Ballard Power Systems Inc. · TSX:BLDP
Ballard Power Systems — Merger or Acquisition (June 2026)
17 slides from Ballard Power Systems's merger presentation, Jun 22, 2026
Slide 1: Powering Ballard's Growth: Acquisition of GeoPura
Ballard Power Systems Powering Ballard’s Growth: Acquisition of GeoPura Investor Presentation June 2026 1
Slide 2: Forward Looking Statements
Forward Looking Statements This document contains certain forward-looking information within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of applicable U.S. securities laws (together, “forward-looking statements”) concerning, among other things
Slide 3: Today's Speakers
Today’s Speakers Marty Neese Kate Igbalode Andrew Cunningham President & CEO, SVP & CFO, Founder & CEO, Ballard Ballard GeoPura 3
Slide 4: Our Transformative Acquisition of GeoPura
Our Transformative Acquisition of GeoPura Addressing the challenges of hydrogen adoption to unlock growth and profits. Fragmented hydrogen ecosystem is a Growing stationary power demand Ballard’s path to profitability key adoption hurdle for fuel cells to support critical power clearly delineated (i
Slide 5: Acquisition By the Numbers
Acquisition By the Numbers The combined company creates new solutions for customers. 3x 5x 10x now revenue $/MW value capture larger diesel genset growth rate1 increase with addressable cost parity bundled ecosystem2 market3 achieved4 new new new new customers fuel solutions markets to enter product
Slide 6: Combined Company Positioned for Success
Combined Company Positioned for Success Harnessing the full hydrogen value chain to accelerate growth and expand margins. Accelerating Growth and Profitability Transforms Ballard’s financial profile into a high-growth and high-margin EaaS provider with recurring HPU leasing and H2 revenues, supporti
Slide 7: GeoPura Overview
GeoPura Overview Providing complete hydrogen power solutions from molecules to megawatts. ✓ GeoPura designs, manufactures and operates Hydrogen Power Units, a 1:1 diesel genset replacement, Newcastle, 2019 converting hydrogen into zero-emission electricity with proven ‘instant-on’ responsiveness Yea
Slide 8: Extensive HPU Deployment Driven by Power Demand
Extensive HPU Deployment Driven by Power Demand More than 200,000 hours of mission-critical performance proving 99.9999% reliability. ✓ Temporary Off-Grid Power ✓ Permanent Off-Grid Power ✓ Permanent Backup Power ✓ Grid Augmentation Construction Film & TV Events Transportation Data Centres Healthcar
Slide 9: GeoPura's Category Creating HPU Product
GeoPura’s Category Creating HPU Product Product portfolio serves >70% of $16B diesel genset market1. Agile-H HPU1-mobile HPU2 80kW 250kW 500kW to 50MW Product and bundled offering achieve diesel genset cost parity now ✓ ✓ ✓ ✓ ✓ Zero <1ms ‘Instant-On’ Scalable from Low Noise 6-9’s Reliability Emissio
Slide 10: Unlocking the Hydrogen Ecosystem
Unlocking the Hydrogen Ecosystem Fuel solutions for hydrogen production, distribution, monitoring & maintenance. 1MW high pressure, dynamic HyMarnham has 15MW of operational H2 production 300 & 700bar Multi-Element alkaline electrolyzers & 930MW of grid connection for expansion Gas Containers (‘MEGC
Slide 11: GeoPura Enables a Large and Growing TAM
GeoPura Enables a Large and Growing TAM Adding stationary power, gensets, and H2 supply offering to existing and new markets. Stationary & Backup Data Centre Power: $4B2 backup and bridge power offering, focusing on sovereign opportunities Gensets: HPU leasing and sales to $16B3 replace and displace
Slide 12: Revenue & Margin Growth Through Value Chain Control
Revenue & Margin Growth Through Value Chain Control Bundled offering maximizes $/MW value capture & TCO reduction capabilities. Step 1 - Control The Value Chain Step 2 – Grow Revenue & Reduce TCO Ecosystem Capture1 • H2 value chain control enables reduction of Total Cost of Ownership (‘TCO’) ($/MW)
Slide 13: Shifting to a Recurring, High-Margin Business Model
Shifting to a Recurring, High-Margin Business Model Accelerated HPU deployments drive recurring revenues and strong margins at scale. Transforming Ballard’s sales mix into Accelerating Ballard’s growth profile recurring revenue streams with a high-margin business (% Sales Mix) ($ Sales) Ballard FC S
Slide 14: Ballard's Highly Strategic Acquisition of GeoPura
Ballard’s Highly Strategic Acquisition of GeoPura Creating a leading, integrated hydrogen ecosystem provider. ✓ ✓ Establishes Ballard as a vertically integrated and Establishes Ballard's entry into high-growth capitally-efficient energy-as-a-service provider stationary power market with an immediate
Slide 15: Transaction Summary
Transaction Summary Transforming Ballard while maintaining a strong balance sheet. • £275MM upfront equity purchase price (excl. earn-out) Terms • Incremental £27.5MM earn-out consideration, contingent on certain financial milestones after closing • Ballard to own 100% of GeoPura, including its 50%
Slide 16: Contact Us
Contact Us Investor investors@ballard.com Relations Contact Corporate 9000 Glenlyon Parkway Office Burnaby, B.C. V5J 5J8 +1 (604) 454-0900 16
Slide 17: Slide Notes
Slide Notes • Slide 1: none • Slide 2: none • Slide 3: none • Slide 4: 1. HPU = Hydrogen Power Unit. 2. Total upfront consideration consists of £82.5MM in cash and remaining in newly issued Ballard shares. • Slide 5: 1. Revenue growth rate increase based on expected proforma compared to Ballard exis
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