Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 23

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 23
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 unique advantages to customers.

S-15

Maintain Financial Strength and Capital Discipline

The Corporation maintains a strong financial position, with $1.55 billion in liquidity as of September 30, 2025, and a disciplined
approach to capital allocation. The Corporation balances investments in growth, debt repayments and returns to shareholders through share repurchases and dividend payments. Reflecting confidence in the business, the annual common share dividend was
increased by 8% to $0.26 per share, our sixth consecutive dividend increase, effective July 1, 2025. Define Next Generation of Power Solutions.

We have been at the forefront of innovation in the power-generation sector since the early 1900s when we developed our first hydro assets. We
continue to make progress on our identification of the next generation of energy solutions that will be needed to power our customers’ needs in an efficient, reliable and affordable manner. Refer to the “Enabling Innovation and Technology Adoption” section of the Annual MD&A for further discussion.

Lead in ESG and Market Policy Development

The Corporation is an active participant in policy development in all key markets in which we operate. Most notably, we are actively engaging
with the Government of Alberta and the Alberta Electric System Operator on Alberta’s restructured energy market, which is intended to deliver the objectives of reliability, affordability, and decarbonization by 2050 for the province. The
Corporation is committed to actively engaging in the AESO’s consultation process, to support the development of an investable market structure that can responsibly achieve a sustainable grid in a manner that ensures reliability and
affordability for Albertans. The AESO published the final design of its Restructured Energy Market (“REM”) on August 27, 2025. This new framework is intended to modernize the province’s electricity market to enhance
reliability and attract investment for new technologies. The REM is expected to be implemented in 2027 or 2028, and we will continue our active engagement in the AESO consultation process, which is now focused on implementation.

S-16

Organization Structure

As of December 31, 2024, the Corporation’s principal subsidiaries and their respective jurisdictions of formation are set out in
the organization chart below. The Corporation’s remaining subsidiaries and partnerships each account for (i) less than 10% of the Corporation’s consolidated assets as at December 31, 2024 and (ii) less than 10% of the
Corporation