Ballard Power Systems Inc.

20. Commitments and contingencies:

As at December 31, 2025, the Corporation is committed to minimum lease payments (note 17).

Long-term financial investments includetwo investments committing the Corporation to be a limited partner in hydrogen infrastructure and growth equity funds (note 12). The Corporation has committed to investing £25,000,000 (including £20,296,000 invested as of December 31, 2025) into HyCap. The Corporation has committed to investing €30,000,000 (including €11,790,000 invested as of December 31, 2025) into Clean H2. Long-term financial investments also include an investment committing the Corporation to be a limited partner in Templewater, a decarbonizaton and climate technology and growth equity fund. The Corporation has committed to investing $1,000,000 (including $685,000 invested as of December 31, 2025) into Templewater.

As at December 31, 2025, the Corporation has outstanding commitments aggregating up to a maximum of $5,751,000 relating primarily to purchases of property, plant and equipment.

In connection with the acquisition of intellectual property from UTC in April 2014, the Corporation retains a royalty obligation in certain circumstances to pay UTC a portion of any future intellectual property sale and licensing income generated from certain of the Corporation's intellectual property portfolio for a period of 15 years expiring in April 2029. No royalties were paid to UTC in the years ended December 31, 2025 and December 31, 2024.

The Corporation retains a previous funding obligation to pay royalties of 2% of revenues, to a maximum of $4,613,000 (CDN $5,351,000), on sales of certain fuel cell products for commercial distributed utility applications. As of December 31, 2025, no royalties have been incurred to date for this agreement.

BALLARD POWER SYSTEMS INC.Notes to Consolidated Financial StatementsYears ended December 31, 2025, and 2024(Tabular amounts expressed in thousands of U.S. dollars, except per share amounts and numbers of shares)