Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 198

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 198
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, 2024, increased compared to 2023, primarily due to favourable market volatility across North American power and natural gas markets and higher realized settled trades in 2024 in compared to the prior year, primarily due to:

| • |     | The Company was able to capitalize on volatility in the trading of both physical and financial                                        
 power and gas products across North American deregulated markets while maintaining the overall risk profile of the business unit; and |

| • |     | A decrease in OM&A mainly due to lower incentives related to revenue before adjustments 
 compared to the prior year.                                                             |

2023 versus 2022 Adjusted revenues and Adjusted EBITDA for the year ended Dec. 31, 2023, decreased compared to 2022. This was in line with management’s expectations, but lower year-over-year, primarily due to:

| • |     | Lower realized settled trades during the year on market positions in comparison to the prior year; 
 and                                                                                                |

| • |     | An increase in OM&A mainly due to higher incentives related to revenues before adjustments. |

Corporate

| Year ended Dec. 31 |     | 2024 |      |   |     | 2023 |      |   |     | Change |     |   |     |    |   |     | 2022 |      |   |     | Change |     |   |     |    |   |
|:-------------------|:----|:-----|-----:|:--|:----|:-----|-----:|:--|:----|:-------|----:|:--|:----|---:|:--|:----|:-----|-----:|:--|:----|:-------|----:|:--|:----|---:|:--|
| Adjusted OM&A(1)   |     |      |  135 |   |     |      |  115 |   |     |        |  20 |   |     | 17 | % |     |      |  101 |   |     |        |  14 |   |     | 14 | % |
| Taxes, other       
 than income taxes  |     |      |    1 |   |     |      |    1 |   |     |        |   — |   |     |  — | % |     |      |    1 |   |     |        |   — |   |