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The Company\u2019s registered office is at 194 Cambridge Science Park, Milton Road, Cambridge, England CB4 0AB, and the company number is 15557387.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Raspberry Pi Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "Raspberry Pi Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "Raspberry Pi Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "194 Cambridge Science Park, Milton Road, Cambridge, England CB4 0AB", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "
2 Basis of presentation and accounting policies
Explained below are the key accounting policies of Raspberry Pi Holdings plc and all its
subsidiaries (the \u201cGroup\u201d).
2.1 Basis of preparation
The consolidated financial statements are prepared in accordance with UK-adopted
International Accounting Standards (\u201cIAS\u201d), with International Financial Reporting Standards
(\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and with the
requirements of the Companies Act 2006 (the \u201cAct\u201d).
The consolidated financial statements of Raspberry Pi Holdings plc comprise the results of
Raspberry Pi Holdings plc, Raspberry Pi Ltd, Raspberry Pi North America Inc, Raspberry Pi
Ireland Ltd and the Raspberry Pi Employee Benefit Trust (the \u201cGroup\u201d).
These consolidated financial statements have been prepared under the historical cost
convention unless otherwise stated. The Group\u2019s presentation currency is US Dollars,
rounded to the nearest point million. Since all material subsidiaries have US Dollars as
their functional currency, there is no foreign exchange upon consolidation and hence
no cumulative translation reserve.
The standalone entity, Raspberry Pi Holdings plc, prepares its individual financial
statements in accordance with FRS 101 \u201cReduced Disclosure Framework\u201d (\u201cFRS 101\u201d) and
with the requirements of the Companies Act 2006. This is the Company\u2019s first year applying
FRS 101, having previously prepared its financial statements under Financial Reporting
Standard 102 (\u201cFRS 102\u201d). The transition required no adjustments to previously reported
amounts. Comparatives are presented on an FRS 101 basis and certain line items have
been re-presented to reflect FRS 101 presentation requirements. The transition has had
no material impact on the financial statements, given the substantial alignment of FRS\u2006102
and FRS\u2006101 for a non\u2011trading parent.
2.2 Capital reorganisation
On 23 May 2024 Raspberry Pi Holdings plc acquired the entire shareholding of
Raspberry Pi Ltd for $288.1 million by way of a share-for-share exchange agreement.
This did not constitute a business combination under IFRS 3 \u201cBusiness Combinations\u201d
as both entities were under common control and Raspberry Pi Holdings plc as the listing
vehicle did not constitute a business as defined by IFRS 3.
No changes were made to the underlying book values of Raspberry Pi Ltd and the Group\u2019s
reserves were adjusted to reflect the statutory share capital of Raspberry Pi Holdings plc,
with difference recorded in a merger reserve.
2.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of Raspberry Pi
Holdings plc (the \u201cCompany\u201d) and its subsidiary undertakings. Subsidiaries are entities over
which the Group has control. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. All intra-group assets and liabilities, equity,
income, expenses and cash flows relating to transactions between members of the Group
are eliminated in full on consolidation.
2.4 Going concern
The consolidated financial statements have been prepared on a going concern basis,
assuming the Group can meet its liabilities as they fall due. This assessment is supported
by access to the Revolving Credit Facility (\u201cRCF\u201d), and strong relationships with key
customers and suppliers.
Profitability and financial position: The Group reported a profit of $21.7 million for
the year. Net current assets were $172.8 million, and net current financial assets
totalled $33.1 million.
Extension of Revolving Credit Facility: On 5 March 2025, the RCF was extended, increasing
available funds to $80.0 million (2024: $40.0 million) and extending the term to 4 March
2029 (2024: 24 April 2027). The facility remains undrawn.
Liquidity and cash flow forecasts: The Board\u2019s cash flow forecasts and projections confirm
the Group can operate within its cash and committed facilities for the period to 30 April 2027.
Available liquidity, including both cash and committed facilities, has been considered in
this assessment. The Directors have deemed this period to be appropriate for the going
concern assessment. No plausible events or conditions beyond the assessment period
that may cast significant doubt on the Group\u2019s ability to continue as a going concern have
been identified.
Sensitivity analysis and stress testing: Sensitivities applied to forecasts include a 50%
to 75% reduction in higher density (8GB to 16 GB) LPDDR4 SBC and Compute Module
products with no mitigations other than executive variable pay applied. Even under this
scenario, the Group expects to meet its funding needs for 2026 and 2027, confirming its
ability to continue operations.
Reverse stress testing: A reverse stress test modelled the sales decline required to exhaust
liquidity and breach banking covenants. This scenario was deemed highly unlikely.
Conclusion: Based on these considerations, the Board concludes the Group can operate
within its committed facilities and cash resources for the foreseeable future. Accordingly,
the Directors have adopted the going concern basis in preparing the consolidated
financial statements.
2.5 Critical accounting judgements and estimates
In preparing these consolidated financial statements, critical judgements in the application
of accounting policies can have a significant effect on the financial results. Any changes in
critical estimates and assumptions made could materially impact the amounts of assets,
liabilities, revenue and expenses reported next year as actual amounts and results could
differ from those estimates or those estimates could change in future.
2.5.1 Critical judgement: Capitalisation of internal and external development costs
We prioritise in-house development with a small, highly skilled engineering team, releasing
new core hardware every three to four years. During the year, our investment included the
finalisation of the Raspberry Pi 500+, the ongoing development of Raspberry Pi 6 and
related semiconductor products and further microcontroller variants.
The Group exercises significant judgement in determining whether internal and external
development costs for pipeline products meet the capitalisation criteria within IAS 38
\u201cIntangible Assets\u201d. Costs are capitalised only when they are directly attributable and reliably
measurable, and relate to future new products that are considered technically feasible and
commercially viable and supported by the necessary skilled resources and internal
commitment to completion. Forecasted profit margins must exceed capitalised costs.
Management makes judgements when these capitalisation criteria are met and continue
to be met for active pipeline development projects. The costs associated with the Group\u2019s
efforts to develop new products are made up of directly attributable internal employee costs
for those working on development, costs of external materials and services consumed in
development and amortisation of licences (software or designs) used directly in
development as per below.
2025 2025 2024 2024
$ million Capitalised
Total
%
Capitalised
Total
%
Internal costs
6.8
20.4
33%
8.1
17.6
46%
External costs
6.7
8.8
76%
12.5
14.6
86%
Directly
attributable R&D
\u2013 cash
13.5
29.2
46%
20.6
32.2
64%
Amortisation
6.8
8.2
83%
6.0
7.4
81%
Depreciation
0.3
1.3
23%
\u2014
\u2014
\u2014
Total directly
attributable R&D
20.6
38.7
53%
26.6
39.6
67%
Overall R&D investment has decreased, with total costs falling from $39.6 million in 2024 to
$38.7 million in 2025. Capitalisation of R&D costs in 2025 is 53% of total costs capitalised
(2024: 67%). The value of costs being capitalised exceeds amortisation by $12.4 million
(2024: $19.2 million).
All costs associated with the research phase of projects are expensed as incurred.
Any development costs relating to maintaining and fixing bugs in the software are also
expensed as incurred. Capitalised employee costs of engineers exclude any share-based
payments and termination payments as they are not considered directly attributable to the
development projects.
2.5.2 Critical judgement: Identification of cash-generating units (\"CGUs\") for impairment
testing of pipeline development costs
Identifying CGUs is a critical step in the impairment review and can have a significant
impact on its results. The objective of identifying CGUs is to identify the smallest identifiable
group of assets that generates largely independent cash inflows. CGUs are identified at the
lowest level to minimise the possibility that impairments of one asset or group will be
masked by a high\u2011performing asset.
The Group has two main CGUs: Pi 5 and semiconductors. The Group has assessed that
projects within each CGU reflect significant interdependencies, where designs and outputs
are shared and integrated, making individual cash flows inseparable without arbitrary
assumptions. The recoverability of intangible assets arising from pipeline development
activities is materially all part of the semiconductor CGU. The recoverable amount of the
semiconductor CGU is assessed based on the collective earnings of all products in the
CGU. The remaining products, including cameras and other accessories, do not share the
same level of interdependency and are assessed individually for impairment purposes.
2.5.3 Critical estimate: Useful economic lives (\"UEL\") of intangible assets
The Group determines the UEL of intangible assets at initial recognition and reviews them
at each reporting date. During the year, the useful life of on-market semiconductors was
revised from six to eight years based on updated assessments of expected future use
and economic benefits. As a result, the annual amortisation charge decreased by
$1.4 million. The historical cost remains unchanged and the remaining cost is now
spread over a longer period.
2.5.4 Critical estimate: Net realisable value of inventory
The valuation of inventory is a significant area of estimation uncertainty for the Group due
to the rapid pace of technological advancements and the risk of product obsolescence
inherent in the computer industry. Inventory is measured at the lower of cost and net
realisable value, which requires significant management judgement and estimation.
In determining net realisable value, the Group evaluates several factors, including market
demand and pricing trends, assessing the likelihood of future sales and the impact of
declining prices on older inventory. Technological obsolescence is also considered, with
management assessing whether inventory remains relevant in light of new product
launches and advancements. Additionally, expected selling costs, such as promotional
discounts or clearance pricing, are factored into the valuation.
The Group reviews inventory balances on a regular basis, taking into account recent sales trends,
the ageing of inventory, and the condition of items, including damaged, slow-moving or obsolete
stock. Future sales projections over a three-year period, based on management-prepared
financial budgets, are used to support these assessments. For the year ended 31 December
2025, the total inventory provision was $6.6 million (2024: $6.2 million). Given the inherent
uncertainties, changes in market conditions, technological developments, or consumer
preferences could materially impact the carrying value of inventory.
2.5 Critical accounting judgements and estimates continued
2.5.5 Critical estimate: Taxation
Accounting for taxation requires significant judgement in determining taxable profit, tax
bases, and the recognition of deferred tax assets and liabilities. Key estimates include
interpreting complex tax regulations, assessing potential challenges from tax authorities,
and evaluating the recognition of Research and Development Expenditure Credit (\u201cRDEC\u201d)
claims. Determining the appropriate RDEC claim involves significant judgement in identifying
qualifying R&D activities and expenditures. Uncertainties in these areas can lead to variations
between estimated and actual credits received. The Group maintains detailed records of
R&D activities and consults with external tax advisers to ensure compliance with legislation.
Additionally, changes in facts and circumstances between the preparation of these
accounts and the final tax submission, expected in approximately nine months, may impact
the final tax position. For the year ended 31 December 2025, the Group is eligible to claim
the benefit of the patent box regime on income generated from the sale of products that
incorporate technology for which the Group received a patent in 2025. Judgement is
required to determine the income and costs related to the eligible income. The risk of error
has been mitigated through the use of external experts with detailed knowledge of the
patent box regime. Any changes in tax laws or interpretations thereof could materially affect
future amounts recognised. Whilst there are a variety of possible outcomes management
believes that it is reasonably plausible that the actual tax claims submitted could vary to the
accounting estimate by approximately $1.5 million in any accounting period.
2.6 Critical accounting judgements and estimates (relating to the IPO)
In the prior year, which included the Group\u2019s IPO, several non-recurring accounting
judgements were required. For 2025, we have retained only those judgements that remain
relevant to understanding the 2024 comparative information.
2.6.1 Critical judgement: Determination of the grant date share price and option life for
IPO share awards
On 11 June 2024, employee share awards were approved and finalised prior to the
Company\u2019s Admission to the London Stock Exchange. IFRS\u20062 requires that the fair value of
share-based payments is measured at the grant date. Management determined the offer
price of \u00a32.80 ($3.56) as the appropriate share price for valuation at that date. The grant
date is defined under IFRS\u20062 as the date when both the Company and participants have a
mutual understanding of the key terms of the award, which was confirmed to employees
prior to Admission.
The fair value of the IPO awards was therefore measured using this offer price. Subsequent
increases in share price would have significantly changed the valuation if a later date were
used. The resulting IFRS\u20062 charge is recognised over the three-year vesting period.
Management also estimates the expected option life, applying an average of five years
based on benchmarking and employee attrition assumptions.
For subsequent share awards, the same valuation approach is applied, using the opening
share price on the day of grant as the reference for determining fair value.
2.6.2 Critical judgement: Classification of transaction costs associated with the issue
of shares
The Group incurred $10.3 million in costs related to the IPO, with $7.6 million deducted from
share premium, and $2.9 million expensed as non-recurring administrative costs. Costs
were classified based on whether they directly related to new share issuance of the broader
listing process. Directly attributable costs, such as underwriting, brokerage and advisory
fees, were deducted from equity, while expenses for wider listing requirements, such as
corporate finance and costs of legal support, were expensed.
At the time the costs were incurred, only a limited recovery of input VAT was available, so
the full expense was charged to share premium. During 2025, it was possible to reclaim
$1.4 million of VAT from HMRC. As the original costs were charged to share premium, the
amounts recoverable were also accounted for as an increase in share premium.
2.7 Alternative performance measures (\"APMs\")
Alternative performance measures (\u201cAPMs\u201d), which are used in these financial statements,
are also used by the Board and management for planning and reporting. These measures
are also used in discussions with the investors. APMs are not displayed with more
prominence, emphasis or authority than IFRS measures.
Adjusted EBITDA is a non-IFRS measure comprising operating profit adding back
amortisation and depreciation, share-based payment charges and non-recurring items.
Adjusted operating profit is a non-IFRS measure comprising operating profit adding back
share-based payment charges and non-recurring items.
Adjusted research and development expense is a non-IFRS measure comprising research
and development expense adjusted for amortisation, share-based payment charges and
non-recurring items. Share-based payments are excluded as they are paid for by
shareholders\u2019 dilution and the charges are not comparable due to fluctuations around the
listing process.
Adjusted administrative expense is a non-IFRS measure comprising administrative
expenses adjusted for depreciation, share-based payment charges and non-recurring items.
Share-based payments are excluded as they are paid for by shareholders\u2019 dilution and the
charges are not comparable due to fluctuations around the listing process.
Non-recurring items are presented whenever significant expenses are incurred or income is
received because of events considered to be outside the normal course of business, where
the unusual nature and expected infrequency merit separate presentation to assist
comparisons with previous years.
To arrive at adjusted results, certain adjustments are made for normalised and non-
recurring items that are individually significant, and which could, if included, distort the
understanding of the performance of the year and the comparability between periods.
2.8 Accounting policies and new and amended accounting standards The set of consolidated financial information has been prepared using accounting policies consistent with those in Raspberry Pi Holdings plc in 2024 except for the following standards, amendments and interpretations which have been adopted from 1 January 2025. New or revised standards or interpretations From 1 January 2025, Amendments to IAS 21 \u201cLack of Exchangeability\u201d became effective for the Group\u2019s consolidated financial statements. The amendments introduce requirements for assessing currency exchangeability and estimating a spot exchange rate when observable rates are unavailable. Management assessed all currencies in which the Group transacts and concluded that no lack of exchangeability existed during the year. Accordingly, the amendments had no material impact on the Group\u2019s financial statements. Standards, amendments and interpretations not yet effective and not early adopted At the date of authorisation of these consolidated financial statements, several new, but not yet effective, standards and amendments to existing standards, and interpretations have been published by the IASB or IFRIC. None of these standards or amendments to existing standards have been adopted early by the Group and no interpretations have been issued that are applicable and need to be taken into consideration by the Group at either reporting date. The Group has not early adopted amendments to IFRS 9 relating to derecognition of certain financial assets and liabilities and assessment of contractual cash flows characteristics. The Group is assessing the potential impact of these amendments which will be applied from 1 January 2026. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u201cPresentation of Financial Statements\u201d. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and to provide more detailed and useful information to investors. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 will be applied retrospectively with specific transitional provisions. The Group is currently working to identify all of the impacts that IFRS 18 will have on the primary financial statements and notes to the financial statements. Other new standards, amendments and interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group\u2019s consolidated financial statements. 28 Material accounting policies This note provides a list of other potentially material accounting policies adopted in the preparation of these consolidated financial statements to the extent that they have not already been disclosed in the notes above. These policies have been consistently applied to all of the years presented, unless otherwise stated. The financial statements are for the Group consisting of Raspberry Pi Holdings plc and its subsidiaries as listed in the Company financial statements. 28.1 Revenue recognition Revenue is recognised in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d. Revenue is recognised when control of goods or services is transferred to the customer, reflecting the consideration expected to be received. The five-step model in IFRS 15 is applied, except for royalties for the licence of intellectual property as explained below. Revenue is only recognised if an enforceable right to payment can be demonstrated. Product revenues: Generated by supplying single board computers (\u201cSBCs\u201d), compute modules, accessories and semiconductors from our contract manufacturer directly to Approved Resellers (\u201cARs\u201d) and original equipment manufacturers (\u201cOEMs\u201d). The Group acts as principal in these direct distribution transactions. Revenues are recognised at the point in time when physical possession of the product has transferred to the customer, based on fixed prices per unit. The transfer is evidenced by receipt of an undisputed delivery note, as the sole performance obligation is satisfied. Royalties: Earned per unit on products that customers manufacture (e.g. Pi 5) and sell (e.g. Pi 4) through licensing of designs and trademarks. According to IFRS 15, the sales-based or usage\u2011based royalty exception (paragraph B63) applies, as the licence is the predominant performance obligation. Royalties are recognised on an accruals basis in accordance with the underlying agreement when the subsequent sale or usage event that triggers the royalty occurs and are presented net of any amounts collected on behalf of third parties, regardless of whether the licence is a right to use or right to access. Component revenues: Recognised at the point in time when physical possession of the product has transferred to the customer, based on fixed prices per unit, following the accounting policy for product revenues, unless the Group has made a promise to repurchase the component. Sales returns provision: The Group recognises a provision for expected sales returns on SBCs, which typically include a 12-month warranty under standard sales terms. Returns are assessed at each reporting date, and if no significant returns are expected, no provision is recognised. This estimate is periodically reviewed based on emerging trends and historical data. As there has been no history of material returns, no such provision has been recognised to date.
Repurchase liabilities: These occur when the Group sells components to the contract
manufacturer and simultaneously raises an order for the manufacture of a finished product
that contains the same component. As the Group will subsequently repurchase the asset,
control has not been transferred, with the contract manufacturer limited in its ability
to direct the use of, and obtain substantially all of the remaining benefits from, the asset.
Consequently, in accordance with paragraph B66(b) of IFRS 15, the transaction is treated as
a financing arrangement. The inventory is not derecognised, and instead the cash received
from the contract manufacturer is treated as a short-term financial liability. On repurchase,
the repurchase price which represents the cost of the finished goods including processing
costs incurred by the contract manufacturer, is capitalised as inventory in accordance with
the Group's inventories policy (Note 28.10). No financing component is separately recognised
owing to the immateriality of the time value of money within standard 30-day payment
terms. These costs are recognised in cost of sales upon sale of the finished goods.
Principal versus agent: The Group evaluates the following indicators, among others, when
determining whether it is acting as a principal or agent in the transaction and recording
revenue on a gross or net basis:
(i) The Group is primarily responsible for fulfilling the promise to provide the product.
(ii) The Group has inventory risk before the product has been transferred to a customer.
(iii) The Group has discretion in establishing the price for the product.
The Group also operates a publishing business, Raspberry Pi Press, which produces
magazines and books, as well as the Raspberry Pi Store in Cambridge, England. All revenue
is recognised at the point in time that the product is transferred to the customer, except
for publishing revenue, which is recognised over the length of the magazine subscription.
Furthermore, the Group applies IFRS 15 practical expedients for significant financing
components and costs to fulfil contracts, as the Group\u2019s sales cycles are generally short
term and do not exceed 12 months.
28.2 Cost of sales The Group recognises cost of sales at the point at which it recognises revenue as explained above. Cost of sales predominantly relates to the cost of goods or services purchased from suppliers and then sold to customers. The cost of sales for products sold by us through our direct distribution channel is the price we pay for them to be manufactured, plus licence fees paid to parties whose intellectual property is used in their design. The Group considers the cost of shipping its products to the customer to be directly associated with generating revenue and therefore presents these costs (2025: $3.5 million; 2024: $1.9 million) within cost of sales. The cost of sales for products sold through the licensee channel is the licence fees paid to parties whose intellectual property is used in these products\u2019 design. The manufacturing cost of the products sold through the licensee channel is borne by the licensee. 28.3 Foreign exchange All material entities have a US Dollar functional currency. The US Dollar primarily influences both the sales prices for products and services and the cost of associated raw materials and component parts. As the Group\u2019s presentational currency is also US Dollars no exchange reserve arises on consolidation. Underlying foreign currency transactions (primarily transactions in Sterling) are translated into US Dollars using daily average exchange rates. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of Sterling\u2011denominated working capital items, are recognised in the Consolidated Statement of Comprehensive Income. 28.4 Segmental analysis The Group determines and presents operating segments based on the information that is provided internally to the Board, which is the Group\u2019s Chief Operating Decision Maker (\u201cCODM\u201d). It is the view of the Directors that the Group has a single operating segment, as defined by IFRS 8 \u201cOperating Segments\u201d, being the manufacture and sale of cost-effective programmable computing devices. The CODM makes operating decisions for a single operating unit and operating performance is assessed as a single operating segment. The information used by the CODM is consistent with, and prepared on the same basis as, that presented in the financial statements.
