Raspberry Pi Holdings plc

Welcome to our results presentation for 2025, fourth time we've done this, first time we've done it in this particular room. Rich and I are going to walk you through some abbreviated highlights of the year, give a summary of our financial performance, an update on our progress against strategy in the year, and then we'll conclude with some words on the outlook for the rest of 2026. In summary, 2025 is an absolutely standout year for us. Shipments of boards and modules increased 9% to 7.6 million units, and that delivered a 25% increase in EBITDA. We saw demand build steadily through the year. The second half of the year was better than the first half. The fourth quarter was better than the third quarter. And we've really taken that demand with us, that demand momentum with us into the first quarter of 2026. We saw particular strength in our two largest markets, the United States and China. And as we speculated when we did our half-year results, this was in the end the crossover year for semiconductors. The first year in which we sold more semiconductor products than we sold boards and modules. We saw a 47% year-on-year increase in chip sales to 8.4 million units. Look, we're at heart of Raspberry Pi, we're at heart of product company, and we love launching products more than pretty much anything else we do. This was a somewhat slower year for us than 2024, but still one of our strongest years historically. A bunch of new hardware products, including some new microcontroller variants. We launched in August, we launched variants of the RP2350, the new, the second generation microcontroller. We launched variants of that product. which for the first time integrate non-volatile memory into the package. But really the star of the show for us was the performance of our first software product, Raspberry Pi Connect. We launched Connect in beta in the middle of 2024, added a lot of new features, including over-the-air firmware updates, which just squeaked in at the end of 2025. All of those features really intended to increase the utility of the Raspberry Pi Connect platform for our Raspberry Pi Connect for Organizations OEM customers. And we ended the year with very nearly 400,000 devices registered with that platform. On the commercial side, we've been strengthening, we continue to strengthen our marketing outreach, increasing our presence at physical events. We've seen strong momentum in the board-to-board program. This is our initiative to promote Raspberry Pi directly to major industrial OEMs at the C-suite level. And we've seen particular interest from OEMs in the smart home and aerospace and defense sectors. And we've been refining the structure of our reseller channel too. We've retired a number of underperforming partners to the extent that this is the first year for the first time we left the air with slightly fewer, very slightly fewer reseller partners that we entered the air with. But we've been making a number of focused additions targeting key geographies and key sectors. So with that, I'm going to hand over to Richard for the financial review.

Right, like so. Just navigate to the space here. So, overall, as Evan said, 2025 was a very good year. I think to understand that story, you need to just look at the shape of unit sales over the last 24 months, which, as you can see here, we've broken down by quarter. Why, or particularly quarter one 2024, was really the period when we saw the last of the orders that came through from the shortages that had happened in 22 and 23. And really the orders that people had placed finally started to unwind in 24. And also it was the period really when the unit volume from the launch of Pi 5 a bit earlier came through. So that was a particularly strong quarter for Farnell with the Pi 5 volume that they really took on. But also compute modules were incredibly strong in that period. Then coming into the sort of middle period of 2024, really the quarters that straddle the half year, was when I think as the whole of the electronics sector saw this significant indigestion of people who had really sort of filled their warehouses, filled their boots with products. And that really caused that sort of dip through the middle of the year. It was sometimes described as a smile. I think rictus might have been a better way to describe it through that period. That started to, the indigestion, shall we say, started to clear by quarter four of 24. And then coming into 25, we started to see that buildup of products like demand for Pi 3s, compute modules, those classic products that we would see as very much the ones where there's industrial demand. That saw a steady improvement through 2025 to really having then a very strong close to the 2025 as the industrial customers really came into strength. We saw compute module demand coming through. And that was really that period in quarter four. It's about 2.2 million units. And we've seen similar momentum coming into the next quarter, into quarter one of this year. Inevitably, probably some interest from people looking to anticipate memory increases, but really demand that we've regulated quite rigorously through the sales team in terms of stopping people from overbuying and really holding people to either prices these days that they If there's going to be a price increase, which is something they've anticipated, we've said to them, you will get that future price. You don't get the price at the date you're placing the order. So we've taken quite significant steps to try and prevent people from building up inventory. So overall, our unit volumes, 7.6 million units, up 9%. Our gross profit per unit was $8.70, which you can see is up significantly on the $7.40 of last year. Some themes within there, the first tranche of 2 million pi fives. They cost us about an additional $5 because of the initial cost for Broadcom