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]

Core Insights - TXNM Energy reported a significant decline in net earnings for Q1 2025, with GAAP net earnings attributable to the company at $8.9 million compared to $47.2 million in Q1 2024, reflecting a decrease of approximately 81.1% [1][18] - The company affirmed its ongoing earnings guidance for 2025, projecting a range of $2.74 to $2.84 per diluted share, and maintained a long-term earnings growth target of 7% to 9% [1][7] Financial Performance - GAAP diluted EPS for Q1 2025 was $0.10, down from $0.52 in Q1 2024, while ongoing diluted EPS decreased from $0.41 to $0.19 [1][18] - Segment reporting indicated that PNM's ongoing diluted EPS improved from $0.38 to $0.46, while TNMP's ongoing diluted EPS remained stable at $0.24 [2][9] - Corporate and Other segment reported a loss of $0.15 per share in Q1 2025, compared to a loss of $0.14 in Q1 2024 [2][17] Earnings Adjustments - The decline in GAAP and ongoing earnings per share in Q1 2025 was attributed to the issuance of additional shares in December 2024 and net unrealized losses on investment securities amounting to $8.2 million, contrasting with $12.2 million in gains in Q1 2024 [3][17] - Regulatory disallowances of $4.5 million in Q1 2024 also impacted the comparative earnings [3][9] Revenue and Expenses - Electric operating revenues for Q1 2025 were reported at $482.8 million, an increase from $436.9 million in Q1 2024 [18] - Total operating expenses rose to $410.9 million in Q1 2025 from $356.3 million in Q1 2024, driven by increased costs in energy, administrative, and depreciation expenses [18] Strategic Focus - Management emphasized a commitment to customer needs and long-term investment plans, highlighting strong growth and capital recovery in TNMP and ongoing regulatory processes for PNM [2][9]

Core Viewpoint - The focus is on generating a 7%+ income yield through investments in energy stocks while minimizing principal loss risk [1] Group 1: Investment Strategy - The investment strategy involves a portfolio of energy stocks and closed-end funds (CEFs) [1] - Risk management is achieved through the use of options [1] Group 2: Research and Analysis - The leader of the investing group provides both micro and macro analysis of domestic and international energy companies [1] - Subscribers gain access to exclusive investment ideas and in-depth research not available to the general public [1]

Core Viewpoint - TXNM Energy, Inc. is set to announce its first quarter 2025 financial results on May 9, 2025, prior to market opening, followed by a live conference call to discuss the results and company updates [1]. Group 1: Financial Results Announcement - The financial results for the first quarter of 2025 will be announced before the market opens on May 9, 2025 [1]. - A live conference call will take place at 11 a.m. Eastern Time on the same day to discuss the financial results and other updates [1]. Group 2: Participation Details - Investors and analysts can pre-register for the live conference call through a provided link [2]. - For those unable to pre-register, participation can be done by dialing specific phone numbers fifteen minutes before the event [2]. Group 3: Company Background - TXNM Energy is an energy holding company based in Albuquerque, New Mexico, serving over 800,000 homes and businesses in Texas and New Mexico through its regulated utilities, TNMP and PNM [4].

Core Points - The New Mexico Public Regulation Commission (NMPRC) has issued a Certification of Stipulation recommending approval of PNM's 2025 Rate Request application [1] - The stipulation includes a $105.0 million increase in PNM's revenue requirements, based on a 9.45% return on equity and a 51% equity capitalization structure [3] - The rate increase will be phased in, with 50% effective July 1, 2025, and the remaining increase effective April 1, 2026 [2] Company and Industry Details - PNM is a wholly-owned subsidiary of TXNM Energy, which serves over 800,000 homes and businesses across Texas and New Mexico [6] - The current authorized rates for PNM are based on a 9.26% return on equity and a 50% equity capitalization structure [3] - Various parties, including the Utility Division Staff of NMPRC and several community organizations, support the stipulation, while other intervening parties do not oppose it [4]

Core Insights - TNMP, a subsidiary of TXNM Energy, received approval from the Public Utility Commission of Texas for its Transmission Cost of Service application [1][2] - The approved annual rate increase is $11.5 million, which will recover $83.5 million of incremental transmission rate base [2] Company Overview - TXNM Energy is an energy holding company based in Albuquerque, New Mexico, serving over 800,000 homes and businesses in Texas and New Mexico through its regulated utilities, TNMP and PNM [3]

Core Viewpoint - The Public Utility Commission of Texas has approved TNMP's 2025-2027 System Resiliency Plan, which involves a significant investment to enhance the reliability and safety of its distribution system [1][2]. Investment and Financials - TNMP plans to invest $545.8 million over three years to address various resiliency events that pose risks to its distribution system [2]. - The costs associated with these investments will be included in future Distribution Cost Recovery Factor filings [4]. Resiliency Measures - The System Resiliency Plan includes eight different Resiliency Measures aimed at improving the system's ability to prevent, withstand, and recover from resiliency events. These measures are: - Distribution System Resiliency - Distribution System Protection Modernization - Vegetation Management - Wildfire Mitigation - Flood Mitigation - Enhanced Operations System Technology - Cybersecurity - Physical Security Resiliency [3]. Company Background - TXNM Energy, the parent company of TNMP, serves over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities [5].

