Core Viewpoint - TXNM Energy has entered into an agreement for Blackstone Infrastructure to acquire the company for $61.25 per share, resulting in a total enterprise value of $11.5 billion, including net debt and preferred stock [1][8]. Company Overview - TXNM Energy, through its subsidiaries PNM and TNMP, focuses on addressing critical electricity infrastructure needs and is committed to transitioning to clean energy in New Mexico [2][6]. - PNM is evolving its generation portfolio to meet clean energy goals, while TNMP has increased capital investments to support growth in Texas [2]. Transaction Details - The acquisition price of $61.25 per share represents a 23.0% premium over TXNM Energy's 30-day volume weighted average price as of March 5, 2025 [8]. - Blackstone Infrastructure will fund the acquisition entirely with equity and does not plan to increase TXNM Energy's leverage levels [4][10]. - Blackstone Infrastructure is also investing $400 million through a private placement of newly issued shares at $50 per share to support TXNM Energy's growth plans [9]. Strategic Goals - The transaction aims to provide long-term capital to support TXNM Energy's infrastructure development and economic growth during the transition to clean energy [6]. - TXNM Energy will remain locally managed and operated, retaining its workforce and honoring labor agreements [6][15]. Regulatory and Approval Process - The transaction is subject to approval from TXNM Energy's shareholders and various regulatory bodies, including the New Mexico Public Regulation Commission and the Public Utility Commission of Texas [11]. - The deal is expected to close in the second half of 2026, pending necessary approvals [11]. Leadership Changes - Following the transaction, Pat Collawn will step down as Executive Chair, with Don Tarry taking over as President and CEO [12]. Advisors - Wells Fargo and Citi are serving as financial advisors to TXNM Energy, while RBC Capital Markets and J.P. Morgan are advising Blackstone Infrastructure [13].

Core Points - TXNM Energy's subsidiaries, PNM and TNMP, received regulatory approvals for rate recovery filings on May 15, 2025 [1][4]. Group 1: PNM Rate Approval - PNM obtained approval from the New Mexico Public Regulation Commission for its 2025 Rate Request application, with customer rates phased in: 50% increase effective July 1, 2025, and the remaining increase effective April 1, 2026 [2]. - The approved revenue increase for PNM is $105.0 million, based on a 9.45% return on equity and a 51% equity capitalization structure on a $3.0 billion rate base [3]. Group 2: TNMP Rate Approval - TNMP received approval from the Public Utility Commission of Texas for its Distribution Cost Recovery Factor application [4]. - The approved annual rate increase for TNMP is $25.0 million, recovering $176.6 million of incremental distribution rate base at an authorized return on equity of 9.65% with a capital structure of 55% debt and 45% equity [5].

Core Viewpoint - TXNM Energy is undergoing a leadership transition with Pat Collawn moving to Executive Chair and Don Tarry appointed as the new President and CEO, effective July 1, 2025 [1][2]. Leadership Transition - Pat Collawn has been with TXNM Energy since June 2007, serving in various roles including President and CEO since March 2010, and will continue to lead as Executive Chair [2][5]. - Don Tarry, who has been with the company since 1996 and held multiple leadership positions, will take over as CEO and President [5][6]. Strategic Focus - Under Pat's leadership, TXNM Energy has focused on its regulated utilities and aims for 100% carbon-free generation by 2040, achieving 72% carbon-free generation capacity by 2024 [3][5]. - The company is committed to meeting the evolving needs of its customers and communities while pursuing cost-effective solutions [5][6]. Community Involvement - Both Pat Collawn and Don Tarry are actively involved in community initiatives, with Pat serving in various leadership roles and Don as Chair of the Albuquerque Regional Economic Alliance [4][6]. Company Overview - TXNM Energy, based in Albuquerque, New Mexico, provides energy to over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM [7].

