Financial Data and Key Metrics Changes - Earnings per share for Q1 2024 was $0.41, exceeding expectations of $0.37 to $0.39, driven by relief from TCOs and DCRF mechanisms [10][11] - The company is affirming its annual guidance range for 2024 at $2.65 to $2.75, with long-term earnings growth targets of 6% to 7% [11][12] Business Line Data and Key Metrics Changes - TNMP is leading growth with nearly 13% rate-based growth, while overall rate-based growth is expected to be around 10% [11][12] - The first DCRF for the year was filed for an incremental $200 million of rate-based, with plans for a second filing in the third quarter [28][44] Market Data and Key Metrics Changes - The ERCOT board approved a $100 million reliability project in West Texas, indicating strong demand growth in the area [41] - Load growth at PNM, primarily from industrial customers, increased year over year, although offset by a return to normal weather conditions [47] Company Strategy and Development Direction - The company is focused on enhancing system resiliency and wildfire mitigation, with increased spending on vegetation management [5][42] - Plans to integrate additional solar and storage resources are in progress, aiming for 60% carbon-free generation [26][45] Management Comments on Operating Environment and Future Outlook - Management remains confident in earnings guidance for the year and long-term growth targets, despite challenges from normal weather patterns [12][31] - The company is actively participating in discussions regarding regulatory changes and infrastructure improvements to meet future demand [25][27] Other Important Information - The company closed the sale of NMRD in February, receiving proceeds of $117 million [23] - The company is working on a public safety power shutoff plan for high wildfire risk areas in New Mexico [3] Q&A Session Summary Question: Current amount of wildfire insurance and its cost - Management did not disclose specific details about wildfire insurance during the negotiation period [4] Question: Impact of vegetation management on O&M outlook - Management indicated that increased vegetation management expenses can be recovered outside of a general rate case as part of an approved resiliency plan [42] Question: Update on CapEx opportunities for mobile generation - Management expects a proposed rule regarding mobile generation in June, with a final rule anticipated by the end of the year [17]

Exhibit 99.1 ALBUQUERQUE, N.M. April 30, 2024 SEGMENT REPORTING OF 2024 FIRST QUARTER EARNINGS EPS Results by Segment | | | GAAP Diluted EPS | | Ongoing Diluted EPS | | --- | --- | --- | --- | --- | | | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | | PNM | $0.46 | $0.64 | $0.38 | $0.55 | | TNMP | $0.16 | $0.11 | $0.16 | $0.11 | | Corporate and Other | ($0.10) | ($0.11) | ($0.13) | ($0.11) | | Consolidated PNM Resources | $0.52 | $0.64 | $0.41 | $0.55 | • 2024 first quarter GAAP earnings of $0.52 per diluted share ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IR ...

Financial Data and Key Metrics Changes - The consolidated EPS for 2023 is reported at $2.82, reflecting a $0.13 increase from 2022, with a target of 6% to 7% growth through 2028 based on a 10% rate base growth over the same period [70][82][96] - The company anticipates an equity need of $100 million per year on average through 2028, totaling $500 million to support the planned growth [2] Business Line Data and Key Metrics Changes - TNMP is identified as the fastest-growing area with a projected rate base growth of 13% by 2028, surpassing PNM Retail [1] - Continued rate recovery of transmission and distribution investments at TNMP through TCOS and DCRF filings has increased earnings, although these increases were partially offset by higher expenses for depreciation, property tax, and interest [33][98] Market Data and Key Metrics Changes - The company has seen load growth and weather positively impacting combined earnings at PNM and TNMP, with lower operating costs contributing to increased earnings year-over-year [82] - The average residential bill at PNM is reported to be significantly lower than both regional and national averages, indicating effective cost management and customer benefits from the Energy Transition Act [94] Company Strategy and Development Direction - The company is focused on investing in infrastructure to meet customer needs and enable the clean energy transition, with plans to double the rate base from 2020 to 2028 [57] - The regulatory framework in Texas encourages investments into the grid, providing timely recovery through rate mechanisms, which supports the company's capital investment strategy [74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the plans following the resolution of PNM's rate case, which has provided clarity for future growth and financing [3][70] - The company is in a "deep breath phase" post-merger deal break, emphasizing the importance of size and access to cheaper capital in the current market environment [46] Other Important Information - The company plans to make its next retail rate filing in the summer for rates effective in Q3 2025, utilizing a future test year [32] - S&P recently moved the company's outlook from positive to stable, reflecting a return to the rating held prior to the merger announcement [43] Q&A Session Summary Question: What is the outlook for rate cases and earnings power through 2027? - Management indicated that rate cases will likely occur every couple of years, allowing for timely cost recovery and smaller rate increases, which supports earnings power through 2027 [105] Question: What are the drivers for the expected jump in earnings from 2026 to 2027? - The increase is attributed to a combination of conservative planning and the expected outcomes from ongoing regulatory processes and potential new investments [108] Question: How does the company plan to finance incremental investments? - The company is considering a balanced approach to financing, targeting 40% to 50% equity for any additional capital needs [139]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission Fil ...

