Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 63

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 63
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 for the accuracy thereof. The information in this section is subject to any changes to the arrangements between the Corporation and
DTC and any changes to these procedures that may be instituted unilaterally by DTC.

S-45

EARNINGS COVERAGE The following earnings coverage ratios have been prepared in accordance with Canadian securities law requirements and are included in this Prospectus Supplement in accordance with Canadian disclosure requirements. The following table sets forth our earnings coverage ratios calculated for the twelve-monthperiod ended December 31, 2024 and the twelve-monthperiod ended September 30, 2025 after giving pro formaeffect to the issuance of the Notes, as described in this Prospectus Supplement, and the intended use of proceeds therefrom. Adjustments for normal course issuances and repayments of long-term debt subsequent to December 31, 2024 would not materially affect the ratios set forth below and have not been made.

|                                        |     | Twelve-month period ended 
 December 31, 2024         |     | September 30, 2025 |
|:---------------------------------------|:----|:--------------------------|:----|:-------------------|
| Earnings coverage on long-term debt(1) |     | 1.88x(2)                  |     | 0.64x(3)(4)        |

| (1) | Earnings coverage on long-term debt on a net earnings basis is equal to net earnings before interest expense and                                                                                                                                    
 income taxes, divided by interest expense including capitalized interest and interest income. For purposes of calculating the earnings coverage ratios set forth herein, long-term debt includes the current portion of long-term debt and does not 
 include any amounts with respect to Notes that may be issued under this Prospectus Supplement.                                                                                                                                                      |

| (2) | Our interest expense including capitalized interest and interest income for the                                                                                                                
 12-month period ended December 31, 2024, after giving effect to the adjustments, amounted to approximately $337 million. Our net earnings before interest expense and income taxes amounted to 
 approximately $633 million for the 12-month period ended December 31, 2024, which is 1.88 times our interest requirements for that period.                                                     |

| (3) | Our interest expense including capitalized interest and interest income for the                                                                                                                 
 12-month period ended September 30, 2025, after giving effect to the adjustments, amounted to approximately $355 million. Our net earnings before interest expense and income taxes amounted to 
 approximately $