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) Presents unaudited condensed consolidated financial statements for TXNM, PNM, and TNMP, including earnings, balance sheets, and cash flows, with comprehensive notes [TXNM Energy, Inc. and Subsidiaries Financial Statements](index=7&type=section&id=TXNM%20ENERGY%2C%20INC.%20AND%20SUBSIDIARIES) TXNM's Q1 2025 net earnings fell to **$8.9 million** (**$0.10 per diluted share**) from **$47.2 million**, total assets increased to **$11.39 billion** TXNM Condensed Consolidated Statement of Earnings (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (In thousands) | Q1 2024 (In thousands) | | :--- | :--- | :--- | | Electric Operating Revenues | $482,792 | $436,877 | | Operating Income | $71,889 | $80,590 | | Net Earnings Attributable to TXNM | $8,923 | $47,190 | | Diluted EPS | $0.10 | $0.52 | TXNM Condensed Consolidated Balance Sheet Highlights | Metric | March 31, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | Total Current Assets | $489,406 | $498,836 | | Net Utility Plant | $8,622,927 | $8,437,008 | | Total Assets | $11,390,620 | $11,211,733 | | Total Current Liabilities | $1,694,175 | $1,775,098 | | Long-term Debt, net | $4,582,713 | $4,311,765 | | Total Liabilities | $8,828,384 | $8,616,919 | | Total TXNM Common Stockholders' Equity | $2,504,335 | $2,536,385 | TXNM Condensed Consolidated Statement of Cash Flows (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (In thousands) | Q1 2024 (In thousands) | | :--- | :--- | :--- | | Net cash flows from operating activities | $141,257 | $92,816 | | Net cash flows used in investing activities | ($345,009) | ($184,358) | | Net cash flows from financing activities | $197,560 | $99,509 | [Public Service Company of New Mexico (PNM) and Subsidiaries Financial Statements](index=14&type=section&id=PUBLIC%20SERVICE%20COMPANY%20OF%20NEW%20MEXICO%20AND%20SUBSIDIARIES) PNM's Q1 2025 net earnings fell sharply to **$0.9 million** from **$41.9 million**, driven by higher costs, total assets at **$7.47 billion** PNM Condensed Consolidated Statement of Earnings (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (In thousands) | Q1 2024 (In thousands) | | :--- | :--- | :--- | | Electric Operating Revenues | $333,380 | $308,115 | | Operating Income | $31,338 | $50,950 | | Net Earnings Available for PNM Common Stock | $945 | $41,920 | PNM Condensed Consolidated Balance Sheet Highlights | Metric | March 31, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | Total Assets | $7,471,816 | $7,407,279 | | Total Liabilities | $5,274,550 | $5,211,552 | | Total Equity | $2,185,737 | $2,184,198 | [Texas-New Mexico Power Company (TNMP) and Subsidiaries Financial Statements](index=21&type=section&id=TEXAS-NEW%20MEXICO%20POWER%20COMPANY%20AND%20SUBSIDIARIES) TNMP's Q1 2025 net earnings increased to **$22.3 million** from **$14.6 million**, driven by higher revenues, total assets grew to **$3.76 billion** TNMP Condensed Consolidated Statement of Earnings (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (In thousands) | Q1 2024 (In thousands) | | :--- | :--- | :--- | | Electric Operating Revenues | $149,412 | $128,762 | | Operating Income | $42,747 | $30,738 | | Net Earnings | $22,283 | $14,583 | TNMP Condensed Consolidated Balance Sheet Highlights | Metric | March 31, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | Total Assets | $3,760,714 | $3,649,125 | | Total Liabilities | $2,373,242 | $2,283,936 | | Total Common Stockholder's Equity | $1,387,472 | $1,365,189 | [Notes to Condensed Consolidated Financial Statements](index=26&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Detailed notes explain accounting policies, financing, environmental commitments, regulatory updates for PNM and TNMP, leases, and pension plans - PNM filed a new general rate case in June 2024 (2025 Rate Request) seeking a **$174.3 million** revenue increase; an unopposed stipulation was filed in November 2024 proposing a **$105.0 million** increase, with a hearing examiner recommending approval in April 2025[233](index=233&type=chunk)[234](index=234&type=chunk)[236](index=236&type=chunk) - TNMP received final PUCT approval in March 2025 for its System Resiliency Plan (SRP), authorizing **$545.8 million** in capital investments and **$86.1 million** in O&M costs over three years to enhance grid resiliency[258](index=258&type=chunk)[259](index=259&type=chunk) - Recent financing activities in Q1 2025 include