TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) is pleased to announce that it will hold an Investor Day in Toronto on Tuesday, November 18, 2025. The formal presentation will commence at 9:00 a.m. (ET) (7:00 a.m. MT) and is expected to conclude by approximately 11:30 a.m. (ET) (9:30 a.m. MT).
The event will feature presentations from John Kousinioris, President and Chief Executive Officer, and Joel Hunter, Executive Vice President and Chief Financial Officer, followed by a panel discussion with the broader leadership team. They will provide an in-depth overview of the Company’s strategic priorities, long-term plan, financial outlook and growth objectives.
TransAlta’s Investor Day is open to the investment community and is being hosted in a hybrid format, with in-person and live webcast attendance options available. Attendees may register for the webcast using the link below or register for in-person attendance through the Investor Centre of TransAlta’s website. Registration for in-person attendance closes on Monday, November 10, 2025.
For those unable to view the event live, a recording of the video webcast and corresponding presentation will be made available on the Investor Centre section of TransAlta’s website.
About TransAlta Corporation:
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.
For more information about TransAlta, visit our web site at transalta.com.
TransAlta Reports Strong Second Quarter 2025 Results, Advancement of Strategic Priorities and Reaffirms Guidance
TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the second quarter ended June 30, 2025.
“Our strong second quarter results illustrate the value of our diversified fleet and exceptional operational performance. Our Alberta portfolio’s hedging strategy and active asset optimization continued to generate realized prices well above spot prices while environmental credits generated by our hydro and wind assets significantly offset our gas fleet’s carbon price compliance obligation. While we continue to navigate a challenging Alberta price environment, our assets continue to perform well, and we remain confident in achieving our 2025 Outlook,” said John Kousinioris, President and Chief Executive Officer.
“Our team remains focused on advancing our strategic priorities. We are pleased with the progress on our Alberta data centre strategy and the associated negotiations, which now reflect the Alberta Electric System Operator’s (AESO) approach to large load integration. The AESO currently expects Demand Transmission Service contracts to be executed in mid-September, which will secure each proponent’s access to system capacity. We continue to work closely with our counterparties and are progressing towards the execution of a data centre memorandum of understanding in relation to our system capacity allocation,” added Mr. Kousinioris. “Finally, we continue to progress negotiations on conversion opportunities at Centralia and are working towards executing a definitive agreement later this year with our customer for the full capacity of Centralia Unit 2.”
Second Quarter 2025 Highlights
Achieved strong operational availability of 91.6 per cent in 2025, compared to 90.8 per cent in 2024
Adjusted EBITDA(1) of $349 million, compared to $316 million for the same period in 2024
Free Cash Flow (FCF)(1) of $177 million, or $0.60 per share, remained consistent with the same period in 2024
Adjusted earnings before income taxes(1) of $122 million, or $0.41 per share, compared to $112 million, or $0.37 per share, for the same period in 2024
Cash flow from operating activities of $157 million, or $0.53 per share, compared to $108 million, or $0.36 per share, from the same period in 2024
Net loss attributable to common shareholders(1) of $112 million, or $0.38 per share, compared to net earnings attributable to common shareholders of $56 million, or $0.18 per share, for the same period in 2024
Second Quarter 2025 Operational and Financial Highlights
$ millions, unless otherwise stated
Three Months Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Operational information
Availability (%)
91.6
90.8
93.3
91.5
Production (GWh)
4,813
4,781
11,645
10,959
Select financial information
