Ballard Power Systems Inc. · TSX:BLDP
Ballard Power Systems — Investor Day (October 2026)
51 slides from Ballard Power Systems's investor day presentation, Oct 22, 2026
Slide 1: Ballard Forum 2026 Management Presentation
Ballard Forum 2026 Management Presentation 22ND OCTOBER 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of applicable Canadian securities laws and the safe harbor provisions of the U.S. Securities Act of 1933 and Securities Exchange Act of 1934. These include statements regarding Ballard’s strategy and growth opportuni
Slide 3: Your presenters today
Your presenters today Marty Neese Andrew Cunningham Kate Igbalode CEO President SVP & CFO 3
Slide 4: Topics for today
3 01 CEO view: strategy & market topics for today 02 Our expanded business model 03 Financials & outlook Q&A 4
Slide 5: Ballard x GeoPura: We power what the grid can't
Ballard x GeoPura: We power what the grid can’t faster, cheaper, cleaner – and resilient 10x 5x 3x now larger addressable $/MW value capture revenue growth diesel genset cost market1 via bundled offering2 rate3 parity achieved4 Profitable, capital Q4/2027 >$300M >80% adj. EBITDA Estimated YE26 Fleet
Slide 6: Three core messages
01 CEO view: strategy & market Three core messages Marty Neese CEO Current once-in-a-generation With GeoPura, we can offer Recurring revenue model infrastructure build-out is full end-to-end solutions drives path to outpacing grid capacity; to our customers as an profitability, scalable our fuel cel
Slide 7: Electricity demand rises, but the grid can't keep up
01 CEO view: strategy & market Electricity demand rises, but the grid can’t keep up Demand is rising at record levels Grid build-out can’t keep up through new consumers leading to increased grid queues Electricity demand1, in TWh Wait-times for grid-access, in years 5,100 from <2 US 5 years before U
Slide 8: For many applications, no good way forward exists
01 CEO view: strategy & market For many applications, no good way forward exists Road electrification Large new consumers Resilient power Heavy-duty mobility w/o grid access (i.e., data centers) (construction sites, defense) (trains, buses, …) No fast No fast Diesel generators to Buses running on gr
Slide 9: Our solutions step in: We power what the grid can't
01 CEO view: strategy & market Our solutions step in: We power what the grid can’t Road electrification Large new consumers Resilient power Heavy-duty mobility w/o grid access (i.e., data centers) (construction sites, defense) (trains, buses, …) HPU enabling EV charging HPU as primary HPU to power B
Slide 10: Ballard is the global leader in PEM fuel cells
01 CEO view: strategy & market Ballard is the global leader in PEM fuel cells Global leader in proton exchange membrane (PEM) fuel cells Upstream Downstream H2 Production H2 Logistics Hydrogen Upstream Applications Aftersales Electrolysis Conversion Transport Reconversion Storage Operations (“the fu
Slide 11: GeoPura extends our reach across the hydrogen value chain
01 CEO view: strategy & market GeoPura extends our reach across the hydrogen value chain Global leader in proton exchange Leading H2 player and category- membrane (PEM) fuel cells creating H2 Power Unit provider Upstream Downstream H2 Production H2 Logistics Hydrogen Upstream Applications Aftersales
Slide 12: We are expanding our business model beyond products
01 CEO view: strategy & market We are expanding our business model beyond products Equipment Sales & Services Energy-as-a-Service (EaaS) sales developing, producing, selling and servicing fuel cells and HPUs providing on-site power with equipment, fuel and operations Fuel cell HPU engines rentals Hy
Slide 13: Benefit 1: Our addressable market increases 10-fold
01 CEO view: strategy & market Benefit 1: Our addressable market increases 10-fold From $4B to $40B: Our Total Addressable Market (TAM) Market drivers in $B covered by business model extension with Addresses market of fuel Conservative estimate for 2026 (focus Europe & North America) cell engine (i.
