Transalta Corporation · TSX:TA
Transalta — Q3 2026 Earnings Presentation
12 slides from Transalta's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Results
Third Quarter 2026 Results Keephills , Alberta NOVEMBER 3, 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 Securitie
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 Strong Performance and Execution
Delivered Strong Performance and Execution Third Quarter Results Strategic Priorities Adjusted EBITDA 1 of $264 million Sold interest in Oklahoma wind assets for US$305 million Closed US$1 billion acquisition of contracted Colorado gas assets FCF 1 of $93 million or $0.29 /share Environmental permit
Slide 5: Progressing Data Centre Strategy
Progressing Data Centre Strategy Open house held with Brookfield, CPPI and BGRE on October 7 Proceeding through public engagement and permitting process 25 Progressing solutions to deploy underutilized generation to support both reliability needs and data centre load Received AUC approval for Keephi
Slide 6: Mike Politeski, Chief Financial Officer
Replace with JH image when available; Anna has booked headshots Mike Politeski Executive Vice President, Finance and Chief Financial Officer 6
Slide 7: TransAlta Segmented Results
TransAlta Segmented Results Emissions credits and optimization of Alberta portfolio Three and Nine Months Ended September 30, 2026 ($ millions) provided upside to low spot prices 1 9 months 9 months Q3 2026 Q3 2025 Adjusted EBITDA ended 2026 ended 2025 76 73 Hydro 198 246 52 45 Wind and Solar 237 23
Slide 8: Alberta Merchant Electricity Portfolio Price ($/MWh)
Alberta Merchant Electricity Portfolio Hedged power prices remain Third Quarter 2026 Prices 78% significantly above spot prices Hedged power price premium to spot price 80 60 53% Alberta portfolio Price ($/MWh) Gas merchant premium to spot price 1 continues to generate strong 40 cashflows 19% Hydro
Slide 9: Alberta Hedging Position
Alberta Hedging Position Hedges continue to provide stability to 80 10,000 9,000 merchant portfolio 8,000 Volume (GWh) 60 7,000 Price ($/MWh) 6,000 40 5,000 4,000 3,000 Substantially hedged 20 2,000 for the fourth quarter 1,000 and into 2027 0 0 Q4 2026 Full Year 2026 Full Year 2027 1 Volume Forward
Slide 10: 2026 Priorities
2026 Priorities Financial and Operational Advancing strategic initiatives Adjusted EBITDA 1 of $950 - $1,050 million 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 share f
Slide 11: 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 11 11
Slide 12: Questions and Answers
Questions and Answers Visit us at: www.transalta.com investor_relations@transalta.com 12