Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 360

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 360
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 developments, including potential trade 
 tariffs;                                                                                          |

| • |     | Industry risk and competition; |

| • |     | Counterparty credit risks; |

| • |     | Inadequacy or unavailability of insurance coverage; |

| • |     | Increases in the Company’s income taxes and any risk of reassessments; |

| • |     | Legal, regulatory and contractual disputes and proceedings involving the Company; |

| • |     | Reliance on key personnel; and |

| • |     | Labour relations matters. |

The foregoing risk factors, among others, are described in further detail in the Governance and Risk Management section of this MD&A and the Risk Factors section in our AIF for the year ended Dec. 31, 2024. Readers are urged to consider these factors carefully when evaluating the forward-looking statements, which reflect the Company’s expectations only as of the date hereof and are cautioned not to place undue reliance on them. The forward-looking statements included in this document are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to a different extent or at a different time than we have described, or might not occur at all. We cannot assure that projected results or events will be achieved.

| TransAlta Corporation |     | M3 |

Management’s Discussion and Analysis Description of the Business TransAlta Corporation is one of Canada’s largest publicly traded power generators, owning and operating a diverse fleet across Canada, the United States and Western Australia. Our portfolio includes hydro, wind, solar, battery storage, natural gas and coal, complemented by our exceptional asset optimization and energy marketing capabilities. As one of Canada’s largest producers of wind and thermal generation and Alberta’s largest producer of hydro power, TransAlta remains committed to a balanced, technology-agnostic generation mix. With strong cash flows underpinned by a high-quality portfolio, TransAlta strives to deliver sustainable long-term shareholder value in an evolving energy landscape. The Company’s goal is to deliver solutions to meet our customers’ needs for reliable, sustainable power. With over a century of experience, TransAlta is a trusted partner delivering tailored solutions