TransAlta (TA) Corporate presentation summary

Company overview and portfolio

• Enterprise value of $8.6 billion and market capitalization of $4.3 billion as of July 2025.

• Operates 88 generating facilities across Canada, the US, and Australia, totaling ~9,000 MW.

• Approximately 50% of adjusted EBITDA is attributable to renewables, with hydro, wind, and solar as core operations.

• Portfolio includes hydro, gas, wind, solar, and battery assets, with a stable contracted base and Alberta merchant upside.

• Largest hydro fleet in Alberta and a leader in ancillary services and optimization.

Financial performance and guidance

• Q1 2025 adjusted EBITDA was $270 million, with free cash flow of $139 million ($0.47/share).

• 2025 guidance: adjusted EBITDA of $1.15–$1.25 billion and FCF of $450–$550 million.

• Dividend increased by 8%, with a payout ratio of 15% of expected 2025 FCF.

• $450 million green note offering closed in Q1 2025, repaying $400 million term loan.

• Maintains strong credit ratings: BB+ (S&P), BBB (low) (DBRS), Ba1 (Moody's).

Strategic growth and initiatives

• Strategic priorities include optimizing Alberta portfolio, executing growth plan, and realizing value from legacy sites.

• Advancing growth through investment in Nova Clean Energy, with a 4 GW+ pipeline and up to US$175 million committed.

• Redevelopment opportunities at Centralia and Keephills sites, including data centre projects and new technology.

• Successfully integrated Heartland Generation and progressing Alberta data centre initiatives.

• Actively pursuing M&A and executing a comprehensive funding plan to support growth.