Customer Base and Service Areas - TXNM Energy serves approximately 834,000 customers across New Mexico and Texas, with a focus on maintaining strong and modern electric infrastructure to ensure reliability and support economic growth[24]. - PNM's largest retail electric customer accounted for 4.2% of its retail electric revenues in 2024, with significant revenue contributions from metropolitan areas like Albuquerque and Santa Fe[47]. - TNMP's two largest retail electric providers accounted for 26% and 20% of its operating revenues in 2024, indicating a concentrated revenue base[41]. Load and Demand Trends - TNMP experienced a 1.8% increase in weather-normalized retail load and a 2.4% increase in weather-normalized demand-based load in 2024 compared to 2023, while data center load increased by 13.7%[41]. - PNM's weather-normalized residential load increased by 1.5%, and industrial load saw a significant increase of 12.5% in 2024 compared to 2023[46]. - TNMP recorded a new system peak in December 2024, driven by economic growth across Texas, necessitating further investments in grid reliability[210]. Rate Increases and Financial Proposals - PNM filed for a general increase in retail electric rates, proposing an increase of $174.3 million, which includes a $92.2 million increase in base rates, effective in two phases starting July 1, 2025[49]. - PNM filed a 2025 Rate Request for a two-phase implementation of a $3.0 billion increase in total rate base, including a request for a return on equity (ROE) of 10.45%[99]. - An unopposed settlement filed by PNM includes a $105.0 million increase in retail revenues, reflecting an ROE of 9.45%[199]. Infrastructure Investments and Modernization - PNM's Grid Modernization Plan, approved in October 2024, includes approximately $344 million in investments over the first six years of an 11-year strategy to enhance system efficiency and reliability[50]. - PNM and TNMP invested $2.3 billion in utility plant during 2023 and 2024, focusing on transmission and distribution infrastructure to support growing demand and enhance grid reliability[209]. - PNM's investments aim to modernize infrastructure to accommodate increasing amounts of intermittent and distributed generation resources, enhancing customer value[212]. Renewable Energy and Sustainability Goals - The New Mexico Renewable Energy Act mandates utilities to achieve a renewable portfolio of 40% by 2025 and 100% zero-carbon energy by 2045[53]. - PNM plans to be coal-free by 2031 and achieve a carbon-free generating portfolio by 2040, demonstrating commitment to sustainability[217]. - PNM's customer distributed solar generation program represented 308.5 MW at December 31, 2024, and plans to increase renewable generation capacity to 52.1% by 2026[59]. Financial Health and Risks - The profitability of TXNM's utilities is dependent on recovering costs through regulated rates, with significant capital investments placing upward pressure on customer rates[96]. - TXNM and its subsidiaries have significant indebtedness, which may limit their ability to obtain additional financing and increase vulnerability to adverse economic conditions[148]. - Interest rates have increased, potentially raising financing costs for TXNM and its subsidiaries, affecting cash flows and financial position[136]. Regulatory Compliance and Environmental Concerns - PNM's operations may face increased costs due to potential new regulations regarding the classification of CCRs as hazardous waste, impacting mine reclamation expenses[104]. - The company is subject to environmental cleanup liabilities, which could lead to civil or criminal penalties if compliance with environmental laws is not met[105]. - Environmental noncompliance could harm the company's reputation and increase the cost of capital, affecting overall financial stability[108]. Cybersecurity and Operational Risks - The company faces risks from physical and cybersecurity attacks that could disrupt operations and lead to significant financial losses[122]. - TXNM's cybersecurity program is a top priority, focusing on identifying and managing risks associated with cybersecurity threats[170]. - Management is responsible for overseeing cybersecurity risks and ensuring compliance with legal and regulatory requirements[176]. Workforce and Diversity - As of December 31, 2024, the total number of employees across TXNM, PNM, and TNMP is 1,695, with 27% being women and 56% minorities[89]. - The company is committed to diversity and inclusion, with a goal for its workforce to mirror the communities it serves[87]. Community Engagement and Support - PNM's Good Neighbor Fund provided emergency assistance to 3,665 families in need during 2024, addressing energy affordability[216]. - TXNM's vision focuses on creating a clean energy future while ensuring safety, reliability, and customer satisfaction[200].

Group 1 - TXNM Energy, Inc. declared a quarterly dividend of $0.4075 per share on its common stock [1] - The dividend is scheduled to be payable on May 16, 2025, to shareholders of record as of April 25, 2025 [1] - TXNM Energy is an energy holding company serving over 800,000 homes and businesses in Texas and New Mexico [2] Group 2 - The company operates through its regulated utilities, TNMP and PNM [2] - For further information, TXNM Energy's website is available at www.TXNMEnergy.com [2]