance sheet highlights 10
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Financial review: H1 2026 Cash flow summary 11 OpeningnetcashAdj.EBITDAInventoryPayablesReceivablesCapexTaxpaidOthersClosingnetcash$0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $28.1m (1 Jan) (30 Jun) $18.4m (20.4) (11.7) (3.2) IncreaseDecreaseTotal $ million (117.2) 0.6 40.3 101.9
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Financial review: H1 2026 Strategic memory purchasesCurrent strategic actions At IPONowOpportunity SectorIndustrialSmart homeAerospace ProductCompute Module 4Compute Module 5Compute Module 5 Unit volume 10k25k150k Memory density4GB8GB8GB Memory cost$100k $1.5m $18m Successful long-term track record of managing memory purchasing, price, and inventory build. Strategic memory purchases Technical innovation Strategic purchases Pricing Diversify suppliers Seven suppliers today, versus two over a year ago Successful dual-RAM-chip solution provides density flexibility Clearly communicated price rises on selected products, mapping memory input costs Continuing to discuss future memory requirements with a range of suppliers 12 Currently have sufficient inventory of core 4GB and 8GB memory into Q1 2027. Working capital: illustrative direct customer example
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Strategy update
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June 14 Strategy to expand the number and value of industrial customers and partnerships Grow unit sales Grow unit profit margin Grow profit margin participationDriving profitable growth OpportunityGrow new and established customers via our direct sales effort and our mature and expanding reseller network Engage in and win design-ins with disrupters and larger industrial companies Work towards strategic partnerships that leverageour know-how and accelerateour market reach Three-layer growth strategyStrategy update
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Strategy update Fivenew product and platform releases in H1 2026 (H1 2025: 7)Continued product momentum Raspberry Pi AI HAT+ 23GB variant of Raspberry Pi 4Raspberry Pi Compute Module 5 Programming Jig 15January22 January 28 January20 March1 April19 August (post-period end) Raspberry Pi Flash DriveRaspberry Pi Smart Display Module announced 15 End of H1614k users690k devices3.4k organisationsFrequent improvements to our IoT cloud software service providing secure, easy-to-use remote access andover-the-air updates for Raspberry Pi boards and modules Additional capabilities in Raspberry Pi Connect Brings generative AI capability to the Raspberry Pi platform A new density option,allowing customers to right-size their memory and reduce cost Supporting OEM customers at scale with production-line technology
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Strategy update A proven platform driving innovation in trillion-dollar markets 16 Form 4, a 3D printer based on Raspberry Pi Compute Module 4, featured prominently in Apple’s design lab during the September 2026 Apple Event.Formlabschose Raspberry Pi because it is market-proven at scale,stating that “multi-million-per-year sales of Raspberry Pi products speak to their versatility, quality, and reliability.”
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Strategy update Investing for the next phase of growth 17 Strengthening the executive team§Welcomed Tim Mamtorato the newly created role of Chief Operating Officer.Tim was formerly CTO at Imagination Technologies.§Consolidating responsibilityfor engineering operations, legal, IT, cybersecurity, facilities, warehousing, and general admin.§Tim Powell, ex Alpha Group (a high-growth FTSE 250 company) to join as CFO in October.§Adding further key personnel in engineering, operations, finance, and enterprise sales. Key new hiresOperational excellenceLooking aheadH1 2026 Go-to-market strategyExpanding reseller network and enterprise sales§Recruiting key talent in customer-facing roles, with a focus on Central and Northern Europe, the US, and East Asia.§Strengthening account management team to support increasing number of Approved Resellers.§Dedicating resources to focus on key opportunities in new market segments,both in the UK and beyond.§Adding to our Applications Engineering team to support ongoing Board-to-Board engagement. Optimisingmanufacturing and supply chain§Achieving increased capacity utilisationandfurther gains in cost and efficiency.§Reducing line downtime and changeover timeswhile improving responsiveness to demand.§End-to-end inventory modelling to optimisesupply chain efficiency and resilience.§Furtherinvestment in SMT lines and matched testing capacity to further increase production volumes.§Capacity >1m units a monthfrom H2 2026.
