TransAlta Reports Strong Third Quarter Results and Reaffirms Guidance

CALGARY, Albe ta, Nov. 03, 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 thi d qua te e ded Septembe 30, 2026.

“T a sAlta delive ed st o g thi d qua te esults d ive by high fleet availability, discipli ed asset optimizatio , be efits of ou e vi o me tal c edit po tfolio a d co t ibutio s ac oss ou dive sified fleet,” said Joel Hu te , P eside t a d Chief Executive Office of T a sAlta. “Ou Albe ta po tfolio co ti ued to ge e ate ealized p ices well above spot p ices due to ou optimizatio a d hedgi g p og ams. With ou st o g yea to date pe fo ma ce, we a e co fide t i achievi g ou 2026 Outlook a ge,” added M . Hu te .

“I am also ve y pleased with the co ti ued executio of ou st ategic p io ities. I Octobe , we completed the acquisitio of the Colo ado gas assets, p ovidi g immediate, stable cash flow, a d mo etized a mi o ity i te est i ou Oklahoma wi d po tfolio, st e gthe i g ou bala ce sheet a d ability to pu sue acc etive g owth oppo tu ities. We a e also adva ci g the Ce t alia co ve sio alo g with the Keephills data ce t e p oject, ow k ow as the Bo eal Tech ology Hub. We ece tly pa ticipated i a commu ity ope house with ou Bo eal pa t e s a d co ti ue to p og ess a solutio to deploy ou u de utilized ge e atio to suppo t both eliability eeds a d data ce t e load i the p ovi ce. Sepa ate to this mea i gful p og ess, we will be tempo a ily mothballi g ou Battle Rive u its, while also exte di g the mothball outage of Su da ce 6. The facilities co ti ue to hold sig ifica t value, a d this actio e su es we a e optimizi g ou fleet while p ese vi g the u its fo futu e eco omic be efit as data ce t e oppo tu ities co ti ue to p og ess,” added M . Hu te .

“As powe dema d co ti ues to i c ease, I believe T a sAlta is u iquely positio ed to leve age its dive sified fleet, developme t capabilities a d st ategic i f ast uctu e to delive eliable powe a d c eate sustai able lo g-te m value fo sha eholde s,” co cluded M . Hu te .

Thi d Qua te 2026 Highlights

• Ope atio al availability of 92.6 pe ce t, compa ed to 92.7 pe ce t fo the same pe iod i 2025
• Adjusted EBITDA⁽²⁾ of $264 millio , compa ed to $238 millio fo the same pe iod i 2025
• F ee cash flow (FCF)⁽²⁾ of $93 millio , o $0.29 pe sha e, compa ed to $105 millio , o $0.35 pe sha e, fo the same pe iod i 2025
• Adjusted ea i gs befo e i come taxes⁽²⁾ of $91 millio , compa ed to $17 millio , fo the same pe iod i 2025
• Fu ds f om ope atio s⁽²⁾ of $146 millio , o $0.46 pe sha e, compa ed to $156 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 $63 millio , o $0.20 pe sha e, compa ed to a et loss of $62 millio , o $(0.20) pe sha e, fo the same pe iod i 2025

Thi d Qua te 2026 Ope atio al a d Fi a cial Highlights

Segme ted Fi a cial Pe fo ma ce

1. IFRS fi a cial stateme ts fo the i e mo ths e ded Sept. 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 (loss) 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 et ea i gs (Loss) 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 et ea i gs (loss) 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.

Sig ifica t a d Subseque t Eve ts – Thi d Qua te 2026

Mothballi g of Battle Rive U its 4 a d 5 a d Exte sio of the Mothballi g of Su da ce 6O Nov. 2, 2026, the Compa y p ovided otice to the Albe ta Elect ic System Ope ato (AESO) that Battle Rive U its 4 a d 5 will be mothballed effective Ma ch 1, 2027, fo a pe iod of time up to Ja . 1, 2029 a d exte ded the mothballi g of Su da ce 6 fo a pe iod of time up to Ap il 1, 2029. The Compa y mai tai s the flexibility to etu the mothballed u its to se vice whe ma ket fu dame tals imp ove o co t acti g oppo tu ities a e secu ed. Battle Rive U its 4 a d 5 will emai available a d fully ope atio al th ough to Ma ch 1, 2027.

Sale of mi o ity i te est i Oklahoma wi d po tfolioO Oct. 22, 2026, the Compa y completed the sale of a 49 pe ce t mi o ity ow e ship i te est i its 500 MW Oklahoma wi d po tfolio to A es I f ast uctu e fu ds fo cash p oceeds of US$305 millio , befo e customa y closi g adjustme ts. The po tfolio comp ises the 100 MW White Rock West, 200 MW White Rock East a d 200 MW Ho izo Hill wi d facilities. The Compa y will co ti ue to p ovide ope atio al ove sight u de a lo g-te m asset ma ageme t ag eeme t.

Acquisitio of Mou tai Peak Powe a d Ca yo Peak Powe a d associated public offe i g of commo sha esO Oct. 22, 2026, the Compa y closed the acquisitio of 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 f om a i di ect subsidia y of Blacksto e, I c. (the Acquisitio ). The pu chase p ice fo the Acquisitio was 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 was 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.

Ce t alia U it 2 Ma dated to Remai Available fo additio al 90 daysO Sept. 14, 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 Dec. 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 Dec. 16, 2025. The Compa y co ti ues to comply with the O de a d co ti ues to wo k with the fede al a d state gove me ts i elatio the eto. The Facility had o ge e atio du i g the i e mo ths e ded Sept. 30, 2026.

Decla atio of Commo Sha e Divide dO Oct. 27, 2026, T a sAlta’s Boa d of Di ecto s app oved a qua te ly divide d payme t of $0.07 pe commo sha e payable o Ja . 1, 2027.

Co fe e ce call a d webcastT a sAlta will host a co fe e ce call a d webcast at 9:00 a.m. Albe ta Time (10:00 a.m. EST) today, Novembe 3, 2026, to discuss ou thi 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, Executive Vice P eside t, Fi a ce & Chief Fi a cial Office , followed by a questio a d a swe pe iod.

Thi d Qua te 2026 Results Co fe e ce CallWebcast li k: https://edge.media-se ve .com/mmc/p/zj3d6q2q/

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 /BI172ec525df5e4f8ebadda859e7f69864. 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/zj3d6q2q/. 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.

About T a sAlta Co po atio : 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 100 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.

Cautio a y Stateme t Rega di g Fo wa d-Looki g I fo matio  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 ou 2026 Outlook a d adva ceme t of the Ce t alia co ve sio a d the Bo eal Tech ology Hub.

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

No -IFRS a d Suppleme ta y Fi a cial Measu esThis 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) a d 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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