GAAP net earnings attributable to TXNM Energy (Form 8-K)

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 earnings growth target of 7% to 9%.

"Earnings results in the first quarter are on track with full year expectations," said Pat Collawn, TXNM Energy Chair and CEO. "TNMP reflects another quarter of strong growth and capital recovery, and PNM's unopposed rate case stipulation continues to move through the regulatory approval process. We will continue to prioritize our customers' needs across Texas and New Mexico as we focus on executing our long-term investment plans."

SEGMENT REPORTING OF 2025 FIRST QUARTER EARNINGS

•PNM - a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.

•TNMP - an electric transmission and distribution utility in Texas.

•Corporate and Other - reflects the TXNM Energy holding company and other subsidiaries.

EPS Results by Segment

			GAAP Diluted EPS									Ongoing Diluted EPS
			Q1 2025			Q1 2024						Q1 2025			Q1 2024
PNM			$0.01			$0.46						$0.09			$0.38
TNMP			$0.24			$0.16						$0.24			$0.16
Corporate and Other			($0.15)			($0.10)						($0.14)			($0.13)
Consolidated TXNM Energy			$0.10			$0.52						$0.19			$0.41

Net changes to GAAP and ongoing earnings in the first quarter of 2025 compared to the first quarter of 2024 include:

•PNM: Higher retail load, partially offset by lower weather-related usage, was more than offset by lower transmission margins due to market prices, the timing of excess deferred income taxes, increased insurance premiums, the timing of plant outages, higher depreciation, property tax and interest expense associated with new capital investments, and increased demand charges from energy storage agreements added in late 2024.

•TNMP: Rate recovery through and Distribution Cost Recovery Factor (DCRF) and Transmission Cost of Service (TCOS) rate mechanisms and higher retail load including weather-related usage were partially offset by depreciation, property tax and interest expense associated with new capital investments.

•Corporate and Other: Interest expense from holding company debt increased.

GAAP and ongoing earnings per share were reduced in the first quarter of 2025 by additional shares issued in December 2024.

In addition, GAAP earnings in the first quarter of 2025 included $8.2 million of net unrealized losses on investment securities compared to $12.2 million of net unrealized gains in the first quarter of 2024. GAAP earnings in the first quarter of 2024 included $4.5 million of PNM regulatory disallowances.

Additional materials with information on quarterly results are available at
https://www.txnmenergy.com/investors/financial-information/quarterly-reports/2025.aspx.

FIRST QUARTER CONFERENCE CALL: 11 A.M. EASTERN FRIDAY, MAY 9

TXNM Energy will discuss these items during a live conference call and webcast on Friday, May 9th at 11 a.m. Eastern. Speaking on the call will be Pat Collawn, TXNM Energy Chair and Chief Executive Officer, Don Tarry, TXNM Energy President and Chief Operating Officer, and Lisa Eden, TXNM Energy Senior Vice President and Chief Financial Officer.

The conference call will be simultaneously broadcast and archived on our website at https://www.txnmenergy.com/investors/events-and-presentations. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.

Investors and analysts can participate in the live conference call by pre-registering using the following link: https://dpregister.com/sreg/10198805/feecb0eb77. Telephone participants who are unable to pre-register may participate in the live conference call by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior to the event and asking to join the TXNM Energy call.

Background:

TXNM Energy (NYSE: TXNM), an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. For more information, visit the company's website at www.TXNMEnergy.com.

CONTACTS:

Analysts Media

Lisa Goodman Corporate Communications

(505) 241-2160 (505) 241-2743