TransAlta

TransAlta Provides Notice to Mothball Sheerness Unit 1

Posted on December 18, 2025December 18, 2025 by Ben Harris

Alberta Power (2000) Ltd., a subsidiary of TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC), provided notice to the Alberta Electric System Operator on December 18, 2025, that Sheerness Unit 1 will be temporarily mothballed effective April 1, 2026, for a period of up to two years. TransAlta maintains the flexibility to return the mothballed unit to service when market fundamentals or contracting opportunities are secured. The unit will remain available and fully operational through the winter season and Sheerness Unit 2 will remain fully in service.

“We have made the prudent financial decision to temporarily mothball Sheerness Unit 1 while reserving it for future economic opportunities. There is significant value at our Alberta thermal sites and we remain very pleased with the continued progress on our data centre strategy. Today’s decision ensures we preserve the long-term optionality of the asset,” said John Kousinioris, President and Chief Executive Officer.

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.

Cautionary Statement Regarding Forward-Looking Information

This news release 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 Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “continue” or other similar words. Forward-looking statements are intended to provide the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements are subject to important risks and uncertainties and are based on certain key assumptions. All forward-looking statements reflect TransAlta’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking statements, you should not put undue reliance on forward-looking statements and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking statements due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to our most recent MD&A and the 2024 Integrated Report, including the section titled “Governance and Risk Management” in our MD&A for the year ended December 31, 2024, filed under TransAlta’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and US	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

Department of Energy Mandates Centralia Unit 2 Remain Available for Operation for 90 Days

Posted on December 17, 2025December 17, 2025 by Ben Harris

TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) confirms that its subsidiary, TransAlta Centralia Generation LLC, has received an order (the Order) from the United States Department of Energy. The Order mandates that Centralia Unit 2 in Washington State remain available for operation, for a period of 90 days, until March 16, 2026.

TransAlta is currently evaluating the Order and will work with the state and federal governments in relation thereto.  Further information regarding the Order will be provided as it becomes available in due course.

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.

Cautionary Statement Regarding Forward-Looking Information
This news release 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 Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “continue” or other similar words. Forward-looking statements are intended to provide the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements are subject to important risks and uncertainties and are based on certain key assumptions. All forward-looking statements reflect TransAlta’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking statements, you should not put undue reliance on forward-looking statements and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking statements due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to our most recent MD&A and the 2024 Integrated Report, including the section titled “Governance and Risk Management” in our MD&A for the year ended December 31, 2024, filed under TransAlta’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

For more information:

Investor Inquiries:	Media Inquiries:
Phone: 1-800-387-3598 in Canada and US	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

TransAlta Declares Dividends

Posted on December 12, 2025December 12, 2025 by tcook

The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) declared a quarterly dividend of $0.065 per common share payable on April 1, 2026, to shareholders of record at the close of business on March 1, 2026.

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 Dec. 31, 2025, up to but excluding March 31, 2026:

Preferred Shares	TSX Stock Symbol	Dividend Rate	Dividend Per Share	Record Date	Payment Date
Series A	TA.PR.D	2.877%	$0.17981	March 1, 2026	March 31, 2026
Series B*	TA.PR.E	4.248%	$0.26186	March 1, 2026	March 31, 2026
Series C	TA.PR.F	5.854%	$0.36588	March 1, 2026	March 31, 2026
Series D*	TA.PR.G	5.318%	$0.32782	March 1, 2026	March 31, 2026
Series E	TA.PR.H	6.894%	$0.43088	March 1, 2026	March 31, 2026
Series G	TA.PR.J	6.773%	$0.42331	March 1, 2026	March 31, 2026

* 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:

For more information about TransAlta, visit our web site at transalta.com.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and US	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

TransAlta Signs Long-Term Agreement for 700 MW at Centralia Facility Enabling Coal to Natural Gas Conversion

Posted on December 9, 2025December 9, 2025 by Ben Harris

Highlights

TransAlta to perform coal-to-gas conversion on its Centralia Unit 2 facility in Washington state, with a planned contracted capacity of 700 MW
The converted facility will deliver reliable power to Puget Sound Energy under a long-term, 16-year fixed price contract through Dec. 31, 2044
The project is currently projected to deliver a build multiple¹ of approximately 5.5 times
The converted facility maintains TransAlta’s position in its strategic core jurisdiction of the Pacific Northwest and extends the life of one of its legacy assets

TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) is pleased to announce that it has signed a long-term tolling agreement (the Agreement) with Puget Sound Energy, Inc. (PSE) to convert its Centralia Unit 2 facility from coal to natural gas-fired generation. The Agreement provides a fixed-price capacity payment that provides PSE the exclusive right to the capacity, energy and ancillary service attributes of, as well as the dispatch rights to, the 700 MW facility.

“Our Centralia facility has a long history of providing reliable and affordable power in the Pacific Northwest region. We are pleased to extend the useful life of this asset and support the ongoing reliability needs of PSE and, by extension, its customers” said John Kousinioris, President and Chief Executive Officer.

“The facility is scheduled to cease coal-fired generation at the end of 2025, and the conversion to natural gas will lower the emission intensity profile of the facility by approximately 50 per cent. We are grateful for the constructive and solution-oriented engagement we have received from the Department of Ecology and other state and local regulatory bodies through the development of this project and we are well positioned to receive required regulatory approvals in a timely manner. This project demonstrates the valuable role that legacy assets can play in supporting the State’s clean energy laws and system reliability in a cost effective and timely fashion,” added Mr. Kousinioris.

“When the facility re-enters operations, it will generate long-term contracted cash flow for TransAlta, earning a full return on and of capital within the contract term. The Company is well positioned to execute this project given our deep technical, operational and engineering experience gained in previous coal-to-gas conversions,” concluded Mr. Kousinioris.

Approximately US$600 million of capital expenditures will be required to extend the useful life of the facility and convert it from coal to natural gas-fired generation, delivering an anticipated build multiple¹ of approximately 5.5 times. The target commercial operation date is late-2028 and the facility will operate until the end of 2044 under the terms of the Agreement. TransAlta anticipates declaring a final investment decision (FID) after receipt of all required approvals in early 2027. The Agreement is subject to customary regulatory approvals, including PSE receiving satisfactory approval from the Washington Utilities and Transportation Commission.

¹ Build multiple is a non-IFRS ratio which is calculated using capital expenditures and adjusted EBITDA². We believe build multiple provides investors with a useful measure to evaluate capital projects. Readers are cautioned that our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities.

² Adjusted EBITDA is a non-IFRS measure. It does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Adjusted EBITDA is calculated by adjusting earnings before income taxes for certain items that may not be reflective of ongoing business performance. Please refer to the “Non-IFRS and Supplementary Financial Measures” section of our management’s discussion and analysis for the three and nine months ended September 30, 2025 (“MD&A”) for more information about the non-IFRS measures we use, including a reconciliation of adjusted EBITDA to earnings before income tax, the most directly comparable IFRS measure, which section of the MD&A is incorporated by reference herein. The MD&A can be found on SEDAR+ (www.sedarplus.ca) under TransAlta’s profile.

About TransAlta Corporation:

For more information about TransAlta, visit our web site at transalta.com.

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements and future-oriented financial information in this news release are intended to provide the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements are subject to important risks and uncertainties and are based on certain key assumptions. All forward-looking statements reflect TransAlta’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking statements, you should not put undue reliance on forward-looking statements and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking statements due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to our most recent MD&A and the 2024 Integrated Report, including the section titled “Governance and Risk Management” in our MD&A for the year ended December 31, 2024, filed under TransAlta’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and US	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

Download the full news release

TransAlta to Acquire 310 MW Contracted Ontario Gas Portfolio for $95 million

Posted on November 17, 2025December 8, 2025 by Ben Harris

Highlights

Purchase price of $95 million, or approximately $306 per kilowatt (kW)
Immediately accretive to free cash flow and cash yield upon closing with approximately 68% of the portfolio’s gross margin contracted to 2031; attractive recontracting fundamentals longer-term
TransAlta’s Energy Marketing and Trading team to deliver merchant upside and synergies
Augments and further diversifies TransAlta’s contracted portfolio and enhances competitive position in our core market of Ontario, increasing our footprint by 310 megawatts (MW) to 1,300 MW

