CALGARY, Albe ta, July 31, 2026 (GLOBE NEWSWIRE) —
T a sAlta Co po atio (T a sAlta o the Compa y) (TSX: TA) (NYSE: TAC) today epo ted its fi a cial esults fo the seco d qua te e ded Ju e 30, 2026.
“T a sAlta delive ed st o g ope atio al pe fo ma ce ac oss ou po tfolio i the seco d qua te , u de li i g ou ability to ge e ate eliable f ee cash flow f om ou dive sified fleet despite a challe gi g Albe ta ma ket a d educed ma ket volatility,” said Joel Hu te , P eside t a d Chief Executive Office of T a sAlta.
“Ou Albe ta po tfolio’s hedgi g st ategy a d active optimizatio co ti ued to ge e ate ealized p ices well above spot p ices, while e vi o me tal c edits ge e ated by ou hyd o a d wi d assets sig ifica tly offset ou me cha t gas fleet’s ca bo p ice complia ce obligatio . Ou assets have pe fo med well i the fi st half of the yea , a d we emai co fide t i ou 2026 Outlook,” added M . Hu te .
“This qua te , we ealig ed ou executive team a d I am co fide t that we have the ight people a d st uctu e to execute ou st ategy. I am also ve y pleased with the co ti ued adva ceme t of ou st ategic p io ities withi the qua te , i cludi g the Ce t alia coal-to-gas co ve sio a d ou acquisitio of ew, high-quality, lo g-te m co t acted assets i Colo ado. I Albe ta, positive ece t developme ts ei fo ce the mome tum a d collective commitme t ac oss gove me t a d i dust y to develop AI i f ast uctu e a d I am pleased with the co ti ued p og ess o ou p oject with CPP I vestme ts a d B ookfield,” co cluded M . Hu te .
- Ope atio al availability of 90.2 pe ce t i 2026, compa ed to 91.6 pe ce t i 2025
- Adjusted EBITDA(1) of $291 millio , compa ed to $349 millio fo the same pe iod i 2025
- F ee cash flow (FCF)(1) of $143 millio , o $0.47 pe sha e, compa ed to $177 millio , o $0.60 pe sha e, fo the same pe iod i 2025
- Adjusted ea i gs befo e i come taxes(1) of $105 millio , compa ed to $122 millio , fo the same pe iod i 2025
- Cash flow f om ope ati g activities of $62 millio , o $0.21 pe sha e, compa ed to $157 millio , o $0.53 pe sha e, fo the same pe iod i 2025
- Net ea i gs att ibutable to commo sha eholde s of $35 millio , o $0.12 pe sha e, compa ed to a et loss of $112 millio , o $0.38 pe sha e, fo the same pe iod i 2025
| Ju e 30, 2025 | Ju e 30, 2025 | Availability (%) | 91.6 | 93.3 | P oductio (GWh) | 4,813 | 11,645 | Reve ues | 433 | 1,191 | Adjusted EBITDA(2) | 349 | 619 | Adjusted ea i gs befo e i come taxes(2) | 122 | 150 | Ea i gs (loss) befo e i come taxes | (95 | ) | (46 | ) | Adjusted et ea i gs att ibutable to commo sha eholde s(2) | 54 | 84 | Net ea i gs (loss) att ibutable to commo sha eholde s | (112 | ) | (66 | ) | Cash flow f om ope ati g activities | 157 | 164 | Fu ds f om ope atio s(2) | 252 | 431 | F ee cash flow(2) | 177 | 316 | Weighted ave age umbe of commo sha es outsta di g (i millio s) | 297 | 297 | Adjusted et ea i gs att ibutable to commo sha eholde s pe sha e(2)(3)(4) | 0.18 | 0.28 | Net ea i gs (loss) pe sha e att ibutable to commo sha eholde s, basic a d diluted(4) | (0.38 | ) | (0.22 | ) | Divide ds decla ed pe commo sha e | — | 0.07 | Cash flow f om ope ati g activities pe sha e(5) | 0.53 | 0.55 | Fu ds f om ope atio s pe sha e(2)(3) | 0.85 | 1.45 | F ee cash flow pe sha e(2)(3) | 0.60 | 1.06 |
| Ju e 30,2025 | Ju e 30,2025 | Hyd o | 126 | 173 | Wi d a d Sola | 89 | 191 | Gas | 128 | 232 | E e gy Ma keti g | 26 | 47 | Co po ate | (39 | ) | (80 | ) | E e gy T a sitio | 19 | 56 | Total adjusted EBITDA(2) | 349 | 619 | Adjusted ea i gs befo e i come taxes(2) | 122 | 150 | Ea i gs (loss) befo e i come taxes | (95 | ) | (46 | ) |
