Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 208

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 208
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| (1) | Total production includes contract production and merchant production. |

| (2) | Revenues have been adjusted to exclude the impact of unrealized mark-to-market gains or losses and to include realized gains and losses on closed exchange positions. Alberta Hydro revenues for the three months ended Dec. 31, 2024 exclude the impact of Brazeau penalties. |

| (3) | The intercompany sales of emission credits from the Hydro segment to the Gas segment is                                                 
 eliminated on consolidation in the Corporate segment. Refer to the Additional IFRS Measures and Non-IFRS Measures section of this MD&A. |

Total production for the Alberta portfolio for the three months ended Dec. 31, 2024, was 3,150 GWh, compared to 2,989 GWh for the same period in 2023. The increase of 161 GWh, or five per cent, was primarily due to:

| • |     | Higher production from the Alberta Gas assets due to the Heartland acquisition; |

| • |     | Higher production from the Alberta Hydro Assets due to significant water conservation during the 
 fourth quarter of 2023; partially offset by                                                      |

| • |     | Higher economic dispatch for the Alberta gas facilities; and |

| • |     | Lower production in the Wind and Solar segment due to lower wind resource. |

Hedged production for the Alberta portfolio for the three months ended Dec. 31, 2024, increased compared to the same period in 2023. In anticipation of the risk of lower prices in 2024, the Company deployed a defensive strategy to increase financial hedges for the merchant portfolio at attractive margins. Realized gains and losses on financial hedges are included in revenues in the table above.

Gross margin for the Alberta portfolio for the three months ended Dec. 31, 2024, was $191 million, compared to $215 million in 2023. The decrease of $24 million, or eleven per cent, was primarily due to:

| • |     | Lower Alberta spot power prices; |

| • |     | Higher carbon compliance costs due to increase in the carbon price from $65 per tonne in 2023 to 
 $80 per tonne in 2024; and                                                                       |

| • |     | Higher purchased power due to the contractual requirement to fulfill physical power trades; 
 partially offset by                                                                         |

| • |