Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 359

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 359
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| • |     | Realization of expected impacts from ongoing and future transactions. |

These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted by such assumptions. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this MD&A include, but are not limited to:

| • |     | Fluctuations in power prices; |

| • |     | Changes in supply and demand for electricity; |

| • |     | Our ability to contract our electricity generation for prices that will provide expected returns; |

| • |     | Our ability to replace contracts as they expire; |

| • |     | Risks associated with development projects and acquisitions; |

| • |     | Failure to complete acquisitions or divestitures on the terms and conditions specified or at all; |

| • |     | Any difficulty raising needed capital in the future on reasonable terms or at all; |

| • |     | Our ability to achieve our targets relating to environmental, social and governance (ESG) 
 performance;                                                                              |

| • |     | Long-term commitments on gas transportation capacity that may not be fully utilized over time; |

| • |     | Changes to the legislative, regulatory and political environments; |

| • |     | Environmental requirements and changes in, or liabilities under, these requirements; |

| • |     | Operational risks involving our facilities, including unplanned outages and equipment failure; |

| • |     | Disruptions in the transmission and distribution of electricity; |

| • |     | Reductions in production including lower wind resource; |

| • |     | Impairments and/or writedowns of assets; |

| M2 |     | TransAlta Corporation |

Management’s Discussion and Analysis

| • |     | Adverse impacts on our information technology systems and our internal control systems, including 
 increased cybersecurity threats;                                                                  |

| • |     | Commodity risk management and energy trading risks; |

| • |     | Reduced labour availability and ability to continue to staff our operations and facilities; |

| • |     | Disruptions to our supply chains; |

| • |     | Climate-change related risks; |

| • |     | Reductions to our generating units’ relative efficiency or capacity factors; |

| • |     | General economic risks, including deterioration of equity markets, increasing interest rates or 
 rising inflation;                                                                               |

| • |     | General domestic and international economic and political