Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 183

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 183
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 521 |
| Depreciation and amortization                          |     |      |   531 |     |   621 |     |   599 |
| Asset impairment charges (reversals)                   |     |      |    46 |     |   -48 |     |     9 |
| Interest income                                        |     |      |    30 |     |    59 |     |    24 |
| Interest expense                                       |     |      |   324 |     |   281 |     |   286 |
| Earnings before income taxes                           |     |      |   319 |     |   880 |     |   353 |
| Income tax expense                                     |     |      |    80 |     |    84 |     |   192 |
| Net earnings attributable to common shareholders       |     |      |   177 |     |   644 |     |     4 |
| Net earnings attributable to non-controlling interests |     |      |    10 |     |   101 |     |   111 |

2024 versus 2023

Revenuestotalling $2,845 million, decreased by $510 million, or 15 per cent, compared to 2023, primarily due to:

| • |     | Lower merchant spot and hedged power prices in the Alberta market; |

| • |     | Lower revenue from derivatives and other trading activities in the Wind and Solar segment driven by                             
 higher unrealized mark-to-market losses on the long-term wind energy sales related to the Oklahoma facilities, primarily due to |

| strengthening forecasted wind capture prices reflected in the year; and |

| • |     | Lower revenue at Centralia due to higher economic dispatch driven by lower market prices; partially 
 offset by                                                                                           |

| • |     | Higher revenue from derivatives and other trading activities in the Gas segment driven by higher                            
 volume of favourable hedging positions settled, which generated positive contributions over settled spot prices in Alberta; |

| TransAlta Corporation |     | 2024 Integrated Report |     | M9 |

Management’s Discussion and Analysis

| • |     | Higher environmental and tax attributes revenues from the Hydro segment and the sale of production 
 tax credits from the Oklahoma wind facilities to taxable U.S. counterparties;                      |

| • |     | Commercial operation of the White Rock and Horizon Hill wind facilities, the Northern Goldfields               
 solar facilities, the Mount Keith 132kV expansion and return