TransAlta Corporation (TransAlta or the Company) (TSX: TA; NYSE: TAC) is pleased to announce that it has entered into a definitive share purchase agreement (the Agreement) with an affiliate of Hut 8 Corp. (Nasdaq, TSX: HUT) and Macquarie Equipment Finance Ltd., the parent of Far North Power Corporation (Far North), pursuant to which TransAlta will acquire Far North and its entire business operations in Ontario. Far North owns and operates generation assets consisting of four natural gas-fired generation facilities totalling 310 MW. The purchase price for the acquisition is $95 million, subject to working capital and other adjustments. The Company will finance the transaction using cash on hand and draws on its credit facilities.

“With this acquisition, our position in Ontario increases through contracted and complementary assets. As electrification and population growth continues, the market will meaningfully rely on existing firm, dispatchable generation for grid reliability. Beyond the contract period these assets are attractively positioned for re-contracting opportunities as well as with optionality given the 167 acres of co-located land. The transaction adds to our reliable and increasingly diversified portfolio, and we see long term value in these assets,” said John Kousinioris, President and Chief Executive Officer of TransAlta.

“This acquisition is immediately accretive to cash flow and demonstrates progress towards our priority of pursuing strategic M&A,” said Joel Hunter, Executive Vice President, Finance and Chief Financial Officer. “We expect to seamlessly integrate these assets while remaining focused on advancing our Alberta data centre and Centralia opportunities.”

The assets are expected to add approximately $30 million of average Adjusted EBITDA¹ per year, from the 120 MW Iroquois Falls, 110 MW Kingston, 40 MW North Bay and 40 MW Kapuskasing facilities. The Agreement is subject to customary closing conditions, including receipt of regulatory approvals. The transaction is expected to close by early first quarter of 2026.

¹Adjusted EBITDA is non-IFRS measure. It does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Adjusted EBITDA is calculated by adjusting Earnings before income taxes for certain items that may not be reflective of ongoing business performance. The average Adjusted EBITDA is based on the expected aggregate Adjusted EBITDA for the period from 2027 – 2031 divided by the number of years in such period. Please refer to the “Non-IFRS and Supplementary Financial Measures” section of our management’s discussion and analysis for the three and nine months ended September 30, 2025 (“MD&A”) for more information about the non-IFRS measures we use, including a reconciliation of Adjusted EBITDA to Earnings before income tax, the most directly comparable IFRS measure, which section of the MD&A is incorporated by reference herein. The MD&A can be found on SEDAR+ (www.sedarplus.ca) under TransAlta’s profile.

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 thermal power and Alberta’s largest 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.

Cautionary Statement Regarding Forward-Looking Information
This news release 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 Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “continue” or other similar words. In particular, this news release contains forward-looking statements about the following, among other things: the acquisition of Far North Power Corporation; the anticipated benefits arising from such acquisition, including the addition of approximately $30 million of average Adjusted EBITDA per year, that the acquisition will be immediately accretive to free cash flow and cash yield upon closing, that the assets are attractively positioned for re-contracting opportunities and that we expect our Energy Marketing and Trading team to deliver merchant upside and synergies.
Forward-looking statements and future-oriented financial information in this news release are intended to provide the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements are subject to important risks and uncertainties and are based on certain key assumptions. All forward-looking statements reflect TransAlta’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking statements, you should not put undue reliance on forward-looking statements and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking statements due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to our most recent MD&A and the 2024 Integrated Report, including the section titled “Governance and Risk Management” in our MD&A for the year ended December 31, 2024, filed under TransAlta’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

For more information:

Investor Inquiries:	Media Inquiries:
Phone: 1-800-387-3598 in Canada and US	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

Download the full release

TransAlta Reports Third Quarter 2025 Results

Posted on November 6, 2025December 8, 2025 by tcook

TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the third quarter ended Sept. 30, 2025.

