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:
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 Signs Long-Term Agreement for 700 MW at Centralia Facility Enabling Coal to Natural Gas Conversion
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:
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. In particular, this news release contains forward-looking statements about the following, among other things: contracted capacity of 700MW; build multiple; the facility’s emission intensity profile; receipt of required regulatory approvals in a timely manner; expected capital expenditure; the target commercial operation date and the timing of a final investment decision with respect to the conversion.
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.
TransAlta to Acquire 310 MW Contracted Ontario Gas Portfolio for $95 million
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.
1 Adjusted 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.
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
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
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.
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.
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:
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 Third Quarter 2025 Results Conference Call
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).
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.
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) 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.
