PNM and TNMP receive rate approvals; PNM $105M revenue increase, TNMP $25M annual increase

TXNM ENERGY INC

PNM's $105.0M revenue requirement increase approved by NMPRC, based on 9.45% ROE and 51% equity on $3.0B rate base.
50% of PNM rate increase effective July 1, 2025; remaining 50% effective April 1, 2026.
TNMP receives PUCT approval for $25.0M annual distribution cost recovery increase, reflecting $176.6M incremental rate base at 9.65% ROE.
TNMP's new rates will become effective in approximately 45 days.
Prior PNM ROE was 9.26% on 50% equity; new structure improves regulated returns.

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