Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 5

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 5
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 Prospectus, as well as the information in any document incorporated by reference into the Prospectus previously filed with the SEC and with any securities regulatory authority in Canada, is accurate only as of the respective dates of the applicable documents. Our business, properties, financial condition, results of operations and prospects may have changed since those dates.

PRESENTATION OF FINANCIAL INFORMATION

In this Prospectus Supplement, unless otherwise specified or the context otherwise requires, all dollar amounts are expressed in Canadian
dollars. “U.S.dollars” or “US$” means the lawful currency of the United States. Unless otherwise indicated, all financial information included in this Prospectus Supplement, the
Prospectus and the documents incorporated by reference in the Prospectus has been prepared in accordance with IFRS. Therefore, our consolidated financial statements includedin the Prospectus Supplement may not be comparable to
financial statements of U.S. companies prepared in accordance with U.S. generally accepted accounting principles.

We use a
number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that do not have any standardized meaning under IFRS (collectively,
“Non-IFRSMeasuresand Ratios”). We believe that these Non-IFRS Measures and Ratios, read together with our IFRS amounts, provide investors
with a better understanding of how management assesses results. Non-IFRS Measures and Ratios are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation
from, or as an alternative for, or more meaningful than our IFRS results.

Adjusted earnings before interest, taxes, depreciation and
amortization (“EBITDA”), adjusted net debt to adjusted EBITDA are some of the Non-IFRS Measures and Ratios presented in this Prospectus Supplement.

Readers should refer to the “Highlights” and “Non-IFRSand Supplementary Financial Measures” sections of our management’s discussion and analysis of financial condition and results of operations as at and for the three and nine months ended September 30, 2025 and 2024 (the “Interim MD&A”) for the composition of each Non-IFRS Measure and Ratio, the most directly comparable IFRS measure, how these Non-IFRS Measures and Ratios provide
useful information to an investor, and quantitative reconciliations to the nearest applicable IFRS measures. The Interim MD&A is incorporated by reference in the Prospectus and is available under our profile on