PNM's **$195.0 million** term loan and TNMP's issuance of **$140.0 million** in first mortgage bonds; subsequent to the quarter, in April 2025, PNM issued an additional **$300.0 million** in Senior Unsecured Notes[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) - The company is actively managing environmental regulations, including the ETA which mandates a **100% zero-carbon portfolio by 2045** for PNM, and new EPA rules on Coal Combustion Residuals (CCRs), which identified one CCRMU at SJGS requiring evaluation[172](index=172&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) Disaggregation of Revenues from Contracts with Customers (Three Months Ended March 31, 2025) | Customer Type | PNM (In thousands) | TNMP (In thousands) | TXNM Consolidated (In thousands) | | :--- | :--- | :--- | :--- | | Residential | $124,554 | $48,781 | $173,335 | | Commercial | $102,159 | $46,962 | $149,121 | | Industrial | $33,632 | $11,546 | $45,178 | | Transmission | $35,017 | $40,220 | $75,237 | | Wholesale energy sales | $16,928 | $— | $16,928 | | **Total revenues from contracts** | **$329,958** | **$150,455** | **$480,413** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=66&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses TXNM's financial condition and operations, including business objectives, segment results, liquidity, capital, and regulatory matters [Executive Summary](index=67&type=section&id=Executive%20Summary) TXNM's Q1 2025 net earnings fell to **$8.9 million** (**$0.10 per diluted share**) due to investment losses and higher costs, strategic focus on carbon-free goals - Net earnings attributable to TXNM for Q1 2025 were **$8.9 million** (**$0.10 per diluted share**), a significant decrease from **$47.2 million** (**$0.52 per diluted share**) in Q1 2024[338](index=338&type=chunk) - Key drivers for the earnings decrease include poor performance of PNM's NDT and other investment securities, higher operating expenses, increased depreciation, and higher interest charges, which more than offset benefits from rate relief and load growth at TNMP[338](index=338&type=chunk) - TNMP received final PUCT approval for its System Resiliency Plan (SRP) in March 2025, enhancing its distribution system[280](index=280&type=chunk) - PNM's 2025 Rate Request, filed in June 2024, has progressed with an unopposed stipulation filed in November 2024 and a hearing examiner's recommendation for approval in April 2025[281](index=281&type=chunk)[282](index=282&type=chunk) [Results of Operations](index=75&type=section&id=Results%20of%20Operations) TXNM's consolidated net earnings decreased by **$38.3 million** in Q1 2025, driven by a **$41.0 million** decline in PNM's earnings, partially offset by TNMP's **$7.7 million** increase Change in Net Earnings by Segment (Q1 2025 vs Q1 2024) | Segment | Change in Net Earnings (In millions) | | :--- | :--- | | TNMP | $7.7 | | PNM | ($41.0) | | Corporate and Other | ($5.0) | | **Net Change** | **($38.3)** | - TNMP's utility margin increased by **$17.3 million**, primarily due to transmission rate relief (**$4.4M**), distribution rate relief (**$6.3M**), and higher demand-based load (**$3.3M**)[351](index=351&type=chunk) - PNM's utility margin decreased by **$8.3 million**, largely due to costs from new energy storage capacity arrangements (**$10.0M**) and lower transmission margin (**$2.5M**), which offset gains from higher retail load (**$4.3M**)[356](index=356&type=chunk) - A significant factor in PNM's lower earnings was a **$19.2 million** decrease in performance on investment securities in its NDT and coal mine reclamation trusts compared to the prior year[358](index=358&type=chunk) [Liquidity and Capital Resources](index=84&type=section&id=Liquidity%20and%20Capital%20Resources) TXNM had **$585.5 million** in liquidity as of April 25, 2025, projecting **$8.6 billion** in capital requirements for 2025-2029, primarily for construction and dividends Projected Capital Requirements (2025-2029) | Requirement | 2025 (In millions) | 2026-2029 (In millions) | Total (In millions) | | :--- | :--- | :--- | :--- | | Construction expenditures | $1,321.3 | $6,513.0 | $7,834.3 | | Dividends on TXNM common stock | $151.0 | $611.3 | $762.3 | | **Total capital requirements** | **$1,472.8** | **$7,126.4** | **$8,599.2** | - Total available liquidity as of April 25, 2025, was **$585.5 million** across all revolving credit facilities[387](index=387&type=chunk) - The