Transalta Corporation · TSX:TA
Transalta — Investor Day (March 2026)
86 slides from Transalta's investor day presentation, Mar 23, 2026
Slide 1: 2026 Investor Day
2026 Investor Day Keephills, Alberta MARCH 23, 2026
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: TransAlta's Executive Leadership Q&A Panel
TransAlta’s Executive Leadership Q&A Panel John Kousinioris Joel Hunter Nancy Brennan Chris Fralick President and EVP, Finance and EVP, Legal, External Affairs EVP, Generation Chief Executive Officer Chief Financial Officer and Corporate Secretary 3
Slide 4: Agenda
TransAlta Overview John Kousinioris Strategic Overview Joel Hunter Reliable Operations and Alberta Strategy Chris Fralick Strategic Priority: Safe Reliable Operations Strategic Priority: Optimize the Alberta Fleet Break Growth and Financial Overview Joel Hunter Strategic Priority: Grow with Discipli
Slide 5: John Kousinioris
John Kousinioris President and Chief Executive Officer 5
Slide 6: Investor Day Key Takeaways
Investor Day Key Takeaways 1 TransAlta is a proven operator across diverse technologies 2 The outlook for power has never been stronger and existing generation will play a critical role 3 We are focused in the right strategic geographies 4 We are best positioned to capture expected load growth in Al
Slide 7: TransAlta Overview
TransAlta Overview Interlakes, Alberta 7
Slide 8: TransAlta at a Glance
TransAlta at a Glance ~9,300 MW Diversified portfolio • 92 generating facilities • Canada, United States and $10 billion 115 years Australia Enterprise value1 Generation experience • Hydro, thermal, wind, Strong balance sheet and Across diverse technologies solar, battery capital discipline ~$400 mi
Slide 9: Our Competitive Advantage
Our Competitive Advantage Safe and reliable operator across diverse technologies Optimization and trading excellence Optimization and trading excellence Reliable operator across diverse technologies Valuable legacy generation sites Financial strength flexibility South Hedland, Australia 9
Slide 10: Solid Contracted Base
Solid Contracted Base Weighted Average Contract Life of 9 Years1 Across Geographies and Fuels Fleet Capacity is 51% Contracted 88 498 1,790 Contracted 1,024 Contracted MW by 2,289 MW by 2,158 Region Fuel 1,223 Australia U.S. Alberta Rest of Canada Hydro Wind and Solar Gas Total: 4,535 MW Our contrac
Slide 11: Contracted Power Portfolio Serves Diverse Industries
Contracted Power Portfolio Serves Diverse Industries TransAlta has a long and proven history of powering communities and large-scale industrial operations E&Ps Behind the fence power and steam provider HEALTHCARE/ INDUSTRIAL UTILITIES REFINERIES/ Thermal power Contracted MANUFACTURING Steam and powe
Slide 12: Operations Enhanced by a Leading Energy Marketing Team
Operations Enhanced by a Leading Energy Marketing Team Manage commodity risk Provide market insights to Trade Gas, Power and Emission for assets the Growth and M&A teams products across North America Adjusted EBITDA1 Contribution of ~$800 million Since 2020 Refer to “Slide Notes” for corresponding n
Slide 13: Asset Portfolio Strengthened Since 2020
Asset Portfolio Strengthened Since 2020 1.7 GW 1.2 GW 48 MW 700 MW Up to ~1 GW Coal fired generation TransAlta Renewables Hybrid renewables Tolling agreement signed MOU signed for converted to natural gas and economic ownership facility in Australia for Centralia Unit 2 gas Alberta data centre commi
Slide 14: Strategic Position Strengthened Since 2020
Strategic Position Strengthened Since 2020 Free Cash Flow1 Adjusted EBITDA1 Total Shareholder Return4 ($ millions) ($ millions) Record safety results +44% +19% +108% +$155 +$177 Average fleet availability of 90%+ 2020 2025 2020 2025 2020 2025 Contractedness2 Emissions3 Renewables Capacity2 Successfu
Slide 15: Joel Hunter
Joel Hunter Executive Vice President, Finance, Chief Financial Officer and Incoming President and Chief Executive Officer 15
Slide 16: Strategic Overview
Strategic Overview Antrim, New Hampshire 16
Slide 17: Key Takeaways
Key Takeaways 1 Significant opportunity for power generators 2 TransAlta is well positioned to grow in our core geographies Strategic priorities are focused on ensuring we maximize 3 value from our base business and growth opportunities Horseshoe, Alberta 17