Revenues
433
582
1,191
1,529
Adjusted EBITDA(1)
349
316
619
658
Adjusted earnings before income taxes(1)
122
112
150
256
(Loss) earnings before income taxes
(95)
94
(46)
361
Adjusted net earnings after taxes attributable to common shareholders(1)
54
70
84
197
Net (loss) earnings attributable to common shareholders
(112)
56
(66)
278
Cash flows
Cash flow from operating activities
157
108
164
352
Funds from operations(1)
252
236
431
490
Free cash flow(1)
177
177
316
398
Per share
Adjusted net earnings attributable to common shareholders per share(1)
0.18
0.23
0.28
0.64
Net (loss) earnings per share attributable to common shareholders, basic and diluted
(0.38)
0.18
(0.22)
0.91
Cash flow from operating activities per share
0.53
0.36
0.55
1.15
Funds from operations per share(1)
0.85
0.78
1.45
1.60
FCF per share(1)
0.60
0.58
1.06
1.30
Dividends declared per common share
—
0.06
0.07
0.06
Weighted average number of common shares outstanding
297
303
297
306
Segmented Financial Performance
$ millions
Three Months Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Hydro
126
83
173
170
Wind and Solar
89
88
191
177
Gas
128
142
232
267
Energy Transition
19
2
56
29
Energy Marketing
26
39
47
78
Corporate
(39)
(38)
(80)
(63)
Total adjusted EBITDA(1)(2)
349
316
619
658
Adjusted earnings before income taxes(1)
122
112
150
256
(Loss) earnings before income taxes
(95)
94
(46)
361
Adjusted net earnings attributable to common shareholders(1)
54
70
84
197
Net (loss) earnings attributable to common shareholders
(112)
56
(66)
278
Key Business Developments
Credit Facility Extension
On July 16, 2025, the Company executed agreements to extend committed credit facilities totalling $2.1 billion with a syndicate of lenders. The revised agreements extend the maturity dates of the syndicated credit facility from June 30, 2028 to June 30, 2029 and the bilateral credit facilities from June 30, 2026 to June 30, 2027.
Divestiture of Poplar Hill
During the second quarter of 2025, the Company signed an agreement for the divestiture of the 48 MW Poplar Hill asset, as required by the consent agreement with the federal Competition Bureau and pursuant to the terms of the acquisition of Heartland Generation. Energy Capital Partners will be entitled to receive the proceeds from the sale of Poplar Hill, net of certain adjustments, following completion of the divestiture.
Recontracting of Ontario Wind Facilities
During the second quarter of 2025, the Company successfully recontracted its Melancthon 1, Melancthon 2 and Wolfe Island wind facilities through the Ontario Independent Electricity System Operator Five-Year Medium-Term 2 Energy Contract (MT2e). MT2e will replace current energy contracts for the three wind facilities when they expire, extending the contract dates until April 30, 2031, for Melancthon 1 and April 30, 2034, for Melancthon 2 and Wolfe Island.
Normal Course Issuer Bid (NCIB)
On May 27, 2025, the Company announced that it had received approval from the Toronto Stock Exchange to repurchase up to a maximum of 14 million common shares during the 12-month period that commenced May 31, 2025, and will terminate on May 30, 2026.
On Feb. 19, 2025, the Company announced it was allocating up to $100 million to be returned to shareholders in the form of share repurchases.
During the six months ended June 30, 2025, the Company purchased and cancelled a total of 1,932,800 common shares at an average price of $12.42 per common share, for a total cost of $24 million, including taxes.
Notes: 1. These items (Adjusted EBITDA, adjusted earnings (loss) before income taxes, adjusted net earnings (loss) after income taxes attributable to common shareholders, funds from operations, free cash flow, adjusted net earnings attributable to common shareholders per share, funds from operations (FFO) per share and free cash flow (FCF) per share) are non-IFRS measures, which are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS financial measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
2. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) declared a quarterly dividend of $0.065 per common share payable on Oct. 1, 2025, to shareholders of record at the close of business on Sept. 1, 2025.