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Strategy update Platform heritageAccelerants since IPO Proprietary technologyEnd-to-end engineering Cost efficiency EcosystemSecurity Long-term support Growing industrial and embedded brand recognition Sovereign capability Changes to US tariff environment Addressing the R&D air pocket at target OEMs Continuity of supply and customer “flight to quality” Competitive environmentCompetitor challenges 18 Competitors are struggling to source DRAM and other components, leading to long lead timesand uncertain pricing.Raspberry Pi is now working with seven memorysuppliersas of the end of June 2026, compared to two suppliers 18 months ago.
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Strategy update 19 Demand: edge AI Widespread applications today Training Large-scale inferenceData processing Personalisationand learning Language and text Security and privacy Vision and video Robotics and autonomous systems Accelerated growth:§30×RPi platform improvement§100×computational software efficiency Collecting data, sending it to the cloud for processing, acting on the result Capital and operational expenditure Gradual migration over time Video and audio inference Collecting and processing data locally using a local model; acting on the result and sending small updates to the cloudNear-zero operational expenditurePrivacy, latency, reliability Edge AIoT Deploymentover time Illustration: building an industrial dashboard on top of an embedded Raspberry Pi What is changing today? AI inference. Weeks to design andbuildA team of engineers manually designs, codes, and integrates the dashboard. TRADITIONAL APPROACH Implemented and optimisedby AI models trained on Raspberry Pi’s comprehensive documentation, and on 14 years of data from Reddit, Stack Overflow, and the Raspberry Pi forums.TIME TO FIRST DELIVERY: <60 MINUTES Same dashboard, dramatically fasterOne less technically sophisticated engineer uses AI tools to design, build, and deploy. AI-POWERED APPROACH 19 TIME TO FIRST DELIVERY: >1 MONTH Cloud-centric AIoT
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Strategy update Edge AI engagement accelerating across broad end markets 20 EV infrastructure Aerospace and defence Thin clients Industrial automation Audio Gaming Medical andhealthcare IoT gateways RFID Retail & POS Smart home Edge AI AgriTech Automotive Digital signage Standout sectors in H1 FY26
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Strategy update Demand: smart environments 21 Customer success: HomeyRising demand from new and existing OEMs serving the smart home markethas been a major contributor to volume growth over the last twelvemonths.Increasing system complexity and the cost of in-house design teams have established outsourcing of embedded compute as a strategic imperative,with DRAM pricing and availability issues being merely the latest accelerants.Through our Board-to-Board initiative,we are engaged with leading OEMs across a range of smart-home projects, with a TAM of millions of units. Smart home OEM product goalsSmaller form factors Lower price points Intelligence Connectivity Security SolutionRaspberry Pi Compute Module 4 (8GB and 16GB)Installed baseOver 100k Homey Pro smart home hubHomey Pro is an advanced hub that makes smart home systems smarter, more customisable, and easier to control.Powered by Raspberry Pi Compute Module 4, Homey Pro gives users a single interface to control and monitor all their smart home devices from different brands.It does everything on the local network, not in the cloud, for the lowest latency, highest reliability, and strictest privacy. At the point in time when we were designing, the Compute Module was a perfect candidate for what we wanted to do because the time to market is faster. We didn’t have to reinvent the wheel to build a small Linux computer.Emile Nijssen, Founder and Creative Director
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June If you're operating at the front, you can't assume you've got access to the cloud... we need to be able to operate in scenarios where comms is not accessible... that brings us to what we would call edge AI. That is AI models and tech that's running on the edge devices without needing access to the internet.BAE Systems, September 2025 Strategy update Demand: defencetech megatrendsAccelerated demand for secure, high-performance hardware delivering on-device intelligence Illustrative current deploymentsRaspberry Pi hardware is seeing increased use in the defencesector, bringing embedded intelligence to critical fixed infrastructure