Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results Sarnia, Ontario JULY 31, 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 "forwar d- looking statements," within the meaning of applicable United States securities laws, including the Private Securi
Slide 3: Joel Hunter
Replace with JH image when available; Anna has booked headshots Joel Hunter President and Chief Executive Officer 3
Slide 4: Delivered Solid Performance
Delivered Solid Performance Results and Financial Position Business Highlights and Strategic Priorities Adjusted EBITDA 1 of $291 million Data centre development in Alberta progressing FCF 1 of $ 143 million or $ 0.47 /share Acquisition of fully contracted gas facilities in Colorado Fleetwide availa
Slide 5: Mike Politeski
Replace with JH image when available; Anna has booked headshots Mike Politeski Executive Vice President, Finance and Chief Financial Officer 5
Slide 6: TransAlta Segmented Results
TransAlta Segmented Results Hedging position and emissions credits partially Three and Six Months Ended June 30, 2026 ($ millions) offset low Alberta power prices and 1 contract expiry at Q2 2026 Q2 2025 Adjusted EBITDA H1 2026 H1 2025 Centralia 87 126 Hydro 122 173 90 89 Wind and Solar 185 191 142
Slide 7: Alberta Merchant Electricity Portfolio Price
Alberta Merchant Electricity Portfolio Hedged power prices Second Quarter 2026 Prices significantly 134% above spot prices 80 Gas merchant premium to spot price 1 $63 60 117% Hedged power price Alberta portfolio Price ($/MWh) premium to spot price continues to generate strong 40 cashflows $29 24 % H
Slide 8: Alberta Hedging Position
Alberta Hedging Position Hedges continue to provide upside 80 7,000 above forward prices 6,000 60 Volume (GWh) 5,000 Price ($/MWh) 4,000 40 3,000 20 2,000 Substantially hedged 1,000 for balance of year and into 2027 0 0 Q3 2026 Q4 2026 Balance of Year 2026 Full Year 2027 1 Volume Forward price Avera
Slide 9: 2026 Priorities
2026 Priorities Financial and Operational Advancing strategic initiatives A djusted EBITDA 1 of $950 - $1,050 m illion Improve leading and lagging safety performance FCF 1 of $ 350 - $ 450 million Optimize the Alberta merchant fleet Strong safety, operational and Annualized dividend of $0.28 per sha
Slide 10: Our Value Proposition
Safe and reliable operator Our Value Diversified portfolio Proposition High potential legacy energy sites Positioned for growth Financial strength and flexibility Centralia, Washington 10 10
Slide 11: Questions and Answers
Questions and Answers Visit us at: www.transalta.com investor_relations@transalta.com 11