Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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, Commission File No., IR ...

ALBUQUERQUE, N.M. February 27, 2026 TXNM Energy Reports 2025 Results, Transaction and Regulatory Updates | | 2025 | 2024 | | --- | --- | --- | | GAAP net earnings attributable to | | | | TXNM Energy | $151.4 | $242.2 | | GAAP diluted EPS | $1.48 | $2.67 | | Ongoing net earnings | $238.9 | $247.8 | | Ongoing diluted EPS | $2.33 | $2.74 | TXNM Energy (In millions, except EPS) Exhibit 99.1 TXNM Energy (NYSE: TXNM) today reported 2025 earnings results. As previously announced, TXNM Energy does not plan to issue ...

Financial Performance - Electric operating revenues for the three months ended September 30, 2024, were $647.2 million, an increase from $569.3 million in the same period of 2025, representing a growth of approximately 13.7%[18] - Total operating expenses for the three months ended September 30, 2024, were $444.3 million, compared to $378.2 million in 2025, reflecting an increase of about 17.5%[18] - Operating income for the three months ended September 30, 2024, was $191.1 million, down from $347.5 million in 2025, indicating a decrease of approximately 45%[18] - Net earnings attributable to TXNM for the three months ended September 30, 2024, were $130.7 million, slightly down from $131.2 million in 2025, a decrease of about 0.4%[18] - Basic earnings per share for the three months ended September 30, 2024, were $1.22, compared to $1.45 in 2025, a decline of approximately 15.9%[18] Dividends and Shareholder Returns - The company declared dividends of $0.4075 per common share for the three months ended September 30, 2024, up from $0.3875 in 2025, an increase of about 5.5%[18] - The company paid $396,000 in dividends for both 2025 and 2024, maintaining a consistent dividend policy[45] - TXNM's diluted earnings per share for the three months ended September 30, 2025, were $1.22, unchanged from the previous year[94] Costs and Expenses - Interest charges for the three months ended September 30, 2024, were $70.1 million, compared to $59.7 million in 2025, reflecting an increase of approximately 17.5%[18] - The cost of energy for the three months ended September 30, 2024, was $195.0 million, compared to $138.9 million in 2025, representing an increase of approximately 40.4%[18] - Total operating expenses for Q3 2025 were $328,319,000, up from $272,510,000 in Q3 2024, marking a 20.5% increase[36] - Total operating expenses for TXNM for the three months ended September 30, 2025, were $444,292,000, with PNM at $328,319,000 and TNMP at $112,702,000[88] Earnings and Income - Net earnings for Q3 2025 were $108,023,000, compared to $113,862,000 in Q3 2024, reflecting a decrease of 5.0%[36] - Comprehensive income attributable to TXNM for the three months ended September 30, 2025, was $132,349, compared to $127,703 in 2024, and for the nine months, it was $163,163, down from $215,882 in 2024[21] - Net earnings for the nine months ended September 30, 2025, decreased to $141,641,000 from $193,660,000 in 2024, representing a decline of approximately 27%[42] Assets and Liabilities - Total current assets as of September 30, 2025, were $595,436, up from $498,836 at the end of 2024[29] - Total liabilities decreased to $8,498,660 as of September 30, 2025, from $8,616,919 at the end of 2024[32] - The company’s total equity increased to $3,461,345 as of September 30, 2025, from $2,583,285 at the end of 2024[32] - Total current liabilities decreased to $122.3 million as of September 30, 2025, from $291.1 million at December 31, 2024, reflecting a significant reduction[61] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2025, were $426,790, an increase from $349,521 in 2024[23] - The company reported a net cash flow used in investing activities of $(890,520) for the nine months ended September 30, 2025, compared to $(805,858) in 2024[26] - Cash, cash equivalents, and restricted cash at the end of the period were $39,984, up from $16,436 at the end of 2024[26] Debt and Financing - Long-term borrowings for the nine months ended September 30, 2025, were $3,153,600, significantly higher than $1,233,000 in 2024[26] - TXNM entered into a $910.0 million revolving credit facility to ensure liquidity pending lender consents, borrowing approximately $4.0 million and repaying it shortly after[167] - PNM issued $350.0 million in aggregate principal amount