Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 363

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 363
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 until the date of disposal, pursuant to a consent agreement entered into with the Commissioner of Competition for Canada. Our non-IFRS measures and operational Key                                
 Performance Indicators exclude the results of the Required Divestitures.                                                                                                                                                                        |

| (2) | These are non-IFRS measures and ratios, which are not                                                                                                                                                                                                                                                                                                                                                             
 defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. We believe that presenting these items from period to period provides management and investors with the ability to evaluate                                                                                                                                                         
 (loss) earnings and cash flow trends more readily in comparison with prior periods’ results. Refer to the Segmented Financial Performance and Operating Results section of this MD&A for further discussion of these items. Also, refer to the Non-IFRS and Supplementary Financial Measures section of this MD&A for more information regarding these non-IFRS measures and ratios, including, where applicable, 
 reconciliations to measures calculated in accordance with IFRS.                                                                                                                                                                                                                                                                                                                                                   |

| (3) | Adjusted net (loss) earnings attributable to common shareholders per share, funds from operations                                                                                                              
 (FFO) per share and free cash flow (FCF) per share are calculated using the weighted average number of common shares outstanding during the period. Refer to the Non-IFRS and Supplementary Financial Measures 
 section of this MD&A for more information regarding these non-IFRS measures and ratios.                                                                                                                        |

| (4) | Represents a supplementary financial measure and is calculated as Cash flow from operating                       
 activities for the period divided by the weighted average number of common shares outstanding during the period. |

| M6 |     | TransAlta Corporation |

Management’s Discussion and Analysis

| (in millions of Canadian dollars except where 
 noted)                                        | As at |     | Sept. 30, 2025 |     |     | Dec. 31, 2024 |
|:----------------------------------------------|:------|:----|---------------:|:----|:----|--------------:|
| Liquidity and capital resources               |       |     |                |     |     |               |
| Available liquidity(1)                        |       |     |          1,553 |     |     |         1,616 |
| Adjusted net debt to adjusted EBITDA          
 (times)(2)(3)                                 |       |     |            3.9 |     |     |           3.6 |
| Total consolidated net debt(2