Raspberry Pi Holdings plc (RPBPF) Q4 2025 Earnings Call Transcript

Operator

Good afternoon, ladies and gentlemen, and welcome to the Raspberry Pi Holdings plc Final Results Investor Presentation. [Operator Instructions] Before we begin, we’d like to submit the following poll, and I’m sure the company will be most grateful for your participation.

I’d now like to hand over to the management team. Good afternoon.

Eben Upton
Founder, CEO & Director

Good afternoon. So welcome to our results presentation for 2025. Richard and I are going to walk you through some abbreviated highlights of the year, a summary of our financial performance. We’ll give an update on our progress against our strategy and conclude with some words on the outlook for the remainder of 2026.

So, in summary, 2025 was an absolutely standout year for us. Shipments of boards and modules increased by 9% to 7.8 million units, and that delivered a 25% increase in EBITDA. We saw demand for our products build steadily throughout 2025. The second half was noticeably stronger than the first half. And within that, the fourth quarter stronger than the third. We saw particular strength in our two largest markets, the United States and China. As we speculated in our half year results, this was indeed the crossover year for our semiconductors business. We saw a 47% year-on-year increase in chip sales to 8.4 million units, meaning that we sold more chips than boards for the first time.

Raspberry Pi is at heart a product company, and we love to launch products more than pretty much anything else. 2025 was a somewhat slower year for us in 2024 in terms of product launches, but still one of