Key Points from the Q1 2026 Report

• Quarterly Report Filed: TXNM Energy, Inc. (“TXNM”), Public Service Company of New Mexico (“PNM”), and Texas-New Mexico Power Company (“TNMP”) have jointly filed their quarterly report for the period ending March 31, 2026.
• Filing Status: TXNM is a large accelerated filer and listed on the New York Stock Exchange under the trading symbol TXNM. PNM and TNMP are not required filers but have submitted all necessary reports as voluntary filers. All companies have filed and submitted all Interactive Data Files as required.
• Stock Details: As of April 24, 2026:
  • PNM: 39,117,799 shares of common stock outstanding, all held by TXNM (none by non-affiliates).
  • TNMP: 8 shares of common stock outstanding, all held indirectly by TXNM (none by non-affiliates).
• Impairment Assessment: For the annual review as of April 1, 2025, TXNM performed a qualitative analysis for both the PNM and TNMP reporting units. After considering macroeconomic factors, market performance, regulatory and legal matters (including the 2025 Rate Request, PNM’s Grid Modernization Plan, and TNMP’s System Resiliency Plan), the company concluded that it was not more likely than not that the carrying values of PNM and TNMP exceeded their fair values. No goodwill impairment was recorded.
• Valuation Metrics: TXNM evaluates its stock price, industry peers, market indices, and market capitalization relative to the carrying value of its reporting units. Discounted cash flow methodologies are used for quantitative analyses, with key inputs including future cash flow forecasts, long-term growth rates, and weighted average cost of capital.
• Regulatory and Legal Matters: The report references ongoing and potential impacts from regulatory and legal developments, especially noting the 2025 Rate Request, outcomes regarding grid modernization, and system resiliency plans. These are critical as they affect future cash flows, valuation, and potentially the regulatory environment for the company.
• Reduced Disclosure: Both PNM and TNMP meet the conditions for reduced disclosure under Form 10-Q, and their financials are filed with such reduced disclosure.

Shareholder Information & Potential Price-Sensitive Issues

• Ownership Structure: All outstanding shares of PNM and TNMP are held by TXNM, underscoring TXNM’s position as the sole holder of the principal operating companies. This may impact share liquidity and market perception.
• No Impairment Charges: The absence of impairment on goodwill, despite a comprehensive review of internal and external factors, is a positive sign, indicating management’s confidence in the value of its operating assets and future cash flows.
• Regulatory Developments: The company is subject to regulatory reviews and rate cases that can affect future earnings and valuations. Shareholders should closely monitor the outcomes of the 2025 Rate Request and regulatory rulings on grid modernization and system resiliency, as these could have significant impacts on future revenue and capital investment requirements.
• Legal and Merger Developments: The report references the Merger and other ongoing legal and regulatory matters. Any significant developments in these areas could result in price-sensitive news.
• Market Sensitivity: TXNM’s share price, market capitalization, and overall market performance relative to peers and indices are closely monitored as part of the impairment and valuation process.

Additional Details for Investors

• Report Compliance: All filings and data submissions are up to date, ensuring compliance with SEC requirements.
• Form 10-Q Structure: The Form 10-Q is a combined filing for TXNM, PNM, and TNMP, but each registrant is responsible only for its own disclosures. Cross-references between companies are not incorporated by default.
• Financial Statement Access: Investors can access unaudited condensed consolidated statements of earnings, comprehensive income, cash flows, balance sheets, and changes in equity for the period ended March 31, 2026.
• Trading Information: TXNM’s common stock continues to trade actively on the New York Stock Exchange under the symbol “TXNM”.

Potential Share Price Movers & Shareholder Considerations

• Upcoming Regulatory Decisions regarding rate requests, grid modernization, and legal matters could significantly impact the company’s earnings outlook and valuation.
• Impairment Review Results show no current risk to asset values, but ongoing monitoring is essential, especially if market or operational circumstances change.
• Ownership Structure means that the parent company, TXNM, remains the focal point for any corporate or value changes in its operating subsidiaries.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should review the full financial statements and disclosures filed with the SEC and consult their own financial advisors before making any investment decisions. Share prices may be affected by future regulatory, legal, or operational developments not fully anticipated in this article.

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