Company Overview - Société BIC has a total of 40,861,314 issued shares as of December 31, 2025 [2] - The company has 57,596,814 voting rights, with 57,417,040 voting rights excluding shares without voting rights [6] Upcoming Events - Full Year 2025 Results are scheduled for February 24, 2026 [3] - First Quarter 2026 Net Sales will be reported on April 28, 2026 [3] - The Annual General Meeting is set for May 20, 2026 [3] Company Profile - BIC is a global leader in stationery, lighters, and shavers, with a presence in over 160 countries and more than 13,000 employees [4] - The company is recognized for its commitment to sustainability and education, and is listed on Euronext Paris, included in the SBF120 and CAC Mid 60 indexes [4]

Summary of the Conference Call Company Overview - The company is an iconic Canadian firm headquartered in Waterloo, Canada, with a global presence in over 20 countries and approximately 1,700 employees, primarily based in Canada [3][2] - The company is projected to exceed $530 million in revenue this year, transitioning from a focus on cybersecurity to secure communications [3][4] - The business is structured into three main divisions: QNX, secure communications, and licensing, with QNX identified as the growth engine [3][5] Financial Performance - The company has achieved seven consecutive quarters of improving net income, with the last three quarters showing positive net income [5][6] - The operating cash flow has stabilized, moving from cash burn to sustainable cash generation, with the exception of one seasonal quarter [6][5] - The backlog for QNX has increased to $865 million, up from $460 million in Q4 2022, indicating strong growth potential [38][39] QNX Business Insights - QNX is positioned as the de facto choice for critical embedded systems across various industries, including automotive, industrial, and medical [10][20] - The launch of QNX 8 focuses on performance, scalability, and real-time capabilities without compromising safety and security [11][21] - The addressable market for QNX is expanding, with a projected threefold increase due to strategic investments [13][42] Market Trends and Opportunities - The automotive industry is shifting towards more intelligent vehicles, with increasing demand for performance and reliability [12][10] - The complexity of vehicle systems is expected to triple, creating opportunities for QNX to provide solutions [19][18] - The company has secured partnerships with top OEMs, including BMW, which has selected QNX for its new generation of vehicles featuring advanced computing capabilities [17][12] Strategic Initiatives - The introduction of Alloy Core, a joint development with Vector Informatik, aims to streamline technology integration and enhance safety and security in automotive systems [26][30] - The General Embedded Markets (GEM) segment is experiencing rapid growth, with expectations for it to contribute significantly to overall revenue [54][53] - The QNX Everywhere initiative aims to increase accessibility to QNX technology for academic and research purposes, fostering future growth [34][36] Competitive Landscape - The company emphasizes its competitive moat built on trust, proven performance, and a strong track record in safety and security certifications [20][22] - The dynamics of low-cost competition from Chinese OEMs are acknowledged, but the company maintains that safety and reliability remain paramount for global OEMs [45][50] Future Outlook - The company is optimistic about its growth trajectory, with expectations for continued double-digit growth and a strong financial profile moving towards Rule of 40 status [42][39] - The focus on innovation and strategic investments positions the company well for long-term success in both automotive and adjacent markets [40][41] Key Metrics - Revenue projection: Exceeding $530 million [3] - QNX backlog: $865 million, up from $460 million [38] - Seven consecutive quarters of improving net income [5] - Anticipated threefold increase in addressable market [13]

BlackBerry Overview - BlackBerry has 3 divisions: QNX, Secure Communications, and Licensing[12] - The company's 2025 revenue was approximately $532 million[12] - BlackBerry has significantly enhanced its cash flow profile, with operating cash flow increasing from -$262 million in FY23 to $17 million in FY25[12] - BlackBerry's QNX is on a path to a "Rule of 40" division[50] QNX Performance and Market - QNX is a leader in automotive and other embedded systems[15] - QNX is experiencing double-digit revenue growth[15] - QNX's serviceable addressable market (SAM) is projected to grow from $1.8 billion in CY2024 to $2.9 billion in CY2028, with a core CAGR of approximately 8-14%[18] - QNX total CAGR is projected to be ~34% from '24 to '28[18] - QNX royalty backlog was up to $865 million in Q4 FY'25, compared to $460 million in Q4 FY'22[50] Strategic Initiatives - BlackBerry is focused on solution innovation, including product and technology bundles and flexible pricing strategies[35] - BlackBerry is strategically collaborating with Vector to transform the traditional automotive value chain[36] - BlackBerry is expanding QNX access to more developers through the QNX Everywhere program, with over 12,000 SDP 8.0 licenses deployed for non-commercial use[48]