of two series of SUNs at interest rates of 5.47% and 6.03%, using proceeds to repay existing SUNs and for general corporate purposes[155] Regulatory and Compliance - The company is subject to traditional rate regulation by the NMPRC for PNM and by the PUCT for TNMP, ensuring compliance with regulatory frameworks[84][85] - The New Mexico Energy Transition Act requires investor-owned electric utilities to achieve 40% renewable energy by 2025, 50% by 2030, 80% by 2040, and 100% zero-carbon energy by 2045[203] Legal and Litigation - TXNM is currently facing merger-related litigation, with allegations that its preliminary proxy statement omitted or misrepresented material information[194] - The company is involved in various legal and regulatory proceedings, which may impact its financial position, results of operations, or cash flows[196]

Financial Performance - Q3 2025 GAAP net earnings attributable to TXNM Energy were $130.7 million, a decrease of 0.4% from $131.2 million in Q3 2024[1] - Q3 2025 ongoing net earnings were $142.8 million, up 10.8% from $129.3 million in Q3 2024[1] - Q3 2025 GAAP diluted EPS was $1.22, down from $1.45 in Q3 2024, while ongoing diluted EPS was $1.33, compared to $1.43 in Q3 2024[1] - Ongoing earnings per diluted share for YTD 2025 were $1.87, down from $2.44 in YTD 2024[1] - For the three months ended September 30, 2025, GAAP Net Earnings attributable to TXNM were $131.2 million, with ongoing earnings of $129.3 million[23] - For the nine months ended September 30, 2025, GAAP Net Earnings attributable to TXNM were $226.4 million, with ongoing earnings of $220.6 million[23] - The ongoing earnings per diluted share for the three months ended September 30, 2025, were $1.33[25] - The ongoing earnings per diluted share for the nine months ended September 30, 2025, were $1.87[25] Revenue and Expenses - Electric Operating Revenues for Q3 2025 reached $647,162, an increase of 13.7% from $569,256 in Q3 2024[29] - Total Operating Expenses for Q3 2025 were $444,292, up 17.5% from $378,176 in Q3 2024[29] - Operating Income for Q3 2025 was $202,870, representing a 6.9% increase compared to $191,080 in Q3 2024[29] - Total Operating Revenues for the nine months ended September 30, 2025, were $1,632,374, an increase of 9.3% from $1,494,235 in the same period of 2024[29] Shareholder Actions and Dividends - TXNM Energy's transaction with Blackstone Infrastructure was approved by shareholders at $61.25 per share, with closing anticipated in the second half of 2026[5][7] - The company issued additional equity during the quarter, raising $800 million, impacting earnings per share[12] - Dividends Declared per Common Share increased to $0.4075 in Q3 2025 from $0.3875 in Q3 2024, marking a rise of 5.5%[29] Regulatory and Operational Updates - The second Transmission Cost of Service (TCOS) filing for 2025 was approved, providing recovery for $87 million of rate base[9] - PNM filed for approval to construct 30 megawatts of energy storage at an estimated cost of $78 million, enhancing grid flexibility[10] - Regulatory disallowances in Q3 2025 included $14 million related to the planned acquisition, compared to $6.1 million in Q3 2024[13] - TXNM Energy's operations serve over 800,000 homes and businesses across Texas and New Mexico[16] Cost and Interest Charges - Increases in "Administrative and general" costs at PNM were $0.9 million for both the three and nine months ended September 30, 2025[21] - Interest charges at TNMP increased by $9.6 million and $16.2 million for the three and nine months ended September 30, 2025, respectively[21] - Interest Charges for Q3 2025 were $70,149, up 17.5% from $59,664 in Q3 2024[29] Other Financial Metrics - Net Other Income and Deductions for Q3 2025 totaled $22,532, down from $28,404 in Q3 2024, a decrease of 20.7%[29] - Income Taxes for Q3 2025 were $18,949, a decrease of 19.9% from $23,422 in Q3 2024[29] - The average diluted shares outstanding for the three months ended September 30, 2025, were 107,416,661[25] - Regulatory disallowances increased by $6.1 million and $10.6 million for the three and nine months ended September 30, 2024[23] - The net change in unrealized (gains) losses on investment securities for the nine months ended September 30, 2024, was $(16.2) million[23]

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 June 30, 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, Commission File No. ...