28.5 Current and deferred taxation
The tax expense for the period consists of the tax payable on the current period\u2019s taxable
income, based on applicable income tax rates, adjusted for changes in deferred tax assets
and liabilities due to temporary differences. Current tax receivables and payables are
measured at the expected amount to be recovered from or paid to tax authorities, based
on the annual corporation tax return prepared with our tax advisers, in accordance with
enacted or substantively enacted UK tax rates and legislation.
Deferred tax is provided on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. It is calculated using tax
rates that have been enacted or substantively enacted by the reporting period\u2019s end and
are expected to apply when the timing differences are resolved. Deferred tax assets are
recognised only if it is probable that future taxable amounts will be available to utilise them.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to do
so, and they relate to the same taxation authority. Current tax assets and liabilities are
similarly offset when there is a legal right to net them, or to realise the asset and settle the
liability simultaneously. Excess tax benefits beyond IFRS 2 charges are recognised in equity.
Current and deferred tax is recognised in profit or loss, except when it relates to items
recognised in other comprehensive income or directly in equity, in which case the tax is
recognised accordingly in those areas.
The Group applies IFRIC 23 \u201cUncertainty over Income Tax Treatments\u201d when assessing tax
positions where uncertainty exists regarding acceptance by tax authorities. Under IFRIC 23,
tax treatments are evaluated based on whether it is probable that the relevant tax authority
will accept them. If acceptance is not probable, the most likely outcome or expected value
approach is applied to determine the tax position. The Group recognises uncertain tax
positions in current or deferred tax calculations and records provisions where necessary.
Changes in facts or circumstances are monitored, and adjustments are made as required.
The Group\u2019s policy ensures consistent application of IFRIC 23 principles, with judgements
reviewed regularly in consultation with external tax advisers.
28.6 Intangible assets
Externally acquired intangible assets predominantly relate to software licences which
are initially recognised at cost and subsequently amortised over the life of the licence.
All other intangible assets are amortised straight line over a period of three to eight years.
The accounting for capitalised pipeline development projects is considered to contain a
critical judgement upon initial capitalisation of the costs and a critical estimate in determining
the useful lives of the projects once launched. Refer to the critical judgements and
estimates relating to these items in Note 2.5.
Capitalised development costs are amortised over the periods the Group expects to benefit
from selling the products developed. The amortisation expense is included within research
and development expenses in the Consolidated Statement of Comprehensive Income.
For capitalised pipeline development costs that are not yet complete, these costs are not
amortised but subject to mandatory annual impairment testing in accordance with IAS 36.
28.7 Property, plant and equipment
Property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less depreciation and
impairment. Depreciation uses the straight-line method, with asset residual values, useful
lives and depreciation methods reviewed periodically. All PPE is depreciated over three
years except for leasehold improvements which are depreciated with reference to the life
of the lease.
The estimated useful lives and depreciation method are reviewed at the end of each
reporting period, with the effect of any changes in estimate accounted for on a
prospective basis.
An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected to arise from the continued use of the asset. The gain
or loss arising on the disposal or retirement of an asset is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognised
in profit or loss.
28.8 Leases
The Group assesses whether a contract is or contains a lease, at inception of the contract.
The Group recognises a right-of-use asset and a corresponding lease liability with respect
to all lease arrangements in which it is the lessee, except for short-term leases (defined as
leases with a lease term of 12 months or less) and leases of low-value assets (defined as
assets with a value of $5,000 or less when new). For these leases, the Group recognises the
lease payments as an operating expense on a straight-line basis over the term of the lease
unless another systematic basis is more representative of the time pattern in which
economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever the lease term or payments are changed. 28.9 Financial instruments Financial assets and liabilities are recognised when the Group becomes a party to the contract provisions. They are initially measured at fair value with subsequent measurement dependent on their classification as either amortised cost or fair value through profit and loss or other comprehensive income. The Group\u2019s financial instruments comprise financial assets and liabilities measured at amortised cost and derivative financial instruments measured at fair value through profit or loss. \u2022 Cash and cash equivalents comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. \u2022 Trade and other receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. \u2022 Trade payables and other payables are not interest bearing and are recognised at fair value (which ordinarily reflects the invoice amount) and subsequently at amortised cost. Trade receivables and payables are amounts due from customers or owed to suppliers in the ordinary course of business. As they are subject to standard payment terms these balances are considered current and are recognised at their invoice value, being a reasonable approximation of fair value due to their short-term nature. They are recognised initially at the invoice amount, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and it therefore measures them subsequently at amortised cost.
Interest-bearing loans and overdrafts are initially recorded at fair value, net of direct issue
costs, and subsequently measured at amortised cost using the effective interest method,
with interest expense recognised over the term of the liabilities. Since the RCF is undrawn,
the arrangement fee cannot be offset against any borrowing and is therefore recognised
within other debtors and prepayments. The arrangement fee is amortised over the term
of the RCF. Although there are currently no external borrowings drawn, the Group has
access to the RCF, necessitating the inclusion of this accounting policy.
The Group\u2019s activities expose it to financial risks from fluctuations in foreign exchange
and interest rates. The Board regulates the use of free-standing derivatives (such as
forward FX contracts) in line with established risk management strategies.
\u2022 Derivative financial instruments comprise of forward foreign exchange contracts
to manage short-term operational currency exposures, primarily to reduce the effect
of fluctuations in GBP on forecasted transactions, receivables and payables.
Forward foreign exchange contracts are recognised on the Consolidated Statement of
Financial Position at fair value. Forward contracts that do not meet the criteria for hedge
accounting under IFRS 9 are classified as financial instruments at fair value through
profit or loss. Changes in fair value of contracts not qualifying for hedge accounting are
recognised in profit or loss and classified within administrative expenses, reflecting the
operational nature of the contracts.
Fair values are determined using observable market inputs and are classified as Level 2 in
the fair value hierarchy. The Group\u2019s use of forward contracts exposes it to foreign currency,
credit and liquidity risks, which are managed in accordance with the Group\u2019s financial risk
management policies.
Derecognition of financial assets
The Group derecognises a financial asset when the contractual rights to the cash flows
from the asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred or in which the Group neither transfers nor retains substantially all
of the risks and rewards of ownership and does not retain control of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount of the
asset (or the carrying amount allocated to the portion of the asset that is derecognised)
and the consideration received (including any new asset obtained less any new liability
assumed) is recognised in the Consolidated Statement of Comprehensive Income.
Any interest in such transferred financial assets that is created or retained by the Group
is recognised as a separate asset or liability.
Derecognition of financial liabilities
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged
or cancelled or have expired. The difference between the carrying amount of the
financial liability derecognised and the consideration paid and payable is recognised
in the Consolidated Statement of Comprehensive Income.
28.10 Inventories
Inventories, which comprise components and finished goods for resale, are valued at
the lower of cost and net realisable value, after making due allowance for obsolete and
slow\u2011moving inventories. Cost comprises all costs of purchase and cost of conversion
(excluding borrowing costs). Costs are assigned to individual items of inventory on the
basis of weighted average costs. Net realisable value is the estimated selling price in the
ordinary course of business less the estimated costs necessary to make the sale.
For finished goods acquired under repurchase arrangements with contract manufacturers
(Note 28.1), cost includes the repurchase price paid, which incorporates the cost of conversion.
28.11 Provisions
A provision is recorded in the Consolidated Statement of Financial Position when the Group
has a legal or constructive obligation arising from a past event, and it is likely that settling
the obligation will require an outflow of economic benefits.
If the impact is material, the provision is calculated by discounting the anticipated future
cash flows at a pre-tax rate that reflects current market views on the time value of money
and, where relevant, risks specific to the liability.
When discounting is applied, the increase in the provision over time is recognised as a
finance cost. If it is virtually certain that an insurer will reimburse part or all of the economic
outflows required to settle a provision, the reimbursement amount is recognised as an
insurance receivable asset and reported separately within other receivables, provided the
receivable amount can be measured reliably.
28.12 Employee benefits
Liabilities for wages, salaries, non-monetary benefits and annual leave expected to
be settled within 12 months are recognised and measured at the expected amounts.
Defined contribution plans are expensed as incurred on an accruals basis.
28.13 Deferred income \u2013 RDEC (government grants)
The Research and Development Expenditure Credit (\u201cRDEC\u201d) is accounted for as a
government grant where there is a reasonable assurance that the grant will be received,
and the Group will comply with all attached conditions. The tax credits are initially
recognised once they are receivable on an accruals basis. Whilst IAS 20 \u201cAccounting for
Government Grants and Disclosure of Government Assistance\u201d excludes tax credits from its
scope, so does IAS 12 \u201cIncome Taxes\u201d and no other standard either includes it or appears
relevant; therefore, in the absence of any other specific guidance, we follow IAS 20 as it is
considered normal in this scenario.
To the extent that the credits relate to expenses already incurred the income is presented
as a reduction in R&D expenses, offsetting the underlying costs that the RDEC incentives
are intended to compensate.
To the extent that the credits relate to pipeline development costs that have been
capitalised within intangible assets, the income is initially deferred onto the Consolidated
Statement of Financial Position and then subsequently recognised in profit and loss to
match the amortisation of the related costs being compensated. This income is presented
as a reduction in R&D expense within operating profit as the income is taxable.
28.14 Share-based payments
The Group issues equity-settled share-based payments which are fair valued at the grant
date. For awards valued by reference to the Company\u2019s share price, the opening market
price on the grant date is used. Once the grant date fair value has been determined, it is
recognised in the Consolidated Statement of Comprehensive Income on a straight-line
basis over the vesting period, with appropriate adjustments for forfeitures. Where vesting
periods or other vesting conditions apply, the expense is allocated over the relevant
vesting period based on the best available estimate of the number of share options
expected to vest. The corresponding credit is to the share-based payment reserve.
Upon vesting, amounts recognised in the share-based payment reserve are transferred
to retained earnings.
28.15 Own shares
The Group provides finance to Employee Benefit Trusts to either purchase Company shares
on the open market, or to subscribe for newly issued share capital, to meet the Group\u2019s
obligation to provide shares when employees exercise their options or awards. Costs of
running the Trusts are charged to the Consolidated Statement of Comprehensive Income.
Shares held by the ESOP Trusts are deducted from reserves and presented in equity as an
own share reserve until such time that an employee exercises their award. At the reporting
period, there were 155,226 shares in the Trust at historical cost of approximately $500.
28.16 Dividends
Dividends are recognised when they become legally payable. In the case of final dividends,
this is when approved by the shareholders at the AGM. Interim dividends are recorded
when paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "2 Basis of presentation and accounting policies Explained below are the key accounting policies of Raspberry Pi Holdings plc and all its subsidiaries (the \u201cGroup\u201d). 2.1 Basis of preparation The consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d), with International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and with the requirements of the Companies Act 2006 (the \u201cAct\u201d). The consolidated financial statements of Raspberry Pi Holdings plc comprise the results of Raspberry Pi Holdings plc, Raspberry Pi Ltd, Raspberry Pi North America Inc, Raspberry Pi Ireland Ltd and the Raspberry Pi Employee Benefit Trust (the \u201cGroup\u201d). These consolidated financial statements have been prepared under the historical cost convention unless otherwise stated. The Group\u2019s presentation currency is US Dollars, rounded to the nearest point million. Since all material subsidiaries have US Dollars as their functional currency, there is no foreign exchange upon consolidation and hence no cumulative translation reserve. The standalone entity, Raspberry Pi Holdings plc, prepares its individual financial statements in accordance with FRS 101 \u201cReduced Disclosure Framework\u201d (\u201cFRS 101\u201d) and with the requirements of the Companies Act 2006. This is the Company\u2019s first year applying FRS 101, having previously prepared its financial statements under Financial Reporting Standard 102 (\u201cFRS 102\u201d). The transition required no adjustments to previously reported amounts. Comparatives are presented on an FRS 101 basis and certain line items have been re-presented to reflect FRS 101 presentation requirements. The transition has had no material impact on the financial statements, given the substantial alignment of FRS\u2006102 and FRS\u2006101 for a non\u2011trading parent. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "The consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d), with International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and with the requirements of the Companies Act 2006 (the \u201cAct\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "2.2 Capital reorganisation On 23 May 2024 Raspberry Pi Holdings plc acquired the entire shareholding of Raspberry Pi Ltd for $288.1 million by way of a share-for-share exchange agreement. This did not constitute a business combination under IFRS 3 \u201cBusiness Combinations\u201d as both entities were under common control and Raspberry Pi Holdings plc as the listing vehicle did not constitute a business as defined by IFRS 3. No changes were made to the underlying book values of Raspberry Pi Ltd and the Group\u2019s reserves were adjusted to reflect the statutory share capital of Raspberry Pi Holdings plc, with difference recorded in a merger reserve. ", "dimensions": { "concept": "raspberrypiholdsplc:DescriptionOfCapitalReorganisation", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "2.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of Raspberry Pi Holdings plc (the \u201cCompany\u201d) and its subsidiary undertakings. Subsidiaries are entities over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "2.4 Going concern The consolidated financial statements have been prepared on a going concern basis, assuming the Group can meet its liabilities as they fall due. This assessment is supported by access to the Revolving Credit Facility (\u201cRCF\u201d), and strong relationships with key customers and suppliers. Profitability and financial position: The Group reported a profit of $21.7 million for the year. Net current assets were $172.8 million, and net current financial assets totalled $33.1 million. Extension of Revolving Credit Facility: On 5 March 2025, the RCF was extended, increasing available funds to $80.0 million (2024: $40.0 million) and extending the term to 4 March 2029 (2024: 24 April 2027). The facility remains undrawn. Liquidity and cash flow forecasts: The Board\u2019s cash flow forecasts and projections confirm the Group can operate within its cash and committed facilities for the period to 30 April 2027. Available liquidity, including both cash and committed facilities, has been considered in this assessment. The Directors have deemed this period to be appropriate for the going concern assessment. No plausible events or conditions beyond the assessment period that may cast significant doubt on the Group\u2019s ability to continue as a going concern have been identified. Sensitivity analysis and stress testing: Sensitivities applied to forecasts include a 50% to 75% reduction in higher density (8GB to 16 GB) LPDDR4 SBC and Compute Module products with no mitigations other than executive variable pay applied. Even under this scenario, the Group expects to meet its funding needs for 2026 and 2027, confirming its ability to continue operations. Reverse stress testing: A reverse stress test modelled the sales decline required to exhaust liquidity and breach banking covenants. This scenario was deemed highly unlikely. Conclusion: Based on these considerations, the Board concludes the Group can operate within its committed facilities and cash resources for the foreseeable future. Accordingly, the Directors have adopted the going concern basis in preparing the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "2.5 Critical accounting judgements and estimates In preparing these consolidated financial statements, critical judgements in the application of accounting policies can have a significant effect on the financial results. Any changes in critical estimates and assumptions made could materially impact the amounts of assets, liabilities, revenue and expenses reported next year as actual amounts and results could differ from those estimates or those estimates could change in future. 2.5.1 Critical judgement: Capitalisation of internal and external development costs We prioritise in-house development with a small, highly skilled engineering team, releasing new core hardware every three to four years. During the year, our investment included the finalisation of the Raspberry Pi 500+, the ongoing development of Raspberry Pi 6 and related semiconductor products and further microcontroller variants. The Group exercises significant judgement in determining whether internal and external development costs for pipeline products meet the capitalisation criteria within IAS 38 \u201cIntangible Assets\u201d. Costs are capitalised only when they are directly attributable and reliably measurable, and relate to future new products that are considered technically feasible and commercially viable and supported by the necessary skilled resources and internal commitment to completion. Forecasted profit margins must exceed capitalised costs. Management makes judgements when these capitalisation criteria are met and continue to be met for active pipeline development projects. The costs associated with the Group\u2019s efforts to develop new products are made up of directly attributable internal employee costs for those working on development, costs of external materials and services consumed in development and amortisation of licences (software or designs) used directly in development as per below.
2025 2025 2024 2024
$ million Capitalised
Total
%
Capitalised
Total
%
Internal costs
6.8
20.4
33%
8.1
17.6
46%
External costs
6.7
8.8
76%
12.5
14.6
86%
Directly
attributable R&D
\u2013 cash
13.5
29.2
46%
20.6
32.2
64%
Amortisation
6.8
8.2
83%
6.0
7.4
81%
Depreciation
0.3
1.3
23%
\u2014
\u2014
\u2014
Total directly
attributable R&D
20.6
38.7
53%
26.6
39.6
67%
Overall R&D investment has decreased, with total costs falling from $39.6 million in 2024 to $38.7 million in 2025. Capitalisation of R&D costs in 2025 is 53% of total costs capitalised (2024: 67%). The value of costs being capitalised exceeds amortisation by $12.4 million (2024: $19.2 million). All costs associated with the research phase of projects are expensed as incurred. Any development costs relating to maintaining and fixing bugs in the software are also expensed as incurred. Capitalised employee costs of engineers exclude any share-based payments and termination payments as they are not considered directly attributable to the development projects. 2.5.2 Critical judgement: Identification of cash-generating units (\"CGUs\") for impairment testing of pipeline development costs Identifying CGUs is a critical step in the impairment review and can have a significant impact on its results. The objective of identifying CGUs is to identify the smallest identifiable group of assets that generates largely independent cash inflows. CGUs are identified at the lowest level to minimise the possibility that impairments of one asset or group will be masked by a high\u2011performing asset. The Group has two main CGUs: Pi 5 and semiconductors. The Group has assessed that projects within each CGU reflect significant interdependencies, where designs and outputs are shared and integrated, making individual cash flows inseparable without arbitrary assumptions. The recoverability of intangible assets arising from pipeline development activities is materially all part of the semiconductor CGU. The recoverable amount of the semiconductor CGU is assessed based on the collective earnings of all products in the CGU. The remaining products, including cameras and other accessories, do not share the same level of interdependency and are assessed individually for impairment purposes. 2.5.3 Critical estimate: Useful economic lives (\"UEL\") of intangible assets The Group determines the UEL of intangible assets at initial recognition and reviews them at each reporting date. During the year, the useful life of on-market semiconductors was revised from six to eight years based on updated assessments of expected future use and economic benefits. As a result, the annual amortisation charge decreased by $1.4 million. The historical cost remains unchanged and the remaining cost is now spread over a longer period. 2.5.4 Critical estimate: Net realisable value of inventory The valuation of inventory is a significant area of estimation uncertainty for the Group due to the rapid pace of technological advancements and the risk of product obsolescence inherent in the computer industry. Inventory is measured at the lower of cost and net realisable value, which requires significant management judgement and estimation. In determining net realisable value, the Group evaluates several factors, including market demand and pricing trends, assessing the likelihood of future sales and the impact of declining prices on older inventory. Technological obsolescence is also considered, with management assessing whether inventory remains relevant in light of new product launches and advancements. Additionally, expected selling costs, such as promotional discounts or clearance pricing, are factored into the valuation. The Group reviews inventory balances on a regular basis, taking into account recent sales trends, the ageing of inventory, and the condition of items, including damaged, slow-moving or obsolete stock. Future sales projections over a three-year period, based on management-prepared financial budgets, are used to support these assessments. For the year ended 31 December 2025, the total inventory provision was $6.6 million (2024: $6.2 million). Given the inherent uncertainties, changes in market conditions, technological developments, or consumer preferences could materially impact the carrying value of inventory. 2.5.5 Critical estimate: Taxation Accounting for taxation requires significant judgement in determining taxable profit, tax bases, and the recognition of deferred tax assets and liabilities. Key estimates include interpreting complex tax regulations, assessing potential challenges from tax authorities, and evaluating the recognition of Research and Development Expenditure Credit (\u201cRDEC\u201d) claims. Determining the appropriate RDEC claim involves significant judgement in identifying qualifying R&D activities and expenditures. Uncertainties in these areas can lead to variations between estimated and actual credits received. The Group maintains detailed records of R&D activities and consults with external tax advisers to ensure compliance with legislation. Additionally, changes in facts and circumstances between the preparation of these accounts and the final tax submission, expected in approximately nine months, may impact the final tax position. For the year ended 31 December 2025, the Group is eligible to claim the benefit of the patent box regime on income generated from the sale of products that incorporate technology for which the Group received a patent in 2025. Judgement is required to determine the income and costs related to the eligible income. The risk of error has been mitigated through the use of external experts with detailed knowledge of the patent box regime. Any changes in tax laws or interpretations thereof could materially affect future amounts recognised. Whilst there are a variety of possible outcomes management believes that it is reasonably plausible that the actual tax claims submitted could vary to the accounting estimate by approximately $1.5 million in any accounting period. 2.6 Critical accounting judgements and estimates (relating to the IPO) In the prior year, which included the Group\u2019s IPO, several non-recurring accounting judgements were required. For 2025, we have retained only those judgements that remain relevant to understanding the 2024 comparative information. 2.6.1 Critical judgement: Determination of the grant date share price and option life for IPO share awards On 11 June 2024, employee share awards were approved and finalised prior to the Company\u2019s Admission to the London Stock Exchange. IFRS\u20062 requires that the fair value of share-based payments is measured at the grant date. Management determined the offer price of \u00a32.80 ($3.56) as the appropriate share price for valuation at that date. The grant date is defined under IFRS\u20062 as the date when both the Company and participants have a mutual understanding of the key terms of the award, which was confirmed to employees prior to Admission. The fair value of the IPO awards was therefore measured using this offer price. Subsequent increases in share price would have significantly changed the valuation if a later date were used. The resulting IFRS\u20062 charge is recognised over the three-year vesting period. Management also estimates the expected option life, applying an average of five years based on benchmarking and employee attrition assumptions. For subsequent share awards, the same valuation approach is applied, using the opening share price on the day of grant as the reference for determining fair value. 2.6.2 Critical judgement: Classification of transaction costs associated with the issue of shares The Group incurred $10.3 million in costs related to the IPO, with $7.6 million deducted from share premium, and $2.9 million expensed as non-recurring administrative costs. Costs were classified based on whether they directly related to new share issuance of the broader listing process. Directly attributable costs, such as underwriting, brokerage and advisory fees, were deducted from equity, while expenses for wider listing requirements, such as corporate finance and costs of legal support, were expensed. At the time the costs were incurred, only a limited recovery of input VAT was available, so the full expense was charged to share premium. During 2025, it was possible to reclaim $1.4 million of VAT from HMRC. As the original costs were charged to share premium, the amounts recoverable were also accounted for as an increase in share premium. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "2.5.4 Critical estimate: Net realisable value of inventory The valuation of inventory is a significant area of estimation uncertainty for the Group due to the rapid pace of technological advancements and the risk of product obsolescence inherent in the computer industry. Inventory is measured at the lower of cost and net realisable value, which requires significant management judgement and estimation. In determining net realisable value, the Group evaluates several factors, including market demand and pricing trends, assessing the likelihood of future sales and the impact of declining prices on older inventory. Technological obsolescence is also considered, with management assessing whether inventory remains relevant in light of new product launches and advancements. Additionally, expected selling costs, such as promotional discounts or clearance pricing, are factored into the valuation. The Group reviews inventory balances on a regular basis, taking into account recent sales trends, the ageing of inventory, and the condition of items, including damaged, slow-moving or obsolete stock. Future sales projections over a three-year period, based on management-prepared financial budgets, are used to support these assessments. For the year ended 31 December 2025, the total inventory provision was $6.6 million (2024: $6.2 million). Given the inherent uncertainties, changes in market conditions, technological developments, or consumer preferences could materially impact the carrying value of inventory. 2.5.5 Critical estimate: Taxation Accounting for taxation requires significant judgement in determining taxable profit, tax bases, and the recognition of deferred tax assets and liabilities. Key estimates include interpreting complex tax regulations, assessing potential challenges from tax authorities, and evaluating the recognition of Research and Development Expenditure Credit (\u201cRDEC\u201d) claims. Determining the appropriate RDEC claim involves significant judgement in identifying qualifying R&D activities and expenditures. Uncertainties in these areas can lead to variations between estimated and actual credits received. The Group maintains detailed records of R&D activities and consults with external tax advisers to ensure compliance with legislation. Additionally, changes in facts and circumstances between the preparation of these accounts and the final tax submission, expected in approximately nine months, may impact the final tax position. For the year ended 31 December 2025, the Group is eligible to claim the benefit of the patent box regime on income generated from the sale of products that incorporate technology for which the Group received a patent in 2025. Judgement is required to determine the income and costs related to the eligible income. The risk of error has been mitigated through the use of external experts with detailed knowledge of the patent box regime. Any changes in tax laws or interpretations thereof could materially affect future amounts recognised. Whilst there are a variety of possible outcomes management believes that it is reasonably plausible that the actual tax claims submitted could vary to the accounting estimate by approximately $1.5 million in any accounting period. 2.6 Critical accounting judgements and estimates (relating to the IPO) In the prior year, which included the Group\u2019s IPO, several non-recurring accounting judgements were required. For 2025, we have retained only those judgements that remain relevant to understanding the 2024 comparative information. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "2.7 Alternative performance measures (\"APMs\") Alternative performance measures (\u201cAPMs\u201d), which are used in these financial statements, are also used by the Board and management for planning and reporting. These measures are also used in discussions with the investors. APMs are not displayed with more prominence, emphasis or authority than IFRS measures. Adjusted EBITDA is a non-IFRS measure comprising operating profit adding back amortisation and depreciation, share-based payment charges and non-recurring items. Adjusted operating profit is a non-IFRS measure comprising operating profit adding back share-based payment charges and non-recurring items. Adjusted research and development expense is a non-IFRS measure comprising research and development expense adjusted for amortisation, share-based payment charges and non-recurring items. Share-based payments are excluded as they are paid for by shareholders\u2019 dilution and the charges are not comparable due to fluctuations around the listing process. Adjusted administrative expense is a non-IFRS measure comprising administrative expenses adjusted for depreciation, share-based payment charges and non-recurring items. Share-based payments are excluded as they are paid for by shareholders\u2019 dilution and the charges are not comparable due to fluctuations around the listing process. Non-recurring items are presented whenever significant expenses are incurred or income is received because of events considered to be outside the normal course of business, where the unusual nature and expected infrequency merit separate presentation to assist comparisons with previous years. To arrive at adjusted results, certain adjustments are made for normalised and non- recurring items that are individually significant, and which could, if included, distort the understanding of the performance of the year and the comparability between periods. ", "dimensions": { "concept": "raspberrypiholdsplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAPMs", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
2.8 Accounting policies and new and amended accounting standards
The set of consolidated financial information has been prepared using accounting policies
consistent with those in Raspberry Pi Holdings plc in 2024 except for the following standards,
amendments and interpretations which have been adopted from 1 January 2025.
