1 Peer Comparison & Ranking of BB; 2 Patents; 3 Currency Synopsis: Canadian Dollar (CAD) Peer Comparison & Ranking of BB PEER COMPARISON: BB IN INDICES BlackBerry is a constituent of the following indices. Its market capitalisation is $2 billion and accounts for 0.1% of the combined MCap of the S&P/TSX 60 Index. Index Name MCap of Index ($ b) BB MCap as % of Index S&P/TSX 60 Index 2,404 0.1 S&P/TSX Composite Index 3,209 0.1 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: BlackBerry vs Canadian Market Out of 948 stocks and 22 units in the Canadian Market, BlackBerry is ranked 116th(116) by Premium to 52-Wk Low, 168th(168) by Market Cap in $, 213th(213) by Revenue and 349th(349) by Discount to 52-Wk High. Canadian Avg BB BB Rank Premium to 52-Wk Low (%) 38.9 18.8 116 Market Cap $ 4.9 B 2.1 B 168 Revenue $ 2.2 B 534.9 M 213 Discount to 52-Wk High (%) 4.1 35.2 349 Free Cash Flow (338 M) 12.9 M 430 Price/Net Tangible Assets 2.5x 11.7x 467 EBITDA Margin% 21 4.9 660 Net Profit $ 183.3 M (79 M) 2417 Negative values are shown in brackets. Stock in Index and Stock in Sector Description BB S&P/TSX 60 Index % of S&P/TSX 60 Index Communication equipment sector % of Communication equipment sector Net Profit $ -58,240,617 117.2 B -0.05 -39,360,371 148.0 Revenue $ 394.3 M 667.3 B 0.1 2 B 19.7 Total Assets $ 955.1 M 9,041.9 B 0.01 3.4 B 28.5 MCap $ 2.1 B 2,403.7 B 0.1 5.9 B 35.2 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description BB S&P/TSX 60 Index Avg. Communication equipment sector Avg. Price/Earnings -26.9 20.6 -130.4 Price/Net Tangible Assets 11.69 3.76 13.4 MARKET SHARE BlackBerry vs Communication Equipment sector [Communication Equipment sector Total in Brackets] Revenue of $725.6 million[35.0% of aggregate sector revenue of CAD2.7 billion; down from 44.8% in the previous year.] EBIT of $11.5 million [9.8% of aggregate sector EBIT of CAD106.1 million; down from 45.4% in the previous year.] GLOBAL RANK [out of 46,242 stocks] AND RANK OF BLACKBERRY IN THE AMERICAN REGION [out of 9,387 stocks] Description Value Global Rank In Am Region MCap ($) 2.1B 6,461 2,045 Total Assets ($) 1.3B 9,340 2,822 Revenue ($) 534.9M 9,794 2,615 Net Profit ($) (79M) 39,424 6,326 Return on Equity % (1.2) 28,651 3,851 Net Profit Margin % (1.6) 28,306 3,571 Price to Book 92.0 33,955 4,753 PV1000 (1Year) $* 802 31,798 5,593 $* Change (1Year) % 65.8 3,713 573 * 1 year ago CAD 1 = $ 0.69 Mar 11, 2026: CAD 1 equals $ 0.74 RANK OF BLACKBERRY IN THE S&P/TSX 60 INDEX [out of 49 stocks], IN THE CANADIAN MARKET [out of 1134 stocks] AND IN THE COMMUNICATION EQUIPMENT SECTOR [out of 12 stocks] Description Value In S&P/TSX 60 Index In Canadian Market In Communication equipment sector MCap (CAD) 2.8B 49 215 1 Total Assets (CAD) 1.8B 48 353 1 Revenue (CAD) 725.6M 44 338 1 Net Profit (CAD) (107.2M) 46 1,440 15 Return on Equity % (1.2) 47 642 7 Net Profit Margin % (1.6) 45 603 6 Price to Book 11.7 33 978 9 PV1000 (1Year) CAD 754 44 958 10 LONG-TERM FUNDAMENTAL RANKING: 3 OUT OF 5 [5 is best] BlackBerry is ranked number 1 out of 19 listed communication equipment companies in the Canada with a market capitalization of CAD2.8 billion ($2.1 billion). Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1. Patents Rank by patents issued in the past 12 months: BlackBerry vs CANADA stocks BlackBerry is ranked 2 by patents issued in the past year out of 2,440 Canada listed companies. A total of 1,635 patents were issued to Canada listed companies in the past year, an average of 14.7 patents per company. BlackBerry received 240 patents in the past 12 months, 358 times average. Currency Synopsis: Canadian Dollar (CAD) % Change of CAD vs Currency Basket Period-Based In the past year the Canadian Dollar rose 6.1% against the US Dollars; in the past three years the Canadian Dollar rose 1.7% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % CAD1=0.737USD United States Of America - 0.7 6.1 1.7 CAD1=5.061CNY China -0.1 0.3 0.8 0.7 CAD1=116.698JPY Japan 0.5 1.6 14.0 18.0 CAD1=0.635EUR European Union 0.4 0.9 -0.2 -7.0 CAD1=1,086.127KRW South Korea 0.5 1.4 7.7 13.7 CAD1=0.938SGD Singapore 0.2 0.5 1.5 -4.3 CAD1=1.243NZD New Zealand 0.4 0.7 2.2 5.0 CAD1=0.548GBP United Kingdom 0.2 0.1 2.2 -9.2 CAD1=1.028AUD Australia -0.1 -0.7 -6.7 -6.1 CAD1=5.768HKD Hong Kong - 0.8 6.9 1.6 CAD1=0.574CHF Switzerland 0.2 0.5 -6.2 -14.5 CAD1=6.768SEK Sweden 0.6 0.9 -3.1 -12.9 CAD1=7.096NOK Norway 0.1 0.7 -4.2 -7.9 CAD1=12.971MXN Mexico 0.5 0.8 -8.0 -2.5 1 Tax; 2 Financials as Reported Q3 2024-25, Past 10 Years Tax Average Income Tax Paid (Past 4 Years) In the past 4 years, Income Tax as % of sales increased from 1.0% to 3.2%. Description 2025 2024 2023 2022 As % of sales 3.2 3.2 2.1 1 Profiles of Top Management Richard Lynch Chairman Mr. Lynch is Chair of the Board of Directors. He has served as a director of the Company since February 2013. He has bachelor's and master's degrees in Electrical Engineering from Lowell Technological Institute (now University of Massachusetts) and post-graduate executive education from the Wharton School at the University of Pennsylvania and the Johnson School of Management at Cornell University. Mr. Lynch is President of FB Associates, LLC, which provides advisory and consulting services at the intersection of technology, marketing and business operations. Prior to his current role, Mr. Lynch served as Executive Vice-President & Chief Technology Officer for Verizon Communications and Verizon Wireless. He is a Life Fellow of The Institute of Electrical and Electronic Engineers. Mr. Lynch previously served as Chairman of Ribbon Communications and as a director of Ruckus Wireless. He has also served on a number of professional organizations including the GSM Association, the CDMA Development Group, the Federal Communications Commission Technical Advisory Committee and the Communications Security Reliability and Interoperability Council. Mr. Lynch has been honored with the President's Award by the Cellular Telecommunications and Internet Association and has also been inducted into the Wireless History Foundation's Hall of Fame. Profiles of Board of Directors Wayne Wouters Director Mr. Wouters, 66, has served as a director of the Company since October 2015 and is a member of the Audit and Risk Management Committee of the Board of Directors. Mr. Wouters has an honours bachelor of commerce degree from the University of Saskatchewan and a master's degree in economics from Queen's University. Lisa Disbrow Independent Director Ms. Lisa S. Disbrow is Independent Director of the Company. Ms. Disbrow currently serves on the Board of Directors of Mercury Systems, Inc., a developer of secure sensor processors for commercial and defense applications, and Perspecta Inc., a leader in digital transformation and enterprise operations for public sector customers. Prior to retirement from the government, she was the Senate-confirmed Under Secretary of the United States Air Force from January 2015 to June 2017, and served as Acting Secretary of the U.S. Air Force from January 2017 to May 2017. In these roles, she oversaw an annual budget of more than $132 billion and was responsible for organizing, training, equipping and providing for the welfare of approximately 660,000 of those serving and their families, worldwide. Ms. Disbrow was commissioned