Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 194

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 194
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Adjusted EBITDA for the year ended Dec. 31, 2024, increased compared to the same period in 2023, primarily due to:

| • |     | Higher adjusted revenues as explained by the factors above; partially offset by |

| • |     | Higher OM&A mainly due to the addition of new wind facilities. |

2023 versus 2022 Adjusted revenues for the year ended Dec. 31, 2023, decreased compared to 2022, primarily due to:

| • |     | Lower environmental attribute revenues driven by a reduction of offsets and emission credit sales; |

| • |     | Lower realized power prices in Alberta; and |

| • |     | Weaker than long-term average wind resource across the operating fleets; partially offset by |

| • |     | Commercial operation of the Garden Plain wind facility and the Northern Goldfield Solar facilities 
 in the third and fourth quarter, respectively; and                                                 |

| • |     | The partial return to service of the Kent Hills wind facilities. |

Adjusted EBITDA for the year ended Dec. 31, 2023, decreased compared to the same period in 2022, primarily due to:

| • |     | Lower adjusted revenues as explained by the factors above; |

| • |     | Higher OM&A related to salary escalations, higher insurance costs and long-term service 
 agreement escalations; and                                                              |

| • |     | Lower liquidated damages recognized at the Windrise wind facility. |

| M24 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis Gas

| Year ended Dec.                      
 31                                   |     |   2024 |   |     |   2023 |   |     | Change |   |     |     |    |     |   2022 |   |     | Change |   |     |       |
|:-------------------------------------|:----|-------:|:--|:----|-------:|:--|:----|-------:|:--|:----|----:|:---|:----|-------:|:--|:----|-------:|:--|:----|:------|
| Gross installed capacity (MW)(1)     |     |  4,834 |   |     |  3,084 |   |     |  1,750 |   |     |  57 | %  |     |  3,