chips that we agreed with them. So that obviously unwound in 2025, improving that margin. But also we've seen a better mix. Picos and those sort of low margin products have been flat through the period, whereas Pi5 and Pi4 and the compute modules have picked up. And we've also seen a growth in Direct, which for the same board, sees a better margin. Sorry, profit per unit. So gross profit per unit overall was up 23% and the gross profit was also up sort of similar amounts. EBITDA was up about 25% on the back of that, and EPS, we'll talk a little bit more detail later, adjusted EPS was up about 35% on the back of that stronger profit. Cash finished the year at about 28 million, down on the previous year, but during the year we had some significant extended payables coming into 25, which we cleared through the year, so overall finished at about 28 million. and with an undrawn RCF. So as I said, units up overall to 7.6 million. We expect that sort of strength that we saw in the last quarter to continue into 26. So there's good momentum there coming in. So we would see some improvement on that number as the case that we're comfortable with for the following year. Direct particularly has increased while royalty sales have stayed flat. So we've gone from about 70% of our sales being through the direct channel to 76%. I think that number trending between 70 to 80% towards the 80% is the sort of expectation we have for 26. Gross profit per unit rose to $8.70, as we said, from $7. We expect that to come down in 26. I think the pressure on memory increases is such that we will see some pricing biting on that. So that profit per unit will come down in the sort of 26 in this year. and then accessories which was the other sort of standout thing of the year in terms of profit per board it rose to about 1.40 from 1.20 in the previous year and that's a mixture of cameras were very strong i think that vision whether it's vision ai as evans alluded to elsewhere but that combination of cameras and raspberry pi boards has been quite significant demand we have sold quite a lot of ssd memory and sd cards and that has certainly helped in 25 And then we've also had AI hats and also some really good volume on displays as well in the 25 year. So in totality, revenue was up some 25%. It's not a number that we used as a key metric because it includes both royalty income and which is near 100 margin and sales of direct boards which obviously is operating at lower sort of margins say 20 30 but it was up 25 in line with the other increases in units we do expect that to increase really quite significantly in 26 as a result of the memory price increases that we're reflecting in the price of our boards that we're selling to people So we do expect to see significant increase from that and also from the increase in number of units. And gross profit was up 23%. And as a result of the gross profit per unit that we've talked about previously, the margin stayed pretty consistent at 24%. I think mathematically that will come down in 26. As the revenue increases, the gross profit per unit stays reasonably steady, comes down a little. So the effect of the maths is that percentage comes down through that period. We are very much focused on that gross profit per unit rather than the margin percentage. Overall, overheads increased about 22% in total. Our research and development costs went up about 28%. The salaries, the people costs, which are the major part of that underlying, increased about 10%. But we capitalized a proportion of those costs. It was about 42% were capitalized in 2025, which is really quite a low percentage compared to, say, 56% the previous year. It really does fluctuate depending on the nature of the products that we're developing at the time and also where they are in the cycle. So in 2025, it was much more probably of an emphasis on software. 24 had seen the release of the RP2350R latest microcontroller products, so there was quite a lot of capitalization in that period. Since then, people have been doing work to keep the product updated, but we don't capitalize that, so there is a function. I think in the future we'll probably see that more at the 50% sort of level. Other areas of work, PyConnect, it's something that, given the wide range of possible outcomes, we've stood back from capitalizing that one at the moment, for example, and there's a number of other products of a similar nature. Administrative costs were up. They were up some 19%. This was our first year as a listed company. There were a number of costs that came in, whether it was grossly more expensive CFOs and their bonuses or fees to brokers and others who are looking at this luxurious building here and wondering whether they're in the right business. But that was up as a result of that. We wouldn't expect to see that continue into the future. We'd expect certainly that overall total bundle of overheads to grow at a lower level in the future. Depreciation was overall approximately flat. It's very similar portfolio products to the previous year and some of the products that we have, we now have slightly longer lives based on the success of them. So RP2040, we originally were depreciating over six years. Its fifth year of trading was its best ever. So we looked at those lives and we stretched that out a couple of years. So there's a little bit of benefit there on the admin costs. so overall adjusted EBITDA which probably one of our key metrics was up 25% operating profit up 35% because of that essentially flat depreciation amortization and then tax on that which is an effective tax rate and that's combined current tax and deferred tax compared to adjusted profit per tax was down to about 18% or so we had a couple of things that came into our favor RP One of the pieces that is in the latest microcontrollers and is also in Pi5 allows us to use the patent box regime