TXNM Energy, Inc.

Good day and welcome to the TXNM Energy Q1 2025 conference call. All participants will be in listen-only mode. Should you need assistance, you signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Lisa Goodman, Investor Relations. Please go ahead.

Thank you, Dave. And thank you, everyone, for joining us this morning for the TXNM Energy First Quarter 2025 Earnings Call. Please note that the presentations for this conference call and other supporting documents are available on our website at txnmenergy.com. Joining me today are TXNM Energy Chair and CEO, Pat Kulan, President and Chief Operating Officer, Don Terry, and Senior Vice President and Chief Financial Officer, Lisa Eden. Before I turn the call over to Pat, I need to remind you that some of the information provided this morning should be considered forward-looking statements pursuant to the Private Securities Litigation Reform Act of 1995. We caution you that all of the forward-looking statements are based upon current expectations and estimates, and that TXNM Energy assumes no obligation to update this information. For a detailed discussion of factors affecting TXNM Energy results, please refer to our current and future annual reports on Form 10-K, quarterly reports on Form 10-Q, as well as reports on Form 8-K filed with the SEC. With that, I will turn the call over to Pat.

Thank you, Lisa. And good morning, everyone. And thank you for joining us today on Billy Joel's 76th birthday. What a better way to celebrate his birthday by kicking our call off with Piano Man. But even more exciting than Billy Joel's birthday is that today is PNM's 108th birthday. We were founded in 1917 as the Albuquerque Gas and Electric Company. And today we're celebrating more than a century of serving our customers. So happy birthday to PNM. I'll start on slide four with our financial results and company updates. Ongoing earnings for the first quarter this year are 19 cents. This keeps us on track with our expectations for the year, which reflects the mid-year implementation of new rates at PNM. We are affirming our guidance for 2025 at a range of $2.74 to $2.84 per share, along with maintaining our long-term EPS growth target of 7% to 9%. Lisa will cover the numbers in more detail. I'm going to cover a couple of highlights for this quarter before handing things over to Don. Rate-based growth at TNMP continues to be supported by timely recovery of our investments. During the first quarter, our system resiliency plan was approved, allowing us to invest and recover $546 million in capital improvements that will enhance our ability to protect our system and respond to extreme weather events in service of our customers. In New Mexico, the unopposed stipulation in our rate case continues to move forward. Hearings in the docket were completed in February and in April, the hearing examiners recommended approval of the stipulation. We expect the Commission to make a decision in May or June ahead of the July 1st rate implementation date. New Mexico completed this year's legislative session with some key bills signed. The state has seen increased levels of interest in economic development and has identified the need to expedite the build-out of infrastructure needed to serve new large customers. The business community rallied around these site readiness bills, which were passed with strong bipartisan support. This provides an avenue for electric, gas, and water utilities to pre-build this infrastructure and is designed to allow New Mexico to become even more competitive in attracting new businesses. Another piece of legislation we supported was the creation of a wildfire task force. The purpose of the task force is to develop a comprehensive approach on how New Mexico can better prevent and respond to wildfires and make recommendations on solutions for this. We see this as a positive step forward in laying the groundwork for future legislation that can help protect our customers, employees, and the communities we serve. With that, Don, I'll turn it over to you for more details.