TransAlta (TA) Investor presentation summary

Company overview and portfolio

• Enterprise value of $8.0 billion and market capitalization of $3.7 billion as of May 2025.

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

• Core operations focus on hydro, wind, and solar, with 50% of adjusted EBITDA from renewables.

• Portfolio includes 36 wind/solar/storage, 25 hydro, 26 natural gas, and 1 coal facility.

• Employs 1,450 people and is listed on TSX and NYSE.

Strategic progress and financial performance

• Free cash flow increased by 59% and adjusted EBITDA by 35% since 2020.

• Renewable capacity grew by 1.5 GW and emissions reduced by 6.8 million tonnes CO2.

• 2025 expected free cash flow is ~$500 million.

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

• Dividend increased by 8% and 1.9 million shares repurchased YTD at $12.42 average.

Growth initiatives and asset optimization

• Strategic investment in Nova Clean Energy with up to US$175 million revolver and term loan.

• Advancing redevelopment of legacy sites like Centralia and Keephills for data centres and new generation.

• Alberta sites offer low-latency, reliable infrastructure for data centres, with ~40,000 acres owned.

• Actively progressing commercial negotiations and engineering for new projects.