Shares in Raspberry Pi Holdings (RPI) surged on Friday after the low-cost computer maker raised its profit outlook following a stronger-than-expected first half, with investors sending the stock 25.5% higher to 1,034.00p. The rally leaves the shares up 246.28% since the start of the year.
The company said trading during the first six months of 2026 had been strong, with unit shipments expected to exceed 4 million, compared with 3.6 million in the same period a year earlier.
Adjusted EBITDA for the half year is forecast to be at least $38 million, almost double the $19.4 million reported a year earlier, driven by higher sales volumes, a favourable product mix and the use of low-density RAM inventory accumulated throughout 2025 before memory prices moved higher.
The stronger performance has prompted Raspberry Pi to raise expectations for the full year, with adjusted EBITDA now expected to come in significantly ahead of market forecasts.
As of 4 June, analyst consensus stood at $42.0 million for full-year adjusted EBITDA. The company generated $46.4 million in adjusted EBITDA during 2025, meaning first-half earnings alone have already put it on course to comfortably surpass current expectations.
Raspberry Pi said demand across its markets remained robust, helping lift shipments and profitability despite ongoing challenges surrounding memory pricing and availability across the wider electronics sector.
The company acknowledged that profitability is likely to moderate during the second half as lower-cost memory inventory is depleted and replacement purchases are made at prevailing market prices. Even so, management remains confident that it can secure the components required to meet its full-year production targets.
Raspberry Pi also said it expects to make appropriate use of its debt facilities during 2026, allowing it to take advantage of opportunities to acquire memory inventory when attractive pricing becomes available.
While macroeconomic uncertainty remains and conditions in memory markets continue to be challenging, the latest trading update suggests demand for Raspberry Pi’s products remains resilient, giving management confidence that full-year earnings will comfortably exceed current market expectations.