Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 212

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 212
---
 Analysis

Significant changes in Company’s Consolidated Statements of Financial Position were as follows: On Dec. 4, 2024, the Company acquired Heartland. The Financial Position as at Dec. 31, 2024 includes the assets and liabilities of Heartland. Refer to note 4 of our consolidated financial statements for further details. Working Capital The deficit of current assets over current liabilities, including the current portion of long-term debt and lease liabilities, was $796 million as at Dec. 31, 2024 (Dec. 31, 2023 – deficit of current assets over current liabilities of $162 million). The deficit increased primarily as a result of the reclassification of the exchangeable securities to a current liability. The exchangeable securities are classified as current as their conversion option can be exercised at any time after Dec. 31, 2024 at Brookfield’s option, although there is no obligation to deliver cash equivalent resources and the holder cannot call for repayment. Refer to the Accounting Changes section of this MD&A for more details. Current assets increased by $193 million to $1,773 million as at Dec. 31, 2024, from $1,580 million as at Dec. 31, 2023, primarily due to:

| • |     | Higher risk management assets mainly due to changes in market pricing across multiple markets as 
 well as higher price forecasts;                                                                  |

| • |     | Addition of assets held for sale for the Planned Divestitures (refer to Significant and Subsequent 
 events section); partially offset by                                                               |

| • |     | Lower trade receivables, mainly due to timing of cash receipts and lower collateral provided in the                                                         
 Energy Marketing segment due to favourable changes in market prices, offset by an increase in trade and other receivables due to Heartland acquisition; and |

| • |     | Lower cash and cash equivalents mainly due to lower cash flow from operating activities. |

Current liabilities increased by $827 million from $1,742 million as at Dec. 31, 2023, to $2,569 million as at Dec. 31, 2024, mainly due to:

| • |     | The exchangeable securities being classified as current as described above; |

| • |     | Contingent consideration payable related to the Planned Divestitures (refer to the Significant and 
 Subsequent events section); and                                                                    |

| • |     | Higher current portion of decommissioning and other provisions due to the