The Board of Directors also declared the following quarterly dividend on its Cumulative Redeemable Rate Reset First Preferred Shares for the period starting from and including June 30, 2025, up to but excluding Sept. 30, 2025:
Preferred Shares
TSX Stock Symbol
Dividend Rate
Dividend Per Share
Record Date
Payment Date
Series A
TA.PR.D
2.877%
$0.17981
Sept. 1, 2025
Sept. 30, 2025
Series B*
TA.PR.E
4.674%
$0.29453
Sept. 1, 2025
Sept. 30, 2025
Series C
TA.PR.F
5.854%
$0.36588
Sept. 1, 2025
Sept. 30, 2025
Series D*
TA.PR.G
5.744%
$0.36195
Sept. 1, 2025
Sept. 30, 2025
Series E
TA.PR.H
6.894%
$0.43088
Sept. 1, 2025
Sept. 30, 2025
Series G
TA.PR.J
6.773%
$0.42331
Sept. 1, 2025
Sept. 30, 2025
* Please note the quarterly floating rate on the Series B and Series D Preferred Shares will be reset every quarter.
All currency is expressed in Canadian dollars. When the dividend payment date falls on a weekend or holiday the payment is made the following business day.
About TransAlta Corporation:
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.
For more information about TransAlta, visit our web site at transalta.com.
TransAlta to Host Second Quarter 2025 Results Conference Call
TransAlta Corporation (“TransAlta”) (TSX:TA)(NYSE:TAC) will release its second quarter 2025 results before markets open on Friday, August 1, 2025. A conference call and webcast to discuss the results will be held for investors, analysts, members of the media and other interested parties the same day beginning at 9:00 a.m. Mountain Time (11:00 a.m. ET).
To access the conference call via telephone, please register ahead of time using the call link below: https://register-conf.media-server.com/register/BI215de673b3704e0da46b2a02e0f35bb0. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.
For more information about TransAlta, visit its website at transalta.com.
Note: All financial figures are in Canadian dollars unless otherwise indicated.
TransAlta Corporation (“TransAlta” or the “Company”) (TSX: TA) (NYSE: TAC) announced today that the Toronto Stock Exchange (“TSX”) has accepted the notice filed by the Company to implement a normal course issuer bid (“NCIB”) for a portion of its common shares (“Common Shares”).
Pursuant to the NCIB, TransAlta may repurchase up to a maximum of 14,000,000 Common Shares, representing approximately 4.7% of the 296,449,829 Common Shares issued and outstanding as at May 20, 2025. Purchases under the NCIB may be made through open market transactions on the TSX and any alternative Canadian trading systems on which the Common Shares are traded, based on the prevailing market price. Any Common Shares purchased under the NCIB will be cancelled.
Transactions under the NCIB will depend on future market conditions. TransAlta will initially retain discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX and other regulatory requirements. The period during which TransAlta is authorized to make purchases under the NCIB commences on May 31, 2025, and ends on May 30, 2026, or such earlier date on which the maximum number of Common Shares are purchased under the NCIB or the NCIB is terminated at the Company’s election.
Under TSX rules, not more than 481,658 Common Shares (being 25% of the average daily trading volume on the TSX of 1,926,633 Common Shares for the six months ended April 30, 2025) can be purchased on the TSX on any single trading day under the NCIB, with the exception that one block purchase in excess of the daily maximum is permitted per calendar week.
TransAlta has repurchased and cancelled 7,963,000 Common Shares on the open market through the facilities of the TSX and/or alternative Canadian trading systems at an average price of $12.00 per share under its prior NCIB approved by the TSX on May 27, 2024, for the twelve-month period commencing May 31, 2024.
The NCIB provides the Company with a capital allocation alternative with a view to providing long-term shareholder value. TransAlta’s Board of Directors and Management believe that, from time to time, the market price of the Common Shares does not reflect their underlying value and purchases of Common Shares for cancellation under the NCIB may provide an opportunity to enhance shareholder value.
About TransAlta Corporation:
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.
