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TransAlta
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
Adjusted EBITDA for Q3 2025 was $238 million (down 24% year-over-year), with free cash flow of $105 million and fleet availability at 92.7%, despite challenging market conditions and lower Alberta power prices.
Revenue for Q3 2025 was $615 million, down 4% year-over-year, and net loss attributable to common shareholders was $62 million, compared to a $36 million loss in Q3 2024.
Progressed key legacy thermal and data center projects, including Alberta data center and Centralia coal-to-gas conversion, with commercial negotiations ongoing and major milestones expected by year-end.
CEO succession announced: John Kousinioris to retire April 2026, with Joel Hunter named as successor.
Tracking within 2025 outlook ranges for key financial metrics, with strong performance from a diversified portfolio.
Financial highlights
Q3 2025 Adjusted EBITDA was $238 million, down from $315 million in Q3 2024, and free cash flow was $105 million, down from $131 million.
Revenue for Q3 2025 was $615 million, mainly due to lower Alberta spot prices and subdued energy marketing.
Adjusted net loss per share for Q3 was $(0.02); free cash flow per share was $0.35, down from $0.44 in Q3 2024.
Adjusted net debt to adjusted EBITDA increased to 3.9x from 3.6x at year-end 2024.
Available liquidity at quarter-end was $1.6 billion.
Outlook and guidance
Tracking toward the low end of 2025 Adjusted EBITDA guidance ($1.15–$1.25 billion) and mid-point of FCF guidance ($450–$550 million).
Alberta spot price assumptions for 2025: $40–$60/MWh; AECO gas price: $1.60–$2.10/GJ.
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.
Defensive hedging strategy in Alberta to mitigate lower spot prices.
2026 outlook to be updated in Q4 2025 call.
Legacy assets' role in Phase 2 data center growth
Centralia definitive agreement scope
REM impact on Alberta merchant power prices
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Next TransAlta earnings date
Q4 202527 Feb, 2026
TransAlta
Next TransAlta earnings date
Q4 202527 Feb, 2026
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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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