PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Sep 30, 2026. Filed Oct 30, 2026.

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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.

Sep 30, 2026 · Filed Oct 30, 2026

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 September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
(In thousands)
Electric Operating Revenues	$527,828	$463,720	$1,218,955	$1,135,472
Operating Expenses:
Cost of energy	153,364	152,853	396,610	408,143
Administrative and general	64,440	61,421	185,499	178,557
Energy production costs	23,255	21,172	72,998	71,799
Regulatory disallowances	—	(731)	—	(731)
Depreciation and amortization	67,009	61,366	196,429	181,947
Transmission and distribution costs	17,507	18,127	50,823	49,703
Taxes other than income taxes	15,454	14,111	48,673	42,676
Total operating expenses	341,029	328,319	951,032	932,094
Operating income	186,799	135,401	267,923	203,378
Other Income and Deductions:
Interest income	4,435	4,271	11,846	12,217
Gains (losses) on investment securities	(9,890)	11,376	5,580	33,691
Other income	4,176	3,761	11,436	9,124
Other (deductions)	(2,387)	(2,074)	(6,351)	(7,893)
Net other income and deductions	(3,666)	17,334	22,511	47,139
Interest Charges	34,026	33,805	99,390	95,596
Earnings before Income Taxes	149,107	118,930	191,044	154,921
Income Taxes	17,596	10,907	21,255	13,280
Net Earnings	131,511	108,023	169,789	141,641
(Earnings) Attributable to Valencia Non-controlling Interest	(4,440)	(5,462)	(12,570)	(13,509)
Net Earnings Attributable to PNM	127,071	102,561	157,219	128,132
Preferred Stock Dividend Requirements	(132)	(132)	(396)	(396)
Net Earnings Available for PNM Common Stock	$126,939	$102,429	$156,823	$127,736

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
(In thousands)
Net Earnings	$131,511	$108,023	$169,789	$141,641
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) of $(7), $(36), $(24), and $(164)	21	105	71	481
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $28, $69, $93, and $155	(82)	(204)	(273)	(456)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(16), $(349), $(383), and $(1,047)	46	1,025	1,124	3,076
Total Other Comprehensive Income (Loss)	(15)	926	922	3,101
Comprehensive Income	131,496	108,949	170,711	144,742
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(4,440)	(5,462)	(12,570)	(13,509)
Comprehensive Income Attributable to PNM	$127,056	$103,487	$158,141	$131,233

	Nine Months Ended September 30,
	2026	2025
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$169,789	$141,641
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	226,066	210,111
Deferred income tax expense	21,255	13,623
Losses on investment securities	(5,580)	(33,691)
Regulatory disallowances	—	(731)
Allowance for equity funds used during construction	(8,627)	(5,986)
Other, net	3,397	2,942
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(67,786)	(53,639)
Materials, supplies, and fuel stock	1,876	114
Other current assets	(21,145)	(4,620)
Other assets	(37,101)	(10,891)
Accounts payable	(8,324)	(573)
Accrued interest and taxes	19,087	22,674
Other current liabilities	21,882	(3,662)
Other liabilities	(1,495)	(16,266)
Net cash flows from operating activities	313,294	261,046
Cash Flows From Investing Activities:
Utility plant additions	(472,875)	(447,091)
Proceeds from sales of investment securities	424,925	440,720
Purchases of investment securities	(430,093)	(445,054)
Other, net	110	(84)
Net cash flows used in investing activities	(477,933)	(451,509)

	Nine Months Ended September 30,
	2026	2025
(In thousands)
Cash Flows From Financing Activities:
Short-term borrowings	$993,500	$784,400
Repayments of short-term borrowings	(1,123,400)	(989,900)
Long-term borrowings	395,000	845,000
Repayment of long-term debt	(202,303)	(360,907)
Equity contribution from parent	105,000	—
Dividends paid	(396)	(396)
Valencia’s transactions with its owner	(8,441)	(15,102)
Transmission interconnection and security deposit arrangements	28,828	11,486
Refunds paid under transmission interconnection and security deposit arrangements	(22,700)	(82,061)
Debt issuance costs and other, net	(3,187)	(5,258)
Net cash flows from financing activities	161,901	187,262
Change in Cash, Cash Equivalents, and Restricted Cash	(2,738)	(3,201)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	13,716	20,285
Cash, Cash Equivalents, and Restricted Cash at End of Period	$10,978	$17,084
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:
At beginning of period	$13,697	$17,587
At end of period	$5,951	$7,918
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$92,300	$77,316
Income taxes paid, net	$—	$—
Supplemental schedule of noncash investing activities:
Decrease (increase) in accrued plant additions	$(5,049)	$14,433

	September 30,2026	December 31,2025
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$5,027	$19
Accounts receivable, net of allowance for credit losses of $1,616 and $1,394	163,413	115,910
Unbilled revenues	64,834	48,524
Other receivables	29,185	33,422
Affiliate receivables	12,163	17,360
Materials, supplies, and fuel stock	143,786	145,663
Regulatory assets	23,190	8,499
Prepaid assets	22,354	18,502
Income taxes receivable	13,132	13,132
Other current assets	5,342	12,109
Total current assets	482,426	413,140
Other Property and Investments:
Investment securities	500,225	505,655
Other investments	191	302
Non-utility property, net	15,960	17,572
Total other property and investments	516,376	523,529
Utility Plant:
Plant in service and plant held for future use	7,560,895	7,260,670
Less accumulated depreciation and amortization	2,314,747	2,201,687
	5,246,148	5,058,983
Construction work in progress	479,083	371,119
Nuclear fuel, net of accumulated amortization of $29,647 and $27,953	75,642	76,696
Net utility plant	5,800,873	5,506,798
Deferred Charges and Other Assets:
Regulatory assets	808,637	832,791
Goodwill	51,632	51,632
Operating lease right-of-use assets, net of accumulated amortization	45,355	107,986
Other deferred charges	317,282	252,256
Total deferred charges and other assets	1,222,906	1,244,665
	$8,022,581	$7,688,132

	September 30,2026	December 31,2025
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$48,900	$178,800
Current installments of long-term debt (includes $7,721 and $7,303 related to ETBC I)	127,721	302,538
Accounts payable	147,137	150,411
Affiliate payables	21,510	18,366
Customer deposits	7,149	6,893
Accrued interest and taxes	75,298	56,211
Regulatory liabilities	10,076	8,430
Operating lease liabilities	7,203	8,913
Dividends declared	132	132
Transmission interconnection arrangement liabilities	9,445	15,878
Other current liabilities	51,861	41,737
Total current liabilities	506,432	788,309
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $316,892 and $324,531 related to ETBC I)	2,927,096	2,559,359
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	860,444	813,528
Regulatory liabilities	478,810	488,406
Asset retirement obligations	259,754	254,353
Accrued pension liability and postretirement benefit cost	6,408	6,736
Operating lease liabilities	33,903	96,246
Other deferred credits	229,663	227,998
Total deferred credits and liabilities	1,868,982	1,887,267
Total liabilities	5,302,510	5,234,935
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)	1,831,218	1,726,218
Accumulated other comprehensive income (loss), net of income taxes	(24,781)	(25,703)
Retained earnings	853,988	697,165
Total PNM common stockholder’s equity	2,660,425	2,397,680
Non-controlling interest in Valencia	48,117	43,988
Total equity	2,708,542	2,441,668
	$8,022,581	$7,688,132

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