and mobile platforms. Our reliable, low-cost modules support edge computing, signal processing, and field-deployed surveillance.We supply European OEMs and are currently in active discussions about future product designs with primes, challengers, and national militaries. Defence megatrends Autonomous and unmannedUAVs, UGVs, and USVs: Raspberry Pi is already on the frontlines of computing for advanced autonomy Edge AI / ISROn-device intelligence for real-time navigation, target recognition, and decision-making in a contested RF environment SWaP constraintsSize, weight, and power are critical for dismounted, airborne, and maritime devices; sub-5W compute platforms are an essential enabler Comms resilienceGPS/comms demand local processing —no cloud dependency, no single point of failure Rapid procurementFast, scalable deployment —weeks, not years Growing market share UK MoD's 20:40:40 force structure comprises 20% major crewed platforms, 40% attritable, uncrewed systems, and 40% consumable, low-cost systemsNATO members pledge 5% GDP target by 2035 •Global defencemarket $2.8tn in 2026, rising to $4.3tn by 2035 22
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Strategy update Edge sensorsUnmanned systemsInformation displays§Raspberry Pi computers can efficiently drive a variety of display types.§Information is secured using signed and encrypted images.§With many field-standard applications already running on Raspberry Pi,the range of use cases continues to grow. §Field-deployed sensors provide critical information.§Increasingly complex computation needed; however, field-deployed sensors cannot rely on a cloud connection.§Raspberry Pi provides computing solutions with awide range of camera options, AI accelerators, and high-performance CPUs, all within a low power envelope. §Raspberry Pi computers are used to innovate at scale,supplying powerful compute and supporting the frontline withreadily available, off-the-shelf computing and vision systems.§An increasing number of new engagements in the defencesupply chain.§Global military drone market c. $18bn in 2026 and forecast to double by 2035,with expected budget shift to smaller and fully autonomous form factors. Annual unit volume market opportunityTens of thousandsHundreds of thousandsMillions Defencetech: applications and market sizing 23
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Strategy update 24 2.23.54.53.44.0 H1 2024H2 2024H1 2025H2 2025H1 2026Units sold (m) Growing our silicon footprint §Semiconductor unit shipments were lower in the half compared to H1 2025, which saw several unusually large orders in Q2.§H1 2026 was followed by a record month for RP2350 shipments in August, with strong demand from China.§On track to launch new silicon products in FY27. We design silicon for our own boards and modules Bringing technical efficiency and cost structure benefitsthat deepen the competitive moat around our single-board computers and modules. OEMs integrate our silicon into third-party devices Targeting >1% share of a $40bn microcontroller market, based on current success and lessons learned from 14 years of price/performance leadership in boards and modules. RP1, a custom-designed I/O controller developed for Raspberry Pi 5, represents a step change in ourshare ofthe silicon bill of materials for Raspberry Pi boards and modules.Silicon roadmap for future boards and modules will build on RP1§Improved unit economics§Long-term availability and security of supply§Higher performance, richer feature set§Deeper competitive moat and protection from cloning Engagement with large Tier 1 and Tier 2 OEMs continues to deepen,particularly around our newer RP235xproduct family. These conversations reinforce our confidence in product-market fit, and in the long-term growth opportunity.
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Outlook
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June §Unit volumes expected to be higher in H2 than in H1, supported by backlog, continued strong demand,and capacity expansion.§Exceptional unit economics seen in H1 have moderated.§FY26 adjusted EBITDA expected to be ahead of consensus expectations.§Sufficient DRAM to meet H2 production goals. Continuing to make strategic purchases for Q1 FY27.§Market dynamics and expanding customer engagement are contributing to long-term confidence. Outlook Outlook Unit and profit growth accelerating post-IPO 26 June 2024 IPOJune 2024 IPO Direct distribution channel sales (million units)Licensee channel sales (million units) Gross profit ($m) * *Based on management’s estimates of analyst consensus forecasts.
