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TransAlta (TA) investor relations material
TransAlta Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Delivered strong Q2 2025 results with adjusted EBITDA of $349 million and free cash flow of $177 million ($0.60/share), driven by Alberta portfolio hedging, asset optimization, and environmental offsets from hydro and wind assets.
Achieved fleetwide availability of 91.6%, supported by optimization in Alberta and Washington, and advanced Alberta data centre and Centralia Unit 2 conversion projects.
Recontracted three Ontario wind facilities, extending contracts to 2031 and 2034, and progressed Centralia site redevelopment.
Repurchased 1.9 million shares year-to-date at an average cost of $12.42 and launched NCIB to repurchase up to 14 million shares.
Reported net loss attributable to common shareholders of $112 million (–$0.38/share) versus net earnings of $56 million ($0.18/share) in Q2 2024.
Financial highlights
Adjusted EBITDA rose to $349 million in Q2 2025 from $316 million in Q2 2024, with free cash flow steady at $177 million ($0.60/share) and average fleet availability at 91.6%.
Adjusted earnings before income taxes increased to $122 million ($0.41/share) from $112 million ($0.37/share) year-over-year.
Cash flow from operating activities rose to $157 million ($0.53/share) from $108 million ($0.36/share) year-over-year.
Revenues declined to $433 million from $582 million year-over-year.
Alberta spot price averaged CAD 40/MWh, down from CAD 45/MWh last year due to increased supply and mild weather.
Outlook and guidance
Reaffirmed 2025 guidance for adjusted EBITDA ($1.15–$1.25 billion) and free cash flow ($450–$550 million), with confidence in meeting targets supported by asset performance and hedging.
Approximately 4,300 GWh of Alberta generation hedged for the remainder of 2025 at CAD 69/MWh, and 7,000 GWh hedged for 2026 at CAD 67/MWh.
AESO expects Demand Transmission Service contracts for data centre integration to be executed by mid-September 2025.
CO2 emissions reduction goal of 75% from 2015 levels by 2026.
Strategic focus on maximizing legacy thermal site value, pursuing M&A, and maintaining financial flexibility.
Assess progress on Centralia conversion negotiations.
What is driving the net loss to shareholders?
Explain the adjusted EBITDA composition amendment.
Alberta data center MOU: Gating factors?
Mid-life natural gas M&A: Key market focus?
Centralia: Beyond coal-to-gas, other opportunities?
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Next TransAlta earnings date
Q3 20256 Nov, 2025
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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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