PNM Resources, Inc. (NYSE:PNM) Q3 2023 Earnings Conference Call October 27, 2023 11:30 AM ET Company Participants Lisa Goodman - Executive Director, IR Pat Vincent-Collawn - Chairman and CEO Don Tarry - President and COO Lisa Eden - SVP, CFO and Treasurer Conference Call Participants Ryan Levine - Citi Paul Zimbardo - Bank of America Jonathan Reeder - Wells Fargo Securities Brandon Lee - Mizuho Operator Good day and welcome to the PNM Resources' Third Quarter 2023 Conference Call. All participants will be i ...

PNM Resources, Inc. (NYSE:PNM) Q2 2023 Earnings Call Transcript August 4, 2023 11:00 AM ET Company Participants Lisa Goodman - Executive Director of IR Pat Vincent-Collawn - Chairman and CEO Don Tarry - President and COO Lisa Eden - SVP, CFO and Treasurer Conference Call Participants Ryan Levine - Citi Julien Dumoulin-Smith - Bank of America Jonathan Reeder - Wells Fargo Operator Good morning, and welcome to the PNM Resources Second Quarter 2023 Conference Call. All participants will be in listen-only mode. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | | FORM 10-Q | | --- | --- | | (Mark One) | | | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the quarterly period ended June 30, 2023 | | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the transition period from _________ to _________ | | | Name of Registrant, State of Incorporation, Address Of Principal Ex ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | | FORM 10-Q | | --- | --- | | (Mark One) | | | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the quarterly period ended March 31, 2023 | | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the transition period from _________ to _________ | | | Name of Registrant, State of Incorporation, Address Of Principal E ...

Part I [Item 1. Business](index=10&type=section&id=Item%201.%20Business) PNMR is a utility holding company serving 815,000 customers, pursuing an emissions-free portfolio by 2040 and a merger with Avangrid - PNMR is an investor-owned holding company with two regulated utilities, PNM and TNMP, serving approximately **815,000 customers** in New Mexico and Texas[24](index=24&type=chunk) - The company is pursuing a merger with Avangrid, Inc., pending approval from the New Mexico Public Regulation Commission (NMPRC) with an extended agreement end date of **April 20, 2023**[29](index=29&type=chunk)[31](index=31&type=chunk) - PNMR's strategy aims for an **emissions-free generating portfolio by 2040** and being coal-free by 2024, subject to regulatory approval[24](index=24&type=chunk)[34](index=34&type=chunk) [Operations and Regulation](index=11&type=section&id=Operations%20and%20Regulation) PNM's retail electric service is regulated by NMPRC, with a pending **$63.8 million rate increase** filed in 2022 - PNM's retail electric service is regulated by the NMPRC, with a **$63.8 million rate increase** filed in December 2022 to recover infrastructure investments[39](index=39&type=chunk)[45](index=45&type=chunk) - PNM is investing approximately **$344 million** over six years in grid modernization to enhance system efficiency and reliability[46](index=46&type=chunk) - TNMP operates as a transmission and distribution utility in Texas, receiving interim rate adjustments to recover capital investments without full rate cases[53](index=53&type=chunk)[61](index=61&type=chunk) PNM Retail Customer System Peak Demands (Megawatts) | Season | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Summer | 2,139 | 1,968 | 1,974 | | Winter | 1,526 | 1,518 | 1,460 | [Sources of Power](index=14&type=section&id=Sources%20of%20Power) PNM is transitioning its power sources by retiring coal plants and increasing its renewable energy portfolio PNM Generation Capacity by Type (as of Dec 31, 2022) | Type | Capacity (MW) | Percent of Total | | :--- | :--- | :--- | | Coal | 200 | 7.5% | | Gas-fired | 1,001 | 37.6% | | Nuclear | 402 | 15.1% | | Renewable | 1,057 | 39.8% | | **Total** | **2,660** | **100.0%** | - PNM is transitioning by retiring coal plants, with