J P M O R G A N Asia Pacific Equity Research 27 June 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. ASEAN Power Grid Myth or reality? TNB is a standout winner; opportunity for CH power equipment players The ASEAN Summit in Kuala Lumpur in late-May has ...

28 May 2025 | 6:30AM BST GS EUROPEAN EXPRESS: New era for Utilities | AstraZeneca | Macro | Global | Corporate Access Click "here" to listen to the Europe Morning Call. A new era for Utilities: Domestic, defensive and growing ~50 pg deep dive into the sector from Alberto Gandolfi and Ajay Patel looking at why we are in a new era of Utilities, one where power demand is growing (after 15 years of decline), earnings are growing (power demand inflection, modernization of the grid to boost energy security and me ...

TXNM Energy Conference Call Summary Company and Industry - **Company**: TXNM Energy - **Acquirer**: Blackstone Infrastructure - **Industry**: Energy and Infrastructure Key Points and Arguments 1. **Acquisition Announcement**: TXNM Energy announced its agreement to be acquired by Blackstone Infrastructure, emphasizing the need for scale in the business while maintaining operations of TXNM Energy, PNM, and TNMP intact [2][3][4] 2. **Financial Strength**: The acquisition is expected to enhance TXNM's financial strength, allowing for better service to customers and maintaining investment-grade credit metrics without the challenges of current capital markets [5][6] 3. **Shareholder Compensation**: Upon closing, shareholders will receive $61.25 per share in cash, representing a 23% premium over the unaffected stock price and a 15.8% premium over the last closing price, with a total enterprise value of $11.5 billion [6][14] 4. **Blackstone's Investment Approach**: Blackstone Infrastructure has a successful track record with $60 billion in infrastructure assets under management, focusing on long-term partnerships and community support [7][8] 5. **Commitment to Employees and Communities**: The acquisition agreement includes commitments to keep TXNM Energy, PNM, and TNMP locally operated, with no workforce reductions or changes in compensation and benefits for at least two years post-transaction [12][13] 6. **Regulatory Process**: The transaction is subject to state and federal regulatory approvals, with expected completion in the second half of 2026. TXNM plans to engage stakeholders in Texas and New Mexico before filing [16][22] 7. **Equity Financing**: Blackstone Infrastructure will provide $400 million of upfront investments through the purchase of newly issued shares, with an additional $400 million to be issued before closing, alleviating financing pressures during the regulatory process [14][38] 8. **Dividend Policy**: TXNM Energy plans to continue paying dividends during the transaction process, subject to board approval, with the potential for growth in line with current plans [15][30] Other Important Content 1. **Termination Fees**: The termination fee for TXNM Energy is set at $210 million, while Blackstone's fee is $350 million [31] 2. **Net Benefit States**: Both New Mexico and Texas are classified as net benefit states for the transaction, which may facilitate the approval process [34] 3. **Management Transition**: Henry Monroy has been appointed as the new Senior Vice President and Chief Financial Officer, succeeding Lisa Eaton [18] This summary encapsulates the critical aspects of the TXNM Energy conference call, highlighting the strategic implications of the acquisition and its anticipated benefits for stakeholders.

Power supplier The Southern Company (SO) reported first-quarter 2025 earnings per share (excluding certain one-time items) of $1.23, outperforming the Zacks Consensus Estimate of $1.20 and the year-ago adjusted profit of $1.03. The encouraging numbers reflect a gain in overall electricity sales, favorable weather conditions and lower-than-expected expenses. The utility reported revenues of $7.8 billion. The top line came in 17% higher than first-quarter 2024 sales and beat the Zacks Consensus Estimate of $7 ...