For more information about TransAlta, visit its website at transalta.com.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “may”, “will”, and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to TransAlta’s intentions with respect to the NCIB, the effects of repurchases of Common Shares and purchases thereunder, including any enhancement to shareholder value. These statements are based on TransAlta’s belief and assumptions based on information available at the time the assumptions were made. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: the entering into of an automatic securities purchase plan; legislative or regulatory developments; any significant changes to Common Share price or trading volume; continued availability of capital and financing; changes to general economic, market or business conditions; business opportunities that become available to, or are pursued by TransAlta; and other risk factors contained in the Company’s annual information form and management’s discussion and analysis. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information, which reflect TransAlta’s expectations only as of the date of this news release. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Note: All financial figures are in Canadian dollars unless otherwise indicated.
TransAlta Reports First Quarter 2025 Results and Reaffirms Annual Guidance
TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the first quarter ended March 31, 2025.
“Our business delivered strong operational performance across the fleet during the first quarter. While the Company’s merchant portfolio in Alberta was partially impacted by softer power prices, our hedging strategy and active asset optimization continued to generate realized prices well above spot prices,” said John Kousinioris, President and Chief Executive Officer of TransAlta.
“We have a unique and diversified generating fleet that is complemented by a highly skilled energy marketing and trading team. Though we are operating within a challenging pricing environment in Alberta, our assets continue to perform well, and we remain confident in our 2025 Outlook,” added Mr. Kousinioris.
“During the quarter, we executed and progressed multiple strategic initiatives. We advanced our growth plan by securing a strategic partnership with Nova Clean Energy, LLC, which grants the Company the exclusive option to purchase late-stage development projects in the western United States. Nova’s team has a successful track record of developing projects across the U.S. and has a development portfolio of over four GW. We continued to advance our data centre strategy in Alberta by moving into the commercialization phase. Negotiations on repowering opportunities at our Centralia facility continue to progress. And, finally, we successfully issued $450 million of medium-term notes and repaid our $400 million term loan that was due later this year, maintaining our financial strength and capital discipline.”
First Quarter 2025 Highlights
Achieved strong operational availability of 94.9 per cent in 2025, compared to 92.3 per cent in 2024
Adjusted EBITDA(1) of $270 million, compared to $342 million for the same period in 2024
Free Cash Flow (FCF)(1) of $139 million, or $0.47 per share, compared to $221 million, or $0.72 per share, for the same period in 2024
Adjusted earnings before income taxes(1) of $28 million, or $0.09 per share, compared to $144 million, or $0.47 per share, for the same period in 2024
Cash flow from operating activities of $7 million, compared to $244 million from the same period in 2024
Net earnings attributable to common shareholders(1) of $46 million, or $0.15 per share, compared to $222 million, or $0.72 per share, for the same period in 2024
Declared quarterly dividend of $0.065 per share common share, an increase of eight per cent
Key Business Developments
Nova Clean Energy, LLC
During the first quarter of 2025, the Company made a strategic investment in Nova Clean Energy, LLC (Nova), a developer of renewable energy projects. The investment includes a US$75 million term loan and US$100 million revolving facility. At closing of the transaction, US$74 million was drawn by Nova under the credit facilities. The outstanding principal under the term loan and the revolving facility bear interest of seven per cent per annum with interest due quarterly. The terms of the term loan and the revolving facility are six and five years, respectively, unless accelerated. The term loan is convertible to a minority equity interest at any time, prior to maturity, at the option of the Company and any remaining unused term loan commitments at the time of conversion would be terminated. This investment provides the Company with the exclusive right to purchase Nova’s late-stage development projects in the western U.S.
Annual Shareholder Meeting
On April 24, 2025 at TransAlta’s Annual and Special Meeting of Shareholders, the Company received strong support on all items of business, including the election of all 11 director nominees, re-appointment of auditors, Say-on-Pay, and approval of the Company’s Amended and Restated Shareholder Rights Plan.
Two directors did not stand for re-election and the Board would like to extend its gratitude to Mr. Harry Goldgut and Ms. Sarah Slusser for their service.
