Accelerating Value Creation

Unlocking the Potential of Two Powerful Franchises

Tim Foote
Chief Financial Officer, BlackBerry

© 2024 BlackBerry. All Rights Reserved

 Safe Harbor and Non-GAAP Financial Measures
Safe Harbor Statement
This presentation contains forward-looking statements which are made pursuant to the safe harbor provisions of applicable U.S. and Canadian securities laws, including statements
regarding plans, strategies and objectives of BlackBerry Limited (the “Company”) as well as the financial performance of the Company, its divisions and businesses and the Company’s
expectations as to the achievement of certain targeted metrics, including revenue, EBITDA, adjusted EBITDA, gross margin gross profits, expenses and operating cash flows at any future
date or for any future period. Forward-looking statements are indicated by using words such as expect, anticipate, estimate, may, will, should, model, intend, believe, target, plan and similar
expressions. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions
and expected future developments as well as other factors that the Company believes are appropriate in the circumstances, including but not limited to, the Company’s expectations
regarding its business, strategy, opportunities and prospects, the launch of new products and services, general economic conditions, competition, the Company’s expectations regarding its
financial performance, and the Company’s expectations regarding the benefits of its business separation. All of these factors should be considered carefully, no undue reliance should be
placed on the Company’s forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to the risks that are inherent in all forward-
looking statements, as described above, as well as difficulties in forecasting the Company’s financial results and performance for future periods, particularly over longer periods. Many
factors could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including those
described in the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” sections of the Company’s Annual Report on Form 10-K for the fiscal year ended February 29,
2024 (copies of which filings may be obtained at www.sedarplus.ca or www.sec.gov). Any forward-looking statements are made only as of today and the Company has no intention and
undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Further
information concerning the Company and its business, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with
the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.

Use of Non-GAAP Financial Measures

In presenting the Company's results prepared in accordance with U.S. generally accepted accounting measures (“GAAP”), management has included in this presentation certain non-GAAP
measures, including adjusted gross margin, adjusted gross margin percentage, adjusted EBITDA, adjusted EBITDA percentage, adjusted earnings (loss) per share, adjusted research and
development expense, adjusted sales and marketing expenses, and adjusted general and administrative expense. Management believes that these non-GAAP measures, which may be
defined differently by other companies, better explain the Company's results of operations in a manner that allows for a more complete understanding of the underlying trends in the
Company's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The Appendix at the end of this presentation includes
a reconciliation of the historical non-GAAP financial measures presented in this presentation to comparable GAAP measures. The Company does not provide a reconciliation of the
expected non-GAAP financial measures for the full fiscal years 2025, 2026 or 2027 to the most directly comparable expected GAAP measures because it is unable to predict with
reasonable certainty, among other things, restructuring charges and impairment charges and, accordingly, a reconciliation is not available without unreasonable effort. These items are
uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For more information on the non-GAAP financial measures,
please refer to the Appendix at the end of this presentation.

© 2024 BlackBerry. All Rights Reserved 2

Clear Priorities as New CFO

Building on a solid foundation… …to accelerate value creation

• High standards for external reporting • Clear capital allocation priorities with a
and financial control focus on growth engines

• Strong finance team culture built • Reduced investment in areas where

around top talent returns are unclear

• Commitment to supporting enterprise- • Increased focus on profitable growth

wide cost reduction efforts and margin expansion

• Enhanced communication and financial

transparency

© 2024 BlackBerry. All Rights Reserved 3

Providing Greater Clarity for Investors

Taking meaningful steps to… Key Elements of Financial Separation

Increase Enhance investors’

Allocated Costs for Each Division
financial ability to value the
transparency BlackBerry portfolio • Majority of costs fully separated, including most G&A
• Small number or remaining shared functions are
subject to clearly-defined central service agreements
by presenting BlackBerry’s financials in four
subcomponents:
Remaining Corporate Costs
1) IoT • Elements of G&A where splitting is not possible
2) Cybersecurity or would create dyssynergies, including:
- Public Company costs
3) IP Licensing - Legacy litigation costs
4) Corporate - Restructuring costs in run-off
- Central finance, e.g., SOX, financial reporting

Improving Investors’ Ability to Understand and Appropriately Value the BlackBerry Franchise