Slide 18: Power Demand Is Accelerating
Power Demand Is Accelerating 40 to 100 GW of new peak load demand Canada’s electricity demand is expected Western Australia grid contemplates in U.S. over the next five years1,2 to rise ~62% between 2025 and 20503 ~5 times electricity requirement due to anticipated new industrial load from mining an
Slide 19: Balance Required in Evolving Power Industry
Balance Required in Evolving Power Industry Reliability Affordability Energy Evolution Speed Decarbonization 19
Slide 20: Significant Opportunity Created by Growing Power Demand
Significant Opportunity Created by Growing Power Demand Market Evolution Creates TransAlta is Well-Positioned to Opportunities for Power Producers Capture Opportunities Grids and data centres require increasing amounts of reliable, cost-effective power, quickly Proven operator of reliable power Incr
Slide 21: Growth Focused in Core Geographies
Growth Focused in Core Geographies Leverage our competitive advantages Understood regulatory Alberta environments Ontario Ability to scale and increase Western contractedness U.S. Western Australia Long-term attractive fundamentals 21
Slide 22: Ontario
Ontario Tightening Market Conditions Wholesale electricity prices rising, signaling growing supply-demand imbalance Demand Growth Outlook 3% compound annual growth rate expected through 20401, driven by population growth, economic expansion and electrification within industrial, transportation and c
Slide 23: Western U.S.
Western U.S. Increasing Demand Annual electricity demand forecasted to increase ~20% over next decade, driven by data centres, semiconductor manufacturing, residential demand and electrification1 Volatility and Scarcity Pricing Thermal retirements and renewables build-outs have increased price volat
Slide 24: Western Australia
Western Australia Decarbonizing Resource Economy Operational electrification from mining and industrial customers are driving demand for firm, clean power solutions1 Grid Evolution and Reliability Focus Northwest and Southwest interconnected systems face growing reliability needs as residential sola
Slide 25: Alberta
Alberta Long Power Supply One of the only North American jurisdictions that is long power making it an attractive location for data centre development New Demand Growth Driver Over 16 GW of cumulative large-load connection requests over the past 1.5 years1 Energy Only Market Restructured energy mark
Slide 26: Strategic Priorities
Strategic Priorities Operate with excellence to maximize value of our base business Safe reliable operations $ Optimize Alberta fleet Enhance financial flexibility Grow with discipline to maximize value for shareholders Advance legacy site projects Pursue accretive M&A Develop greenfield projects Ke
Slide 27: Path to 2029
Path to 2029 Adjusted EBITDA1 Assumptions2 Centralia Unit 2 COD in H2 2028 Keephills data centre online Incremental load growth in Alberta driving price recovery to average mid-$80s to low- $120s per MWh Consistent performance from base business 2026E 2029E Alberta 900 MW Net Load Growth Excludes gr
Slide 28: Chris Fralick
Chris Fralick Executive Vice President, Generation 28
Slide 29: Strategic Priority: Safe Reliable Operations
Strategic Priority: Safe Reliable Operations South Hedland, Western Australia 29
Slide 30: Key Takeaways
Key Takeaways 1 Strong safety and operational performance Unique ability to operate diverse set of technologies 2 including dynamically based on resource and price signals 3 Focused on efficiency and maximizing value of our assets Brazeau, Alberta 30
Slide 31: High-Quality Diverse Portfolio
High-Quality Diverse Portfolio Hydro Future Gas Conversion1 25 Facilities 1 Facility 923 MW ~700 MW Reasonably sized Wind, Solar and Battery geographies NaturaltoGas scale within 36 Facilities 30 Facilities 2,587 MW 5,144 MW Technology: WIND SOLAR HYDRO BATTERY FUTURE GAS CONVERSION1 NATURAL GAS Wel
Slide 32: Reliable Operations
