Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 211

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 211
---
 debt repayments and returns to shareholders through share repurchases and dividend payments. Reflecting confidence in the business, the annual common share dividend was increased by eight per cent to $0.26 per share, our sixth consecutive dividend increase, effective July 1, 2025. The Company also announced an ongoing commitment to its share repurchase plan, allowing the Company to repurchase up to $100 million in common shares. Together, these actions represent a return of up to 35 per cent of the midpoint of 2025 free cash flow guidance to shareholders. Define Next Generation of Power Solutions The Company has been at the forefront of innovation in the power-generation sector since the early 1900s when we developed our first hydro assets. We continue to make progress on our identification of the next generation of energy solutions that will be needed to power our customers’ needs in an efficient, reliable and affordable manner. Refer to the Enabling Innovation and Technology Adoption section of the MD&A for further discussion. Lead in ESG and Market Policy Development The Company is an active participant in policy development in all key markets in which we operate. Most notably, we are actively engaging with the Government of Alberta and the Alberta Electric System Operator on Alberta’s restructured energy market, which is intended to deliver the objectives of reliability, affordability, and decarbonization by 2050 for the province. TransAlta is committed to actively engaging in the AESO’s consultation process, to support the development of an investable market structure that can responsibly achieve a sustainable grid in a manner that ensures reliability and affordability for Albertans.

| M44 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis Growth Throughout 2024 we refined our development pipeline to reflect our views on changes in regulation, interconnection timelines and with a focus on maximizing returns and meeting the evolving needs of our customers. We also incorporated additional redevelopment opportunities at our legacy thermal facilities. We will continue to take a disciplined approach to evaluating project economics. Our pipeline includes 280 MW of advanced-stage development projects along with 3,330 to 5,230 MW of projects in earlier stages of development. We are focused primarily on redevelopment opportunities at our legacy sites in addition to evaluating greenfield and merger and acquisition prospects in Alberta, Western Australia and the western United States. Advanced-Stage Development These projects have detailed engineering, advanced positions in the interconnection queue and/or are progressing offtake opportunities. Projects in advanced-stage development do not have final approval from the Board of