Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 231

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 231
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 to acquire Heartland on Dec. 4, 2024 and lower adjusted EBITDA in 2024 compared to 2023.

| M76 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis 2025 Outlook

For 2025, the Company expects adjusted EBITDA to be in the range of $1.15 to $1.25 billion and FCF to be in the range of $450 to $550 million which is based on the following:

| • |     | Higher contribution from the wind and solar portfolio due to a full-year impact of new asset 
 additions of the White Rock and Horizon Hill wind facilities;                                |

| • |     | Contribution from assets acquired with Heartland; |

| • |     | Lower contributions from the legacy merchant hydro, wind and gas assets in Alberta which are 
 expected to                                                                                  |

| step down due to lower expected average power prices in Alberta given baseload gas and renewables supply additions in late 2024 and 2025; |

| • |     | Lower current income tax expense in 2025 compared to 2024 actual; and |

| • |     | Increased net interest expense in 2025 as a result of the Heartland acquisition and lower interest 
 income earned on lower cash deposits and lower capitalized interest on growth projects.            |

The following table outlines our expectations on key financial targets and related assumptions for 2025 and should be read in conjunction with the narrative discussion that follows and the Governance and Risk Management section of this MD&A:

| Measure            |     | 2025 Target              |     | 2024 Target              |     |      2024 Actual |
| Adjusted           
 EBITDA(1)          |     | $1,150 to $1,250 million |     | $1,150 to $1,300 million |     |   $1,253 million |
| FCF(1)(2)          |     | $450 to $550 million     |     | $450 to $600 million     |     |     $569 million |
| FCF per share      |     | $1.51 to $1.85           |     | $1.47 to $1.96           |     |            $1.88 |
| Dividend per share |     | $0.26 annualized         |     | $0.24 annualized         |     | $0.24 annualized |

| (1)