TransAlta Corporation (TransAlta or the Company) (TSX:TA) (NYSE:TAC) today reported its financial results for the first quarter ended March 31, 2026.
"TransAlta delivered strong operational performance across the fleet in the first quarter, proving our ability to consistently generate solid free cash flow notwithstanding softer Alberta power prices, reduced market volatility and overall lower production," said Joel Hunter, President and Chief Executive Officer of TransAlta.
"Our hedging strategy and contracted portfolio continue to reinforce our core performance, enabling us to effectively navigate a challenging price environment. Our assets continue to perform well, and we remain confident in our 2026 Outlook," added Mr. Hunter. "While near-term headwinds in Alberta are materializing, the Company's long-term opportunity set is vast. I am very pleased with the continued advancement of our strategic priorities within the quarter, including data centres in Alberta, Centralia and through the integration of the acquired Far North assets," concluded Mr. Hunter.
First Quarter 2026 Highlights
Achieved strong operational availability of 93.8 per cent in 2026, compared to 94.9 per cent in 2025
Adjusted EBITDA(1) of $204 million, compared to $270 million for the same period in 2025
Free cash flow (FCF)(1) of $102 million, or $0.34 per share, compared to $139 million, or $0.47 per share, for the same period in 2025
Adjusted earnings before income taxes(1) of $30 million, compared to $28 million, for the same period in 2025
Cash flow from operating activities of $123 million, or $0.41 per share, compared to $7 million, or $0.02 per share, for the same period in 2025
Net earnings attributable to common shareholders of $13 million, or $0.04 per share, compared to $46 million, or $0.15 per share, for the same period in 2025
First Quarter 2026 Operational and Financial Highlights
$ millions, unless otherwise stated
Three Months Ended
March 31, 2026
March 31, 2025
Operational information(2)
Availability (%)
93.8
94.9
Production (GWh)
5,444
6,832
Select financial information(2)
Revenues
565
758
Adjusted EBITDA(1)
204
270
Adjusted earnings before income taxes(1)
30
28
Earnings before income taxes
23
49
Adjusted net earnings attributable to common shareholders(1)
18
30
Net earnings attributable to common shareholders
13
46
Cash flows(2)
Cash flow from operating activities
123
7
Funds from operations(1)
137
179
Free cash flow(1)
102
139
Per share(2)
Adjusted net earnings attributable to common shareholders per share(1)(3)
0.06
0.10
Net earnings per share attributable to common shareholders, basic and diluted
0.04
0.15
Cash flow from operating activities per share(4)
0.41
0.02
Funds from operations per share(1)(3)
0.46
0.60
Free cash flow per share(1)(3)
0.34
0.47
Dividends declared per common share
0.07
0.07
Weighted average number of common shares outstanding (in millions)
297
298
Segmented Financial Performance
$ millions
Three ...
