Edit Document · EGC Journal

Title

Doc Type

Published Date

Source / Publication

Author

URL (optional — stored as reference)

Content

Document Text

Equity Research
Price Target Change — March 26, 2026
Clean Energy
Ballard Power Systems Inc.
Post Q4 Update—Gross Margin & EBITDA Above Estimates
— Raising PT, but Stay UW
Underweight
Price Target: $2.00
  
Our Call
Q4 gross margin/EBITDA above estimates, revenue was in line. BLDP is looking to use 
PEM fuel cells for backup power for data centers. Strategic cost reduction initiatives 
mostly complete. BLDP received a large follow-on bus order. We stay UW.
 
Increasing Price Target to $2/Sh. We are raising our price target to $2/share from $1.50/
share mostly to reflect slightly higher margins. Our PT is based on a blend of a discounted 
cash flow model and target EV/sales multiple.
 
Raising Our 2026/2027 EBITDA Estimates. We are increasing our 2026/2027 EBITDA 
estimates to ($62)MM/($53)MM from ($69)MM/($54)MM to reflect the impact of 
improving gross margins and lower operating expenses.
 
BLDP Joins Data Center Power Push, but Traction Seems Challenging. BLDP is 
positioning PEM fuel cells as a diesel genset replacement for data center backup power. 
Rather than building a dedicated product, BLDP is repurposing its HD & XD fuel cells from 
HD trucking to data centers with modular arrays that can reach ~20–50 MWs. However, 
these units run on hydrogen, which is costly and requires new infrastructure (vs. a more 
established diesel supply chain). As a result, we expect limited traction.
 
Order Backlog/Book Down. At the end of Q4, Ballard’s order backlog was ~$119.3MM, 
down ~10% from $132.8MM in the prior quarter. The company’s 12-month order book 
was $53.9MM, which is a ~25% decrease from $71.6MM in Q3, and also compares to 
consensus revenue of $114.6MM and our estimate of $109.7MM. To note, the company 
backlog/order book does not include the New Flyer follow-on order announced on 
3/10/26 (see below).
 
Receives Large Bus Order for 50 MW. Ballard received a follow-on order for 500 FCmove 
HD+ fuel cell engines (totaling 50 MW) from New Flyer. Deliveries for the fuel cell engines 
will start in 2026 and be used in fuel cell buses in North America. We estimate the value of 
the order is $30-40MM. The timeframe of deliveries was not provided.
Notable Changes
$ (Dec) Current Prior % Chg
Price Target $2.00 $1.50 33.3%
EBITDA 
(MM) 2026
(61.6) (68.9) 10.6%
EBITDA 
(MM) 2027
(53.3) (53.5) 0.5%
EPS 2026 (0.23) (0.26) 10.3%
EPS 2027 (0.20) (0.21) 1.5%
 
Ticker BLDP
Upside/(Downside) to Target (20.9)%
Price (03/25/2026) $2.53
52 Week Range $1.01 - 4.10
Market Cap (MM) $761
Enterprise Value (MM) $235
Average Daily Value (MM) $2
Dividend Yield 0.0%
 
$ (Dec) Q1 Q2 Q3 Q4 FY
EBITDA (MM)
2026E (18.0) E (18.2) E (12.4) E (13.0) E (61.6) E
Prior (17.9) E (17.8) E (17.0) E (16.2) E (68.9) E
2027E (15.4) E (14.3) E (12.1) E (11.4) E (53.3) E
Prior (14.9) E (13.8) E (13.1) E (11.7) E (53.5) E
 
Source: Company Data, Wells Fargo Securities estimates, and Factset.
NA = Not Available, NC = No Change, NE = No Estimate
 
Praneeth Satish
Equity Analyst | Wells Fargo Securities, LLC
Praneeth.Satish@wellsfargo.com | 212-214-8056
Michael Blum
Equity Analyst | Wells Fargo Securities, LLC
Michael.J.Blum@wellsfargo.com | 212-214-5037
Ned Baramov, CFA
Equity Analyst | Wells Fargo Securities, LLC
Ned.Baramov@wellsfargo.com | 212-214-8021
Eric Shiu
Associate Equity Analyst | Wells Fargo Securities, LLC
Eric.Shiu@wellsfargo.com | 212-214-5038
Jack Farrell, CFA
Associate Equity Analyst | Wells Fargo Securities, LLC
Jack.L.Farrell@wellsfargo.com | 212-214-8012
All estimates/forecasts are as of 3/26/2026 unless otherwise stated. 3/26/2026 9:09:27EDT. Please see page 6 for rating definitions, important disclosures and required analyst certifications. 
Wells Fargo Securities, LLC does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could 
affect the objectivity of the report and investors should consider this report as only a single factor in making their investment decision.
This document is for aweinberg@btig.com and should not be distributed further.