1. IFRS fi a cial stateme ts fo the six mo ths e ded Ju e 30, 2025 i clude the esults att ibutable to Popla Hill a d Rai bow Lake facilities (collectively, the Requi ed Divestitu es), which the Compa y divested i acco da ce with a co se t ag eeme t e te ed i to with the Commissio e of Competitio fo Ca ada. Ou o -IFRS measu es a d ope atio al Key Pe fo ma ce I dicato s exclude the esults of the Requi ed Divestitu es.2. These a e o -IFRS measu es a d atios, which a e ot defi ed a d have o sta da dized mea i g u de IFRS a d may ot be compa able to simila measu es p ese ted by othe issue s. Refe to the “Segme ted Fi a cial Pe fo ma ce a d Ope ati g Results by Geog aphic Locatio ” sectio of this ews elease fo fu the discussio of these items. Also, efe to the “No -IFRS a d Suppleme ta y Fi a cial Measu es” sectio of this ews elease fo mo e i fo matio ega di g these o -IFRS measu es a d atios, i cludi g, whe e applicable, eco ciliatio s to measu es calculated i acco da ce with IFRS.3. Adjusted et ea i gs att ibutable to commo sha eholde s pe sha e, fu ds f om ope atio s (FFO) pe sha e a d f ee cash flow (FCF) pe sha e a e calculated usi g the weighted ave age umbe of commo sha es outsta di g du i g the pe iod. Refe to the “No -IFRS a d Suppleme ta y Fi a cial Measu es” sectio of this ews elease fo mo e i fo matio ega di g these o -IFRS measu es a d atios.4. Net ea i gs (loss) att ibutable to commo sha eholde s a d Adjusted Net Ea i gs Att ibutable to Commo Sha eholde s used i calculati g et ea i gs (loss) pe sha e att ibutable to commo sha eholde s a d Adjusted Net Ea i gs Att ibutable to Commo Sha eholde s pe sha e eflect the cumulative p efe ed sha e divide d e titleme t equi ed fo the cu e t pe iod.5. Rep ese ts a suppleme ta y fi a cial measu e a d is calculated as Cash flow f om ope ati g activities fo the pe iod divided by the weighted ave age umbe of commo sha es outsta di g du i g the pe iod.
O Ju e 12, 2026, the Compa y eceived a othe o de f om the U.S. Depa tme t of E e gy (the O de ) equi i g that ou 700 MW Ce t alia U it 2 facility (Facility) emai available fo ope atio fo a additio al pe iod of 90 days, u til Septembe 12, 2026. As p eviously commu icated, the Compa y has bee subject to the O de f om the U.S. Depa tme t of E e gy si ce Decembe 16, 2025. The Compa y is cu e tly complia t with the O de a d co ti ues to wo k with the state a d fede al gove me ts i elatio the eto. The facility had o ge e atio du i g the six mo ths e ded Ju e 30, 2026.
O Ju e 3, 2026, the Compa y a ou ced that it had e te ed i to a ag eeme t with a i di ect subsidia y of Blacksto e, I c., to acqui e Mou tai Peak Powe a d Ca yo Peak Powe , two fully co t acted atu al gas-fi ed peaki g facilities totali g 318 MW ea De ve , Colo ado (the Acquisitio ). The pu chase p ice fo the Acquisitio is US$1 billio , i cludi g the assumptio of US$750 millio of p oject debt.
O Ju e 9, 2026 the Compa y closed a public offe i g of 18,230,000 commo sha es at a p ice of $19.20 pe sha e th ough a sy dicate of u de w ite s, fo total g oss p oceeds of app oximately $350 millio , which will be used to fu d the cash po tio of the pu chase p ice fo the Acquisitio . The p oceeds eceived i adva ce of the Acquisitio we e pa tially used to epay the d aw amou ts u de the sy dicated c edit facility.