© 2024 BlackBerry. All Rights Reserved 4

Unlocking Value in Cybersecurity

Tim Foote
Chief Financial Officer, BlackBerry

© 2024 BlackBerry. All Rights Reserved

Optimizing Our Valuable Cybersecurity Portfolio

Secure Communications Endpoint Security

Range of MDR
and XDR
managed service
solutions to
Highly secure, leading #1 Critical Events Highly secure encrypted address large
UEM solution. Market- Management solution in voice and data solution Leading AI/ML endpoint opportunity
leader for on-premise US Federal Govt trusted by NATO and security solution with
deployment governments around world most patents

• Profitable, stable business with solid long-term growth prospects • Strong IP portfolio and competitive
• Clear go-to-market synergies driven by focus on government customers market offerings (EDR & MDR)
• Cash generator for higher growth parts of business • Improving metrics in customer
retention and cost efficiency

Growing Our Profitable Secure Comms Franchise While Further Optimizing Endpoint Security

© 2024 BlackBerry. All Rights Reserved 6

 Building on Improving Fundamentals

Annual Recurring Revenue (ARR) Dollar-Based Net Retention Rate (DBNRR)

$289 $285 88%
$279 $273 $280 $279 87%
85%
82%
81% 81%

Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

ARR Stabilization DBNRR Improvement

• ~80% of Cyber revenue is ratable & recurring • Demonstrated ability to retain and upsell customers
• Prior period headwinds driven by Cylance customer churn • Significant improvement in UEM retention and
• Stabilization in past year driven by UEM business ~100% retention in AtHoc business, offsetting pressure
from Cylance customer churn

Improving Revenue Durability Through Greater Strategic Focus

Annualized Recurring Revenue and Dollar-based Net Retention Rate are key metrics that do not have standardized meanings
© 2024 BlackBerry. All Rights Reserved
and are unlikely to be comparable to similarly titled measures reported by other companies. See form 10-K for definitions. 7
Enhancing Cyber Profitability

Significant Profit Improvement in Past 3 Years, Despite Revenue Headwinds

Revenue Adj. EBITDA ($Mil) and Adj. Gross Margin (%)

$418 $100 70%
$378 64% 65% 66%
~$350-365 ~$345-365 ~$345-365 62% 60%
$50 57% ~$30-40
~$25-35
$- 50%
$-
40%
$(50) EBITDA Gross Margin
$(40) 30%

$(100) $(79) 20%

FY23 FY24 FY25E FY26E FY27E FY23 FY24 FY25E FY26E FY27E

• Gross margin improving but still below target • Achieved ~$100 million in cost reductions in Cyber division
over last 4 quarters, achieved by:
• Results impacted by subscale Cylance business, higher-than-
industry adj. R&D (~29%), and hardware component of - Focusing product roadmap on core objectives
traditional Secusmart offering - Streamlining sales and management teams
- Reducing Cyber-dedicated facilities

Expecting a Return to Break-Even Results in FY25

Adjusted EBITDA, adjusted gross margin % and adjusted research and development expense are non-GAAP
© 2024 BlackBerry. All Rights Reserved
financial measures; see Appendix for reconciliations to the most directly comparable GAAP financial measures 8
 Shifting Our Portfolio and Prudently Allocating Capital

Cylance Secure Comms & IoT

• Cylance required high levels of investment to close • Secure Communications is a stable, government-
product gaps and remain competitive focused business generating $50M+ Adj. EBITDA
• Significant progress made to date, but the market • Likewise, BlackBerry has significant growth opportunity
remains highly competitive with QNX – a clear market leader with secular tailwinds
and deep competitive moat
• Significant, multi-year investment required to grow to
scale and profitability
Cylance Financials Secure Comms Financials

$(51)M $52M
FY25 Forecast FY25 Forecast
Adj. EBITDA Adj. EBITDA
Taking immediate steps to streamline investment in Cylance and increase
capital allocation for growth in Secure Comms and IoT
In parallel, exploring options for Cylance business
Expected adjusted EBITDA is a non-GAAP financial measure; the Company does not provide a reconciliation of expected adjusted EBITDA to the most directly comparable expected GAAP measures because it is unable to predict with
reasonable certainty, among other things, restructuring charges and impairment charges and, accordingly, a reconciliation is not available without unreasonable effort. These items are uncertain, depend on various factors, and could have
a material impact on GAAP reported results for the guidance period.