Reliable Operations 18 Total Recordable Injury Frequency (TRIF) 0.9 16 0.8 14 0.7 Industry leading safety 12 0.6 Recordable Injuries 10 0.5 TRIF 8 0.4 6 0.3 4 0.2 2 0.1 Diverse portfolio of technologies, jurisdictions, lifecycle stages 0 0 and commercial arrangements 2021 2022 2023 2024 2025 Recorda
Slide 33: Operational Excellence
Management Frameworks Cost Lifecycle Management Optimization Operational Excellence Risk Asset Management Strategy Intelligent Asset Operations Flexibility Focused on maximizing the value of our assets through life-cycle optimization 33
Slide 34: Strategic Priority: Optimize Alberta Fleet
Strategic Priority: Optimize Alberta Fleet Barrier, Alberta 34
Slide 35: Key Takeaways
Key Takeaways 1 Evolved our Alberta portfolio and operating approach to capture value 2 Only operator in Alberta with six technologies, enhanced by optimization capabilities 3 Alberta is one of the only North American markets that is long power 4 Load growth will tighten market conditions 5 Well pos
Slide 36: Alberta Power Market Overview
Alberta Power Market Overview Installed Capacity 2020-2029 (MW)1 2025 Grid Load2 25,000 Residential ~15% 20,000 Industrial ~60% 15,000 Commercial and Transportation ~25% 10,000 2025 Market Statistics3 5,000 • Average Load – 10.3 GW 0 • Summer Peak – 12.0 GW 2020 2021 2022 2023 2024 2025 2026E 2027E
Slide 37: Our Evolving Position in the Alberta Market
Our Evolving Position in the Alberta Market Fleet Evolution Current Portfolio Position 755 844 844 2020 2025 265 938 Installed Installed Hydro/Storage Wind Dispatchable Gas Cogen Gas MW MW 2,666 416 2,712 Assets 18 13 7 6 844 MW 755 MW 2,712 MW 938 MW Total: 4,191 MW Total: 5,249 MW Baseload and Int
Slide 38: Portfolio Management
Commercial and Industrial Business Financial Hedges Largest provider in Alberta, 90%+ customer Provide fleet and cash flow stability; track record of retention, ~3-year average contract term outperformance Sustaining Capital and Fleet Rationalization Portfolio Cost Management Management Longer-term
Slide 39: Hedging Strategy Mitigates Downside and Captures Upside
Hedging Strategy Mitigates Downside and Captures Upside 250 2,800 2,600 200 2,400 Volume Hedged (GWh) 2,200 150 $/MWh 2,000 100 1,800 1,600 50 1,400 0 1,200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 202
Slide 40: Portfolio Management Extracts Premium Pricing
Portfolio Management Extracts Premium Pricing 34% 1 Average realized hydro merchant Realized energy and ancillary prices premium to spot 300 250 20% 1 200 Average realized gas merchant premium to spot $ per MWh 150 100 56% 1 50 Average hydro 0 ancillary services price Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 41: TransAlta Fleet Optimized to Meet Reliability Needs
TransAlta Fleet Optimized to Meet Reliability Needs Dispatchable Fleet Response in September 20251 ($ per MWh) 2,500 $1,000 $900 Hydro and Converted Gas Generation (MWh) 2,000 $800 $700 1,500 $600 $/MWh $500 1,000 $400 $300 500 $200 $100 0 $0 Hydro Converted Gas Price $100 per MWh Dispatchable fleet
Slide 42: TransAlta Well Positioned for Restructured Energy Market (2028+)
TransAlta Well Positioned for Restructured Energy Market (2028+) New Reliability Products and Pricing Framework1 TransAlta’s Positioning Regulations1 Offer cap increase from $999.99/MWh to New 30-minute ramping product Higher offer caps allow for the capture $1,500/MWh from new market inception to 2
Slide 43: Reserve Margin Tightening
Reserve Margin Tightening $180 0.6 $160 0.5 $140 $120 0.4 Reserve Margin 32% Price Per MW $100 26% 27% 0.3 $80 25% 22% $60 0.2 12% $40 0.1 $20 $47 $102 $162 $134 $63 $44 $44 $53 $61 $64 $0 0 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E Alberta Settled Price1,2 Reserve Margin with 1.1 GW Res
Slide 44: Potential Supply and Demand Changes 2025 to 2029
Potential Supply and Demand Changes 2025 to 2029 3,500 3,000 200 480 2,500 2,250 -600 1,100 MW Net 2,000 Change in Load MW 1,500 1,130 -1,200 1,000 500 0 2 2 2025 Firm Supply Less Existing Unit Upgrades Intertie Restoration Demand Growth Data Centre Growth 2029 Firm Supply 2 2 Peak Demand 1 and New
Slide 45: Role of TransAlta's Coal-to-Gas Units in the Alberta Market