Core Insights - The fourth annual SDV (Software-Defined Vehicle) Innovator Awards were announced by MotorTrend, celebrating individuals redefining the automotive industry through software innovation [1][2] - The awards recognize pioneers, leaders, and experts in the automotive sector, highlighting their contributions to the evolution of software-defined vehicles [2][3] Group 1: Award Categories - The SDV Innovator Awards feature three categories: Pioneer, Leader, and Expert, with 20 winners selected by MotorTrend editors [2] - Pioneer Award winners have made significant advancements in SDV through research and development of new automotive software [3] - Leader Award winners are senior management individuals who drive the adoption of software solutions in the automotive industry [4] - Expert Award winners are recognized for their specialized knowledge in specific SDV disciplines, such as advanced driver assistance systems and over-the-air updates [5] Group 2: Notable Winners - Notable winners include Ashok Elluswamy from Tesla, Shaoqing Ren from NIO, and Laura Major from Motional, among others, showcasing a diverse range of expertise in the automotive software field [6]

Core Viewpoint - Société BIC reported no transactions in its own shares for December 2025, indicating a period of inactivity in share buy-backs during that month [2]. Company Overview - BIC is a global leader in stationery, lighters, and shavers, with a commitment to delivering high-quality, affordable products for 80 years [4]. - The company operates in over 160 countries and employs more than 13,000 team members worldwide [4]. - BIC's product portfolio includes well-known brands such as BIC® 4-Color™, BodyMark®, and Cristal®, among others [4]. - BIC is listed on Euronext Paris and is part of the SBF120 and CAC Mid 60 indexes, highlighting its significant presence in the market [4]. - The company is recognized for its commitments to sustainability and education [4]. Upcoming Events - BIC's Full Year 2025 Results are scheduled for February 24, 2026 [3]. - The First Quarter 2026 Net Sales will be reported on April 28, 2026 [3]. - The Annual General Meeting is set for May 20, 2026 [3].

Industry Overview - The momentum of the artificial intelligence (AI) infrastructure segment is expected to continue into 2026, supported by a bullish demand scenario [1] - Concerns exist regarding the overstretched valuations of major AI companies, including both infrastructure developers and application implementers [1] Investment Opportunities - Several small and mid-sized AI stocks that underperformed the broader market in the past year are identified as potential game changers for 2026, including UiPath Inc. (PATH), Five9 Inc. (FIVN), Qualys Inc. (QLYS), Teradata Corp. (TDC), and BlackBerry Ltd. (BB) [2] - Each of these stocks currently holds a Zacks Rank of 1 (Strong Buy) or 2 (Buy) [2] Company Highlights UiPath Inc. (PATH) - UiPath provides a robotic process automation platform that utilizes AI to automate repetitive tasks and streamline operations [5] - The platform features embedded AI, machine learning (ML), and natural language processing (NLP) capabilities, enhancing decision-making and information processing [6] - Expected revenue and earnings growth rates for the next year are 9.3% and 13.7%, respectively, with a 5.6% improvement in the earnings consensus estimate over the last 30 days [8] Five9 Inc. (FIVN) - Five9 offers intelligent cloud software for contact centers, benefiting from a rise in subscription revenues and Enterprise AI revenues [10] - The platform includes interactive virtual agents and AI insights, optimizing customer interactions across various channels [12] - Expected revenue and earnings growth rates for the current year are 9.5% and 8.3%, respectively, with a 1.3% improvement in the earnings consensus estimate over the last 60 days [15] Qualys Inc. (QLYS) - Qualys is experiencing increased demand for cloud-based cybersecurity solutions amid rising cyber threats [16] - The company has made strategic acquisitions to enhance its growth, including Blue Hexagon, which improved its threat detection capabilities [17] - Expected revenue and earnings growth rates for the current year are 7.7% and 6.5%, respectively, with a 10.4% improvement in the earnings consensus estimate over the last 60 days [19] Teradata Corp. (TDC) - Teradata's prospects are bolstered by improvements in annual recurring revenue (ARR) growth and cost-saving measures [20] - The company offers a portfolio that includes advanced analytics and AI capabilities, which are expected to drive top-line growth [21] - Expected revenue and earnings growth rates for the current year are -0.6% and 3.6%, respectively, with an 8.3% improvement in the earnings consensus estimate over the last 60 days [23] BlackBerry Ltd. (BB) - BlackBerry provides intelligent security software and services, leveraging AI for cybersecurity and data privacy [24] - The QNX business is gaining traction in the automotive sector, with its software suite installed in over 275 million vehicles [27] - Expected revenue and earnings growth rates for the next year are 7.4% and 13.3%, respectively, with a 6.3% improvement in the earnings consensus estimate over the last 30 days [28]

