Table of Contents 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, 2025 ☐ 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, ...

Exhibit 99.1 ALBUQUERQUE, N.M. May 9, 2025 TXNM Energy Reports First Quarter 2025 Results 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 | "Earnings results in the first quarter are on track with full year expectations," said Pat Collawn, TXNM Energy Chair and CEO. "TNMP reflects another ...

ALBUQUERQUE, N.M., March 13, 2025 /PRNewswire/ -- PNM, a wholly-owned subsidiary of TXNM Energy (NYSE: TXNM), and intervening parties in its 2028 Resource Application filed an unopposed comprehensive stipulation with the New Mexico Public Regulation Commission (NMPRC).The stipulation supports approval of PNM's proposed resource portfolio adding 450 megawatts (MW) of new solar and battery storage capacity in 2028 to serve customers and continue progress towards the zero-carbon requirements of New Mexico's En ...

Table of Contents ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-K For the transition period from _________ to _________ (Mark One) Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IR ...

Financial Performance - TXNM Energy reported 2024 GAAP earnings of $2.67 per diluted share, with ongoing earnings of $2.74 per diluted share, achieving the high end of original guidance[6]. - GAAP net earnings attributable to TXNM Energy for 2024 were $242.2 million, compared to $87.8 million in 2023[8]. - Ongoing net earnings for 2024 were $247.8 million, slightly up from $243.5 million in 2023[8]. - PNM's GAAP diluted EPS for 2024 was $2.12, significantly up from $0.41 in 2023[11]. - TNMP's ongoing diluted EPS for 2024 was $1.15, compared to $1.11 in 2023[11]. - GAAP Net Earnings for the quarter ended December 31, 2024, were $15,714 thousand, compared to a loss of $50,226 thousand for the same quarter in 2023[22]. - Ongoing Earnings for the year ended December 31, 2024, reached $247,819 thousand, an increase from $243,537 thousand in 2023[24]. - GAAP Net Earnings attributable to TXNM for Q4 2024 was $0.17, compared to a loss of $0.58 in Q4 2023[27]. - Ongoing Earnings for Q4 2024 were $0.30 per diluted share, compared to $0.18 per diluted share in Q4 2023[27]. - Net Earnings Attributable to TXNM for the year ended December 31, 2024, were $242,154,000, compared to $87,818,000 in 2023[31]. Revenue and Investment - The company increased its long-term earnings growth target to 7% to 9%[2]. - TXNM Energy's 5-year capital investment plan increased to $7.8 billion, a 26% increase over the prior plan, with a regulated rate base growth of 12% compared to 2025 levels[4]. - 2025 ongoing earnings guidance was introduced at a range of $2.74 to $2.84 per diluted share, reflecting strong growth at TNMP and a mid-year implementation of PNM's rate increase[5]. - Total Electric Operating Revenues for the year ended December 31, 2024, were $1,971,199,000, a slight increase from $1,939,198,000 in 2023[31]. - The company experienced a decrease in Electric Operating Revenues of $169.8 million for the year ended December 31, 2023[24]. - Operating income for the year ended December 31, 2024, was $453,486,000, significantly higher than $231,340,000 in 2023[31]. - Interest income for the year ended December 31, 2024, was $23,537,000, up from $21,963,000 in 2023[31]. - The cost of energy for the year ended December 31, 2024, decreased to $583,984,000 from $802,261,000 in 2023[31]. Adjustments and Regulatory Issues - Regulatory disallowances increased by $118,411 thousand for the quarter ended December 31, 2023, contributing significantly to the adjustments[24]. - The total adjustments before income tax effects for the year ended December 31, 2024, amounted to $26,160 thousand, compared to $213,437 thousand in 2023[24]. - The income tax impact of the adjustments for the year ended December 31, 2024, was $(20,495) thousand, reflecting a significant tax burden[22]. - Merger-related costs totaled $3,154 thousand for the year ended December 31, 2024, compared to $1,986 thousand in 2023[24]. - The net change in unrealized gains and losses on investment securities was $(2,718) thousand for the year ended December 31, 2024, compared to $(33,278) thousand in 2023[24]. - Total Adjustments for GAAP to Ongoing Earnings in Q4 2024 amounted to $0.13, while in Q4 2023 it was $0.76[27]. - Regulatory disallowances contributed $1.02 to GAAP Net Earnings in Q4 2023, a significant factor in the earnings report[29]. Future Plans and Events - The company plans to prioritize investments for a more reliable and resilient grid in Texas and New Mexico[3]. - TXNM Energy's conference call to discuss these results is scheduled for February 21, 2025[16]. - Average Diluted Shares Outstanding for Q4 2024 were 90,998,879, an increase from 86,932,542 in Q4 2023[27].

