Ballard Power Systems (BLDP) Management presentation summary

Strategy and market opportunity

• Electricity demand is projected to reach 5,100 TWh by 2050, while grid-access waits range from 5 years in the US to up to 10 years in the Netherlands and Ireland.

• Fuel cell power units are positioned for off-grid EV charging, data centers, construction, defense, film and live events; stationary applications have reached diesel genset cost parity.

• Addressable market target expands from $4B to $40B, with 2026 estimates focused on Europe and North America; the estimate excludes the >$300B global installed diesel genset base.

• Bundled offerings target 80% of project-lifetime value capture versus 15% for fuel cell engines alone, with faster implementation and potential total-cost-of-ownership reductions.

• Pro forma revenue growth target rises to 30% CAGR from <10% before the transaction, with expansion planned across Europe in 2027 and the US and Canada in 2028.

Expanded business model and applications

• GeoPura provides end-to-end hydrogen production, logistics and HPU operations, with 2,000 tonnes annual production capacity, >70 hydrogen logistics vehicles and >60 HPUs in its fleet.

• HPU lineup includes 80 kW, 250 kW and 500 kW units; stated advantages include instant response under 1 ms, low noise, zero emissions and diesel-comparable cost.

• Customer examples span film and TV, live events, construction, defense and data centers, including Microsoft trials for primary power and Equinix Ireland cooling systems.

• Data center pipeline includes ~200 MW of qualified opportunities; stated HPU attributes include 99.9999% reliability and lower CapEx than solid oxide fuel cells.

• A 12-week trial at Equinix Ireland powered primary cooling systems; a Microsoft trial tested primary power at its Dublin data center campus.

Unit economics and financial outlook

• Indicative EaaS HPU unit economics show a 2–3 year payback and >800% lifetime return on initial investment, with >35–50% annual ROI; outcomes vary by customer, rental duration and scope.

• Film and TV rentals target $45–55k weekly revenue, 20–30% gross margin and >35% annual ROI; construction targets $20–25k weekly revenue, 45–55% gross margin and >50% annual ROI.

• Defense rentals target $25–30k weekly revenue, 40–50% gross margin and >50% annual ROI; long-term rentals without hydrogen supply target >80% gross margin and ~50% annual ROI.

• 2026 revenue outlook is ~$110M based on analyst consensus as of Oct 2026 and assumes GeoPura revenue inclusion from Sep–Dec; gross margin targets are 20%+ in 2027 and 25%+ in 2028.

• Adjusted EBITDA-positive target is Q4 2027, with full-year profitability targeted for 2028; revenue growth target is 30% CAGR versus <10% before the transaction.