Clean Energy Equity Research
Wells Fargo Express Takeaways
Ballard Power Systems Inc. (BLDP) | Rating: Underweight | Price Target: $2.00
Analyst: Praneeth Satish
 
Financials
FY (Dec) 2025A 2026E 2027E
$
ESTIMATES
EBITDA (MM)
Q1 (27.5) A (18.0) E (15.4) E
Q2 (30.6) A (18.2) E (14.3) E
Q3 (31.2) A (12.4) E (12.1) E
Q4 (11.6) A (13.0) E (11.4) E
AN (100.9) A (61.6) E (53.3) E
EPS (0.29) A (0.23) E (0.20) E
Rev. (MM) 99.4 A 109.7 E 136.2 E
FCF/Share (0.22) A (0.16) E (0.13) E
FCF (MM) (66.3) A (48.9) E (39.8) E
WELLS FARGO vs. CONSENSUS
Consensus Estimate (100.93) A (58.46) E (42.90) E
Difference from Consensus 5.4%  24.2% 
VALUATION
EV/EBITDA NM NM NM
P/E NM NM NM
EV/Revenue 2.4x 2.1x 1.7x
P/FCF NM NM NM
EV/FCF NM NM NM
FCF Yield NM NM NM
Consensus Estimate: EBITDA; Source: FactSet.
Source: Company Data, Wells Fargo Securities estimates, and Factset.
NA = Not Available, NE = No Estimate
Investment Thesis
We have an Underweight rating on BLDP. The company lacks 
positive FCF visibility for at least the next 5+ years based on our 
current estimates.
 
Risk vs. Reward – Upside/Downside Price Target Scenarios
$0 $1 $2 $3 $5
Upside Scenario
Base Case
Downside Scenario
* $2.53
$4.00
$2.00
$0.50
*As of 03/25/26
Source: Wells Fargo Securities, LLC estimates and Factset.
 
 
Base Case | $2.00
Our price target of $2/share is based on a 
blend of:
• Three-stage discounted cash flow 
model, which assumes a weighted 
average cost of capital (WACC) of 6.6% 
and a long-term growth rate of 4.0%, 
and
• Target EV/sales multiple (2027E) of 
~2.5x. The multiple utilized in our EV/
sales valuation is based on a regression 
of other comparable companies using 
sales growth and gross margin as inputs.
Upside Scenario | $4.00
• Revenue growth is 50% higher than our 
published model
• An assumed increase to our target EV/
sales multiple
• Entry into data center market for 
backup power
• Falling interest rates support stock 
performance and reduce the cost of 
capital
Downside Scenario | $0.50
• Revenue growth is 50% lower than our 
published model
• An assumed decrease to our target EV/
sales multiple
• Hydrogen fuel cell costs remain much 
higher than alternatives, limiting 
adoption
 
 
Upcoming Catalysts
• Increase/decrease in the company's order book and backlog 
(updates provided with company's earnings release).
• Path to positive gross margin potentially in 2026
Company Description
Ballard Power Systems Inc. (BLDP) designs, develops, manufactures, 
sells, and services proton exchange membrane (PEM) fuel cell 
products. The company’s primary focus is on power products for the 
bus, truck, rail, marine, stationary, and emerging market (material 
handling, off-road and other) applications. The company also 
provides engineering services, technology transfer, and the licensing 
and sale of the company’s intellectual property portfolio for PEM 
fuel cell applications.
2 | Equity Research
This document is for aweinberg@btig.com and should not be distributed further.