The Acquisitio is subject to Ca yo Peak Powe achievi g comme cial i -se vice as well as customa y closi g co ditio s, i cludi g eceipt of egulato y app ovals. The Acquisitio is expected to close ea ly i the fou th qua te of 2026.
Joh Kousi io is, P eside t a d Chief Executive Office a d a Di ecto of T a sAlta, eti ed o Ap il 30, 2026. Joel Hu te , T a sAlta’s Executive Vice P eside t, Fi a ce a d CFO, succeeded M . Kousi io is as P eside t a d Chief Executive Office effective Ap il 30, 2026. M . Hu te was also elected to the Boa d of Di ecto s at the Co po atio ‘s a ual sha eholde meeti g o Ap il 30, 2026.
Mike Politeski was appoi ted Executive Vice P eside t, Fi a ce a d CFO, effective May 1, 2026 a d G a t A old was appoi ted Executive Vice P eside t, G owth a d Chief Comme cial Office , effective May 6, 2026. Na cy B e a , who p eviously held the positio of Executive Vice P eside t, Legal a d Exte al Affai s, was appoi ted Chief Legal, People a d Co po ate Affai s Office , effective Ju e 8, 2026. Ch is F alick, who p eviously held the positio of Executive Vice P eside t, Ge e atio was appoi ted Executive Vice P eside t, Ge e atio a d Chief Ope ati g Office , effective Ju e 8, 2026.
O Ap il 1, 2026, the Compa y mothballed Shee ess U it 1. The Compa y i itially p ovided otice to the Albe ta Elect ic System Ope ato (AESO) o Decembe 18, 2025, that Shee ess U it 1 would be mothballed o Ap il 1, 2026, fo a pe iod of up to two yea s. The Compa y mai tai s the flexibility to etu the mothballed u it to se vice whe ma ket fu dame tals imp ove o co t acti g oppo tu ities a e secu ed.
T a sAlta will host a co fe e ce call a d webcast at 9:00 a.m. MDT (11:00 a.m. EDT) today, July 31, 2026, to discuss ou seco d qua te 2026 esults. The call will begi with comme ts f om Joel Hu te , P eside t a d Chief Executive Office a d Mike Politeski, EVP, Fi a ce & Chief Fi a cial Office , followed by a questio a d a swe pe iod.
To access the co fe e ce call via telepho e, please egiste ahead of time usi g the call li k he e: https:// egiste -co f.media-se ve .com/ egiste /BIf87bf81b4ea347a6ac0b52f7d7c89586. O ce egiste ed, pa ticipa ts will have the optio of 1) diali g i to the call f om thei pho e (via a pe so alized PIN); o 2) clicki g the “Call Me” optio to eceive a automated call di ectly to thei pho e.
If you a e u able to pa ticipate i the call, the eplay will be accessible at https://edge.media-se ve .com/mmc/p/k43s o5h. A t a sc ipt of the b oadcast will be posted o T a sAlta’s website o ce it becomes available.
T a sAlta is i the p ocess of fili g its u audited i te im Co solidated Fi a cial Stateme ts a d accompa yi g otes, a d the associated Ma ageme t’s Discussio & A alysis (MD&A). These docume ts will be available today o the I vesto s sectio of T a sAlta’s website at www.t a salta.com o th ough SEDAR+ at www.seda plus.ca a d with the U.S. Secu ities a d Excha ge Commissio o EDGAR at www.sec.gov.
T a sAlta is o e of Ca ada’s la gest publicly t aded powe ge e ato s, delive i g eliable elect icity ac oss Ca ada, the U ited States a d Weste Aust alia. Fo mo e tha 115 yea s, ou people have safely ope ated a d evolved esse tial e e gy i f ast uctu e that powe s custome s a d commu ities. Ou tech ology-dive se po tfolio a d discipli ed executio allow us to delive depe dable powe ac oss evolvi g e e gy systems. We take a p actical, espo sible app oach to meeti g today’s e e gy eeds while buildi g fo what comes ext.
Fo mo e i fo matio about T a sAlta, visit ou website at t a salta.com.
