Raspberry Pi Holdings (LON: RPI) reports H1 2026 interim results on Thursday 24 September, the first test of how far rising memory-chip costs are squeezing margins. The shares have fallen roughly 49% from June’s high after management warned the pressure would persist into 2027.
The stock closed at 547p on Friday, up 0.92% on the day but still down from a 1,082p June peak and above its 253.8p 52-week low. It now sits just above its 200-day moving average of 542.22p and below the 50-day average of 635.82p.
The reversal traces to March’s FY2025 results call, when management said DRAM memory costs had risen roughly sevenfold since mid-2025 and would stay elevated through 2026 and probably 2027, prompting price rises with more planned.
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Chief executive Eben Upton said the group is “comfortable that we have the inventory and the relationships to navigate” the DRAM environment, while finance chief Richard Boult said profitability should track in line with estimates.
Yahoo Finance has no separate H1 consensus for Raspberry Pi; the closest guide is its FY2026 estimate of roughly $610.4m revenue and $0.1722 EPS from four analysts, against H1 2025’s $101.8m revenue and $0.05 EPS. FY2025 saw units up 9% and adjusted EPS up 35% to $0.145.
Brokers are cautious into the print. Deutsche Bank and Berenberg both rate the shares Hold, at 650p and 670p respectively, while Simply Wall St cut its fair value from £8.92 to £8.33 in early September, citing execution risk around the memory-cost outlook.
Thursday’s numbers should show whether Raspberry Pi’s pricing actions are offsetting the DRAM squeeze or whether the margin pressure management flagged in March is deepening into the second half.
