Investor Presentaiton

Rate Base Growth 7.7% rate base growth reflects T&D infrastructure investments ~75% rate base growth recovered through existing FERC formula rates or TNMP TCOS/DCOS recovery Average Rate Base Base (in billions) 2020 2021 2022 2023 2024 2025 PNM Retail Investments (1) $2.7 | $2.7 $2.9 $3.1 $3.2 $3.3 Coal Plant Retirements (2,3) ($0.1) ($0.3) ($0.3) ($0.6) $2.7 $2.7 $2.8 $2.8 $2.9 $2.7 PNM transition out of coal generation maintains stable, affordable customer rates FERC 21% compound annual PNM Retail growth rate 2020-2025 PNM FERC TNMP 16% compound annual TNMP growth rate 2020 - 2025 Total Rate Base $0.3 | $0.4 $0.7 $0.8 $0.8 $0.9 $1.2 ! $1.5 $1.8 $2.0 $2.3 $2.5 $4.2 $4.6 $5.3 $5.6 $6.0 $6.1 7.7% compound annual growth 2020 - 2025 (1) Includes $130m of Four Corners coal plant investments earning a debt-only return through 2024 (2) $283m of undepreciated San Juan coal plant retired in mid-2022 (3) $271m of undepreciated Four Corners coal plant retired at the end of 2024 PNM②Resources 7

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