that the UK... bit of a catch-up in these numbers because you can look backwards you've got that patent and there was also a provision that we put in previously that unwound so there's some benefits in there got the rate down to about 18% I think in the future we'd expect a bit about 22 to 23 percent tax admittedly including deferred tax so a lot of the good stuff that my colleagues do in terms of whether it's research and development expenditure credits, whether it's the government's various other schemes for R&D, they help on the current tax, but deferred tax kind of puts it back in to the numbers. So I think there's a tax rate 22% to 23%. Turning to the balance sheet. Fixed assets increased. by about 10 million. That's really capitalization of the intangibles we've talked about, plus the depreciation of some of them. Inventory improved. At least that's how the finance person describes it. I think my colleague here may say it's a shame that the inventory is not up, but it's down What we saw was a significant reduction in finished goods going through 24. We'd certainly had some build-up, which we had taken quite significant steps by the end of 24 to bring down. That flowed through into 25. It's probably fair to say that we're now down probably as low as we can realistically go on finished goods. The speed at which demand has taken up has certainly impacted that. On components, memory, we've improved the holdings as at the end of 25, and similarly on processor chips, so that's really the other side. I think we flagged that it's increased by 21 million. And then receivables are up year on year, quarter four of 25. as you saw from the the unit volume charts was a very strong quarter and that's flowed through into those receivables it's probably also an element of we're now increased prices and therefore we're selling at the same board but at a higher price Payables has come down. Normally payables and receivables are actually pretty similar, they stay in lockstep. The reason for that is at the end of 2024, partly as a sign of how weak suppliers were at that stage, they were offering us quite significant extended payable terms which we took up. We've unwound those through the period of 2025, such that we're now down at more normal level of payables. But the effect of that clearly was an outflow on the cash flow and increase in the net working capital number. But it's something that we've cleared. I think we flagged that at the half year and that's really come through to pass. And we really have, I think it's probably a couple of million or so extended payables with longer than the sort of typical 30 to 45 day term that we're used to. And that resulted in cash at the end of the year of 28 million, as I mentioned previously, down predominantly, I think, because of those extended payables, but now starting to sort of settle. And we have an 80 million RCF. We uprated that in the first quarter of 25 from 40. That remains undrawn. Cash flow, I guess very much a sort of reprise of just described on the balance sheet, as you'd hope. You can see the outflows in respect to the payable reductions, the receivables. CapEx, we spent about 18.2 million of cash on primarily intangibles product development in the year, very much within the range of guidance that we've given of 20 million a year. I think over time we'd expect that to rise to sort of 25% of gross profit, but it will be lumpy. We've got some products where come 27, back end of 27 into 28, as you actually go to TSMC and ask them to make the chip, there is an upfront payment. If we're buying an item from Arm, Cadence, Synopsys and some piece of IP, again that may come in a particular year, even if it's for the benefit of the next three or four years of development. Tax credit 2025. We had a two years worth of research and development expenditure credit. We didn't quite get the filing in time at the end of 24. So we saw two lots of money in 25. So there's a little bit of a gap. lumpiness there and tax paid we paid about 4.1 million of tax overall similar level to the previous year so overall I think 28 million cash and cash conversion which is really you know our EBITDA minus the growth in working capital I think we would expect over time that to sort of turn back to the cash generative business that we recognise. I think that sort of conversion of probably about 60% to 80% of EBITDA in the medium term is realistic. Essentially no more extended payables and hopefully the level of inventory will We'll continue to manage, but it will fluctuate if there's an opportunity to buy lots of memory at a very good price. We will do that. It's really quite necessary. I'm going to finish with a little bit on memory. Any difficult questions, though, I will very much point towards this gentleman here who is living it on a daily basis. The long-term trend of memory, as you can see in the black chart from one of the more vocal analysts in the sector, SEMI Analysis, since 1973, over the last 50 years, has been a downward sloping logarithmic curve. So this is logarithmic. If you could actually plot it with a normal y-axis, you would see that very beautiful downward curve that I think Evan frequently demonstrates on the radio. And that has continued. It's Moore's law in action. However, what we've seen in the last year on the back of demand for high bandwidth memory used in data centers is a sudden switch in production Initially, SK Hynix, who were, I think, strongly regarded in that space, but rapidly subsequently followed by Samsung and Micron to move their production to that area. That has created significant increases in cost of memory. It's increased the demand. Sorry, because of that reduction, there is more strain on supply as well. So over... We have seen, start to see increases. I think it says here we've seen an increase of about seven times on boards. Memory is about 25% of