Role of TransAlta’s Coal-to-Gas Units in the Alberta Market Total Installed Alberta Power Market 2025 Capacity1 Capacity1 Capacity Limitations Wind, Solar and 8,223 MW Limited duration and fuel intermittency Other Hydro 899 MW Water flow and reservoir capacity Simple and Combined 4,973 MW Economics
Slide 46: TransAlta's Coal-To-Gas Units Are Flexible and Designed To Operate Above 90%
TransAlta’s Coal-To-Gas Units Are Flexible and Designed To Operate Above 90% 91.9% 3-year average Demonstrated ability to exceed 90% availability across CTG fleet Lower capacity factors are the result of a Unit operation adjusted to deliberate strategy that can be adjusted current market demand to m
Slide 47: High-Priced Peaking Hours to Increase as Market Tightens
High-Priced Peaking Hours to Increase as Market Tightens 100% 90% 80% 70% Number of peaking hours expected to increase 60% 50% 40% 30% TransAlta well-positioned to respond 20% in tightening market 10% 0% 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E Price1 : $0/MWh $0-$50/MWh $50-100/MWh >$100/MW
Slide 48: TransAlta Alberta Power Price Forecast
TransAlta Alberta Power Price Forecast Actual and forecast annual average power price ($ per MWh)1 Annual demand expected to grow at 1.5% per year through 2029 driven by $162 population growth and electrification2 $134 $102 Incremental demand growth of 1.2 GW by 2029 from data centres accelerates ma
Slide 49: Break
Break Wyoming Wind, Wyoming 49
Slide 50: Joel Hunter
Joel Hunter Executive Vice President, Finance, Chief Financial Officer and Incoming President and Chief Executive Officer 50
Slide 51: Strategic Priority: Grow with Discipline
Strategic Priority: Grow with Discipline Horizon Hill, Oklahoma 51
Slide 52: Key Takeaways
Key Takeaways 1 Alberta focused data centre strategy 2 Centralia required to support grid reliability in Washington 3 Continue to advance targeted long-term growth opportunities 4 Strong track record of accretive M&A Kent Hills, New Brunswick 52
Slide 53: Investment Principles
Investment Principles Leverage Core Customer Strategic Strong Financial Competencies Centric Geographies Discipline Contractedness and tenor Counterparty credit quality Merchant exposure Technology Risk Risk Premium Greenfield development Premium Regulatory uncertainty Capital structure Time to cash
Slide 54: Disciplined Growth Focused in Core Regions
Disciplined Growth Focused in Core Regions Legacy site opportunities Strategic M&A Utilizing existing infrastructure Recontracting advantage Grid firming projects Legacy site opportunities Behind-the-fence opportunities Alberta Site expansions Grid firming projects Ontario Strategic M&A Western U.S.
Slide 55: Alberta Data Centre Advantage
Alberta Data Centre Advantage Ample availability of natural gas Existing local gas supply from WCSB Colder climate with low relative humidity supports lower operating costs Abundant water supply Supportive regulatory environment Federal and Provincial MOU supports existing and new power generation P
Slide 56: Data Centre Memorandum of Understanding
Data Centre Memorandum of Understanding Location Keephills Counterparties CPP Investments and Brookfield Wabamun Lake Phase I 230 MW Fuel Grid+ Phase II Up to 1 GW1 Phase I COD 2027+ Sundance Available transmission interconnection Existing gas lines to Keephills TransAlta Owned Land Rezoned for Data
Slide 57: Advancing Generation Alternatives for 2030+
Advancing Generation Alternatives for 2030+ Repowering Development Projects Advanced Staged Development Project Development projects Keephills 1 Repower submitted as Planned Units Location Keephills, Alberta under CER Capacity ~800 MW Fuel Natural Gas Keephills Technology 2x1 Combined Cycle Flipi Pr
Slide 58: Repowered Combined Cycle Projects Leverage Recently Retired Facilities
Repowered Combined Cycle Projects Leverage Recently Retired Facilities Steam Natural Gas Generator Steam Turbine Generator HRSG1 Condenser Gas Turbine Water Transmission Cooling Pond Generator Gas Turbine HRSG1 New Infrastructure Existing Infrastructure Refer to “Slide Notes” for corresponding notat
Slide 59: Centralia Coal-To-Gas Conversion
