Group 1 - The Board of Directors of Société BIC appointed Mr. Rob Versloot as the new Chief Executive Officer effective September 15, 2025 [2] - The remuneration policy for Mr. Versloot for the 2025 fiscal year includes an annual fixed remuneration of €1,060,000, with a variable remuneration target of 100% of the fixed compensation and a maximum of 150% based on performance [4] - Long-term incentives for Mr. Versloot include performance shares valued at €1,590,000 [4] Group 2 - The Board will determine the remuneration policy for the new CEO for the 2026 fiscal year at its year-end meeting, which will be presented to the Annual Shareholders Meeting in 2026 [3] - Mr. Versloot's non-compete agreement includes a 12-month period with an indemnity equal to one year of annual compensation, and termination indemnity is set at one year of fixed and variable compensation if revoked by the Board under certain conditions [4] - BIC is recognized for its commitment to sustainability and education, with a presence in over 160 countries and a diverse portfolio of products [6]

Core Viewpoint - BlackBerry Limited is expected to report its first-quarter fiscal 2026 results on June 24, with revenues projected between $107 million and $115 million, and an adjusted EBITDA of up to $7 million. The Zacks Consensus Estimate indicates breakeven earnings, unchanged over the past 60 days, following a loss of 3 cents per share in the prior-year quarter [1][8]. Financial Performance - BlackBerry has a strong earnings surprise history, having outperformed the Zacks Consensus Estimate in each of the last four quarters, with an average surprise of 93.75% [2][3]. - The company currently has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [4]. Revenue Segments - The QNX segment is anticipated to drive performance, particularly due to demand in advanced driver assistance systems (ADAS) and digital cockpit solutions. The next-generation QNX operating system SDP 8.0 is gaining traction across various verticals [5][8]. - The Secure Communications division is expected to generate revenues between $50 million and $54 million, while Licensing & Other revenues are projected at approximately $6 million. QNX business revenues are expected to range from $51 million to $55 million [11]. Strategic Partnerships - BlackBerry has partnered with Microsoft to enhance its QNX Software Development Platform 8.0 within Microsoft Azure, aiming to support automakers in software development and innovation [6]. Market Conditions - The company anticipates a sequential decline in QNX revenues due to a volatile automotive market backdrop, with previous revenues at $65.8 million. Management has expressed uncertainty regarding the impact of recent tariff changes on business operations [12]. - The Secure Communications division faces challenges due to ongoing turmoil in core government markets, influenced by political changes in various regions [13]. Stock Performance - BlackBerry's shares have increased by 14% over the past six months, outperforming the Internet Software industry's growth of 9.3%, while the broader Computer & Technology sector and S&P 500 have seen declines [15]. - The stock is trading at a discount, with a 12-month price/book multiple of 3.58X compared to the Internet Software industry's 6.38X [20]. Investment Considerations - Despite near-term challenges and geopolitical uncertainties, BlackBerry's effective cost management, strategic divestitures, and ongoing QNX momentum support a stable outlook. The company's strong earnings surprise history and improving fundamentals present a compelling investment case [22].

Core Insights - BlackBerry Limited (BB) is focusing on enterprise software and cybersecurity, with Secure Communications revenues of $67.3 million making up nearly 50% of total revenues in the last quarter, exceeding management's expectations of $62-$66 million [1] Group 1: Secure Communications Division - The Secure Communications division includes encrypted voice, messaging, and critical event management solutions, trusted by governments and enterprises for military-grade protection [2] - Key products such as Secusuite, AtHoc, and UEM are recognized for their competitive advantages, including NSA-certified end-to-end encryption and a wide range of industry certifications [2] - Secusuite is expanding beyond Germany, while AtHoc is increasing its presence in the U.S. government sector, focusing on public safety services [3] Group 2: Financial Performance - Over the past fiscal year, the Secure Communications unit has seen stable revenues and improved profitability, contributing positively to BB's EBITDA and cash flow [4] - The unit is showing positive momentum with healthier annual recurring revenue (ARR) trends, reflecting improving fundamentals and long-term growth potential [4] Group 3: Market Dynamics - Increased defense budgets in the U.S., Europe, and Asia are driving demand for secure communication systems, while hybrid work trends are prompting investments in secure tools to prevent data breaches [5] - However, BB is cautious about the Secure Communications unit due to potential instability from political changes in key markets like the U.S. and Germany [6] Group 4: Competitive Landscape - Competitors like Fortinet and CrowdStrike are advancing in AI-driven cybersecurity, with Fortinet's SecOps business growing 29% year-over-year [7][10] - BB's shares have gained 77.4% over the past year, outperforming the Zacks Internet – Software industry's growth of 33.2% [11] - BB trades at a forward price-to-sales ratio of 4.53X, which is lower than the industry's average of 5.6X [12]

