Mr. Sumit Kundu reports

REVIEW OF THE BALLARD FORUM

Ballard Power Systems Inc. today held the Ballard Forum. Notable highlights included:

• Expanded business model: Ballard's business model has grown to add energy-as-a-service to existing equipment sales and services.
• Accelerating revenue growth: Ballard is targeting a 30-per-cent compound annual growth rate (CAGR) in corporate revenue over the next two fiscal years.
• Expanding margin profile: The company anticipates gross margins exceeding 20 per cent in 2027, scaling to greater than 25 per cent by 2028.
• Strategic fleet expansion: Ballard plans to allocate $80-million to $120-million in capital expenditures to expand its hydrogen power unit (HPU) fleet, with optionality in pace of investment. This investment is expected to be financed through asset-backed finance at greater than 80 per cent loan to value, minimizing the cash outlay.
• Prudent capital allocation and cash management: There is no immediate need to invest in manufacturing expansion or hydrogen production. Cash use for operating costs is expected to decrease over time as margins and revenue grow.
• Path to profitability: Ballard is targeting adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) profitability by the end of 2027, sustaining full-year profitability throughout 2028.

About Ballard Power Systems Inc.

Ballard Power Systems is a global leader in zero-emission hydrogen energy solutions and an integrated energy-as-a-service (EaaS) provider. Together, with its wholly owned subsidiary, GeoPura Ltd., Ballard delivers turnkey, vertically integrated hydrogen ecosystem solutions spanning hydrogen production, logistics, refueling, zero-emission fuel cell engines and stationary hydrogen power units.

Ballard powers critical off-grid, stationary applications -- including construction, events, film sets, health care, defence, temporary power infrastructure, and supplies fuel cell engines for heavy-duty mobility applications such as bus, rail and marine. With an EaaS model, combined with cutting-edge technology across the hydrogen value chain, Ballard decarbonizes mission-critical operations worldwide.

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