Centralia Coal-To-Gas Conversion Location Centralia, Washington Fuel Natural Gas Capacity ~700 MW Customer Puget Sound Energy Term 16 years Capital ~US$600 million COD H2 2028 Build Multiple1 ~5.5 times Unique power solution to support critical reliability in the region Permits submitted, preliminar
Slide 60: Centralia Will Be Simplified Through Boiler Conversion
Centralia Will Be Simplified Through Boiler Conversion Coal Operation Scrubber System Steam Precipitators Boiler Coal Generator Transmission Mills Steam Turbine Ash System Condenser Ash System Water Cooling Tower Coal To Gas Boiler Conversion Steam Natural Gas Generator Boiler Steam Turbine Transmis
Slide 61: Centralia Capital Profile
Centralia Capital Profile Capital costs expected ~US$600 million1 to be fully recovered 600 with return within 15% contract period 500 40% In-house expertise on 400 US$ Millions coal-to-gas conversions 300 45% 200 Equipment required for conversion is not subject to significant 100 supply chain const
Slide 62: Growth Opportunities Leveraging Core Competencies
Growth Opportunities Leveraging Core Competencies Keephills Data Centre Phase I Alberta Site Repowerings Contracted Pumped Storage Alberta MOU Small Scale Unique Power Solutions Contracted Gas Australia Targeted Legacy Site Greenfield Redevelopment Firmed Renewables Exclusive Access to Nova WECC Cen
Slide 63: Merger and Acquisition Strategy
Merger and Acquisition Strategy TransAlta M&A 2023 to Current Criteria Far North Heartland TransAlta Renewables Assets attractively positioned Contrarian view ahead of Simplified corporate Strategic Rationale for recontracting and growth recalibration on thermal structure and increased with land opt
Slide 64: Strategic Priority: Enhance Financial Flexibility
Strategic Priority: Enhance Financial Flexibility Calgary, Alberta 64
Slide 65: Key Takeaways
Key Takeaways 1 Strong financial position Alberta data centres and Centralia drive attractive 2 EBITDA growth for future capital allocation 3 Diverse set of funding levers are available Brazeau, Alberta 65
Slide 66: Financial Tenets
Financial Tenets 1 Invest in largely contracted assets with creditworthy counterparties that generate predictable and sustainable cash flow 2 Finance long-term assets with long-term capital; flexibility to fund at the corporate and asset level 3 Maintain BB+ credit ratings1 in the near-term, with a
Slide 67: Balance Sheet Overview
Balance Sheet Overview Strong financial foundation Supportive Debt Maturity Profile Significant Access to Capital STABLE CREDIT RATINGS Secured Project Debt CAD Notes USD Notes $800 $0.2 $600 Millions $400 $1.3 $200 Billions $0 Cash Undrawn credit facilities 2026 2027 2028 2029 2030 2031 2032 2033 2
Slide 68: Capital Allocation Maximizes Shareholder Value
Capital Allocation Maximizes Shareholder Value Debt Servicing Free Reinvestment Dividends 15-25% Cash 75-85% Flow1 Strategic M&A Share Repurchases Low dividend payout allows for flexibility in capital allocation Refer to “Slide Notes” for corresponding notations. 68
Slide 69: Strong Record of Disciplined Return to Shareholders
Strong Record of Disciplined Return to Shareholders $366 million in shares repurchased from 2020 through 2025 $26 Jan. 01, 2020 to Dec. 31, 2025 0.3 TA TSX High: $25.03 (Nov. 03, 2025) TA TSX Low: $5.35 (Mar. 19, 2020) $23 0.3 $20 0.2 Average repurchase price of $10.57 per share Volume (Millions) $1
Slide 70: Potential Impact of Alberta Load Growth and Centralia to 2029 Adjusted EBITDA
Potential Impact of Alberta Load Growth and Centralia to 2029 Adjusted EBITDA Centralia and Phase I data centre would increase 2029 Potential Adjusted EBITDA Uplift1 contracted cashflows ~$300 Million ~1,300 MW ~$150 Million ~1,100 MW ~$200 Million ~900 MW ~$150 Million ~$1 Billion Potential for mer
Slide 71: Sources and Uses 2026-2029
Sources and Uses 2026-2029 900 MW Net Load Change Alberta 1,300 MW Net Load Change Alberta1 4.5 4.0 ~$1.6 3.5 3.0 $ Billions 2.5 ~$0.5 2.0 ~$2.0 ~$0.4 1.5 ~$1.0 ~$0.8 1.0 0.5 ~$0.8 - 2 Free Cash Flow 2 Dividend Centralia Free Cash Flow Incremental 1.3 GW Net Load Change 1.3 GW Net Load Change for Re
Slide 72: Opportunities for Capital Redeployment
