TXNM Energy Inc. $(TXNM)$ has reported its second-quarter results for 2025. The company posted GAAP net earnings attributable to TXNM Energy of $21.6 million, a notable decrease from the $48.0 million reported in the second quarter of 2024. The GAAP diluted EPS for Q2 2025 was $0.22, down from $0.53 in the same quarter of the previous year. Ongoing net earnings were $24.5 million, compared to $54.3 million in Q2 2024, with ongoing diluted EPS at $0.25, a decline from $0.60. The earnings results reflect the issuance of $600 million in equity, including $400 million issued to affiliates of Blackstone Infrastructure Partners L.P., and debt refinancing linked to a proposed transaction with Blackstone Infrastructure. However, TXNM Energy has announced it will not affirm previously issued earnings guidance for 2025, nor will it issue revised earnings guidance during the pending transaction. Segment-wise, PNM reported GAAP diluted EPS of $0.25 in Q2 2025, down from $0.34 in Q2 2024, while TNMP reported $0.22, down from $0.33. The corporate and other segment registered a loss of $0.25 per diluted share, compared to a loss of $0.14 in the same quarter last year. The company highlighted constructive regulatory outcomes and significant customer benefits achieved during the quarter. The proposed transaction with Blackstone Infrastructure is expected to close in the second half of 2026, which is anticipated to bring further advantages to customers and communities in New Mexico and Texas.