[PART I. FINANCIAL INFORMATION](index=8&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)](index=8&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) This section presents unaudited condensed consolidated financial statements for PNMR, PNM, and TNMP for Q1 2024, including earnings, cash flows, balance sheets, and notes [PNM RESOURCES, INC. AND SUBSIDIARIES Financial Statements](index=8&type=section&id=PNM%20RESOURCES,%20INC.%20AND%20SUBSIDIARIES) PNMR's Q1 2024 net earnings decreased to **$47.2 million** from **$55.0 million** year-over-year, with diluted EPS falling to **$0.52** from **$0.64**, and operating cash flow declining to **$92.8 million** PNMR Condensed Consolidated Statements of Earnings (Unaudited) | Indicator | Three Months Ended March 31, 2024 ($ million) | Three Months Ended March 31, 2023 ($ million) | | :--- | :--- | :--- | | Electric Operating Revenues | $436.9 | $544.1 | | Operating Income | $80.6 | $99.1 | | Net Earnings Attributable to PNMR | $47.2 | $55.0 | | Diluted EPS | $0.52 | $0.64 | PNMR Condensed Consolidated Statements of Cash Flows (Unaudited) | Indicator | Three Months Ended March 31, 2024 ($ million) | Three Months Ended March 31, 2023 ($ million) | | :--- | :--- | :--- | | Net cash flows from operating activities | $92.8 | $131.5 | | Net cash flows used in investing activities | ($184.4) | ($251.4) | | Net cash flows from financing activities | $99.5 | $120.0 | [PUBLIC SERVICE COMPANY OF NEW MEXICO (PNM) AND SUBSIDIARIES Financial Statements](index=15&type=section&id=PUBLIC%20SERVICE%20COMPANY%20OF%20NEW%20MEXICO%20AND%20SUBSIDIARIES) PNM's Q1 2024 net earnings decreased to **$41.9 million** from **$54.6 million** year-over-year, driven by lower electric operating revenues and operating income PNM Condensed Consolidated Statements of Earnings (Unaudited) | Indicator | Three Months Ended March 31, 2024 ($ million) | Three Months Ended March 31, 2023 ($ million) | | :--- | :--- | :--- | | Electric Operating Revenues | $308.1 | $430.2 | | Operating Income | $51.0 | $77.9 | | Net Earnings Available for PNM Common Stock | $41.9 | $54.6 | [TEXAS-NEW MEXICO POWER COMPANY (TNMP) AND SUBSIDIARIES Financial Statements](index=22&type=section&id=TEXAS-NEW%20MEXICO%20POWER%20COMPANY%20AND%20SUBSIDIARIES) TNMP's Q1 2024 net earnings significantly increased to **$14.6 million** from **$10.0 million** year-over-year, driven by higher electric operating revenues and operating income TNMP Condensed Consolidated Statements of Earnings (Unaudited) | Indicator | Three Months Ended March 31, 2024 ($ million) | Three Months Ended March 31, 2023 ($ million) | | :--- | :--- | :--- | | Electric Operating Revenues | $128.8 | $113.9 | | Operating Income | $30.7 | $21.8 | | Net Earnings | $14.6 | $10.0 | [NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=27&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section details accounting policies, segment performance, financing activities including TNMP's **$285 million** bond issuance, regulatory matters like PNM's 2024 Rate Change, and environmental commitments - On February 27, 2024, PNMR Development sold its interest in NM Renewable Development, LLC (NMRD), receiving net proceeds of **$117.0 million** and recognizing an after-tax gain of **$4.4 million**[293](index=293&type=chunk) - On March 28, 2024, TNMP entered into an agreement to sell **$285.0 million** of first mortgage bonds in four series, with the first two series totaling **$117.0 million** issued on March 28, 2024[148](index=148&type=chunk) - PNM's 2024 Rate Change, effective January 15, 2024, authorized a **$15.3 million** increase in non-fuel base rates, significantly less than the **$63.8 million** requested, and included a **9.26%** ROE and a disallowance of **$81.0 million** from the Four Corners net book value due to imprudence[244](index=244&type=chunk)[245](index=245&type=chunk) - PNM remeasured its San Juan mine reclamation liability in Q1 2024, resulting in a **$20.9 million** increase in estimated costs and a **$4.5 million** regulatory disallowance charge due to a regulatory cap on cost recovery[231](index=231&type=chunk) [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=72&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) PNMR's Q1 2024 net earnings declined to **$47.2 million**, driven by PNM's lower results offset by TNMP's growth, with projected **$6.8 billion** capital requirements for 2024-2028 and a 2040 emissions-free goal PNMR Net Earnings Summary | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Earnings Attributable to PNMR | $47.2 million | $55.0 million | ($7.8) million | | Diluted EPS | $0.52 | $0.64 | ($0.12) | Change in Net Earnings by Segment (Q1 2024 vs Q1 2023) | Segment | Change in Net Earnings (in millions) | | :--- | :--- | | TNMP | $4.6 | | PNM | ($12.7) | | Corporate and Other | $0.3 | | **Net Change** | **($7.8)** | - The company projects total capital requirements of **$6.8 billion** for 2024-2028, consisting of **$6.1 billion** in construction expenditures and approximately **$700 million** in dividends[397](index=397&type=chunk) - PNMR is focused on transitioning to an emissions-free generating portfolio by **2040**, which is ahead of the New Mexico state mandate of **2045**[313](index=313&type=chunk)[443](index=443&type=chunk) [Results of Operations by Segment](index=81&type=section&id=MD%26A_RESULTS%20OF%20OPERATIONS) Q1 2024 saw TNMP's earnings rise by **$4.6 million** to **$14.6 million**, while PNM's earnings fell by **$12.7 million** to **$41.9 million** due to weather and regulatory disallowances - TNMP's utility margin increased by **$11.8 million**, driven by **$5.8 million** from transmission rate relief/load and **$2.4 million** from distribution rate relief[370](index=370&type=chunk)[371](index=371&type=chunk) - PNM's utility margin decreased by **$9.6 million**, primarily due to a **$12.7 million** drop in transmission revenue and a **$3.2 million** negative impact from milder weather, partially offset by **$3.4 million** from rate relief[375](index=375&type=chunk)[378](index=378&type=chunk) - PNM's operating expenses increased by **$7.8 million**, which includes a **$4.5 million** regulatory disallowance