© 2024 BlackBerry. All Rights Reserved 9

Cybersecurity: In Summary

Cybersecurity division has achieved significant improvement in profitability

At the same time, fundamentals have strengthened

The Secure Communications business is both stable and profitable

Immediate pivot in investment focus, streamlining investment in Cylance to

drive growth in QNX and Secure Communications

© 2024 BlackBerry. All Rights Reserved 10

Accelerating Growth in IoT

Vito Giallorenzo
Chief Financial Officer, IoT

© 2024 BlackBerry. All Rights Reserved

QNX: Robust Financial Investment Case

Large, Growing Commercial and Clear Segment Deep, Long-Standing

Market Opportunities Technical Trends Leader with Unique Relationships with
with Attractive Pushing the Industry Capabilities, IP, Leading Customers
Economics in Our Direction and Track Record and Partners

Established and Profitable Global Leader, Capturing Share in a Growing Market

© 2024 BlackBerry. All Rights Reserved 12

 The QNX Business Model: Illustrative Automotive Program

Pre-Production (~2-3 years) Vehicle ProductionVehicle

(~7-10 years)
Production
(~ 7-10 years)

Initial Negotiation, Safety Certification Vehicles Come

Development, and and Performance Off the Production
Integration Optimization Lines
• Define technical • Optimize software • Final software runtime
requirements performance for final configuration
• Support customer production hardware • Provide maintenance Typical “Gaussian” curve
building software • Complete safety, deliverables for development & for production volumes
• Complete integration including audits and services (e.g., support, fixes, and associated runtime
and testing using fault injection testing additional/new features)
royalty revenues
reference hardware

Pre-production Program Revenue Post-production Program Revenue

 Development Licenses  Runtime Royalties (majority of program lifetime revenues)
 Engineering Services

A Decade-long Business Commitment, Combining Upfront Revenue and a Long Stream of Profits

© 2024 BlackBerry. All Rights Reserved 13

 Diversified Business Mix, Backed by a Sizeable Backlog

IoT FY24 Sales Mix ($215m) FY24 Royalty Backlog ($815m)

Other
18%

2030+
28% 2025-27
33%
Asia-Pacific
27% Others
Americas 2028-30 31% Cockpit
50% 39% 29%

Transportation
82%

IVI &
EMEA Cluster
8% ADAS
23% 21%
Central Compute
11%

Geographic Diversification in Automotive, Leadership in Core Cockpit & ADAS with Growing Opportunity in Other
Domains, and Support from a Sizeable Backlog (~4x Revenue)
QNX Royalty Backlog is a key metric that does not have a standardized meaning and is unlikely to be
© 2024 BlackBerry. All Rights Reserved 14
comparable to similarly titled measures reported by other companies. See form 10-K for definition.
Proven and Consistent IoT Revenue Growth

Track Record of Double-digit Revenue Growth

US$ millions
~14% CAGR
• Forecasted growth in line with
past performance through
10% CAGR industry cycles

• Upside impact from new platform

$295-
$260- 305
initiatives expected to be
$225 material after FY27
$215 270
$206 - 235
$178

FY22 FY23 FY24 FY25E FY26E FY27E

Capitalizing on Recent Investments to Accelerate Near-Term Revenue Growth

© 2024 BlackBerry. All Rights Reserved 15

 Clear Path to Adj. EBITDA Expansion Following Separation
Adj. EBITDA Margin Growth Adj. EBITDA Growth Profile ($M)
Revenue
Double-digit revenue CAGR driven by base
~$295-305M of secured royalty backlog
$75-80M
Revenue COGS
+80% gross margin driven by high mix of
~$225-235M development platform and runtime royalties $55-60M
COGS R&D Normalization of R&D spend following
current platform investment phase

R&D Consistently $40-45M

Consistent sales/marketing spend (as % of
Strong Sales/Mktg
revenue) to support go-to-market
Gross
Sales/Mktg Margins G&A Operating leverage in G&A
Amort.
G&A ~35% CAGR
~18%
Amort. Adj. EBITDA
Adj.
EBITDA
~26%
Margin Expansion Margin
Margin Adj. EBITDA
~Double Adj. EBITDA FY25E FY26E FY27E
FY25E FY27E over 3 Years
Expected adjusted EBITDA is a non-GAAP financial measure; the Company does not provide a reconciliation of expected adjusted EBITDA to the most directly comparable expected GAAP measures because it is unable to predict with
reasonable certainty, among other things, restructuring charges and impairment charges and, accordingly, a reconciliation is not available without unreasonable effort. These items are uncertain, depend on various factors, and could have
a material impact on GAAP reported results for the guidance period.

