Slide 1: First Quarter 2026 Results
First Quarter 2026 Results Upper Mamquam, British Columbia MAY 6, 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: Joel Hunter, President and Chief Executive Officer
Replace with JH image when available; Anna has booked headshots Joel Hunter President and Chief Executive Officer 3
Slide 4: Delivered Solid Operational Performance
Delivered Solid Operational Performance Results and Financial Position Business Highlights and Strategic Priorities Adjusted EBITDA1 of $204 million Advanced data centre development in Alberta and redevelopment of Centralia in Washington state FCF1 of $102 million or $0.34/share Hosted 2026 Investor
Slide 5: Alberta data centre project and Centralia Unit 2 conversion
Alberta data centre project progressing following the signing of MOU Active engagement with counterparties Continued participation with the AESO on next phase of Large Load Integration Over 2,500 acres of TransAlta owned land in Parkland County, Alberta, rezoned for data centre use Keephills, Albert
Slide 6: TransAlta Segmented Results
TransAlta Segmented Results Hedging position partially offset low Alberta power Three Months Ended March 31, 2026 $m i llions ) prices and ceasing of coal-fired generation at Adjusted EBITDA 1 Q1 2026 Q1 2025 Centralia Hydro 35 47 Wind and Solar 95 102 Gas 93 104 Strong average Energy Transition 1
Slide 7: Alberta Merchant Electricity Portfolio
Alberta Merchant Electricity Portfolio First Quarter 2026 Prices 106% Hedged power Hedged power price prices above $66 premium to spot price forward curve 60 50% Price $/MWh Gas merchant premium to spot price 1 40 $32 44% 20 Hydro merchant premium $1 per MWh change to spot price 1 in spot price is
Slide 8: Alberta Hedging Position
Alberta Hedging Position Hedge prices continue to 80 8,000 provide upside 7,000 above spot prices 60 6,000 Price $/MWh Volume GWh 5,000 40 4,000 3,000 20 2,000 Substantially hedged 1,000 for balance of year 0 0 and into 2027 Q2 2026 Q3 2026 Q4 2026 Balance of Year 2026 Full Year 2027 1 Volume Fo
Slide 9: Executive Appointments
Executive Appointments Mike Politeski Grant Arnold Executive Vice President, Executive Vice President, Finance and Growth and Chief Financial Officer Chief Commercial Officer 9
Slide 10: 2026 Priorities
2026 Priorities Financial and Operational Executing strategic initiatives Adjusted EBITDA1 of $950 $1,050 million Improve leading and lagging safety performance FCF1 of $350 $450 million Optimize the Alberta merchant fleet Reaffirmed Annualized dividend of $0.28 per share Fleet availability of 9
Slide 11: 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 11 11
Slide 12: Questions and Answers
Questions and Answers Visit us at: www.transalta.com investor_relations@transalta.com 12