Raspberry PI Holdings (WI)

RPI · Main Market · Technology · mcap £1,287m · 612.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 24 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,186m
Owner’s net cash: £13.9m
Net cash / market cap: 1%
EV ex leases: £1,172m
Revenue: £331.7m
Operating profit: £29.8m
Free cash flow after leases: −£8.0m
EV / EBIT: 39.3×
FCF yield: -0.7%
Price / tangible book: 8.39×
ROCE: 13%
Net income (owners): £25.0m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 24 Sep 26 · read the results ↗

Source ↗

	Half year ended 30 June 2026 (unaudited)	Half year ended 30 June 2025 (unaudited)	Year ended 31 December 2025 (audited)
Revenue	256.9	135.5	323.2
Cost of sales	(197.5)	(102.3)	(245.4)
Gross profit	59.4	33.2	77.8
Other income	—	—	0.3
Research and development expenses	(16.6)	(11.7)	(22.5)
Administrative expenses	(23.0)	(13.5)	(27.6)
Operating profit	19.8	8.0	28.0
Finance income	0.5	0.4	1.0
Finance cost	(0.7)	(2.2)	(2.5)
Profit before taxation	19.6	6.2	26.5
Taxation charge	(2.5)	(0.8)	(4.8)
Profit after taxation	17.1	5.4	21.7
Earnings per share (cents)
Basic	8.84	2.79	11.22
Diluted	8.61	2.73	11.00

Source ↗


Registration number	15557387	–	–
Assets
Intangible assets	89.3	78.1	83.2
Property, plant and equipment	3.6	3.7	3.9
Right-of-use assets	8.1	5.3	8.6
Other non-current assets	3.6	1.9	1.4
Total non-current assets	104.6	89.0	97.1
Inventories	262.7	159.3	145.3
Trade and other receivables	79.9	35.8	59.5
Current tax receivables	1.5	7.3	1.4
Cash and cash equivalents	28.4	34.3	28.1
Other financial assets	—	0.3	0.2
Total current assets	372.5	237.0	234.5
Total assets	477.1	326.0	331.6
Liabilities
Trade and other payables	(163.0)	(79.9)	(60.6)
Provisions	(8.5)	(0.4)	(0.3)
Lease liabilities	(0.8)	(1.5)	(0.8)
Total current liabilities	(172.3)	(81.8)	(61.7)
Provisions	(1.4)	(3.3)	(0.9)
Borrowings	(10.0)	—	—
Other non-current liabilities	(7.9)	(6.9)	(6.9)
Lease liabilities	(8.0)	(4.5)	(8.1)
Deferred tax liabilities	(0.8)	(10.7)	(13.2)
Total non-current liabilities	(28.1)	(25.4)	(29.1)
Total liabilities	(200.4)	(107.2)	(90.8)
Net assets	276.7	218.8	240.8
Shareholders’ equity
Share capital	0.8	0.8	0.8
Share premium	34.0	32.4	34.0
Merger reserve	(221.9)	(221.9)	(221.9)
Share-based payments	16.5	6.5	10.6
Retained earnings	447.3	401.0	417.3
Total shareholders’ equity	276.7	218.8	240.8

Source ↗

	Half year ended 30 June 2026 (unaudited)	Half year ended 30 June 2025 (unaudited)	Year ended 31 December 2025 (audited)
Cash flows from operating activities
Operating profit	19.8	8.0	28.0
Adjustments for
Amortisation and depreciation	5.1	6.2	10.5
Gain on lease assignment	—	—	(0.3)
Prepaid manufacturing charges	0.4	0.4	0.7
Employee share schemes	15.4	5.2	7.9
Research and development tax credit	(0.4)	(0.3)	(0.5)
Fair value gain on derivatives	—	—	(0.2)
Increase/(decrease) in provisions, excluding share scheme provisions	0.1	(0.3)	(0.2)
(Increase)/decrease in trade and other receivables	(20.4)	0.4	(21.9)
(Increase)/decrease in inventories	(117.2)	(3.2)	11.2
Increase/(decrease) in trade and other payables	101.9	(18.1)	(34.9)
Decrease/(increase) in other financial assets	0.2	(0.3)	—
Cash flows from operating activities	4.9	(2.0)	0.3
Interest received	0.5	0.4	0.6
Tax credit received	—	3.8	9.4
Tax paid	(3.2)	(3.1)	(4.1)
Net cash generated from/(used in) operating activities	2.2	(0.9)	6.2
Cash flows from investing activities
Investment in other assets	(1.2)	—	—
Purchase of intangible assets	(9.3)	(9.0)	(16.5)
Purchase of property, plant and equipment	(1.2)	(0.5)	(1.8)
Lease incentive received	—	—	0.3
Capitalised initial direct costs on leases	—	—	(0.2)
Net cash used in investing activities	(11.7)	(9.5)	(18.2)
Cash flows from financing activities
Proceeds from facility borrowings	10.0	—	—
Proceeds from share-based awards exercises	—	—	0.2
Repayment of principal on lease liabilities	(0.1)	(0.8)	(1.1)
Payment of interest on lease liabilities	(0.3)	(0.2)	(0.4)
Cash paid for lease assignment	—	—	(0.5)
Settlement of IP licence payable	—	—	(3.0)
Interest and other financing charges	(0.4)	(0.6)	(1.0)
Net cash generated from/(used in) financing activities	9.2	(1.6)	(5.8)
Net decrease in cash and cash equivalents	(0.3)	(12.0)	(17.8)
Cash and cash equivalents at beginning of period	28.1	45.8	45.8
Effect of exchange rates on cash and cash equivalents	0.6	0.5	0.1
Cash and cash equivalents	28.4	34.3	28.1

