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PNM Resources Increases Common Dividend by 5.8%

PNM Resources and Public Service Company of New Mexico announce quarterly dividends

ALBUQUERQUE, NM, December 2, 2022 /PRNewswire/ — The board of directors of PNM Resources (NYSE: PNM) today voted to increase the company’s annual dividend payment by $0.08an increase of 5.8% to a stated annual rate of $1.47 per common share. The increase reflects the third increase in the dividend during the company’s upcoming merger. Based on the midpoint of the company’s ongoing 2023 earnings guidance of $2.60 to $2.75 per diluted share, the dividend increase is in line with the company’s target of paying out 55% of year-to-date earnings.

PNM Resources (PRNewsFoto/PNM Resources, Inc.) (PRNewsFoto/PNM Resources, Inc.)

PNM Resources (PRNewsFoto/PNM Resources, Inc.) (PRNewsFoto/PNM Resources, Inc.)

The Board of Directors has declared the resulting quarterly stock dividend $0.3675 per share, payable February 17, 2023to registered shareholders at close of business February 3, 2023.

Even today, the board of directors of the Public Service Company of New Mexicoa subsidiary of PNM Resources, declared the regular quarterly dividend of $1,145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable January 15, 2023 to registered shareholders at close of business December 30, 2022.

Background:

PNM Resources (NYSE: PNM) is an energy holding company headquartered in Albuquerque, New Mexicowith 2021 consolidated operating income of $1.8 billion. Through its regulated utilities PNM and TNMP, PNM Resources supplies electricity to approximately 800,000 homes and businesses in Germany New Mexico and Texas. PNM serves its customers with a diverse mix of generated and purchased energy resources with a total capacity of 2.7 gigawatts, with the goal of achieving 100% zero-emission energy by 2040. For more information, visit the company’s website at www.PNMResources.com.

CONTACTS:

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Lisa Gutman

Ray Sandoval

(505) 241-2160

(505) 241-2782

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release for PNM Resources, Inc. (“PNMR”), Public Service Company of New Mexico (“PNM”) or Texas-New Mexico Power Company (“TNMP”) (collectively, the “Company”) relating to future events or expectations, forecasts, estimates, intentions, goals, objectives and strategies, including unaudited financial results and earnings projections are prepared in accordance with the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based on current expectations and estimates and speak only as of the date of this report. PNMR, PNM and TNMP make no commitment to update this information. Because actual results could differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM and TNMP caution readers not to place undue reliance on these statements. The business, financial condition, cash flows and results of operations of PNMR, PNM and TNMP are affected by many factors, many of which are outside their control, which could cause actual results to differ from those expressed or implied by the forward-looking statements. In addition, there are risks and uncertainties related to AVANGRID’s proposed acquisition of us that may adversely affect our business, future opportunities, employees and common stock, including without limitation (i) the expected timing and likelihood of completion of the pending merger, including the timing, receipt and terms of any remaining required regulatory and regulatory approvals of the pending merger that may reduce anticipated benefits or cause the parties to abandon the transaction; (ii) the occurrence of an event, a change or other circumstances that could result in the termination of the Merger Agreement, (iii) the risk that the parties may not be able to satisfy the terms of the Proposed Merger in a timely manner or at all, and (iv) the risk that the Proposed Transaction may do so disadvantage ig affect PNMR’s ability to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its own, rating results and company generally. For a discussion of risk factors and other important factors affecting forward-looking statements, see the Company’s Forms 10-K and 10-Q and the information in the Company’s Forms 8-K with the Securities and Exchange Commission which factors are expressly incorporated herein by reference.

Non-GAAP Financial Measures

GAAP refers to generally accepted accounting principles in the United States. Current income is a non-GAAP financial measure that measures the impact of net unrealized gains and losses on economic hedging, the net movement in unrealized gains and losses on investments, pension expense related to previously divested gas distribution businesses and certain one-time, infrequent and other items , which do not indicate fundamental changes in the earning power of the company’s operations. The Company uses current earnings and current earnings per diluted share to evaluate the Company’s operations and to set management and employee objectives, including those used for certain aspects of performance pay. Although the Company believes these financial measures are reasonable and useful to investors, they are not measures presented in accordance with GAAP. The Company does not intend these measures or any portion of these measures to constitute a financial measure within the meaning of GAAP. In addition, the Company’s calculations on these measures, as presented, may or may not be comparable to similarly titled measures used by other companies. The company uses rolling earnings forecasts to provide investors with management’s expectations of ongoing financial performance over the presented period. While the Company believes the current earnings guidance is a reasonable measure, it is not a measure presented in accordance with GAAP. The Company does not intend the current earnings guidance to constitute an expectation of net earnings for the purposes of GAAP. Because future differences between GAAP and current earnings are often beyond the Company’s control, management is generally unable to estimate the impact of reconciliation items between projected GAAP net earnings and the current earnings forecast, nor their likely impact on the GAAP net earnings without undue effort, therefore management is generally unable to provide a GAAP equivalent of the current earnings guidance.

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SOURCE PNM Resources, Inc.

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