Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 19

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 19
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 the Alberta market.

Prudent Financial Profile with Strong Liquidity and Access to Capital

We intend to maintain a conservative credit profile as we continue to grow our contracted
renewables portfolio. We continue to maintain our adjusted net debt to adjusted EBITDA within our target range of 3.0 and 4.0 times and as of September 30, 2025 that ratio was 3.9 times. We have a strong liquidity profile and maintain
access to capital with our $1.9 billion syndicated revolving credit facility (“Syndicated Credit Facility”) maturing June 30, 2029 and had $211 million of cash and cash equivalents as of September 30, 2025. We
primarily use balance sheet cash, funds from operations and corporate or asset level debt to finance our portfolio growth. When we engage in asset level financings, we seek to structure the debt quantum to an investment grade profile and fully
amortize the debt over the life of the contract.

Demonstrated ESG Results with Significant Reduction in Carbon Emissions

We remain focused on investing in electricity solutions that meet the evolving needs of customers and communities. We take a balanced, prudent
and disciplined approach to capital allocation, which we believe positions us to achieve long-term value creation for shareholders. Our strategy prioritizes generating meaningful, risk-adjusted returns by optimizing our legacy thermal assets,
operating our diverse fleet of renewable facilities, our exceptional marketing and trading capabilities, and expanding our generating portfolio through the addition of contracted clean energy and gas assets. Given our skill set, competitive
advantages and market positioning, we believe we are well-positioned to capture significant opportunities in our core markets of Canada, the United States and Western Australia. The Corporation continues to make strong progress on key strategic
priorities, in an effort to ensure that the business remains resilient, growth-focused and aligned with the evolving energy landscape.

We
recognize the impact of climate change on society and our business both today and into the future. TransAlta’s renewable energy journey began 114 years ago when we built the first hydro assets in Alberta, which still operate today. In
1993, we began operating our first wind facility, which was the first commercial wind facility in Canada; in 2014, we acquired our first solar facility; and, in 2020, we constructed our first battery storage facility. Today, we operate
60 renewable power facilities across Canada, the United States and Western Australia.

We remain committed to creating a path