Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 380

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 380
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 | — %   |
| Adjusted earnings before income taxes(1)(2) |     |                         |  17 |   |     |      |  42 |   |     |        | (25 | ) |     | (60)% |     |                         |  62 |   |     |      | 118 |   |     |        | (56 | ) |     | (47)% |
| Earnings before income taxes                |     |                         |  24 |   |     |      |  45 |   |     |        | (21 | ) |     | (47)% |     |                         |  72 |   |     |      | 123 |   |     |        | (51 | ) |     | (41)% |

| (1) | Adjusted revenues, adjusted EBITDA and adjusted earnings before income taxes are non-IFRS measures, are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The most directly comparable IFRS measure to adjusted revenues 
 for the three and nine months ended Sept. 30, 2025 is revenues of $37 million and $102 million, respectively (Sept. 30, 2024 — $55 million and $154 million), to adjusted EBITDA and adjusted earnings before income taxes —                                                                             
 earnings before income taxes of $24 million and $72 million, respectively (Sept. 30, 2024 — $45 million and $123 million).                                                                                                                                                                               |

| (2) | During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the                                                                                                                    
 impact of realized gain (loss) on closed exchange positions. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Non-IFRS and Supplementary Financial Measures 
 section of this MD&A.                                                                                                                                                                                           |

Adjusted revenues and Adjusted EBITDA for the three and nine months ended Sept. 30, 2025 decreased compared to the same periods in 2024, primarily due to:

| • |     | Comparatively subdued market volatility across North American natural gas and power markets; and |

| • |     | Lower realized trades in 2025 in comparison to the same periods in the prior year. |

Adjusted earnings before income taxes for the three and nine months ended Sept. 30, 2025 decreased compared to the same periods in 202