Delivering Strong Adj. EBITDA Expansion through Revenue and Margin Growth

© 2024 BlackBerry. All Rights Reserved 16

In Summary

Large, Growing Commercial and Clear Segment Deep, Long-Standing

Market Opportunities Technical Trends Leader with Unique Relationships with
with Attractive Pushing the Industry Capabilities, IP, Leading Customers
Economics in Our Direction and Track Record and Partners

Established and Profitable Global Leader, Capturing Share in a Growing Market

© 2024 BlackBerry. All Rights Reserved 17

Fueling Growth through
Targeted Capital Management

Tim Foote
Chief Financial Officer, BlackBerry

© 2024 BlackBerry. All Rights Reserved

Creating Standalone Divisions to Foster Growth and Efficiency

Progress to Date
Separation Rationale
• Virtually autonomous IoT and Cybersecurity
• Reviewed lessons from prior strategic review in 2023 divisions now in place
• Assets were considered difficult to understand and value, • New leadership teams established with
with suboptimal financial profile increased delegated authority
• Process did not maximize shareholder value • ~$135M of run-rate cost reductions
Key Objectives of Program
Adjusted Operating Expense ($Mil)
• Increase focus on core markets via two virtually autonomous $117
divisions addressing target markets $115
$111
• Return to profitability & positive cashflow
• Increase strategic optionality to maximize shareholder value $100

Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

Increasing Strategic Focus to Drive a More Profitable Future

Adjusted operating expenses is a non-GAAP financial measure; see Appendix for

© 2024 BlackBerry. All Rights Reserved 19
reconciliations to the most directly comparable GAAP financial measures
 Optimizing IP Licensing and Central Corporate Costs
IP Licensing Revenue ($Mil) and Adj. EBITDA (%) Corporate Segment Adj. EBITDA Impact
$16 $16 $16
FY25E FY26E FY27E

65% 65% 65%

-$40 -$35
FY25E FY26E FY27E -$48
IP Licensing Corporate Costs
• Solid, investment-light, cash-generating division • Unallocated central costs, including public company
• 3-year revenue tied to run-off of legacy deals; costs, legacy litigation, restructuring costs, and
potential upside as IP acquirer ramps up centralized finance costs (e.g., SOX)
monetization activity • Potential improvement driven by:
• Potential for further cash generation, including $30 - Ongoing cost rationalization programs
million of guaranteed cash receipts in May 2026 - Full-year impact of current year actions more fully
realized in FY26 and FY27
Expected adjusted EBITDA is a non-GAAP financial measure; the Company does not provide a reconciliation of expected adjusted EBITDA to the most directly comparable expected GAAP measures because it is unable to predict with
reasonable certainty, among other things, restructuring charges and impairment charges and, accordingly, a reconciliation is not available without unreasonable effort. These items are uncertain, depend on various factors, and could have
a material impact on GAAP reported results for the guidance period.

Moving to a thin Corporate Layer with Upside Potential

© 2024 BlackBerry. All Rights Reserved 20

 Driving Significant Improvement in Profitability

Expect A Return To Profitability In FY25 - From Significant Loss Position In FY23

Revenue ($Mil) and Adj. Gross Margin (%) Adj. EBITDA ($Mil) and Adj. EBITDA Margin (%)
$100 20%
$900 $853 85%
~$80-95
$80
$800 ~$655 ~$50-65 14% 15%
$700 $656 $218¹ ~$591 ~$620
to $685 80% $60 $57 ²
to $616 to $650 10% 10%
$600 $40 7%
$635 75%
5%
$500 74% $20 2%
73% 0%
$400 71% $-
70% ~$0-$10 -5%
$300 $(20)
$(14)
66% -10%
$200 65% $(40) -11%
5% CAGR -15%
$100
62% $(60) $(71)
$- 60% $(80) -20%
FY23 FY24 FY25E FY26E FY27E FY23 FY24 FY25E FY26E FY27E
Revenue IP Sale Proceeds Adj. Gross Margin Adj. EBITDA IP Sale Proceeds Adj. EBITDA Margin