Exhibit 99.1 TXNM Energy (In millions, except EPS) TXNM Energy (NYSE: TXNM) today released its 2025 second quarter results. Earnings results in the second quarter reflect the issuance of $600 million of equity, including $400 million issued to affiliates of Blackstone Infrastructure Partners L.P. ("Blackstone Infrastructure"), and debt refinancing resulting from the proposed transaction with Blackstone Infrastructure. As previously announced, TXNM Energy is not affirming previously issued earnings guidance ...

Core Points - The New Mexico Public Regulation Commission (NMPRC) approved a stipulation for PNM's 2028 Resource Application, which includes the addition of 450 megawatts (MW) of new solar and battery storage capacity [1][2] - The approved resources aim to support customers and advance New Mexico's zero-carbon requirements under the Energy Transition Act [1] - The stipulation was supported by various parties, including the Utility Division Staff of NMPRC and several energy advocacy groups [2] Company Overview - 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 [3] - PNM is a wholly owned subsidiary of TXNM Energy [1] Project Details - The stipulation includes the extension of a Valencia Purchase Power Agreement (PPA) for 167 MW through 2039, with the current agreement expiring in 2028 [7] - It also involves the addition of 300 MW capacity through Energy Storage Agreements (ESAs) for two 150 MW battery stand-alone storage facilities [7] - A 150 MW solar and battery storage facility (100 MW solar, 50 MW battery storage) will be located in the Central Consolidated School District, with a capital investment of $252 million planned between 2026 and 2028 [7]

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].

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, ...

Executive Summary & Highlights This section provides an overview of Q1 2025 financial performance, CEO commentary, and reaffirmed 2025 guidance and long-term targets [Q1 2025 Financial Highlights](index=1&type=section&id=Q1%202025%20Financial%20Highlights) TXNM Energy reported a significant decrease in Q1 2025 GAAP and ongoing net earnings and diluted EPS, partly due to additional shares and unrealized investment losses Q1 2025 Financial Highlights ($ millions, per share) | | 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 | - 2025 first quarter GAAP earnings of **$0.10 per diluted share**[4](index=4&type=chunk) - 2025 first quarter ongoing earnings of **$0.19 per diluted share**[4](index=4&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Pat Collawn stated that Q1 2025 earnings are in line with full-year expectations, highlighting strong growth and capital recovery at TNMP and progress on PNM's rate case - Earnings results in the first quarter are on track with full year expectations[3](index=3&type=chunk) - TNMP reflects another quarter of strong growth and capital recovery[3](index=3&type=chunk) - PNM's unopposed rate case stipulation continues to move through the regulatory approval process[3](index=3&type=chunk) - Company will continue to prioritize customers' needs across Texas and New Mexico as it focuses on executing long-term investment plans[3](index=3&type=chunk) [2025 Guidance & Long-Term Targets](index=1&type=section&id=2025%20Guidance%20%26%20Long-Term%20Targets) TXNM Energy affirmed its 2025 consolidated ongoing earnings guidance range and maintained its long-term EPS growth target - Management affirmed its 2025 consolidated ongoing earnings guidance range of **$2.74 to $2.84 per diluted share**[2](index=2&type=chunk) - Maintained its long-term earnings growth target of **7% to 9%**[2](index=2&type=chunk) - 2025 ongoing earnings guidance range of **$2.74 - $2.84 per diluted share** affirmed[4](index=4&type=chunk) - Long-term earnings per share growth target of **7% to 9%**[4](index=4&type=chunk) Company Overview This section describes TXNM Energy's business as an energy holding company and details its operating segments: PNM, TNMP, and Corporate and Other [Business