San Juan Generating Station (SJGS) fully retired in **September 2022**, and an appeal pending to exit Four Corners Power Plant by **end of 2024**[65](index=65&type=chunk)[66](index=66&type=chunk)[50](index=50&type=chunk) - PNM is increasing its renewable energy portfolio, with NMPRC approval to procure an additional **1,090 MW** from solar-PV and **620 MW** from battery storage[70](index=70&type=chunk)[64](index=64&type=chunk) - PNM's leased capacity in Palo Verde Nuclear Generating Station (PVNGS) Unit 1 expired in **January 2023**, with Unit 2's lease expiring in **January 2024**[69](index=69&type=chunk)[64](index=64&type=chunk) [Fuel Supply](index=17&type=section&id=Fuel%20Supply) PNM manages fuel supply, with coal contracts expiring and nuclear fuel stored on-site, facing DOE non-compliance PNM Generation Fuel Mix and Cost (2022 vs. 2021) | Fuel | 2022 % of Generation | 2022 Avg. Cost ($/MMBTU) | 2021 % of Generation | 2021 Avg. Cost ($/MMBTU) | | :--- | :--- | :--- | :--- | :--- | | Coal | 36.7% | $2.97 | 44.3% | $3.02 | | Nuclear | 35.4% | $0.73 | 34.8% | $0.68 | | Gas | 23.9% | $7.61 | 16.8% | $6.02 | - The coal supply contract for SJGS expired in **September 2022**, while the Four Corners contract runs through **July 2031**, pending PNM's appeal to exit by **end of 2024**[80](index=80&type=chunk) - All spent nuclear fuel from PVNGS is stored on-site with capacity until **2027**, but the DOE has failed to accept spent fuel, leading to legal actions[86](index=86&type=chunk)[84](index=84&type=chunk) [Human Capital Resources](index=19&type=section&id=Human%20Capital%20Resources) PNMR's workforce of **1,537 employees** includes 34% unionized, 28% women, and 53% minorities Employee Count as of December 31, 2022 | Entity | Employee Count | | :--- | :--- | | PNMR (Consolidated) | 1,537 | | PNM | 751 | | TNMP | 367 | - As of **December 31, 2022**, PNMR's workforce of **1,537 employees** includes **34%** represented by a bargaining unit, **28%** women, and **53%** minorities[96](index=96&type=chunk) - Collective bargaining agreements are in place with the IBEW for **325 PNM** and **193 TNMP** employees[98](index=98&type=chunk) [Item 1A. Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant regulatory, operational, and financial risks, including merger uncertainties and environmental compliance costs - Profitability is highly dependent on recovering costs and earning fair returns through regulated rates, with adverse NMPRC decisions on Four Corners and PVNGS investments posing financial risk[106](index=106&type=chunk)[113](index=113&type=chunk) - The proposed merger with Avangrid is not assured, subject to NMPRC approval, and its pendency could disrupt business and restrict strategic opportunities[164](index=164&type=chunk)[167](index=167&type=chunk) - The company faces significant environmental and climate change compliance costs, particularly for fossil-fueled generation, which constitutes **45.1%** of PNM's electricity[120](index=120&type=chunk)[121](index=121&type=chunk) - The company faces risks of physical and cybersecurity attacks on critical infrastructure, potentially disrupting power, causing data loss, and incurring significant costs[139](index=139&type=chunk)[142](index=142&type=chunk) [Item 2. Properties](index=33&type=section&id=Item%202.%20Properties) PNM and TNMP own extensive electric transmission and distribution infrastructure, including thousands of miles of lines and hundreds of substations - As of **December 31, 2022**, PNM owned **3,428 miles** of transmission lines, **11,824 miles** of distribution lines, and **250 substations**[187](index=187&type=chunk) - As of **December 31, 2022**, TNMP owned **992 miles** of transmission lines, **8,752 miles** of distribution lines, and **128 substations**[188](index=188&type=chunk) [Item 3. Legal Proceedings](index=33&type=section&id=Item%203.