Slide 1: Second Quarter Results
Second Quarter Results Kananaskis, Alberta AUGUST 1, 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: Delivered strong performance
Delivered strong performance Results and Business highlights Strategic priorities financial position Adjusted EBITDA1 of $349 million Fleetwide availability of 91.6% Alberta data centre project advancing through commercial negotiations FCF1 of $177 million or $0.60/share Recontracted three Ontario w
Slide 5: Realize Value of Legacy Generation
Alberta data centre project progressing towards MOU following Realize Value of AESO phase I large load allocation Legacy Generation Active commercial negotiations with counterparties AESO Demand Transmission Service timeline for contract execution currently mid-September Engaging with counterparties
Slide 6: Joel Hunter, Executive Vice President, Finance and CFO
Replace with JH image when available; Anna has booked headshots Joel Hunter Executive Vice President, Finance and Chief Financial Officer 6
Slide 7: TransAlta segmented results
TransAlta segmented results Higher utilization of Three months ended June 30, 2025 ($millions) carbon offsets in Alberta Adjusted EBITDA1 Q2 2025 Q2 2024 Hydro 126 83 Wind and Solar 89 88 Strong average availability of 91.6% Gas 128 142 across fleet Energy Transition 19 2 Energy Marketing 26 39 Corp
Slide 8: Alberta merchant electricity portfolio
Alberta merchant electricity portfolio Second quarter 2025 prices 100 105% Alberta merchant Hydro merchant premium portfolio continues to spot price 1 to outperform 80 $70 75% Price ($/MWh) 60 Hedged power price premium to spot price 40 $40 55% Significant benefit Gas merchant premium 20 to spot pri
Slide 9: Hedging position
Hedging position 80 9,000 8,000 7,000 Hedged power prices Price ($/MWh) Volume (GWh) 60 6,000 continue to provide 5,000 40 4,000 upside above spot 3,000 prices 20 2,000 1,000 0 - Q3 2025 Q4 2025 Full Year 2025 Full Year 2026 1 Volume Forward price Average hedged power price Q3 2025 Q4 2025 Full year
Slide 10: 2025 priorities
2025 priorities Reaffirmed 2025 Financial and operational adjusted EBITDA and FCF guidance 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
Slide 11: Our Value Proposition
Safe and reliable operator Diversified and increasingly contracted portfolio Our Value Clean electricity leader Proposition High potential legacy energy campuses Positioned for growth Financial strength and flexibility Antrim, New Hampshire 11 11
Slide 12: Questions and answers
Questions and answers Visit us at: www.transalta.com investor_relations@transalta.com 12