Raspberry Pi Shares Surge 27% After Profit Upgrade Demolishes Full-Year Forecasts

Shares in Raspberry Pi Holdings plc (LSE: RPI) surged 27.6% on Friday, closing at 1,051p after the Cambridge-based computing company issued a first-half trading update that left City forecasts looking severely out of date.

The stock — which briefly touched an intraday high of 1,082p, a new 52-week peak — traded on volume of over 2.7 million shares, pushing the company’s market capitalisation above £2 billion.

The catalyst was a stunning earnings update. Raspberry Pi guided for adjusted EBITDA of at least $38 million in the six months to 30 June 2026, on unit volumes of over 4 million. The problem for analysts: the prior full-year consensus for FY 2026 stood at just $42 million. With H1 alone nearly matching that figure, the company declared that full-year EBITDA would be “significantly ahead of current market expectations” — triggering a swift rerating.

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The engine behind the outperformance was shrewd inventory management. Raspberry Pi spent 2025 stockpiling low-density DRAM memory at favourable prices before a sharp rise in global chip costs. Drawing down that cheap stockpile through H1 delivered a significant boost to unit economics. The company was transparent that this advantage will fade in H2 as the discounted inventory is depleted and higher market prices bite.

Despite those pressures, demand from OEMs and commercial customers has remained “robust”, suggesting Raspberry Pi’s products retain strong pricing power even in a difficult supply environment.

The shares have now risen over 300% from their 52-week low of 253.8p, reflecting growing investor appetite for the company’s positioning in low-cost edge computing — a market increasingly seen as a natural beneficiary of the proliferation of AI agent applications.