Ballard Power Systems Inc. Equity Research
Cost Restructuring Largely Complete. The company has mostly completed its cost reduction 
initiatives. Incremental savings are expected to come primarily from lowering product costs through 
manufacturing efficiency, scaling, and additional product innovations.
2026 Opex and Capex Guidance Below Estimates. Ballard’s 2026 operating expense guidance 
is $65-75MM (midpoint of $70MM). The company also provided capex guidance to $5-10MM 
(midpoint of $7.5MM).
Other. (1) BLDP expects to generate positive cash flow within the next 2-3 years. (2) 2026 revenue is 
expected to be more weighted to H2 (i.e., 60%). (3) Q4 gross margins performance is not ratable due 
to seasonality.
Equity Research | 3
This document is for aweinberg@btig.com and should not be distributed further.

Clean Energy Equity Research
 
Financials
Ballard Power Systems Inc. (BLDP) Summary
Year ended December 31
$ in millions, except for per share data 2025A 3/31/26E6/30/26E9/30/26E12/31/26E 2026E 3/31/27E6/30/27E9/30/27E12/31/27E 2027E 2028E 2029E 2030E 2031E
Revenue Breakdown
Heavy-Duty Mobility $81 $13 $13 $29 $30 $85 $16 $15 $33 $32 $96 $114 $139 $176 $226
Stationary $8 $4 $4 $4 $4 $15 $6 $6 $6 $6 $25 $35 $45 $55 $65
Emerging and Other Markets $10 $3 $3 $3 $3 $10 $4 $4 $4 $4 $15 $20 $25 $30 $35
Adjusted revenue $99 $19 $19 $36 $36 $110 $26 $25 $43 $42 $136 $169 $209 $261 $326
Year/year growth (%) 43% 24% 8% 9% 6% 10% 37% 32% 20% 18% 24% 24% 24% 25% 25%
Margins (%)
Gross margin 5% (15%) (15%) 15% 15% 4% 8% 10% 13% 15% 12% 17% 19% 21% 22%
Operating margin (107%) (101%) (101%) (39%) (40%) (61%) (64%) (62%) (32%) (31%) (43%) (29%) (20%) (11%) (5%)
EBITDA margin (102%) (94%) (94%) (35%) (36%) (56%) (59%) (56%) (29%) (27%) (39%) (26%) (17%) (9%) (3%)
Net profit margin (88%) (106%) (105%) (41%) (42%) (64%) (67%) (65%) (34%) (32%) (45%) (31%) (21%) (12%) (5%)
FCF margin (67%) (33%) (106%) (19%) (43%) (45%) (5%) (65%) (21%) (31%) (29%) (18%) (11%) (4%) (2%)
Metrics
Revenue $99 $19 $19 $36 $36 $110 $26 $25 $43 $42 $136 $169 $209 $261 $326
Net income ($88) ($20) ($20) ($15) ($15) ($70) ($18) ($16) ($14) ($14) ($62) ($53) ($44) ($32) ($18)
Adjusted EBITDA ($101) ($18) ($18) ($12) ($13) ($62) ($15) ($14) ($12) ($11) ($53) ($44) ($35) ($23) ($9)
Free cash flow (FCF) ($66) ($6) ($21) ($7) ($15) ($49) ($1) ($17) ($9) ($13) ($40) ($30) ($24) ($10) ($8)
FCF per share ($0.22) ($0.02) ($0.07) ($0.02) ($0.05) ($0.16) ($0.00) ($0.05) ($0.03) ($0.04) ($0.13) ($0.10) ($0.08) ($0.03) ($0.03)
Earnings per share (EPS) ($0.29) ($0.07) ($0.07) ($0.05) ($0.05) ($0.23) ($0.06) ($0.05) ($0.05) ($0.04) ($0.20) ($0.17) ($0.14) ($0.10) ($0.06)
Average shares outstanding (in MM) 300 301 301 302 302 302 303 303 303 304 303 305 306 308 310
Financing
Capex spending $10 $2 $2 $2 $2 $8 $3 $3 $3 $3 $10 $10 $15 $15 $20
Common equity issuance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
ATM equity issuance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Credit Metrics
Cash and cash equivalents $527 $521 $500 $494 $478 $478 $477 $460 $451 $438 $438 $408 $384 $374 $366
Total debt outstanding (GAAP) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Net debt / EBITDA (rating agencies) - - - - - - - - - - - - - - -
Net debt / EBITDA (covenant) - - - - - - - - - - - - - - -
Source: FactSet, Company data and Wells Fargo Securities, LLC estimates
4 | Equity Research
This document is for aweinberg@btig.com and should not be distributed further.