the cost of our boards. We've already put through price increases. We started putting them through in the last quarter of last year. There was some more in the first quarter of this year. I think sadly there will be more this year as we continue. We'll continue to focus on that profit per unit as being the key measure, so we will take steps. We have good inventory levels, particularly at the lower at the lower memory capacity, so at the one gigabyte, two gigabyte. And we have historically had good volumes, but we are eating into those on the four and eight at low historic prices. And we have been using that to partly manage in a sort of controlled way the increases that we're now having to put through to our customers. So we have probably got enough supply for 26 of those lower memory variants, so one gigabyte, two gigabyte. We have got good conversations going with a number of suppliers at the other areas. The reputation that Raspberry Pi has has actually been incredibly helpful in some of the conversations we've had with people that we've never talked to before, but know of us. And for them, I think that association has certainly smoothed conversations. But it is something that we're working hard through, particularly as we go into the last half of 26 and then into 27, making sure we've got an adequate level of memory is a cause of great focus. So we've got more suppliers. We've taken some technical steps. We have the ability to use smaller memory chips to sort of double them up, if you will, to create larger memory. So that's given us some scope there. We've talked to other suppliers. We are making strategic purchases. We will not be going just for that immediate demand, but it is dependent on what you can get. And we have put through price increases and we'll continue to do that. You can see on the compute module four, four gigabytes of memory, I think that was something we reduced the price of a year ago. And we've now had to put those prices back up and that is continuing. The outlook for memory prices, well, Clearly, people are starting to invest in new fabs. ASML in the Netherlands, basically the go-to supplier of equipment for chip production, has signaled significant increases in demand from, I think they said, slightly coily Korea and Taiwan. Well, Taiwan, obviously, for a lot of uses, but for Korea, clearly for memory production. But there are a number of other names on the chart here that we are also engaged with in terms of conversation. So we're looking for that. Price increases inevitably will have some of that effect of probably suppressing some demand from other people, which hopefully will therefore mean availability. And also we are seeing, we're talking to customers, we're helping customers with downsizing of their memory. A few years ago, or sorry, a year ago, I think the reflex reaction of a lot of people would be, well, I'm gonna have eight gigabytes, that's the biggest number on the box. They're now thinking hard, given those price increases, as to whether the software that they intend to run on that board operates at two gigabytes, four gigabytes at a stretch. And we're certainly, for our large customers, helping them with that. So I think we will see some of those effects start to percolate through. So that's the view from me. And over to Ebony.

So a quick update on our progress against strategy. As I said before, this is another fantastic year for product launches. I'm going to pick out just three of the 13 or 14 that I think help to illustrate where we're going as a business. Firstly, we have Radio Module 2, launched mid-year. This delivers turnkey wireless interfacing for our microcontroller customers, and it bridges the gap between these first-class, deep embedded compute platforms, RP2040 and RP2350, and the network. it's a fantastic complement to our microcontroller products and it's also become a very successful product in its own right and it's very much a demand-led product it's a product that we built because our customers told us that they wanted it um and that's something we've only that we could not have done historically we've become much much better as an organization over the last five years at listening to our customers Next, we have Raspberry Pi 500 Plus. That's my personal favorite product of the year. It's our latest all-in-one PC, a successor to Raspberry Pi 400 and Raspberry Pi 500. It's really a love letter to our enthusiast base, our enthusiasts, even as our enthusiast customer base has been outgrown by our industrial and embedded customer base, remains incredibly important to us as an organization, both from a mission perspective and also as the primary way, still one of the primary ways in which industrial embedded customers learn about our product. Who are our best salespeople? They are the enthusiasts who take our products with them into work. So it's a love letter to our enthusiast base. It's a love letter to the computers of the 1980s that inspired the Raspberry Pi story. And it really does demonstrate that the Raspberry Pi 5 platform really now can pull its weight in a modern client PC. Finally, we have AI Hat Plus 2, arrived just didn't quite make it into 25, arrived just after the year end. It's the second output of our very successful long-term collaboration with our accelerator partners at Halo. Builds on the success of the first generation product that we launched in 2024. And for the first time, it accelerates modern AI workloads, including vision transformers for vision AI applications and on-device large language models and visual language models. And we'll talk in a moment about why we believe that these capabilities are very important for the future of the Raspberry Pi platform. Of course, we can only build all these amazing products because we first of all built an amazing team. We continued to hire into the engineering team in 2025. We added a number of new senior engineers to the silicon team, and we continue to add fantastic graduates from our long-running and very successful summer internship program. We continue to focus on retention. We did have one retiree. 