Slide 14: Benefit 2: We have the potential to capture 5x more value per project
01 CEO view: strategy & market Benefit 2: We have the potential to capture 5x more value per project From 15% to 80%: Value capture over a project lifetime Value capture Indicative value distribution over a typical project lifetime incl. initial CapEx and recurring costs per MW covered by business m
Slide 15: Benefit 3: We will 3x our revenue growth rate
01 CEO view: strategy & market Benefit 3: We will 3x our revenue growth rate From <10% to 30%: Our year-over-year revenue growth Our Go-to-Market in $M covered by business model extension with Today UK as the center of our expansion with broad opportunities to scale through global customers 3x Reven
Slide 16: Recap: Three core messages
01 CEO view: strategy & market Recap: Three core messages Marty Neese CEO Current once-in-a-generation With GeoPura, we can offer Recurring revenue model infrastructure build-out is full end-to-end solutions drives path to outpacing grid capacity; to our customers as an profitability, scalable our f
Slide 17: Topics for today
3 01 CEO view: strategy & market topics for today 02 Our expanded business model 03 Financials & outlook Q&A 17
Slide 18: Three core messages
02 Our expanded business model Three core messages Andrew Cunningham President GeoPura adds category- Our HPUs are a direct diesel Our solutions are creating end-to-end genset replacement with stronger running at scale across a hydrogen solutions to reliability and efficiency, with a diverse range o
Slide 19: GeoPura provides category-creating end-to-end hydrogen solutions
02 Our expanded business model GeoPura provides category-creating end-to-end hydrogen solutions H2 production H2 logistics Operations (H2 conversion) Three sites across the UK (2,000t per year) >70 MEGCs, UKs largest H2 logistics fleet >60 HPUs in our fleet as of today Our HPUs (Hydrogen Power Units
Slide 20: Our HPUs: faster, cleaner, cheaper – and more resilient
02 Our expanded business model Our HPUs: faster, cleaner, cheaper – and more resilient HPU1TM HPU2TM Agile-HTM 250 kW 500 kW 80 kW Providing strong advantages vs. other technologies (such as diesel gensets) Higher reliability Low noise Cost competitive (no back-up required) (compared to diesel gener
Slide 21: Sector-specific value propositions add demand drivers beyond cost
02 Our expanded business model Sector-specific value propositions add demand drivers beyond cost Weeks to Months Years to Decades Grid Infrastructure Film & TV Events Construction Defense augmentation & data centers Our customers Add’l customers: examples Disney, Netflix, … Sector- 35-40%1 of 30-35%
Slide 22: Our HPUs powered recent award-winning TV shows
02 Our expanded business model Case study The Diplomat | Bridgerton | Lupin Our HPUs powered recent award-winning TV shows Value proposition for film making Downton Abbey Film-making often takes place in remote areas without grid access. Diesel generators do not comply with film studios’ emission re
Slide 23: Our HPUs power live TV events
02 Our expanded business model Case study Our HPUs power live TV events with some of the highest reliability demands Powering the Wentworth Value proposition for live events BMW PGA DP World Tour Live broadcasts have zero tolerance for power outages and require quiet, emission-free operations near a
Slide 24: Our HPUs power large construction projects in the UK
02 Our expanded business model Case study Our HPUs power large construction projects in the UK Value proposition for construction Powering Lower Thames Crossing – an 8+ year, £10.6B, 14 mile tunneling project and one of the Construction sites require electricity world’s largest non-diesel constructi
Slide 25: Our HPUs solve grid constraints, powering UK military bases
02 Our expanded business model Case study Our HPUs solve grid constraints, powering for example UK military bases Powering EV charging Value proposition for defense at various UK military bases In combination with our domestically produced hydrogen, HPUs provide a readily available, resilient, long-
Slide 26: Our HPUs are a strong solution for data center
02 Our expanded business model Case study outlook Our HPUs are a strong solution for data center HPU trial for primary power at Dublin DC campus – first trials conducted conducted Value proposition for data centers Compliant with emission regulations, 99.9999% reliable, <1 ms response times, lower C
Slide 27: Recap: Three core messages
02 Our expanded business model Recap: Three core messages Andrew Cunningham President GeoPura adds category- Our HPUs are a direct diesel Our solutions are creating end-to-end genset replacement with stronger running at scale across a hydrogen solutions to reliability and efficiency, with a diverse
Slide 28: Topics for today
3 01 CEO view: strategy & market topics for today 02 Our expanded business model 03 Financials & outlook Q&A 28
Slide 29: Three core messages
03 Financials & outlook Three core messages Kate Igbalode SVP & CFO Competitive unit economics Targeting 3x higher Disciplined capital & recurring revenue model revenue growth rate allocation, including use of which make sense for our and adjusted EBITDA Asset-Backed Finance (ABF) to customers and f
Slide 30: Customer benefit: HPUs cost-competitive with diesel gensets now
03 Financials & outlook Customer benefit: HPUs cost-competitive with diesel gensets now Cost comparison between diesel genset and HPU deployment1 Additional levers will drive per week for a 250 kW continuous power demand in k£, kDKK or k$C our costs down further Unit Rental Green H2 Diesel (2025 pri
Slide 31: Ballard benefit: HPU fleet investments pay back in 2-3 years
