PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Jun 30, 2025. Filed Aug 1, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 1, 2025

TXNM$58.10-0.3%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Earnings

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
(In thousands)
Electric Operating Revenues	$338,372	$333,671	$671,752	$641,786
Operating Expenses:
Cost of energy	124,336	114,772	255,290	212,184
Administrative and general	59,526	54,876	117,136	106,612
Energy production costs	26,081	24,584	50,627	46,796
Regulatory disallowances	—	—	—	4,459
Depreciation and amortization	60,778	54,230	120,581	107,517
Transmission and distribution costs	15,750	15,350	31,576	29,700
Taxes other than income taxes	15,262	11,768	28,565	25,477
Total operating expenses	301,733	275,580	603,775	532,745
Operating income	36,639	58,091	67,977	109,041
Other Income and Deductions:
Interest income	3,729	4,443	7,946	8,970
Gains on investment securities	23,556	558	22,315	18,556
Other income	3,561	4,224	5,363	7,642
Other (deductions)	(4,301)	(913)	(5,819)	(1,783)
Net other income and deductions	26,545	8,312	29,805	33,385
Interest Charges	31,975	25,880	61,791	50,996
Earnings before Income Taxes	31,209	40,523	35,991	91,430
Income Taxes	2,410	5,821	2,373	11,632
Net Earnings	28,799	34,702	33,618	79,798
(Earnings) Attributable to Valencia Non-controlling Interest	(4,305)	(3,783)	(8,047)	(6,827)
Net Earnings Attributable to PNM	24,494	30,919	25,571	72,971
Preferred Stock Dividend Requirements	(132)	(132)	(264)	(264)
Net Earnings Available for PNM Common Stock	$24,362	$30,787	$25,307	$72,707

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
(In thousands)
Net Earnings	$28,799	$34,702	$33,618	$79,798
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase (decrease) in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(60), $274, $(128), and $149	177	(804)	376	(438)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $51, $421, $86, and $3,192	(150)	(1,235)	(252)	(9,374)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(349), $(309), $(698), and $(618)	1,026	908	2,051	1,815
Total Other Comprehensive Income (Loss)	1,053	(1,131)	2,175	(7,997)
Comprehensive Income	29,852	33,571	35,793	71,801
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(4,305)	(3,783)	(8,047)	(6,827)
Comprehensive Income Attributable to PNM	$25,547	$29,788	$27,746	$64,974

	Six Months Ended June 30,
	2025	2024
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$33,618	$79,798
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	134,216	120,385
Deferred income tax expense (benefit)	2,439	12,049
(Gains) losses on investment securities	(22,315)	(18,556)
Regulatory disallowances	—	4,459
Allowance for equity funds used during construction	(3,095)	(6,476)
Other, net	1,900	1,935
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(21,040)	(2,654)
Materials, supplies, and fuel stock	(375)	(10,671)
Other current assets	(10,205)	(28,462)
Other assets	1,463	(3,324)
Accounts payable	(14,257)	(12,753)
Accrued interest and taxes	4,457	10,619
Other current liabilities	9,661	(6,113)
Other liabilities	(15,943)	(22,576)
Net cash flows from operating activities	100,524	117,660
Cash Flows From Investing Activities:
Utility plant additions	(272,669)	(311,475)
Proceeds from sale of plant assets	—	2,840
Proceeds from sales of investment securities	198,728	412,750
Purchases of investment securities	(201,174)	(417,599)
Other, net	(62)	(57)
Net cash flows used in investing activities	(275,177)	(313,541)

	Six Months Ended June 30,
	2025	2024
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	$627,700	$737,900
Revolving credit facilities repayments	(756,900)	(804,800)
Long-term borrowings	495,000	398,000
Repayment of long-term debt	(107,406)	(198,000)
Equity contribution from parent	—	55,000
Dividends paid	(264)	(264)
Valencia’s transactions with its owner	(8,918)	(7,853)
Transmission interconnection and security deposit arrangements	2,415	58,002
Refunds paid under transmission interconnection and security deposit arrangements	(74,278)	(23,852)
Debt issuance costs and other, net	(2,654)	(3,734)
Net cash flows from financing activities	174,695	210,399
Change in Cash, Cash Equivalents, and Restricted Cash	42	14,518
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	20,285	2,586
Cash, Cash Equivalents, and Restricted Cash at End of Period	$20,327	$17,104
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:
At beginning of period	$17,587	$1,728
At end of period	$15,354	$17,085
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$53,933	$32,905
Income taxes paid (refunded), net	$—	$(1,707)
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$11,569	$26,848

	June 30,2025	December 31,2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$4,973	$2,698
Accounts receivable, net of allowance for credit losses of $1,319 and $1,398	106,747	95,932
Unbilled revenues	61,194	52,983
Other receivables	30,847	24,174
Affiliate receivables	8,883	9,241
Materials, supplies, and fuel stock	142,884	142,510
Regulatory assets	32,920	36,224
Prepaid assets	25,200	14,746
Income taxes receivable	16,376	16,309
Other current assets	13,711	16,091
Total current assets	443,735	410,908
Other Property and Investments:
Investment securities	487,033	475,524
Other investments	246	184
Non-utility property, net	13,998	13,647
Total other property and investments	501,277	489,355
Utility Plant:
Plant in service and plant held for future use	6,929,296	6,797,493
Less accumulated depreciation and amortization	2,131,450	2,079,363
	4,797,846	4,718,130
Construction work in progress	392,455	328,403
Nuclear fuel, net of accumulated amortization of $32,051 and $28,245	76,887	72,554
Net utility plant	5,267,188	5,119,087
Deferred Charges and Other Assets:
Regulatory assets	845,630	857,310
Goodwill	51,632	51,632
Operating lease right-of-use assets, net of accumulated amortization	265,016	271,433
Other deferred charges	218,962	207,554
Total deferred charges and other assets	1,381,240	1,387,929
	$7,593,440	$7,407,279

	June 30,2025	December 31,2024
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$234,600	$363,800
Current installments of long-term debt (includes $7,102 and $6,907 related to ETBC I)	206,995	560,637
Accounts payable	98,057	123,883
Affiliate payables	31,593	15,695
Customer deposits	6,509	6,533
Accrued interest and taxes	51,447	46,923
Regulatory liabilities	21,787	33,571
Operating lease liabilities	13,253	13,542
Dividends declared	132	132
Transmission interconnection arrangement liabilities	—	68,085
Other current liabilities	54,832	50,099
Total current liabilities	719,205	1,282,900
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $328,179 and $331,726 related to ETBC I)	2,639,407	1,898,955
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	775,235	756,218
Regulatory liabilities	502,243	518,701
Asset retirement obligations	245,652	243,663
Accrued pension liability and postretirement benefit cost	17,607	22,067
Operating lease liabilities	245,330	254,702
Other deferred credits	226,423	234,346
Total deferred credits and liabilities	2,012,490	2,029,697
Total liabilities	5,371,102	5,211,552
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Equity:
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,602,918	1,602,918
Accumulated other comprehensive income (loss), net of income taxes	(73,533)	(75,708)
Retained earnings	635,395	610,088
Total PNM common stockholder’s equity	2,164,780	2,137,298
Non-controlling interest in Valencia	46,029	46,900
Total equity	2,210,809	2,184,198
	$7,593,440	$7,407,279

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