for the unrecoverable portion of the San Juan Coal Mine reclamation remeasurement[378](index=378&type=chunk) - Corporate and Other segment results include a **$15.1 million** pre-tax loss on the sale of the NMRD equity investment, but the income tax benefit was **$18.6 million**, largely due to recognizing a **$15.7 million** Investment Tax Credit upon the sale[382](index=382&type=chunk)[383](index=383&type=chunk) [Liquidity and Capital Resources](index=88&type=section&id=MD%26A_LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Operating cash flow decreased to **$92.8 million** in Q1 2024, with projected **$6.8 billion** capital requirements for 2024-2028, supported by amended credit facilities and **$644.0 million** consolidated liquidity Projected Capital Requirements (2024-2028) | Category | 2024 ($ million) | 2025-2028 ($ million) | Total ($ million) | | :--- | :--- | :--- | :--- | | Construction expenditures | $1,176.3 | $4,876.9 | $6,053.2 | | Dividends on PNMR common stock | $139.8 | $559.3 | $699.1 | | **Total capital requirements** | **$1,316.6** | **$5,438.3** | **$6,754.9** | Liquidity Availability as of April 26, 2024 | Entity | Total Financing Capacity ($ million) | Remaining Availability ($ million) | | :--- | :--- | :--- | | PNM | $440.0 | $229.8 | | TNMP | $200.0 | $158.0 | | PNMR Separate | $300.0 | $256.2 | | **PNMR Consolidated** | **$940.0** | **$644.0** | - On April 1, 2024, PNMR, PNM, and TNMP amended or entered into new revolving credit facilities, extending maturities to March 30, 2029, with options to extend to 2031[401](index=401&type=chunk) [Other Issues Facing the Company](index=93&type=section&id=MD%26A_OTHER%20ISSUES%20FACING%20THE%20COMPANY) The company targets a 100% emissions-free portfolio by **2040**, ahead of the 2045 state mandate, actively managing **2.7 million metric tons** of CO2 emissions in 2023 through renewable investments and navigating regulatory oversight - PNMR has set a goal for a **100%** emissions-free generating portfolio by **2040**, which is more aggressive than the state-mandated **2045** target[415](index=415&type=chunk)[443](index=443&type=chunk) - In 2023, GHG emissions from PNM's fossil-fueled plants were approximately **2.7 million metric tons** of CO2[419](index=419&type=chunk) - As of March 31, 2024, PNM has **1,577 MW** of renewable/storage capacity in service and another **1,392 MW** of approved projects expected by 2025, with an additional **410 MW** requested for the 2026 summer peak[421](index=421&type=chunk) - On April 25, 2024, the EPA signed a final rule under CAA Section 111 for GHG emissions from power plants, requiring existing coal units to use technologies like CCS or co-firing gas, and setting standards for new gas turbines, with the company assessing the impact[433](index=433&type=chunk) [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=101&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages market risks including commodity, credit, interest rate, and equity, with **$1.0 billion** in variable-rate long-term debt and potential **$25.2 million** impact from a 10% equity price drop in trust funds Variable Rate Debt Exposure (as of April 26, 2024) | Debt Type | Balance Outstanding ($ million) | | :--- | :--- | | **Short-term Debt (Revolving Credit Facilities)** | | | PNMR Revolving Credit Facility | $40.7 | | PNM Revolving Credit Facility | $170.2 | | PNM New Mexico Credit Facility | $40.0 | | TNMP Revolving Credit Facility | $42.0 | | **Total Short-term** | **$292.9** | | **Long-term Debt (Term Loans)** | | | PNMR 2021 Delayed-Draw Term Loan | $500.0 | | PNMR 2023 Term Loan | $500.0 | | **Total Long-term** | **$1,000.0** | - A hypothetical **10%** decrease in equity prices would reduce the fair value of the decommissioning and reclamation trust funds by **$25.2 million**[483](index=483&type=chunk) - A hypothetical **50 basis point** increase in interest rates would decrease the fair value of fixed-rate securities in the decommissioning and reclamation trusts by **$1.0 million** (**1.3%**)[481](index=481&type=chunk) [CONTROLS AND PROCEDURES](index=103&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during Q1 2024 - The Chief Executive Officer and Chief Financial Officer of PNMR, PNM, and TNMP concluded that the company's disclosure controls and procedures are effective as of March 31, 2024[484](index=484&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2024 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[485](index=485&type=chunk) [PART II. OTHER INFORMATION](index=103&type=section&id=PART%20II.%20OTHER%20INFORMATION) [LEGAL PROCEEDINGS](index=103&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section incorporates by reference detailed legal and regulatory proceedings from Notes 11 and 12 of the financial statements, covering various rate cases and environmental matters - Information regarding legal proceedings is incorporated by reference from Note 11 and Note 12 of the financial statements[486](index=486&type=chunk) [RISK FACTORS](index=104&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors since the 2023 Annual Report, except for an expanded discussion on wildfire risks, which could lead to higher costs, liabilities, and service disruptions - A key risk factor is the potential negative impact of wildfires on operations and financial results, including higher maintenance costs, increased insurance premiums, liability for damages, and potential for intentional power interruptions[490](index=490&type=chunk)[491](index=491&type=chunk) [OTHER INFORMATION](index=104&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No director or officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2024 - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement in Q1 2024[492](index=492&type=chunk) [EXHIBITS](index=104&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with Form 10-Q, including supplemental indentures, amended credit agreements, incentive plans, and CEO/CFO certifications - Filed exhibits include updated credit agreements for PNMR, PNM, and TNMP, a new Bond Purchase Agreement for TNMP, and new long-term incentive plans[493](index=493&type=chunk)[494](index=494&type=chunk)

