Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 401

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 401
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 interest expense. Adjusted Gross Margin Adjusted gross margin is calculated as adjusted revenues less adjusted fuel and purchased power and carbon compliance costs, where adjustments to revenue or fuel and purchased power were applied as stated above. The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. The most directly comparable IFRS measure is gross margin in the consolidated statement of earnings.

| TransAlta Corporation |     | M57 |

Management’s Discussion and Analysis Non-IFRSRatios FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRSratios that are presented in this MD&A. Refer to the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRSFinancial Ratios sections of this MD&A for additional information. FFO per Share and FCF per Share FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRSratios.

Supplementary Financial Measures

| • |     | Available liquidity |

| • |     | Cash flow from operating activities per share |

| • |     | Sustaining capital expenditures |

| • |     | Growth and development expenditures |

| • |     | Alberta Hydro Assets ancillary services revenues (total and revenues per MWh) |

| • |     | Alberta Hydro Assets revenues (total and revenues per MWh) |

| • |     | Other Hydro Assets revenues |

| • |     | Other Hydro revenues |

| • |     | Highvale mine reclamation spend |

| • |     | Centralia mine reclamation spend |

| • |     | Realized foreign exchange gain (loss) |

| • |     | Unrealized foreign exchange gain (loss) |

| • |     | The Alberta electricity portfolio metrics |

| • |     | Realized merchant power price per MWh |

| • |     | Hedged power price average per MWh |

| • |     | Fuel cost per MWh |

| • |     | Carbon compliance per MWh |

| • |     | Other current assets |

| • |     | Other non-current assets |

| • |     | Other current liabilities |

| • |     | Other non-current liabilities |

| M58 |     | TransAlta Corporation |

Management’s Discussion and Analysis Reconciliation of Non-IFRSMeasures on a Consolidated Basis by Segment The