Description](index=3&type=section&id=Business%20Description) TXNM Energy is an energy holding company based in Albuquerque, New Mexico, providing energy to over 800,000 homes and businesses in Texas and New Mexico through its regulated utilities, TNMP and PNM - TXNM Energy is an energy holding company based in Albuquerque, New Mexico[12](index=12&type=chunk) - Delivers energy to more than **800,000 homes and businesses** across Texas and New Mexico[12](index=12&type=chunk) - Operates through its regulated utilities, TNMP and PNM[12](index=12&type=chunk) [Operating Segments](index=1&type=section&id=Operating%20Segments) TXNM Energy operates through three main segments: PNM (a vertically integrated electric utility), TNMP (an electric transmission and distribution utility), and Corporate and Other (holding company and subsidiaries) - PNM is a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets[5](index=5&type=chunk) - TNMP is an electric transmission and distribution utility in Texas[5](index=5&type=chunk) - Corporate and Other reflects the TXNM Energy holding company and other subsidiaries[5](index=5&type=chunk) First Quarter 2025 Financial Performance This section details TXNM Energy's consolidated and segment-specific financial results for Q1 2025, including GAAP and ongoing earnings, and provides reconciliations between these measures [Consolidated Earnings Results (GAAP & Ongoing)](index=1&type=section&id=Consolidated%20Earnings%20Results%20(GAAP%20%26%20Ongoing)) Consolidated GAAP diluted EPS decreased significantly from **$0.52** in Q1 2024 to **$0.10** in Q1 2025, while ongoing diluted EPS also declined from **$0.41** to **$0.19**, partly due to additional shares issued and unrealized investment losses Consolidated Diluted EPS (per share) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP diluted EPS | $0.10 | $0.52 | | Ongoing diluted EPS | $0.19 | $0.41 | - GAAP and ongoing earnings per share were reduced in the first quarter of 2025 by additional shares issued in December 2024[7](index=7&type=chunk) - 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[8](index=8&type=chunk) [Segment Performance Analysis](index=2&type=section&id=Segment%20Performance%20Analysis) PNM's GAAP and ongoing EPS saw a substantial decrease, while TNMP experienced growth in both GAAP and ongoing EPS, and Corporate and Other's loss per share increased Segment Diluted EPS (per share) | | 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 | [PNM Segment Performance](index=2&type=section&id=PNM%20Segment%20Performance) PNM's GAAP diluted EPS dropped from **$0.46** to **$0.01**, and ongoing diluted EPS from **$0.38** to **$0.09**, due to lower transmission margins, increased expenses, and higher demand charges, partially offset by higher retail load PNM Segment Diluted EPS (per share) | | GAAP Diluted EPS | | Ongoing Diluted EPS | | :--- | :--- | :--- | :--- | :--- | | | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | | PNM | $0.01 | $0.46 | $0.09 | $0.38 | - Higher retail load, partially offset by lower weather-related usage[11](index=11&type=chunk) - Lower transmission margins due to market prices, timing of excess deferred income taxes, increased insurance premiums, 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[11](index=11&type=chunk) [TNMP Segment Performance](index=2&type=section&id=TNMP%20Segment%20Performance) TNMP's GAAP and ongoing diluted EPS increased from **$0.16** to **$0.24**, driven by rate recovery mechanisms (DCRF and TCOS) and higher retail load, partially offset by increased expenses from new capital investments TNMP Segment Diluted EPS (per share) | | GAAP Diluted EPS | | Ongoing Diluted EPS | | :--- | :--- | :--- | :--- | :--- | | | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | | TNMP | $0.24 | $0.16 | $0.24 | $0.16 | - Rate recovery through Distribution Cost Recovery Factor (DCRF) and Transmission Cost of Service (TCOS) rate mechanisms[11](index=11&type=chunk) - Higher retail load including weather-related usage[11](index=11&type=chunk) - Partially offset by