%20Legal%20Proceedings) Legal proceedings information is incorporated by reference from Notes 16 and 17 of the financial statements - Information regarding legal proceedings is incorporated by reference from **Note 16** and **Note 17** of the financial statements[189](index=189&type=chunk) Part II [Item 5. Market for PNMR's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%205.%20Market%20for%20PNMR%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) PNMR's common stock trades on the NYSE, with the Board increasing the quarterly dividend twice in 2022 - PNMR's common stock is traded on the NYSE under the symbol **"PNM"**, with **7,232 holders of record** as of **February 17, 2023**[194](index=194&type=chunk)[196](index=196&type=chunk) - The Board increased the quarterly dividend twice in **2022**, from **$0.3275 to $0.3475** per share in February, and to **$0.3675** per share in December[195](index=195&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) PNMR's 2022 net earnings decreased to **$169.5 million** due to investment performance and higher expenses, offset by transmission margins and customer load PNMR Net Earnings Summary (2022 vs. 2021) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Net Earnings Attributable to PNMR | $169.5 million | $195.8 million | | Diluted EPS | $1.97 | $2.27 | - The **2022** earnings decrease was driven by poor investment securities performance in NDT, FERC-ordered refunds, and increased operating, depreciation, and interest expenses[279](index=279&type=chunk) - The company projects consolidated capital requirements of **$5.2 billion** for **2023-2027**, primarily for construction expenditures and dividends[281](index=281&type=chunk)[318](index=318&type=chunk) - As of **February 17, 2023**, PNMR had total consolidated liquidity of **$522.4 million** available under its revolving credit facilities[280](index=280&type=chunk)[333](index=333&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) PNM's segment earnings decreased by **$52.1 million**, while TNMP's increased by **$28.4 million** Change in Net Earnings by Segment (2022 vs 2021) | Segment | Change (in millions) | | :--- | :--- | | PNM | $(52.1) | | TNMP | $28.4 | | Corporate and Other | $(2.5) | | **Net Change** | **$(26.3)** | - PNM's segment earnings decreased by **$52.1 million**, primarily due to a **$95.2 million** decline in investment securities performance, partially offset by a **$65.2 million** increase in transmission margin[293](index=293&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk) - TNMP's segment earnings increased by **$28.4 million**, driven by rate relief, higher customer demand, and warmer weather[298](index=298&type=chunk)[299](index=299&type=chunk) [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity and investment-grade credit ratings, supporting projected **$5.2 billion** in capital requirements Consolidated Cash Flow Summary (in millions) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $567.3 | $547.9 | | Net Cash used in Investing Activities | $(950.3) | $(952.3) | | Net Cash from Financing Activities | $386.0 | $357.6 | Projected Capital Requirements (2023-2027, in millions) | Category | Amount | | :--- | :--- | | Construction expenditures | $4,602.1 | | Dividends on PNMR common stock | $630.9 | | Dividends on PNM preferred stock | $2.6 | | **Total capital requirements** | **$5,235.6** | - The company maintains **investment-grade credit ratings** from both Moody's and S&P for PNMR, PNM, and TNMP[330](index=330&type=chunk)[331](index=331&type=chunk) [Other Issues Facing the Company](index=62&type=section&id=Other%20Issues%20Facing%20the%20Company) The company actively manages climate change risks, aiming for a **100% emissions-free portfolio by 2040** - The company actively manages climate change risks, aiming for a **100% emissions-free generating portfolio by 2040**, aligning with a "2 Degree Scenario" pathway[346](index=346&type=chunk)[370](index=370&type=chunk) - The retirement of SJGS in **2022** resulted in a **67% reduction** in GHG emissions from **2021** levels, with a potential **88%** total reduction upon Four Corners exit[350](index=350&type=chunk) - The New Mexico Energy