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- **EPS Guidance Maintained**: 2025 EPS $2.74-$2.84, long-term 7%-9% growth.
- **Texas Transmission Boom**: $750M Permian projects approved, $4B+ transmission needed in NM.
- **Rate Case Momentum**: PNM rate stipulation recommended approval, TNMP GRR filing Q4.
- **Wildfire Risk Mitigation**: New Mexico task force created to address utility liability.
- **CFO Transition Smooth**: Lisa Eden remains until March 2026, no disruption to financial strategy.


**【CEO Opening Remarks】**
- Celebrated 108th anniversary, reaffirming 2025 EPS guidance of $2.74-$2.84 and long-term 7%-9% growth target.
- Highlighted TNMP's $546M system resiliency plan approval and New Mexico's bipartisan site readiness legislation.
- Emphasized wildfire task force creation to address climate risks.

**【COO Operational Updates】**
- **TNMP**: Q1 system peak up 22% YoY, demand-based load +9.7%, data center load +70MW. Filed $83M transmission investments, awaiting $176M distribution approval. Permian Basin transmission projects to cost $750M by 2030.
- **PNM**: Rate case stipulation recommended approval, targeting July implementation. Filed 450MW resource plan with 150MW solar/storage. New Mexico transmission study shows $4B+ investment need over 20 years.
- **Capital Plan**: Maintains $600M-1.1B annual spend, 17% rate base growth. Texas legislation progress on regulatory lag reduction and wildfire liability.

**【CFO Financial Details】**
- Q1 EPS $0.19, consistent with expectations. Affirmed 2025 guidance despite $22M insurance premium increase.
- TNMP TCOS/DCRF mechanisms offset lower PNM margins. 2025 capital plan includes $1.7B equity, 45% TNMP equity ratio.
- 2025-2029 EPS growth targets remain 7%-9%, supported by $1.7B+ annual capital deployment.

**【Q&A Key Takeaways】**
- **Texas HB 5247**: Allows TNMP to defer $750M Permian transmission costs, earn ROE during construction, reducing regulatory lag.
- **CFO Transition**: Lisa Eden remains until March 2026, no update on successor.
- **Transmission Upside**: PNM RFP could require 900-2,900MW new resources by 2032, with $1.7B+ incremental investment potential.
- **Tariff Impact**: 2% headwind to capital plan, being mitigated through cost deferrals.
- **Regulatory Filings**: TNMP GRR Q4 2025 filing, targeting Q2 2026 rate implementation.


TXNM Energy, Inc. (TXNM) Q1 2025 Earnings Call Transcript

- **EPS Growth Target Raised**: 7%–9% CAGR through 2029, up from prior 6%–7%.
- **$1.6B Texas Investment Boost**: Permian Basin projects and data center demand drive 17% rate base growth.
- **Regulatory Wins**: PNM's unopposed rate stipulation and TNMP's wildfire resiliency plan.
- **Dividend Expansion**: 5% annual increases to maintain 50%–60% payout ratio.
- **Wildfire Risk Mitigation**: $566M invested in vegetation management and grid hardening.
- **Permian Voltage Decision**: Potential $900M+ upside if 345kV transmission approved.


**【CEO Opening Remarks】**
- 2024 EPS of $2.74 at high end of guidance, with 2025 guidance of $2.74–$2.84.
- 7%–9% EPS growth target through 2029, driven by $1.6B+ capital investment in Texas.
- 5% dividend increase to $0.525/share, maintaining 50%–60% payout ratio.
- Regulatory achievements: PNM's unopposed rate stipulation and TNMP's system resiliency plan.

**【COO Business Updates】**
- **TNMP (Texas):**
  - 18% YoY peak demand growth, 200MW data center additions in Q4.
  - $566M capital investments for system resiliency (wildfire prevention, vegetation management).
  - 2025 growth expectations: 2%–4% volumetric demand, 4%–6% demand-based growth.
  - Permian Basin reliability projects ($750M) approved, with $350M+ in five-year plan.
- **PNM (New Mexico):**
  - 1,500MW solar/storage added in 2024, targeting 75% carbon-free by 2026.
  - Grid modernization plan approved, including 345kV transmission upgrades.
  - 2025 rate phase-in: 50% rate increase in Q3 2025, full implementation in Q2 2026.