New or revised standards or interpretations
From 1 January 2025, Amendments to IAS 21 \u201cLack of Exchangeability\u201d became effective
for the Group\u2019s consolidated financial statements.
The amendments introduce requirements for assessing currency exchangeability and
estimating a spot exchange rate when observable rates are unavailable.
Management assessed all currencies in which the Group transacts and concluded that no
lack of exchangeability existed during the year. Accordingly, the amendments had no
material impact on the Group\u2019s financial statements.
Standards, amendments and interpretations not yet effective and not early adopted
At the date of authorisation of these consolidated financial statements, several new,
but not yet effective, standards and amendments to existing standards, and interpretations
have been published by the IASB or IFRIC. None of these standards or amendments to
existing standards have been adopted early by the Group and no interpretations have been
issued that are applicable and need to be taken into consideration by the Group at either
reporting date.
The Group has not early adopted amendments to IFRS 9 relating to derecognition of certain
financial assets and liabilities and assessment of contractual cash flows characteristics.
The Group is assessing the potential impact of these amendments which will be applied
from 1 January 2026.
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u201cPresentation of Financial
Statements\u201d. Although IFRS 18 includes many of the requirements of IAS 1, it introduces
new requirements to better structure financial statements and to provide more detailed and
useful information to investors.
IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with
earlier application permitted. IFRS 18 will be applied retrospectively with specific
transitional provisions.
The Group is currently working to identify all of the impacts that IFRS 18 will have on the
primary financial statements and notes to the financial statements.
Other new standards, amendments and interpretations not adopted in the current year have
not been disclosed as they are not expected to have a material impact on the Group\u2019s
consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "2.8 Accounting policies and new and amended accounting standards The set of consolidated financial information has been prepared using accounting policies consistent with those in Raspberry Pi Holdings plc in 2024 except for the following standards, amendments and interpretations which have been adopted from 1 January 2025. New or revised standards or interpretations From 1 January 2025, Amendments to IAS 21 \u201cLack of Exchangeability\u201d became effective for the Group\u2019s consolidated financial statements. The amendments introduce requirements for assessing currency exchangeability and estimating a spot exchange rate when observable rates are unavailable. Management assessed all currencies in which the Group transacts and concluded that no lack of exchangeability existed during the year. Accordingly, the amendments had no material impact on the Group\u2019s financial statements. Standards, amendments and interpretations not yet effective and not early adopted At the date of authorisation of these consolidated financial statements, several new, but not yet effective, standards and amendments to existing standards, and interpretations have been published by the IASB or IFRIC. None of these standards or amendments to existing standards have been adopted early by the Group and no interpretations have been issued that are applicable and need to be taken into consideration by the Group at either reporting date. The Group has not early adopted amendments to IFRS 9 relating to derecognition of certain financial assets and liabilities and assessment of contractual cash flows characteristics. The Group is assessing the potential impact of these amendments which will be applied from 1 January 2026. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u201cPresentation of Financial Statements\u201d. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and to provide more detailed and useful information to investors. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 will be applied retrospectively with specific transitional provisions. The Group is currently working to identify all of the impacts that IFRS 18 will have on the primary financial statements and notes to the financial statements. Other new standards, amendments and interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "New or revised standards or interpretations From 1 January 2025, Amendments to IAS 21 \u201cLack of Exchangeability\u201d became effective for the Group\u2019s consolidated financial statements. The amendments introduce requirements for assessing currency exchangeability and estimating a spot exchange rate when observable rates are unavailable. Management assessed all currencies in which the Group transacts and concluded that no lack of exchangeability existed during the year. Accordingly, the amendments had no material impact on the Group\u2019s financial statements. Standards, amendments and interpretations not yet effective and not early adopted At the date of authorisation of these consolidated financial statements, several new, but not yet effective, standards and amendments to existing standards, and interpretations have been published by the IASB or IFRIC. None of these standards or amendments to existing standards have been adopted early by the Group and no interpretations have been issued that are applicable and need to be taken into consideration by the Group at either reporting date. The Group has not early adopted amendments to IFRS 9 relating to derecognition of certain financial assets and liabilities and assessment of contractual cash flows characteristics. The Group is assessing the potential impact of these amendments which will be applied from 1 January 2026. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u201cPresentation of Financial Statements\u201d. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and to provide more detailed and useful information to investors. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 will be applied retrospectively with specific transitional provisions. The Group is currently working to identify all of the impacts that IFRS 18 will have on the primary financial statements and notes to the financial statements. Other new standards, amendments and interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "Standards, amendments and interpretations not yet effective and not early adopted At the date of authorisation of these consolidated financial statements, several new, but not yet effective, standards and amendments to existing standards, and interpretations have been published by the IASB or IFRIC. None of these standards or amendments to existing standards have been adopted early by the Group and no interpretations have been issued that are applicable and need to be taken into consideration by the Group at either reporting date. The Group has not early adopted amendments to IFRS 9 relating to derecognition of certain financial assets and liabilities and assessment of contractual cash flows characteristics. The Group is assessing the potential impact of these amendments which will be applied from 1 January 2026. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u201cPresentation of Financial Statements\u201d. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and to provide more detailed and useful information to investors. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 will be applied retrospectively with specific transitional provisions. The Group is currently working to identify all of the impacts that IFRS 18 will have on the primary financial statements and notes to the financial statements. Other new standards, amendments and interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
3 Revenue
The total revenue for the Group derives from its principal activity: the development,
marketing, manufacture and sale of cost-effective programmable computing devices.
Year ended Year ended
$ million \u2013 by category 31 December 2025 31 December 2024
Products
247.0
181.2
Components
60.2
61.2
Royalties
15.0
15.9
Other
1.0
1.2
323.2
259.5
Year ended Year ended
$ million \u2013 by customer location 31 December 2025 31 December 2024
UK
121.8
118.4
Europe
64.3
48.1
Americas
76.1
49.9
Asia Pacific
59.2
40.8
Rest of the World
1.8
2.3
323.2
259.5
Included within Americas region is $69.0 million (2024: $44.2 million) of revenue which
is attributable to the United States of America, representing the Group\u2019s largest end market
by revenue.
Product revenues are recognised at the point in time when single board computers, compute
modules, accessories or semiconductors are delivered to Approved Resellers or OEMs,
establishing an enforceable right to payment. Raspberry Pi generates revenue from selling
individual components, including the RP2040 microcontroller, RP1 I/O controller and memory
chips, primarily to OEMs and for manufacturing by licensees, which also earns royalties.
Royalties are earned per unit on products organised for manufacture or sale through licensing
of designs and trademarks. Revenue is recognised on an accruals basis in accordance with the
agreement when the subsequent sale or usage (point of manufacture) event occurs, in line
with the IFRS 15 royalty exemption from estimating variable consideration.
The Group generated $83.2 million or 26% (2024: $69.5 million or 27%) of revenues from a major electronic component distributor. Sales to the contract manufacturer accounted for $18.8 million or 6% of total revenues (2024: $36.9 million or 14%). The Group operates as a single segment, in accordance with IFRS 8 \u201cOperating Segments\u201d, aligned with its primary activity. The data utilised by the Group\u2019s Chief Operating Decision Makers for resource allocation and performance evaluation is provided on a consolidated basis and therefore no segment analysis is included. All material non-current assets are located in the United Kingdom.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "the development, marketing, manufacture and sale of cost-effective programmable computing devices. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "
Year ended Year ended
$ million \u2013 by customer location 31 December 2025 31 December 2024
UK
121.8
118.4
Europe
64.3
48.1
Americas
76.1
49.9
Asia Pacific
59.2
40.8
Rest of the World
1.8
2.3
323.2
259.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
4 Research and development expenses
Year ended Year ended
$ million 31 December 2025 31 December 2024
Employee costs of internal engineers
15.9
14.4
Employee share schemes
4.5
3.2
Costs of external services and materials
8.8
14.6
Intangibles amortisation
13.6
12.3
Capitalised amortisation
(6.8)
(6.0)
Capitalised research and development costs
(13.5)
(20.6)
22.5
17.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "4 Research and development expenses
Year ended Year ended
$ million 31 December 2025 31 December 2024
Employee costs of internal engineers
15.9
14.4
Employee share schemes
4.5
3.2
Costs of external services and materials
8.8
14.6
Intangibles amortisation
13.6
12.3
Capitalised amortisation
(6.8)
(6.0)
Capitalised research and development costs
(13.5)
(20.6)
22.5
17.9
5 Administrative expenses
Year ended Year ended
$ million 31 December 2025 31 December 2024
Employee costs
11.5
8.7
Employee share schemes
3.4
2.4
Other employee-related costs
2.1
2.2
Professional fees
3.7
3.2
Depreciation
3.7
4.4
Property-related costs
1.4
1.2
Other expenses
1.8
2.7
Non-recurring costs
\u2014
2.9
27.6
27.7
Non-recurring items are presented whenever significant expenses are incurred or income is received because of events considered to be outside the normal course of business, where the unusual nature and expected infrequency merits separate presentation to assist comparisons with previous years. For the year ended 31 December 2024, non-recurring costs consisted of IPO\u2011related costs of $2.9 million. No such costs were incurred in 2025. Professional fees include audit and interim review services obtained from the Group auditor, Grant Thornton UK LLP. Details of its fees are as follows:
Year ended Year ended
$ million 31 December 2025 31 December 2024
Fees payable to the Group auditor for:
\u2022
the audit of the parent entity and consolidated
financial statements
0.1
0.2
\u2022
the audit of subsidiary pursuant to legislation
0.6
0.4
Fees payable to the Group auditor for other services:
\u2022
non-audit-related services \u2013 procedures over the rights
issue prospectus
\u2014
1.2
\u2022
audit-related services \u2013 review procedures over interim
accounts
0.1
0.2
0.8
2.0
7 Depreciation and amortisation
Year ended Year ended
$ million 31 December 2025 31 December 2024
Depreciation of property, plant and equipment
2.4
2.8
Depreciation of right-of-use assets
1.6
1.6
Amortisation of intangible assets
13.6
12.3
Plant and equipment depreciation capitalised
(0.3)
\u2014
Intangible amortisation capitalised
(6.8)
(6.0)
10.5
10.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "
5 Administrative expenses
Year ended Year ended
$ million 31 December 2025 31 December 2024
Employee costs
11.5
8.7
Employee share schemes
3.4
2.4
Other employee-related costs
2.1
2.2
Professional fees
3.7
3.2
Depreciation
3.7
4.4
Property-related costs
1.4
1.2
Other expenses
1.8
2.7
Non-recurring costs
\u2014
2.9
27.6
27.7
Non-recurring items are presented whenever significant expenses are incurred or income
is received because of events considered to be outside the normal course of business,
where the unusual nature and expected infrequency merits separate presentation to assist
comparisons with previous years. For the year ended 31 December 2024, non-recurring
costs consisted of IPO\u2011related costs of $2.9 million. No such costs were incurred in 2025.
Professional fees include audit and interim review services obtained from the Group auditor,
Grant Thornton UK LLP. Details of its fees are as follows:
Year ended Year ended
$ million 31 December 2025 31 December 2024
Fees payable to the Group auditor for:
\u2022
the audit of the parent entity and consolidated
financial statements
0.1
0.2
\u2022
the audit of subsidiary pursuant to legislation
0.6
0.4
Fees payable to the Group auditor for other services:
\u2022
non-audit-related services \u2013 procedures over the rights
issue prospectus
\u2014
1.2
\u2022
audit-related services \u2013 review procedures over interim
accounts
0.1
0.2
0.8
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "financial statements 0.1 0.2 \u2022 the audit of subsidiary pursuant to legislation 0.6 0.4 Fees payable to the Group auditor for other services: \u2022 non-audit-related services \u2013 procedures over the rights issue prospectus \u2014 1.2 \u2022 audit-related services \u2013 review procedures over interim accounts 0.1 0.2 0.8 2.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "
6 Employee information
Year ended Year ended
$ million 31 December 2025 31 December 2024
Wages and salaries
22.8
19.0
Social security costs
2.0
2.0
Pension costs
1.8
1.4
Share-based payments
8.7
4.7
Employee costs capitalised
(6.8)
(8.1)
28.5
19.0
Further details on share-based payments are provided in Note 27 and employee costs
capitalised in Note 2.5.1.
Year ended Year ended
Average headcount 31 December 2025 31 December 2024
Engineering
67
66
Corporate and administrative
22
16
Communications and publishing
14
16
Sales and product management
24
26
Retail
7
10
134
134
Directors\u2019 remuneration
Year ended Year ended
$ million 31 December 2025 31 December 2024
Remuneration
2.4
2.1
Pension contributions to defined contribution pension
scheme
0.1
\u2014
Share-based payments
0.7
0.2
3.2
2.3
The pension contribution for Directors in 2024 was $48,700. This figure is not shown in the
table above as the figures are presented in millions.
Total remuneration of the highest paid Director in 2025 amounted to $1.3 million
(2024: $0.7 million). In both 2025 and 2024, there was one Director who was a member
of the defined contribution scheme.
The aggregate Directors' remuneration above includes fees paid to Non-Executive Directors.
The employee headcount and staff cost disclosures exclude Non-Executive Directors, who
are engaged under letters of appointment rather than as employees. Further details of
Directors' remuneration are set out in the Directors' Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "7 Depreciation and amortisation
Year ended Year ended
$ million 31 December 2025 31 December 2024
Depreciation of property, plant and equipment
2.4
2.8
Depreciation of right-of-use assets
1.6
1.6
Amortisation of intangible assets
13.6
12.3
Plant and equipment depreciation capitalised
(0.3)
\u2014
Intangible amortisation capitalised
(6.8)
(6.0)
10.5
10.7
11 Intangible assets
On-market Pipeline Other acquired
$ million development development
intangibles
Total
Cost
At 1 January 2024
25.7
21.2
21.1
68.0
Additions
\u2014
26.6
0.3
26.9
Transfers
13.3
(13.3)
\u2014
\u2014
At 31 December 2024
39.0
34.5
21.4
94.9
Additions
\u2014
20.6
3.0
23.6
Transfers
1.2
(1.2)
\u2014
\u2014
At 31 December 2025
40.2
53.9
24.4
118.5
Amortisation
At 1 January 2024
(7.9)
\u2014
(1.5)
(9.4)
Charge
(4.9)
\u2014
(7.4)
(12.3)
At 31 December 2024
(12.8)
\u2014
(8.9)
(21.7)
Charge
(5.4)
\u2014
(8.2)
(13.6)
At 31 December 2025
(18.2)
\u2014
(17.1)
(35.3)
Net book value:
At 31 December 2025
22.0
53.9
7.3
83.2
At 31 December 2024
26.2
34.5
12.5
73.2
To maintain market leadership and drive growth, we develop next generation technology platforms that embody our brand values of performance, price, quality and ease of use. New core hardware is released every three to four years, with software and documentation support setting Raspberry Pi apart from competitors. We prioritise in-house development with a skilled engineering team of 67 (2024: 66), focused on successors to Raspberry Pi 5, semiconductor chips, new computer boards and accessories. Internal and external development costs are capitalised when the criteria outlined in critical accounting judgement Note 2.5.1 are met. On-market development is amortised from its market launch date over a life of three years for accessories, four years for SBCs, and eight years for microcontrollers. The useful economic life of microcontrollers was extended from six years as described in Note 2.5.3. Impairment testing is performed only when an internal or external impairment trigger is identified. Pipeline development in progress is not amortised but instead tested annually for impairment. Historically, most capitalised projects have been commercialised, at which point they are transferred to on-market projects and thereafter amortised as explained above. The other acquired intangibles category primarily relates to licences but also includes any externally acquired intangible assets not already captured in the above categories. Licences, particularly those related to technical designs, are amortised over the length of the licence. Impairment testing Impairment testing is performed at the CGU level in line with IAS 36, and as explained in the critical estimate on CGU determination in Note 2.5.2. Management has determined that the assets associated with the Pi 5 product group and the semiconductor product group each constitute individual CGUs representing the lowest level at which impairment can be assessed. The projected cash flows arising from the CGUs are forecast over the expected product demand lifecycle, which may extend up to 20 years from the launch date, and which may exceed the assets' estimated useful economic life (\"UEL\") of three to eight years. Beyond the period of peak performance, cash flows are projected on a declining basis of up to 30% per annum until management considers the horizon to be reasonable. This is consistent with the critical estimate on CGU determination outlined in Note 2.5.2. On-market developments were assessed for the following impairment triggers:
External impairment triggers: Market decline, economic changes, increased competition,
technological obsolescence, interest rate shifts, and legal or political factors.