company has approximately **$1.0 billion** in consolidated debt maturities through April 2026 and anticipates needing additional long-term financing to fund its capital plan[342](index=342&type=chunk) - The company is in compliance with all debt covenants, which primarily consist of a debt-to-capitalization ratio limit (**70%** for TXNM, **65%** for PNM/TNMP)[372](index=372&type=chunk) [Other Issues Facing the Company](index=89&type=section&id=Other%20Issues%20Facing%20the%20Company) The company addresses climate change risks and opportunities, with PNM committed to a carbon-free portfolio by **2040**, navigating complex federal and state regulatory landscapes - PNM is committed to a **100% carbon-free generating portfolio by 2040**, which is more aggressive than the New Mexico ETA mandate of **2045**[395](index=395&type=chunk)[419](index=419&type=chunk) - The retirement of the SJGS plant in 2022 resulted in a **67% reduction** in PNM's GHG emissions from 2021 levels[400](index=400&type=chunk) - The company faces uncertainty from federal policy shifts, noting President Trump's January 2025 executive orders directing a review of EPA actions, withdrawal from the Paris Agreement, and reconsideration of the 2009 GHG endangerment finding[413](index=413&type=chunk)[418](index=418&type=chunk) - PNM's resource planning is heavily influenced by New Mexico's ETA, which sets renewable portfolio standards of **50% by 2030**, **80% by 2040**, and **100% zero-carbon by 2045**[415](index=415&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=93&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages commodity, credit, and interest rate risks, with significant variable-rate debt exposure and PNM's investment trusts facing equity and interest rate market risks - The company is exposed to interest rate risk on its variable-rate debt; as of April 25, 2025, total outstanding variable-rate debt was **$1.207 billion**, comprising **$351.4 million** in short-term debt and **$856.0 million** in long-term debt[455](index=455&type=chunk) - PNM's decommissioning and reclamation trusts held **$470.2 million** in investments as of March 31, 2025; **66.3%** of this was in equity securities, exposing the trusts to equity market risk; a hypothetical **10% decrease** in equity prices would reduce the fair value by **$31.2 million**[455](index=455&type=chunk)[457](index=457&type=chunk) - Credit risk from wholesale counterparties totaled **$0.9 million** as of March 31, 2025, with the largest single counterparty exposure being **$0.2 million**[451](index=451&type=chunk) [Item 4. Controls and Procedures](index=95&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) TXNM's CEO and CFO concluded that disclosure controls and procedures are effective as of March 31, 2025, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that disclosure controls and procedures for TXNM, PNM, and TNMP are effective as of the end of the period covered by the report[458](index=458&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[459](index=459&type=chunk)[460](index=460&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=96&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) Information on legal proceedings, including PNM and TNMP rate cases and regulatory filings, is incorporated by reference from Note 12 - Information regarding legal proceedings is incorporated by reference from Note 12, which details ongoing regulatory and rate matters[460](index=460&type=chunk)[464](index=464&type=chunk) [Item 1A. Risk Factors](index=96&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K have occurred - There have been no material changes to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K[461](index=461&type=chunk) [Item 5. Other Information](index=96&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No director or officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[462](index=462&type=chunk) [Item 6. Exhibits](index=96&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including corporate governance, financing agreements, incentive plans, and CEO/CFO certifications - The report includes several exhibits, such as financing agreements for TNMP and PNM, amendments to long-term incentive plans, and CEO/CFO certifications under the Sarbanes-Oxley Act[463](index=463&type=chunk)[465](index=465&type=chunk)

