Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 173

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 173
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| • |     | The strategic objectives of the Company and that the execution of the Company’s strategy will 
 realize value for shareholders;                                                               |

| • |     | Our capital allocation and financing strategy; |

| • |     | Our sustainability goals and targets, including those in our 2024 Sustainability Report; |

| • |     | Our 2025 Outlook; |

| • |     | Our financial and operational performance, including our hedge position; |

| • |     | Optimizing and diversifying our existing assets; |

| • |     | The increasingly contracted nature of our fleet; |

| • |     | Expectations about strategies for growth and expansion, including opportunities for Centralia 
 redevelopment, and data centre opportunities;                                                 |

| • |     | Expected costs and schedules for planned projects; |

| • |     | Expected regulatory processes and outcomes, including in relation to the Alberta restructured 
 energy market;                                                                                |

| • |     | The power generation industry and the supply and demand of electricity; |

| • |     | The cyclicality of our business; |

| • |     | Expected outcomes with respect to legal proceedings; |

| • |     | The expected impact of future tax and accounting changes; and |

| • |     | Expected industry, market and economic conditions. |

The forward-looking statements contained in this MD&A are based on many assumptions including, but not limited to, the following:

| • |     | No significant changes to applicable laws and regulations; |

| • |     | No unexpected delays in obtaining required regulatory approvals; |

| • |     | No material adverse impacts to investment and credit markets; |

| • |     | No significant changes to power price and hedging assumptions; |

| • |     | No significant changes to gas commodity price assumptions and transport costs; |

| • |     | No significant changes to interest rates; |

| • |     | No significant changes to the demand and growth of renewables generation; |

| • |     | No significant changes to the integrity and reliability of our facilities; |

| • |     | No significant changes to the Company’s debt and credit ratings; |

| • |     | No unforeseen changes to economic and market conditions; and |

| • |     | No significant event occurring outside the ordinary course of business. |

These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted by such assumptions. Factors that may adversely impact what