Internal impairment triggers: Underperformance, asset utilisation changes, physical
damage, restructuring, reduced useful life, and licensing or contractual issues.
For the year ended 31 December 2025, an impairment trigger was identified for the Pi 5 CGU due to current and increasing memory prices, which began rising in the second half of 2025. Accordingly, management performed an impairment assessment of the CGU. No other impairment triggers were identified. The assessment was performed solely in response to memory price increases. As development projects must undertake a mandatory impairment test, this is performed at the CGU level as explained in the critical estimate on CGU determination in Note 2.5.2. Additionally, various other/accessory items are evaluated at the project unit item level, as these products are generally less dependent on core technology capabilities than the core development platforms. No impairment indicator was identified for these products. Semiconductor CGU In accordance with IAS 36, impairment testing for projects under development includes estimated future cash outflows required for completion, even if not yet capitalised \u2013 an exception to the general principle. Cash flows have been projected using a three-year forecast, being the period for which detailed projections are available. Cash flows are initially projected on a growth basis before declining at up to 30% per annum once peak performance has been reached, until management considers the horizon to be reasonable. The total projection period therefore extends beyond five years in aggregate. Cash flows are projected based on expected revenue and cost patterns for the products. In the case of semiconductors developed for use in future products, management has based its forecasts on the market prices of equivalent products and projected manufacturing costs based on the past performance of similar products and management's expectations for the future. A discount rate of 17.3% (2024: 15.7%) has been applied in determining the present value of the cash flows anticipated. The discount rate is a pre-tax rate which reflects any specific risks relating to the relevant products. An asset-specific rate is not available directly from the market, and therefore the discount rate has been estimated to reflect, as far as possible, a market assessment of the time value of money. The assessment indicated significant headroom and no impairment has been recognised. Management does not consider that any reasonably possible change, or combination of changes, in key assumptions including discount rates, cash flow projections, and demand decline rates, would result in an impairment. The impact of external risks, including supply chain uncertainties and market fluctuations, has been considered. The assumptions used align with similar product lifecycles, though uncertainties related to climate change risks, enhancement-related cash flows, and extended forecast periods require ongoing assessment. Given the robust development portfolio, the semiconductor CGU remains well positioned for future growth. However, as at the date of these financial statements, there remains a high level of uncertainty regarding long-term market conditions, technological advancements and regulatory changes. The Group continues to monitor potential risks in supply chain logistics, intellectual property regulations and environmental compliance, ensuring that future developments align with the Group\u2019s strategic objectives and IAS 36 requirements. Pi 5 CGU An impairment assessment was performed for the Pi 5 CGU due to an identified trigger from rising memory prices, which was not present in 2024. Cash flows were based on forecasts over a three-year budget period, with the model extending to a five-year horizon. Beyond the budget period, future pipeline development has been modelled based on expected sales over the product lifecycle, with cash flows projected on a declining basis of up to 30% beyond the period of peak revenues. Budgeted gross profit has been used, with revenue projections reflecting management's expectations for unit sales volumes and ASP. A pre-tax discount rate of 17.3% has been applied, reflecting the time value of money and CGU-specific risks. While rising memory prices present an identified risk, the Group increased its ASP in line with cost growth, maintaining gross profit per board at historic levels. Management's assessment considered the interdependencies between memory costs, unit sales volumes and margin when stress-testing key assumptions. Management does not consider that any reasonably possible change, or combination of changes, in key assumptions would result in an impairment. Following the assessment, management concluded that the recoverable amount of the Pi 5 CGU exceeded its carrying amount and no impairment was recognised. 12 Property, plant and equipment
Office and
Leasehold Plant and computer
$ million improvements equipment
equipment
Total
Cost
At 1 January 2024
1.7
8.8
2.5
13.0
Additions
0.5
1.2
0.5
2.2
At 31 December 2024
2.2
10.0
3.0
15.2
Additions
0.1
1.5
0.2
1.8
At 31 December 2025
2.3
11.5
3.2
17.0
Depreciation
At 1 January 2024
(0.2)
(6.4)
(1.3)
(7.9)
Charge
(0.5)
(1.7)
(0.6)
(2.8)
At 31 December 2024
(0.7)
(8.1)
(1.9)
(10.7)
Charge
(0.4)
(1.3)
(0.7)
(2.4)
At 31 December 2025
(1.1)
(9.4)
(2.6)
(13.1)
Net book value:
At 31 December 2025
1.2
2.1
0.6
3.9
At 31 December 2024
1.5
1.9
1.1
4.5
As at 31 December 2025, $4.2 million of fully depreciated property, plant and equipment was still in use (2024: $1.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "
8 Net financing items
Year ended Year ended
$ million 31 December 2025 31 December 2024
Finance income
Bank and other interest receivable
1.0
1.1
Finance costs
Bank interest payable and similar charges
(1.0)
(0.8)
Interest on lease liabilities
(0.4)
(0.4)
Unwinding of discounts
(1.3)
(1.2)
Foreign exchange
0.2
\u2014
(2.5)
(2.4)
Net financing items
(1.5)
(1.3)
As the Group has no external debt, interest charges primarily relate to RCF arrangement and
non-utilisation fees. Interest income is generated from overnight money market deposits
and from amounts receivable from HMRC. Interest on lease liabilities and unwinding of
discounts on extended trade payable terms arise in accordance with leases and financial
instrument accounting rules.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "8 Net financing items
Year ended Year ended
$ million 31 December 2025 31 December 2024
Finance income
Bank and other interest receivable
1.0
1.1
Finance costs
Bank interest payable and similar charges
(1.0)
(0.8)
Interest on lease liabilities
(0.4)
(0.4)
Unwinding of discounts
(1.3)
(1.2)
Foreign exchange
0.2
\u2014
(2.5)
(2.4)
Net financing items
(1.5)
(1.3)
As the Group has no external debt, interest charges primarily relate to RCF arrangement and non-utilisation fees. Interest income is generated from overnight money market deposits and from amounts receivable from HMRC. Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise in accordance with leases and financial instrument accounting rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "8 Net financing items
Year ended Year ended
$ million 31 December 2025 31 December 2024
Finance income
Bank and other interest receivable
1.0
1.1
Finance costs
Bank interest payable and similar charges
(1.0)
(0.8)
Interest on lease liabilities
(0.4)
(0.4)
Unwinding of discounts
(1.3)
(1.2)
Foreign exchange
0.2
\u2014
(2.5)
(2.4)
Net financing items
(1.5)
(1.3)
As the Group has no external debt, interest charges primarily relate to RCF arrangement and non-utilisation fees. Interest income is generated from overnight money market deposits and from amounts receivable from HMRC. Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise in accordance with leases and financial instrument accounting rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "8 Net financing items
Year ended Year ended
$ million 31 December 2025 31 December 2024
Finance income
Bank and other interest receivable
1.0
1.1
Finance costs
Bank interest payable and similar charges
(1.0)
(0.8)
Interest on lease liabilities
(0.4)
(0.4)
Unwinding of discounts
(1.3)
(1.2)
Foreign exchange
0.2
\u2014
(2.5)
(2.4)
Net financing items
(1.5)
(1.3)
As the Group has no external debt, interest charges primarily relate to RCF arrangement and non-utilisation fees. Interest income is generated from overnight money market deposits and from amounts receivable from HMRC. Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise in accordance with leases and financial instrument accounting rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "8 Net financing items
Year ended Year ended
$ million 31 December 2025 31 December 2024
Finance income
Bank and other interest receivable
1.0
1.1
Finance costs
Bank interest payable and similar charges
(1.0)
(0.8)
Interest on lease liabilities
(0.4)
(0.4)
Unwinding of discounts
(1.3)
(1.2)
Foreign exchange
0.2
\u2014
(2.5)
(2.4)
Net financing items
(1.5)
(1.3)
As the Group has no external debt, interest charges primarily relate to RCF arrangement and non-utilisation fees. Interest income is generated from overnight money market deposits and from amounts receivable from HMRC. Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise in accordance with leases and financial instrument accounting rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "8 Net financing items
Year ended Year ended
$ million 31 December 2025 31 December 2024
Finance income
Bank and other interest receivable
1.0
1.1
Finance costs
Bank interest payable and similar charges
(1.0)
(0.8)
Interest on lease liabilities
(0.4)
(0.4)
Unwinding of discounts
(1.3)
(1.2)
Foreign exchange
0.2
\u2014
(2.5)
(2.4)
Net financing items
(1.5)
(1.3)
As the Group has no external debt, interest charges primarily relate to RCF arrangement and non-utilisation fees. Interest income is generated from overnight money market deposits and from amounts receivable from HMRC. Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise in accordance with leases and financial instrument accounting rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
9 Taxation charge
Year ended Year ended
$ million 31 December 2025 31 December 2024
Current tax:
Current taxation charge
4.9
3.3
Adjustments in respect of previous periods
(1.8)
0.1
3.1
3.4
Deferred tax:
Deferred taxation charge
1.4
1.6
Adjustment in respect of previous periods
0.3
(0.4)
1.7
1.2
Taxation charge for the year
4.8
4.6
The charge for the year can be reconciled to the profit per the Consolidated Statement
of Comprehensive Income as follows:
Year ended Year ended
$ million 31 December 2025 31 December 2024
Profit before taxation
26.5
16.3
Corporation tax at an effective rate of 25% (2024: 25%)
6.6
4.1
Effect of:
Adjustments in respect of prior years
(1.5)
(0.3)
Expenses not deductible for tax purposes
\u2014
0.8
Foreign exchange
(0.5)
\u2014
Share-based payments
1.6
\u2014
Effect of group relief/other reliefs
(1.4)
\u2014
Taxation charge for the year
4.8
4.6
In 2025, the total effective tax rate was 18.1%, which is lower than the underlying rate of
25%. The difference from the statutory rate of 25% is due to four factors. The relief for
share-based payments differs for accounting and tax purposes, and that resulted in an
increase in the effective tax rate by 6.1%. There were three factors reducing the effective
tax rate. Changes in estimates for prior year taxation resulted in a net reduction of 5.7%.
For 2023 there was some uncertainty of treatment for an item in the tax return and a
provision was made accordingly. In 2025, third party, expert advice was received confirming
the technical position taken, such that the provision was no longer necessary. In 2025 a
patent was granted, allowing the Group to claim certain tax reliefs, reducing the effective
rate by 5.7%. Lastly, there was a reduction of 1.9% owing to foreign exchange differences.
In 2024 effective tax rate was 28.2%, higher than the underlying 25%, which was mainly due
to $2.9 million in non-recurring IPO-related costs, which were largely non-deductible for
tax purposes.
25 Deferred taxation
The principal deferred tax liabilities relate to differences between the tax and accounting
base of intangible assets relating to development costs capitalised. Deferred tax liabilities
associated with intangible assets unwind to offset the tax distortion that would otherwise
occur as the assets are amortised.
$ million
2025
2024
Deferred tax liabilities
Development costs capitalised
(15.7)
(13.1)
Property, plant and equipment
(0.7)
(0.7)
(16.4)
(13.8)
Deferred tax assets
Share-based payments
0.9
2.1
Deferred income \u2013 RDEC
1.9
1.3
Other timing differences
0.4
0.3
3.2
3.7
Net deferred tax liability
(13.2)
(10.1)
Development costs are capitalised and amortised over future periods for accounting profit
but are immediately deductible under section 1308 of the Corporation Tax Act 2009 for
taxable profit. These costs have a tax base of nil, creating a temporary difference between
their carrying amount and tax base. This deferred tax liability (\u201cDTL\u201d) reflects future tax
payable as amortisation occurs, with the full tax deduction claimed upfront. The DTL
unwinds over the asset\u2019s useful life, aligning tax and accounting treatments.
Deferred tax is provided on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. It is calculated using
tax rates that have been enacted or substantively enacted by the reporting period\u2019s
end and are expected to apply when the timing differences are resolved.
In accordance with IAS 12 rules, all deferred tax balances are presented as long term,
are not discounted and are presented net on the balance sheet to the extent that they
arise with the same tax authority.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "
10 Earnings per share (\"EPS\")
Basic EPS: Profit for the period attributable to owners divided by the weighted average
number of ordinary shares in issue, excluding unvested shares held by the Employee Benefit
Trust, unless specifically allocated or cancelled.
Diluted EPS: Adjusts the weighted average number of shares to include all potentially
dilutive shares, such as share options.
Adjusted EPS: Is a non-IFRS alternative performance measure which adjusts basic EPS and
diluted EPS for the non-recurring items and share-based payments applied in computing
adjusted EBITDA.
Earnings per share
2025
2024
Profit after tax ($ million)
21.7
11.7
Weighted average number of shares in issue during the
period
193,477,224
180,669,421
Shares held in Employee Benefit Trust
(155,226)
(155,226)
Total number of shares for basic EPS
193,321,998
180,514,195
Basic earnings per share (cents)
11.22
6.48
Dilutive effect of legacy performance shares scheme
\u2014
7,638,832
Dilutive effect of post-IPO schemes
3,935,355
546,798
Weighted average dilutive number of shares during the
period
197,257,353
188,699,825
Diluted earnings per share (cents)
11.00
6.20
Adjusted earnings per share
2025
2024
Profit after tax ($ million)
21.7
11.7
Non-recurring costs \u2013 disallowable for tax ($ million)
\u2014
2.9
Employee share schemes ($ million)
7.9
6.0
Tax on employee share schemes ($ million)
(1.6)
(1.3)
Adjusted profit after tax ($ million)
28.0
19.3
Total number of shares for basic EPS
193,321,998
180,514,195
Adjusted basic earnings per share (cents)
14.48
10.69
Weighted average dilutive number of shares in the
period
197,257,353
188,699,825
Adjusted diluted earnings per share (cents)
14.19
10.23
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "
11 Intangible assets
On-market Pipeline Other acquired
$ million development development
intangibles
Total
Cost
At 1 January 2024
25.7
21.2
21.1
68.0
Additions
\u2014
26.6
0.3
26.9
Transfers
13.3
(13.3)
\u2014
\u2014
At 31 December 2024
39.0
34.5
21.4
94.9
Additions
\u2014
20.6
3.0
23.6
Transfers
1.2
(1.2)
\u2014
\u2014
At 31 December 2025
40.2
53.9
24.4
118.5
Amortisation
At 1 January 2024
(7.9)
\u2014
(1.5)
(9.4)
Charge
(4.9)
\u2014
(7.4)
(12.3)
At 31 December 2024
(12.8)
\u2014
(8.9)
(21.7)
Charge
(5.4)
\u2014
(8.2)
(13.6)
At 31 December 2025
(18.2)
\u2014
(17.1)
(35.3)
Net book value:
At 31 December 2025
22.0
53.9
7.3
83.2
At 31 December 2024
26.2
34.5
12.5
73.2
To maintain market leadership and drive growth, we develop next generation technology
platforms that embody our brand values of performance, price, quality and ease of use.
New core hardware is released every three to four years, with software and documentation
support setting Raspberry Pi apart from competitors.
We prioritise in-house development with a skilled engineering team of 67 (2024: 66),
focused on successors to Raspberry Pi 5, semiconductor chips, new computer boards and
accessories. Internal and external development costs are capitalised when the criteria
outlined in critical accounting judgement Note 2.5.1 are met.
On-market development is amortised from its market launch date over a life of three years
for accessories, four years for SBCs, and eight years for microcontrollers. The useful
economic life of microcontrollers was extended from six years as described in Note 2.5.3.
Impairment testing is performed only when an internal or external impairment trigger
is identified.
Pipeline development in progress is not amortised but instead tested annually for impairment.
Historically, most capitalised projects have been commercialised, at which point they are
transferred to on-market projects and thereafter amortised as explained above.
The other acquired intangibles category primarily relates to licences but also includes any
externally acquired intangible assets not already captured in the above categories. Licences,
particularly those related to technical designs, are amortised over the length of the licence.
Impairment testing
Impairment testing is performed at the CGU level in line with IAS 36, and as explained in the
critical estimate on CGU determination in Note 2.5.2.
Management has determined that the assets associated with the Pi 5 product group and
the semiconductor product group each constitute individual CGUs representing the lowest
level at which impairment can be assessed.
The projected cash flows arising from the CGUs are forecast over the expected product
demand lifecycle, which may extend up to 20 years from the launch date, and which may
exceed the assets' estimated useful economic life (\"UEL\") of three to eight years. Beyond the
period of peak performance, cash flows are projected on a declining basis of up to 30% per
annum until management considers the horizon to be reasonable. This is consistent with
the critical estimate on CGU determination outlined in Note 2.5.2.
On-market developments were assessed for the following impairment triggers:
External impairment triggers: Market decline, economic changes, increased competition,
technological obsolescence, interest rate shifts, and legal or political factors.
Internal impairment triggers: Underperformance, asset utilisation changes, physical
damage, restructuring, reduced useful life, and licensing or contractual issues.
For the year ended 31 December 2025, an impairment trigger was identified for the Pi 5
CGU due to current and increasing memory prices, which began rising in the second half of
2025. Accordingly, management performed an impairment assessment of the CGU. No
other impairment triggers were identified. The assessment was performed solely in
response to memory price increases.
As development projects must undertake a mandatory impairment test, this is performed
at the CGU level as explained in the critical estimate on CGU determination in Note 2.5.2.
Additionally, various other/accessory items are evaluated at the project unit item level, as
these products are generally less dependent on core technology capabilities than the core
development platforms. No impairment indicator was identified for these products.
Semiconductor CGU
In accordance with IAS 36, impairment testing for projects under development includes
estimated future cash outflows required for completion, even if not yet capitalised \u2013 an
exception to the general principle. Cash flows have been projected using a three-year
forecast, being the period for which detailed projections are available. Cash flows are
initially projected on a growth basis before declining at up to 30% per annum once peak
performance has been reached, until management considers the horizon to be reasonable.
The total projection period therefore extends beyond five years in aggregate. Cash flows are
projected based on expected revenue and cost patterns for the products. In the case of
semiconductors developed for use in future products, management has based its forecasts
on the market prices of equivalent products and projected manufacturing costs based on
the past performance of similar products and management's expectations for the future.
A discount rate of 17.3% (2024: 15.7%) has been applied in determining the present value
of the cash flows anticipated. The discount rate is a pre-tax rate which reflects any specific
risks relating to the relevant products. An asset-specific rate is not available directly from
the market, and therefore the discount rate has been estimated to reflect, as far as possible,
a market assessment of the time value of money. The assessment indicated significant
headroom and no impairment has been recognised. Management does not consider that
any reasonably possible change, or combination of changes, in key assumptions including
discount rates, cash flow projections, and demand decline rates, would result in an impairment.
The impact of external risks, including supply chain uncertainties and market fluctuations,
has been considered. The assumptions used align with similar product lifecycles, though
uncertainties related to climate change risks, enhancement-related cash flows, and
extended forecast periods require ongoing assessment. Given the robust development
portfolio, the semiconductor CGU remains well positioned for future growth. However, as
at the date of these financial statements, there remains a high level of uncertainty regarding
long-term market conditions, technological advancements and regulatory changes.
The Group continues to monitor potential risks in supply chain logistics, intellectual property
regulations and environmental compliance, ensuring that future developments align with
the Group\u2019s strategic objectives and IAS 36 requirements.
Pi 5 CGU
An impairment assessment was performed for the Pi 5 CGU due to an identified trigger
from rising memory prices, which was not present in 2024. Cash flows were based on
forecasts over a three-year budget period, with the model extending to a five-year horizon.
Beyond the budget period, future pipeline development has been modelled based on
expected sales over the product lifecycle, with cash flows projected on a declining basis of
up to 30% beyond the period of peak revenues. Budgeted gross profit has been used, with
revenue projections reflecting management's expectations for unit sales volumes and ASP.
A pre-tax discount rate of 17.3% has been applied, reflecting the time value of money and
CGU-specific risks. While rising memory prices present an identified risk, the Group increased
its ASP in line with cost growth, maintaining gross profit per board at historic levels.