“Our business delivered solid operational performance during the third quarter, demonstrating the Company’s resilience in the face of challenging market conditions. Our Alberta portfolio’s hedging strategy and active asset optimization continued to generate realized prices well above spot prices, while availability remained high across the fleet. Although Alberta power prices remain suppressed, our assets continue to perform well, and we remain confident in achieving results within our 2025 Outlook range,” said John Kousinioris, President and Chief Executive Officer.

“We are pleased with the continued progress on a number of our key priorities, including our Alberta data centre strategy. We have entered into a Demand Transmission Service contract with the Alberta Electric System Operator (AESO) for 230 MW, representing the full allocation awarded to the Company through Phase I of the AESO’s Data Centre Large Load Integration Program. In September, Parkland County unanimously approved the re-zoning of over 3,000 acres of TransAlta-owned land surrounding our Keephills and Sundance facilities to support data centre development. We continue to work closely with our counterparties on their data centre project and are steadily progressing towards the execution of a memorandum of understanding for the initial allocation and potential multi-stage development,” added Mr. Kousinioris.

“We also continue to progress negotiations to convert our Centralia facility in Washington State to gas-fired operations and are working towards executing a definitive agreement with our customer within the quarter for the full capacity of Centralia Unit 2.”

“While we remain confident in the progress of these key priorities, we have decided to shift the timing of our Investor Day to the first quarter of 2026, when we expect to be able to provide more detailed updates on both projects and their impacts on the Company,” said Mr. Kousinioris.

“Today, I announced my retirement from TransAlta and its Board of Directors, effective April 30, 2026. Joel Hunter, the Company’s current Executive Vice President, Finance and Chief Financial Officer will succeed me as President and Chief Executive Officer. I fully support Joel as the next President and CEO and I look forward to working with him, management and the Board to ensure a seamless transition.”

Third Quarter 2025 Highlights

Achieved strong operational availability of 92.7 per cent in 2025, compared to 94.5 per cent in 2024
Adjusted EBITDA⁽¹⁾ of $238 million, compared to $315 million for the same period in 2024
Free Cash Flow (FCF)⁽¹⁾ of $105 million, or $0.35 per share, compared to $131 million, or $0.44 per share, for the same period in 2024
Adjusted earnings before income taxes⁽¹⁾ of $17 million, compared to $102 million, for the same period in 2024
Cash flow from operating activities of $251 million, or $0.85 per share, compared to $229 million, or $0.77 per share, for the same period in 2024
Net loss attributable to common shareholders⁽¹⁾ of $62 million, or $0.20 per share, compared to net loss attributable to common shareholders of $36 million, or $0.12 per share, for the same period in 2024

Third Quarter 2025 Operational and Financial Highlights

$ millions, unless otherwise stated	Three Months Ended		Nine Months Ended
$ millions, unless otherwise stated	Sept. 30, 2025	Sept. 30, 2024	Sept. 30, 2025	Sept. 30, 2024
Operational information
Availability (%)	92.7	94.5	93.1	92.5
Production (GWh)	6,151	5,712	17,796	16,612
Select financial information
Revenues	615	638	1,806	2,167
Adjusted EBITDA⁽¹⁾⁽²⁾	238	315	857	973
Adjusted earnings before income taxes⁽¹⁾	17	102	167	358
(Loss) earnings before income taxes	(53)	9	(99)	370
Adjusted net (loss) earnings after taxes attributable to common shareholders⁽¹⁾	(8)	35	76	233
Net (loss) earnings attributable to common shareholders	(62)	(36)	(128)	242
Cash flows
Cash flow from operating activities	251	229	415	581
Funds from operations⁽¹⁾	156	191	587	681
Free cash flow⁽¹⁾	105	131	421	529
Per share
Adjusted net (loss) earnings attributable to common shareholders per share⁽¹⁾	(0.02)	0.12	0.26	0.77
Net (loss) earnings per share attributable to common shareholders, basic and diluted	(0.20)	(0.12)	(0.43)	0.80
Cash flow from operating activities per share⁽³⁾	0.85	0.77	1.40	1.92
Funds from operations per share⁽¹⁾	0.53	0.65	1.98	2.25
FCF per share⁽¹⁾	0.35	0.44	1.42	1.75
Dividends declared per common share	0.065	0.060	0.130	0.120
Weighted average number of common shares outstanding	297	296	297	303