depreciation, property tax and interest expense associated with new capital investments[11](index=11&type=chunk) [Corporate and Other Segment Performance](index=2&type=section&id=Corporate%20and%20Other%20Segment%20Performance) Corporate and Other's GAAP diluted EPS loss increased from **($0.10)** to **($0.15)**, and ongoing diluted EPS loss increased from **($0.13)** to **($0.14)**, primarily due to increased interest expense from holding company debt Corporate and Other Segment Diluted EPS (per share) | | GAAP Diluted EPS | | Ongoing Diluted EPS | | :--- | :--- | :--- | :--- | :--- | | | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | | Corporate and Other | ($0.15) | ($0.10) | ($0.14) | ($0.13) | - Interest expense from holding company debt increased[11](index=11&type=chunk) [Reconciliation of GAAP to Ongoing Earnings](index=4&type=section&id=Reconciliation%20of%20GAAP%20to%20Ongoing%20Earnings) This section provides detailed reconciliations between GAAP and non-GAAP ongoing earnings and EPS, highlighting various adjusting items such as unrealized investment gains/losses, regulatory disallowances, pension expense, merger-related costs, and process improvement initiatives - Ongoing earnings is a non-GAAP financial measure that excludes the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized gains and losses on investment securities, pension expense related to previously disposed of gas distribution business, and certain non-recurring, infrequent, and other items[15](index=15&type=chunk) - The Company uses ongoing earnings and ongoing earnings per diluted share to evaluate the operations of the Company and to establish goals[15](index=15&type=chunk) [Net Earnings Reconciliation](index=4&type=section&id=Net%20Earnings%20Reconciliation) For Q1 2025, GAAP Net Earnings Attributable to TXNM were **$8,923 thousand**, with total adjustments (net of income taxes) of **$9,203 thousand**, resulting in Ongoing Earnings of **$18,126 thousand** Net Earnings Reconciliation ($ thousands) | | PNM | TNMP | Corporate and Other | TXNM Consolidated | | :--- | :--- | :--- | :--- | :--- | | **Three Months Ended March 31, 2025** | | | | | | GAAP Net Earnings (Loss) Attributable to TXNM | $945 | $22,283 | $(14,305) | $8,923 | | Adjusting items, net of income taxes | $7,973 | $(59) | $1,289 | $9,203 | | Ongoing Earnings (Loss) | $8,918 | $22,224 | $(13,016) | $18,126 | | **Three Months Ended March 31, 2024** | | | | | | GAAP Net Earnings (Loss) Attributable to TXNM | $41,920 | $14,583 | $(9,313) | $47,190 | | Adjusting items, net of income taxes | $(7,098) | $86 | $(3,222) | $(10,234) | | Ongoing Earnings (Loss) | $34,822 | $14,669 | $(12,535) | $36,956 | [EPS Reconciliation](index=5&type=section&id=EPS%20Reconciliation) For Q1 2025, GAAP diluted EPS was **$0.10**, with total adjustments (net of income tax effects) of **$0.09**, resulting in Ongoing diluted EPS of **$0.19** EPS Reconciliation (per share) | | PNM | TNMP | Corporate and Other | TXNM Consolidated | | :--- | :--- | :--- | :--- | :--- | | **Three Months Ended March 31, 2025** | | | | | | GAAP Net Earnings (Loss) Attributable to TXNM | $0.01 | $0.24 | $(0.15) | $0.10 | | Total Adjustments | $0.08 | — | $0.01 | $0.09 | | Ongoing Earnings (Loss) | $0.09 | $0.24 | $(0.14) | $0.19 | | Average Diluted Shares Outstanding: 93,179,447 | | | | | | **Three Months Ended March 31, 2024** | | | | | | GAAP Net Earnings (Loss) Attributable to TXNM | $0.46 | $0.16 | $(0.10) | $0.52 | | Total Adjustments | $(0.08) | — | $(0.03) | $(0.11) | | Ongoing Earnings (Loss) | $0.38 | $0.16 | $(0.13) | $0.41 | | Average Diluted Shares Outstanding: 90,513,888 | | | | | Condensed Consolidated Statements of Earnings This section presents the condensed consolidated statements of earnings for TXNM Energy, highlighting key revenue, expense, and net earnings figures for Q1 2025 and Q1 2024 [Condensed Consolidated Statements of Earnings](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) TXNM Energy reported a significant decrease in Net Earnings Attributable to TXNM, from **$47,190 thousand** in Q1 2024 to **$8,923 thousand** in Q1 2025, primarily due to a decrease in operating income and net other income and deductions, coupled with increased interest charges Condensed Consolidated Statements of Earnings ($ thousands, per share) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Electric Operating Revenues | $482,792 | $436,877 | | Total operating expenses | $410,903 | $356,287 | | Operating income | $71,889 | $80,590 | | Net other income and deductions | $5,477 | $10,967 | | Interest Charges | $63,551 | $53,762 | | Earnings before Income Taxes | $13,815 | $37,795 | | Income Taxes (Benefits) | $1,018 | $(12,571) | | Net Earnings | $12,797 | $50,366 | | Net Earnings Attributable to TXNM | $8,923 | $47,190 | | Diluted EPS | $0.10 | $0.52 | | Dividends Declared per Common Share | $0.4075 | $0.3875 | - Gains (losses) on investment securities shifted from a gain of **$17,998 thousand** in Q1 2024 to a loss of **$(1,241) thousand** in Q1 2025[20](index=20&type=chunk) Additional Information This section provides details on the upcoming conference call, contact information, a safe harbor statement, and definitions of non-GAAP financial measures [Conference Call Details](index=2&type=section&id=Conference%20Call%20Details) TXNM Energy will host a live conference call and webcast on Friday, May 9, at 11 a.m. Eastern to discuss the Q1 2025 results, featuring CEO Pat Collawn, President Don Tarry, and CFO Lisa Eden - First Quarter Conference Call: **11 A.M. Eastern Friday, May 9**[9](index=9&type=chunk) - Speaking on the call will be Pat Collawn (Chair and Chief Executive Officer), Don Tarry (President and Chief Operating Officer), and Lisa Eden (Senior Vice President and Chief Financial Officer)[9](index=9&type=chunk) - The conference call will be simultaneously broadcast and archived on the company's website at https://www.txnmenergy.com/investors/events-and-presentations[9](index=9&type=chunk) [Contacts](index=3&type=section&id=Contacts) Contact information is provided for analysts (Lisa Goodman) and media (Corporate Communications) - Analysts contact: Lisa Goodman at **(505) 241-2160**[13](index=13&type=chunk) - Media contact: Corporate Communications at **(505) 241-2743**[13](index=13&type=chunk) [Safe Harbor Statement](index=3&type=section&id=Safe%20Harbor%20Statement) This statement cautions readers that forward-looking statements are based on current expectations, and actual results may differ materially due to various factors and risks outlined in SEC filings - Forward-looking statements are based upon current expectations and estimates and apply only as of the date of this report[14](index=14&type=chunk) - Readers are cautioned that actual results may differ materially from those expressed or implied by these forward-looking statements[14](index=14&type=chunk) - For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K, Form 10-Q filings and the information included in the Company's Forms 8-K with the Securities and Exchange Commission[14](index=14&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section defines "Ongoing earnings" as a non-GAAP financial measure used by the company to evaluate operations and set goals, clarifying that these measures are not presented in accordance with GAAP - Ongoing earnings is a non-GAAP financial measure that excludes the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized gains and losses on investment securities, pension expense related to previously disposed of gas distribution business, and certain non-recurring, infrequent, and other items[15](index=15&type=chunk) - The Company uses ongoing earnings and ongoing earnings per diluted share to evaluate the operations of the Company and to establish goals, including those used for certain aspects of incentive compensation, for management and employees[15](index=15&type=chunk) - These financial measures are not measures presented in accordance with GAAP and may not be comparable to similarly titled measures used by other companies[15](index=15&type=chunk)