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TransAlta (TA) investor relations material
TransAlta Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 Adjusted EBITDA rose 11% YoY to $264 million; common-share net earnings were $63 million versus a $62 million loss a year earlier.
2026 Adjusted EBITDA guidance of $950 million–$1.05 billion and FCF guidance of $350 million–$450 million were reaffirmed.
Financial highlights
Q3 revenue was $536 million, down from $615 million YoY, while gross margin rose to $411 million from $353 million.
Q3 adjusted net earnings were $56 million, or $0.18 per share, versus an adjusted loss of $8 million, or $0.02 per share; reported EPS was $0.20 versus a $0.20 loss.
Q3 FCF was $93 million, or $0.29 per share; FFO was $146 million, or $0.46 per share.
9M revenue declined 12% to $1.588 billion and Adjusted EBITDA fell 11% to $759 million; FCF was $338 million versus $421 million.
Q3 operating income was $146 million versus $11 million; earnings before income taxes were $100 million versus a $53 million loss.
Outlook and guidance
9M Adjusted EBITDA was $759 million and FCF was $338 million, against full-year guidance of $950 million–$1.05 billion and $350 million–$450 million, respectively.
Full-year Alberta hedges cover 9,364 GWh at $65/MWh; hedged gas totals 40.9 million GJ at $3.04/GJ.
A $1/MWh change in Alberta spot prices is expected to affect remaining-2026 Adjusted EBITDA by $1 million in either direction.
Centralia coal-to-gas conversion is expected to require US$600 million; a final investment decision is targeted for early 2027, with operations anticipated in late 2028.
Priorities include fleet reliability, Alberta data-centre development, Centralia conversion and optimization of the Alberta merchant fleet.
- Strong growth in renewables, financial performance, and disciplined capital allocation drive 2025 outlook.TA
Investor presentation - Strong 2024 results, robust 2025 outlook, and strategic growth drive long-term value.TA
Company presentation - Strong financials, renewables growth, and ESG leadership drive robust 2025 outlook.TA
Corporate presentation - Strong renewables growth, robust financials, and leading ESG targets drive value creation.TA
Investor presentation - Q2 2026 delivered CAD 291M Adjusted EBITDA, strong hedging, and major Colorado acquisition.TA
Q2 2026 - 2025 EBITDA reached $1,104 million; 2026 guidance reflects continued project execution.TA
Q4 2025 - Q3 2025 saw $238M EBITDA, $105M FCF, strong liquidity, and CEO succession amid market headwinds.TA
Q3 2025 - Q2 2025 saw strong Adjusted EBITDA, robust hedging, and progress on strategic initiatives.TA
Q2 2025 - 2024 results met guidance with strong operations, capital returns, and a robust 2025 outlook.TA
Q4 2024
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