Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 166

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 166
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 Company’s issuer rating and unsecured debt/medium-term notes rating of BBB (low) and the Company’s preferred shares rating of Pfd-3(low), all with stable outlooks, and S&P Global Ratings reaffirmed the Company’s senior unsecured debt rating and issuer credit rating of BB+ with a stable outlook. The Company remains focused on maintaining a strong financial position and cash flow coverage ratios. Credit ratings provide information relating to the Company’s financing costs, liquidity and operations and affect the Company’s ability to obtain short and long-term financing and/or the cost of such financing. Management routinely monitors forecasted net earnings, cash flows, capital expenditures and scheduled repayment of debt with a goal of maintaining its credit ratings and to meet dividend and PP&E expenditure requirements. B. Liquidity The Company manages variations in working capital using existing liquidity under credit facilities to ensure sufficient cash and credit are available to fund operations, pay dividends, distribute payments to subsidiaries’ non-controlling interests and invest in PP&E. For the years ended Dec. 31, 2024 and 2023, cash inflows and outflows are summarized below.

| Year ended Dec. 31                                            |     | 2024 |      |   |     | 2023 |       |   |     | Increase   
 (decrease) |      |   |
|:--------------------------------------------------------------|:----|:-----|-----:|:--|:----|:-----|------:|:--|:----|:-----------|-----:|:--|
| Cash flow from operating activities                           |     |      |  796 |   |     |      | 1,464 |   |     |            | (668 | ) |
| Change in non-cash working capital                            |     |      |  (38 | ) |     |      |  (124 | ) |     |            |   86 |   |
| Cash flow from operations before changes in working capital   |     |      |  758 |   |     |      | 1,340 |   |     |            | (582 | ) |
| Dividends paid on common shares                               |     |      |  (71 | ) |     |      |   (58 | ) |     |            |  (13 | ) |
| Dividends paid on preferred shares                            |     |      |  (52 | ) |     |      |   (51 | ) |     |            |   (1 | ) |
| D