Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 193

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 193
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 AESO Consolidated Authoritative Document Glossary. |

| (2) | Alberta Hydro Assets include 13 hydro facilities on the Bow and North Saskatchewan river systems.                               
 Other Hydro Assets include our hydro facilities in British Columbia, Ontario and Alberta (other than the Alberta Hydro Assets). |

| (3) | Alberta Hydro Assets revenues include revenues from swaps and forward hedges. |

| (4) | Other revenues includes revenues from our transmission business and other contractual                           
 arrangements, including the flood mitigation agreement with the Government of Alberta and black start services. |

| (5) | For details of the adjustments to revenues and OM&A included in adjusted EBITDA refer to the 
 Additional IFRS and Non-IFRS Measures section of this MD&A.                                  |

| (6) | Adjusted EBITDA and 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 and Non-IFRS Measures section of this MD&A. |

| (7) | During 2024 our adjusted EBITDA composition was amended to exclude the impact of Brazeau                                                                                                                    
 penalties and related provisions. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Additional IFRS Measures and Non-IFRS Measures section of this MD&A. |

| TransAlta Corporation |     | 2024 Integrated Report |     | M21 |

Management’s Discussion and Analysis

2024 versus 2023 Adjusted revenues for the year ended Dec. 31, 2024, decreased compared to 2023, primarily due to:

| • |     | Lower spot power prices and ancillary services prices in the Alberta market; partially offset by |

| • |     | Realized premiums above spot power prices and positive contributions from hedging; |

| • |     | Higher environmental and tax attributes revenues due to increased sales of emission credits to 
 third parties and intercompany sales to the Gas segment; and                                   |

| • |     | Higher ancillary services volumes due to increased demand by the AESO. |

Adjusted EBITDA for the year ended Dec. 31, 2024, decreased compared to 2023, primarily due to lower adjusted revenues as explained by the factors above. For further discussion on the Alberta market conditions and pricing, refer to the Alberta Electricity Portfolio section of this MD&A.

2023 versus 2022 Adjusted revenues for the year ended