TXNM Energy, Inc.

TXNM Energy, Inc. is a holding company that operates two regulated electric utilities, PNM and TNMP. These utilities collectively serve approximately 842,000 residential, commercial, and industrial customers across New Mexico and Texas. TXNM was incorporated in New Mexico in 2000. The company aims to provide a clean and bright energy future, working with customers and communities to meet their energy needs. Its core values are Safety, Caring, and Integrity, which underpin its business objectives focused on safety excellence and customer satisfaction, including reliability. TXNM is committed to preparing its workforce, delivering an intentional customer experience, enabling an environmentally sustainable future with advanced technological solutions, and demonstrating the link between customer excellence and financial strength. The company seeks to earn authorized returns on its regulated businesses, deliver long-term earnings growth at or above the industry average with a dividend payout ratio between 50 and 60 percent of earnings, and maintain investment-grade credit ratings. TXNM believes that strong and modern electric infrastructure is crucial for reliability and economic growth. PNM and TNMP balance service affordability with infrastructure investment to maintain high electric reliability and deliver a safe and superior customer experience. Both utilities seek cost recovery for investments through general rate cases, periodic cost of service filings, and various rate riders.