**【CFO Financial Details】**
- 2024 EPS of $2.74 driven by TCOS/DCRF recoveries and FERC rate updates.
- 2025 capital plan: $7.8B (2024–2029), with 44% equity ($1.3B) for growth.
- Financing strategy: debt-for-debt refinancing + equity-linked instruments.
- Earnings power projection: $3.86 EPS in 2029 (midpoint), supporting 7%–9% CAGR.

**【Q&A Key Highlights】**
- **Texas Regulatory Environment:**
  - HB 2868 could require PUC to use utility's actual capital structure for rate setting.
  - TNMP rate case (2025) will balance transmission/distribution ROE amid TCOS/DCRF mechanisms.
- **Wildfire Mitigation:**
  - TNMP investing $566M in vegetation management and wildfire prevention.
- **Mobile Generation Units:**
  - No current capital allocation; awaiting legislative clarity.
- **Permian Basin Voltage Decision:**
  - ERCOT favors 765kV, but 345kV could add $900M+ in capital if approved.
- **Dividend Policy:**
  - 5% annual increases expected until payout ratio reaches 50%–60% mid-cycle.


TXNM Energy, Inc. (TXNM) Q4 2024 Earnings Call Transcript

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PNM Resources (PNM)-7 Aug 22-2022 Q2 Earnings call transcript

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PNM Resources (PNM)-1 May 20-2020 Q1 Earnings call transcript

PNM Resources (PNM)-28 Feb 20-2019 Q4 Earnings call transcript

PNM Resources (PNM)-1 Nov 19-2019 Q3 Earnings call transcript

PNM Resources (PNM)-2 Aug 19-2019 Q2 Earnings call transcript

PNM Resources (PNM)-10 May 19-2019 Q1 Earnings call transcript

PNM Resources (PNM)-27 Feb 19-2018 Q4 Earnings call transcript

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PNM Resources (PNM)-31 Jul 18-2018 Q2 Earnings call transcript

PNM Resources (PNM)-27 Apr 18-2018 Q1 Earnings call transcript

PNM Resources (PNM)-28 Feb 18-2017 Q4 Earnings call transcript

PNM Resources (PNM)-27 Oct 17-2017 Q3 Earnings call transcript

Actual											0.18	0.55	1.4	0.15	0.32	0.55	1.37	0.21	0.5	0.57	1.46	0.15	0.55	0.55	1.54	0.18	0.41	0.6	1.43	0.3	0.19	0.25	1.33
Forecast											0.1692	0.4972	1.2603	0.1523	0.1913	0.4505	1.1978	0.155	0.387	0.5341	1.33	0.1333	0.4084	0.5562	1.3782	0.1395	0.3959	0.5533	1.4116	0.2953	0.1988	0.4117	1.5154
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+6.38%	+10.62%	+11.08%	-1.51%	+67.28%	+22.09%	+14.38%	+35.48%	+29.20%	+6.72%	+9.77%	+12.53%	+34.67%	-1.11%	+11.74%	+29.03%	+3.56%	+8.44%	+1.30%	+1.59%	-4.43%	-39.28%	-12.23%

TXNM

TXNM fundamentals

TXNM Q3 2025 Earnings

Earnings Call

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TXNM

TXNM fundamentals

TXNM Q3 2025 Earnings

Earnings Call

TXNM Earnings Call Summary for Q3/2025 Mar 27, 2026

TXNM Earnings Call Summary for Q2/2025 Mar 27, 2026

TXNM Earnings Call Summary for Q1/202511:00 AM on May 9, 2025

TXNM Earnings Call Summary for Q4/202411:00 AM on Feb 21, 2025

TXNM Earnings Call Summary for Q3/202411:00 AM on Nov 1, 2024

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