Group 1 - As of May 31, 2025, Société BIC has a total of 41,621,162 issued shares, which represent 58,877,719 voting rights [2] - The number of voting rights excluding shares without voting rights is 58,480,587 [2] - BIC is a global leader in stationery, lighters, and shavers, with a presence in over 160 countries and a workforce of over 13,000 employees [4] Group 2 - BIC's product portfolio includes well-known brands such as BIC® 4-Color™, BodyMark®, and Tipp-Ex®, among others [4] - The company is listed on Euronext Paris and is included in the SBF120 and CAC Mid 60 indexes [4] - BIC is recognized for its commitments to sustainability and education [4]

Core Insights - BIC has appointed Rob Versloot as the new CEO, effective September 15, 2025, following a thorough selection process by the Board of Directors [2][3] - The transition period will involve close collaboration between the outgoing CEO Gonzalve Bich and Rob Versloot to ensure business continuity [4] - Rob Versloot brings extensive experience in the FMCG sector, having successfully led transformations and growth in previous roles, particularly at Hero Group [6] Company Overview - BIC is a global leader in stationery, lighters, and shavers, with a presence in over 160 countries and a workforce of more than 13,000 employees [10] - The company is recognized for its commitment to sustainability and education, and its product portfolio includes iconic brands such as BIC® 4-Color™, Cristal®, and Tangle Teezer® [10] - BIC is listed on Euronext Paris and included in the SBF120 and CAC Mid 60 indexes, highlighting its significant market presence [10] Leadership Transition - Edouard Bich, Chair of the Board, expressed optimism about the new chapter of growth and innovation under Rob Versloot's leadership [5] - Rob Versloot emphasized his commitment to building on the legacy of Gonzalve Bich and focusing on consumer needs and sustainable innovation [5]

Core Viewpoint - The BlackBerry Q20 is being revived through a modification kit called Q25 by Zinwa Technologies, transforming it from an outdated device into a modern smartphone with upgraded specifications and features [1][3]. Group 1: Product Features and Specifications - The Q25 modification kit upgrades the BlackBerry Q20 with a MediaTek Helio G99 chip, 12GB RAM, and 256GB storage, along with Android 13, significantly enhancing its performance [3]. - The modified Q25 retains iconic features such as a 3.5-inch 720×720 pixel square touchscreen and a full keyboard design, while also adding NFC, USB-C, a single SIM slot supporting 4G LTE and VoLTE, and a MicroSD card slot [8]. - Camera specifications are improved with an 8MP front camera and a 50MP rear camera, compared to the original Q20's 2MP front and 8MP rear camera setup [9]. Group 2: Pricing and Market Context - Zinwa offers two purchasing options: a complete device for $400 (approximately 2876 RMB) and a modification kit for $300 (approximately 2157 RMB), which requires users to provide their own Q20 [10]. - The current price of a second-hand BlackBerry Q20 is around 200 RMB, making the overall modification cost seem reasonable [11]. - The BlackBerry Q20 was originally launched at $450 (approximately 2760 RMB) and was aimed at the mid-to-high-end business market, but its market share has drastically declined since then [20][24]. Group 3: Historical Context and Market Trends - BlackBerry's market share fell from a peak of 20% in 2014 to below 1%, with the Q20 being one of its last attempts to compete in a market dominated by iOS and Android [15][22]. - The Q20 was launched with BlackBerry's own BlackBerry 10 OS, which struggled to run Android applications effectively, leading to a poor user experience [21]. - Despite its decline in the smartphone market, BlackBerry has found success in the automotive operating system sector, with its QNX system supporting over 250 million vehicles globally [29]. Group 4: Consumer Demand and Market Viability - The Q25 modification kit represents an attempt to monetize nostalgia, as there is a stable demand for older BlackBerry models in the second-hand market [30]. - Potential consumer segments include users who prefer physical keyboards, those seeking a "digital detox" device, and collectors [30]. - However, the high modification cost of over 2000 RMB raises questions about its market viability, especially when comparable new mid-range smartphones are available [32].