Ballard Power Systems Inc. Equity Research
Investment Thesis, Valuation and Risks
Ballard Power Systems Inc. (BLDP)
Investment Thesis
We have an Underweight rating on BLDP. The company lacks positive FCF visibility for at least the next 5+ years based on our current 
estimates.
Target Price Valuation for BLDP
Our price target of $2/share is based on a blend of:
• Three-stage discounted cash flow model, which assumes a weighted average cost of capital (WACC) of 6.6% and a long-term growth 
rate of 4.0%, and
• Target EV/sales multiple (2027E) of ~2.5x. The multiple utilized in our EV/sales valuation is based on a regression of other comparable 
companies using sales growth and gross margin as inputs.
Risks to Our Price Target and Rating for BLDP
Risks to BLDP trading above our price target include: (1) faster adoption of hydrogen fuel cell technologies and increased 
commercialization opportunities, (2) an extension of its value chain (leading to gross margin expansion), and (3) entering into new 
geographical markets by partnering with leading regional companies.
 
Companies Mentioned in Report
Company Name Ticker Last Price
(03/25/26)
Ballard Power Systems Inc. BLDP $2.53
 
Source: Wells Fargo Securities LLC Estimates, FactSet
Equity Research | 5
This document is for aweinberg@btig.com and should not be distributed further.

Clean Energy Equity Research
Required Disclosures
I, Praneeth Satish, certify that:
1) All views expressed in this research report accurately reflect my personal views about any and all of the subject securities or issuers discussed; and
2) No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this research report.
Wells Fargo Securities, LLC does not compensate its research analysts based on specific investment banking transactions. Wells Fargo Securities, LLC’s research 
analysts receive compensation that is based upon and impacted by the overall profitability and revenue of the firm, which includes, but is not limited to investment 
banking revenue.
Additional Information Available Upon Request
Ballard Power Systems Inc. Rating History as of 03-25-2026powered by: BlueMatrix
6543210Apr 23Jul 23Oct 23Jan 24Apr 24Jul 24Oct 24Jan 25Apr 25Jul 25Oct 25Jan 26
SELL:$3.5011/13/2023SELL:$4.0001/08/2024SELL:$3.5003/11/2024SELL:$3.0005/08/2024SELL:$2.0008/12/2024SELL:$1.0011/11/2024SELL:$1.5008/12/2025
Closing PricePrice TargetInitiation (I); Drop Coverage (D); Overweight (BUY); Equal Weight (HOLD); Underweight (SELL); Suspended (SR); Not Rated (NR); No Estimate (NE)
Wells Fargo Securities, LLC, maintains a market in the common stock of Ballard Power Systems Inc..
STOCK RATING
OW=Overweight: Total return on stock expected to be 10%+ over the next 12 months. (BUY)
EW=Equal Weight: Total return on stock expected to be -10% to +10% over the next 12 months. (HOLD)
UW=Underweight: Total return on stock expected to lag the Overweight- and Equal Weight-rated stocks within the analyst's coverage universe over the next 12 
months. (SELL)
NR=Not Rated: The rating and price target has been removed due to lack of fundamental basis to support the recommendation or due to legal, regulatory or 
company policy considerations.
FINRA regulation requires member firms to assign ratings to one of three rating categories: Buy, Hold and Sell. In accordance with FINRA regulation and solely to 
satisfy those disclosure requirements in the ratings distribution table and ratings history chart contained in these Required Disclosures, our rating of Overweight 
corresponds to a Buy rating; Equal Weight corresponds to a Hold rating; and Underweight corresponds to a Sell rating.
As of March 25, 2026
53.3% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Overweight. (BUY)
39.6% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Equal Weight. (HOLD)
7.1% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Underweight. (SELL)
Wells Fargo Securities, LLC has provided investment banking services for 42.8% of its Equity Research Overweight-rated companies. (BUY)
Wells Fargo Securities, LLC has provided investment banking services for 39.2% of its Equity Research Equal Weight-rated companies. (HOLD)
Wells Fargo Securities, LLC has provided investment banking services for 39.7% of its Equity Research Underweight-rated companies. (SELL)
Important Disclosure for U.S. Clients
6 | Equity Research
This document is for aweinberg@btig.com and should not be distributed further.