The Company welcomed Mr. Brian Baker to the Board who brings extensive experience in strategic direction, risk management and growth alongside his extensive background in infrastructure.
Mothballing of Sundance 6
As previously communicated, the Company mothballed the Sundance Unit 6 facility on April 1, 2025. The Company initially provided notice to the Alberta Electric System Operator (AESO) on Nov. 4, 2024, that Sundance Unit 6 would be mothballed on April 1, 2025, for a period of up to two years depending on market conditions. TransAlta maintains the flexibility to return the mothballed unit to service when market fundamentals improve or opportunities to contract are secured.
Senior Notes Offering
On March 24, 2025, the Company issued $450 million of senior notes with a fixed annual coupon of 5.625 per cent, maturing on March 24, 2032. The notes are unsecured and rank equally in right of payment with all existing and future senior indebtedness and senior in right of payment to all future subordinated indebtedness. Interest payments on the notes are made semi-annually, on March 24 and Sept. 24, with the first payment commencing Sept. 24, 2025.
On March 25, 2025, the Company repaid its $400 million variable rate term loan facility in advance of the scheduled maturity date of Sept. 7, 2025, with the proceeds received from the $450 million senior notes offering.
Normal Course Issuer Bid (NCIB) and Automatic Securities Purchase Plan (ASPP)
TransAlta remains committed to enhancing shareholder returns through appropriate capital allocation such as share buybacks and its quarterly dividend.
On May 27, 2024, the Company announced that it had received approval from the Toronto Stock Exchange to purchase up to 14 million common shares during the 12-month period that commenced May 31, 2024, and terminates May 31, 2025. Any common shares purchased under the NCIB will be cancelled.
On Feb. 19, 2025 the Company announced it was allocating up to $100 million to be returned to shareholders in the form of share repurchases.
On March 25, 2025, the Company entered into an ASPP to facilitate repurchases of TransAlta’s common shares under its NCIB. Under the ASPP, the Company’s broker may purchase common shares from the effective date of the ASPP until the termination of the ASPP. All purchases of common shares made under the ASPP will be included in determining the number of common shares purchased under the NCIB. The ASPP will terminate on the earliest of: (a) May 8, 2025; (b) the date on which the maximum purchase limits under the ASPP are reached; or (c) the date on which the Company terminates the ASPP in accordance with its terms.
As of May 6, 2025, the Company has purchased and cancelled a total of 1,932,800 common shares, at an average price of $12.42 per common share, for a total cost of $24 million, including taxes.
Declared Increase in Common Share Dividend
On Feb. 19, 2025, the Company’s Board of Directors approved a $0.02 annualized increase to the common share dividend, an eight per cent increase, and declared a dividend of $0.065 per common share payable on July 1, 2025 to shareholders of record at the close of business on June 1, 2025. The quarterly dividend of $0.065 per common share represents an annualized dividend of $0.26 per common share.
First Quarter 2025 Operational and Financial Highlights
$ millions, unless otherwise stated
Three Months Ended
March 31, 2025
March 31, 2024
Operational information
Availability (%)
94.9
92.3
Production (GWh)
6,832
6,178
Select financial information
Revenues
758
947
Adjusted EBITDA(1)
270
342
Adjusted earnings before income taxes(1)
28
144
Earnings before income taxes
49
267
Adjusted net earnings after taxes attributable to common shareholders(1)
30
128
Net earnings (loss) attributable to common shareholders
46
222
Cash flows
Cash flow from operating activities
7
244
Funds from operations(1)
179
254
Free cash flow(1)
139
221
Per share
Adjusted net earnings attributable to common shareholders per share(1)
0.10
0.41
Net earnings per share attributable to common shareholders, basic and diluted
0.15
0.72
Funds from operations per share(1)
0.60
0.82
FCF per share(1)
0.47
0.72
Dividends declared per common share
0.07
—
Weighted average number of common shares outstanding
TransAlta Corporation Announces Results of the 2025 Annual and Special Meeting of Shareholders and Election of all Directors
TransAlta Corporation (TSX: TA) (NYSE: TAC) (“TransAlta” or the “Company”) held its Annual and Special Meeting of Shareholders (“the Meeting”) on April 24, 2025. The total number of common shares represented by shareholders at the Meeting and by proxy was 188,961,909, representing 63.43 per cent of the Company’s outstanding common shares.