Transition Act (ETA) mandates an **80% renewable portfolio by 2040** and **100% zero-carbon energy by 2045**, significantly impacting PNM's generation portfolio[366](index=366&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=70&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risk, including commodity, credit, and interest rate risks, with **$1.2 billion** in variable-rate debt - The company is exposed to interest rate risk on its variable rate debt, totaling approximately **$1.2 billion** as of **February 17, 2023**[407](index=407&type=chunk) - PNM is exposed to credit risk from wholesale counterparties, with a total net exposure of **$53.9 million** as of **December 31, 2022**, and a largest single counterparty exposure of **$44.9 million**[404](index=404&type=chunk) - The company faces equity market risk from trust investments, where a hypothetical **10% decrease** in equity prices would reduce fair value by **$35.6 million** for PNM and **$2.3 million** for TNMP[410](index=410&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=73&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for PNMR, PNM, and TNMP, along with management's and auditor's reports on internal controls - This item includes the audited consolidated financial statements for PNMR, PNM, and TNMP, covering balance sheets, earnings, cash flows, and equity changes[414](index=414&type=chunk) - Management concluded internal controls were effective as of **December 31, 2022**, a conclusion concurred by independent auditor KPMG LLP[416](index=416&type=chunk)[417](index=417&type=chunk) [Item 9A. Controls and Procedures](index=196&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of **December 31, 2022**, with no material changes in internal control - Management for PNMR, PNM, and TNMP concluded their disclosure controls and procedures were effective as of **December 31, 2022**[1058](index=1058&type=chunk)[1062](index=1062&type=chunk)[1066](index=1066&type=chunk) - No material changes in internal control over financial reporting occurred during the **fourth quarter of 2022**[1060](index=1060&type=chunk)[1064](index=1064&type=chunk)[1068](index=1068&type=chunk) Part III [Item 10. Directors, Executive Officers, and Corporate Governance](index=197&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2023 Proxy Statement - This section incorporates information by reference from the company's **2023 Proxy Statement**[1072](index=1072&type=chunk) [Item 11. Executive Compensation](index=197&type=section&id=Item%2011.%20Executive%20Compensation) Information on director and executive compensation is incorporated by reference from the 2023 Proxy Statement - This section incorporates information by reference from the company's **2023 Proxy Statement**[1073](index=1073&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=197&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the 2023 Proxy Statement - This section incorporates information by reference from the company's **2023 Proxy Statement**[1074](index=1074&type=chunk) [Item 13. Certain Relationships and Related Transactions and Director Independence](index=197&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information on related person transactions and director independence is incorporated by reference from the 2023 Proxy Statement - This section incorporates information by reference from the company's **2023 Proxy Statement**[1075](index=1075&type=chunk) [Item 14. Principal Accounting Fees and Services](index=197&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the 2023 Proxy Statement - This section incorporates information by reference from the company's **2023 Proxy Statement**[1076](index=1076&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=198&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the Form 10-K report - This section provides an index of all financial statements, schedules, and exhibits included in or incorporated by reference into the **Form 10-K** filing[1079](index=1079&type=chunk)[1080](index=1080&type=chunk)