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Appendix
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Single-board computers SiliconAccessoriesSoftware Our single-board computers(SBCs) deliver industry-standard performance in a variety of form factors, with a full range of connectivity, making them easy to integrate into any solution.Raspberry Pi Compute Modulesare modular, hardware-equivalent versions of our flagship SBCs, offering the samepowerful compute capabilitiesin a smaller, easy-to-embed form factor. We design our own semiconductors, which are fabricated at TSMC. Our RP2040and RP2350microcontrollers, along with our RP1I/O controller, are used in our SBC and compute module products. RP2040 and RP2350 are also sold separately to third parties.The Raspberry Pi Picofamily of ready-made development boards enables engineers to get hands-on with our RP-series microcontrollers right away. To complement our computer products, we also design a variety of branded accessories and peripherals, including cameras, keyboards, monitors and displays, cases, power supplies, and cables.Raspberry Pi HATsare add-on boards that introduce additional functionalities to Raspberry Pi computers, such as AI processing and environmental sensing. Raspberry Pi OSis our official operating system. Continually updated by our in-house software engineering team, it offers backwards compatibility for all our computers.Raspberry Pi Connectgives users simple, out-of-the-box access to their Raspberry Pi computers from anywhere in the world. Raspberry Pi Connect for Organisations,a paid tier designed for our industrial and embedded customers, provides effortless device sharing and remote access features for unlimited users. Appendix 28 The Raspberry Pi platform 4.2 million SBCs sold in H14.0 million semiconductors sold in H1Accessory gross profit up 90% in H13.4k organisationson paid tier at end of H1
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Raspberry Pi Holdings plcInterim results 2026 –1 January to 30 June Appendix 29 Competitive moats:Long-standing investment inhardware, software, collateral, and first-party engineering services, paired with community support from three million followers worldwide.End-to-end business model: True end-to-end engineering covering the entire value chain, from silicon IP and electronic design to on-device and cloud software, community management, and application engineering. Small resource footprint: Leaders inlow-power computers that are more efficient to manufacture and consume less energy to operate than legacy desktop and embedded PCs. Commercial ambition and social mission alignment: Democratisingtechnology for all through low-cost, high-performance computing. Sustainable facilities: We continue to invest in measures to run our buildings more sustainably, withsolargeneration reducing electricity consumptionby 20% in FY26. Strong ESG credentials Innovation placed at the forefront:Raspberry Pi has built a unique talent culture, identifying and cultivating the best engineering talent to design leading computing platforms.Developing our teams: Engineers represent over 50% of employees, and around 84% of staff hold shares or options. The business maintains high retention and prioritisesdeveloping talented graduates.Experienced directors: A clear vision to deliver growth, higher profits, strong cash flow, and returns for shareholders. Ambitious team and entrepreneurial mindset High barriers to entry Large and growing markets: A total addressable market across industrial, embedded, enthusiast, and educational computing, amounting to tens of millions of units and billions of dollars.World-class partners: Technology from shareholder and partner Arm helps underpin the product roadmap. Sony and TSMC, along with our highly experienced internal teams, ensure robust management of our supply chains. De-risking of long-term growth Regular product launches: Continuous development and launch of new hardware, software, and accessories with long-term availability and support. Broad customer base: With over 77 million units shipped since launch, a long-standing value-added licensee, and 100+ resellers, Raspberry Pi has grown across more than 80 countries and continues to deepen OEM engagement. A loyal OEM customer base:Over a decade of product releases and support hascontributed to a major following amongst professional design engineers, driving widespread adoption of products by OEMs. Investing in go-to-market:We find Raspberry Pi products being usedat nearly every OEM we meet. We are focused on growing these relationships and on meeting and educating senior decision makers and design engineers. Growing pipeline ofOEM design wins Extensive product range and established customer base01 02 04 05 06 03Company strengths