Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 197

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 197
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 4 in the first quarter of 2022. |

Mine reclamation spending for the year ended Dec. 31, 2023, was consistent with 2022.

| TransAlta Corporation |     | 2024 Integrated Report |     | M27 |

Management’s Discussion and Analysis Energy Marketing

| Year ended Dec. 31   |     | 2024 |     |     | 2023 |     |     | Change |    |   |     |     |   |     | 2022 |     |     | Change |     |   |     |     |   |
|:---------------------|:----|:-----|----:|:----|:-----|----:|:----|:-------|---:|:--|:----|----:|:--|:----|:-----|----:|:----|:-------|----:|:--|:----|----:|:--|
| Adjusted revenues(1) |     |      | 167 |     |      | 152 |     |        | 15 |   |     |  10 | % |     |      | 218 |     |        | (66 | ) |     | -30 | % |
| OM&A                 |     |      |  36 |     |      |  43 |     |        | (7 | ) |     | -16 | % |     |      |  35 |     |        |   8 |   |     |  23 | % |
| Adjusted             
 EBITDA(2)            |     |      | 131 |     |      | 109 |     |        | 22 |   |     |  20 | % |     |      | 183 |     |        | (74 | ) |     | -40 | % |

| (1) | For details of the adjustments to revenues included in adjusted EBITDA, refer to the Additional IFRS 
 Measures and Non-IFRS Measures section of this MD&A.                                                 |

| (2) | Adjusted EBITDA is not defined and has no standardized meaning under IFRS and may not be comparable                               
 to similar measures presented by other issuers. Refer to the Additional IFRS Measures and Non-IFRS Measures section of this MD&A. |

2024 versus 2023 Adjusted revenues and Adjusted EBITDA for the year ended Dec. 31