Source ↗

	2025	2024
Revenue	323.2	259.5
Cost of sales	(245.4)	(196.3)
Gross profit	77.8	63.2
Other income	0.3	-
Research and development expenses	(22.5)	(17.9)
Administrative expenses	(27.6)	(27.7)
Operating profit	28.0	17.6
Finance income	1.0	1.1
Finance cost	(2.5)	(2.4)
Profit before taxation	26.5	16.3
Taxation charge	(4.8)	(4.6)
Profit for the year	21.7	11.7
Operating profit	28.0	17.6
Amortisation and depreciation	10.5	10.7
EBITDA	38.5	28.3
Employee share schemes	7.9	6.0
Non-recurring costs	-	2.9
Adjusted EBITDA	46.4	37.2
Earnings per share (cents)
Basic	11.22	6.48
Diluted	11.00	6.20

Source ↗


Registration number	15557387	–
$ million Notes At 31 December 2025 At 31 December 2024
Assets
Intangible assets	83.2	73.2
Property, plant and equipment	3.9	4.5
Right-of-use assets	8.6	6.1
Other non-current assets	1.4	2.3
Total non-current assets	97.1	86.1
Inventories	145.3	156.7
Trade and other receivables	59.5	36.2
Current tax receivables	1.4	6.6
Cash and cash equivalents	28.1	45.8
Other financial assets	0.2	-
Total current assets	234.5	245.3
Total assets	331.6	331.4
Liabilities
Trade and other payables	(60.6)	(96.1)
Provisions	(0.3)	(0.7)
Lease liabilities	(0.8)	(1.4)
Total current liabilities	(61.7)	(98.2)
Provisions	(0.9)	(1.9)
Other non-current liabilities	(6.9)	(6.0)
Lease liabilities	(8.1)	(4.8)
Deferred tax liabilities	(13.2)	(10.1)
Total non-current liabilities	(29.1)	(22.8)
Total liabilities	(90.8)	(121.0)
Net assets	240.8	210.4
Shareholders' equity
Share capital	0.8	0.8
Share premium	34.0	32.4
Merger reserve	(221.9)	(221.9)
Share-based payments	10.6	2.7
Retained earnings	417.3	396.4
Total shareholders' equity	240.8	210.4

Source ↗

	2025	2024
Cash flows from operating activities
Operating profit	28.0	17.6
Adjustments for
Amortisation and depreciation	10.5	10.7
Gain on lease assignment	(0.3)	-
Prepaid manufacturing charges	0.7	0.7
Employee share schemes	7.9	6.0
Research and development tax credit	(0.5)	(0.8)
Fair value gain on derivatives	(0.2)	-
(Decrease)/increase in provisions	(0.2)	0.3
(Increase)/decrease in trade and other receivables	(21.9)	3.5
Decrease/(increase) in inventories	11.2	(51.1)
(Decrease)/increase in trade and other payables	(34.9)	13.0
Cash flows from operating activities	0.3	(0.1)
Interest received	0.6	1.1
Tax credit received	9.4	-
Tax paid	(4.1)	(4.2)
Net cash flows generated from/(used in) operating activities	6.2	(3.2)
Cash flows from investing activities
Purchase of intangible assets	(16.5)	(20.9)
Purchase of property, plant and equipment	(1.8)	(2.2)
Lease incentive received	0.3	-
Capitalised initial direct costs on leases	(0.2)	-
Net cash used in investing activities	(18.2)	(23.1)
Cash flows from financing activities
Cash proceeds from IPO share issues	-	40.0
Share issuance costs of IPO shares	-	(7.6)
Cash proceeds from share issues (from pre-IPO)	-	0.8
Proceeds from share-based awards exercises	0.2	-
Repayment of principal on lease liabilities	(1.1)	(2.2)
Payment of interest on lease liabilities	(0.4)	(0.4)
Cash paid for lease assignment	(0.5)	-
Settlement of IP licence payable	(3.0)	-
Interest and other financing charges	(1.0)	(0.8)
Net cash (used in)/generated from financing activities	(5.8)	29.8
Net (decrease)/increase in cash and cash equivalents	(17.8)	3.5
Cash and cash equivalents at beginning of period	45.8	42.2
Effect of exchange rates on cash and cash equivalents	0.1	0.1
Cash and cash equivalents	28.1	45.8