The following resolutions were considered by shareholders:
Election of Directors
The eleven director nominees proposed by management were elected. The votes by ballot were received as follows:
Nominee
Votes For
Per cent
Against
Per cent
Brian Baker
185,156,967
99.63%
680,871
0.37%
John P. Dielwart
184,711,189
99.39%
1,126,649
0.61%
Alan J. Fohrer
183,827,004
98.92%
2,010,834
1.08%
Laura W. Folse
183,557,637
98.77%
2,280,201
1.23%
John H. Kousinioris
184,917,419
99.50%
920,419
0.50%
Candace J. MacGibbon
185,275,486
99.70%
562,352
0.30%
Thomas M. O’Flynn
169,353,529
91.13%
16,484,309
8.87%
Bryan D. Pinney
184,445,303
99.25%
1,392,535
0.75%
James Reid
185,232,712
99.67%
605,126
0.33%
Manjit K. Sharma
185,215,308
99.67%
622,530
0.33%
Sandra R. Sharman
183,128,129
98.54%
2,709,709
1.46%
Appointment of Auditors
The appointment of Ernst & Young LLP to serve as the auditors for 2025 was approved. The votes by ballot were received as follows:
Votes For
Per cent
Abstained
Per cent
182,794,374
96.74%
6,167,467
3.26%
Advisory Vote on Executive Compensation (also known as “say-on-pay”)
The non-binding advisory vote on the Company’s approach to executive compensation or say-on-pay was approved. The votes by ballot were received as follows:
Votes For
Per cent
Against
Per cent
183,790,460
98.90%
2,047,376
1.10%
Approval of the Company’s Amended and Restated Shareholder Rights Plan
The resolution approving the continuation of the Company’s Amended and Restated Shareholder Rights Plan was approved. The votes by ballot were received as follows:
Votes For
Per cent
Against
Per cent
181,082,369
97.44%
4,754,201
2.56%
About TransAlta Corporation: TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.
For more information about TransAlta, visit our web site at transalta.com.
The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) declared the following quarterly dividend on its Cumulative Redeemable Rate Reset First Preferred Shares for the period starting from and including March 31, 2025, up to but excluding June 30, 2025:
Preferred Shares
TSX Stock Symbol
Dividend Rate
Dividend Per Share
Record Date
Payment Date
Series A
TA.PR.D
2.877%
$0.17981
June 1, 2025
June 30, 2025
Series B*
TA.PR.E
4.868%
$0.30342
June 1, 2025
June 30, 2025
Series C
TA.PR.F
5.854%
$0.36588
June 1, 2025
June 30, 2025
Series D*
TA.PR.G
5.938%
$0.37011
June 1, 2025
June 30, 2025
Series E
TA.PR.H
6.894%
$0.43088
June 1, 2025
June 30, 2025
Series G
TA.PR.J
6.773%
$0.42331
June 1, 2025
June 30, 2025
* Please note the quarterly floating rate on the Series B and Series D Preferred Shares will be reset every quarter.
All currency is expressed in Canadian dollars (unless otherwise noted). When the dividend payment date falls on a weekend or holiday the payment is made the following business day.
About TransAlta Corporation:
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.
For more information about TransAlta, visit our web site at transalta.com.
