Ballard Power Systems Inc. ($BLDP)

Good afternoon. Welcome to the 2026 Annual Meeting of Shareholders of Ballard Power Systems, Inc. Our host for today's call is Jim Roche, Board Chair. [Operator Instructions] Management would like to remind you that some of the statements made at this meeting may be considered forward looking. Such statements are based on management's current expectations, beliefs and assumptions concerning future events. Actual results could be materially different. Please refer to the Ballard's most recent annual information form and public filings on SEDAR+ for a complete disclaimer and related information. I will now turn the call over to your host, Jim Roche.

Thank you. Ladies and gentlemen, welcome to the Annual Meeting of Shareholders of Ballard Power Systems, Inc. As you heard, my name is Jim Roche. I'm the Chair of the Board and will act as Chair of this meeting. We're delighted to be hosting our meeting virtually again, which allows us to improve access and increase shareholder participation. We'll conduct the business portion of our meeting, first, and answer questions at the end of the meeting. Though we may not be able to answer every question, we'll certainly do our best to provide a response to as many as possible in the time available. Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. It's now shortly after 1:00 p.m. Pacific Time on June 3, 2026, and this meeting is officially called to order. Now I'd like to introduce the members of management at today's meeting. Marty Neese. Marty is our President and Chief Executive Officer. He's also one of the nominees for election as a director today; Kate Igbalode, Senior Vice President and Chief Financial Officer; Kerry Hillier, Vice President and General Counsel, Kerry will act as Secretary for today's meeting; Sumit Kundu, Investor Relations; and Jennifer Nakata, Chief of Staff. On behalf of the Board, I wish to express thanks to those shareholders who have submitted their proxies in advance of today's meeting. As this meeting is being held virtually via live webcast, there are some rules that we have established for the orderly conduct of the meeting. First, questions in respect of a motion may be submitted by a shareholder or duly appointed proxy holder using the designated messaging tab on your screen. Please note that there will be a slight timing delay in receiving those questions. When asking a question, please indicate your name, which entity you represent, if any, and confirm that you are a registered or beneficial shareholder or a duly appointed proxy holder. Questions will be addressed during the question period at the end of the meeting. However, I may deal with questions regarding procedural matters or directly related to the motions during the formal portion of the meeting at an appropriate time. Four, for the purposes of the meeting today, voting on all matters will be conducted by a single electronic ballot. Registered shareholders and duly appointed proxy holders will be asked to vote on each business item after the presentation of all such business items. Only registered shareholders and duly appointed proxy holders of the corporation are permitted to participate in the voting. When polls are open. The voting tab will automatically appear on the screens of those registered shareholders and proxy holders who have joined the meeting using their control numbers provided by Odyssey Trust. When polls are open, your votes will be received automatically as you vote on each item of business. The polls are now open. We also refer you to our rules of conduct and procedures, which have been posted to our corporate website and the virtual shareholder meeting website. After the formal business of the meeting, the question period will follow. We'll now proceed with the formal portion of today's meeting. Under the Corporation's articles, no motion proposed at the meeting of shareholders need to be seconded, unless the Chair rules otherwise. And the Chair of any meeting of shareholders is entitled to propose a motion. Accordingly, as permitted by the articles and to ensure our meeting flows smoothly, I will be moving all motions set out in the notice of meeting and will not require motions to be seconded. I'll begin the proceedings by appointing Jessica De La Torre from Odyssey Trust Company to act as scrutineer. The notice of this meeting was mailed on April 20, 2026 to shareholders of record as of April 6, Ballard has received a certificate of mailing from its transfer agent, which is available for inspection by any shareholder. I direct that the Secretary and the certificate of mailing to the minutes of this meeting. I've reviewed the preliminary scrutineer's report. Based on the report, I declare that a quorum is present, and therefore, declare the meeting properly constituted for the transaction of business. The agenda for today's meeting was included in the notice of meeting sent to the shareholders and is up on the screen. I'll now table the following materials. Our consolidated financial statements and the auditor's report for the year ended December 31, 2025. We've mailed shareholders these materials, together with the notice of this meeting. There are also copies available on our website. Ms. Igbalode, our Chief Financial Officer; and Mr. Jason Bower from KPMG are with us today and will be available to answer questions regarding the financial statements and the auditor's report during