Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 381

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 381
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 non-IFRS measures, are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The most directly comparable IFRS measure to adjusted OM&A 
 for the three and nine months ended Sept. 30, 2025 is OM&A of $41 million and $135 million, respectively (Sept. 30, 2024 — $35 million and $105 million). The most directly comparable IFRS measure to adjusted EBITDA and                                                                   
 adjusted loss before income taxes is loss before income taxes of $124 million and $425 million for the three and nine months ended Sept. 30, 2025, respectively (Sept. 30, 2024 — $130 million and $348 million).                                                                            |

| (2) | Realized foreign exchange (loss) gain is a supplementary financial measure consisting of foreign                                                                        
 exchange gains and losses related to the actual payment transactions. Refer to the Non-IFRS and Supplementary Financial Measures section of this MD&A for more details. |

Adjusted EBITDA for the three months ended Sept. 30, 2025 was comparable to the same period in 2024. Adjusted loss before income taxes for the three months ended Sept. 30, 2025 increased compared to the same period in 2024 due to higher realized foreign exchange losses driven by unfavourable changes in foreign currency rates. Loss before income taxes for the three months ended Sept. 30, 2025 decreased compared to the same period in 2024 due to:

| • |     | Higher unrealized foreign exchange gains driven by favourable changes in foreign currency rates; 
 partially offset by                                                                              |

| • |     | Higher adjusted loss before income taxes as explained above; and |

| • |     | Higher spending related to the implementation of an upgrade to our ERP system. |

Adjusted EBITDA for the nine months ended Sept. 30, 2025 decreased compared to the same period in 2024 primarily due to:

| • |     | Increased spending to support strategic and growth initiatives; and |

| • |     | The addition of corporate costs related to Heartland. |

Adjusted loss before income taxes for the nine months ended Sept. 30, 2025 increased compared to the same period in 2024 due to:

| • |     | Lower Adjusted EBITDA as explained above; and |

| • |     | Higher interest expense due to higher interest on debt driven by