Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 185

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 185
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 compared to asset impairment recoveries in 2023, primarily due to:

| • |     | An increase in decommissioning and restoration provisions on retired assets driven by a decrease in 
 discount rates and revisions in estimated decommissioning costs; and                                |

| • |     | Impairment charges related to development projects that are no longer proceeding. |

Interest incometotalling $30 million, decreased by $29 million, or 49 per cent, compared to 2023, primarily due to lower cash balances and lower interest rates. Interest expensetotalling $324 million, increased by 43 million, or 15 per cent, compared to 2023, primary due to lower capitalized interest resulting from lower construction activity in 2024 compared to 2023. Earnings before income taxestotalling $319 million, decreased by $561 million, or 64 per cent, compared to 2023, due to the above noted items. Refer to the Segment Financial Performance and Operating Results section for additional information. Income tax expensetotalling $80 million, decreased by $4 million, or five per cent, compared to 2023, due to:

| • |     | Lower earnings before income taxes due to the above noted items; partially offset by |

| • |     | A recovery related to the reversal of previously derecognized Canadian deferred tax assets. |

Net earnings attributable to non-controllingintereststotalling $10 million, decreased by $91 million, or 90 per cent, compared to 2023, primarily due to lower net earnings for TransAlta Cogeneration, LP (TA Cogen) resulting from lower merchant pricing in the Alberta market and the acquisition of TransAlta Renewables Inc. (TransAlta Renewables) on Oct. 5, 2023.

| M10 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis 2023 versus 2022

Revenuestotalling $3,355 million, increased by $379 million, or 13 per cent, compared to 2022, primarily due to:

| • |     | Higher realized and unrealized gains from hedging and derivative positions across the segments; 
 partially offset by                                                                             |

| • |     | Lower revenue from merchant sales due to lower spot power prices and production in Alberta. |

Fuel and purchased power coststotalling $1,060 million, decreased by $203 million, or 16