TransAlta to Host Annual Meeting of Shareholders and First Quarter 2025 Results Conference Call
TransAlta Corporation 2025 Annual Meeting of TransAlta Corporation Shareholders
On Thursday, April 24, 2025, TransAlta Corporation (“TransAlta”) (TSX: TA) (NYSE: TAC) will hold its annual meeting of shareholders at 11:30 a.m. Mountain Time (1:30 p.m. Eastern Time) in a virtual-only meeting format via live audio webcast (https://meetings.400.lumiconnect.com/r/participant/live-meeting/400-164-661-424). The management proxy circular (available at https://transalta.com/investors/results-reporting/) provides detailed information about the business of the meeting and the voting process. TransAlta will only conduct the formal business of the meeting and there will not be a management presentation.
First Quarter 2025 Conference Call
TransAlta will release its first quarter 2025 results before markets open on Wednesday, May 7, 2025. A conference call and webcast to discuss the results will be held for investors, analysts, members of the media and other interested parties the same day beginning at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time).
To access the conference call via telephone, please register ahead of time using the call link: https://register-conf.media-server.com/register/BI49f11ff999b449caa13c201afbb053aa. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 113 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.
For more information about TransAlta, visit its website at transalta.com.
Note: All financial figures are in Canadian dollars unless otherwise indicated.
TransAlta Corporation Enters into Automatic Share Purchase Plan
TransAlta Corporation (“TransAlta” or the “Company”) (TSX: TA) (NYSE: TAC) announced today that it has entered into an automatic share purchase plan (“ASPP”) with its broker in order to facilitate repurchases of TransAlta’s common shares (“Common Shares”) under the Company’s previously announced normal course issuer bid (“NCIB”).
The Company previously announced that it had received approval from the Toronto Stock Exchange (“TSX”) to purchase up to 14,000,000 of its Common Shares during the 12-month period that commenced May 31, 2024, and terminates May 30, 2025. Purchases under the NCIB may be made through open market transactions on the TSX and any alternative Canadian trading systems on which the Common Shares are traded, based on the prevailing market price. Since the beginning of the current NCIB on May 31, 2024, the Company has purchased 6,102,300 at a weighted average price per Common Share of $11.89 for an aggregate value of approximately $72.5 million.
The Company believes that the prevailing price for the Common Shares may not, from time to time, reflect the underlying value of the Common Shares and that the purchase of Common Shares pursuant to the NCIB may be an attractive and appropriate use of available funds relative to other alternatives. The ASPP will facilitate purchases under the NCIB as it will allow for purchases of Common Shares to be made at times when the Company would ordinarily not be permitted to make purchases, whether due to regulatory restriction or customary self-imposed blackout periods. TransAlta is committed to enhancing shareholder returns through appropriate capital allocation such as a share buyback and its quarterly dividend, which are underpinned by the Company’s strong free cash flow position.
Under the ASPP, the Company’s broker may purchase Common Shares from the effective date of the ASPP until the end of the NCIB. The ASPP will facilitate purchases of Common Shares under the NCIB by authorizing the Company’s broker to make purchases at its sole discretion based on parameters set by the Company in accordance with TSX rules, applicable law and the terms of the ASPP. Outside of periods that the Company is restricted from purchasing Common Shares pursuant to insider trading rules or its own internal trading blackout policies, Common Shares may also be purchased based on management’s discretion, in compliance with TSX rules and applicable law.
All purchases of Common Shares made under the ASPP will be included in determining the number of Common Shares purchased under the NCIB. Any Common Shares purchased by the Company pursuant to the NCIB will be cancelled. The Company is not currently in possession of any material undisclosed information in relation to the Company. The ASPP has been pre-cleared by the TSX and will be effective on April 1, 2025.
The ASPP will terminate on the earliest of the date on which: (a) the maximum purchase limits under the ASPP are reached; (b) May 8, 2025; or (c) the Company terminates the ASPP in accordance with its terms.
About TransAlta Corporation:
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 113 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 66 per cent reduction in GHG emissions or 21.3 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.
For more information about TransAlta, visit its website at TransAlta.com.
Note: All financial figures are in Canadian dollars unless otherwise indicated.
