Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 358

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 358
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 to be materially different from those set out in or implied by the forward-looking statements. In particular, this MD&A contains forward-looking statements about the following, among other things:

| • |     | The strategic objectives of the Company and that the execution of the Company’s strategy will 
 realize value for shareholders;                                                               |

| • |     | Our capital allocation and financing strategy; |

| • |     | Our 2025 Outlook; |

| • |     | Our financial and operational performance, including our hedge position; |

| • |     | The optimization and diversification of our generating assets; |

| • |     | The increasingly contracted nature of our fleet; |

| • |     | Expectations about strategies for growth and expansion; |

| • |     | Expectations regarding ongoing and future transactions, including the divestitures of our Poplar 
 Hill and Rainbow Lake facilities;                                                                |

| • |     | Expected costs and schedules for planned projects; |

| • |     | Expected regulatory processes and outcomes, including in relation to the Alberta restructured 
 energy market;                                                                                |

| • |     | The power generation industry and the supply and demand of electricity; |

| • |     | The cyclicality of our business; |

| • |     | Expected outcomes with respect to legal proceedings; |

| • |     | The expected impact of future tax and accounting changes; and |

| • |     | Expected industry, market and economic conditions. |

The forward-looking statements contained in this MD&A are based on many assumptions including, but not limited to, the following:

| • |     | No significant changes to applicable laws and regulations; |

| • |     | No unexpected delays in obtaining required regulatory approvals; |

| • |     | No material adverse impacts to investment and credit markets; |

| • |     | No significant changes to power price and hedging assumptions; |

| • |     | No significant changes to gas commodity price assumptions and transport costs; |

| • |     | No significant changes to interest rates or foreign exchange rates; |

| • |     | No significant changes to the demand for, and growth of, renewables and thermal generation; |

| • |     | No significant changes to the integrity and reliability of our facilities; |

| • |     | No significant changes to the Company’s debt and credit ratings; |

| • |     | No unforeseen changes to economic and market conditions; |

| • |     | No significant event occurring outside the ordinary course of business; and |