Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 227

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 227
---
 comprising severance, legal and 
 consultant fees, are not included as these do not reflect ongoing business performance.         |

| • |     | The Brazeau penalties are issued by the Alberta Market Surveillance Administrator for self-reported                                                                                                                                                    
 contraventions pertaining to Hydro ancillary services provided during 2021 and 2022. The penalties have been excluded as it does not represent ongoing performance. The provision was initially recognized in 2022 based on an estimate and revised in 
 2024 based on the actual resolution of the matter.                                                                                                                                                                                                     |

| • |     | ERP integration costs representing planning and design of upgrades to the existing ERP system in                                              
 2024 are not included as they represent project costs that do not occur on a regular basis and therefore, do not reflect ongoing performance. |

Adjustments to Net Other Operating Income

| • |     | The Sundance A decommissioning cost reimbursement in 2024 is not included as it relates to a                                                               
 settlement of a contingency for a facility that is no longer in operation. Refer to Note 8 from our consolidated financial statements for further details. |

| • |     | Insurance recoveries related to the Kent Hills tower collapse in 2023 and 2022 are not included as 
 these relate to investing activities and are not reflective of ongoing business performance.       |

| • |     | An onerous contract provision for future royalty payments recognized with the shutdown of the 
 Highvale mine is excluded in 2022 as these are not part of operating income.                  |

| • |     | Contract termination penalties in 2022 as a result of the Company’s Clean Energy Transition 
 plan are not included.                                                                      |

Adjustments to Earnings (Loss) in Addition to Interest, Taxes, Depreciation and Amortization

| • |     | Asset impairment charges and reversals are not included as these are accounting adjustments that 
 impact depreciation and amortization and do not reflect ongoing business performance.            |

| • |     | Any gains or losses on asset sales or foreign exchange gains or losses are not included as these 
 are not part of operating income.                                                                |

Adjustments for Equity-Accounted Investments

| • |     | During the fourth quarter of 2020, we acquired a 49 per cent interest in the Skookumchuck wind                                                                                       
 facility, which is treated as an equity investment under IFRS and our proportionate share of the net earnings is reflected as equity income on the statement of earnings under IFRS