2025 was another landmark year for us. It was the first year that we had somebody retire from our engineering workforce. But other than that, we had 100% retention in the engineering team. Terry, he retired. He was 71 years old, so we did manage to retain him for as long as we possibly could. But he had to go and get married. We've made targeted investments in our business development, application engineering, communications, and finance and legal teams. And last but very much not least, I'm excited that Tim Mantora joined us this month as Chief Operating Officer in the new role of Chief Operating Officer. He's the former Chief Technology Officer of Imagination Technologies, and he's a longtime friend and colleague from Broadcom. I've known him for 20 years. He's an amazing individual. We'll be centralizing and formalizing a lot of our operations activity in his newly formed unit within the business, including engineering operations, manufacturing operations, supply chain, and IT and cybersecurity. And really, when we do this, as we restructure the organization, we believe that we're building the architecture that will support the next phase of our growth story. As we build the capacity to interact with our customers, we, of course, build our capacity to learn from them. I'm not going to belabor this slide, but I just thought we'd share a few examples of the sectors that our OEM customers operate in, from digital signage and network gateways to retail and point of sale, smart home, industrial automation, and many, many more. And as we talk to our customers, it's striking to me that across all these sectors, our customers share both common strategic concerns, an emphasis on time to market, and on optimizing that transition from prototype to production. They have a desire to gain access to advanced technology without carrying, without shouldering a high fixed cost base inside their organizations. And they need to navigate an increasingly complex regulatory environment for IoT devices. And they tend to have common product aspirations too. Many of them are looking to bring existing intelligent products to smaller form factors and lower price points. Others are looking to add intelligence and connectivity to legacy products. And they need to accomplish these things in a world where security has gone from a nice-to-have feature to a legal necessity if you want to be able to ship your IoT products. As they do this, all of these customers are confronting what we've come to call the R&D air pocket. That's the challenge of recruiting and retaining the talent required to design intelligent products, to bring those products rapidly to market and to keep them in production in a rapidly changing supply environment. We're positioning Raspberry Pi to our customers as the solution to these challenges. For our larger customers, we're doing that through the board-to-board initiative. direct engagement at the C-suite level with large industrial OEMs. And to smaller customers, we're doing this via more traditional marketing activity and through enhancing our physical presence at events like Embedded World. I was at Embedded World in Nuremberg a couple of weeks ago just for a flying visit, mostly to talk to DRAM vendors. But while I was there, I was struck both by the hunger for solutions to the recognition of these challenges, the hunger for solutions to them, and the growing awareness of and enthusiasm for Raspberry Pi. as a supplier in this area. Highlight a couple of our OEM customers. Firstly, SixFab. They were on our stand. We actually hosted six of our OEM customers on our stand at Live Better World. SixFab was one of these running a Vision AI demo, an automated crowd sentiment analysis Vision AI demo. They build ruggedized industrial computers around our compute module platform. And our value proposition to companies like Sixth App is very, very simple. We provide reliable, available, embeddable, general purpose compute, and at an attractive price point, supported by world-class software and collateral, documentation collateral. Then we have ProGlove, a long-standing German industrial OEM customer who we serve through our direct-to-OEM channel. In fact, we moved them from our direct-to-reseller channel. They're one of our poster children for our ability to move high-volume OEMs. Those OEMs go to ultra-high volume, being able to move those OEMs from the direct-to-reseller channel to the direct-to-reseller channel. to OEM channel with the corresponding improvement in our margin participation. They build wireless gateway products for warehouse operations around our 02W, our very cost-effective 02W single board computer. Again, a very simple proposition to customers like this that we're providing them with that perfect mix of compute interfacing and connectivity that in ProGlove's case they were able to use to rapidly add new interactive features to an existing platform. and that we back those products with long-term software support and long-term availability guarantees. Have you ever had that moment where you realise that you have fewer pieces of paper than you have slides? Let's see how we get on. A word on the edge AI opportunity for Raspberry Pi. I think the first thing to say is, as we talk about this opportunity, we come to this opportunity from a position of enormous strength. We are already the most popular platform for edge computing, and many of our customers' workloads already have an AI flavor to them. These applications are either running on the CPU or sometimes they're accelerated by our accelerator partners, including Halo and Sony. And we have fantastic relationships with our