Ballard Power Systems Inc. Equity Research
This report was prepared by Wells Fargo Securities Global Research Department (“WFS Research”) personnel associated with Wells Fargo Securities, LLC ("Wells 
Fargo Securities").
WFS Research may, from time to time, provide clients with short-term trading views in its research reports regarding subject companies on which Wells Fargo 
Securities currently has equity research coverage. A short-term trading view offers a view on how the market price of a subject company’s common equity may 
trend in absolute terms during the 30 days following the date of the short-term trading view. A short-term trading view on a subject company’s common equity 
does not impact our fundamental investment rating or price target for that company, which reflect our view of how the subject company’s common equity may 
perform over a one-year period. A short-term trading view may reach a different conclusion than the firm’s fundamental investment rating and price target for 
a subject company and, therefore, short-term trading views could result in short-term price movements that are contrary to our fundamental investment rating 
and price target. Short-term trading views are not ratings and the firm does not intend, nor undertakes any obligation, to maintain, update or close out short-term 
trading views. Short-term trading views may not be suitable for all investors and have not been tailored to individual investor circumstances and objectives, and 
investors should make their own independent decisions regarding any short-term trading views discussed in WFS Research reports.
Important Disclosure for International Clients
United Kingdom – The securities and related financial instruments described herein may not be eligible for sale in all jurisdictions or to certain categories of 
investors. For recipients in the United Kingdom, this report is distributed by Wells Fargo Securities International Limited (“WFSIL”). WFSIL is a UK incorporated 
investment firm authorised and regulated by the Financial Conduct Authority. For the purposes of Section 21 of the UK Financial Services and Markets Act 2000 
(the “Act”), the content of this report has been approved by WFSIL, an authorised person under the Act. WFSIL does not deal with retail clients as defined in the 
Directive 2014/65/EU (“MiFID2”). The FCA rules made under the Financial Services and Markets Act 2000 for the protection of retail clients will therefore not apply, 
nor will the Financial Services Compensation Scheme be available. This report is not intended for, and should not be relied upon by, retail clients. For the purposes of 
the U.K. Financial Conduct Authority's rules, this report constitutes impartial investment research.
EEA – The securities and related financial instruments described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. For 
recipients in the EEA, this report is distributed by WFSIL or Wells Fargo Securities Europe S.A. (“WFSE”). WFSE is a French incorporated investment firm authorized 
and regulated by the Autorité de contrôle prudentiel et de résolution and the Autorité des marchés financiers. WFSE does not deal with retail clients as defined in 
the Directive 2014/65/EU (“MiFID2”). This report is not intended for, and should not be relied upon by, retail clients.
Australia – Wells Fargo Securities, LLC and Wells Fargo Securities International Limited are exempt from the requirements to hold an Australian financial services 
license in respect of the financial services they provide to wholesale clients in Australia. Wells Fargo Securities, LLC is regulated under the laws of the United 
States and Wells Fargo Securities International Limited is regulated under laws of the United Kingdom. All such laws differ from Australian laws. Any offer or 
documentation provided to Australian recipients by Wells Fargo Securities, LLC or Wells Fargo Securities International Limited in the course of providing the 
financial services will be prepared in accordance with the laws of the United States or United Kingdom and not Australian laws.
Canada – This report is distributed in Canada by Wells Fargo Securities Canada, Ltd., a registered investment dealer in Canada and member of the Canadian 
Investment Regulatory Organization (CIRO) and, Member – Canadian Investor Protection Fund (CIPF). Wells Fargo Securities, LLC’s research analysts may 
participate in company events such as site visits but are generally prohibited from accepting payment or reimbursement by the subject companies for associated 
expenses unless pre-authorized by members of Research Management.
China – Strictly Private and Confidential. For the sole use of the recipient only. Not to be copied or redistributed within the People’s Republic of China.
Brazil - This report was not created for distribution to investors resident in Brazil or to the Brazilian public in general. Wells Fargo Securities, LLC is a broker-dealer 
registered in United States of America with and regulated by the U.S. Securities and Exchange Commission. Wells Fargo Securities, LLC is not registered in Brazil 
and its products, including this report and the securities mentioned in this report, have not been and will not be publicly issued, placed, distributed, offered or 
negotiated in the Brazilian capital markets, and, as a result, have not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores 
Mobiliários, the CVM). The offer of Wells Fargo Securities, LLC's products, including this report and any securities mentioned in this report, is intended only for 
residents in the countries in which Wells Fargo Securities, LLC is authorized to operate.
About Wells Fargo Securities
Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not 
limited to Wells Fargo Securities, LLC, a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission and a member of NYSE, FINRA, NFA and 
SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, Wells Fargo Securities Canada, Ltd., a member of IIROC and CIPF, Wells Fargo Bank, N.A. 
and Wells Fargo Securities International Limited, authorized and regulated by the Financial Conduct Authority.
This report is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments named or described in the report. 
This report, including any ratings it contains, does not constitute a personal recommendation or take into account the particular investment objectives, financial 
situations, or needs of individual clients. Clients should seek professional advice, including tax advice, to determine whether any advice or recommendation in the 
attached research report is suitable for their particular circumstances. The information in this report is provided as of the date of the report and has been obtained 
or derived from sources believed by WFS Research to be reliable, but WFS Research does not represent that this information is accurate or complete. Any opinions 
or estimates contained in this report represent the judgment of WFS Research, at the time that the report was published, and are subject to change without notice.
All Wells Fargo Securities research reports published by WFS Research are disseminated and available to all clients simultaneously through electronic publication to 
our internal client websites. Clients may also receive our research via third party vendors. Not all research content is redistributed to our clients or available to third-
party aggregators, nor is WFS Research responsible for the redistribution of our research by third-party aggregators.
Equity Strategists focus on investment themes across the equity markets and sectors. Any discussion within an Equity Strategy report of specific securities is not 
intended to provide a fundamental analysis of any individual company described therein. The information provided in Equity Strategy reports is subject to change 
without notice, and investors should not expect continuing information or additional reports relating to any security described therein.
Equity Research | 7
This document is for aweinberg@btig.com and should not be distributed further.