Financial Data and Key Metrics Changes - Earnings per share for Q1 2024 was $0.41, exceeding expectations of $0.37 to $0.39, driven by relief from TCOs and DCRF mechanisms [10][11] - The company is affirming its annual guidance range for 2024 at $2.65 to $2.75, with long-term earnings growth targets of 6% to 7% [11][12] Business Line Data and Key Metrics Changes - TNMP is leading growth with nearly 13% rate-based growth, while overall rate-based growth is expected to be around 10% [11][12] - The first DCRF for the year was filed for an incremental $200 million of rate-based, with plans for a second filing in the third quarter [28][44] Market Data and Key Metrics Changes - The ERCOT board approved a $100 million reliability project in West Texas, indicating strong demand growth in the area [41] - Load growth at PNM, primarily from industrial customers, increased year over year, although offset by a return to normal weather conditions [47] Company Strategy and Development Direction - The company is focused on enhancing system resiliency and wildfire mitigation, with increased spending on vegetation management [5][42] - Plans to integrate additional solar and storage resources are in progress, aiming for 60% carbon-free generation [26][45] Management Comments on Operating Environment and Future Outlook - Management remains confident in earnings guidance for the year and long-term growth targets, despite challenges from normal weather patterns [12][31] - The company is actively participating in discussions regarding regulatory changes and infrastructure improvements to meet future demand [25][27] Other Important Information - The company closed the sale of NMRD in February, receiving proceeds of $117 million [23] - The company is working on a public safety power shutoff plan for high wildfire risk areas in New Mexico [3] Q&A Session Summary Question: Current amount of wildfire insurance and its cost - Management did not disclose specific details about wildfire insurance during the negotiation period [4] Question: Impact of vegetation management on O&M outlook - Management indicated that increased vegetation management expenses can be recovered outside of a general rate case as part of an approved resiliency plan [42] Question: Update on CapEx opportunities for mobile generation - Management expects a proposed rule regarding mobile generation in June, with a final rule anticipated by the end of the year [17]