Management's assessment considered the interdependencies between memory costs, unit
sales volumes and margin when stress-testing key assumptions. Management does not
consider that any reasonably possible change, or combination of changes, in key
assumptions would result in an impairment. Following the assessment, management
concluded that the recoverable amount of the Pi 5 CGU exceeded its carrying amount
and no impairment was recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "11 Intangible assets
On-market Pipeline Other acquired
$ million development development
intangibles
Total
Cost
At 1 January 2024
25.7
21.2
21.1
68.0
Additions
\u2014
26.6
0.3
26.9
Transfers
13.3
(13.3)
\u2014
\u2014
At 31 December 2024
39.0
34.5
21.4
94.9
Additions
\u2014
20.6
3.0
23.6
Transfers
1.2
(1.2)
\u2014
\u2014
At 31 December 2025
40.2
53.9
24.4
118.5
Amortisation
At 1 January 2024
(7.9)
\u2014
(1.5)
(9.4)
Charge
(4.9)
\u2014
(7.4)
(12.3)
At 31 December 2024
(12.8)
\u2014
(8.9)
(21.7)
Charge
(5.4)
\u2014
(8.2)
(13.6)
At 31 December 2025
(18.2)
\u2014
(17.1)
(35.3)
Net book value:
At 31 December 2025
22.0
53.9
7.3
83.2
At 31 December 2024
26.2
34.5
12.5
73.2
To maintain market leadership and drive growth, we develop next generation technology platforms that embody our brand values of performance, price, quality and ease of use. New core hardware is released every three to four years, with software and documentation support setting Raspberry Pi apart from competitors. We prioritise in-house development with a skilled engineering team of 67 (2024: 66), focused on successors to Raspberry Pi 5, semiconductor chips, new computer boards and accessories. Internal and external development costs are capitalised when the criteria outlined in critical accounting judgement Note 2.5.1 are met. On-market development is amortised from its market launch date over a life of three years for accessories, four years for SBCs, and eight years for microcontrollers. The useful economic life of microcontrollers was extended from six years as described in Note 2.5.3. Impairment testing is performed only when an internal or external impairment trigger is identified. Pipeline development in progress is not amortised but instead tested annually for impairment. Historically, most capitalised projects have been commercialised, at which point they are transferred to on-market projects and thereafter amortised as explained above. The other acquired intangibles category primarily relates to licences but also includes any externally acquired intangible assets not already captured in the above categories. Licences, particularly those related to technical designs, are amortised over the length of the licence. Impairment testing Impairment testing is performed at the CGU level in line with IAS 36, and as explained in the critical estimate on CGU determination in Note 2.5.2. Management has determined that the assets associated with the Pi 5 product group and the semiconductor product group each constitute individual CGUs representing the lowest level at which impairment can be assessed. The projected cash flows arising from the CGUs are forecast over the expected product demand lifecycle, which may extend up to 20 years from the launch date, and which may exceed the assets' estimated useful economic life (\"UEL\") of three to eight years. Beyond the period of peak performance, cash flows are projected on a declining basis of up to 30% per annum until management considers the horizon to be reasonable. This is consistent with the critical estimate on CGU determination outlined in Note 2.5.2. On-market developments were assessed for the following impairment triggers:
External impairment triggers: Market decline, economic changes, increased competition,
technological obsolescence, interest rate shifts, and legal or political factors.
Internal impairment triggers: Underperformance, asset utilisation changes, physical
damage, restructuring, reduced useful life, and licensing or contractual issues.
For the year ended 31 December 2025, an impairment trigger was identified for the Pi 5 CGU due to current and increasing memory prices, which began rising in the second half of 2025. Accordingly, management performed an impairment assessment of the CGU. No other impairment triggers were identified. The assessment was performed solely in response to memory price increases. As development projects must undertake a mandatory impairment test, this is performed at the CGU level as explained in the critical estimate on CGU determination in Note 2.5.2. Additionally, various other/accessory items are evaluated at the project unit item level, as these products are generally less dependent on core technology capabilities than the core development platforms. No impairment indicator was identified for these products. Semiconductor CGU In accordance with IAS 36, impairment testing for projects under development includes estimated future cash outflows required for completion, even if not yet capitalised \u2013 an exception to the general principle. Cash flows have been projected using a three-year forecast, being the period for which detailed projections are available. Cash flows are initially projected on a growth basis before declining at up to 30% per annum once peak performance has been reached, until management considers the horizon to be reasonable. The total projection period therefore extends beyond five years in aggregate. Cash flows are projected based on expected revenue and cost patterns for the products. In the case of semiconductors developed for use in future products, management has based its forecasts on the market prices of equivalent products and projected manufacturing costs based on the past performance of similar products and management's expectations for the future. A discount rate of 17.3% (2024: 15.7%) has been applied in determining the present value of the cash flows anticipated. The discount rate is a pre-tax rate which reflects any specific risks relating to the relevant products. An asset-specific rate is not available directly from the market, and therefore the discount rate has been estimated to reflect, as far as possible, a market assessment of the time value of money. The assessment indicated significant headroom and no impairment has been recognised. Management does not consider that any reasonably possible change, or combination of changes, in key assumptions including discount rates, cash flow projections, and demand decline rates, would result in an impairment. The impact of external risks, including supply chain uncertainties and market fluctuations, has been considered. The assumptions used align with similar product lifecycles, though uncertainties related to climate change risks, enhancement-related cash flows, and extended forecast periods require ongoing assessment. Given the robust development portfolio, the semiconductor CGU remains well positioned for future growth. However, as at the date of these financial statements, there remains a high level of uncertainty regarding long-term market conditions, technological advancements and regulatory changes. The Group continues to monitor potential risks in supply chain logistics, intellectual property regulations and environmental compliance, ensuring that future developments align with the Group\u2019s strategic objectives and IAS 36 requirements. Pi 5 CGU An impairment assessment was performed for the Pi 5 CGU due to an identified trigger from rising memory prices, which was not present in 2024. Cash flows were based on forecasts over a three-year budget period, with the model extending to a five-year horizon. Beyond the budget period, future pipeline development has been modelled based on expected sales over the product lifecycle, with cash flows projected on a declining basis of up to 30% beyond the period of peak revenues. Budgeted gross profit has been used, with revenue projections reflecting management's expectations for unit sales volumes and ASP. A pre-tax discount rate of 17.3% has been applied, reflecting the time value of money and CGU-specific risks. While rising memory prices present an identified risk, the Group increased its ASP in line with cost growth, maintaining gross profit per board at historic levels. Management's assessment considered the interdependencies between memory costs, unit sales volumes and margin when stress-testing key assumptions. Management does not consider that any reasonably possible change, or combination of changes, in key assumptions would result in an impairment. Following the assessment, management concluded that the recoverable amount of the Pi 5 CGU exceeded its carrying amount and no impairment was recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "
12 Property, plant and equipment
Office and
Leasehold Plant and computer
$ million improvements equipment
equipment
Total
Cost
At 1 January 2024
1.7
8.8
2.5
13.0
Additions
0.5
1.2
0.5
2.2
At 31 December 2024
2.2
10.0
3.0
15.2
Additions
0.1
1.5
0.2
1.8
At 31 December 2025
2.3
11.5
3.2
17.0
Depreciation
At 1 January 2024
(0.2)
(6.4)
(1.3)
(7.9)
Charge
(0.5)
(1.7)
(0.6)
(2.8)
At 31 December 2024
(0.7)
(8.1)
(1.9)
(10.7)
Charge
(0.4)
(1.3)
(0.7)
(2.4)
At 31 December 2025
(1.1)
(9.4)
(2.6)
(13.1)
Net book value:
At 31 December 2025
1.2
2.1
0.6
3.9
At 31 December 2024
1.5
1.9
1.1
4.5
As at 31 December 2025, $4.2 million of fully depreciated property, plant and equipment
was still in use (2024: $1.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
13 Right-of-use (\"ROU\") assets
$ million
2025
2024
At 1 January
6.1
6.7
Remeasurements
4.5
1.0
Derecognition
(0.4)
\u2014
Depreciation
(1.6)
(1.6)
8.6
6.1
ROU assets relate to the Group\u2019s property leases over its office building and its warehouse
in Suffolk. Leases include variable payments and termination or extension options.
During the year, the Group assigned its former office lease which was previously impaired
when it was vacated. The ROU asset, lease liability, and dilapidation provision were
derecognised, resulting in a $0.3 million gain, net of exit costs.
The lease on the current office building was also extended, giving rise to a lease
modification and remeasurement of the ROU and corresponding lease liability.
ROU assets are depreciated over the shorter of the asset\u2019s useful life and the lease term
on a straight-line basis.
Details in respect of the Group\u2019s lease liabilities are disclosed in Note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
14 Other non-current assets
$ million
2025
2024
Prepaid manufacturing cost
1.3
2.0
Deferred tax asset
0.1
0.3
1.4
2.3
The prepaid manufacturing cost represents an advance payment made by the Group to its
contract manufacturer for the production of Raspberry Pi products. This prepayment is
amortised over a period of five years. As at 31 December 2025, $0.7 million (2024: $0.7 million),
which is the portion of the prepayment that will be amortised within the next year, is
classified as a current asset, while the remaining portion of $1.3 million (2024: $2.0 million)
is classified as non-current.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "14 Other non-current assets
$ million
2025
2024
Prepaid manufacturing cost
1.3
2.0
Deferred tax asset
0.1
0.3
1.4
2.3
The prepaid manufacturing cost represents an advance payment made by the Group to its contract manufacturer for the production of Raspberry Pi products. This prepayment is amortised over a period of five years. As at 31 December 2025, $0.7 million (2024: $0.7 million), which is the portion of the prepayment that will be amortised within the next year, is classified as a current asset, while the remaining portion of $1.3 million (2024: $2.0 million) is classified as non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "
15 Inventories
$ million
2025
2024
Components
114.1
92.9
Finished goods
31.2
63.8
145.3
156.7
Inventories are stated net of provisions for write-downs to net realisable value, which are
recognised as an expense in profit or loss. The movements in inventories presented in the
cash flow statement reflect the net change in inventory balances after these provisions, net
of the fair value adjustment in relation to the extended payable as discussed in Note 18.
Accordingly, separate presentation of write-downs as non-cash adjustments in the
reconciliation of profit to cash flows is not considered necessary.
During the year, $235.5 million (2024: $191.8 million) of inventories were charged as cost
of sales. Write-downs of inventories to net realisable value amounted to $1.5 million
(2024: $1.5 million). These were recognised as an expense during the year ended
31 December 2025 and included in cost of goods sold. The Group recorded an amount
of $1.1 million (2024: $4.2 million) as income resulting from reversal of inventory write-
downs that were previously recognised. The income was recognised within cost of sales
to reverse the original expense. The remaining provision within inventories of $6.6 million
(2024: $6.2 million) is for anticipated future obsolescence on specific slow-moving units.
As at 31 December 2025, $5.3 million (2024: $3.5 million) of inventories are committed
and have been purchased back after the year end as part of repurchase liabilities described
in Note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "
16 Trade and other receivables
The Group considers that the carrying amount of trade and other receivables is a
reasonable approximation of their fair value due to their short-term nature.
$ million
2025
2024
Trade receivables
52.6
31.0
Prepayments
4.5
3.6
VAT receivable
1.6
0.9
Other receivables
0.8
0.7
59.5
36.2
The Group applies the IFRS 9 simplified approach to measuring expected credit losses
which uses a lifetime expected loss allowance for all trade receivables. Management has
assessed the expected credit losses on trade receivables and determined that no loss
allowance is required in 2025 (2024: $nil). Accordingly, no movement in the expected credit
loss provision has been recognised in administrative expenses in the Consolidated
Statement of Comprehensive Income. In 2025, Raspberry Pi Holdings plc was registered for
VAT to account for VAT on intercompany services. This allowed a reclaim of VAT on some
of the costs incurred as part of the IPO. As the registration and reclaim of VAT occurred
towards the end of 2025 the amount reclaimed was still outstanding at the year end but
was repaid by HMRC in February 2026.
$ million
2025
2024
Current tax receivable
1.4
6.6
Owing to its size, the Group has to pay all of its expected corporation tax liability for the
financial year, during the calendar year. In calculating and paying this corporation tax, no
account can be taken of the Research and Development Expenditure Credit (\u201cRDEC\u201d) that is
claimed in the tax return and paid out by HMRC. This means that at the year end there is
normally a current tax receivable. In 2025, the 2024 tax returns were submitted earlier than
in previous years, meaning that RDEC for both 2023 and 2024 were received during 2025,
reducing the net receivable at the end of 2025 compared to 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
$ million
2025
2024
Trade receivables
52.6
31.0
Prepayments
4.5
3.6
VAT receivable
1.6
0.9
Other receivables
0.8
0.7
59.5
36.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "
17 Cash and cash equivalents
$ million
2025
2024
Cash at bank
11.1
5.8
Money market deposits
17.0
40.0
28.1
45.8
Cash and cash equivalents include money market deposits, cash at bank and cash in hand.
Money market deposits are highly liquid and accessible on demand within 24 hours, and
carry minimal risk of value changes due to interest fluctuations, ensuring certain returns of
investment. The fair value of cash and cash equivalents equals their carrying amount when
repayable on demand. The Group\u2019s cash and cash equivalents are held with Barclays Bank
UK PLC with credit ratings of A-1 (S&P), P-1 (Moody\u2019s), and F1 (Fitch); and in a money
market fund managed by JP Morgan Chase & Co with credit ratings of A-1 (S&P), P-1
(Moody\u2019s) and F1+ (Fitch).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
18 Trade and other payables
$ million
2025
2024
Trade payables
46.5
83.1
Accruals and other payables
6.5
7.1
Repurchase liabilities
5.9
4.4
Other taxation and social security
1.2
1.0
Deferred income \u2013 RDEC
0.5
0.5
60.6
96.1
In 2024, the Group had extended payment terms of nine to twelve months with two
electronic component suppliers. Supplier invoices totalling $52.2 million were discounted to
$51.0 million with reference to observable market interest rates. These payables remained
classified within the normal operating cycle.
As at 31 December 2025, there is no outstanding balance under these extended term
agreements and no such arrangements are still in place. All trade payables are now subject
to standard 30 to 45-day terms and are considered by management to approximate to their
fair value.
Repurchase liabilities relate to components sold to contract manufacturers for producing
finished products the Group has committed to buy. When the Group sells components and
orders the assembly of a single board computer using those components, the cash from
the sale is deferred as a repurchase liability. This liability is not released until the contract
manufacturer delivers the completed product to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
$ million
2025
2024
Trade payables
46.5
83.1
Accruals and other payables
6.5
7.1
Repurchase liabilities
5.9
4.4
Other taxation and social security
1.2
1.0
Deferred income \u2013 RDEC
0.5
0.5
60.6
96.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "
$ million
2025
2024
Trade payables
46.5
83.1
Accruals and other payables
6.5
7.1
Repurchase liabilities
5.9
4.4
Other taxation and social security
1.2
1.0
Deferred income \u2013 RDEC
0.5
0.5
60.6
96.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "
19 Provisions
$ million
2025
2024
Less than one year
0.3
0.7
Between one and five years
0.9
1.9
1.2
2.6
Employee provisions relate to the estimate of future employer National Insurance
contributions due on share-based compensation awards which will be payable upon
vesting between 2026 and 2032. $0.1 million of this employee provision relates to the
shares vesting in the 12 months after the year end.
Property provisions relate to clauses to restore property leases to their original condition
of the property at the end of the lease.
Movements in these provisions are presented set out below:
$ million
Property
Employee
Others
Total
As at 1 January
0.9
1.3
0.4
2.6
Additions
\u2014
\u2014
\u2014
\u2014
Utilised
\u2014
(0.1)
\u2014
(0.1)
Released
(0.3)
(0.8)
(0.2)
(1.3)
0.6
0.4
0.2
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "
20 Other non-current liabilities
$ million
2025
2024
Deferred income \u2013 RDEC
6.9
4.7
Licence payables
\u2014
1.3
6.9
6.0
Raspberry Pi Ltd is eligible to claim tax credits for qualifying expenditure under the
Research and Development Expenditure Credit scheme, which is accounted for under
IAS 20 as government grants. The table below shows the reconciliation of the total
movement in both current of $0.5 million, as shown in Note 18, and non-current of
$6.9 million.
$ million
2025
2024
As at 1 January
5.1
2.2
Estimate RDEC claim for the year
2.8
3.6
Released to match incurred costs
(0.5)
(0.5)
Released to match amortisation
\u2014
(0.2)
7.4
5.1
For RDEC related to incurred costs i.e. expenditure during the year that is not capitalised,
the credit is recognised in the profit and loss as a reduction in R&D expenses, offsetting the
underlying costs that the RDEC incentives are intended to compensate.
For RDEC attributable to costs capitalised as pipeline development projects within
intangible assets, the credit is initially recorded as deferred income \u2013 RDEC on the balance
sheet (a non-current liability). It is subsequently recognised in profit and loss over the
period necessary to match the amortisation of the relevant project, thereby compensating
for the associated intended costs as a reduction in R&D expenses.
The RDEC is claimed in conjunction with our tax advisers each year; there are no
substantive conditions or other contingencies attaching to the claim, other than complying
with the RDEC legislation and formal completion of the approvals process.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "20 Other non-current liabilities
$ million
2025
2024
Deferred income \u2013 RDEC
6.9
4.7
Licence payables
\u2014
1.3
6.9
6.0
Raspberry Pi Ltd is eligible to claim tax credits for qualifying expenditure under the Research and Development Expenditure Credit scheme, which is accounted for under IAS 20 as government grants. The table below shows the reconciliation of the total movement in both current of $0.5 million, as shown in Note 18, and non-current of $6.9 million.
$ million
2025
2024
As at 1 January
5.1
2.2
Estimate RDEC claim for the year
2.8
3.6
Released to match incurred costs
(0.5)
(0.5)
Released to match amortisation
\u2014
(0.2)
7.4
5.1
For RDEC related to incurred costs i.e. expenditure during the year that is not capitalised, the credit is recognised in the profit and loss as a reduction in R&D expenses, offsetting the underlying costs that the RDEC incentives are intended to compensate. For RDEC attributable to costs capitalised as pipeline development projects within intangible assets, the credit is initially recorded as deferred income \u2013 RDEC on the balance sheet (a non-current liability). It is subsequently recognised in profit and loss over the period necessary to match the amortisation of the relevant project, thereby compensating for the associated intended costs as a reduction in R&D expenses. The RDEC is claimed in conjunction with our tax advisers each year; there are no substantive conditions or other contingencies attaching to the claim, other than complying with the RDEC legislation and formal completion of the approvals process.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "
21 Lease liabilities
$ million
2025
2024
At 1 January
6.2
7.1
Remeasurements
4.5
1.0
Derecognition
(0.9)
\u2014
Interest
0.4
0.4
Principal repayment
(1.1)
(2.2)
Interest payment
(0.4)
(0.4)
Foreign exchange
0.2
0.3
8.9
6.2
Refer to Note 13 for the disposals in the year.
Total cash payment made for leases amounted to $1.5 million (2024: $2.6 million) with
$0.4 million relating to interest (2024: $0.4 million).
Maturity analysis
$ million
2025
2024
Less than one year
0.8
1.4
Between one and five years
6.1
5.2
Over five years
4.9
\u2014
11.8
6.6
Effect of discounting
(2.9)
(0.4)
8.9
6.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "
22 Financial commitments
In July 2022, the Group entered into a commitment to purchase other licences for
intellectual property and related tools over the period to July 2025. This arrangement was
amended in January 2025 extending the commitment to January 2027. As at 31 December
2025, the value of the commitment was $7.8 million (2024: $3.7 million). Subsequent to the
year end, $1.8 million of this commitment was settled in January 2026.
To ensure the uninterrupted supply of essential components to meet projected demand, the
Group has established long-term supply agreements and placed substantial orders with key
suppliers and distributors. As both the supplier (delivery) and the Group (payment once
delivered) have obligations outstanding, they are not recognised as liabilities on the balance
sheet. However, they are disclosed as significant contractual obligations to provide clarity on
the financial commitments.
As of 31 December 2025, these agreements have committed to component purchases
over a pre-defined schedule to December 2028 and are valued at $265.7 million
(2024: $333.0 million). The long-term supply agreement relating to these commitments
was subsequently revised as disclosed in Note 32.
In November 2025, communication was made to applicable employees on the intention
to issue new Restricted Share Units, subject to Board approval, within an open period
for employee share dealing purposes in calendar year 2026.
In December 2025, the Group had committed to pay for equipment for use by its contract
manufacturer in the production of Raspberry Pi products. This commitment was made
through a purchase order amounting $1.3 million. The arrangement is similar in nature to
the prepaid manufacturing cost disclosed in Note 14. The related cash outflow occurred
after the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "22 Financial commitments In July 2022, the Group entered into a commitment to purchase other licences for intellectual property and related tools over the period to July 2025. This arrangement was amended in January 2025 extending the commitment to January 2027. As at 31 December 2025, the value of the commitment was $7.8 million (2024: $3.7 million). Subsequent to the year end, $1.8 million of this commitment was settled in January 2026. To ensure the uninterrupted supply of essential components to meet projected demand, the Group has established long-term supply agreements and placed substantial orders with key suppliers and distributors. As both the supplier (delivery) and the Group (payment once delivered) have obligations outstanding, they are not recognised as liabilities on the balance sheet. However, they are disclosed as significant contractual obligations to provide clarity on the financial commitments. As of 31 December 2025, these agreements have committed to component purchases over a pre-defined schedule to December 2028 and are valued at $265.7 million (2024: $333.0 million). The long-term supply agreement relating to these commitments was subsequently revised as disclosed in Note 32. In November 2025, communication was made to applicable employees on the intention to issue new Restricted Share Units, subject to Board approval, within an open period for employee share dealing purposes in calendar year 2026. In December 2025, the Group had committed to pay for equipment for use by its contract manufacturer in the production of Raspberry Pi products. This commitment was made through a purchase order amounting $1.3 million. The arrangement is similar in nature to the prepaid manufacturing cost disclosed in Note 14. The related cash outflow occurred after the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
23 Forward foreign exchange contracts
During the year, the Group entered into new forward foreign exchange contracts to manage
short-term currency exposures arising from operational activities. These contracts are used
primarily to reduce the impact of exchange rate fluctuations on forecasted transactions,
receivables and payables denominated in GBP. Forward contracts that do not meet the
criteria for hedge accounting under IFRS 9 are classified as financial instruments at fair
value through profit or loss. As such, they are recognised on the balance sheet as financial
assets or liabilities at fair value, with changes in fair value recognised immediately in
the income statement within administrative expenses, reflecting their connection to
operational activities.
