Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 195

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 195
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2) | Power required to fulfil contractual obligations during planned and unplanned outages is included 
 in purchased power.                                                                               |

| (3) | For details of the adjustments to revenues and fuel and purchased power included in adjusted 
 EBITDA, refer to the Additional IFRS Measures and Non- IFRS Measures section of this MD&A.   |

| (4) | Adjusted EBITDA and adjusted gross margin are not defined and have no standardized meaning under                                                                 
 IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional IFRS Measures and Non-IFRS Measures section of this MD&A. |

2024 versus 2023

The Gas fleet performance was broadly in line with management’s expectations for the segment. Adjusted revenues for the year ended Dec. 31, 2024, decreased compared to 2023, primarily due to:

| • |     | Lower power prices in the Alberta market; |

| • |     | Increased dispatch optimization from Alberta Gas facilities driven by lower power prices; and |

| • |     | Higher volume of favourable hedging positions settled, which generated positive contributions over 
 settled spot prices in Alberta.                                                                    |

Adjusted EBITDA for the year ended Dec. 31, 2024, decreased compared to 2023, primarily due to:

| • |     | Lower adjusted revenues explained above; |

| • |     | An increase in the carbon price from $65 to $80 per tonne, impacting gross margin from our Canadian 
 gas facilities; and                                                                                 |

| • |     | Higher carbon costs and fuel usage related to production; partially offset by |

| • |     | The utilization of emission credits to settle a portion of our 2023 GHG obligation; and |

| • |     | Lower natural gas prices. |

| TransAlta Corporation |     | 2024 Integrated Report |     | M25 |

Management’s Discussion and Analysis

2023 versus 2022 Adjusted revenues for the year ended Dec. 31, 2023, increased compared to 2022, primarily due to:

| • |     | Higher production due to the fleet being available during periods of supply tightness and peak 
 pricing; and                                                                                   |

| • |     | Higher power price hedges, partially offsetting the impact of lower Alberta spot prices; partially 
 offset by                                                                                          |

| • |     | Lower thermal revenues due to lower steam revenue pricing at the Sarnia facility