Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 336

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 336
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 ICFR and DC&P as of the end of the period covered by this MD&A. Based on the foregoing evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as at Dec. 31, 2024, the end of the period covered by this MD&A, our ICFR and DC&P were effective.

| TransAlta Corporation |     | 2024 Integrated Report |     | M155 |

EXHIBIT “C”

INTERIM UNAUDITED FINANCIAL STATEMENTS AS AT AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

See attached.

SC-1

Condensed Consolidated Statements of (Loss) Earnings (in millions of Canadian dollars except where noted)

|                                                                    |     | 3 months ended 
       Sept. 30 |       |   |     |      |       |   |     | 9 months ended 
       Sept. 30 |       |   |     |      |       |   |
| Unaudited                                                          |     |           2025 |       |   |     | 2024 |       |   |     |           2025 |       |   |     | 2024 |       |   |
| Revenues (Note 3)                                                  |     |                |   615 |   |     |      |   638 |   |     |                | 1,806 |   |     |      | 2,167 |   |
| Fuel and purchased power (Note 4)                                  |     |                |   227 |   |     |      |   213 |   |     |                |   677 |   |     |      |   690 |   |
| Carbon compliance costs (Note 4)                                   |     |                |    35 |   |     |      |    41 |   |     |                |    10 |   |     |      |    73 |   |
| Gross margin                                                       |     |                |   353 |   |     |      |   384 |   |     |                | 1,119 |   |     |      | 1,404 |   |
| Operations, maintenance and administration (Note 4)                |     |                |   179 |   |     |      |   143 |   |     |                |   525 |   |     |      |