the Q&A session at the end of this meeting. I declare that the consolidated financial statements and the auditor's report have been received by the shareholders as submitted to this meeting. I will now present the matters to be voted upon. A reminder that the polls are open and will remain open until the matters to be voted on have been addressed. Any registered shareholder or duly appointed proxy holder who hasn't yet voted or wishes to change their vote may do so now by selecting the voting tab and selecting your voting choice. You can change your votes at any time until the polls are closed by selecting another choice. Registered shareholders and proxy holders who have sent in proxies or voted via telephone or Internet, who do not want to change their vote, do not need to take any further action. We'll now proceed with the election of directors for the upcoming year. Biographies of the nominees are included in the information circular that have been sent out to shareholders. As was announced on May 14, Weichai ceased holding at least 15% of Ballard's outstanding shares and no longer have the right to appoint nominees to the Board. As a result, Michael Chiang and Huajie Wang resigned from the Board at that time and are not standing for election at the meeting. Any votes they may receive for election will not be considered. I would now like to introduce the nominees for election as directors, all of whom are with us here today. In alphabetical order, the nominees are: Kathy Bayless, Kathy is a Corporate Director. She's a member of the Board and Audit Committee Chair of Veeco Instruments and Amprius, Technologies. Kathy joined our Board in 2021 and was appointed Chair of our Audit Committee in 2024. Jacqueline Dedo. Jacqueline is Co-Founder of Aware Mobility LLC and a Corporate Director. Prior to that, she held various executive roles at Dana Holding, Piston Group, Timken Company, Motorola and Robert Bosch Corporation. Jacqui was appointed to the Board in 2024. Doug Hayhurst. Doug is a Corporate Director. Doug was an executive with IBM Canada Business Consulting Services and with PricewaterhouseCoopers Management Consultants. Doug has served on our Board since 2012. Hubertus Muehlhaeuser. Hubertus is a Corporate Director. He's a Board Chair at Kelvion Holding, FläktGroup and TAKKT AG. Hubertus has served on the Board since 2021 and as Chair of the People and Compensation Committee since 2022. Marty Neese. Marty is your President and CEO. He served on the Board since 2015 and was Chair of the Commercial Committee from 2019 to 2015. James Roche, I'm the President and CEO of Stratford Group Ltd and serve -- currently serve as Chair of your Board of Directors. I've served on the Board since 2015 and past chair since 2018. My nominated directors of the corporation, Kathy Bayless, Jacqueline Dedo, Doug Hayhurst, Hubertus Muehlhaeuser, Marty Neese and James Roche. The next item of business is the appointment of the auditors of the corporation for the ensuing year. I move that KPMG LLP, chartered accountants, be appointed as the auditors of corporation until the next Annual Meeting of Shareholders and for their remuneration to be fixed by the audit committee of our Board of Directors. The next matter is an advisory vote on executive compensation, commonly known as Say On Pay. Corporation's approach to executive compensation as described in the executive compensation section of the information circular. The text of the resolution is provided on the web portal and also set out in the information circular on Page 9. As the vote on this resolution is advisory, the results will not be binding on the Board or the People and Compensation Committee. However, Board and committee will take these results into account as part of the ongoing review of executive compensation philosophy, policies and programs. I move that the resolution set out in the information circular accepting the Corporation's approach to executive compensation be adopted. Any shareholder or proxy holder would like to make a comment regarding any of the motions, please submit your comment or question through the messaging tab on your screen. [Voting]

Now that everyone has had the opportunity to vote, I declare the polls for the 2026 Ballard Annual Shareholder Meeting closed. Kerry, do we have preliminary voting results?

Yes, Jim, we do. We've been informed by the scrutineer that the preliminary vote report shows that the nominees for election to the Board have been duly elected. The auditors have been appointed and that Corporation's approach to executive compensation has been approved by advisory vote. The complete voting results will be available in our press release and filed on SEDAR+ tomorrow.

Thanks, Kerry. I ask the secretary to append the final scrutineer's report to the minutes of today's meeting. There being no formal further business to come before the meeting. The Annual Meeting of Shareholders of Ballard Power Systems, Inc. is now adjourned. Now we'd like to open things up for shareholder questions that are being entered today on the web portal. Please note that we will attempt to answer as many questions as time allows, but only questions that are relevant to the meeting will be addressed.

There are no questions posted.

Thanks, Sumit. That concludes our question-and-answer session. On behalf of the Board of Directors, I'd like to thank you for joining us today.

This concludes the meeting. You may now disconnect.