Investor Presentaiton

Slide Notes 41 Slide 2 1. As of March 11, 2022. 2. Values included for the bus and truck applications only include deployed fuel cell quantities and excludes projects in-development. The rail, marine, and stationary power applications include both fuel cells deployed and in-development. Slide 3 1. Goldman Sachs Equity Research: EU Net-Zero Industry Act to drive further growth in green hydrogen, March 21, 2023 2. As of March, 2023 3. Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 4 1. 2. 3. 4. 5. Source: https://hydrogencouncil.com/en/hydrogen-insights-updates- july2021/ Source: https://eciu.net/analysis/reports/2021/taking-stock- assessment-net-zero-targets As of March 11, 2022. Source: 6. Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, (2020-2030); 2020 Off-Road and Stationary data are values obtained from consulting engagement and cannot be cited to publicly available source. Slide 8 1. Sources: https://www.bts.gov/content/number-us-aircraft-vehicles- vessels-and-other-conveyances; https://www.epa.gov/ghgemissions/inventory-us-greenhouse-gas- emissions-and-sinks-1990-2019 Slide 9 As of March 11, 2022 1. 2. Based on current performance expectations for the FCvelocity-9SSL and FCgen-HPS. Estimated Lifetime based on assumed hours in operation prior to first significant maintenance activity. Assumes range of 16 to 32kmph average speed. Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 10 https://hydrogencouncil.com/en/hydrogen-council-membership-grows- As of March 11, 2022 to-more-than-130-members-with-twelve-new-companies-committing- 1. to-foster-development-of-the-hydrogen-economy Hydrogen Council: Global Hydrogen Flows (2022) -Oct 2022 https://www.iea.org/reports/tracking-transport-2020 Slide 5 1. 2. 3. Hydrogen Insights Report September 2022 (Page 7) Ballard power density based on current expectations for the Fcgen- HPS. Peers included: 1) Hyzon (G2), 2) Horizon (VLS-II-150), 3) Sinohytech, 4) Powercell (Pstack 125kW), 5) Toyota Mirai (new 128kW stack), 6) Hyundai NEXO, 7) Plug (ProGen-P125kW) Slide 11 1. 2. Hydrogen Council: Hydrogen Insights - Feb 2021 Hydrogen Council: Path to Hydrogen Competitiveness - Jan 2020 Slide 12 Five charts on hydrogen's role in a net-zero future 2022 (Page 5) Hydrogen Council: Hydrogen for Net Zero - Nov 2021; Excludes an additional ~13MT of clean hydrogen projects announced with expected 1. post-2030 commissioning; Announced = preliminary studies or press announcement stage; Mature = Feasibility study, front-end engineering and design stage, final investment decision has been taken, under construction, commissioned or operational Slide 6 None Slide 7 1. 2. 3. 4. 5. As of June 13, 2023; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Interact Analysis, The HEV and Electrified Truck and Bus Market; 2020 MarketsandMarkets, Hybrid Train Market Global Forecast to 2030; April 2019. The Rail Inc - The North American Locomotive Review 2021. Refurbishments assume 17% of existing North American locomotives, as of 2021, are converted to low/zero emission engines by 2030. Approximately double units refurbished year over year to result in 3,200 conversions in the year 2030. Transparency Market Research, Marine Hybrid & Full Electric Propulsion Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 13 1. Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 14 1. Based on life cycle assessment and comparative analysis conducted through third party, Ostrom Climate, analyzing Ballard's FCmove™ HD module used in a bus application and includes the impacts of an 80- kWh powertrain battery. For the comparative analysis, Ostrom Climate compiled cradle-to-grave data on bus types such as diesel, electric, hybrid, and plug-in hybrid by reviewing readily available scientific literature on LCAS. The main source of data used for analysis came from the Life Cycle Assessment of City Buses Powered by Electricity, Hydrogenated Vegetable Oil or Diesel (Nordelof, A., Romare, M., Tivander, J. (2019). Life Cycle Assessment of City Buses Powered by Electricity Hydrogenated Vegetable Oil or Diesel. Transportation 2. 3. Research Part D: Transport and Environment, 75, 211-222. https://doi.org/10.1016/j.trd.2019.08.019), since it is a current study that provided a detailed breakdown of emissions for each vehicle type and life cycle stage. Corporate emissions are defined within the Ballard Carbon Neutral Plan as scope 1, scope 2 and partial scope 3 emissions including employee commuting, business travel and hydrogen purchase for R&D activities. Analysis based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Calculation based on ~1,440 buses and ~2,230 trucks in service in 2022. Utilized average annual miles traveled, fuel economy, and fuel consumption as provided by the Federal Highway Administration highway statistics. Assumed all buses are 'Transit Buses' and trucks 'Class 8 Trucks' for derivation of approximate fuel consumption. Emissions calculations were derived using US EPA emissions equivalency calculator. Slide 15 1. 2. 3. Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Total Operating Expenses refer to the measure reported in accordance with IFRS. Capital Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash Flows. Slide 16 none Slide 17 none Slide 18 1. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Source: Interact Analysis, The HEV and Electrified Truck and Bus Market; 2020 2. Slide 19 1. Foothill Transit Authority Executive Board Meeting. Source: http://foothilltransit.org/wp-content/uploads/2020/07/07-24-2020- Agenda-Packet-Executive-Board.pdf Slide 20 1. 2. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Source: Interact Analysis, The HEV and Electrified Truck and Bus Market; 2020 BALLARD™