Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 199

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 199
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     |  — | % |
| Adjusted           
 EBITDA(2)          |     |      | (136 | ) |     |      | (116 | ) |     |        | (20 | ) |     | 17 | % |     |      | (102 | ) |     |        | (14 | ) |     | 14 | % |

| (1) | For details of the adjustments to OM&A included in adjusted EBITDA, refer to the Additional IFRS 
 Measures and Non-IFRS Measures section of this MD&A.                                             |

| (2) | Adjusted EBITDA is not defined and has 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 Adjusted EBITDA for the year ended Dec. 31, 2024, decreased compared to 2023, primarily due to increased spending to support strategic and growth initiatives related to early stage growth projects.

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

| • |     | Increased spending to support strategic and growth initiatives; |

| • |     | Higher costs associated with the relocation of the Company’s head office; and |

| • |     | Increased costs due to inflationary pressures. |

| M28 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis Performance by Segment with Supplemental Geographical Information The following table provides adjusted EBITDA by segment across the regions we operate in:

| Year ended Dec. 31, 2024     |     | Hydro |     |     | Wind & 
 Solar  |     |     | Gas |     |     | Energy     
 Transition |     |   |     | Energy    
 Marketing |     |     | Corporate |      |   |     | Total |       |
|:-----------------------------|:----|:------|----:|:----|:-------|----:|:----|:----|----:|:----|:-----------|----:|:--|:----|:----------|----:|:----|:----------|:-----|:--|:----|:------|------:|
| Alberta                      |     |       | 307