Opportunities for Capital Redeployment Phase II Alberta Additional Legacy Site Greenfield Growth Strategic M&A Data Centre Opportunities Investment will be targeted to attractive risk-adjusted return opportunities or returned to shareholders 72
Slide 73: Diverse Sources of Capital Funding Levers
Diverse Sources of Capital Free Cash Flow1 Robust free cash flow Debt Issuance Flexible balance sheet Funding Non-core assets rotated for higher Opportunistic Portfolio Rotation returning opportunities Levers Partnerships Potential partnerships for funding and risk management Equity issuance reserve
Slide 74: Closing Remarks
Closing Remarks Spray, Alberta 74
Slide 75: Strategic Priorities
Strategic Priorities Operate with excellence to maximize value of our base business Safe reliable operations $ Optimize Alberta fleet Enhance financial flexibility Grow with discipline to maximize value for shareholders Advance legacy site projects Pursue accretive M&A Develop greenfield projects Ke
Slide 76: Our Value Proposition
Safe and reliable operator Our Value Diversified portfolio Proposition High potential legacy energy campuses Positioned for growth Financial strength and flexibility Centralia, Washington 76 76
Slide 77: Executive Leadership
John Kousinioris Joel Hunter Nancy Brennan Chris Fralick President and EVP, Finance and EVP, Legal, External EVP, Generation Chief Executive Officer Chief Financial Affairs and Corporate Officer Secretary 77 77
Slide 78: Appendix
Appendix Castle River, Alberta 78
Slide 79: Operations Underpinned by a Leading Energy Marketing Team
Operations Underpinned by a Leading Energy Marketing Team Capabilities Across Major North American Markets Electricity Natural Gas Emissions NWPP, CAISO, SPP, SWPP, IESO, ISO-NE, NYISO, Markets Canada and U.S. Canada and U.S. PJM, MISO, ERCOT Execution for TransAlta and third-party assets Originatio
Slide 80: TransAlta's Existing Technologies
TransAlta’s Existing Technologies Cost of Levelized Cost Technology Asset Life Return Profile In Strategy TransAlta’s Position Installation of Electricity Require long-term contracts with credit-worthy Wind Low Low Medium Medium-long counterparties Solar Low Low Short-medium Medium-long Existing ope
Slide 81: Other Technologies That Are Monitored
Other Technologies That Are Monitored Cost of Levelized Cost Technology Asset Life Return Profile In Strategy TransAlta’s Position Installation of Electricity Cost of installation is high, requiring long-term Pumped Storage High Medium Long Long-term contracts to proceed to construction Expensive to
Slide 82: Valuable Hydro and Storage Portfolio
Valuable Hydro and Storage Portfolio Long life hydro assets are dispatchable and provide critical reliability for the province Brazeau 350 MW Key supplier of ancillary services Growth in data centre demand, population, electrification and energy imports are all Bow River 320 MW supportive of long-te
Slide 83: Valuable Dispatchable Gas Portfolio
Valuable Dispatchable Gas Portfolio Converted gas assets capacity is retained to operate in the high-value part of the offer curve and have upside potential from forward market opportunities Sundance 401 MW Valley View 100 MW 290 MW peaking gas assets acquired through Heartland transaction are fast-
Slide 84: 2026 Outlook
2026 Outlook ($ millions) Range Contracted fleet and Adjusted EBITDA1 950 to 1,050 strong hedge position provide stable cash FCF1 350 to 450 flows FCF ($/share) 1 1.18 to 1.51 Energy Marketing Adjusted Revenues1 110 to 130 Sustaining Capital2 140 to 160 Market Range $1 per MWh change in Alberta spot
Slide 85: 2026 Priorities
2026 Priorities Executing strategic Financial and Operational initiatives Adjusted EBITDA1 of $950 - $1,050 million Improve leading and lagging safety performance FCF1 of $350 - $450 million Optimize the Alberta merchant fleet Continued strong Dividend of $0.28 per share Fleet availability of 92.7%
Slide 86: Slide Notes
Slide Notes Slide 8 capacity and demand is based on the AESO Long-Term Outlook and TransAlta’s internal assumptions are described on slide 2, Forward-looking statements and non-IFRS Measures, of this presentation (1) Enterprise value and market capitalization based on the share price as of close on