Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 190

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 190
---
 of 2025.

| TransAlta Corporation |     | 2024 Integrated Report |     | M17 |

Management’s Discussion and Analysis Appointment of New Chief Financial Officer (CFO) The Board appointed Joel Hunter as Executive Vice President, Finance and CFO, effective July 1, 2024. Production Tax Credit (PTC) Sale Agreements On Feb. 22, 2024, the Company entered into 10-yeartransfer agreements with an AA-rated customer for the sale of approximately 80 per cent of the expected PTCs to be generated from the White Rock and the Horizon Hill wind facilities. On June 21, 2024, the Company entered into an additional 10-yeartransfer agreement with an A+ rated customer for the sale of the remaining 20 per cent of the expected PTCs. The expected average annual EBITDA from the two agreements is approximately $78 million (US$57 million). Normal Course Issuer Bid (NCIB) TransAlta remains committed to enhancing shareholder returns through appropriate capital allocation such as share buybacks and its quarterly dividend. In the first quarter of 2024, the Company announced an enhanced common share repurchase program for 2024, allocating up to $150 million, and targeting up to 42 per cent of 2024 FCF guidance, to be returned to shareholders in the form of share repurchases and dividends. On May 27, 2024, the Company announced that it had received approval from the Toronto Stock Exchange to purchase up to 14 million common shares during the 12-month period that commenced May 31, 2024, and terminates May 31, 2025. Any common shares purchased under the NCIB will be cancelled. For the year ended Dec. 31, 2024, the Company purchased and cancelled a total of 13,467,400 common shares, at an average price of $10.59 per common share, for a total cost of $143 million, including taxes. Horizon Hill Wind Facility Achieves Commercial Operation On May 21, 2024, the 202 MW Horizon Hill wind facility achieved commercial operation. The facility is located in Logan County, Oklahoma and is fully contracted to Meta Platforms Inc. for the offtake of 100 per cent of the generation. White Rock Wind Facilities Achieve Commercial Operation On Jan. 1, 2024, the 100 MW White Rock West wind facility achieved commercial operation. On April 22, 2024, the 202