Company: TSLTF
Filing Date: 2025-02-20
Form Type: 40-F
Source: 0001144800-25-000006
Chunk: 2

Company: TRANSALTA CORP
Filing Date: 2025-02-20
Form: 40-F
Chunk 2
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 by check mark whether any of those error corrections are restatements that require a recovery analysis of incentive-based compensation received by an of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨

### INCORPORATION BY REFERENCE
This annual report on Form 40-F, including the exhibits hereto, are incorporated by reference into the following registration statements of TransAlta Corporation ("TransAlta" or the "Company") under the Securities Act of 1933, as amended.

| Form |     | Registration No. |
| S-8  |     | 333-72454        |
| S-8  |     | 333-101470       |
| S-8  |     | 333-236894       |
| S-8  |     | 333-260935       |
| F-10 |     | 333-271953       |

### CONSOLIDATED AUDITED ANNUAL FINANCIAL STATEMENTS

### AND MANAGEMENT’S DISCUSSION & ANALYSIS
A. Consolidated Audited Annual Financial Statements

For consolidated audited annual financial statements for the year ended Dec. 31, 2024, including the report of independent chartered professional accountants with respect thereto, see Exhibit 99.3 incorporated by reference herein.

#### B.

#### Management’s Discussion and Analysis
For management’s discussion and analysis, see Exhibit 99.2 incorporated by reference herein.

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### DISCLOSURE CONTROLS AND PROCEDURES
As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), management has evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act are recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the "Commission"). Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit under the Exchange Act are accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding our required disclosure