Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 372

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 372
---
 million and $581 million for the nine months ended Sept. 30, 2025 and 2024, respectively. Refer to the Cash Flows 
 section of this MD&A.                                                                                                                                                                                                                        |

| TransAlta Corporation |     | M19 |

Management’s Discussion and Analysis 2025 Outlook The Company is tracking towards the low-endof its Adjusted EBITDA guidance and the mid-pointof FCF and FCF per share guidance. The following table outlines our expectations on key financial targets and related assumptions for 2025 and should be read in conjunction with the narrative discussion that follows and the Governance and Risk Management section of this MD&A:

| Measure      |     | 2025 Target(2)           |     |   2024 Actual(3) |
| Adjusted     
 EBITDA(1)(4) |     | $1,150 to $1,250 million |     |   $1,255 million |
| FCF(1)       |     | $450 to $550 million     |     |      $569 mllion |
| FCF per      
 share(1)     |     | $1.51 to $1.85           |     |            $1.88 |
| Dividend per 
 share        |     | $0.26 annualized         |     | $0.24 annualized |

| (1) | These are non-IFRS measures, which are not defined and                                                                                                                                                   
 have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Reconciliation of Non-IFRS Measures section of this MD&A for further      
 discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS. See also the Non-IFRS and Supplementary Financial Measures section of this MD&A. |

| (2) | Represents forward-looking information. |

| (3) | The actual 2024 amounts for the most directly comparable IFRS measures for Adjusted EBITDA and                                                                                                                                                 
 FCF were as follows: Earnings before income taxes $319 million and Cash flow from operating activities $796 million. The most directly comparable IFRS ratio to FCF per share is cash flow from operating activities per share of $2.64, which 
 is calculated as cash flow from operating activities for the period divided by weighted average number of common shares outstanding during the period. Refer to the Additional IFRS Measures and Non-IFRS