Capitalizing on Strategy to Drive Top-Line and Bottom-Line

1- Includes $218M of revenue from IP patent sale in Q1 FY24 2- Includes $71M of EBITDA from IP patent sale in Q1 FY24
Adjusted Gross Margin %, adjusted EBITDA and adjusted EBITDA margin % are non-GAAP financial measures; see
© 2024 BlackBerry. All Rights Reserved
Appendix for reconciliations to the most directly comparable GAAP financial measures 21
Balance Sheet and Liquidity Provide Financial Resilience

Significant Reduction in Gross Debt + Enhanced Liquidity Profile

$365
• Issued 5-year maturity, 3% convertible debt
• No additional debt maturities until 2029
• Remain net cash positive
$200 $200
• Expect to return to positive operating
cashflow in Q4 of current fiscal year

Reduced gross debt by

$165M in January 2024

FY23 FY24 FY25

Strong Balance Sheet Supports Clear Capital Allocation Priorities

© 2024 BlackBerry. All Rights Reserved 22

Enhancing Profitability and Cash Generation

Driving Stronger Profitability To Fuel Capital Deployment

FY23 Q2 FY25 Change

Immediate Priorities
Adj. COGS 34% 34% Unchanged • Drive stronger cash flow generation
- Streamline investments in Cylance
Adj. R&D 28% 23% 500 bps improvement - Continue to deliver back-office efficiencies
• Prioritize organic investments in growth areas
of the business, primarily QNX
Adj. S&M 25% 22% 300 bps improvement

Medium-Term Priorities
Adj. G&A 26% 23% 300 bps improvement
• Opportunistic tuck-in M&A to accelerate QNX
growth and adjacent market expansion
Adj. Op Inc. -14% -3% 1,100 bps improvement

Pursuing Disciplined Capital Deployment to Optimize Profitability and Growth

Adjusted cost of sales, adjusted research and development expense, adjusted sales and marketing expense and adjusted operating
© 2024 BlackBerry. All Rights Reserved 23
income are non-GAAP financial measures; see Appendix for reconciliations to the most directly comparable GAAP financial measures
Key Takeaways

Significant Considerable QNX and IoT

progress made in progress made delivering
both separation toward enterprise profitable growth;
and streamlining profitability expect to be
of IoT and Cyber and positive “Rule of 40”
divisions cash flow company by FY27

Secure Streamlining Maintaining solid

Communications investment in balance sheet to
businesses Cylance and support ongoing
providing stable refocusing capital capital allocation
growth with toward growth priorities
profitability opportunities

© 2024 BlackBerry. All Rights Reserved 24

© 2024©
BlackBerry. All Rights
2024 BlackBerry. All Reserved
Rights Reserved
Compelling Investment Thesis

Our Strong Product Portfolio

Significant Progress in Our Cost Profile

Improving Fundamentals

Significant Progress Towards Positive Cashflow

Focus and Optionality From Virtually Autonomous Divisions

© 2024 BlackBerry. All Rights Reserved 26

© 2024©
BlackBerry. All Rights
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Rights Reserved
Today’s Speakers

John Giamatteo is BlackBerry’s Chief Executive Officer and President of its Cybersecurity division. He
John Giamatteo came to BlackBerry from McAfee where he was President and Chief Revenue Officer for over six
CEO, years. Prior to that John served as Chief Operating Officer at AVG Technologies, a leading provider of
BlackBerry
internet and mobile security. He also held leadership positions with Solera, RealNetworks and Nortel
and President,
Networks.
BlackBerry Cybersecurity

Tim Foote is BlackBerry’s Chief Financial Officer and is responsible for internal and external financial
reporting and compliance, financial strategy and management, investor relations and treasury.
Tim Foote
CFO, Tim joined the Company following BlackBerry’s acquisition of Good Technology in 2015 and brings
BlackBerry over two decades of experience across a number of senior finance leadership positions in both public
and private multinational companies.

Martha Gonder is BlackBerry’s Director of Investor Relations and is responsible for investor outreach strategy and
Martha Gonder leading the quarterly earnings process. Martha has been with BlackBerry for 17 years in various roles across
Investor Relations Director Investor Relations and Corporate Strategy.

© 2024©
BlackBerry. All Rights
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Rights Reserved
Today’s Speakers - IoT

Mattias Eriksson is President and General Manager of BlackBerry’s IOT Business Unit. The business
Mattias Eriksson unit consists of BlackBerry Technology Solutions or BTS (BlackBerry® QNX®, BlackBerry Certicom®,
President, BlackBerry Radar® and BlackBerry Jarvis ) and BlackBerry IVY . Prior to joining BlackBerry, Mattias
BlackBerry IoT spent 10 years with HERE Technologies in various leadership roles, including SVP of the core location
data business group and SVP of product.

