Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 394

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 394
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| (1) | Total estimated spend was converted using a Canadian dollar forward exchange rate for 2025. Spent 
 to date was converted using the period-end closing rate.                                          |

| TransAlta Corporation |     | M53 |

Management’s Discussion and Analysis Other Consolidated Analysis Commitments The Company has not incurred any additional material contractual commitments in the nine months ended Sept. 30, 2025, either directly or through its interests in joint operations and joint ventures. There were reductions to the expected future payments under the Company’s long-term service agreements during the nine months ended Sept. 30, 2025. For the approximate future payments under the long-term service agreements as at Sept. 30, 2025, refer to Note 19 in the unaudited interim condensed consolidated financial statements as at and for the nine months ended Sept. 30, 2025. Natural Gas Transportation Contracts The Company has natural gas transportation contracts, for a total of up to 400 terajoules (TJ) per day on a firm basis, related to the Sundance and Keephills facilities, ending in 2036 to 2038. In addition, the Company has natural gas transportation agreements for approximately 150 TJ per day for Sheerness. The Company currently expects to use approximately 160 TJ per day on average and up to approximately 450 TJ per day during peak periods, while remarketing the excess capacity. The Company may be required to recognize the natural gas transportation agreements as onerous contracts if any of the related facilities are retired in advance of the maturity of the transportation contracts. Contingencies For the current material outstanding contingencies, please refer to Note 37 of the 2024 audited annual consolidated financial statements. There were no material changes to the contingencies in the nine months ended Sept. 30, 2025. Financial Instruments For details on Financial instruments refer to Note 14 of the notes to the audited annual 2024 consolidated financial statements and Note 11 of our unaudited interim condensed consolidated financial statements as at and for the nine months ended Sept. 30, 2025. We may enter into commodity transactions involving non-standardfeatures for which market-observable data is not available. These transactions are defined under IFRS as Level III instruments. Level III instruments incorporate inputs that are not observable from the market and fair value is therefore determined using valuation techniques. Fair values are validated by using