Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 192

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 192
---
 services provided during 2021 and 2022; partially offset by |

| • |     | Lower depreciation and amortization compared to 2023 related to revisions of useful lives of                                                                                                 
 certain facilities in prior and current periods, partially offset by the commercial operation of new facilities during the year and the return to service of the Kent Hills wind facilities; |

| • |     | Higher unrealized                                                                                                                 
 mark-to-market gains recorded in the Energy Transition segment primarily related to the favourable changes in forward prices; and |

| • |     | Higher net other operating income mainly due to Sundance A decommissioning cost reimbursement. |

2023 versus 2022 Earnings before income taxes for the year ended Dec. 31, 2023, increased by $527 million, or 149 per cent, compared to 2022, primarily due to:

| TransAlta Corporation |     | 2024 Integrated Report |     | M19 |

Management’s Discussion and Analysis

| • |     | Higher unrealized                                                                          
 mark-to-market gains in in the Gas segment primarily related to higher power price hedges; |

| • |     | Higher unrealized                                                                                                                                                                            
 mark-to-market gains in the Wind and Solar segment primarily related to Garden Plain and Big Level, partially offset by unrealized mark-to-market losses related to the Oklahoma facilities; |

| • |     | Higher realized                                                                                                                                                       
 mark-to-market losses on closed exchange positions in the Energy Marketing segment mainly driven by market volatility across the North American power and natural gas 
 markets;                                                                                                                                                              |

| • |     | Higher asset impairment reversals for the Hydro and Wind and Solar segments due to favourable                                          
 changes in power price assumptions and contract extensions, partially offset by a change in decommissioning and restoration provisions |

| for retired assets due to a change in the timing of expected cash outflows and the revisions in discount rates; |

| • |     | Higher interest income due to higher cash balances and favourable interest rates; partially offset 
 by                                                                                                 |

| • |     | Lower adjusted EBITDA (as described above); |

| • |     | Lower gain on sale of assets in 2023. In 2022 the Company closed the sale of two hydro facilities 
 and sold equipment related to its Energy Transition segment; and                                  |

| • |     | Higher depreciation and amortization due to revisions to useful lives of certain facilities and 
 commercial operation of new facilities.                                                         |

| M20 |     | TransAlta Corporation |     | 202