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	331.7	245.3	203.1
Gross profit	77.6	59.0	49.5
Adjusted EBITDA	50.2	35.2	29.1
EBITDA	–	29.2	22.1
Operating profit	29.8	21.3	13.8
Depreciation (owned assets)	1.8	1.8	–
Depreciation (right-of-use)	1.0	1.2	–
Share-based payments	8.7	6.6^r	4.7
Operating profit to net income
Finance costs	(0.7)	(1.9)	(1.9)
Profit before tax	29.9	20.1	12.8
Tax	(4.9)	(3.6)	(3.6)
Net income (owners)	25.0	16.5	9.2
Per share
EPS basic	13.0p	8.3p	5.2p
EPS diluted	12.7p	8.2p	4.9p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	191.0	+83%	140.7	104.6
Gross profit	44.2	+72%	33.4	25.6
Adjusted EBITDA	30.0	+100%	20.2	15.0
Operating profit	14.7	+138%	15.1	6.2
Depreciation (owned assets)	1.0	−4%	0.8	1.0
Depreciation (right-of-use)	0.4	−28%	0.6	0.6
Share-based payments	5.1	+72%	3.7	2.9
Operating profit to net income
Finance costs	(0.5)	−69%	(0.2)	(1.7)
Profit before tax	14.6	+205%	15.3	4.8
Tax	(1.9)	+201%	(3.0)	(0.6)
Net income (owners)	12.7	+205%	12.3	4.2
Per share
EPS basic	6.7p	–	6.3p	2.0p
EPS diluted	6.5p	–	6.2p	2.0p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	7.0	4.7	(2.5)
Tax paid	(3.1)	(3.1)	(3.3)
Investing activities
Capex (PP&E)	(1.9)	(1.4)	(1.7)
Capex (intangibles)	(12.5)	(12.5)	(16.4)
Financing activities
Lease principal paid	(0.3)	(0.8)	(1.7)
Lease interest paid	(0.4)	(0.3)	(0.3)
Shares issued	–	0.2	–

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	1.6	n/m	5.4	(0.7)
Tax paid	(2.4)	−1%	(0.7)	(2.4)
Investing activities
Capex (PP&E)	(0.9)	+131%	(1.0)	(0.4)
Capex (intangibles)	(6.9)	0%	(5.6)	(6.9)
Financing activities
Lease principal paid	(0.1)	−88%	(0.2)	(0.6)
Lease interest paid	(0.2)	+45%	(0.1)	(0.2)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	67.4	61.8	58.3
Property, plant & equipment	2.7	2.9	3.6
Non-current assets	78.9	72.1	68.6
Current assets
Inventories	198.2	107.9	124.9
Trade receivables	60.3	44.2	28.8
Cash	21.4	20.9	36.5
Current assets	281.0	174.1	195.5
Total assets	360.0	246.2	264.1
Current liabilities
Trade payables	123.0	45.0	76.6
Lease liabilities, current	0.6	0.6	1.1
Current liabilities	130.0	45.8	78.3
Non-current liabilities
Borrowings, non-current	7.5	–	–
Lease liabilities, non-current	6.0	6.0	3.8
Non-current liabilities	21.2	21.6	18.2
Total liabilities	151.2	67.4	96.4
Equity
Total equity	208.8	178.8	167.7
Net cash and other figures
Net cash / (debt) ex leases	13.9	20.9	36.5
Undrawn facilities	–	59.4	31.9

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	67.4	61.8	56.9	58.3
Property, plant & equipment	2.7	2.9	2.7	3.6
Non-current assets	78.9	72.1	64.9	68.6
Current assets
Inventories	198.2	107.9	116.1	124.9
Trade receivables	60.3	44.2	26.1	28.8
Cash	21.4	20.9	25.0	36.5
Current assets	281.0	174.1	172.7	195.5
Total assets	360.0	246.2	237.6	264.1
Current liabilities
Trade payables	123.0	45.0	58.2	76.6
Lease liabilities, current	0.6	0.6	1.1	1.1
Current liabilities	130.0	45.8	59.6	78.3
Non-current liabilities
Borrowings, non-current	7.5	–	–	–
Lease liabilities, non-current	6.0	6.0	3.3	3.8
Non-current liabilities	21.2	21.6	18.5	18.2
Total liabilities	151.2	67.4	78.1	96.4
Equity
Total equity	208.8	178.8	159.5	167.7
Net cash and other figures
Net cash / (debt) ex leases	13.9	20.9	25.0	36.5
Undrawn facilities	–	59.4	–	31.9

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