Slide 1: Third Quarter Results
Third Quarter Results Sarnia, Ontario NOVEMBER 6, 2025
Slide 2: Forward-looking Statements and Non-IFRS Measures
Forward-looking Statements and Non-IFRS Measures This presentation includes "forward-looking information," within the meaning of applicable Canadian securities laws, and "forward-looking statements," within the meaning of applicable United States securities laws, including the Private Securities Lit
Slide 3: John Kousinioris, President and Chief Executive Officer
John Kousinioris President and Chief Executive Officer 3
Slide 4: Progressing Strategic Priorities
Progressing Strategic Priorities Results and Business and Industry Strategic Priorities Financial Position Highlights Adjusted EBITDA1 of $238 million Fleetwide availability of 92.7% Advancing commercial negotiations for Alberta data centre project FCF1 of $105 million or $0.35/share Executed Demand
Slide 5: Realize Value of Centralia Unit conversion progressing towards definitive agreement
Realize Value of Centralia Unit 2 conversion progressing towards definitive agreement Legacy Generation Definitive agreement expected in the fourth quarter of 2025 Long-term contract for 100% of capacity Unique power solution to support critical reliability in the region Centralia, Washington Albert
Slide 6: Upcoming Restructured Energy Market Design (2027+)
Upcoming Restructured Energy Market Design (2027+) Pricing Framework New Reliability Products TransAlta’s Positioning and Regulations • Offer cap increase from $999.99/MWh to • Higher offer caps allow for the capture of $1,500/MWh from new market inception to 2032 • New 30-minute ramping product add
Slide 7: CEO Succession Announcement
CEO Succession Announcement John Kousinioris Joel Hunter, CFO Retiring April 30, 2026 Succeeding as President and CEO 7
Slide 8: Joel Hunter
Replace with JH image when available; Anna has booked headshots Joel Hunter Executive Vice President, Finance and Chief Financial Officer 8
Slide 9: TransAlta Segmented Results
TransAlta Segmented Results Higher contracted Three Months Ended Sept. 30, 2025 ($millions) volumes partially offset lower merchant pricing Adjusted EBITDA1 Q3 2025 Q3 2024 Hydro 73 89 Wind and Solar 45 44 Gas 110 141 Strong average availability of 92.7% Energy Transition 28 34 across fleet Energy M
Slide 10: Alberta Merchant Electricity Portfolio
Alberta Merchant Electricity Portfolio Third Quarter 2025 Prices 100 55% Alberta merchant Gas merchant premium portfolio provides to spot price 1 reliability 80 $66 49% Price ($/MWh) 60 Hydro merchant premium to spot price 1 $51 40 29% Significant benefit Hedged power price premium to 20 spot price
Slide 11: Hedging Position
Hedging Position 80 10,000 9,000 Hedges well above 8,000 spot prices Price ($/MWh) 60 Volume (GWh) 7,000 6,000 40 5,000 4,000 3,000 20 2,000 1,000 Substantially 0 Q4 2025 Full Year 2025 Full Year 2026 - hedged for 2026 1 Volume Forward price Average hedged power price Q4 2025 Full year 2025 Full yea
Slide 12: Tracking Within 2025 Outlook
Tracking Within 2025 Outlook Nine months ended Tracking towards the ($ millions) 2025 Outlook mid-point of FCF1 and Sept. 30, 2025 FCF per share1 Adjusted EBITDA1 857 1,150 to 1,250 FCF1 421 450 to 550 FCF ($/share) 1 1.42 1.51 to 1.85 Trending towards the lower-end of Adjusted EBITDA1 Nine months e
Slide 13: 2025 Priorities
2025 Priorities Executing strategic Financial and Operational initiatives Adjusted EBITDA1 of $1.15 - $1.25 billion Improve leading and lagging safety performance FCF1 of $450 - $550 million Optimize the Alberta merchant fleet Strong performance Energy marketing gross margin of $110 to $130 million
Slide 14: Our Value Proposition
Safe and reliable operator Diversified portfolio Our Value Clean electricity leader Proposition High potential legacy energy campuses Positioned for growth Financial strength and flexibility Antrim, New Hampshire 14 14
Slide 15: Questions and Answers
Questions and Answers Visit us at: www.transalta.com investor_relations@transalta.com 15