As at 31 December 2025, the aggregate contract amount of forward contracts not
designated as hedging instruments was \u00a321.0 million. Realised gains for contracts that
matured in the year were immaterial, while unrealised fair value gains for outstanding
contracts was $0.2 million which was recognised in the Consolidated Statement of
Comprehensive Income within administrative expenses.
These contracts expose the Group to foreign currency risk, credit risk and liquidity risk.
The Group manages these risks in accordance with its financial risk management policies
as disclosed in Note 24.
", "dimensions": { "concept": "raspberrypiholdsplc:DisclosureOfForwardForeignExchangeContracts", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "23 Forward foreign exchange contracts During the year, the Group entered into new forward foreign exchange contracts to manage short-term currency exposures arising from operational activities. These contracts are used primarily to reduce the impact of exchange rate fluctuations on forecasted transactions, receivables and payables denominated in GBP. Forward contracts that do not meet the criteria for hedge accounting under IFRS 9 are classified as financial instruments at fair value through profit or loss. As such, they are recognised on the balance sheet as financial assets or liabilities at fair value, with changes in fair value recognised immediately in the income statement within administrative expenses, reflecting their connection to operational activities. As at 31 December 2025, the aggregate contract amount of forward contracts not designated as hedging instruments was \u00a321.0 million. Realised gains for contracts that matured in the year were immaterial, while unrealised fair value gains for outstanding contracts was $0.2 million which was recognised in the Consolidated Statement of Comprehensive Income within administrative expenses. These contracts expose the Group to foreign currency risk, credit risk and liquidity risk. The Group manages these risks in accordance with its financial risk management policies as disclosed in Note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "
24 Financial instruments and financial risk management
All of the Group\u2019s financial assets and liabilities, with the exception of the forward exchange
contracts which are measured at FVTPL, were non-derivative and measured at amortised
cost in the current and comparative period comprising cash and cash equivalents, trade
receivables, trade payables, and both short-term and long-term licence payables.
The Board regulates the use of free-standing derivatives (such as forward foreign exchange
contracts) in accordance with established risk management strategies.
The Group is exposed to currency, liquidity and credit risks arising from its financial
instruments. The Group\u2019s risk management policies are designed to mitigate potential
adverse impacts on financial performance. The key risks are addressed as follows:
24.1 Market risk analysis
$ million
2025
2024
Trade receivables
52.6
31.0
Cash and cash equivalents
28.1
45.8
Financial assets at amortised cost due within one year
80.7
76.8
Financial asset measured at FVTPL
0.2
\u2014
Currency risk: The Group presents its consolidated financial statements in US Dollars, being the
currency that predominantly influences the sales prices; nonetheless, operations are primarily
UK based, which is where the majority of employees work and activities occur. Consequently,
the Group is exposed to foreign currency risk arising from exchange rate movements mainly
between US Dollar, British Pound Sterling and Euro. These movements affect the value of
transactions (e.g. UK payroll) and the translation of comparative financial results.
In accordance with IFRS 7, the Group is required to present a sensitivity analysis illustrating
hypothetical changes in foreign exchange rates on profit or loss and shareholders\u2019 equity.
\u2022 A 10% strengthening of the US Dollar would result in an FX gain of $0.4 million
(2024: $0.5 million).
\u2022 A 10% weakening of the US Dollar would result in an FX loss of $0.3 million
(2024: $0.4 million).
The impact on profit and loss and shareholders\u2019 equity would be identical as no currency
translation reserve or difference arises on consolidation as all subsidiaries share a US Dollar
functional currency.
Interest rate risk: The Group has access to an RCF which remained undrawn at the
reporting date and therefore did not give rise to interest expense. The Group does not have
any external borrowings outside of property leases that contain fixed rates of interest in the
current or comparative periods, and therefore interest rate risk is not considered material.
Management regularly reviews forecast debt, cash and cash equivalents and interest rates
to monitor this risk and would consider hedging instruments if the perceived risk was
to increase.
24.2 Credit risk analysis
Exposure to credit risk emerges primarily through trade receivables of $52.6 million
(2024: $31.0 million) for providing credit to customers in the normal course of business.
In order to minimise credit risk, the Group has policies to check that potential customers
are demonstrably creditworthy and this, together with the aggregate financial exposure,
is monitored.
Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt
ageing and collection history. Commercial insurance is also obtained as deemed necessary.
There have been no material instances of actual or expected credit losses during the current
or prior financial years.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for all trade receivables. Any movement in expected
credit loss provision is included in administrative expenses in the Consolidated Statement of
Comprehensive Income.
Liquidity risk: Refers to the risk that the Group will not have sufficient financial resources
to meet its obligations as they fall due.
$ million
2025
2024
Trade payables
46.5
84.0
Other financial liabilities
1.3
3.0
Financial liabilities at amortised cost due within one year
47.8
87.0
Financial liabilities at amortised due over one year
\u2014
1.3
Financial liabilities at amortised cost
47.8
88.3
The comparative figure for trade payables for the prior year was updated to correct a
calculation error. The correction does not affect the overall liquidity risk assessment.
The amounts above reflect the contractual undiscounted cash flows, which may differ
to the carrying values of the liabilities at the reporting date.
The Group mitigates this risk by:
\u2022 maintaining appropriate levels of cash and access to credit facilities;
\u2022 monitoring forecast and actual cash flows; and
\u2022 matching the maturity profiles of financial assets and liabilities.
The Group constantly reviews revenue, purchases, inventory and cash flow forecasts to
ensure that obligations can be met as they arise. Since the Group\u2019s financial assets and
liabilities arise from operations, with the exception of the non-current lease liabilities, they
all have a maturity within the one-year business operating cycle.
The Group does not have any external borrowings in the current or comparative period;
therefore, net debt is positive as net cash being $19.2 million (2024: $39.6 million)
represented by cash and cash equivalents in Note 17 less the lease liabilities in Note 21.
As at 31 December 2025, the Group has access to an $80.0 million undrawn RCF available
until 4 March 2029.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "24 Financial instruments and financial risk management All of the Group\u2019s financial assets and liabilities, with the exception of the forward exchange contracts which are measured at FVTPL, were non-derivative and measured at amortised cost in the current and comparative period comprising cash and cash equivalents, trade receivables, trade payables, and both short-term and long-term licence payables. The Board regulates the use of free-standing derivatives (such as forward foreign exchange contracts) in accordance with established risk management strategies. The Group is exposed to currency, liquidity and credit risks arising from its financial instruments. The Group\u2019s risk management policies are designed to mitigate potential adverse impacts on financial performance. The key risks are addressed as follows: 24.1 Market risk analysis
$ million
2025
2024
Trade receivables
52.6
31.0
Cash and cash equivalents
28.1
45.8
Financial assets at amortised cost due within one year
80.7
76.8
Financial asset measured at FVTPL
0.2
\u2014
Currency risk: The Group presents its consolidated financial statements in US Dollars, being the currency that predominantly influences the sales prices; nonetheless, operations are primarily UK based, which is where the majority of employees work and activities occur. Consequently, the Group is exposed to foreign currency risk arising from exchange rate movements mainly between US Dollar, British Pound Sterling and Euro. These movements affect the value of transactions (e.g. UK payroll) and the translation of comparative financial results. In accordance with IFRS 7, the Group is required to present a sensitivity analysis illustrating hypothetical changes in foreign exchange rates on profit or loss and shareholders\u2019 equity. \u2022 A 10% strengthening of the US Dollar would result in an FX gain of $0.4 million (2024: $0.5 million). \u2022 A 10% weakening of the US Dollar would result in an FX loss of $0.3 million (2024: $0.4 million). The impact on profit and loss and shareholders\u2019 equity would be identical as no currency translation reserve or difference arises on consolidation as all subsidiaries share a US Dollar functional currency. Interest rate risk: The Group has access to an RCF which remained undrawn at the reporting date and therefore did not give rise to interest expense. The Group does not have any external borrowings outside of property leases that contain fixed rates of interest in the current or comparative periods, and therefore interest rate risk is not considered material. Management regularly reviews forecast debt, cash and cash equivalents and interest rates to monitor this risk and would consider hedging instruments if the perceived risk was to increase. 24.2 Credit risk analysis Exposure to credit risk emerges primarily through trade receivables of $52.6 million (2024: $31.0 million) for providing credit to customers in the normal course of business. In order to minimise credit risk, the Group has policies to check that potential customers are demonstrably creditworthy and this, together with the aggregate financial exposure, is monitored. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. Commercial insurance is also obtained as deemed necessary. There have been no material instances of actual or expected credit losses during the current or prior financial years. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Any movement in expected credit loss provision is included in administrative expenses in the Consolidated Statement of Comprehensive Income. Liquidity risk: Refers to the risk that the Group will not have sufficient financial resources to meet its obligations as they fall due.
$ million
2025
2024
Trade payables
46.5
84.0
Other financial liabilities
1.3
3.0
Financial liabilities at amortised cost due within one year
47.8
87.0
Financial liabilities at amortised due over one year
\u2014
1.3
Financial liabilities at amortised cost
47.8
88.3
The comparative figure for trade payables for the prior year was updated to correct a calculation error. The correction does not affect the overall liquidity risk assessment. The amounts above reflect the contractual undiscounted cash flows, which may differ to the carrying values of the liabilities at the reporting date. The Group mitigates this risk by: \u2022 maintaining appropriate levels of cash and access to credit facilities; \u2022 monitoring forecast and actual cash flows; and \u2022 matching the maturity profiles of financial assets and liabilities. The Group constantly reviews revenue, purchases, inventory and cash flow forecasts to ensure that obligations can be met as they arise. Since the Group\u2019s financial assets and liabilities arise from operations, with the exception of the non-current lease liabilities, they all have a maturity within the one-year business operating cycle. The Group does not have any external borrowings in the current or comparative period; therefore, net debt is positive as net cash being $19.2 million (2024: $39.6 million) represented by cash and cash equivalents in Note 17 less the lease liabilities in Note 21. As at 31 December 2025, the Group has access to an $80.0 million undrawn RCF available until 4 March 2029. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "24.1 Market risk analysis
$ million
2025
2024
Trade receivables
52.6
31.0
Cash and cash equivalents
28.1
45.8
Financial assets at amortised cost due within one year
80.7
76.8
Financial asset measured at FVTPL
0.2
\u2014
Currency risk: The Group presents its consolidated financial statements in US Dollars, being the currency that predominantly influences the sales prices; nonetheless, operations are primarily UK based, which is where the majority of employees work and activities occur. Consequently, the Group is exposed to foreign currency risk arising from exchange rate movements mainly between US Dollar, British Pound Sterling and Euro. These movements affect the value of transactions (e.g. UK payroll) and the translation of comparative financial results. In accordance with IFRS 7, the Group is required to present a sensitivity analysis illustrating hypothetical changes in foreign exchange rates on profit or loss and shareholders\u2019 equity. \u2022 A 10% strengthening of the US Dollar would result in an FX gain of $0.4 million (2024: $0.5 million). \u2022 A 10% weakening of the US Dollar would result in an FX loss of $0.3 million (2024: $0.4 million). The impact on profit and loss and shareholders\u2019 equity would be identical as no currency translation reserve or difference arises on consolidation as all subsidiaries share a US Dollar functional currency. Interest rate risk: The Group has access to an RCF which remained undrawn at the reporting date and therefore did not give rise to interest expense. The Group does not have any external borrowings outside of property leases that contain fixed rates of interest in the current or comparative periods, and therefore interest rate risk is not considered material. Management regularly reviews forecast debt, cash and cash equivalents and interest rates to monitor this risk and would consider hedging instruments if the perceived risk was to increase. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "24.2 Credit risk analysis Exposure to credit risk emerges primarily through trade receivables of $52.6 million (2024: $31.0 million) for providing credit to customers in the normal course of business. In order to minimise credit risk, the Group has policies to check that potential customers are demonstrably creditworthy and this, together with the aggregate financial exposure, is monitored. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. Commercial insurance is also obtained as deemed necessary. There have been no material instances of actual or expected credit losses during the current or prior financial years. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Any movement in expected credit loss provision is included in administrative expenses in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "Liquidity risk: Refers to the risk that the Group will not have sufficient financial resources to meet its obligations as they fall due.
$ million
2025
2024
Trade payables
46.5
84.0
Other financial liabilities
1.3
3.0
Financial liabilities at amortised cost due within one year
47.8
87.0
Financial liabilities at amortised due over one year
\u2014
1.3
Financial liabilities at amortised cost
47.8
88.3
The comparative figure for trade payables for the prior year was updated to correct a calculation error. The correction does not affect the overall liquidity risk assessment. The amounts above reflect the contractual undiscounted cash flows, which may differ to the carrying values of the liabilities at the reporting date. The Group mitigates this risk by: \u2022 maintaining appropriate levels of cash and access to credit facilities; \u2022 monitoring forecast and actual cash flows; and \u2022 matching the maturity profiles of financial assets and liabilities. The Group constantly reviews revenue, purchases, inventory and cash flow forecasts to ensure that obligations can be met as they arise. Since the Group\u2019s financial assets and liabilities arise from operations, with the exception of the non-current lease liabilities, they all have a maturity within the one-year business operating cycle. The Group does not have any external borrowings in the current or comparative period; therefore, net debt is positive as net cash being $19.2 million (2024: $39.6 million) represented by cash and cash equivalents in Note 17 less the lease liabilities in Note 21. As at 31 December 2025, the Group has access to an $80.0 million undrawn RCF available until 4 March 2029.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "25 Deferred taxation The principal deferred tax liabilities relate to differences between the tax and accounting base of intangible assets relating to development costs capitalised. Deferred tax liabilities associated with intangible assets unwind to offset the tax distortion that would otherwise occur as the assets are amortised.
$ million
2025
2024
Deferred tax liabilities
Development costs capitalised
(15.7)
(13.1)
Property, plant and equipment
(0.7)
(0.7)
(16.4)
(13.8)
Deferred tax assets
Share-based payments
0.9
2.1
Deferred income \u2013 RDEC
1.9
1.3
Other timing differences
0.4
0.3
3.2
3.7
Net deferred tax liability
(13.2)
(10.1)
Development costs are capitalised and amortised over future periods for accounting profit but are immediately deductible under section 1308 of the Corporation Tax Act 2009 for taxable profit. These costs have a tax base of nil, creating a temporary difference between their carrying amount and tax base. This deferred tax liability (\u201cDTL\u201d) reflects future tax payable as amortisation occurs, with the full tax deduction claimed upfront. The DTL unwinds over the asset\u2019s useful life, aligning tax and accounting treatments. Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. It is calculated using tax rates that have been enacted or substantively enacted by the reporting period\u2019s end and are expected to apply when the timing differences are resolved. In accordance with IAS 12 rules, all deferred tax balances are presented as long term, are not discounted and are presented net on the balance sheet to the extent that they arise with the same tax authority.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "26 Share capital and other reserves The share capital represents the nominal value of share capital subscribed for. Raspberry Pi Holdings plc has the following share capital as at the reporting date.
Nominal capital
Share capital
Number of shares
$ million
Ordinary shares of \u00a30.0025 each
193,582,149
0.6
Deferred shares of \u00a30.0025 each
61,610,435
0.2
255,192,584
0.8
Share capital 193,415,715 ordinary shares of \u00a30.0025 each have been listed for trading on the London Stock Exchange. During the year, as detailed in Note 27, additional shares were issued in connection with the vesting and release of share-based awards. 61,610,435. deferred shares of \u00a30.0025 each were created as part of the share capital reorganisation. The deferred shares have no voting rights or rights to a dividend. It is intended for the holders of the deferred shares to transfer them to the Company otherwise than for valuable consideration pursuant to s659(1) CA 2006 in Q2 2025. They will then be cancelled pursuant to s662(1)(c). Share premium account The share premium account records the amount above the nominal value received for shares issued, less transaction costs. The listing generated $40.0 million in gross proceeds, with $7.6 million in costs deducted directly from equity. At the time the costs were incurred, only a limited recovery of input VAT was available, so the full expense was charged to share premium. During 2025 it was possible to reclaim $1.4 million of VAT from HMRC. As the original costs were charged to share premium, the recovery was accounted for as an increase in share premium. The share premium account is in most circumstances not immediately available for distribution. Share-based payment reserve This reserve represents the cumulative income statement charges for unvested employee share awards. Once the awards vest this reserve is recycled to retained earnings and the issue of equity is reflected in share capital, share premium or retained earnings as appropriate. Merger reserve As described in Note 2.2, the Group completed a capital reorganisation in 2024. Subsidiary assets and liabilities were consolidated at book value, and consolidated reserves were adjusted to reflect the statutory share capital of the Company with the difference recorded in the merger reserve.
The merger reserve and retained earnings are presented gross on consolidation such that
the Group\u2019s retained earnings are a reasonable measure of the underlying distributable
reserves of the Company on a standalone entity basis as this is considered useful
information for investors.
Retained earnings
This reserve represents the total of all current and prior retained earnings available to
facilitate future shareholder distributions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
The share capital represents the nominal value of share capital subscribed for. Raspberry Pi
Holdings plc has the following share capital as at the reporting date.
Nominal capital
Share capital
Number of shares
$ million
Ordinary shares of \u00a30.0025 each
193,582,149
0.6
Deferred shares of \u00a30.0025 each
61,610,435
0.2
255,192,584
0.8
Share capital
193,415,715 ordinary shares of \u00a30.0025 each have been listed for trading on the London
Stock Exchange. During the year, as detailed in Note 27, additional shares were issued
in connection with the vesting and release of share-based awards. 61,610,435. deferred
shares of \u00a30.0025 each were created as part of the share capital reorganisation.
The deferred shares have no voting rights or rights to a dividend. It is intended for the
holders of the deferred shares to transfer them to the Company otherwise than for
valuable consideration pursuant to s659(1) CA 2006 in Q2 2025. They will then be
cancelled pursuant to s662(1)(c).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "Share premium account The share premium account records the amount above the nominal value received for shares issued, less transaction costs. The listing generated $40.0 million in gross proceeds, with $7.6 million in costs deducted directly from equity. At the time the costs were incurred, only a limited recovery of input VAT was available, so the full expense was charged to share premium. During 2025 it was possible to reclaim $1.4 million of VAT from HMRC. As the original costs were charged to share premium, the recovery was accounted for as an increase in share premium. The share premium account is in most circumstances not immediately available for distribution. Share-based payment reserve This reserve represents the cumulative income statement charges for unvested employee share awards. Once the awards vest this reserve is recycled to retained earnings and the issue of equity is reflected in share capital, share premium or retained earnings as appropriate. Merger reserve As described in Note 2.2, the Group completed a capital reorganisation in 2024. Subsidiary assets and liabilities were consolidated at book value, and consolidated reserves were adjusted to reflect the statutory share capital of the Company with the difference recorded in the merger reserve. The merger reserve and retained earnings are presented gross on consolidation such that the Group\u2019s retained earnings are a reasonable measure of the underlying distributable reserves of the Company on a standalone entity basis as this is considered useful information for investors. Retained earnings This reserve represents the total of all current and prior retained earnings available to facilitate future shareholder distributions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "
27 Share-based payments
All share-based payments are related to employee share schemes and are equity
settled for shares of Raspberry Pi Holdings plc. Equity awards are a key component
of the overall remuneration package, being essential for retaining, motivating and
rewarding key employees.
The Group has four active equity-settled share schemes: market value options, nil-cost
options, Restricted Share Units (\u201cRSU\u201d) and Performance Share Units (\u201cPSU\u201d). In addition,
awards under the Deferred Bonus Plan (\u201cDBP\u201d) relating to 2025 performance will be granted
in 2026.
The table below illustrates the number and movements in the schemes during the year:
Market value Restricted Performance
options
Nil cost
Share Units Share Units
Outstanding at beginning of the year
11,561,566
253,773
\u2014
\u2014
Granted during the year
\u2014
\u2014
926,875
967,956
Forfeited during the year
(186,978)
\u2014
(2,057)
\u2014
Exercised during the year
(46,768)
\u2014
(119,666)
\u2014
Outstanding at end of the year
11,327,820
253,773
805,152
967,956
The share-based payment charges are as follows:
Year ended Year ended
$ million 31 December 2025 31 December 2024
Deferred Bonus Plan
0.1
\u2014
Performance Share units and Restricted Share Units \u2013
granted on 14 May 2025
3.4
\u2014
Market value and nil-cost options \u2013 granted on 11 June
2024
5.2
2.7
Legacy 2020 LTIP scheme \u2013 IFRS 2 charge
\u2014
0.8
Legacy 2020 LTIP scheme \u2013 accelerated charge on
settlement
\u2014
1.2
8.7
4.7
Deferred Bonus Plan
The Deferred Bonus Plan is available to Executive Directors of Raspberry Pi Holdings plc.