03 Financials & outlook Ballard benefit: HPU fleet investments pay back in 2-3 years HPU unit economics Indicative Our EaaS offering consists Indicative cash flow profile of EaaS for HPU2 (rental + fuel) in $M of two revenue streams for Ballard • H2 supply Initial CapEx (providing H2 from internal H
Slide 32: Unit economics by customer type and rental duration
03 Financials & outlook Unit economics by customer type and rental duration Short-term: Film & TV Mid-term: Defense Long-term: Construction Long-term: w/o H2 supply Powering film production Powering EV charging at Powering large Adding EV charging to in remote areas military bases construction proje
Slide 33: We target 3x faster growth and profitability from Q4/2027
03 Financials & outlook We target 3x faster growth and profitability from Q4/2027 Revenue outlook Two revenue components in $M Joint strategic Integration, Full year Energy-as-a-Service Sales development synergies, growth profitability Providing on-site power via 3x faster two revenue streams (HPU g
Slide 34: Driving our growth with HPU fleet expansion – 3x in next two years
03 Financials & outlook Driving our growth with HPU fleet expansion – 3x in next two years HPU fleet ramp-up HPU fleet CapEx spend Asset-Backed Finance HPU fleet size in $M We have a strong and committed lender base; ~3x >$50M of GeoPura fleet $80-120M build-out to date already <20% financed finance
Slide 35: Profitability underpinned by cost synergies
03 Financials & outlook Profitability underpinned by cost synergies Product cost Overhead cost Financing cost 25% HPU product cost >10% overhead cost Lower financing cost reduction over next 2 years reduction in key departments i.e., for ABF • Vertical integration • Merged and consolidated key • Str
Slide 36: Capital efficient model to fund growth
03 Financials & outlook Capital efficient model to fund growth >$300M (YE2026) H2 production Manufacturing HPU fleet Cash reserves No immediate invest No immediate invest <$10M p.a. Due to prudent capital HPU manufacturing >80% of HPU fleet allocation and cash Sufficient existing H2 expansion via pa
Slide 37: Recap: Three core messages
03 Financials & outlook Recap: Three core messages Kate Igbalode SVP & CFO Competitive unit economics Targeting 3x higher Disciplined capital & recurring revenue model revenue growth rate allocation, including use of which make sense for our and adjusted EBITDA Asset-Backed Finance (ABF) to customer
Slide 38: Topics for today
3 01 CEO view: strategy & market topics for today 02 Our expanded business model 03 Financials & outlook Q&A 38
Slide 39: Q&A
Q&A 39
Slide 40: Summary & Outlook: We are set up for future success
Summary & Outlook: We are set up for future success 10x 5x 3x now larger addressable $/MW value capture revenue growth diesel genset cost market1 via bundled offering2 rate3 parity achieved4 Profitable, capital Q4/2027 >$300M >80% adj. EBITDA Estimated YE26 Fleet expansion efficient growth positive
Slide 41: Please reach out in case of further questions
03 Financials & outlook Please reach out in case of further questions Sumit Kundu Director, Investor Relations [email protected] | +1 604 360 9714 41
Slide 42: Appendix
Appendix 42 BALLARD” | \fewns
Slide 43: Our Mobility Products
A Appendix Our Mobility Products Stack Module Product FCgen-3000ACS FCmove-SC FCmove-HD+ FCmove-XD Availability Q2/2027 NOW NOW Q2/2027 Rated power kW 4 80 120 150 Lifetime hours >15,000 >25,000 >25,000 >25,000 Power density W/L 500 220 250 410 43
Slide 44: Our Hydrogen Power Units (HPUs)
A Appendix Our Hydrogen Power Units (HPUs) Hydrogen Power Unit Product HPU1 HPU2 Agile-H Availability NOW NOW NOW Rated power kW 250 500 80 Scalable MW 2 50 N/A Noise dB <65 <65 <65 Weight tonnes <18 <10 <3.2 44
Slide 45: Our Management Team
A Appendix Our Management Team Marty Neese Andrew Cunningham Kate Igbalode CEO President SVP & Chief Financial Officer CEO since 2025, Board member Founded GeoPura 2019; founded >5 years at Ballard; previously finance since 2015; ex-CEO Verdagy, ex- AVT before (acq. by Reuters), led director at Sunc
Slide 46: Our Board of Directors
A Appendix Our Board of Directors Jim Roche Kathleen Bayless Jacqueline Dedo Chair Audit Committee Chair Nominating & Gov Committee Chair Founder, President and CEO of Stratford Corporate Director, and audit committee Co-Founder of Aware Mobility LLC. Ex- Group Ltd.; Founder and ex-President & chair
Slide 47: Abbreviations
A Appendix Abbreviations ABF - Asset-Backed Finance EV - Electric Vehicle PEM - Proton Exchange Membrane AI - Artificial Intelligence FI - Finland Q&A - Questions and Answers CA - Canada FLAP-D - Frankfurt, London, Amsterdam, Q1–Q4 - Quarter 1 to Quarter 4 CAGR - Compound Annual Growth Rate Paris, D
Slide 48: Footnotes (I/III)
A Appendix Footnotes (I/III) Slide 1-4 No footnotes Slide 5 1. Details see slide 13 2. Details see slide 14 3. Revenue growth rate increase based on expected proforma compared to Ballard existing revenue growth rate expectations, as of October 2026. 4. Details see slide 30 Slide 6 No footnotes Slide
Slide 49: Footnotes (II/III)
A Appendix Footnotes (II/III) Slide 14-20 No footnotes Slide 21 1. Depending on region: 35% in US, 40% in Europe 2. Depending on region: 30% in US, 35% in Europe by attendance 3. FLAP-D: Frankfurt, Amsterdam, Paris (London and Dublin even stricter) Slide 22-29 No footnotes Slide 30 Operating Assumpt
Slide 50: Footnotes (III/III)
A Appendix Footnotes (III/III) Slide 31 No footnotes Slide 32 1. Utilization measured across the year 2. Per HPU excluding fuel; cases I-III include fuel. Slide 33 1. Analyst consensus as of Oct 2026, assumes Sep-Dec inclusion of GeoPura revenue into Ballard full year results Slide 34-39 No footnote
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