into the U.S. Air Force in 1985 following her graduation from the University of Virginia in 1984 and served on active duty until 1992, working primarily in intelligence and operational planning. After Operation Desert Storm, she transitioned to the Air Force Reserve. Over the course of her federal civilian career, she held key positions on the National Security Council staff, on the Joint Staff and at the National Reconnaissance Office. Financials as Reported Q3 2024-25, Past 10 Years Financials as reported (Quarter ending 30 November 2025) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In CAD Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (Quarter ending 30 November 2025) Description CAD Million CAD Million Nov 30 2025 2024 Change % Revenue 141.8 143.6 Down 1.3 Cost of sales 31.9 31.4 Up 1.6 Gross margin 109.9 112.2 Down 2.0 Operating expenses Research and development 29.6 27.9 Up 6.1 Sales and marketing 29.3 23.4 Up 25.2 General and administrative 36.1 36.4 Down 0.8 Amortization 2.4 4.4 Down 45.5 Impairment of long-lived assets 0.6 0.6 Steady 98 92.7 Up 5.7 Operating income 11.9 19.5 Down 39.0 Investment income (loss) net 2.9 -0.6 Recovery Income before income tax 14.8 18.9 Down 21.7 Provision for income taxes 1.1 6.6 Down 83.3 Income (loss) from continuing operations 13.7 12.3 Up 11.4 Loss from discontinued operations net of tax -22.8 Net income (loss) 13.7 -10.5 Recovery Earnings (loss) per share Basic earnings per share from continuing operations 2.0c 2.0c Steady Total basic earnings (loss) per share 2.0c -2.0c Recovery Diluted earnings per share from continuing operations 2.0c 2.0c Steady Total diluted earnings (loss) per share 2.0c -2.0c Recovery Weighted average number of ordinary share Basic 590,892,000 591,240,000 Down 0.1 Weighted average number of ordinary share Diluted 596,303,000 593,530,000 Up 0.5 BALANCE SHEET AS REPORTED (Quarter ending 30 November 2025) Description CAD Million CAD Million Nov 30 2025 2024 Change % Assets Current Cash and cash equivalents 270.3 266.7 Up 1.3 Short-term investments 33.9 71.1 Down 52.3 Accounts receivable net of allowance of 5.7 and 6.6 respectively 149.5 173.7 Down 13.9 Other receivables 48.7 48.4 Up 0.6 Income taxes receivable 2.4 1.6 Up 50.0 Other current assets 38.4 30 Up 28.0 543.2 591.5 Down 8.2 Restricted cash and cash equivalents 14 13.6 Up 2.9 Long-term investments 59.3 58.9 Up 0.7 Other long-term assets 53.7 76.5 Down 29.8 Operating lease right-of-use assets net 17.7 22 Down 19.5 Property plant and equipment net 11.7 13.4 Down 12.7 Intangible assets net 40.7 47.3 Down 14.0 Goodwill 478.1 472.4 Up 1.2 1,218.4 1,295.6 Down 6.0 Liabilities Current Accounts payable 13.4 31.1 Down 56.9 Accrued liabilities 106.1 126.2 Down 15.9 Income taxes payable 12.5 25.5 Down 51.0 Deferred revenue current 121.3 161.5 Down 24.9 253.3 344.3 Down 26.4 Deferred revenue non-current 4.8 5.6 Down 14.3 Operating lease liabilities 21.2 28.7 Down 26.1 Other long-term liabilities 1.8 1.8 Steady Long-term notes 196.2 195.3 Up 0.5 477.3 575.7 Down 17.1 Commitments and contingencies Shareholders' equity Capital stock and additional paid-in capital Preferred shares: authorized unlimited number of non-voting cumulative redeemable and retractable Common shares: authorized unlimited number of non-voting redeemable retractable Class A common shares and unlimited number of voting common shares Issued and outstanding - 590392106 voting common shares (February 28 2025 - 596230655) 2,953.8 2,976.4 Down 0.8 Deficit -2,199.6 -2,237.3 Improved 1.7 Accumulated other comprehensive loss -13.1 -19.2 Improved 31.8 741.1 719.9 Up 2.9 1,218.4 1,295.6 Down 6.0 CASH FLOW AS REPORTED (Quarter ending 30 November 2025) Description CAD Million CAD Million Nov 30 2025 2024 Change % Cash flows from operating activities Net income (loss) 28.9 -71.6 Recovery Adjustments to reconcile net income (loss) to net cash used in operating activities: Amortization 14.3 39 Down 63.3 Stock-based compensation 17.7 21.3 Down 16.9 Impairment of long-lived assets 1.2 4.7 Down 74.5 Operating leases -7.9 -7.8 Deterioration 1.3 Other 0.9 Net changes in working capital items Accounts receivable net of allowance 24.2 26.4 Down 8.3 Other receivables -0.3 13.8 Deterioration Income taxes receivable -0.8 -0.9 Improved 11.1 Other assets 14.8 -23.7 Recovery Accounts payable -17.7 -7.2 Deterioration 145.8 Accrued liabilities -16.2 4.9 Deterioration Income taxes payable -13 4.2 Deterioration Deferred revenue -41 -29.1 Deterioration 40.9 Net cash provided by (used in) operating activities 4.2 -25.1 Recovery Cash flows from investing activities Acquisition of long-term investments -0.1 Proceeds on sale maturity or distribution from long-term investments 0.1 Acquisition of property plant and equipment -2.6 -2.7 Improved 3.7 Proceeds on sale of property plant and equipment 0.1 Acquisition of intangible assets -4 -5.7 Improved 29.8 Acquisition of short-term investments -68.7 -92.3 Improved 25.6 Proceeds on sale or maturity of short-term investments 106 122.8 Down 13.7 Net cash provided by investing activities 30.8 22.1 Up 39.4 Cash flows from financing activities Issuance of common shares 2.5 3.1 Down 19.4 Common shares repurchased -34 Net cash provided by (used in) financing activities -31.5 3.1 Deterioration Effect of foreign exchange gain (loss) on cash cash equivalents restricted cash and restricted cash equivalents 0.5 -0.4 Recovery Net increase (decrease) in cash cash equivalents restricted cash and restricted cash equivalents during the period 4 -0.3 Recovery Cash cash equivalents restricted cash and restricted cash equivalents beginning of period 280.3 200.5 Up 39.8 Cash cash equivalents restricted cash and restricted cash equivalents end of period 284.3 200.2 Up 42.0 Download BLACKBERRY Financials Past 10 Years Description Feb 25 Feb 24 Feb 23 Feb 22 Feb 21 Income Statement Revenue per share 0.9 1.28 1.03 1.14 EBITDA (M) 26.2 56.5 (624) 184 (931) Depreciation (M) 17.7 26.7 96 165 182 Tax (M) 17 24.2 14 7 (9) Net profit (79 M) (130.2 M) (734 M) 12 M (1.1 B) EPS (0.13) (0.22) (1.27) 0.02 (1.97) Balance Sheet Equity Share Capital 719.9 M 775.1 M 857 M 1.6 B 1.5 B Retained Earnings (B) (2.2) (2.2) (2) (1.3) (1.3) Total Assets (B) 1.3 1.4 1.7 2.6 2.8 Current Asset 591.5 M 507.5 M 743 M 1 B 1 B Fixed Asset (M) 13.4 21.2 25 41 48 Working Capital (M) 247.2 150.6 14 646 577 Cash Flow Operating Cash Flow (M) 16.5 (3.5) (263) (28) 82 Investing Cash Flow (M) 60.7 46.6 176 207 (65) Financing Cash Flow (M) 3.1 (165.1) 6 10 (227) Net Cash Flow (M) 80.3 (122) (81) 189 (210) Description Feb 20 Feb 19 Feb 18 Feb 17 Feb 16 Income Statement Revenue per share 1.85 1.47 1.71 4.1 EBITDA 46 M 213 M 559 M (1 B) (5 M) Depreciation (M) 194 136 153 186 277 Tax 4 M (16 M) 1 M (74 M) Net profit (152 M) 93 M 405 M (1.2 B) (208 M) EPS (0.27) 0.17 0.76 (2.3) (0.4) Balance Sheet Equity Share Capital (B) 2.5 2.6 2.5 2.1 3.2 Retained Earnings (M) (198) (32) (55) (438) 768 Total Debt 606 M 782 M 591 M 1.3 B Total Assets (B) 3.9 4 3.8 3.3 5.5 Current Asset (B) 1.2 1.2 2.5 1.7 3 Fixed Asset (M) 70 85 64 91 412 Working Capital 75 M 723 M 2.1 B 1.1 B 2 B Cash Flow Operating Cash Flow (M) 26 100 704 (224) 257 Investing Cash Flow (M) (188) (375) (630) 724 (439) Financing Cash Flow (M) 7 5 (10) (722) (78) Net Cash Flow (M) (155) (270) 64 (222) (260)