Exhibit 99.1 ALBUQUERQUE, N.M. April 30, 2024 SEGMENT REPORTING OF 2024 FIRST QUARTER EARNINGS EPS Results by Segment | | | GAAP Diluted EPS | | Ongoing Diluted EPS | | --- | --- | --- | --- | --- | | | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | | PNM | $0.46 | $0.64 | $0.38 | $0.55 | | TNMP | $0.16 | $0.11 | $0.16 | $0.11 | | Corporate and Other | ($0.10) | ($0.11) | ($0.13) | ($0.11) | | Consolidated PNM Resources | $0.52 | $0.64 | $0.41 | $0.55 | • 2024 first quarter GAAP earnings of $0.52 per diluted share ...

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, 2023 ☐ 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 ...

Financial Data and Key Metrics Changes - The consolidated EPS for 2023 is reported at $2.82, reflecting a $0.13 increase from 2022, with a target of 6% to 7% growth through 2028 based on a 10% rate base growth over the same period [70][82][96] - The company anticipates an equity need of $100 million per year on average through 2028, totaling $500 million to support the planned growth [2] Business Line Data and Key Metrics Changes - TNMP is identified as the fastest-growing area with a projected rate base growth of 13% by 2028, surpassing PNM Retail [1] - Continued rate recovery of transmission and distribution investments at TNMP through TCOS and DCRF filings has increased earnings, although these increases were partially offset by higher expenses for depreciation, property tax, and interest [33][98] Market Data and Key Metrics Changes - The company has seen load growth and weather positively impacting combined earnings at PNM and TNMP, with lower operating costs contributing to increased earnings year-over-year [82] - The average residential bill at PNM is reported to be significantly lower than both regional and national averages, indicating effective cost management and customer benefits from the Energy Transition Act [94] Company Strategy and Development Direction - The company is focused on investing in infrastructure to meet customer needs and enable the clean energy transition, with plans to double the rate base from 2020 to 2028 [57] - The regulatory framework in Texas encourages investments into the grid, providing timely recovery through rate mechanisms, which supports the company's capital investment strategy [74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the plans following the resolution of PNM's rate case, which has provided clarity for future growth and financing [3][70] - The company is in a "deep breath phase" post-merger deal break, emphasizing the importance of size and access to cheaper capital in the current market environment [46] Other Important Information - The company plans to make its next retail rate filing in the summer for rates effective in Q3 2025, utilizing a future test year [32] - S&P recently moved the company's outlook from positive to stable, reflecting a return to the rating held prior to the merger announcement [43] Q&A Session Summary Question: What is the outlook for rate cases and earnings power through 2027? - Management indicated that rate cases will likely occur every couple of years, allowing for timely cost recovery and smaller rate increases, which supports earnings power through 2027 [105] Question: What are the drivers for the expected jump in earnings from 2026 to 2027? - The increase is attributed to a combination of conservative planning and the expected outcomes from ongoing regulatory processes and potential new investments [108] Question: How does the company plan to finance incremental investments? - The company is considering a balanced approach to financing, targeting 40% to 50% equity for any additional capital needs [139]

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 September 30, 2023 ☐ 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 Fil ...

PNM Resources, Inc. (NYSE:PNM) Q3 2023 Earnings Conference Call October 27, 2023 11:30 AM ET Company Participants Lisa Goodman - Executive Director, IR Pat Vincent-Collawn - Chairman and CEO Don Tarry - President and COO Lisa Eden - SVP, CFO and Treasurer Conference Call Participants Ryan Levine - Citi Paul Zimbardo - Bank of America Jonathan Reeder - Wells Fargo Securities Brandon Lee - Mizuho Operator Good day and welcome to the PNM Resources' Third Quarter 2023 Conference Call. All participants will be i ...

PNM Resources, Inc. (NYSE:PNM) Q2 2023 Earnings Call Transcript August 4, 2023 11:00 AM ET Company Participants Lisa Goodman - Executive Director of IR Pat Vincent-Collawn - Chairman and CEO Don Tarry - President and COO Lisa Eden - SVP, CFO and Treasurer Conference Call Participants Ryan Levine - Citi Julien Dumoulin-Smith - Bank of America Jonathan Reeder - Wells Fargo Operator Good morning, and welcome to the PNM Resources Second Quarter 2023 Conference Call. All participants will be in listen-only mode. ...

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, 2023 | | ☐ | 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 Ex ...

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, 2023 | | ☐ | 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 E ...