Core Points - PNM, a subsidiary of TXNM Energy, filed an unopposed comprehensive stipulation with the New Mexico Public Regulation Commission for a phased-in increase in customer rates to support grid investments [1][2] - The stipulation includes a $105.0 million increase in revenue requirements based on a 9.45% return on equity and a 51% equity capitalization structure on a $3.0 billion rate base [2][4] - The agreement maintains previously approved depreciation rates for Four Corners Power Plant and modifies the amortization period for unprotected Excess Deferred Federal Income Tax regulatory liabilities [3] - Customer rates will increase in two phases: 50% effective July 1, 2025, and the remaining increase effective April 1, 2026 [4] - Various parties, including regulatory staff and community organizations, support the stipulation, while some intervening parties do not oppose it [5] Financial Details - The stipulation allows for a regulatory asset or liability for differences in Energy Storage Agreement costs until PNM's next filing [2] - A reduction in operating expenses is included to achieve the stipulated $105.0 million increase [3] - The previously authorized rates were based on a 9.26% return on equity and a 50% equity capitalization structure [4] Regulatory Process - The stipulation is subject to approval by the New Mexico Public Regulation Commission, with a scheduling conference planned for December 4 [7] - Hearings are expected to begin in mid-February [7] Company Background - TXNM Energy is an energy holding company serving over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities [8]

Company Overview - TXNM Energy is an energy holding company based in Albuquerque, New Mexico, delivering energy to over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM [5] Proposed Energy Resource Portfolio - PNM, a subsidiary of TXNM Energy, filed an application with the New Mexico Public Regulation Commission (NMPRC) to add new energy resources by summer 2028 [1] - The proposed portfolio includes 430 MW of new solar and battery storage to meet forecasted peak load requirements in 2028 and support New Mexico's zero-carbon goals [2] - The portfolio involves: - Extension of a 167 MW Valencia Purchase Power Agreement (PPA) through 2039 [3] - Addition of 300 MW capacity through Energy Storage Agreements (ESAs) for two 150 MW battery storage facilities [3] - Addition of a 130 MW solar and battery storage facility (100 MW solar, 30 MW battery storage) with an option for an additional 20 MW of battery storage [3] - The 130 MW/150 MW facility is proposed to be located in New Mexico's Central Consolidated School District, where the San Juan Generating Station was retired in 2022 [4] Capital Investment - The proposed portfolio reflects a capital investment of $220 million from PNM, which could increase to $252 million if the additional 20 MW of storage option is selected [4] Regulatory Approval - The filing is subject to approval by the NMPRC, with PNM requesting approval within nine months [4]

Core Points - PNM, a subsidiary of TXNM Energy, has filed a joint notice with the New Mexico Public Regulation Commission indicating a Settlement in Principle regarding its 2025 Rate Request application [1] - An unopposed joint motion has been filed to modify the procedural schedule, specifically to vacate the testimony deadline set for November 26, 2024, and to hold a scheduling conference in the week of December 2, 2024 [2] - The parties involved in the joint notice and motion include the New Mexico Department of Justice, Albuquerque Bernalillo Water Utility Authority, Utility Division Staff, Bernalillo County, NM AREA, and Walmart, with any stipulation subject to NMPRC approval [3] Company Background - TXNM Energy is an energy holding company based in Albuquerque, New Mexico, serving over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM [4]

Core Insights - Public Service Company of New Mexico (PNM) plans to join the California Independent System Operator (CAISO) Extended Day-Ahead Market (EDAM) to enhance reliability and economic benefits for customers [1][3] - EDAM is a voluntary day-ahead regional market that builds on the existing Western Energy Imbalance Market (WEIM), which PNM has participated in since 2021 [2][4] - PNM anticipates that participation in EDAM will yield approximately $20 million in annual benefits for New Mexico customers [3][4] Economic Benefits - Since joining WEIM in 2021, PNM has provided nearly $125 million in benefits to New Mexico customers [3] - The coordination with other regional utilities through EDAM is expected to deliver substantial efficiencies and cost benefits [3][4] Regulatory Context - The decision to join EDAM follows a statement of policy and guiding market principles issued by the New Mexico Public Regulation Commission (NMPRC) [5] - The NMPRC's guidance was based on inquiries and workshops discussing potential participation in a day-ahead regional market [5] Future Plans - EDAM is scheduled to launch in 2026, with PNM aiming to begin participation as early as 2027 [4]