accelerator and model vendor partners, which we leverage over time to expand the platform performance envelope, to expand the range of things that people can do with our products. There's a cluster of megatrends, I think, that help to define and underpin what this edge AI opportunity looks like. Frontier models in the cloud, they're hugely efficient and they're hugely capable. But if you're trying to build an intelligent IoT application and you try to build that on top of those cloud AI platforms, what you're building into your IoT application is you're building in latency, you're building in ongoing cost, And you're building in a dependency on the availability of the network, which translates inherently into brittleness. Now, running your, building your IoT application on AI computer that happens at the edge of the network, in contrast, potentially brings with it improvements in cost structure, it brings improvements in latency, and it brings resilience to network disruption alongside addressing pervasive concerns about privacy and certain concerns around regulatory compliance. What's the opportunity for Raspberry Pi here really? It is to translate our dominance in edge compute into a dominance in edge AI. What's going to support us in doing this? The growing salience of low latency, particularly in applications including robotics. And the gradual reduction that we see every generation of AI technology. We see a migration when a new innovation appears in AI. We see that innovation begin in the context of very large models running on very high performance computers at the center of that. We certainly saw this in Vision AI. Our largest OEM customers today are Vision AI customers. customers, the sorts of workloads they are running on Raspberry Pi at the edge of the network today, a decade ago would have required the largest NVIDIA GPUs running on large servers at the edge of the network. Two things have happened in that decade. One, the performance of Raspberry Pi computers, the performance of the devices at the edge of the network, even unaccelerated, even without the assistance of our partners at Halo and Sony, the performance of those devices increased by roughly a factor of 30. At the same time, the compute demand of models, as people have refined the model architectures, found ways to make those models smaller, sparser, and more quantized. The compute requirements of those models have come down by roughly two orders of magnitude. We've seen this in vision AI. It's been an enormous enabler for the current wave of AI applications on Raspberry Pi. We expect this to happen with generative AI applications. We expect this to happen with LLMs and vision language models. We're already seeing it happen today. There's been a lot of noise recently about people running OpenClaw, about people running agentic AI on Raspberry Pi platforms. Now, the interesting thing about this first wave of agentic use on Raspberry Pis and on other small slightly less low cost computers from other companies, is that all of the compute, all of the generative compute in these applications still runs at the center of the network. Effectively, these devices are shims which connect the local environment to remote compute. And I think what we're going to see over time, and I think the opportunity for us, is by becoming first the dominant platform to run that sort of thin local, thin local objective AI, It positions us well to intercept the local compute opportunity as the performance of the local devices increases and as the computing demand for the models declines. A word on semiconductors. As I say, this was a crossover year for us. We sold more semiconductor devices than we sold boards the first time. Financially, this is relatively immaterial. We are talking about 50 cent microcontrollers and $50 boards. But the vision of the business, what do we want the business to look like in eight years time? What do we want the business to look like a decade after the IPO? The vision is to have a two franchise business in which we have an electronic products business, larger than the electronic products business today. But at the same time, to have the semiconductor business grow up alongside it to become a financially co-equal business, that implies that we need to be selling at least hundreds of millions of microcontroller devices if the devices we're selling in eight years' time are at the current ASP. We do need to be selling hundreds of millions of them to realize that ambition. And I think it's hugely significant. Barely four years after we launched our first microcontroller, we'd be able to get to the point where we're selling more microcontrollers, more semiconductor products, than we are selling board level products. What does the right-of-hand look like? Continued sales growth in microcontrollers. We had good momentum in the second half of the year, took that good momentum with us into 2026. New microcontrollers and Raspberry Pi Pico products and other silicon devices. You can split our silicon work really into two clusters. We have the cluster that generates microcontroller products, the cluster that generates products which we use ourselves and sell to third parties. And we have the products which exist purely to enhance the performance of our in-house products. In terms of the microcontroller roadmap, you'll see, I think, from us over the next five years, a regular cadence of product releases. I think we are going to be a little bit more open, not today, but probably starting in six to 12 months. We're going to be a little bit more open with people about what that roadmap looks like. But you're going to see a regular cadence of releases, whether those are addressing new price performance points. The two products, RP2040 and 2350, that we produced today sit very squarely in the center of that kind of parameter space. um you'll see us