Vito Giallorenzo Vito Giallorenzo is the CFO of the BlackBerry IoT division. Since joining BlackBerry in 2017, Vito has
CFO, led several roles driving BlackBerry's business transformation. Vito joined BlackBerry after more than
BlackBerry IoT a decade as a technology investment banker in New York and London at Morgan Stanley and then at
Perella Weinberg Partners as a Managing Director. He has also worked at Naspers as Corporate
Development Principal and held several engineering roles at Cisco Systems earlier in his career.

Grant Courville
VP, Products and Strategy, As Vice President, Products and Strategy at BlackBerry, Grant Courville is responsible for BlackBerry
BlackBerry IoT QNX global product portfolio and strategy for the automotive and embedded markets. Grant's QNX
experience is complemented by prior senior leadership roles with Curtiss-Wright Controls and Tilcon
Software.

© 2024©
BlackBerry. All Rights
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Rights Reserved
Today’s Speakers – Cybersecurity

Nathan Jenniges Nathan Jenniges is Senior Vice President & General Manager for the BlackBerry Products with
Senior Vice President & responsibility for product strategy, roadmaps, engineering, and development operations. Prior to
General Manager BlackBerry, Nathan spent 10 years at McAfee, most recently in the role of leading the Enterprise
Cybersecurity Products Endpoint, Threat Intelligence, and Security Operations Products.

Dr. Christoph Erdmann is the founder and managing director of Secusmart GmbH. Since 2014, he has
Dr. Christoph Erdmann also been Senior Vice President at BlackBerry and is responsible for the secure communication
Senior Vice President division within the parent company. From 2004 to 2007 he worked as a Technology Manager at Nokia.
SecuSUITE In 2007, he founded Secusmart GmbH, based in Dusseldorf, together with Dr. Hans-Christoph Quelle.
Under Dr. Erdmann’s leadership Secusmart grew to be a specialist in secure mobile communication,
whose products are used today by governments and companies all over the world.

© 2024©
BlackBerry. All Rights
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Rights Reserved
Today’s Speakers - Cybersecurity

Shiladitya Sircar is the SVP, Product Engineering & Data Science at BlackBerry, where he leads Cyber
Security Platform R&D teams. In his role he is responsible for ML research and development for
Shil Sircar BlackBerry Cylance Threat Intelligence Cloud, ZTNA, NDR and XDR platforms. He holds many patents
Senior VP, Cylance
and publication in the fields of Machine learning, mobile messaging, cryptography, satellite imaging
Data Science &
and radar interferometry. Beyond his work at BlackBerry, Shiladitya serves as a Technology and AI
Product Engineering
Advisory Board member at Glilot Capital Partners, and early-stage venture capital firm.

Ismael Valenzuela Ismael Valenzuela is Vice President of Threat Research and Intelligence at BlackBerry, where he leads threat
VP, Cylance research, cyber threat intelligence, and defensive innovation. Prior to his current role, Ismael was responsible
Threat Research & for leading offensive and defensive security roles for Foundstone, Intel, and McAfee, among others, and
Intelligence founded one of the first IT security consultancies in Spain. Ismael has also served as an advisor to large
government and private sector organizations, including the EU, U.S. government agencies and critical
infrastructure operations in New York.

© 2024©
BlackBerry. All Rights
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Rights Reserved
Disclaimer

This presentation contains forward-looking statements which are made pursuant to the safe harbor provisions of applicable U.S. and Canadian securities laws, including statements regarding
plans, strategies and objectives of BlackBerry Limited (the “Company”) as well as the financial performance of the Company, its divisions and businesses and the Company’s expectations as
to the achievement of certain targeted metrics, including revenue, EBITDA, adjusted EBITDA, gross margin gross profits, expenses and operating cash flows at any future date or for any future
period. Forward-looking statements are indicated by using words such as expect, anticipate, estimate, may, will, should, model, intend, believe, target, plan and similar expressions. Forward-
looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future
developments as well as other factors that the Company believes are appropriate in the circumstances, including but not limited to, the Company’s expectations regarding its business,
strategy, opportunities and prospects, the launch of new products and services, general economic conditions, competition, the Company’s expectations regarding its financial performance,
and the Company’s expectations regarding the benefits of its business separation. All of these factors should be considered carefully, no undue reliance should be placed on the Company’s
forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to the risks that are inherent in all forward-looking statements, as
described above, as well as difficulties in forecasting the Company’s financial results and performance for future periods, particularly over longer periods. Many factors could cause the
Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including those described in the “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements” sections of the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2024 (copies of which
filings may be obtained at www.sedarplus.ca or www.sec.gov). The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as required by law. Further information concerning the Company and its business, including factors that could materially affect
the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.