Segmented Financial Performance

$ millions	Three Months Ended		Nine Months Ended
$ millions	Sept. 30, 2025	Sept. 30, 2024	Sept. 30, 2025	Sept. 30, 2024
Hydro	73	89	246	259
Wind and Solar	45	44	236	221
Gas	110	141	342	408
Energy Transition	28	34	84	63
Energy Marketing	17	42	64	120
Corporate	(35)	(35)	(115)	(98)
Total adjusted EBITDA⁽¹⁾⁽²⁾	238	315	857	973
Adjusted earnings before income taxes⁽¹⁾	17	102	167	358
(Loss) earnings before income taxes	(53)	9	(99)	370
Adjusted net (loss) earnings attributable to common shareholders⁽¹⁾	(8)	35	76	233
Net (loss) earnings attributable to common shareholders	(62)	(36)	(128)	242

1. These are non-IFRS measures and ratios, which are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. We believe that presenting these items from period to period provides management and investors with the ability to evaluate (loss) earnings and cash flow trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS and supplementary financial measures section of this news release for further discussion of these items.

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.

3. Represents a supplementary financial measure and is calculated as Cash flow from operating activities for the period divided by the weighted average number of common shares outstanding during the period.

Key Business Developments

Chief Executive Officer Succession

On Nov. 6, 2025, the Company announced that John Kousinioris, President and Chief Executive Officer and a Director of TransAlta, plans to retire effective April 30, 2026. Concurrent with this announcement, the Board of Directors (Board) has appointed Joel Hunter, TransAlta’s Executive Vice President, Finance and Chief Financial Officer, to succeed Mr. Kousinioris as President and Chief Executive Officer and be nominated to join the Board effective April 30, 2026. Mr. Kousinioris has agreed to serve as a strategic advisor to Mr. Hunter and the Board for a period of six months following his retirement. The Company’s Chief Financial Officer successor will be announced in the coming months.

Demand Transmission Service Contract

Subsequent to the quarter, the Company entered into a 230 MW Demand Transmission Service Contract with the AESO, representing the full allocation awarded to the Company through Phase I of the AESO’s Data Centre Large Load Integration Program.

Completion of Required Divestitures

On Aug. 1, 2025, the Company completed the sale of its 100 per cent interest in the 48 MW Poplar Hill facility, followed by the completion of the sale of its 50 per cent interest in the 97 MW Rainbow Lake facility on Oct. 2, 2025. Both divestitures were required by the consent agreement entered into with the federal Competition Bureau as part of its regulatory approval for the Company’s acquisition of Heartland Generation. Energy Capital Partners is entitled to receive the proceeds from the sale of both facilities, net of certain adjustments, following completion of the divestitures.

Credit Facility Extension

On July 16, 2025, the Company executed agreements to extend its committed credit facilities totalling $2.1 billion with a syndicate of lenders. The revised agreements reduced the Syndicated facility size from $1.95 to $1.90 billion, and extended its maturity from June 30, 2028 to June 30, 2029. The bilateral credit facilities of $240 million were extended by one year to June 30, 2027.

Download the full news release

TransAlta Announces President and CEO Succession

Posted on November 6, 2025November 6, 2025 by tcook

TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) announced today that John Kousinioris, President and Chief Executive Officer and a Director of TransAlta, plans to retire effective April 30, 2026. Concurrent with this announcement, the Board of Directors (Board) has appointed Joel Hunter, TransAlta’s Executive Vice President, Finance and Chief Financial Officer, to succeed Mr. Kousinioris as President and Chief Executive Officer and be nominated to join the Board effective April 30, 2026. Mr. Kousinioris has agreed to serve as a strategic advisor to Mr. Hunter and the Board for a period of six months following his retirement. The Company’s Chief Financial Officer successor will be announced in the coming months.

Mr. Kousinioris joined TransAlta in 2012 as Chief Legal and Compliance Officer, and held increasingly senior roles within the Company, including Chief Growth Officer and Chief Operating Officer, prior to being appointed President and Chief Executive Officer in 2021. Mr. Kousinioris also served as President of TransAlta Renewables from 2017 to 2021.

