Raspberry Pi Holdings plc (LSE:RPI) has raised its outlook for the 2026 financial year after delivering a strong first-half trading performance driven by robust demand across its computing platform portfolio. The company said it expects to ship more than 4 million units during the first six months of the year, reflecting continued momentum across its core markets.
The Cambridge-based technology group also expects adjusted EBITDA for the first half to reach at least US$38 million, representing a substantial improvement on the corresponding period in FY 2025.
Product mix and inventory benefits support profitability
Management attributed the stronger-than-expected performance to a favourable product mix and the benefit of lower-cost DRAM inventory acquired before memory market conditions tightened.
As a result, Raspberry Pi now expects full-year 2026 EBITDA to come in significantly ahead of current market forecasts. While the company anticipates some moderation in margins as memory prices increase, it believes overall profitability will remain stronger than previously expected.
The updated guidance reflects confidence in both demand trends and the company’s ability to manage supply chain dynamics effectively.
Strategic inventory purchases planned
To support future growth and mitigate the impact of rising memory costs, Raspberry Pi intends to utilise its available debt facilities to secure strategic memory purchases. Management believes this approach will help protect product availability, support competitive pricing and create opportunities to expand market share.
The company sees proactive inventory management as an important advantage in a market where memory pricing can have a significant impact on manufacturing costs and margins.
Broad customer base continues to drive growth
Raspberry Pi serves a diverse customer base that includes industrial and embedded system developers, educators, hobbyists and semiconductor partners. Its combination of affordability, reliability and performance has enabled the company to establish a strong presence across multiple computing segments.
To date, the business has shipped more than 73 million units globally, demonstrating the broad appeal of its platforms across both professional and enthusiast markets.
Strong fundamentals offset by premium valuation
The company’s outlook continues to be supported by strong revenue growth, a healthy balance sheet and relatively low leverage. Technical indicators also remain favourable, reflecting sustained positive momentum in the share price.
However, investors may remain mindful of cash flow volatility and the company’s demanding valuation. Raspberry Pi trades on a relatively high earnings multiple, which could limit upside if future growth falls short of expectations. Despite these considerations, the company’s operational performance and upgraded guidance continue to underpin a positive fundamental outlook.
More about Raspberry Pi Holdings plc
Raspberry Pi Holdings plc is a Cambridge-based technology company that develops low-cost, high-performance computing platforms for engineers, developers, educators and enthusiasts. Operating as a full-stack engineering organisation, the company combines expertise in semiconductor intellectual property, hardware design, software development and regulatory compliance. Its products serve industrial and embedded applications, education markets and semiconductor customers worldwide, with cumulative unit shipments exceeding 73 million.
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