Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 375

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 375
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 ) |     | (1914)% |

| (1) | Gross installed capacity for 2025 increased due to the transmission adjustments for the White                                                         
 Rock East and Horizon Hill wind facilities of 2 MW each and Tower removal at Sinott in December 2024, which reduced gross installed capacity by 1 MW. |

| (2) | Production Tax Credits related to the U.S. wind facilities that are subject to tax equity                                 
 financing arrangements are excluded from Environmental and tax attributes revenues line and included under Revenues line. |

| (3) | The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar 
 segment.                                                                                        |

| (4) | Adjusted revenues, adjusted gross margin, adjusted net other operating income, adjusted EBITDA                                                                                                                                        
 and adjusted (loss) earnings before income taxes are 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.                         
 Refer to the Non-IFRS and Supplementary Financial Measures section of this MD&A for more information regarding these measures. The most directly comparable IFRS measure to adjusted revenues is revenues of                          
 $(1) million and $155 million for the three and nine months ended Sept. 30, 2025, respectively (Sept. 30, 2024 — $(1) million and $239 million), to adjusted gross margin — gross margin of $6 million and $129 million for           
 the three and nine months ended Sept. 30, 2025, respectively (Sept. 30, 2024— $(6) million and $217 million), to adjusted net other operating income — net other operating income of nil and $4 million for the three and nine months 
 ended Sept. 30, 2025, respectively (Sept. 30, 2024 — $3 million and $7 million), to adjusted EBITDA and adjusted earnings before income taxes — loss before income taxes of $106 million and $127 million for the three and           
 nine months ended Sept. 30, 2025, respectively (Sept. 30, 2024 — loss before income taxes of $82 million and earnings before income taxes of $7 million).                                                                             |

| (5) | (Loss) earnings before income taxes exclude the contribution from Skookumchuck wind facility. |

| M26 |     | TransAlta Corporation |

Management’s Discussion and Analysis

Adjusted revenues