Awards are made in respect of performance in the financial year immediately preceding the
grant and are based on performance against objectives set annually. Incentives are typically
delivered partly in cash and partly in ordinary shares of the Company on a deferred basis.
The share element is usually granted as nil-cost options which vest after a three-year
vesting period. The share-based payment charge is recognised over four years, reflecting
the performance year and the subsequent vesting period. An unvested award will normally
lapse if the Executive Directors leaves employment, unless they leave because of disability
or ill health, a corporate event or are otherwise classified as a good leaver at the Board\u2019s
discretion. Further details are provided in the Directors\u2019 Remuneration Report on page 75.
Share-based awards granted in the year
On 14 May 2025, the Group made additional equity grants comprising Restricted Share
Units (\u201cRSUs\u201d) and Performance Share Units (\u201cPSUs\u201d).
The RSUs vest quarterly over a four-year period, subject to continued employment.
They are not subject to any performance conditions. Each RSU carries an exercise price of
one-quarter of a penny per share. Shares for the RSUs vesting in June and September 2025
were released in the year.
On 19 January 2026, the Company allotted 74,712 ordinary shares to its third-party share
plan administrator to facilitate the settlement of share-based compensation awards that
vested on 31 December 2025. This is a non-adjusting event under IAS 10.
The PSUs are subject to performance conditions based on earnings per share (\u201cEPS\u201d)
growth and relative total shareholder return (\u201cTSR\u201d) compared to the FTSE 250, excluding
companies in the Financial Services, Mining and Extraction, and Investment Trust sectors.
Performance will be assessed over a three-year period, based on the cumulative EPS
achieved over the three financial years. Vesting will occur on a straight-line basis between
threshold and maximum performance targets.
PSUs granted to the Executive Directors of Raspberry Pi Holdings plc are subject to a
post\u2011vesting holding period of two years.
Further details on the performance conditions are set out in the Directors\u2019 Remuneration
Report on page 75.
The following table sets out the key inputs used in the valuation models applied to each
of the schemes.
Restricted Share
TSR Performance Share Units
EPS Performance Share Units
Units
Post-vesting
holding period
None
2 years
None
2 years
None
Grant date
14 May 2025
Number of
awards
granted
212,055
111,242
422,841
221,818
926,875
Grant date
share price
\u00a35.20
Fair value of
share
\u00a34.25
\u00a33.59
\u00a35.20
\u00a34.39
\u00a35.20
Exercise price
\u2014
\u2014
\u2014
\u2014
\u00a30.0025
Expected term
2.6 years
2.6 years
2.6 years
2.6 years
4 years
Expected
volatility
35.0%
35.0%
35.0%
35.0%
n/a
Risk-free rate
3.90%
3.90%
3.90%
3.90%
n/a
Dividend yield
0.0%
0.0%
0.0%
0.0%
n/a
Adjusted
grant date
fair value
Grant date (post-vesting Grant date fair
Valuation type
Monte Carlo
Monte Carlo
fair value restriction) value
Option awards granted upon Admission to the London Stock Exchange
On 11 June 2024 immediately before the IPO, alongside the settlement of legacy share
awards, new awards were granted in the form of market value options and nominal-cost
options over shares of Raspberry Pi Holdings plc.
The market value options have an exercise price equal to the IPO share issue price of \u00a32.80.
The nominal-cost options have a quarter pence nominal exercise price. The awards vest
on the third anniversary of the date of grant, subject to the employee remaining in Group
employment. The awards are not subject to other performance or holding conditions.
The options expire on the tenth anniversary of the date of grant or upon leaving.
The grant date fair value of the new awards was calculated with assistance from an external
valuation expert using a Black-Scholes model with the following inputs and assumptions:
Market value options
Nil cost
Grant date
11 June 2024
11 June 2024
Number of awards granted
11,561,566
253,773
Grant date share price
\u00a32.80
\u00a32.80
Exercise price
\u00a32.80
\u00a30.00
Expected term
5 years
3 years
Expected volatility
35.0%
35.0%
Risk-free rate
4.2%
4.4%
Dividend yield
0.0%
0.0%
Key assumptions in calculating the fair value of the awards
Equity schemes granted on 11 June 2024 and 14 May 2025 used a volatility assumption
of 35.0%. This was determined in reference to the midpoint between the mean and median
enterprise value volatilities of a selected peer group of listed technology and software
companies and is consistent with the volatility input applied in the valuation of the market
value option grant issued in June 2024.
An employee attrition rate of 5% was applied in calculating the fair value of the awards,
reflecting management\u2019s expectations of forfeiture based on the post-IPO environment.
Settlement of 2020 LTIP scheme upon listing on the London Stock Exchange
In 2020, the Board approved a Long-Term Incentive Plan (\u201cLTIP\u201d) and up to the listing date
had awarded 19,480 B ordinary shares to employees. These shares were designed to
participate in the proceeds from an exit, defined as the Company\u2019s sale or a stock exchange
listing. On the sale of Raspberry Pi Ltd to Raspberry Pi Holdings plc in May 2024, the B shares
were exchanged for shares with equivalent rights in Raspberry Pi Holdings plc.
Upon listing on the London Stock Exchange, all outstanding awards vested and settled
by the granting of ordinary shares in Raspberry Pi Holdings plc. When the awards vested
in 2024, the cumulative $3.3 million charged to the income statement since 2020 was
transferred to retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "
28.1 Revenue recognition
Revenue is recognised in accordance with IFRS 15 \u201cRevenue from Contracts with
Customers\u201d. Revenue is recognised when control of goods or services is transferred to
the customer, reflecting the consideration expected to be received. The five-step model in
IFRS 15 is applied, except for royalties for the licence of intellectual property as explained
below. Revenue is only recognised if an enforceable right to payment can be demonstrated.
Product revenues: Generated by supplying single board computers (\u201cSBCs\u201d), compute
modules, accessories and semiconductors from our contract manufacturer directly to
Approved Resellers (\u201cARs\u201d) and original equipment manufacturers (\u201cOEMs\u201d). The Group acts
as principal in these direct distribution transactions. Revenues are recognised at the point
in time when physical possession of the product has transferred to the customer, based on
fixed prices per unit. The transfer is evidenced by receipt of an undisputed delivery note, as
the sole performance obligation is satisfied.
Royalties: Earned per unit on products that customers manufacture (e.g. Pi 5) and sell (e.g. Pi 4)
through licensing of designs and trademarks. According to IFRS 15, the sales-based or
usage\u2011based royalty exception (paragraph B63) applies, as the licence is the predominant
performance obligation. Royalties are recognised on an accruals basis in accordance with
the underlying agreement when the subsequent sale or usage event that triggers the royalty
occurs and are presented net of any amounts collected on behalf of third parties, regardless
of whether the licence is a right to use or right to access.
Component revenues: Recognised at the point in time when physical possession of the
product has transferred to the customer, based on fixed prices per unit, following the
accounting policy for product revenues, unless the Group has made a promise to
repurchase the component.
Sales returns provision: The Group recognises a provision for expected sales returns on
SBCs, which typically include a 12-month warranty under standard sales terms. Returns are
assessed at each reporting date, and if no significant returns are expected, no provision is
recognised. This estimate is periodically reviewed based on emerging trends and historical
data. As there has been no history of material returns, no such provision has been
recognised to date.
Repurchase liabilities: These occur when the Group sells components to the contract manufacturer and simultaneously raises an order for the manufacture of a finished product that contains the same component. As the Group will subsequently repurchase the asset, control has not been transferred, with the contract manufacturer limited in its ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset. Consequently, in accordance with paragraph B66(b) of IFRS 15, the transaction is treated as a financing arrangement. The inventory is not derecognised, and instead the cash received from the contract manufacturer is treated as a short-term financial liability. On repurchase, the repurchase price which represents the cost of the finished goods including processing costs incurred by the contract manufacturer, is capitalised as inventory in accordance with the Group's inventories policy (Note 28.10). No financing component is separately recognised owing to the immateriality of the time value of money within standard 30-day payment terms. These costs are recognised in cost of sales upon sale of the finished goods. Principal versus agent: The Group evaluates the following indicators, among others, when determining whether it is acting as a principal or agent in the transaction and recording revenue on a gross or net basis: (i) The Group is primarily responsible for fulfilling the promise to provide the product. (ii) The Group has inventory risk before the product has been transferred to a customer. (iii) The Group has discretion in establishing the price for the product. The Group also operates a publishing business, Raspberry Pi Press, which produces magazines and books, as well as the Raspberry Pi Store in Cambridge, England. All revenue is recognised at the point in time that the product is transferred to the customer, except for publishing revenue, which is recognised over the length of the magazine subscription. Furthermore, the Group applies IFRS 15 practical expedients for significant financing components and costs to fulfil contracts, as the Group\u2019s sales cycles are generally short term and do not exceed 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "
28.2 Cost of sales
The Group recognises cost of sales at the point at which it recognises revenue as explained
above. Cost of sales predominantly relates to the cost of goods or services purchased from
suppliers and then sold to customers. The cost of sales for products sold by us through our
direct distribution channel is the price we pay for them to be manufactured, plus licence
fees paid to parties whose intellectual property is used in their design. The Group considers
the cost of shipping its products to the customer to be directly associated with generating
revenue and therefore presents these costs (2025: $3.5 million; 2024: $1.9 million) within
cost of sales. The cost of sales for products sold through the licensee channel is the
licence fees paid to parties whose intellectual property is used in these products\u2019 design.
The manufacturing cost of the products sold through the licensee channel is borne by
the licensee.
", "dimensions": { "concept": "raspberrypiholdsplc:DescriptionOfAccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "28.3 Foreign exchange All material entities have a US Dollar functional currency. The US Dollar primarily influences both the sales prices for products and services and the cost of associated raw materials and component parts. As the Group\u2019s presentational currency is also US Dollars no exchange reserve arises on consolidation. Underlying foreign currency transactions (primarily transactions in Sterling) are translated into US Dollars using daily average exchange rates. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of Sterling\u2011denominated working capital items, are recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
As the Group\u2019s presentational currency is also US Dollars no exchange reserve arises
on consolidation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "
28.4 Segmental analysis
The Group determines and presents operating segments based on the information
that is provided internally to the Board, which is the Group\u2019s Chief Operating Decision
Maker (\u201cCODM\u201d).
It is the view of the Directors that the Group has a single operating segment, as defined
by IFRS 8 \u201cOperating Segments\u201d, being the manufacture and sale of cost-effective
programmable computing devices.
The CODM makes operating decisions for a single operating unit and operating
performance is assessed as a single operating segment. The information used by
the CODM is consistent with, and prepared on the same basis as, that presented
in the financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "28.5 Current and deferred taxation The tax expense for the period consists of the tax payable on the current period\u2019s taxable income, based on applicable income tax rates, adjusted for changes in deferred tax assets and liabilities due to temporary differences. Current tax receivables and payables are measured at the expected amount to be recovered from or paid to tax authorities, based on the annual corporation tax return prepared with our tax advisers, in accordance with enacted or substantively enacted UK tax rates and legislation. Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. It is calculated using tax rates that have been enacted or substantively enacted by the reporting period\u2019s end and are expected to apply when the timing differences are resolved. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise them. Deferred tax assets and liabilities are offset when there is a legally enforceable right to do so, and they relate to the same taxation authority. Current tax assets and liabilities are similarly offset when there is a legal right to net them, or to realise the asset and settle the liability simultaneously. Excess tax benefits beyond IFRS 2 charges are recognised in equity. Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is recognised accordingly in those areas. The Group applies IFRIC 23 \u201cUncertainty over Income Tax Treatments\u201d when assessing tax positions where uncertainty exists regarding acceptance by tax authorities. Under IFRIC 23, tax treatments are evaluated based on whether it is probable that the relevant tax authority will accept them. If acceptance is not probable, the most likely outcome or expected value approach is applied to determine the tax position. The Group recognises uncertain tax positions in current or deferred tax calculations and records provisions where necessary. Changes in facts or circumstances are monitored, and adjustments are made as required. The Group\u2019s policy ensures consistent application of IFRIC 23 principles, with judgements reviewed regularly in consultation with external tax advisers. 28.13 Deferred income \u2013 RDEC (government grants) The Research and Development Expenditure Credit (\u201cRDEC\u201d) is accounted for as a government grant where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. The tax credits are initially recognised once they are receivable on an accruals basis. Whilst IAS 20 \u201cAccounting for Government Grants and Disclosure of Government Assistance\u201d excludes tax credits from its scope, so does IAS 12 \u201cIncome Taxes\u201d and no other standard either includes it or appears relevant; therefore, in the absence of any other specific guidance, we follow IAS 20 as it is considered normal in this scenario. To the extent that the credits relate to expenses already incurred the income is presented as a reduction in R&D expenses, offsetting the underlying costs that the RDEC incentives are intended to compensate. To the extent that the credits relate to pipeline development costs that have been capitalised within intangible assets, the income is initially deferred onto the Consolidated Statement of Financial Position and then subsequently recognised in profit and loss to match the amortisation of the related costs being compensated. This income is presented as a reduction in R&D expense within operating profit as the income is taxable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "28.5 Current and deferred taxation The tax expense for the period consists of the tax payable on the current period\u2019s taxable income, based on applicable income tax rates, adjusted for changes in deferred tax assets and liabilities due to temporary differences. Current tax receivables and payables are measured at the expected amount to be recovered from or paid to tax authorities, based on the annual corporation tax return prepared with our tax advisers, in accordance with enacted or substantively enacted UK tax rates and legislation. Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. It is calculated using tax rates that have been enacted or substantively enacted by the reporting period\u2019s end and are expected to apply when the timing differences are resolved. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise them. Deferred tax assets and liabilities are offset when there is a legally enforceable right to do so, and they relate to the same taxation authority. Current tax assets and liabilities are similarly offset when there is a legal right to net them, or to realise the asset and settle the liability simultaneously. Excess tax benefits beyond IFRS 2 charges are recognised in equity. Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is recognised accordingly in those areas. The Group applies IFRIC 23 \u201cUncertainty over Income Tax Treatments\u201d when assessing tax positions where uncertainty exists regarding acceptance by tax authorities. Under IFRIC 23, tax treatments are evaluated based on whether it is probable that the relevant tax authority will accept them. If acceptance is not probable, the most likely outcome or expected value approach is applied to determine the tax position. The Group recognises uncertain tax positions in current or deferred tax calculations and records provisions where necessary. Changes in facts or circumstances are monitored, and adjustments are made as required. The Group\u2019s policy ensures consistent application of IFRIC 23 principles, with judgements reviewed regularly in consultation with external tax advisers.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "28.6 Intangible assets Externally acquired intangible assets predominantly relate to software licences which are initially recognised at cost and subsequently amortised over the life of the licence. All other intangible assets are amortised straight line over a period of three to eight years. The accounting for capitalised pipeline development projects is considered to contain a critical judgement upon initial capitalisation of the costs and a critical estimate in determining the useful lives of the projects once launched. Refer to the critical judgements and estimates relating to these items in Note 2.5. Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within research and development expenses in the Consolidated Statement of Comprehensive Income. For capitalised pipeline development costs that are not yet complete, these costs are not amortised but subject to mandatory annual impairment testing in accordance with IAS 36. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "28.6 Intangible assets Externally acquired intangible assets predominantly relate to software licences which are initially recognised at cost and subsequently amortised over the life of the licence. All other intangible assets are amortised straight line over a period of three to eight years. The accounting for capitalised pipeline development projects is considered to contain a critical judgement upon initial capitalisation of the costs and a critical estimate in determining the useful lives of the projects once launched. Refer to the critical judgements and estimates relating to these items in Note 2.5. Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within research and development expenses in the Consolidated Statement of Comprehensive Income. For capitalised pipeline development costs that are not yet complete, these costs are not amortised but subject to mandatory annual impairment testing in accordance with IAS 36. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "28.7 Property, plant and equipment Property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less depreciation and impairment. Depreciation uses the straight-line method, with asset residual values, useful lives and depreciation methods reviewed periodically. All PPE is depreciated over three years except for leasehold improvements which are depreciated with reference to the life of the lease. The estimated useful lives and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "28.7 Property, plant and equipment Property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less depreciation and impairment. Depreciation uses the straight-line method, with asset residual values, useful lives and depreciation methods reviewed periodically. All PPE is depreciated over three years except for leasehold improvements which are depreciated with reference to the life of the lease. The estimated useful lives and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "28.8 Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets (defined as assets with a value of $5,000 or less when new). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid
at the commencement date, discounted by its incremental borrowing rate. The lease liability
is subsequently measured by increasing the carrying amount to reflect interest on the lease
liability (using the effective interest method) and by reducing the carrying amount to reflect
the lease. The Group remeasures the lease liability (and makes a corresponding adjustment
to the related right-of-use asset) whenever the lease term or payments are changed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "
28.9 Financial instruments
Financial assets and liabilities are recognised when the Group becomes a party to the
contract provisions.
They are initially measured at fair value with subsequent measurement dependent on their
classification as either amortised cost or fair value through profit and loss or other
comprehensive income.
The Group\u2019s financial instruments comprise financial assets and liabilities measured
at amortised cost and derivative financial instruments measured at fair value through
profit or loss.
\u2022 Cash and cash equivalents comprise cash at bank and in hand and short-term deposits
maturing in less than three months. For the purposes of the Consolidated Statement of
Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined
above, net of outstanding bank overdrafts.
\u2022 Trade and other receivables are recognised at fair value (which ordinarily reflects the
invoice amount) and carried at amortised cost, less an allowance for expected lifetime
losses as permitted under the simplified approach in IFRS 9.
\u2022 Trade payables and other payables are not interest bearing and are recognised at fair
value (which ordinarily reflects the invoice amount) and subsequently at amortised cost.
Trade receivables and payables are amounts due from customers or owed to suppliers
in the ordinary course of business. As they are subject to standard payment terms
these balances are considered current and are recognised at their invoice value, being a
reasonable approximation of fair value due to their short-term nature. They are recognised
initially at the invoice amount, unless they contain significant financing components, in
which case they are recognised at fair value. The Group holds the trade receivables with
the objective of collecting the contractual cash flows, and it therefore measures them
subsequently at amortised cost.
