Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 207

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 207
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| • |     | Heartland acquisition-related transaction and restructuring costs; |

| • |     | Higher spending in connection with planning and design work on a planned upgrade to our ERP system; |

| • |     | Addition of OM&A costs from Heartland; |

| • |     | Higher maintenance costs at the South Hedland facility; and |

| • |     | Higher spend to support strategic and growth initiatives. |

Depreciation and amortizationfor the three months ended Dec. 31, 2024, increased by $11 million, or eight per cent, compared to the same period in 2023, primarily due to:

| • |     | Commercial operation of the White Rock and Horizon Hill wind facilities; partially offset by |

| • |     | Revisions to the useful lives of certain facilities. |

| M36 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis

Asset impairment chargesfor the three months ended Dec. 31, 2024 decreased by $6 million, or 23 per cent, compared to the same period in 2023, primarily due to:

| • |     | Lower decommissioning and restoration provisions on retired assets driven by lower discount rates 
 in the current period compared to the same period in 2023; partially offset by                    |

| • |     | Impairment charges related to development projects that are no longer proceeding. |

Interest expensefor the three months ended Dec. 31, 2024 increased by $26 million, or 39 per cent, compared to 2023, primarily due to lower capitalized interest in 2024 as a result of capital projects being completed in the first half of 2024. Foreign exchange gainsfor the three months ended Dec. 31, 2024 increased by $24 million due to favorable changes in foreign exchange rates. Loss before income taxesfor the three months ended Dec. 31, 2024 totalling $51 million, increased by $16 million, or 46 per cent, compared to the same period in 2023, due to the above noted items.

Income tax recoveryfor the three months ended Dec. 31, 2024, increased by $27 million, or 142 per cent, compared to 2023 as a result of a higher loss before income taxes due to the above noted items; in addition to lower non-deductibleexpenses. Net loss attributable to common shareholdersfor the three months ended Dec