Slide 1: First Quarter 2025 Results
NS leit transadita _. First Quarter 2025 Results » . May 7, 2025 , 1°)
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
Slide 4: Delivered strong operational performance
Delivered strong Transaction At A Glanceoperational performance Results and financial position Business highlights Strategic priorities Adjusted EBITDA1 of $270 million Fleetwide availability of 94.9% Advancing growth through strategic investment in Nova Clean Energy FCF1 of $139 million or $0.47/sh
Slide 5: Advancing Growth Plan
Advancing Strategic investment in Growth Plan Best-in-class team targeting development in Western Electricity Coordinating Council (WECC) Exclusive option to purchase advanced-stage clean energy projects at attractive risk adjusted returns enhanced by TransAlta’s energy marketing and growth teams Eq
Slide 6: Legacy Generation Site Opportunities
Legacy Generation Advances Contracted Expected attractive returns and customer-centred Site Opportunities cash flow approach build multiples Centralia Location Centralia, WA Detailed Potential Fuel Gas, Wind, Solar, Battery, New Technology commercial negotiations Potential Contract Type Long-term Si
Slide 7: Maintain Financial Discipline
Maintain Financial Successfully closed $450 Discipline million green note offering 2.8 times over Size $450 million subscribed Term 7 years Repaid $400 million variable rate term loan with proceeds Coupon 5.625% Maintains TransAlta’s BB+ stable - S&P financial strength Rating BBB (low) stable - DBRS
Slide 8: Joel Hunter, Executive Vice President, Finance and CFO
Replace with JH image when available; Anna has booked headshots Joel Hunter Executive Vice President, Finance and Chief Financial Officer
Slide 9: TransAlta segmented results
TransAlta segmented results Lower spot pricing in Alberta Three months ended March 31, 2025 ($millions) Adjusted EBITDA1 Q1 2025 Q1 2024 Strong Hydro 47 87 average Wind and Solar 102 89 availability Gas 104 125 of 94.9% across fleet Energy Transition 37 27 Energy Marketing 21 39 Corporate (41) (25)
Slide 10: Alberta merchant electricity portfolio
Alberta merchant electricity portfolio Alberta merchant portfolio First quarter 2025 prices 178% continues to 80 Hedged power price premium to spot price generate $71 premiums significantly 60 higher than 175% average market Price ($/MWh) Hydro merchant premium pricing to spot price 1 40 $40 140% 20
Slide 11: Alberta hedging provides portfolio stability
Alberta hedging provides portfolio stability 80 7,000 6,000 Hedged power Price ($/MWh) Volume (GWh) 60 5,000 prices above 4,000 forward curve 40 3,000 2,000 20 1,000 0 - Q2 2025 Q3 2025 Q4 2025 Full Year 2026 1 Volume Forward price Average hedged power price $1 per MWh change in spot Q2 2025 Q3 2025
Slide 12: 2025 priorities
2025 priorities Financial and operational Well positioned Adjusted EBITDA1 of $1.15 - $1.25 billion to execute Improve leading and lagging safety performance priorities and strategic FCF1 of $450 - $550 million initiatives Fleet availability of 91.8% Maintain strong balance sheet and credit ratings
Slide 13: Safe and reliable operator
Safe and reliable operator Diversified and increasingly contracted portfolio Clean electricity leader High potential legacy energy campuses Positioned for growth Financial strength and flexibility Antrim, New Hampshire 13
Slide 14: Questions and answers
Questions and answers Visit us at: www.transalta.com investor_relations@transalta.com 14