Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 16

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 16
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 a number of strategic functions, including the following:

| • |     | Gathering and analyzing market trends to enable more effective strategic planning and decision-making; |

| • |     | Actively engaging in the trading of power, natural gas and environmental products across a variety of North 
 American markets, excluding Alberta;                                                                        |

| • |     | Negotiating and managing fuel supply arrangements with third parties for our generation assets, including 
 scheduling, billing and settlement of physical deliveries of natural gas and other fuels; and             |

| • |     | Negotiating and entering into contractual agreements with customers for the sale of output from our generation 
 assets outside of Alberta, including electricity, steam or other energy-related commodities.                   |

S-10

The Energy Marketing segment derives all of its revenue by trading electricity and other energy commodities (i.e., fuels and environmental products), by providing fee-basedasset management services to third parties and earning margins on third-party gas and power transactions. The origination and trading activities are primarily focused on proprietary trading, with additional focus on the existing assets and customers of the Corporation. Corporate Segment The Corporate segment supports each of the above segments and includes the Corporation’s finance, sustainability, legal, human resources, administrative, business development and investor relations functions. Map of Operations The following map outlines the Corporation’s operations as of September 30, 2025. Our Competitive Strengths Diversified Portfolio of High-Quality Assets We own and operate a fleet of power generation assets diversified across geography and fuel type. For the nine months ending September 30, 2025, our total adjusted EBITDA, 1excluding the results of our Corporate segment, was generated:

| • |     | 25% by our unique portfolio of large-scale, dispatchable hydro facilities in Alberta, British Columbia and 
 Ontario;                                                                                                   |

1As of the nine months ending September 30, 2025, our total earnings before income taxes, the most directly comparable IFRS measure, excluding the results of our Corporate segment, was generated: 69% by our Hydro Segment, (39%) loss by our Wind and Solar Segment, 32% by our Gas Segment, 4% by our Energy Transition Segment and 17% by our Energy Marketing Segment.

S-11

| • |     | 24% by our fleet of wind and solar facilities located across Canada and the United States, as well as in Western 
 Australia;                                                                                                       |

| • |     | 35% by our fleet of efficient natural gas facilities