In presenting the Company's results prepared in accordance with U.S. generally accepted accounting measures (“GAAP”), management has included in this presentation certain non-GAAP
measures, including adjusted gross margin, adjusted gross margin percentage, adjusted EBITDA, adjusted EBITDA percentage, adjusted earnings (loss) per share, adjusted research and
development expense, adjusted sales and marketing expenses, and adjusted general and administrative expense. Management believes that these non-GAAP measures, which may be
defined differently by other companies, better explain the Company's results of operations in a manner that allows for a more complete understanding of the underlying trends in the
Company's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The Appendix at the end of this presentation includes a
reconciliation of the historical non-GAAP financial measures presented in this presentation to comparable GAAP measures. The Company does not provide a reconciliation of the expected
non-GAAP financial measures for the full fiscal years 2025, 2026 or 2027 to the most directly comparable expected GAAP measures because it is unable to predict with reasonable certainty,
among other things, restructuring charges and impairment charges and, accordingly, a reconciliation is not available without unreasonable effort. These items are uncertain, depend on
various factors, and could have a material impact on GAAP reported results for the guidance period. For more information on the non-GAAP financial measures, please refer to the Appendix
at the end of this presentation.

BlackBerry Investor Day is being recorded for recordkeeping and a replay of the presentations will be available today on the Company’s website at www.blackberry.com/investorday.

© 2024 BlackBerry. All Rights Reserved 32

Financial Disclosure Updates ($M)

During the third quarter of fiscal 2025, the Company determined that it was preferable to present all the expenses associated with its facilities within
General and administrative, whereas previously these costs were allocated amongst the functional expense areas of the business based on assumptions of
usage of those facilities by the functional areas.

Impact of change in accounting principle on previously issued financial statements

FY23 FY23 FY24 FY24

Impact of Impact of
(as previously (under new (as previously (under new
change change
disclosed) principle) disclosed) principle)
Cost of Sales 237 (9) 228 333 (8) 325
Gross Margin 419 9 428 520 8 528
Research and development 207 (13) 194 186 (13) 173
Sales and marketing 176 (8) 168 171 (7) 164
General and administrative 164 30 194 181 28 209
Operating Expenses 1,144 9 1,153 645 8 653

Cybersecurity
Segment cost of sales 185 (7) 178 142 (6) 136
Segment gross margin 233 7 240 236 6 242
IoT
Segment cost of sales 37 (2) 35 36 (2) 34
Segment gross margin 169 2 171 179 2 181

© 2024 BlackBerry. All Rights Reserved 33

 Segment Financials ($M)

Segment Gross Margin FY23 FY24 Segment EBITDA FY23 FY24

Cybersecurity Cybersecurity
Segment revenue $ 418 $ 378 Segment gross margin $ 240 $ 242
Segment cost of sales 178 136 Segment research & development 125 102
Segment gross margin 240 242 Segment sales and marketing 127 115
Segment gross margin % 57% 64% Segment general & administrative 74 69
IoT Less amortization included in the above (7) (4)
Segment revenue 206 215 Segment EBITDA (79) (40)
Segment cost of sales 35 34 IoT
Segment gross margin 171 181 Segment gross margin 171 181
Segment gross margin % 83% 84% Segment research & development 62 64
Licensing Segment sales and marketing 36 43
Segment revenue 32 260 Segment general & administrative 43 43
Segment cost of sales 12 152 Less amortization included in the above (3) (3)
Segment gross margin 20 108 Segment EBITDA 33 34
Segment gross margin % 63% 42% Licensing
Total Segment Gross Margin 431 531 Segment gross margin 20 108
Total Segment Gross Margin % 66% 62% Segment general & administrative 13 35
Stock compensation expense excluded from segment cost of sales (3) (3) Less amortization included in the above (11) (10)
Total Gross Margin $ 428 $ 528 Segment EBITDA 18 83
Total Gross Margin % 65% 62% Total Segment EBITDA $ (28) $ 77
Total Segment EBITDA % -4% 9%