“On behalf of the Board, I wish to extend our deep appreciation to John for his unwavering dedication and passion for leading TransAlta and growing our business during his tenure,” said John Dielwart, Chair of the Board. “John has led TransAlta through a period of significant industry and regulatory transition, simplified TransAlta’s organizational structure, and worked to define and deliver our strategic priorities for growth and the realization of value from our legacy generating facilities to meet the evolving needs of our customers. John’s deep commitment and strategic vision has positioned TransAlta well for the future. We also wish to thank John for his continued leadership and strong collaboration to facilitate a seamless transition until his retirement next year.”

“This announcement represents the culmination of a thoughtful succession planning process undertaken by the Board, in collaboration with management. With over 25 years’ experience in capital markets, strategic planning and finance, and a track record of exemplary leadership, Joel’s appointment represents a natural transition to lead TransAlta into the future,” said Mr. Dielwart.

“It has been an honour to lead TransAlta and to work with such a committed and talented team,” said Mr. Kousinioris. “Together, we have evolved our business and built a strong foundation for the future by increasing shareholder returns, delivering strong financial results, navigating regulatory change, diversifying our business and positioning our fleet to meet the customer needs of the future. I am also grateful for the support of our Board in this journey.”

“I fully support Joel as the next President and CEO of TransAlta,” said Mr. Kousinioris. “Joel is a proven leader and the right person to guide TransAlta forward in what will be an exciting time in our industry. I look forward to working closely with Joel to ensure a smooth transition for our Company.”

“I’d like to thank John for his steadfast leadership, guidance and strategic vision for TransAlta, as well as his active support of my leadership,” said Mr. Hunter. “I’m excited to continue working with the entire TransAlta team, our Board, shareholders and stakeholders on delivering our strategic priorities and maximizing long-term shareholder value. I’m confident we have the right people, assets and strategy to succeed” concluded Mr. Hunter.

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 thermal power and Alberta’s largest 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.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and US	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

TransAlta Declares Dividends

Posted on October 22, 2025December 8, 2025 by tcook

The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) declared a quarterly dividend of $0.065 per common share payable on Jan. 1, 2026, to shareholders of record at the close of business on Dec. 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 Sept. 30, 2025, up to but excluding Dec. 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	Dec. 1, 2025	Dec. 31, 2025
Series B*	TA.PR.E	4.868%	$0.29560	Dec. 1, 2025	Dec. 31, 2025
Series C	TA.PR.F	5.854%	$0.36588	Dec. 1, 2025	Dec. 31, 2025
Series D*	TA.PR.G	5.938%	$0.36302	Dec. 1, 2025	Dec. 31, 2025
Series E	TA.PR.H	6.894%	$0.43088	Dec. 1, 2025	Dec. 31, 2025
Series G	TA.PR.J	6.773%	$0.42331	Dec. 1, 2025	Dec. 31, 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:

For more information about TransAlta, visit our web site at transalta.com.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and US	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

TransAlta to Host Third Quarter 2025 Results Conference Call

Posted on October 8, 2025October 8, 2025 by tcook

TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) will release its third quarter 2025 results before markets open on Thursday, November 6, 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).

Third Quarter 2025 Conference Call:

Webcast link: https://edge.media-server.com/mmc/p/icv44oxf

To access the conference call via telephone, please register ahead of time using the call link below: https://register-conf.media-server.com/register/BI4080fa963ddc4e2cbda6151735c3a810. 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.

Related materials will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/. If you are unable to participate in the call, the replay will be accessible at https://edge.media-server.com/mmc/p/icv44oxf. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.

About TransAlta Corporation:

For more information about TransAlta, visit its website at transalta.com.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

TransAlta to Host 2025 Investor Day

Posted on September 18, 2025September 18, 2025 by maddiea

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.

Register for the 2025 Investor Day webcast

Event details:

TransAlta 2025 Investor Day

November 18, 2025

Start time: 9:00 a.m. ET / 7:00 a.m. MT

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:

For more information about TransAlta, visit our web site at transalta.com.

For more information:

*Investor inquiries:*	*Media inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

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