Royal Bank of Canada reports 7.74% TransAlta (TAC) ownership stake

Rhea-AI Filing Summary

Royal Bank of Canada has disclosed a significant ownership stake in TransAlta Corp common stock. The bank reports beneficial ownership of 22,956,719 shares, representing 7.74% of the outstanding common stock. All of these shares are held with shared voting and shared dispositive power, while Royal Bank of Canada has no sole voting or dispositive power.

The filing states that the securities were acquired and are held in the ordinary course of business and are not intended to change or influence control of TransAlta. Several affiliated entities, including RBC Capital Markets, RBC Global Asset Management and others, are identified as the subsidiaries through which these securities are held.

Insights

Equity ownership and governance analyst

Royal Bank of Canada reports a passive 7.74% stake in TransAlta.

Royal Bank of Canada reports beneficial ownership of 22,956,719 TransAlta common shares, or 7.74% of the class, all with shared voting and dispositive power. This positions the bank and its affiliates as a sizable institutional holder rather than a controlling shareholder.

The certification explicitly states the stake is held in the ordinary course of business and is not for the purpose of changing or influencing control of TransAlta. Subsidiaries such as RBC Capital Markets and RBC Global Asset Management are identified as the operating entities holding these securities.

This type of Schedule 13G/A generally reflects passive institutional ownership rather than an activist position. Future ownership reports would clarify whether this percentage increases, decreases or remains stable over subsequent reporting periods.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 8)

Transalta Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

89346D107

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 89346D107

1

Names of Reporting Persons

Royal Bank of Canada

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 22,956,719.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 22,956,719.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,956,719.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.74 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Transalta Corp
(b)	Address of issuer's principal executive offices: TRANSALTA PLACE,1400, 1100 - 1ST STREET S.E. Calgary, A0, CA, T2G 1B1
Item 2.
(a)	Name of person filing: Royal Bank of Canada
(b)	Address or principal business office or, if none, residence: 200 Bay Street, Toronto, Ontario, M5J QJ5, Canada
(c)	Citizenship: Canada
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 89346D107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 22,956,719
(b)	Percent of class: 7.74%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 22,956,719
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 22,956,719
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. RBC Capital Markets, LLC: A broker -dealer registered under section 15 of the Act (15 U.S.C 78o). RBC Global Asset Management Inc.: An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E). RBC Phillips Hager & North Investment Counsel Inc.: A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J). RBC Private Counsel (USA) Inc.: An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E). Royal Trust Corporation of Canada, GFC Partnership and RT Partnership are entities that beneficially own in aggregate less than one percent of the reported securities.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Royal Bank of Canada

Signature:	/s/ Terry Fallon
Name/Title:	Managing Director
Date:	02/12/2026

Exhibit Information

99.1 Power of Attorney https://www.sec.gov/Archives/edgar/data/1000275/000121465925015105/ex99_1.htm

FAQ

What percentage of TransAlta Corp (TAC) does Royal Bank of Canada own?

Royal Bank of Canada reports beneficial ownership of 7.74% of TransAlta Corp’s common stock. This corresponds to 22,956,719 shares, giving the bank and its affiliates a sizeable but non-controlling institutional position in the company.

How many TransAlta Corp (TAC) shares does Royal Bank of Canada beneficially own?

Royal Bank of Canada beneficially owns 22,956,719 shares of TransAlta Corp common stock. These shares represent 7.74% of the company’s outstanding common stock and are held with shared voting and shared dispositive power through various RBC subsidiaries.

Is Royal Bank of Canada’s stake in TransAlta (TAC) an activist or control position?

Royal Bank of Canada certifies the TransAlta stake is held in the ordinary course of business and not for changing or influencing control. The filing is on Schedule 13G/A, typically used for passive institutional holdings rather than activist or control-seeking positions.

Which Royal Bank of Canada entities hold the TransAlta Corp (TAC) shares?

The filing identifies several RBC affiliates, including RBC Capital Markets, LLC, RBC Global Asset Management Inc., RBC Phillips Hager & North Investment Counsel Inc. and others, as subsidiaries through which the TransAlta common shares are beneficially owned.

Does Royal Bank of Canada have sole voting power over its TransAlta (TAC) shares?

Royal Bank of Canada reports no sole voting power over TransAlta shares. It has shared voting power and shared dispositive power over all 22,956,719 beneficially owned shares, reflecting a distributed institutional holding structure.