Core Insights - QNX Everywhere initiative by QNX, a division of BlackBerry Ltd, aims to democratize access to its QNX Software Development Platform (SDP) 8.0 for embedded systems developers [1] - The initiative has issued over 12,000 non-commercial licenses and established more than 100 academic partnerships globally [1] Academic Partnerships - QNX has signed 80 Memorandums of Understanding (MoUs) with universities in India and has formed collaborative agreements with prominent institutions in North America, including the Massachusetts Institute of Technology (MIT) [1] - The initiative has engaged with over 6,000 students to integrate QNX's tools and technologies into engineering curricula [1] Open-Source Innovation - The rapid expansion of QNX Everywhere reflects a surge in open-source innovation within the embedded systems development community [1]

Core Insights - QNX, a division of BlackBerry Limited, will integrate its technology into BMW's new vehicle generation "Neue Klasse" to enhance safety-critical systems across the automaker's next-generation model lineup [1] Group 1: Partnership and Technology Integration - The integration of QNX technology into BMW's "Neue Klasse" marks a significant milestone in the ongoing collaboration between QNX and BMW Group [1] - This partnership builds on a multi-year agreement established in 2021, focusing on the development and deployment of SAE Level 2/2+ driver assistance systems across various vehicle lines [1]

Core Insights - The article highlights the launch of Alloy Kore, a new foundational vehicle software platform by QNX, a division of BlackBerry Limited, and Vector, aimed at simplifying and accelerating the development of Software-Defined Vehicles (SDVs) [1] - Alloy Kore is designed to tackle the increasing complexity of modern automotive software architectures, providing a robust, scalable, and safety-certified software foundation for automakers [1] Group 1 - Alloy Kore enables automakers to shift their software engineering focus from infrastructure to innovation, allowing for faster and more confident development [1] - The platform addresses the growing demands of the automotive industry for advanced software solutions in vehicle technology [1] - The introduction of Alloy Kore reflects the industry's trend towards Software-Defined Vehicles, which require sophisticated software management [1]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, indicating a looming crisis in power supply as AI continues to grow [2][3] AI and Energy Demand - AI technologies, particularly large language models like ChatGPT, consume vast amounts of energy, comparable to that of small cities [2] - The increasing energy requirements for AI are straining global power grids, leading to rising electricity prices and a need for utilities to expand capacity [2] Investment Opportunity - A specific company is presented as a key player in the energy sector, poised to benefit from the increasing demand for electricity driven by AI [3][6] - This company is described as owning critical energy infrastructure assets, particularly in nuclear energy, which positions it strategically within the U.S. power strategy [7] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization [8] - It is trading at a low valuation of less than 7 times earnings, making it an attractive investment opportunity compared to other firms in the sector [10] Market Trends - The company is linked to the surge in U.S. LNG exports and the onshoring trend driven by tariffs, indicating a multifaceted growth potential [5][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, further solidifying the importance of investing in AI-related companies [12] Conclusion - The narrative emphasizes the critical intersection of AI and energy, suggesting that companies capable of providing the necessary infrastructure will thrive in the evolving market landscape [6][11]