Interest-bearing loans and overdrafts are initially recorded at fair value, net of direct issue costs, and subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the term of the liabilities. Since the RCF is undrawn, the arrangement fee cannot be offset against any borrowing and is therefore recognised within other debtors and prepayments. The arrangement fee is amortised over the term of the RCF. Although there are currently no external borrowings drawn, the Group has access to the RCF, necessitating the inclusion of this accounting policy. The Group\u2019s activities expose it to financial risks from fluctuations in foreign exchange and interest rates. The Board regulates the use of free-standing derivatives (such as forward FX contracts) in line with established risk management strategies. \u2022 Derivative financial instruments comprise of forward foreign exchange contracts to manage short-term operational currency exposures, primarily to reduce the effect of fluctuations in GBP on forecasted transactions, receivables and payables. Forward foreign exchange contracts are recognised on the Consolidated Statement of Financial Position at fair value. Forward contracts that do not meet the criteria for hedge accounting under IFRS 9 are classified as financial instruments at fair value through profit or loss. Changes in fair value of contracts not qualifying for hedge accounting are recognised in profit or loss and classified within administrative expenses, reflecting the operational nature of the contracts. Fair values are determined using observable market inputs and are classified as Level 2 in the fair value hierarchy. The Group\u2019s use of forward contracts exposes it to foreign currency, credit and liquidity risks, which are managed in accordance with the Group\u2019s financial risk management policies. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Derecognition of financial liabilities The Group derecognises financial liabilities when the Group\u2019s obligations are discharged or cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "Financial assets and liabilities are recognised when the Group becomes a party to the contract provisions. They are initially measured at fair value with subsequent measurement dependent on their classification as either amortised cost or fair value through profit and loss or other comprehensive income. The Group\u2019s financial instruments comprise financial assets and liabilities measured at amortised cost and derivative financial instruments measured at fair value through profit or loss. \u2022 Cash and cash equivalents comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. \u2022 Trade and other receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. \u2022 Trade payables and other payables are not interest bearing and are recognised at fair value (which ordinarily reflects the invoice amount) and subsequently at amortised cost. Trade receivables and payables are amounts due from customers or owed to suppliers in the ordinary course of business. As they are subject to standard payment terms these balances are considered current and are recognised at their invoice value, being a reasonable approximation of fair value due to their short-term nature. They are recognised initially at the invoice amount, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and it therefore measures them subsequently at amortised cost. Interest-bearing loans and overdrafts are initially recorded at fair value, net of direct issue costs, and subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the term of the liabilities. Since the RCF is undrawn, the arrangement fee cannot be offset against any borrowing and is therefore recognised within other debtors and prepayments. The arrangement fee is amortised over the term of the RCF. Although there are currently no external borrowings drawn, the Group has access to the RCF, necessitating the inclusion of this accounting policy. The Group\u2019s activities expose it to financial risks from fluctuations in foreign exchange and interest rates. The Board regulates the use of free-standing derivatives (such as forward FX contracts) in line with established risk management strategies. \u2022 Derivative financial instruments comprise of forward foreign exchange contracts to manage short-term operational currency exposures, primarily to reduce the effect of fluctuations in GBP on forecasted transactions, receivables and payables. Forward foreign exchange contracts are recognised on the Consolidated Statement of Financial Position at fair value. Forward contracts that do not meet the criteria for hedge accounting under IFRS 9 are classified as financial instruments at fair value through profit or loss. Changes in fair value of contracts not qualifying for hedge accounting are recognised in profit or loss and classified within administrative expenses, reflecting the operational nature of the contracts. Fair values are determined using observable market inputs and are classified as Level 2 in the fair value hierarchy. The Group\u2019s use of forward contracts exposes it to foreign currency, credit and liquidity risks, which are managed in accordance with the Group\u2019s financial risk management policies. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Derecognition of financial liabilities The Group derecognises financial liabilities when the Group\u2019s obligations are discharged or cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "Financial assets and liabilities are recognised when the Group becomes a party to the contract provisions. They are initially measured at fair value with subsequent measurement dependent on their classification as either amortised cost or fair value through profit and loss or other comprehensive income. The Group\u2019s financial instruments comprise financial assets and liabilities measured at amortised cost and derivative financial instruments measured at fair value through profit or loss. \u2022 Cash and cash equivalents comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. \u2022 Trade and other receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. \u2022 Trade payables and other payables are not interest bearing and are recognised at fair value (which ordinarily reflects the invoice amount) and subsequently at amortised cost. Trade receivables and payables are amounts due from customers or owed to suppliers in the ordinary course of business. As they are subject to standard payment terms these balances are considered current and are recognised at their invoice value, being a reasonable approximation of fair value due to their short-term nature. They are recognised initially at the invoice amount, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and it therefore measures them subsequently at amortised cost. Interest-bearing loans and overdrafts are initially recorded at fair value, net of direct issue costs, and subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the term of the liabilities. Since the RCF is undrawn, the arrangement fee cannot be offset against any borrowing and is therefore recognised within other debtors and prepayments. The arrangement fee is amortised over the term of the RCF. Although there are currently no external borrowings drawn, the Group has access to the RCF, necessitating the inclusion of this accounting policy. The Group\u2019s activities expose it to financial risks from fluctuations in foreign exchange and interest rates. The Board regulates the use of free-standing derivatives (such as forward FX contracts) in line with established risk management strategies. \u2022 Derivative financial instruments comprise of forward foreign exchange contracts to manage short-term operational currency exposures, primarily to reduce the effect of fluctuations in GBP on forecasted transactions, receivables and payables. Forward foreign exchange contracts are recognised on the Consolidated Statement of Financial Position at fair value. Forward contracts that do not meet the criteria for hedge accounting under IFRS 9 are classified as financial instruments at fair value through profit or loss. Changes in fair value of contracts not qualifying for hedge accounting are recognised in profit or loss and classified within administrative expenses, reflecting the operational nature of the contracts. Fair values are determined using observable market inputs and are classified as Level 2 in the fair value hierarchy. The Group\u2019s use of forward contracts exposes it to foreign currency, credit and liquidity risks, which are managed in accordance with the Group\u2019s financial risk management policies. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Derecognition of financial liabilities The Group derecognises financial liabilities when the Group\u2019s obligations are discharged or cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "\u2022 Cash and cash equivalents comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "\u2022 Trade and other receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "\u2022 Trade payables and other payables are not interest bearing and are recognised at fair value (which ordinarily reflects the invoice amount) and subsequently at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "Interest-bearing loans and overdrafts are initially recorded at fair value, net of direct issue costs, and subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the term of the liabilities. Since the RCF is undrawn, the arrangement fee cannot be offset against any borrowing and is therefore recognised within other debtors and prepayments. The arrangement fee is amortised over the term of the RCF. Although there are currently no external borrowings drawn, the Group has access to the RCF, necessitating the inclusion of this accounting policy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "\u2022 Derivative financial instruments comprise of forward foreign exchange contracts to manage short-term operational currency exposures, primarily to reduce the effect of fluctuations in GBP on forecasted transactions, receivables and payables. Forward foreign exchange contracts are recognised on the Consolidated Statement of Financial Position at fair value. Forward contracts that do not meet the criteria for hedge accounting under IFRS 9 are classified as financial instruments at fair value through profit or loss. Changes in fair value of contracts not qualifying for hedge accounting are recognised in profit or loss and classified within administrative expenses, reflecting the operational nature of the contracts. Fair values are determined using observable market inputs and are classified as Level 2 in the fair value hierarchy. The Group\u2019s use of forward contracts exposes it to foreign currency, credit and liquidity risks, which are managed in accordance with the Group\u2019s financial risk management policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "\u2022 Derivative financial instruments comprise of forward foreign exchange contracts to manage short-term operational currency exposures, primarily to reduce the effect of fluctuations in GBP on forecasted transactions, receivables and payables. Forward foreign exchange contracts are recognised on the Consolidated Statement of Financial Position at fair value. Forward contracts that do not meet the criteria for hedge accounting under IFRS 9 are classified as financial instruments at fair value through profit or loss. Changes in fair value of contracts not qualifying for hedge accounting are recognised in profit or loss and classified within administrative expenses, reflecting the operational nature of the contracts. Fair values are determined using observable market inputs and are classified as Level 2 in the fair value hierarchy. The Group\u2019s use of forward contracts exposes it to foreign currency, credit and liquidity risks, which are managed in accordance with the Group\u2019s financial risk management policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Derecognition of financial liabilities The Group derecognises financial liabilities when the Group\u2019s obligations are discharged or cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "28.10 Inventories Inventories, which comprise components and finished goods for resale, are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow\u2011moving inventories. Cost comprises all costs of purchase and cost of conversion (excluding borrowing costs). Costs are assigned to individual items of inventory on the basis of weighted average costs. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. For finished goods acquired under repurchase arrangements with contract manufacturers (Note 28.1), cost includes the repurchase price paid, which incorporates the cost of conversion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "28.11 Provisions A provision is recorded in the Consolidated Statement of Financial Position when the Group has a legal or constructive obligation arising from a past event, and it is likely that settling the obligation will require an outflow of economic benefits. If the impact is material, the provision is calculated by discounting the anticipated future cash flows at a pre-tax rate that reflects current market views on the time value of money and, where relevant, risks specific to the liability. When discounting is applied, the increase in the provision over time is recognised as a finance cost. If it is virtually certain that an insurer will reimburse part or all of the economic outflows required to settle a provision, the reimbursement amount is recognised as an insurance receivable asset and reported separately within other receivables, provided the receivable amount can be measured reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "28.12 Employee benefits Liabilities for wages, salaries, non-monetary benefits and annual leave expected to be settled within 12 months are recognised and measured at the expected amounts. Defined contribution plans are expensed as incurred on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "28.13 Deferred income \u2013 RDEC (government grants) The Research and Development Expenditure Credit (\u201cRDEC\u201d) is accounted for as a government grant where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. The tax credits are initially recognised once they are receivable on an accruals basis. Whilst IAS 20 \u201cAccounting for Government Grants and Disclosure of Government Assistance\u201d excludes tax credits from its scope, so does IAS 12 \u201cIncome Taxes\u201d and no other standard either includes it or appears relevant; therefore, in the absence of any other specific guidance, we follow IAS 20 as it is considered normal in this scenario. To the extent that the credits relate to expenses already incurred the income is presented as a reduction in R&D expenses, offsetting the underlying costs that the RDEC incentives are intended to compensate. To the extent that the credits relate to pipeline development costs that have been capitalised within intangible assets, the income is initially deferred onto the Consolidated Statement of Financial Position and then subsequently recognised in profit and loss to match the amortisation of the related costs being compensated. This income is presented as a reduction in R&D expense within operating profit as the income is taxable.", "dimensions": { "concept": "raspberrypiholdsplc:DescriptionOfAccountingPolicyForDeferredIncomeAndGovernmentGrants", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "28.14 Share-based payments The Group issues equity-settled share-based payments which are fair valued at the grant date. For awards valued by reference to the Company\u2019s share price, the opening market price on the grant date is used. Once the grant date fair value has been determined, it is recognised in the Consolidated Statement of Comprehensive Income on a straight-line basis over the vesting period, with appropriate adjustments for forfeitures. Where vesting periods or other vesting conditions apply, the expense is allocated over the relevant vesting period based on the best available estimate of the number of share options expected to vest. The corresponding credit is to the share-based payment reserve. Upon vesting, amounts recognised in the share-based payment reserve are transferred to retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "28.15 Own shares The Group provides finance to Employee Benefit Trusts to either purchase Company shares on the open market, or to subscribe for newly issued share capital, to meet the Group\u2019s obligation to provide shares when employees exercise their options or awards. Costs of running the Trusts are charged to the Consolidated Statement of Comprehensive Income. Shares held by the ESOP Trusts are deducted from reserves and presented in equity as an own share reserve until such time that an employee exercises their award. At the reporting period, there were 155,226 shares in the Trust at historical cost of approximately $500. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "28.16 Dividends Dividends are recognised when they become legally payable. In the case of final dividends, this is when approved by the shareholders at the AGM. Interim dividends are recorded when paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
29 Alternative performance measures (\"APMs\")
Adjusted EBITDA (as presented in the Consolidated Statement of Comprehensive Income),
adjusted operating profit, adjusted research and development expenses and adjusted
administrative expenses are non-IFRS measures used by the Board and management
to monitor the Group\u2019s performance.
Year ended Year ended
$ million 31 December 2025 31 December 2024
Operating profit
28.0
17.6
Amortisation and depreciation
10.5
10.7
EBITDA
38.5
28.3
Share-based payment charges
8.7
4.7
NI on share-based payment charges
(0.8)
1.3
Employee share schemes
7.9
6.0
Non-recurring costs
\u2014
2.9
Adjusted EBITDA
46.4
37.2
Amortisation and depreciation
(10.5)
(10.7)
Adjusted operating profit
35.9
26.5
Year ended Year ended
$ million 31 December 2025 31 December 2024
Research and development expenses
22.5
17.9
Amortisation (net of capitalised amortisation)
(6.8)
(6.3)
Share-based payment charges
(5.1)
(2.3)
NI on share-based payment charges
0.6
(0.6)
Adjusted research and development expenses
11.2
8.7
Year ended
Year ended
$ million
31 December 2025
31 December 2024
Administrative expenses
27.6
27.7
Depreciation (net of capitalised depreciation)
(3.7)
(4.4)
Share-based payment charges
(3.6)
(2.4)
NI on share-based payment charges
0.2
(0.7)
Non-recurring costs
\u2014
(2.9)
Adjusted administrative expenses
20.5
17.3
", "dimensions": { "concept": "raspberrypiholdsplc:DisclosureOfAlternativePerformanceMeasuresAPMs", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
30 Controlling shareholder(s)
Under UK Listing Rule 5.3, a controlling shareholder is any party that, alone or with others,
controls 30% or more of voting rights. No single entity holds a majority stake in the Group
or is considered its ultimate controlling party.
The Raspberry Pi Foundation (the \u201cFoundation\u201d) is a registered charity in England and Wales
(Charity No. 1129409), owns 90,326,121 (46.7%) ordinary shares in the Company through
its wholly owned subsidiary, Raspberry Pi Mid Co Limited (the \u201cControlling Shareholder\u201d),
and is incorporated in England and Wales (Reg. No. 13603843). The address of both entities
is 37 Hills Road, Cambridge CB2 1NT.
As disclosed to the takeover panel prior to the initial public offering in May 2024, the Group
believes that Ezrah acts in concert with the Foundation. With a combined shareholding of
50.02%, a parallel Relationship Agreement with Ezrah was also executed on 11 June 2024.
As at 31 December 2025, the combined shareholding was 49.98%, as set out in the
Directors\u2019 Report.
On 11 June 2024, the Group entered into Relationship Agreements with the Foundation, the
Controlling Shareholder and the Ezrah Charitable Trust (together, the \u201cControlling Shareholders\u201d)
to ensure the Group operates independently, at arm\u2019s length and on a normal commercial
basis. These agreements prohibit the Foundation from voting on matters affecting itself
or actions that could breach UK Listing Rules or compromise the Group\u2019s independence.
The Controlling Shareholder may nominate up to two Non-Executive Directors if its
shareholding exceeds 25%, or one if above 10%. Currently, Daniel Labbad, a trustee of the
Foundation until 10 June 2024, is the sole Board Director of the Company nominated by
the Foundation in this manner. All other Board members were appointed independently.
In September 2020 Raspberry Pi Ltd and the Foundation entered into to an agreement
to transfer the Raspberry Pi brand to Raspberry Pi Ltd. As a condition of that agreement
Raspberry Pi Ltd undertook to provide low-cost computers to education customers.
Failure to meet this would result in trademark ownership reverting to the Foundation.
On 21 February 2024, Raspberry Pi Ltd amended its trademark agreement with the
Foundation, to change the definition of low cost to be a price of no more than $45
(or, if higher, manufactured cost plus 20%, plus applicable taxes and fees).
During the year, the Foundation purchased $24,000 (2024: $27,400) in goods from the
Group. The Group had historically provided life assurance and medical insurance for
employees jointly with the Foundation. For administrative simplicity the Group paid the
entire premium and recharged the relevant share to the Foundation. Annual arrangements
were in place at the time of the listing and accordingly will continue to their expiry. Post-listing
pension contributions and life assurance costs for the Foundation, totalling $1.6 million
(2024: $0.8 million), were recharged. No amount was outstanding at the end of the year
(2024: $47,200). These transactions do not relate to the main business of the Group.
All other related party transactions are disclosed in Note 31.
As required by UK Listing Rule 6.2.3, all the Independent Directors confirm that, since listing,
the Group has operated independently from the Controlling Shareholders at all times.
", "dimensions": { "concept": "raspberrypiholdsplc:DisclosureOfControllingShareholders", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "30 Controlling shareholder(s) Under UK Listing Rule 5.3, a controlling shareholder is any party that, alone or with others, controls 30% or more of voting rights. No single entity holds a majority stake in the Group or is considered its ultimate controlling party. The Raspberry Pi Foundation (the \u201cFoundation\u201d) is a registered charity in England and Wales (Charity No. 1129409), owns 90,326,121 (46.7%) ordinary shares in the Company through its wholly owned subsidiary, Raspberry Pi Mid Co Limited (the \u201cControlling Shareholder\u201d), and is incorporated in England and Wales (Reg. No. 13603843). The address of both entities is 37 Hills Road, Cambridge CB2 1NT. As disclosed to the takeover panel prior to the initial public offering in May 2024, the Group believes that Ezrah acts in concert with the Foundation. With a combined shareholding of 50.02%, a parallel Relationship Agreement with Ezrah was also executed on 11 June 2024. As at 31 December 2025, the combined shareholding was 49.98%, as set out in the Directors\u2019 Report. On 11 June 2024, the Group entered into Relationship Agreements with the Foundation, the Controlling Shareholder and the Ezrah Charitable Trust (together, the \u201cControlling Shareholders\u201d) to ensure the Group operates independently, at arm\u2019s length and on a normal commercial basis. These agreements prohibit the Foundation from voting on matters affecting itself or actions that could breach UK Listing Rules or compromise the Group\u2019s independence. The Controlling Shareholder may nominate up to two Non-Executive Directors if its shareholding exceeds 25%, or one if above 10%. Currently, Daniel Labbad, a trustee of the Foundation until 10 June 2024, is the sole Board Director of the Company nominated by the Foundation in this manner. All other Board members were appointed independently. In September 2020 Raspberry Pi Ltd and the Foundation entered into to an agreement to transfer the Raspberry Pi brand to Raspberry Pi Ltd. As a condition of that agreement Raspberry Pi Ltd undertook to provide low-cost computers to education customers. Failure to meet this would result in trademark ownership reverting to the Foundation. On 21 February 2024, Raspberry Pi Ltd amended its trademark agreement with the Foundation, to change the definition of low cost to be a price of no more than $45 (or, if higher, manufactured cost plus 20%, plus applicable taxes and fees). During the year, the Foundation purchased $24,000 (2024: $27,400) in goods from the Group. The Group had historically provided life assurance and medical insurance for employees jointly with the Foundation. For administrative simplicity the Group paid the entire premium and recharged the relevant share to the Foundation. Annual arrangements were in place at the time of the listing and accordingly will continue to their expiry. Post-listing pension contributions and life assurance costs for the Foundation, totalling $1.6 million (2024: $0.8 million), were recharged. No amount was outstanding at the end of the year (2024: $47,200). These transactions do not relate to the main business of the Group. All other related party transactions are disclosed in Note 31. As required by UK Listing Rule 6.2.3, all the Independent Directors confirm that, since listing, the Group has operated independently from the Controlling Shareholders at all times.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "
31 Related party transactions
The Group\u2019s related parties include subsidiary undertakings, Board members and their
close family members, and principal shareholders holding 10% or more of voting rights.
Transactions between the parent and subsidiaries are eliminated on consolidation and
are not disclosed in this note.
Key management personnel is defined as the Board. Board remuneration is detailed
in Note 6 and in the Directors\u2019 Remuneration Report. In addition to the short-term employee
benefits, post-employment benefits and share-based payment expenses outlined in Note 6,
a total of $0.2 million (2024: $0.3 million) was paid for social security contributions related
to key management personnel. Related party transactions with the Controlling Shareholder
are disclosed in Note 30.
During the year, members of the Board and their close family members undertook the
following share dealings:
Transaction date Party Transaction type
Number of
shares
Transaction
price
30 January 2025 Close family member Sale of shares 56,000 \u00a37.10
17 June 2025 Executive Directors Sale of shares 500,000 \u00a34.55
30 July 2025 Close family member Sales of shares 16,200 \u00a34.29
31 July 2025 Close family member Sale of shares 13,800 \u00a34.19
5 November 2025 Executive Director Purchase of shares 5,832 \u00a33.43
17 November 2025 Executive Director Purchase of shares 6,036 \u00a33.30
21 November 2025 Non-Executive Director
Transfer of shares
into Self-Invested
Personal Pension
(\"SIPP\") 12,000 \u00a33.05
28 November 2025 Executive Director Purchase of shares 3,078 \u00a33.23
1 December 2025 Executive Director Purchase of shares 3,127 \u00a33.18
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "31 Related party transactions The Group\u2019s related parties include subsidiary undertakings, Board members and their close family members, and principal shareholders holding 10% or more of voting rights. Transactions between the parent and subsidiaries are eliminated on consolidation and are not disclosed in this note. Key management personnel is defined as the Board. Board remuneration is detailed in Note 6 and in the Directors\u2019 Remuneration Report. In addition to the short-term employee benefits, post-employment benefits and share-based payment expenses outlined in Note 6, a total of $0.2 million (2024: $0.3 million) was paid for social security contributions related to key management personnel. Related party transactions with the Controlling Shareholder are disclosed in Note 30. During the year, members of the Board and their close family members undertook the following share dealings: Transaction date Party Transaction type Number of shares Transaction price 30 January 2025 Close family member Sale of shares 56,000 \u00a37.10 17 June 2025 Executive Directors Sale of shares 500,000 \u00a34.55 30 July 2025 Close family member Sales of shares 16,200 \u00a34.29 31 July 2025 Close family member Sale of shares 13,800 \u00a34.19 5 November 2025 Executive Director Purchase of shares 5,832 \u00a33.43 17 November 2025 Executive Director Purchase of shares 6,036 \u00a33.30 21 November 2025 Non-Executive Director Transfer of shares into Self-Invested Personal Pension (\"SIPP\") 12,000 \u00a33.05 28 November 2025 Executive Director Purchase of shares 3,078 \u00a33.23 1 December 2025 Executive Director Purchase of shares 3,127 \u00a33.18", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "31 Related party transactions The Group\u2019s related parties include subsidiary undertakings, Board members and their close family members, and principal shareholders holding 10% or more of voting rights. Transactions between the parent and subsidiaries are eliminated on consolidation and are not disclosed in this note. Key management personnel is defined as the Board. Board remuneration is detailed in Note 6 and in the Directors\u2019 Remuneration Report. In addition to the short-term employee benefits, post-employment benefits and share-based payment expenses outlined in Note 6, a total of $0.2 million (2024: $0.3 million) was paid for social security contributions related to key management personnel. Related party transactions with the Controlling Shareholder are disclosed in Note 30. During the year, members of the Board and their close family members undertook the following share dealings: Transaction date Party Transaction type Number of shares Transaction price 30 January 2025 Close family member Sale of shares 56,000 \u00a37.10 17 June 2025 Executive Directors Sale of shares 500,000 \u00a34.55 30 July 2025 Close family member Sales of shares 16,200 \u00a34.29 31 July 2025 Close family member Sale of shares 13,800 \u00a34.19 5 November 2025 Executive Director Purchase of shares 5,832 \u00a33.43 17 November 2025 Executive Director Purchase of shares 6,036 \u00a33.30 21 November 2025 Non-Executive Director Transfer of shares into Self-Invested Personal Pension (\"SIPP\") 12,000 \u00a33.05 28 November 2025 Executive Director Purchase of shares 3,078 \u00a33.23 1 December 2025 Executive Director Purchase of shares 3,127 \u00a33.18", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "
32 Events after the reporting period
The Group entered into an amendment to a long-term supply agreement as disclosed
in Note 22. The amendment, effective from 1 January 2026, modifies the remaining
contractual commitments, with a total value of approximately $300.0 million over the period
2026 to 2030 and includes updated supply obligations with the supplier. As the agreement
was executed after the reporting date, no adjustments to the financial statements
for the year ended 31 December 2025 are required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }