Blackberry Limited · TSX:BB
Blackberry — Q2 2026 Earnings Presentation
35 slides from Blackberry's earnings presentation, Sep 25, 2025
Slide 1: Intelligent Security. Everywhere.
Intelligent Security. Everywhere. INVESTOR PRESENTATION | Q2 FY2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Some of the statements made within this presentation constitute forward-looking statements and are made pursuant to the safe harbor provisions of applicable U.S. and Canadian securities laws. Forward-looking statements are indicated by using words such as expect, will, should,
Slide 3: Q2 FY26 Financial Summary
Q2 FY26 Financial Summary $ % $ $ $129.6M 75% $0.04 $13.3M Revenue Adjusted Non-GAAP GAAP Gross Margin1 Earnings per Share1 Net Income $ $ $ $ $25.9M $363.5M $3.4M $74.8M Adjusted Total ending Operating Cash Adjusted OPEX1 EBITDA 1 Cash & Investments Flow Delivers year-over-year revenue growth, expa
Slide 4: Delivers GAAP Net Income for the Second Consecutive Quarter
Q2 FY26: Delivers GAAP Net Income for the Second Consecutive Quarter • Q2 FY26 GAAP Net Income GAAP Net Income improved $33M year-over-year US$ millions $13 • Driven by the financial $2 transformation over the past Q2FY26 FY26 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 Q1 FY26 FY26 Q2 12 months in a
Slide 5: Q2 FY26 Summary: QNX
Q2 FY26 Summary: QNX • QNX achieved “Rule of 40” quarter QNX • Revenue of $63.1M beats top end of guidance SEGMENT FINANCIALS Q1 Q2 Q3 Q4 FY25 Q1 Q2 range and grew 15% year-over-year FY25 FY25 FY25 FY25 FY26 FY26 Segment revenue ($M) 53.2 54.7 62.3 65.8 236 57.5 63.1 • Segment adj. EBITDA1 margin of
Slide 6: Q2 FY26 Summary: Secure Communications
Q2 FY26 Summary: Secure Communications • Revenue of $59.9M, beats top end of guidance SECURE COMMUNICATIONS range and grew sequentially Q1 Q2 Q3 Q4 Q1 Q2 SEGMENT FINANCIALS FY25 FY25 FY25 FY25 FY25 FY26 FY26 • Reduced churn in UEM helped drive results Segment revenue ($M) 64.2 66.5 74.6 67.3 272.6 5
Slide 7: Q2 FY26 Summary: Licensing
Q2 FY26 Summary: Licensing LICENSING Q1 Q2 Q3 Q4 Q1 Q2 SEGMENT FINANCIALS FY25 FY25 FY25 FY25 FY25 FY26 FY26 Segment revenue ($M) 6.0 5.0 6.7 8.6 26.3 4.7 6.6 Segment cost of sales ($M) 1.4 1.6 1.5 1.6 6.1 1.6 1.5 Segment adj. gross margin ($M) 4.6 3.4 5.2 7.0 20.2 3.1 5.1 • Revenue of $6.6M, beats
Slide 8: Financial Outlook
Financial Outlook Q3 FY26 & Full-year FY26 Outlook Q3 Full-year FY26 FY26 Total Revenue ($M) 132 - 140 519 – 541 QNX Revenue ($M) 66 - 70 256 – 270 Secure Comms Revenue ($M) 60 - 64 239 – 247 Licensing Revenue ($M) ~6 ~24 Total Adjusted EBITDA ($M) 20 - 28 82 - 101 QNX Adjusted EBITDA ($M) 13 - 17 6
Slide 9: Q2 FY26 Achievements
Q2 FY26 Achievements QNX and NVIDIA announced QNX launched its BlackBerry became the first general availability of NVIDIA foundational, safety- Mobile Device Management DRIVE AGX Thor certified QNX OS for Safety (MDM) vendor to achieve development kit, integrated 8 to streamline the BSI certificatio
Slide 10: Investment Highlights
Investment Highlights #2 BlackBerry. Intelligent Security. Everywhere.
Slide 11: BlackBerry Snapshot
BlackBerry Snapshot (NYSE: BB; TSX: BB) Waterloo, Canada $2.6B¹ ~1,700 20 ~$535M Headquarters Market Cap Employees Countries 2025 Revenue 2025 Revenue by Segment ($Mil) 2025 Revenue by Region ($Mil) 3 Divisions • QNX: Trusted supplier of market-leading QNX® operating systems, hypervisors, developmen
Slide 12: Why Invest with BlackBerry
Why Invest with BlackBerry Strength of Multiple market-leading businesses with strong growth prospects 1 Portfolio supported by long-term, secular tailwinds Fundamental Improving business fundamentals, as reflected by stabilization and 2 Business Strength improvement of key metrics Enhanced Cash Mea
Slide 13: Strengthened Portfolio with Relaunch of QNX Brand
1 Strengthened Portfolio with Relaunch of QNX Brand and Focus on Secure Communications Relaunched QNX Brand to Reinforce Leadership in Following sale of Cylance, increased Focus on Secure Automotive and General Embedded Industries Communications with Improved Financial Profile Clear Automotive Leade
Slide 14: Improving & Stabilizing Business Fundamentals
2 Improving & Stabilizing Business Fundamentals 4 QNX Royalty Backlog Secure Communications ARR and DBNRR US$ millions US$ millions / % $865 $215 $815 $213 $211 $209 $208 $209 $640 95% $202 $460 93% 93% 93% 93% $198 $199 92% 91% 91% 91% Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4FY25 Q1 FY26
Slide 15: Significant Transformation in Cashflow Profile
3 Significant Transformation in Cashflow Profile Enhanced Cashflow Profile Strengthened Balance Sheet Operating Cashflow Reduced Gross Debt / Increased Net Cash US$ millions US$ millions $17 FY23 FY23 FY24 FY25 -$4 • Significant cost reductions to lead transformation back to profitability • Improved
Slide 16: Driving Shareholder Returns by Prudently Allocating Capital
4 Driving Shareholder Returns by Prudently Allocating Capital Leverage 3 profitable divisions …to accelerate value creation FY25 Adj. EBITDA and Adj. EBITDA Margin Immediate Priorities $70 US$ millions $59 Approved Share buy-back program May 2025, and $60 $52 repurchased $30M worth of shares in 1H F
Slide 17: QNX Division: Leading With Innovation
QNX Division: Leading With Innovation Extending our Market Position with Leading Technology © 2024 BlackBerry. All Rights Reserved 17
Slide 18: QNX: A Compelling Driver of Investment Valuation
QNX: A Compelling Driver of Investment Valuation Attractive Fundamentals Leading Market Position Large, Growing Commercial and Clear Segment Deep, Long-Standing Market Opportunity Technical Trends Leader with Unique Relationships with with Attractive Pushing the Industry Capabilities, IP, and Leadin
Slide 19: Addressable Market Remains Large and Growing
Growing Market Addressable Market Remains Large and Growing SAM by IoT Core and Strategic Initiatives ($B) $5.9 ~34% QNX Total • IoT Core Serviceable Core SAM CAGR ’24-’28 Addressable Market (SAM)1 Strategic Investments growing at ~8-12% CAGR CY24- 26, reaching $2.1B by CY26 $3.5 • Strategic investm
Slide 20: Positioned to Benefit From Powerful Industry Trends
Secular Tailwinds Positioned to Benefit From Powerful Industry Trends Increasing Vehicle More Computing Power Shift in Focus to Complexity in the Vehicle Safety Critical Domains ECU/DCU Market by Domains, $ billions Up to 500M Lines of Code <10 millisecond Latency 100-500 Watts QNX excels in Energy
Slide 21: Long-term Software Platform Growth Opportunity
Leading Capabilities Long-term Software Platform Growth Opportunity Integrated Software Platform Captures a Much Larger Share of Wallet and Expands QNX Market Opportunity ©2024 © 2025 BlackBerry. BlackBerry. All AllRights RightsReserved. Reserved 21
Slide 22: Design Wins with Leading OEMs
Deep Working with Industry-Leading Customers Relationships and Partners to Drive Innovation Developing industry-leading foundational Edge Compute software Design Wins with Leveraging dominant market position to win outsized share of future for Auto and GEM¹ applications Leading OEMs market growth Ex
Slide 23: Proven and Consistent QNX Revenue Growth
Proven and Consistent QNX Revenue Growth Double-digit Revenue Growth QNX FY25 Sales Mix (~$236m) US$ millions $256- Asia- Pacific 270 27% Americas 50% $236 Auto & other EMEA Transportation $215 23% $206 82% $178 • Forecasted growth in line with past performance through industry cycles >10% CAGR • Up
Slide 24: Strengthening Our Secure Communications Business
Strengthening Our Secure Communications Business © 2024 BlackBerry. All Rights Reserved 24
Slide 25: Building on our Secure Communications Foundation
Building on our Secure Communications Foundation BlackBerry BlackBerry BlackBerry UEM SecuSuite AtHoc Overview Overview Overview • Major contributor to Cybersecurity revenue • Strong German Government base • Strong customer base and growing in US • Strong focus on retention, efficiency & • Focus on
Slide 26: Preferred Choice
Strong Foundation of Highly Satisfied & Loyal Customers 80% 45% 43% 12% Preferred Choice North EMEA Asia Pacific National Military Government & Large Enterprise America Governments With $250k+ ARR UNITED STATES, CANADA, STRONG RETENTION GERMANY, MALAYSIA, AND MORE All numbers in reference to Fiscal
Slide 27: Appendix (Q2 FY26 Financials)
Appendix (Q2 FY26 Financials) © 2024 BlackBerry. All Rights Reserved 2727
Slide 28: GAAP Income Statement
GAAP Income Statement ($M) Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 (Three Months Ended) QNX $ 53.2 $ 54.7 $ 62.3 $ 65.8 $ 236.0 $ 57.5 $ 63.1 Secure Communications 64.2 66.5 74.6 67.3 272.6 59.5 59.9 Software and Services 117.4 121.2 136.9 133.1 508.6 117.0 123.0 Licensing 6.0 5.0 6.7 8.6 26.
Slide 29: Adjusted Income Statement
Adjusted Income Statement ($M) Non-GAAP Income Statement Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 (Three Months Ended) QNX $ 53.2 $ 54.7 $ 62.3 $ 65.8 $ 236.0 $ 57.5 $ 63.1 Secure Comms 64.2 66.5 74.6 67.3 272.6 59.5 59.9 Software and Services 117.4 121.2 136.9 133.1 508.6 117.0 123.0 Licensin
Slide 30: Segment Information
Segment Information ($M) Segment Adjusted Gross Margin and EBITDA (Three Months Ended) Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 QNX Segment revenue $ 53.2 $ 54.7 $ 62.3 $ 65.8 $ 236.0 $ 57.5 $ 63.1 Segment cost of sales 9.5 9.3 8.9 11.1 38.8 11.2 10.7 Segment adjusted gross margin $ 43.7 $ 45.
Slide 31: Segment Information (Cont.)
Segment Information ($M) (Cont.) Segment Adjusted Gross Margin and EBITDA (Three Months Ended) Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 Licensing Segment revenue 6.0 5.0 6.7 8.6 26.3 4.7 6.6 Segment cost of sales 1.4 1.6 1.5 1.6 6.1 1.6 1.5 Segment adjusted gross margin $ 4.6 $ 3.4 $ 5.2 $ 7.0
Slide 32: Key Metrics & Non-GAAP Reconciliation
Key Metrics & Non-GAAP Reconciliation ($M) Key Metrics (Three Months Ended) Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Secure Communications Annual Recurring Revenue $ 211 $ 209 $ 215 $ 208 $ 209 $ 213 Secure Communications Dollar-Based Net Retention Rate 93% 93% 95% 93% 92% 93% QNX Royalty Backlog 8
Slide 33: Non-GAAP Reconciliation (Cont.)
Non-GAAP Reconciliation ($M) (Cont.) Adjusted Gross Margin Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 GAAP revenue $ 123.4 $ 126.2 $ 143.6 $ 141.7 $ 534.9 $ 121.7 $ 129.6 Total cost of sales 33.4 37.6 31.4 37.6 140.0 31.4 33.0 Non-GAAP adjustments to cost of sales (0.7) (0.6) (0.7) (0.4) (2.4) (
Slide 34: Non-GAAP Reconciliation (Cont.)
Non-GAAP Reconciliation ($M) (Cont.) Adjusted EBITDA Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 GAAP operating income (loss) $ (12.9) $ 2.2 $ 19.5 $ (8.0) $ 0.8 $ 2.0 $ 11.5 Non-GAAP adjustments to operating income (loss) 18.8 8.5 13.7 25.1 66.1 10.4 10.9 Adjusted operating income 5.9 10.7 33.2
Slide 35: investorrelations@blackberry.com
# B L A C K B E R R Y T R U S T | # S E C U R I T Y | # P R I V A C Y | # C O N T R O L investorrelations@blackberry.com © 2024 BlackBerry. All Rights Reserved 35