exploring new price performance points you'll see us trying to find new ways to integrate interfacing and connectivity options into the devices perhaps qualifying extended operating points we haven't indicated the desire to get involved in producing microcontrollers the automotive market but i think we do know what we need to do if we wanted to do that what's the focus here all of these things are intended to grow tam and they're intended to grow tap without blowing up the number of products we make we always want to be an organization we want to be a low mix organization we have technical innovations which we believe enable us to address large parts of that parameter space with relatively small numbers of tape outs then in terms of the devices that we use to make our board and modular products better we've had huge success with rp1 this is the io controller that we designed for the raspberry pi 5 platform and i think you'll see us build on that try to build devices which bring higher performance richer feature sets to our board level products Obviously, improved unit economics as we displace vendor margin out of the margin stack in our products. All of these things, they deepen our competitive modes and they give us that security of supply and long-term availability. Today, when we launch a product, we communicate a desire to be able to produce that product at least into the late 2030s. We have some fantastic supplier relationships which underpin those commitments, but there is no underpinning more powerful than knowing that you build the silicon and the platforms yourself. A word on Raspberry Pi Connect. Really, I think one of the standout stories of 2025. Historically, what does Raspberry Pi do? What is Raspberry Pi's value proposition? What is its core? If you boil down our value proposition to our OEM customers, what we are doing is we are detecting things that many, many, many OEM customers do. We're doing them once, we're doing them well, and we're selling the fruits of that work to our OEM customers and making margin. Now, historically, when we've looked for things that OEM customers do, we've had a, I guess, a mental block, right? We've had a tendency to look only out to the boundary of the edge product, of the physical product that we sell, whether that's the hardware or whether it's the low-level software that runs on that device. Really Raspberry Pi Connect represents us acknowledging that particularly in the Cyber Resilience Act era, our OEM customers, there are important network level pieces of software that our OEM customers need to develop in order to make our products operative, operational, inside their products. Connect Launch in 2024. Last year, we had an over-the-air update capability. That's a key underpin for people wanting to comply with the Cyber Resilience Act while building their products around hardware and software products. We added that at the end of last year. Left the air with very nearly 400,000 connected devices on Connect. That number's over 500,000. So still seeing very, very robust growth, both in the total number of registered devices and into the proportion of those devices that we are converting from the free tier Raspberry Pi Connect to the paid tier Raspberry Pi Connect for organizations. So an increasingly important part of our business. And then a word on Outlook. As I say, we saw very, very strong momentum, building momentum last year, brought that momentum with us into the start of 2026. We have the demand creation initiatives, notably the board-to-board program, which we believe will drive continued growth through this year and beyond. In terms of supply chain, we do expect, as Richard said, that supply chain challenge in DRAM will only be decisively terminated by the addition of foundry capacity, mostly in the Far East. We do expect that to take time. We don't expect relief from that source this year or next, although we do believe that the relatively extreme levels of DRAM pricing we're seeing now are going to discover and drive elasticity in the market over time. Still somewhat limited visibility in the second half, but we are well provided for at low density, and we do believe that we have the vendor relationships, old, longstanding, and new vendor relationships required to navigate these challenges. And of course, we do like to remind people that about a third of our products by volume, the classic Raspberry Pi products, the Raspberry Pi 3 and earlier, the Pico-based products, either use a different supply of RAM. They use LPDDR2, of which we have very, very large wafer-level buffers. Or in the case of Raspberry Pi Pico products, don't require SDRAM at all. So roughly a third of our sales are unaffected by this dynamic. In terms of pricing outlook, we are indicating that we expect profitability to be in line with market estimates, but we are flagging that the ASP increases that we've put through in the past and the ASP increases that we may need to put through later in the year are likely to lead to revenue being substantially higher than market estimates. I'll leave you with, I'm not going to belabor this slide either, I'll leave you with some quotes from some of our favorite OEM customers. Just like to take this opportunity to thank the team for all the work that's gone into getting the results ready this year. Particularly also to thank Richard. This is likely to be Richard's last final results with us he joined us in 2019 when I think the finance team was about three people was instrumental in building a finance team which was which was fit for purpose obviously seen us through the the IPO process and has been an extremely valued colleague and a very good friend for these these last six or seven years and so I'd just like to extend my personal thanks to him for everything that he's done for us we certainly wouldn't be where we are without his efforts.