Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 402

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 402
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 |                |   — |   |     |             |    — |   |     |            |   (55 | ) |
| Gain on sale of assets and other                      |     |       |   — |   |     |          |    — |   |     |     |    3 |   |     |            |   — |   |     |           |   — |   |     |           |   (1 | ) |     |       |     2 |   |     |                |   — |   |     |             |    — |   |     |            |     2 |   |
| Unrealized foreign exchange loss(3)                   |     |       |   — |   |     |          |    — |   |     |     |    — |   |     |            |   — |   |     |           |   — |   |     |           |  (15 | ) |     |       |   (15 | ) |     |                |   — |   |     |             |    — |   |     |            |   (15 | ) |
| Earnings (loss) before income                         
 taxes                                                 |     |       | 226 |   |     |          | (127 | ) |     |     |  105 |   |     |            |  50 |   |     |           |  72 |   |     |           | (425 | ) |     |       |   (99 | ) |     |                |   — |   |     |             |    — |   |     |            |   (99 | ) |

| (1) | The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar 
 segment.                                                                                        |

| (2) | Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Non-IFRS and 
 Supplementary Financial Measures section of this MD&A.                                                                                                                                                                                            |

| (3) | Realized and unrealized foreign exchange (loss) gain are supplementary financial measures.        
 Refer to the Non-IFRS and Supplementary Financial Measures section of this MD&A for more details. |

| TransAlta Corporation |     | M61 |

Management’s Discussion and Analysis The following table reflects adjusted EBIT