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TransAlta
TransAlta (TA) investor relations material
TransAlta Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Delivered Adjusted EBITDA of $1.1 billion and free cash flow of $514 million ($1.73/share) for 2025, with fleet availability at 92.3% and an 8% dividend increase, marking the seventh consecutive annual increase.
Achieved record safety performance with a total recordable injury frequency rate of 0.12, surpassing targets.
Advanced strategic priorities, including a major MOU for Alberta data centre development, the acquisition of Far North Power, and integration of Heartland.
Returned $0.34 per share, or 20% of free cash flow, to shareholders through buybacks and dividends.
Reduced Scope 1 and 2 emissions by 75% from 2015 levels, meeting 2026 target ahead of schedule.
Financial highlights
2025 Adjusted EBITDA was $1.1 billion, with free cash flow of $514 million ($1.73/share), both at or above guidance midpoints.
Q4 2025 Adjusted EBITDA was $247 million, down year-over-year, mainly from lower Alberta and Mid-C prices.
Segment Adjusted EBITDA: Hydro $285M, Wind & Solar $338M (up 7%), Gas $438M, Energy Transition $100M, Energy Marketing $85M.
Operational availability improved to 92.3% in 2025.
Revenues for 2025: $2,405 million, down 15% year-over-year.
Outlook and guidance
2026 Adjusted EBITDA guidance: $950–$1,100 million; free cash flow: $350–$450 million ($1.18–$1.51/share).
Alberta spot power prices expected at $40–$60/MWh; AECO gas price: $2.65–$3.15/GJ.
Substantially hedged for 2026, with average hedged power price at $65/MWh.
Centralia plant conversion to gas will temporarily reduce EBITDA and FCF until post-conversion.
2026 priorities include advancing data centre and Centralia projects, optimizing Alberta fleet, and pursuing M&A.
Keephills data center 1GW load timeline?
Centralia conversion project's long-term value?
Alberta market outlook beyond 2026?
Data center PPA structure and risk sharing
Alberta market rebalancing: TransAlta's strategy?
M&A vs. brownfield development prioritization
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Next TransAlta earnings date
Investor Day 202623 Mar, 2026
TransAlta
Next TransAlta earnings date
Investor Day 202623 Mar, 2026
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Frequently asked questions
TransAlta Corporation is a power generation and energy marketing company that produces and sells electricity across various markets. The company operates a diversified portfolio of energy assets, including coal, natural gas, hydroelectric, wind, and solar power facilities. TransAlta provides reliable energy solutions to industrial, commercial, and residential customers while focusing on transitioning to cleaner energy sources. The company is headquartered in Calgary, Canada, and its shares are listed on the NYSE.
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