Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 196

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 196
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16 |   |     |        |  (3 | ) |     |  -19 | % |

| (1) | All of the power produced by Centralia is sold by the Energy Marketing segment for physical market                                                                                                                                             
 delivery, which is shown as merchant sales volumes. Power required to fulfil contractual obligations is included in purchased power. Total production from the facility includes the net result of merchant sales volumes and purchased power. |

| (2) | For details of the adjustments to revenues included in adjusted EBITDA, refer to the Additional IFRS 
 Measures and Non-IFRS Measures section of this MD&A.                                                 |

| (3) | Adjusted EBITDA and adjusted adjusted gross margin 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 Additional IFRS Measures and Non-IFRS Measures section of this MD&A. |

2024 versus 2023 Adjusted revenues for the year ended Dec. 31, 2024, decreased compared to 2023, primarily due to increased economic dispatch driven by lower market prices which negatively impacted merchant production. Adjusted EBITDA for the year ended Dec. 31, 2024, decreased compared to 2023, primarily due to:

| • |     | Lower revenues as explained by the factors above; partially offset by |

| • |     | Lower fuel and purchased power costs due to lower Mid-              
 Columbia prices on purchases of power and lower production volumes. |

Mine reclamation spending for the year ended Dec. 31, 2024, was consistent with 2023.

2023 versus 2022 Adjusted revenues for the year ended Dec. 31, 2023, increased compared to 2022, primarily due to:

| • |     | Higher production from higher availability due to lower planned and unplanned outages at Centralia 
 Unit 2; and                                                                                        |

| • |     | Less economic dispatch leading to higher merchant sales volumes; partially offset by |

| • |     | Lower market prices. |

Adjusted EBITDA for the year ended Dec. 31, 2023, increased compared to 2022, primarily due to:

| • |     | Higher revenues as explained by the factors above; |

| • |     | Lower purchased power costs due to lower pricing and increased volumes of production; and |

| • |     | Lower OM&A expenses due to the retirement of Sundance Unit