Segment information is based upon the internal reporting used by the Chief Operating Decision Maker to make decisions and assess the performance of the Company; see Appendix for reconciliation of segment
information to consolidated results

© 2024 BlackBerry. All Rights Reserved 34

 Segment Financials ($M) (Continued)

Reconciliation of Segment EBITDA to Consolidated loss before income taxes FY23 FY24
Total Segment EBITDA $ (28) $ 77
Adjustments
Stock compensation expense 31 33
Restructuring expenses 11 37
Less
Corporate general & administrative 49 20
Amortization 105 59
Impairment of long-lived assets 235 15
Impairment of goodwill 245 35
Gain on property, plant and equipment, net (6) -
Debentures fair value adjustment (138) 3
Litigation settlement 165 -
Investment income (5) (19)
Consolidated loss before income taxes $ (720) $ (106)

Segment information is based upon the internal reporting used by the Chief Operating Decision Maker to make decisions and assess the performance of the Company; see Appendix for reconciliation of segment
information to consolidated results

© 2024 BlackBerry. All Rights Reserved 35

 Non-GAAP Reconciliation ($M)

Reconciliation of Adjusted EBITDA to Operating Reconciliation of Adjusted operating expense to

income (loss) FY23 FY24 Q2FY25 Operating expense Q3FY24 Q4FY24 Q1FY25 Q2FY25
Operating income (loss) $ (725) $ (125) $ (21)
Non-GAAP adjustments to operating income Operating expenses (as previously disclosed) $ 138 $ 185 $ 135 $ 115
Stock compensation expense 31 33 7 Impact of change of accounting principle 2 2 2 1
Restructuring charges 11 37 1 Operating expenses (as amended) 140 187 137 116
Debentures fair value adjustment (138) 3 - Non-GAAP adjustments to Operating expense
Acquired intangibles amortization 82 38 9 Debentures fair value adjustment (13) - - -
Goodwill impairment charge 245 35 - Restructuring charges 9 20 8 1
LLA impairment charge 235 15 - Stock compensation expense 7 5 7 6
Litigation settlement 165 - - Acquired intangibles amortization 9 8 8 9
Total non-GAAP adjustments to operating loss 631 161 17 Impairment of goodwill - 35 - -
Adjusted operating income (loss) (94) 36 (4) Impairment of long-lived assets 11 4 3 -
Amortization 105 59 13 Adjusted operating expenses $ 117 $ 115 $ 111 $ 100
Acquired intangibles amortization (82) (38) (9)
Adjusted EBITDA $ (71) $ 57 $ -
Revenue $ 656 $ 853 $ 145
Adjusted operating income (loss) margin % -14% 4% -3%
Adjusted EBITDA margin% -11% 7% 0%

© 2024 BlackBerry. All Rights Reserved 36

 Non-GAAP Reconciliation ($M) (Continued)

FY23 Q2FY25 FY23 Q2FY25

Cost of sales (as previously disclosed) $ 237 $ 51 Sales and marketing expense (as previously disclosed) $ 176 $ 34
Impact of change of accounting principle (9) (1) Impact of change of accounting principle (8) (1)
Cost of sales (as amended) 228 50 Sales and marketing expense (as amended) 168 33
Stock compensation expense 3 1 Stock compensation expense 5 1
Adjusted cost of sales $ 225 $ 49 Adjusted sales and marketing expense $ 163 $ 32
Revenue $ 656 $ 145 Revenue $ 656 $ 145
Adjusted cost of sales % 34% 34% Adjusted sales and marketing expense % 25% 22%

FY23 Q2FY25 FY23 Q2FY25

Research and development expense (as previously disclosed) $ 207 $ 37 General and administrative expense (as previously disclosed) $ 164 $ 33
Impact of change of accounting principle (13) (2) Impact of change of accounting principle 30 4
Research and development expense (as amended) 194 35 General and administrative expense (as amended) 194 37
Stock compensation expense 9 2 Stock compensation expense 14 3
Adjusted research and development expense $ 185 $ 33 Restructuring charges 11 1
Revenue $ 656 $ 145 Adjusted general and administrative expense $ 169 $ 33
Adjusted research and development expense % 28% 23% Revenue $ 656 $ 145
Adjusted general and administrative expense % 26% 23%

© 2024 BlackBerry. All Rights Reserved 37