Clean Energy Equity Research
Clients of WFS Research are permitted to store, display, analyze, modify, reformat, copy, duplicate and reproduce this report and the information contained 
within it for their own internal use and for no other purpose. Without the prior written consent of Wells Fargo Securities, no part of this report may be copied, 
duplicated or reproduced in any form by any other means. In addition, this report and its contents may not be redistributed or transmitted to any other party in 
whole or in part, directly or indirectly, including by means of any AI Technologies (defined below) through which this report or any portion thereof may be accessible 
by any third-party. “AI Technologies” means any deep learning, machine learning, and other artificial intelligence technologies, including without limitation any 
and all (a) proprietary algorithms, software, or systems that make use of or employ neural networks, statistical learning algorithms (such as linear and logistic 
regression, support vector machines, random forests or k-means clustering) or reinforcement learning, or curated data sets accessible by any of the foregoing or (b) 
proprietary embodied artificial intelligence and related hardware or equipment.
In addition, certain text, images, graphics, screenshots and audio or video clips included in this report are protected by copyright law and owned by Wells Fargo 
Securities, its affiliates or one or more third parties (collectively, “Protected Content”). Protected Content is made available to clients by Wells Fargo under license 
or otherwise in accordance with applicable law. Any use or publication of Protected Content included in this report for purposes other than fair use requires 
permission from Wells Fargo Securities or, in the case of content attributed to any third party, the third-party copyright owner. You may not alter, obscure, or 
remove any copyright, trademark or any other notices attached to or contained within this report. These Conditions of Use are not intended to, and will not, transfer 
or grant any rights in or to the report or the information contained within it other than those rights that are specifically described herein. All rights not expressly 
granted herein are reserved by Wells Fargo Securities or the third-party providers from whom Wells Fargo Securities has obtained the applicable information.
Any external website links included in this publication are not maintained, controlled or operated by Wells Fargo Securities. Wells Fargo Securities does not provide 
the products and services on these websites and the views expressed on these websites do not necessarily represent those of Wells Fargo Securities. Please review 
the applicable privacy and security policies and terms and conditions for the website you are visiting.
Copyright © 2026 Wells Fargo Securities, LLC
SECURITIES: NOT FDIC-INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
8 | Equity Research
This document is for aweinberg@btig.com and should not be distributed further.