Financial Performance - Electric Operating Revenues for the three months ended September 30, 2024, were $569,256 thousand, an increase from $505,851 thousand in the same period last year, representing a growth of 12.4%[20] - Operating income for the three months ended September 30, 2024, was $191,080 thousand, compared to $86,652 thousand for the same period in 2023, marking a significant increase of 120.5%[20] - Net earnings attributable to TXNM for the three months ended September 30, 2024, were $131,202 thousand, up from $37,726 thousand in the prior year, reflecting a growth of 248.5%[20] - Basic and diluted earnings per common share for the three months ended September 30, 2024, were both $1.45, compared to $0.44 for the same period last year, an increase of 229.5%[20] - Comprehensive income attributable to TXNM for the three months ended September 30, 2024, was $127,703 thousand, compared to $34,541 thousand in the same period last year, an increase of 269.5%[22] - Net earnings for the three months ended September 30, 2024, were $113,862 thousand, compared to $13,266 thousand in the same period of 2023, reflecting a substantial increase of approximately 859%[34] - Net earnings for the nine months ended September 30, 2024, increased to $80,203,000, compared to $74,169,000 for the same period in 2023, representing an increase of approximately 8.7%[54] Revenue and Expenses - Total operating expenses decreased to $378,176 thousand for the three months ended September 30, 2024, from $419,199 thousand in the same period last year, a reduction of 9.8%[20] - Total operating expenses for the nine months ended September 30, 2024, were $307,407 thousand, an increase of 5.4% from $291,675 thousand in the same period of 2023[51] - The cost of energy for the three months ended September 30, 2024, was $101,495 thousand, down from $174,362 thousand in the same period of 2023, a decrease of approximately 42%[34] - Total current liabilities increased to $900,237 thousand as of September 30, 2024, from $839,194 thousand at the end of 2023, representing a rise of 7.3%[45] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2024, were $349,521 thousand, compared to $412,604 thousand in the same period last year, a decrease of 15.3%[24] - Net cash flows used in investing activities for the nine months ended September 30, 2024, were $(805,858) thousand, slightly lower than $(811,877) thousand in the same period last year[24] - Cash and cash equivalents at the end of the period increased to $16,436 thousand from $7,768 thousand, representing a significant rise of 111.5%[27] - The company reported utility plant additions of $493,381 thousand for the nine months ended September 30, 2024, compared to $424,292 thousand in the previous year[38] Debt and Financing - PNM issued $200 million in Senior Unsecured Notes on April 28, 2023[14] - PNM's $400 million Unsecured Revolving Credit Facility is currently in place[14] - TXNM's $1 billion Unsecured Delayed-Draw Term Loan matures on May 18, 2025[17] - Long-term borrowings increased to $1,233,000 thousand from $1,015,000 thousand, reflecting a growth of approximately 21.5%[27] - TXNM issued $500.0 million of junior subordinated convertible notes due 2054, with a 5.75% interest rate, to prepay existing borrowings[165] Equity and Dividends - The company paid dividends totaling $105,254 thousand, compared to $95,029 thousand in the previous period, representing an increase of about 10.5%[27] - Dividends declared per common share increased to $0.3875 for the three months ended September 30, 2024, compared to $0.3675 in the same period last year, a rise of 3.6%[20] - The balance of total equity at September 30, 2024, was $2,508,048 thousand, an increase from $2,399,051 thousand at December 31, 2023[33] Assets and Liabilities - Total current assets rose to $495,694 thousand, up from $475,543 thousand, indicating an increase of about 4.8%[29] - Total liabilities increased to $8,323,904 thousand from $7,842,025 thousand, reflecting an increase of about 6.1%[31] - The net utility plant value increased to $8,211,382 thousand from $7,609,862 thousand, representing a growth of approximately 7.9%[29] Regulatory and Compliance - PNM's Public Safety Power Shutoff Plan was filed with the NMPRC on May 1, 2024[17] - PNM's Wildfire Mitigation Plan was filed with the NMPRC on May 1, 2024[18] - The Energy Transition Act requires utilities in New Mexico to achieve renewable portfolios of 40% by 2025, 50% by 2030, 80% by 2040, and 100% zero-carbon energy by 2045[201] Strategic Initiatives - PNM's application for grid modernization investments amounts to approximately $344 million for the first six years of an 11-year strategy[14] - The merger agreement with TXNM was terminated on December 31, 2023[14] - The company is actively involved in energy transition initiatives, consolidating ETBC I in its financial statements due to its role as the primary beneficiary[114]