Core Insights - BlackBerry Limited's shares have increased by 46.5% over the past six months, significantly outperforming the Internet Software industry's growth of 7.8% and the S&P 500's decline of 0.9% [1][8] - The company has shifted its focus from smartphones to cybersecurity and the Internet of Things (IoT), emphasizing enterprise security, embedded software, and automotive technology [3][8] Performance Comparison - BlackBerry has outperformed competitors in the cybersecurity sector, such as Fortinet and CrowdStrike, which gained 8.1% and 35.1% respectively during the same period [4][8] - Despite the stock's recent rally, it remains 33.8% below its 52-week high of $6.24, closing at $4.13 [1][8] Strategic Developments - The QNX division is positioned as a strategic core, benefiting from strong demand in the automotive sector, particularly in advanced driver assistance systems and digital cockpit solutions [6][8] - A partnership with Microsoft aims to enhance software development for automakers, integrating QNX Software Development Platform 8.0 with Microsoft Azure [7][8] Financial Performance - BlackBerry's total adjusted EBITDA for fiscal 2025 was $39.3 million, reflecting a $54 million improvement from the previous year, driven by cost-cutting and restructuring efforts [13][8] - The company anticipates an additional $75 million in cash for fiscal 2026, including a second payment from the Cylance sale [14][8] Market Challenges - BlackBerry faces uncertainties due to recent tariff changes affecting automotive goods, which may indirectly impact its customers and supply chains [15][8] - The company is cautious about its Secure Communications division due to political changes and instability in core government markets [18][8] Competitive Landscape - Increasing competitive pressures in both IoT and cybersecurity sectors are noted, with analysts remaining cautious about the company's outlook [19][8] - BlackBerry's stock is trading at a trailing 12-month price/book multiple of 3.43, compared to the industry's multiple of 6.34, indicating potential risks [21][8]

Group 1 - Société BIC reported no transactions in its own shares for May 2025, in compliance with share buy-back regulations [2] - The company is scheduled to release its First Half 2025 Results on July 30, 2025, and Third Quarter 2025 Net Sales on October 28, 2025 [3] Group 2 - BIC is a global leader in stationery, lighters, and shavers, with a presence in over 160 countries and a workforce of over 13,000 employees [4] - The company has established itself as a symbol of reliability and innovation over its 80-year history, offering a range of iconic brands and products [4] - BIC is listed on Euronext Paris and included in the SBF120 and CAC Mid 60 indexes, highlighting its significant market presence [4]

Group 1 - BlackBerry's software, known as QNX, is utilized in over 255 million vehicles globally, indicating a significant presence in the automotive market [1] - The recently rebranded QNX segment, previously known as IoT, reported trailing 12-month sales exceeding 230 million [1] - The company is undergoing a substantial transformation, focusing on four specific areas, which includes a strategic split of the company [4]

Core Insights - BlackBerry's stock closed at $4.09, reflecting a -0.97% change from the previous day, underperforming compared to the S&P 500's loss of 0.56% [1] - Over the last month, BlackBerry's shares increased by 21.47%, outperforming the Computer and Technology sector's gain of 11.21% and the S&P 500's gain of 7.37% [1] Earnings Projections - BlackBerry's upcoming earnings per share (EPS) are projected to be $0, indicating a 100% increase from the same quarter last year [2] - For the entire year, Zacks Consensus Estimates forecast earnings of $0.10 per share and revenue of $521 million, reflecting changes of +400% and -9.19% compared to the previous year [2] Analyst Estimates - Recent changes to analyst estimates for BlackBerry are being closely monitored, as they reflect evolving short-term business trends and indicate analysts' favorable outlook on the company's health and profitability [3] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has a strong track record, with stocks rated 1 producing an average annual return of +25% since 1988 [5] - BlackBerry currently holds a Zacks Rank of 1 (Strong Buy), with the consensus EPS estimate remaining stagnant over the past month [5] Valuation Metrics - BlackBerry is currently traded at a Forward P/E ratio of 41.3, which is a premium compared to the industry's average Forward P/E of 29.23 [6] - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 57, placing it in the top 24% of all industries [6] Industry Performance - The Zacks Industry Rank measures the strength of industry groups by averaging the Zacks Rank of individual stocks, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]