This ews elease i cludes “fo wa d-looki g i fo matio ,” withi the mea i g of applicable Ca adia secu ities laws, a d “fo wa d-looki g stateme ts,” withi the mea i g of applicable U ited States secu ities laws, i cludi g the P ivate Secu ities Litigatio Refo m Act of 1995 (collectively efe ed to he ei as “fo wa d-looki g stateme ts”). Fo wa d-looki g stateme ts a e ot facts, but o ly p edictio s a d ge e ally ca be ide tified by the use of stateme ts that i clude ph ases such as “may”, “will”, “believe”, “expect”, “estimate”, “a ticipate”, “i te d”, “pla “, “fo ecast”, “co ti ue” o othe simila wo ds. I pa ticula , this ews elease co tai s fo wa d-looki g stateme ts about the timi g of the closi g of the Acquisitio (as defi ed he ei ).
Fo wa d-looki g stateme ts a d futu e-o ie ted fi a cial i fo matio i this ews elease a e i te ded to p ovide the eade i fo matio about ma ageme t’s cu e t expectatio s a d pla s a d eade s a e cautio ed that such i fo matio may ot be app op iate fo othe pu poses. Fo wa d-looki g stateme ts a e subject to impo ta t isks a d u ce tai ties a d a e based o ce tai key assumptio s. All fo wa d-looki g stateme ts eflect T a sAlta’s beliefs a d assumptio s based o i fo matio available at the time the stateme ts we e made a d as such a e ot gua a tees of futu e pe fo ma ce. As actual esults could va y sig ifica tly f om the fo wa d-looki g stateme ts, you should ot put u due elia ce o fo wa d-looki g stateme ts a d should ot use futu e-o ie ted i fo matio o fi a cial outlooks fo a ythi g othe tha thei i te ded pu pose. We do ot update ou fo wa d-looki g stateme ts due to ew i fo matio o futu e eve ts, u less we a e equi ed to by law. Fo additio al i fo matio o the assumptio s made, a d the isks a d u ce tai ties which could cause actual esults to diffe f om the a ticipated esults, efe to ou most ece t MD&A, which fo ms pa t of this ews elease, a d the 2025 A ual Repo t, i cludi g the sectio titled “Gove a ce a d Risk Ma ageme t” i ou MD&A fo the yea e ded Decembe 31, 2025, filed u de T a sAlta’s p ofile o SEDAR+ at www.seda plus.ca a d with the U.S. Secu ities a d Excha ge Commissio at www.sec.gov
This ews elease co tai s efe e ces to the followi g No -IFRS measu es: Adjusted EBITDA; F ee Cash Flow (FCF) (i cludi g pe sha e); Adjusted ea i gs befo e i come taxes; Adjusted et ea i gs att ibutable to commo sha eholde s (i cludi g pe sha e); Fu ds f om ope atio s (FFO) (i cludi g pe sha e); No -IFRS measu es do ot have sta da dized mea i gs u de IFRS a d a e u likely to be compa able to simila measu es p ese ted by othe compa ies a d should ot be viewed i isolatio f om, as a alte ative to, o mo e mea i gful tha , ou IFRS esults. We use these measu es to evaluate ou pe fo ma ce a d the pe fo ma ce of ou busi ess segme ts a d believe that these measu es, ead togethe with ou IFRS measu es, p ovide eade s with a bette u de sta di g of how ma ageme t assesses esults. P ese ti g these measu es f om pe iod to pe iod p ovides ma ageme t a d i vesto s with the ability to evaluate ea i gs t e ds mo e eadily i compa iso to p io pe iods’ esults. These measu es a e calculated by adjusti g ce tai IFRS measu es fo ce tai items we believe a e ot eflective of ou o goi g ope atio s i a pe iod a d a e calculated o a co siste t basis f om pe iod to pe iod a d a e adjusted fo specific items i each pe iod, u less stated othe wise. Refe to the No -IFRS a d Suppleme ta y Measu es sectio of ou most ece t MD&A, which fo ms pa t of this ews elease, fo mo e i fo matio about these measu es i cludi g, whe e applicable, eco ciliatio s to measu es calculated i acco da ce with IFRS.
Note: All fi a cial figu es a e i Ca adia dolla s u less othe wise i dicated.
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