Financial Data and Key Metrics Changes - Ongoing earnings for Q1 2025 were reported at $0.19 per share, aligning with expectations and reflecting the midyear implementation of new rates at PNM [5][23] - The company affirmed its guidance for 2025, projecting earnings per share in the range of $2.74 to $2.84, with a long-term EPS growth target of 7% to 9% [6][27] Business Line Data and Key Metrics Changes - TNMP set a new system peak in Q1, 22% higher than the previous year's peak, with demand-based load increasing by 9.7%, driven by growth in North and West Texas [10][11] - Data center load increased by 70 megawatts in Q1, with expectations of an additional 150 megawatts by year-end [11] Market Data and Key Metrics Changes - Interconnection requests rose by 6% compared to Q1 of the previous year, particularly in the Gulf Coast area, indicating continued growth expectations [11] - The New Mexico legislative session concluded with key bills aimed at expediting infrastructure build-out to attract new businesses [8][9] Company Strategy and Development Direction - The company is focused on a five-year capital plan that supports growth in Texas, with investments projected to increase from $600 million this year to over $1 billion starting in 2028 [13] - The regulatory agenda includes upcoming filings for rate reviews and resource applications, with a focus on balancing system needs and customer rate impacts [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute growth plans, emphasizing the importance of size and scale in financing large capital expenditures [37] - The company is optimistic about the impact of recent legislation on its operations and financial performance, particularly regarding the Permian transmission projects [32][66] Other Important Information - The company has not made changes to its five-year capital investment plan, maintaining a focus on customer rate impacts while addressing system needs [19][24] - The upcoming regulatory agenda includes decisions on rate reviews and resource applications, with a target for new rates implementation in Q2 of next year [15][20] Q&A Session Summary Question: Impact of House Bill 5,247 on TNMP - Management confirmed that House Bill 5,247 would be beneficial to TNMP, allowing for the grouping of costs and reducing regulatory lag [34] Question: Update on Rate Design and Capital Structure for TNMP - The major drivers of the upcoming TNMP base rate case will primarily focus on rate design, with the current capital structure being 45% equity [45][46] Question: Confidence in Execution Timeline for Permian Basin CapEx - Management expressed confidence in delivering approximately $750 million of capital, with CCNs to be filed early next year [48] Question: RFP at PNM and Targeted Ownership - The RFP process in New Mexico is progressing as expected, with an independent evaluator involved to justify resource needs [57] Question: Impact of Tariffs on Capital Plan - Management indicated that tariffs are expected to have about a 2% impact on the capital plan, consistent with other utilities [59] Question: Incremental Investment Opportunities in Transmission Development - Management noted that the overall statewide transmission investment need is approximately $4 billion over the next twenty years [60]

Financial Data and Key Metrics Changes - Ongoing earnings for Q1 2025 were $0.19 per share, aligning with expectations and reflecting the midyear implementation of new rates at PNM [4][23] - The company affirmed its 2025 guidance range of $2.74 to $2.84 per share, maintaining a long-term EPS growth target of 7% to 9% [5][26] Business Line Data and Key Metrics Changes - TNMP set a new system peak in Q1, 22% higher than the previous year, with demand-based load increasing by 9.7%, driven by growth in North and West Texas [9][10] - Data center load increased by 70 megawatts in Q1, with expectations of an additional 150 megawatts by year-end [10] - The system resiliency plan was approved, allowing for $546 million in capital improvements [5][10] Market Data and Key Metrics Changes - Interconnection requests increased by 6% compared to Q1 of the previous year, particularly in the Gulf Coast area [10] - The New Mexico legislative session resulted in key bills aimed at expediting infrastructure build-out for large customers, enhancing competitiveness [6][7] Company Strategy and Development Direction - The company is focused on supporting growth in Texas with a reliable and resilient grid, with capital investments projected to grow from $600 