Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 188

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 188
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 | Lower planned major maintenance in the Wind and Solar segment primarily due to a reduction in major 
 component replacements; and                                                                         |

| • |     | Lower planned outage work performed in the Energy Transition segment. |

| M16 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis Growth and Development Expenditures Growth and development expenditures are impacted by the timing and construction of projects within the development pipeline. The following table provides our growth and development spending by segment:

| Year ended Dec. 31                  |     | 2024 |     |     | 2023 |     |     | 2022 |     |
|:------------------------------------|:----|:-----|----:|:----|:-----|----:|:----|:-----|----:|
| Hydro                               |     |      |   9 |     |      |   6 |     |      |   2 |
| Wind and Solar                      |     |      |  64 |     |      | 673 |     |      | 711 |
| Gas                                 |     |      |  59 |     |      |  60 |     |      |  61 |
| Growth and development expenditures |     |      | 132 |     |      | 739 |     |      | 774 |

Growth and development expenditures were lower in 2024 compared to 2023 and 2022, as many of the development projects achieved commercial operation in the first half of 2024. The White Rock East and Horizon Hill wind facilities were commissioned in the second quarter of 2024. The White Rock West wind facility and Mount Keith 132kV expansion were commissioned in the first quarter of 2024. Refer to the Strategic Priorities section of this MD&A for more details.

In 2023 and 2022, the growth and development expenditures incurred primarily related to:

| • |     | The Garden Plain wind facility, which achieved commercial operation in August 2023; |

| • |     | The Northern Goldfields solar facilities, which achieved commercial operation in November 2023; |

| • |     | The White Rock and the Horizon Hill wind projects; and |

| • |     | The Mount Keith 132kV expansion. |

Significant and Subsequent Events Declared Increase in Common Share Dividend The Company’s Board of Directors has approved a $0.02 annualized increase to the common share dividend, or 8