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TransAlta (TA) investor relations material
TransAlta Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved adjusted EBITDA of CAD 238 million and free cash flow of CAD 105 million ($0.35/share) for Q3 2025, with fleet availability at 92.7%, despite lower power prices and challenging market conditions.
Revenue for Q3 2025 was $615 million, down 4% year-over-year, and net loss attributable to common shareholders was $62 million for Q3.
Progressed key projects including Alberta data center and Centralia coal-to-gas conversion, with commercial negotiations ongoing and major milestones expected by year-end.
Announced CEO succession: John Kousinioris retiring April 2026, Joel Hunter named as successor.
Major events included completion of required divestitures, extension of credit facilities, and a $450 million senior notes offering.
Financial highlights
Adjusted EBITDA of CAD 238 million for Q3 2025, down from CAD 315 million in Q3 2024, and free cash flow of CAD 105 million (down from CAD 131 million).
Nine months ended Sept. 30, 2025: Adjusted EBITDA of $857 million and free cash flow of $421 million.
Alberta spot price averaged CAD 51/MWh in Q3, down from CAD 55/MWh in Q3 2024.
Realized hedge prices significantly above spot: 2,500 GWh hedged at CAD 66/MWh (29% premium); hydro at CAD 76/MWh (49% premium); gas at CAD 79/MWh (55% premium).
Available liquidity at quarter-end was $1.55 billion; adjusted net debt to adjusted EBITDA increased to 3.9x.
Outlook and guidance
Tracking toward the low end of 2025 adjusted EBITDA guidance ($1.15–$1.25 billion) and mid-point of free cash flow guidance ($450–$550 million).
Approximately 1,900 GWh hedged for the remainder of 2025 at CAD 72/MWh, and 7,800 GWh hedged for 2026 at CAD 66/MWh, both above current forward prices.
Full-year Alberta spot price expected to average CAD 46/MWh; 2026 outlook to be updated in Q4 2025 call.
Dividend per share guidance for 2025 is $0.26 annualized.
Progressing towards a 75% reduction in CO2 emissions from 2015 levels by 2026.
Assess REM's FTR impact on Alberta assets
US policy changes impact on Nova pipeline
Evaluate carbon cost strategy effectiveness
Legacy assets' role in Phase 2 data center growth
Centralia definitive agreement scope
REM impact on Alberta merchant power prices
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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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