million this year to over $1 billion starting in 2028 [12] - The regulatory agenda includes upcoming rate reviews and resource applications, with a focus on balancing system needs and customer rate impacts [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the capital plan and achieving growth targets, emphasizing the importance of size and scale in financing large capital expenditures [36] - The company is optimistic about the impact of recent legislation on its operations and financial performance [6][64] Other Important Information - The company has not made changes to its five-year capital investment plan, which includes significant investments in transmission development [19][20] - The upcoming regulatory agenda includes decisions on rate reviews and resource applications, with a focus on improving service and meeting customer demands [20][21] Q&A Session Summary Question: Impact of House Bill 5,247 on TNMP - Management confirmed that House Bill 5,247 would be beneficial to TNMP, allowing for the grouping of costs and reducing regulatory lag [33] Question: Update on TNMP's capital structure and rate design - Management indicated that the upcoming base rate case would primarily focus on rate design, with the current capital structure at 45% equity [44] Question: Confidence in executing the $750 million CapEx for Permian Basin - Management expressed confidence in delivering the capital and noted that CCNs would be filed early next year [47] Question: Progress on New Mexico RFP process - Management stated that the RFP process is on track, with an independent evaluator involved to ensure resource justification [54] Question: Impact of tariffs on capital plans - Management noted that tariffs are expected to have about a 2% impact on capital plans, consistent with other utilities [56] Question: Incremental investment opportunities in transmission - Management indicated that while the five-year period may see limited incremental investments, the long-term outlook for transmission development is significant, estimated at around $4 billion [57]

Exhibit 99.1 TXNM Energy (In millions, except EPS) | | Q1 2025 | Q1 2024 | | --- | --- | --- | | GAAP net earnings attributable to | | | | TXNM Energy | $8.9 | $47.2 | | GAAP diluted EPS | $0.10 | $0.52 | | Ongoing net earnings | $18.1 | $37.0 | | Ongoing diluted EPS | $0.19 | $0.41 | TXNM Energy (NYSE: TXNM) today released its 2025 first quarter results. In addition, management affirmed its 2025 consolidated ongoing earnings guidance range of $2.74 to $2.84 per diluted share and maintained its long-term ea ...

Financial Performance - TXNM Energy's Q1 2025 GAAP EPS was $0.10, compared to $0.52 in Q1 2024[10] - TXNM Energy's Q1 2025 Ongoing EPS was $0.19, compared to $0.41 in Q1 2024[10] - The company reaffirmed its 2025 Ongoing EPS guidance range of $2.74 - $2.84[13] - The company is targeting a long-term EPS growth of 7% - 9%[13] TNMP Highlights - TNMP's volumetric load growth in Q1 2025 was 1.0%[19] - TNMP's demand-based load growth in Q1 2025 was 9.7%[19] - TNMP's data center load growth in Q1 2025 was 14.6%[19] - TNMP's average customer growth was 1.9%[19] - TNMP's system peak reached a new all-time high of 3,158 MW in February 2025, a 22% increase over Q1 2024[20] - TNMP plans capital investments of $615 million in 2025, increasing to $1.008 billion in 2029[24] PNM Highlights - PNM's total retail load growth in Q1 2025 was 4.1%[28] - PNM's average customer growth was 0.8%[28] - PNM plans capital investments of $443 million in 2025, increasing to $596 million in 2029[33] Capital Investments - The company's 5-year capital investment plan is $7.8 billion[42] - TNMP's average rate base is projected to grow from $2.8 billion in 2025 to $5.3 billion in 2029, a CAGR of 17.3%[44] - PNM Retail's average rate base is projected to grow from $3.0 billion in 2025 to $4.2 billion in 2029, a CAGR of 8.8%[44]

2025 first quarter GAAP earnings of $0.10 per diluted share 2025 first quarter ongoing earnings of $0.19 per diluted share 2025 ongoing earnings guidance range of $2.74 - $2.84 per diluted share affirmed Long-term earnings per share growth target of 7% to 9% TXNM Energy (In millions, except EPS) Q1 2025 Q1 2024 GAAP net earnings attributableto TXNM Energy $8.9 $47.2 GAAP diluted EPS $0.10 $0.52 Ongoing net earnings $18.1 $37.0 Ongoing diluted EPS $0.19 $0.41 ALBUQUERQUE, N.M. ...

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