TXNM · TXNM Energy, Inc.

TXNM Energy's first quarter 2026 results reflect a mixed performance. GAAP net earnings attributable to TXNM Energy were $3.7 million ($0.03 per diluted share), down from $8.9 million ($0.10) in the prior year, primarily due to $16.9 million of net unrealized losses on investment securities and $5.6 million of costs related to the planned acquisition by Blackstone Infrastructure. On an ongoing (non-GAAP) basis, net earnings rose to $23.8 million ($0.21 per diluted share) from $18.1 million ($0.19), driven by rate relief from the phased-in 2025 rate request at PNM, higher transmission revenues, and improved results at TNMP from rate mechanisms and Texas House Bill 5247 revenues. These gains were partially offset by lower retail load due to milder weather, higher O&M, depreciation, property tax, and interest expenses from new capital investments. Segment results showed PNM GAAP loss of $0.14 per share (ongoing $0.01), TNMP GAAP earnings of $0.27 (ongoing $0.30), and Corporate and Other GAAP loss of $0.10 (ongoing $0.10). The company updated its five-year capital investment plan to $10.2 billion for 2026-2030, with significant investments at both PNM and TNMP to support grid modernization, reliability, and clean energy. Management noted that no 2026 earnings guidance is provided due to the pending acquisition. The transaction with Blackstone Infrastructure, valued at $61.25 per share, has received shareholder and certain regulatory approvals, with closing expected in the second half of 2026 pending remaining approvals from the Nuclear Regulatory Commission and New Mexico Public Regulation Commission.